Posted on Saturday, March 01, 2014
Love was in the air in February, and not just because of Valentines Day. Spring breaks, snowstorms and cabin fever brought people to our fair town to escape their winter woes – and many decided to buy while they were here. It is very hard to give up paradise when you have found it!
This month’s news will take a look update you on the market, take you to the “movies” and talk about if there are any good deals left around here. Just a reminder the best way to keep with us and the Naples market is to “like” our Facebook page at https://www.facebook.com/pages/Naples-Best-Addresses/168137533202628. This simple step will give you our latest thoughts and ideas on life in Naples and real estate. And … you can always ignore it if you wish so we wont become pests!
Naples Market Update
The market continues to be strong with overall inventory falling and prices increasing.
Sales in the under $300,000 market fell 4%, which could be due to the decrease in available inventory.
To read the entire report, click here http://documents.naplesarea.com/NaplesArea/Press_Release_2014_February_(report)_January_Sales_Reduce_Inventory_Further.pdf
Overall closed sales in the under $300,000 category fell 4 percent from 6,153 properties in the 12-months ending 2013 to 5,900 properties in the 12-months ending 2014.
Overall median closed price rose 18 percent from $205,000 in the 12-months ending 2013 to $242,000 in the 12-months ending 2014.
Overall inventory decreased by 15 percent from 5,642 properties in January 2013 to 4,776 properties in January 2014.
Closed sales in the condominium market rose 9 percent from 4,679 properties in the 12-months ending 2013 to 5,100 properties in the 12-months ending 2014.
Inventory in the condominium market decreased by 21 percent from 3,092 units in January 2013 to 2,447 units in January 2014.
Median home prices in the single family market rose 23 percent from $240,000 in the 12-months ending January 2013 to $295,000 in the 12-months ending January 2014. This was mostly driven by properties under $300,000.
Naples in the Movies
As I was watching the latest Michael Douglass, Morgan Freeman, Robert DiNiro movie, Last Vegas, laughing out loud I could not help but notice our fair town of Naples was depicted in a depressing water aerobics scene with one of the story’s heroes trapped in an elderly lifestyle later finding the meaning of life (for him) in Las Vegas. Funny stuff but the wrong idea about Naples, Florida.
So what is the right idea?
Well we are on the usual lists – best beaches, most romantic, fastest growing, top ten turnaround city etc. etc. But despite the lists some old views of us remain. How can I tell you about Naples? Well In Naples for example – in addition to our water aerobics classes for older folks – we have the world champion iron man, Wimbledon finalists, cycling teams, crazy good open ocean swimmers, an incredible symphony, an opera company, a growing list of national headquartered businesses, increasing young families at our church, some unbelievable restaurants all housed in a state soon to be the third most populous. Vibrant, younger than you think, and lots going on. See, I didn’t even mention the weather yet.
Why all the growth and increase in culture and sports? Well first the big draw is and always has been the weather. We live in an area which has never seen a freeze. Never. A frost now and then but never a freeze. We are perched on the eastern shores of the Gulf of Mexico. Late yesterday afternoon I saw the usual pilgrimage of walkers headed to the beach to watch the sunset. In February. In shorts. And the orange blossoms are out already.
Ok, we’ve got great weather. The great outdoors might be another draw. Sure the beaches are among the finest – just ask our international tourists why they come here and buy here and represent over 20% of the new buyers.
The Everglades (see our recent video of a back country trip at http://www.youtube.com/watch?v=S-cyMYF441c) provides a one-of -a-kind-in-the-world-ecosystem. Our Botanical Garden and tropical gardening in general is a draw (see some images on Pinterest to brighten your day http://www.pinterest.com/NaplesBAddress/tropical-gardening-in-naples-florida/)
We have cool animals too. Everyone wants to see an alligator and I saw my first slate water crocodile last week but our endangered species both marine, land and bird are truly amazing.
