Downtown Naples Update

What's happening in Old Naples?

When you open a map of Collier County, and realize that a lot of it even spills over to the reverse side of the map, you can visualize the size of our county. It is the largest county, land-wise, east of the Mississippi River! Then when you isolate the streets that typically outline the neighborhood of Old Naples, you really become aware of what a treasure our downtown area is indeed. Less than a mile wide, the MLS zone of NA 06, also known as Old Naples and sometimes spelled Olde Naples, runs from the golf course at the historic Beach Club Hotel south to 14th Avenue South, where Aqualane Shores begins. Within this magical rectangle lies several neighborhoods and shopping districts, but for those of us that know Naples, we just refer to it in general as "Old Naples". This is where Naples began. The history of Naples is rich, and that could be an entirely separate blog post, which I will attempt sometime. For now, since I work downtown, and really enjoy selling in Old Naples, I thought I'd do an update of what is currently happening in the Naples Real Estate market downtown!

HOMES:

• Presently there are 83 Single Family Homes on the market in NA 06
• The prices range from $549,000 to $13,900,000.
• There aren't any 'Short Sales' or Foreclosures currently listed in *MLS.
• Currently there are 22 homes under contract, approximately half have had their conditions met and are scheduled to close.
• Year to date there have been 18 closings ranging in price from $330,000 for an older home, about 7 blocks to the beach and 12 blocks north of 5th Avenue South to a beach front cottage which recently closed for $6 million.
• Average sale price in the past 12 months=$1,732,252.
• Median sold price in the past 12 months=$1,375,623.
• 36 of the 83 homes for sale were built 2000 or newer. The least expensive is listed at $1.4 million and is located on 3rd Avenue North, 4 blocks to the beach, built in 2008 with nearly 3,500 sq ft of LA.
• Only 5 of the 36 newer homes were completed in the past 12 months. Prices of these brand new homes start at $1.8 million up to $13.9 million, with homesite premiums depending upon lot size, and distance to the gulf.

CONDOS:

• Presently there are 182 Active condominiums listed in Old Naples.
• The condos for sale start at $112,450 for a 1 bedroom up to $3.2 million for a luxury condominium with amazing amenities.
• Currently 20 condos are under contract and there have been 34 closings year to date. The sold prices have ranged from $75,000 to $1,550,000.
• The average sold price of condos in NA 06 in the past 12 months has been $528,000.
• The median sale price was $396,998.
• There has only been 1 condo sell that was listed at or above $2 million in nearly 2 years!

There are some very good buys right now in Old Naples, but the bottom prices are creeping upward in single family homes due to a lack of inventory in the lower range. ~And, condos in communities with amenities [i.e. pool] are also going fast in the lower price ranges. The high end condominiums are still seeing buyer resistance. The list to sale ratio in both homes & condos over the past 12 months has been 93%. This is contrary to what a lot of media outlets are reporting about Naples. Again, taking a broad stroke of Naples skews the actual results in specific areas such as Old Naples. Old Naples is a treasure and it always will be. Call us today to request additional information about this charming beach front community! Your home in paradise is just a phone call away! 239.370.0574

Thank you and make it a great day!

The Naples Real Estate Blogger

*all information derived from the Naples MLS and is deemed accurate but not guaranteed.