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.

October Stats

Season is here! There is no denying it. The "out of state plates" are cruising along the Naples streets...in addition to more street traffic, our Internet traffic is up substantially...Rental inquiries: UP! ...Buyer inquires: UP!...Showings on listings: UP!...Offers on listings: UP!...Pending sales: UP! (click on chart below to enlarge which tracks pendings for the past 4 years). PENDINGS are always the best barometer for determining the current real estate climate. It signifies what is actually happening NOW. Here are a few other statistics from October that I think you will find interesting:

• Presently there are 7,773 active residential listings in *Naples...remembering just a few short years ago when this peaked at over 15,000!
• Of those, 3,354 are single family homes and 4,419 are condos.
• There are 791 active single family listings priced at or above $ 1 million dollars (Previews Properties)
• Only 46 total $1 million+ single family homes are currently pending.
• There are 519 active condos priced at or above $1 million (Previews Properties)
• Only 20 total $ 1 million+ condos currently pending.
• Closed sale YTD of all [SFHs and Condos] Previews Properties: 532, which calculates to an estimated 2 year absorption rate in the $ 1 million+ price points.
• October saw 1,481 total listings pending, up approximately 13% over the previous month.
• 1 in 5 active listings had a priced reduction in the month of October.
• The average rate on a 30-year fixed rate mortgage fell to 4.25%, matching the second lowest on records from 4.34 average percent last month. That equates to a monthly payment of $492 for every $100,000 financed. That is a decrease of 9.12% in the monthly payment of a year ago when the average rate were 5.04%.

Lower inventories, low rates, pent up demand, the election behind us, inquiries up, consumers beginning to believe that prices are leveling off...all positive indicators that Naples is in for a good selling season ahead!

Please let us know if there are any specific statistics that you would like us to include in our monthly report. The Harris-Peppe Team always welcomes your comments, and we look forward to earning your business.

Have a great day,

The Naples Real Estate Blogger

*All data derived from SunshineMLS and includes Naples residential statistics only.

Naples Previews Properties

What is PREVIEWS ?

In 1933, Coldwell Banker established the "Previews" brand, and became one of the leaders of Luxury Property in the real estate industry in the world. Currently we have a worldwide network of nearly 1,000 International offices located in 50 countries.  Coldwell Banker Previews International has a distinguished clientele including some of the world's foremost dignitaries, actors, musicians and sports figures. The Previews Marketing Program is recognized as one of the world's finest marketing programs in promoting luxury properties to a global audience. 

We have a 28% luxury market share nationwide--well over 200% more than our next closest competitor. 

Presently, Coldwell Banker Previews International represents the nation's top four most expensive listings which are priced from *$85 million to $ 150 million.  We handle an average of *$76.7 million in luxury home sales every day, and participated in 11,970 transaction sides of multi-million dollar homes in 2009. This equates to $22 billion in sales volume!

The downtown Naples 5th Avenue South office is an accredited Previews office. Many of the agents here at the 5th Avenue South office have gone through extensive, additional training to receive their Previews Luxury Home Specialist designation. Chip & I both have this designation. When Chip & I first learned that the company we previously worked for was being purchased by Coldwell Banker, we immediately purchased the domain name of NaplesPreviews in order to take full advantage of the luxury brand this name represents.  You can link to this site to do a luxury home search directly from our NaplesRealEstate.com

Here are some current local stats about the luxury real estate market in Naples Florida:

• 
  
  January 1st-August 1st, 2010 there were 441 closed sales of listings priced at or above $1 million.
• 
  
  January 1st-August 1st 2009, there were 295 total closed sales in this price point.
• 
  
  YTD 2010: 268 closed sales were of single family homes, 173 were condos. 
• 
  
  Highest closed sale YTD sold for $26 million. This was a single family home on the beach on Gordon Drive.
• 
  
  The highest closed condo sale YTD went for $8.9 million and it was located in Bay Colony.
• 
  
  118 of the 441 total closed sales were built in 2005 or newer.
• 
  
  274 of the 441 closed sales were in the "West of 41" corridor, NA areas along the beach and bay.
• 
  
  Presently there are 1,220 listings in the Naples MLS listed at or above $ 1 million, which equates to approximately a 24 month supply based on the 441 closed sales YTD.
• 
  
  664 active residential listings in the "west of 41" corridor, which equates to approximately a 16 month absorption rate in the $1 million+  price range. 

All Naples statistics are derived from SunshineMLS are deemed accurate.

For a complete list of today's best luxury buys in Naples Florida please log onto our Naples Previews Property site, NaplesPreviews.com today, or call us directly at 239.370.0574. We hope to hear from you soon, and look forward to earning your business.

*Editors of Unique Homes Magazine identified 314 homes for sale in the United States for $20 million or more.

*Data based on closed and recorded transaction sides of homes sold for $1 million or above for the calendar year 2009.