We are business friendly. Really. We welcome businesses and individuals alike in our state with a continuing state wide financial surplus, NO personal income taxes and NO personal capital gains taxes. We encourage people to keep what they make. We are also very generous by any measure here in Naples with the largest charitable auction in the country – the Naples Winter Wine Festival (http://nangoebel.wordpress.com/2014/01/26/naples-winter-wine-festival-a-complete-success/) and over 100 non-profits helping others.
Oh did I mention culture? With some of the oldest known records of civilized societies in the United States, a long and rich native American history as well as some fine performing arts, culinary classes, historical society, orchid shows … well you get the idea.
I almost forgot the part about Las Vegas. In the movie the group of guys goes off to Vegas for a bachelor party and to turn back the clock and among other activities gamble and party their way to a better life. Well, we have gambling too. In fact a little known fact is our Native Americans run a fine casino and, believe it or not, own most of the Hard Rock Cafe’s world wide. Everyone except Vegas I heard. I deeply admire our Seminole Nation as hard working, business oriented people. You should see their education and business formation statistics.
An oh yes, we have do have water aerobic classes.
At a cocktail party earlier this month, one of our clients who had bought a home last fall remarked a home in her neighborhood had just come on the market – for more money. Even a rough comparison of the new place to the place she bought shows she is way ahead. More importantly, she LOVES her place which trumps financials but it is nice to have it all.
A similar story is told for one of our clients who bought a condo last year which is walkable to Old Naples and the beach – one of her main criteria. New condos in her building and the area show she came out well ahead too. Her love of the place goes beyond financials every time she makes that walk to town and to the beach. In fact hey do not won a car here!
Of course the Naples real estate market is on the rise and “deals” are tougher to find and you should expect recent buyers to see price appreciation BUT a little math shows these buyers beat the market, that is the new places coming on the market around them are a lot more money, more than recent market swings. What is going on here?
We helped our buyers in both cases do the homework. The buyers knew what a well priced home should sell for, they looked and looked and we helped them negotiate well, with comparisons in hand to show the logic. Nice. We like to help you have the information you need to find the best place for you.
Will you always find your place turned into a good deal financially? Of course not. Markets can change (price, supply, volume), product preferences can change (size, bedrooms, etc), decorating tastes can change (mediterranean, coastal contemporary, mid-century ..) so markets are moving target. BUT you can help yourself as a buyer by doing the homework. Here are a few starter ideas we recommend with all of our buyers in any market:
1) When figuring out a price or offer know the cost per square foot averages in your target market. Sure product, location and condition vary but price per square foot is a good place to start
2) Know closing price to asking price ratios for your neighborhood. This should tell you if asking prices are really holding up or if you can be a little more aggressive in your bidding.
3) Compare your place to recently sold or on the market properties. This is a tricky one and you really need an objective, neutral party to help you here so your own bias does not creep in to the math. Like us! You will adjust your price up or down depending on the comparisons.
These simple tips should put you in the ball park price wise. BUT let us not forget the most important thing. Whether you get a “good deal” financially is important but not the most important thing. In the end you should LOVE your place. Be crazy about it. This is how you know you found the Naples Best Address for you. When you love it the financials still matter – but maybe not so much!
If you would you like to know more about Naples, Florida lifestyles, our festivals and some great things to do here just give us a call at 239.595.3921. If you want to rent or sell or buy here one day you might download a copy of our eBook Understanding Naples Real Estate https://www.naplesbestaddresses.com/offer/
Hope to meet and talk with you soon,
Mark and Nan
Mark Goebel PA & Nan Goebel PA
Co-Founders Naples Best Addresses Team
Coldwell Banker Mark Goebel, PA and Nan Goebel, PA REALTOR Coldwell Banker 5th Avenue South Mobile: 239.595.3921 239.595.3920 NaplesBestAddresses.com Facebook: NaplesBestAddresses Youtube http://www.youtube.com/user/naplesbestaddresses?feature=results_main
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.
We are pleased to announce a portion of our real estate earnings go to support the The Naples Botanical Garden, Habitat for Humanity Collier County, The Race For The Cure Citrus Ride, The Seacrest Country Day School and The Naples Winter Wine Festival.
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.
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