Posted on Tuesday, December 06, 2011
I know, I know we are sort of known for our Gulf of Mexico Properties and it is no secret in Naples Real Estate people are just as likely to tear down a $5,000,000+ property and build something new than live in the old place, but the numbers are bugging me a bit.
There are 490 Gulf of Mexico homes for sale in Naples this morning and sales of these type of homes over the last 12 months was 377 so inventory is running at 15+ months – above the level we feel comfortable with price supports. In theory prices should fall a bit – all other things being equal. We we would coach our buyers to be aggressive and coach our sellers to be a little more compliant in this environment.
Are there any bright spots here? Well volumes are accelerating. In the same prior twelve months (2009-2010) 322 of these properties were sold, compared to the 377 most recently so actual closed volumes are picking up. And, there is always the “gotta have it” market for these homes – many times scarce homes, unique homes bordering the ocean where a buyer’s eyes go wide and they just have to have the thing.
Be careful out there this morning, and do not be afraid to haggle.
What are your thoughts?
No legal or investment advice or suggestions are being given in this Blog. Actual real estate price and sales results are subject to market forces and are not completely predictable. Please consult a lawyer or investment advisor for such legal and investment advice. The writings of this Blog are intended for the sole use of our clients.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA
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