Phil Fernandez | Naples Daily News
Heading into snowbird season, the new arrivals are going to see even higher prices for the most part on Southwest Florida homes.
And the sales of luxury properties are one of the drivers, as evidenced by a record Bonita Beach sale in Lee County.
What’s most expensive Lee home sold? Could that be topped?
October’s most expensive single-family dwelling in Lee sold for $12.3 million at 27586 Hickory Blvd. The 5,771-square-foot beachfront house built in 2016 that has five bedrooms and seven bathrooms had belonged to evangelist David Turner, who acquired it in 2021 for $7.5 million.
“We were thrilled to have the highest priced sale on the beach,” said Realtor Denise Quinn, who listed it as part of John R. Wood Christie’s International Real Estate’s The Grant Group. “As a personal accomplishment, it is my highest sale. I have been visiting Naples since 1996, homeowner in 2004 and full-time in 2018. I love the area and the small town feel that comes from the community.”
Read about the buyer and view the photos on naplesnews.com.
October Inventory Expands in Anticipation of Winter Buyers
Pre-Season Buyers Jump on New Inventory During September
Naples, Fla. (October 27, 2023) – New listings in Naples during September increased 27.3 percent to 937 new listings from 736 new listings in September 2022, making pre-season buyers very happy. According to the September 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory continues to inch upward at a steady pace. For September, inventory for the single family home and condominium markets increased 13.2 percent to 2,793 properties from 2,468 properties in September 2022. The report also demonstrated that pre-season homebuying is starting earlier every year as pending sales (homes under contract) in September increased 18.7 percent to 735 pending sales from 619 in September 2022 and 687 in September 2019 (pre-pandemic).
The overall median closed price in September increased 3 percent to $571,500 from $555,000 in September 2022. Interestingly, the September report indicated there were 723 price reductions compared to 80 price increases during the month. The combination of new listings plus price reductions on existing inventory made September a great month to purchase a home. Historical data in the report confirms prices and competition during autumn months are lower than the winter months.
“The report showed the average closed price increased over 13 percent (month over month) for September,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “While we are seeing appreciation rates decelerate across all markets, Naples continues to command top values for quality properties.”
Incidentally, during the September 27th NABOR® Economic Summit, Dr. Brad O’Connor, Florida Realtors®’ chief economist of its research department, spoke in length about home appreciation and said, “prices in Naples increased 88 percent from pre-COVID prices.” Following Dr. O’Connor’s presentation, Dr. Lawrence Yun, the chief economist for the National Association of REALTORS®, further commented that “Naples is at a $250,000 to $300,000 spike in wealth gain for its property owners.”
Overall closed sales increased 5.4 percent to 587 closed sales from 557 closed sales in September 2022; but – as pointed out by several broker analysts including Wes Kunkle, President and Managing Broker at Kunkle International Realty, “The last six to ten days of September 2022 were spent preparing for a hurricane, so fewer pending sales were able to close by the end of the month.” As a result, the hurricane limited the month’s potential for closed sales transactions.
While inventory in the $300,000 and below single-family market is limited to primarily manufactured homes, Huskey pointed out that “inventory in the $5 million and above market nearly doubled in the last year.”
The NABOR® September 2023 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 2023:
Even though nearly the same number of pending sales were reported in September for both the condominium and single-family home markets, Huskey remarked that “pending sales of condominiums during September [+38.9%] wildly outperformed pending sales of single family homes [+3.9%] as compared to September 2022.”
For homeowners who are still facing expensive repairs from Hurricane Ian damage, Huskey said, “Natural disasters causing damage losses not declared a special natural disaster may be claimed as a deduction on a homeowner’s income tax return. Ask your tax professional about this IRS relief opportunity as you may be entitled to a rebate or refund.”
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.
A Naples home is No. 1 on the list for most expensive single-family property transfers in Collier County from Sept. 1-30, 2023.
This house has four bedrooms and three bathrooms.
