Posted on Saturday, May 25, 2013
What a difference a few years make. Granted we in Naples, Florida were overextended in our flipping, borrowing and building in the boom-boom times and perhaps even more so than the national marketplace. But today we are seeing a growing scarcity of single family homes.
Let’s take a look at the numbers. This morning the inventory of single family homes in the all Naples area is only 5.3 months (Sunshine MLS). In the last year 4,287 single family homes were sold and there are only 1,916 for sale today. Prices should rise in this environment and buyers will be surprised to see few homes with real “wow” impact. Gone are the days of picking and choosing and waiting. You better be ready to act if you find that perfect house.
If your budget is less than $1,000,000 the conditions are more scarce. The inventory of single family homes less than one million dollars is down to 4.17 months. In the last year 3,833 of these homes were sold and 1,332 are available for sale today. Why is it more scarce? Because the over one million dollar market is a little slower moving and the majority of buyers are after the less than one million dollar homes.
What to do? If you cannot find that perfect single family home in Naples here are a few alternative ideas:
1) Look at villas. Bot attached and detached these condos live like a single family home. We built and lived in a detached villa for many years and really enjoyed it. Like a condo you are only responsible for the walls in (typically, some vary) and you have that single family home feel. Not a bad option.
2) Build on vacant land. Yep there are some vacant lots around. Most of the land owners already price in profits so you may end up with a house built at a price per square foot higher than your neighbors BUT you still get a new single family home built exactly the way you would like it.
3) Tear Down and Build. Similar to number two above. It is cheaper to tear down a house than you might think. You are probably going to end up with a more expensive house than your neighbor in these seller-savvy times but you do get the house and you do build it the way you would like and it is new.
3) Wait out the new developments. There are many new large scale developments breaking ground in Naples and the developers are aiming their products right at these scarce inventory levels. These developments may be worth a look. Even though you may wait for a while you do get that brand new single family house.
Give us a call if you are looking to buy or sell property in Naples – we will take good care of you and help you sort this out.
Have a great Memorial Day Weekend and take a moment to thank our many veterans who serve this great country and for those who have given the ultimate sacrifice to preserve our way of life.
No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Some of the data relating to Naples homes for sale and Naples real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
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 REALTOR Coldwell Banker 5th Avenue South Mobile: 239.595.3921 NaplesBestAddresses.com Facebook: NaplesBestAddresses Youtube http://www.youtube.com/user/naplesbestaddresses?feature=results_main