Phil Fernandez | Naples Daily News
Most of the time we have folks bragging to us about the most expensive this, the priciest that. We are in Collier County after all.
And these days, a $6 million abode directly on the Gulf of Mexico is a bargain. Really, truly.
That happened to be Collier’s cheapest single-family gulf house for sale this month after it was listed by Sue Black and Kathryn Tout of Premier Sotheby’s International Realty’s Village office, according to the firm. A total of $5.95 million to be exact.
Built in 1987, 4720 Villa Mare Lane features 3 bedrooms, 4.5 bathrooms ― never know where you’ll be within its 2,877 square feet when nature calls ― and a two-car garage..
What are five most expensive beach spots for sale in Naples right now? What are the priciest homes in Lee County at the moment? Read on naplesnews.com to find out.
After Ian, when do bookings begin at Lani Kai?
Is it true Lani Kai has set a date for when it is to reopen? Find out on naplesnews.com.
Are you dreaming of a beachfront home in Naples and the surrounding Southwest Florida areas of Bonita Springs and Marco Island? Contact David to find a home that suits your needs, Call 239-285-1086 or David@DavidFlorida.com
Laura Layden | Naples Daily News
Dirt is flying on a long-awaited luxury resort development in Bonita Springs.
Heatherwood Construction has broken ground on the first phase of Cabana Resort, marking a significant milestone for what’s dubbed as an innovative condominium and entertainment mega-development.
The development has faced myriad challenges, from regulatory hurdles to supply chain shortages.
It’s rising on a 10-acre site, west of U.S. 41, between Luke Street and Meadowlark Lane on the north side of Bonita Beach Road. The vacant property sits next to Bonita Village, which has been absorbed into the new development.
Rodes Restaurant & Fish Market once operated on part of the land. The popular family-run eatery closed in 2019 after nearly 20 years in business, and its building came down a few years later, to make way for progress.
The first phase of Cabana Resort is a seven-story building, with 110 condominiums.
Read more about Cabana Resort on naplesnews.com
To find new construction homes in the Naples-Bonita Springs area contact David at David@DavidFlorida.com or 239-285-1086.
Mark H. Bickel | Naples Daily News
A Naples home is No. 1 on the list for most expensive single-family property transfers in Collier County from March 1-31, 2024.
This home is located at 900 Spyglass Lane in the Port Royal neighborhood. It has five bedrooms and eight bathrooms. It sold for for $22,000,000.
The house previously sold for $4,300,000 in 2005.
See the Top 10 real estate sales in Collier County recorded for March 2024 on naplesnews.com.
To view luxury homes currently for sale in Port Royal contact David at 239-285-1086 or David@DavidFlorida.com
Rising Inventory and Competitive Pricing are Favorable for Home Sales
Naples, Fla. (March 29, 2024) – The overall median closed price in Naples increased 5 percent to $625,000 in February from $595,188 in February 2023, but there were also 2,264 price decreases reported. Brokers contend that price decreases may be one indication that sellers are shifting from aspirational pricing to realistic market pricing. According to the February 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), closed sales decreased 9.3 percent in February despite a 66.6 percent increase in inventory to 5,139 properties from 3,085 properties in February 2023.
Rising Inventory Brings Patience
February’s price decreases demonstrate that REALTORS® are counseling sellers about realistic market pricing. Although some sellers are still struggling to accept the fact that the pandemic buying frenzy years with climbing price increases are over. As more new sellers enter the market (up 24.6 percent to 1,668 new listings from 1,336 new listings in February 2023), those sellers with overpriced properties risk missing an opportunity to attract and sell to eager buyers.
According to the report, in February 2019 the median closed price was $335,000. Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC., and broker analysts like Budge Huskey, CEO, Premier Sotheby’s International Realty, agree that “in the face of far more inventory and opportunity, home values are holding steady in Naples today. People are being highly selective and will wait until they find the right property.”
Insurance vs. Interest Rates
The February Market Report showed a 103.4 percent increase in inventory for properties under $300,000. Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., said that this might be because “investors are offloading rental property units to capitalize on the winter selling season. Also, the carrying costs on some of these properties has climbed in recent years. This increase in inventory, for buyers looking in this price range, is encouraging as their selection was quite limited a year ago.”
As many Naples residents are discovering, when home values increase, the replacement cost to insure them also increases. Insurance rates and association fees could increase for condominium owners by the end of 2024 as mandatory milestone inspections must be completed by year end. Inventory for condominiums increased 104.2 percent in February to 2,614 condominiums from 1,280 condominiums in February 2023.
