Timing is everything in real estate and in this case buyers are taking advantage of the summer market in Naples, Florida. I took a family road trip up the east coast to New York City over the past few weeks and just got back to the cool weather of Southwest Florida... it's hot up north!
This is a brief summary of the different markets downtown with mention of some of the more interesting activity. The statistics and information are gathered from the Multiple Listing System and cover the past 30 days.
The beach has been busy over the past 30 days and it's not just the kite boarders... it is the buyers. Activity includes a $30mm 3+ acre beachfront property in Port Royal, a 1955 cottage in Old Naples on a 170x245 beachfront lot for $9.5mm, 5 beachfront condominiums on Gulf Shore Blvd. have closed while 12 more have gone under contract. Several other beachfront properties are slatted to close in the next few weeks and a few are in the midst of being listed.
Port Royal had 2 homes go under contract and 2 closed sales as well as the beach front property allready mentioned. With little product available unique properties are becoming a rare find. Waiting for something to come on the market may be waiting too late as many buyers are asking their realtors to agressivly search for willing buyers who are not advertising their properties "for sale" to the public.
Aqualane Shores was a an interesting suprise not for the volume of activity but for the sales price achieved for the ordinary. A northern exposure lot 100X130 closed for $1.685mm. It was not very long ago that this same lot would sell for just over $1mm.
Old Naples shared in the summer bonanza with 11 single-family closed sales including 3 new construction homes. 6 other homes went under contract. Multi-family condominiums/villas activity was 8 pending contract and 7 closed sales while price per square foot for new listings are peaking in the $600-$700 per sqft range. Several vacant lots went pending including properties only advertised by word of mouth.
The Moorings/ Coquina Sands/ Park Shore markets also made a bold statement boasting 11 single-family homes closing with 5 of these sales being new construction homes, Many of these developers are now moving onto their next projects which is reflected by the movement in the lot market. The 4 new homes on Crayton Road all sold and a lot recently closed on Crayton for just below $900k showing true strength even on busier streets. Waterfront homes are also seeing a bump from the successful sale of several spec homes that closed this summer. Moorings area lot sales are reflective in price to the Aqualane Shores lot market providing for a little larger lot and longer water.
Gulf Coast International Properties has been busy capturing a lot of this activity for our clients and seeing great success in our marketing efforts and understanding of this dynamic market shown by our spec home sales, finding the right buyers for our resale listings, and helping our buyers achieve the best price for the properties they have interest in.