Following are the Top 10 real estate sales in Collier County recorded for September 2023:
(Data provided by Royal Shell Real Estate)
#1
3440 Rum Row, Naples
List price: $9,950,000
Sold price: $9,100,000
Neighborhood/Subdivision: Port Royal
Size: 2,905 square feet
Year built: 1964
Days on market: 149
Amenities: Gulf Access, Boat Dock
View: Canal
#2
5063 Groveland Terrace, Naples
List price: $8,695,000
Sold price: $8,550,000
Neighborhood/Subdivision: Quail West
Size: 5,665 square feet
Year built: 2023
Days on market: 110
Amenities: Clubhouse, Community Pool/Spa, Golf Course, Private Membership, Putting Green, Tennis Court, Private Pool/Spa, Built-In Wood Fire Pit, Fence, Outdoor Fireplace/Kitchen
View: Golf course
#3
2712 Buckthorn Way, Naples
List price: $8,475,000
Sold price: $8,250,000
Neighborhood/Subdivision: Estates at Grey Oaks
Size: 8,144 square feet
Year built: 1996
Days on market: 203
Amenities: Clubhouse, Community Pool, Golf Course, Lap Pool, Private Membership, Putting Green, Tennis Court, Private Pool/Spa, Built-In Grill, Deck, Fence, Outdoor Kitchen
View: Golf course
View the rest of the list on naplesnews.com.
Market Resiliency Fuels Home Sales in August
Naples, Fla. (September 22, 2023) – Inventory is selling quickly, and prices are stable in the Naples housing market. According to the August 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), closed sales of homes in Naples during August increased 17 percent compared to July closed sales, and 1.9 percent to 702 closed sales from 689 closed sales in August 2022. Brokers who reviewed the Market Report are confident sales during the second half of 2023 could outperform sales during the second half of 2022, unless we experience another major disaster like a hurricane. Another promising factor that supports this expectation is the steady rate of new listings, which increased 2.6 percent in August, and contributed to the 7.2 percent increase in inventory for the month.
“I see the top of the last economic cycle occurring in the first quarter of 2022,” said Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC. “This is when 18 months of rapid appreciation in most market sectors came to a halt. Historically, a period of correction follows a market peak. However, in most market areas, property values remain stable or have returned to our long-term historical trend of 8 percent per year appreciation. I am searching daily for evidence of wide-spread market decline but have
yet to find it.”
The median closed price in August increased 5.2 percent to $605,000 from $575,000 in August 2022. Though according to the August report, activity in the condominium market fueled many of the increases reported. As such, there was a 7.7 percent increase in the median closed price in the condominium market compared to a 2.2 percent decrease in median closed price for the single-family home market; a 10.1 percent increase in new condominium listings compared to a 3 percent decrease in new single-family home listings; and a 25.5 percent increase in condominium inventory compared to a 3.7 percent decrease in single-family home inventory.
Typically, one of the slower months for activity, August’s showings decreased 19 percent to 21,269 showings from 26,191 showings in August 2022, which might also explain the 9.4 percent decrease in pending sales in August to 811 from 895 in August 2022.
“Days on market have been hovering around 50 since December 2022,” said Adam Vellano, a Naples Sales Manager at Compass Florida. “Before the pandemic, it was at 90-100 days.” For August, the report showed 54 days on market compared to 31 days on market in August 2022.
The NABOR® August 2023 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 2023:
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 Aug. 1-31, 2023.
Following are the Top 10 real estate sales in Collier County recorded for August 2023: (Data provided by Royal Shell Real Estate)
660 3rd ST N, Naples
List price: $13,950,000
Sold price: $13,000,000
Neighborhood/Subdivision: Olde Naples
Size: 5,036 square feet
Year built: 2023
Days on market: 47
Amenities: Private Pool/Spa, Built-In Gas Fire Pit, Deck, Outdoor Fireplace/Kitchen/Shower
View: Landscaped area
2191 Coach House Lane, Naples
List price: $9,450,000
Sold price: $8,750,000
Neighborhood/Subdivision:N/A
Size: 7,222 square feet
Year built: 2023
Days on market: 141
Amenities: Private Pool/Spa, Built-In Gas Fire Pit, Outdoor Fireplace/Kitchen
View: Landscaped area
719 Willowhead Drive, Naples
List price: $7,950,000
Sold price: $7,400,000
Neighborhood/Subdivision: Park Shore
Size: 5,974 square feet
Year built: 2022
Days on market: 330
Amenities: Beach Access, Private Membership, Private Pool/Spa, Built-In Grill, Deck, Fence, Outdoor Fireplace/ Kitchen/Shower
View: Landscaped area
See the rest of the August Top 10 Most Expensive home sales on naplesnews.com.
To view luxury homes currently for sale in in Naples contact David at 239-285-1086 or David@DavidFlorida.com