The NABOR® February 2024 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2024:
Market Report Standouts
Upon observation, the February Market Report shows median closed price decreased for condominiums located in the Naples Beach (34102, 34103, 34108); Central Naples (34104, 34105, 34116); and Immokalee/Ave Maria areas. And the area with most closed sales of single family homes in February was East Naples (34114, 34117, 34120 and 34137), which also reported the highest inventory of available properties (1,125).
While February’s report showed an average of 69 days on market, it is nowhere near the 101 DOM reported in February 2019. Interestingly, average days on market during February was highest in the $5 million and over condominium market (99 DOM). According to Carroll, months of inventory for neighborhoods west of US 41 tend to be higher as these communities are oversaturated with spec homes and aspirational sellers. “Inventory of homes in Aqualane Shores is 3.5 years; and in Port Royal is 2.9 years.”
If you are considering buying or selling your home, contact David at David@DavidFlorida.com or 239-285-1086. As a Naples REALTOR® he will give you expert advice on how to make the best of today’s market conditions.
January Market Report Shows Very Suitable Climate for Seasonal Sales
Naples, Fla. (March 1, 2024) – Data in the January 2024 Market Report showed invigorated confidence in the Naples area housing market for both sellers and buyers. Overall inventory continued to climb for the sixth straight month resulting in a 58.8 percent increase in homes for sale in January or 4,639 properties from 2,921 in January 2023. Fueled by a 29.1 percent increase in new listings year over year, January showings doubled compared to showings reported in December 2023. The first month of the year also saw serious sellers taking action to capture increased buyer attention with 1,804 price decreases, a 122.7 percent increase compared to December’s 810 price decreases.
“I’m getting more requests for pre-listing appraisals,” said Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC. “This indicates to me that new sellers are taking their REALTOR®’s advice to heart and doing the work necessary to determine the value of their home in today’s market.”
The report showed 6.4 months of inventory for January compared to .9 months of inventory in January 2022, when frenzied pandemic buying began to simmer. Brokers reviewing the report said buyer intent has shifted from pandemic years of “I want a home in Naples,” to a more sensible climate today of “I want the right home in Naples.”
With more competition, brokers agree that REALTORS® who represent a buyer or seller must look at hyper-local factors such as location within a neighborhood, competition within each price range, and extenuating factors that may influence insurance coverage and affordability such as the age of the home or claim history. Additional factors that may influence list price include mortgage rates, association fees, potential or planned future assessments, ongoing maintenance and building repairs (common for condominiums) or repairs necessary to meet new building codes and flood/storm management requirements.
While pending sales in January decreased 7.5 percent to 1,010 pending sales from 1,092 pending sales in January 2023, pending sales activity for January increased 73.2 percent compared to pending sales activity reported in December 2023 (583).
“Days on market will continue to climb,” said a Broker. “There are buyers who purchased a home impulsively during the pandemic and now they are rethinking their decision. And because a lot of them are second-home buyers, they aren’t motivated in a way typical of other sellers, so they’ve been less likely to adjust their list prices or negotiate.”
The NABOR® January 2024 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2024:
First-time homebuyers and those seeking homes under $500,000 will be pleased to hear that inventory in this price range increased 58.6 percent in January. In fact, inventory for condominiums priced under $300,000 increased 112 percent during the month. Notwithstanding, and because Naples is paradise, inventory for condominiums over $5 million increased 182.6 percent in January.
Find your home in southwest Florida! Contact David at David@DavidFlorida.com or 239-285-1086.
Resale going for $32.5 million
Laura Layden | Naples Daily News
A penthouse in Naples has been listed for a whopping $32.5 million.
That makes it the most expensive condo resale on the market in the city, according to the Southwest Florida Multiple Listing Service. Here’s more to know about the offering:
Where is it located?
It’s in The Seasons at Naples Cay. Located at 81 Seagate Drive, the 22-story building has been described as “an intimate experience,” with a total of 43 condos.
When was it built?
The gated beachfront high-rise tower, offering views of the Gulf of Mexico and Outer Clam Bay, was completed in 2002. The residence, known for short as PH20, however, was recently redesigned.
How big is it?
It boasts 16,803 total square feet, with 11,960 of that space indoors, and 4,843 of it on outdoor terraces. There are five bedrooms and seven bathrooms.
What else does it offer?
The home includes floor-to-ceiling glass windows throughout, with panoramic views of the Gulf, the city and “beyond.”
Read about “Other notable features” and view photos on naplesnews.com.
Watch the video on YouTube.
Contact David at David@DavidFlorida.com or 239-285-1086 to find your luxury home in Naples, southwest Florida.
