Thursday, February 23, 2012
Naples Real Estate-Old Naples Condo Update
Here is an example of what is presently happening in Old Naples....
So, we've had this one listing since January 2008....We began with an asking price of $499,000, which was right in line with the most recent closed sale at that time of $465,000. The property went on and off the market a few times over the years, while slowly chasing the market down, like many of the sellers...Numerous price adjustments later, and no offers; again in late 2011 the time had come to review the inventory and determine a list price for the upcoming season. It was the first time in a few years, when comparing the inventory to the closed sales, that we truly believed we had a "balanced" market. Taking everything into consideration, a list price of $299,900 was placed on the listing. This is a 1000 square foot 2 bedroom condo just a couple of blocks to the beach. Nothing fancy, no recent updating...But, it was turnkey furnished and had a nice community pool area and a lucrative rental history. Well, we got 4 offers last week on this listing, all within 24 hours of one another! Multiple offers? When was the last time you heard of "multiple offers"?
Currently there are 45 condos on the market in Old Naples priced at or below $300,000. Only 1 of them is listed as a short sale. In the past 12 months there have been 46 closed sales in this same price point in Old Naples...this is a very balanced market! And it's not just this price range; although this market segment still remains the driving force of our recovery in Naples...and of course, Old Naples is always very popular. Recently, I read that the "middle" price range of $500,000-$1,000.000 has seen a 29% increase this year over last year! That's healthy!
You should see the foot traffic on Fifth Avenue South! This place is bopping! Chip & I both agree that we haven't seen this much action downtown in a few years. It's exciting to be a part of all this activity.
For details or specifics concerning the Old Naples Real Estate market, please give us a call. There are still some excellent values available, and The Harris Peppe Team would be happy to assist you. 239.370.0574
Thank you, and make it a great day!
The Naples Real Estate Blogger
*information from SunshineMLS and is deemed reliable but not guaranteed.