Posted on Monday, September 17, 2012
In many ways the lower priced condo market led the real estate recovery in Naples as bargain hunters snapped up foreclosed and/or low priced properties. In Naples this morning, the lower the price the tighter the market.
Let’s take a look at the facts. Looking in to the Sunshine MLS this morning for the all Naples area and looking at condos and villas we see the story play out. Units above $1,000,000 see a 13.68 month inventory, $500,000 to $1,000,000 a 7.38 month inventory and below $500,000 a 6.7 month inventory.
So what? When inventories exceed one year we expect to see less support for prices and probable price erosion. At the six months level you see a fairer tug of war between buyers and sellers and usually price support.
If you are a condo buyer this season be ready to drive a bargain in the higher price ranges. Shoppers in the lower price ranges may find properties closing within tight ranges of comparative market assessments. The days of “good deals” and picking up something “cheap” in the lower end of the Naples condo market may behind us.
Sellers see the opposite. Welcome offers in the high range but, depending on your circumstances, drive a bargain in the lower ranges. I think the main thing for sellers is to review the showing data (online and real world) with your realtor frequently, and when your listing grows more than four weeks consider some condition, marketing and price reduction actions. Please see our recent post “Why Isn’t My Property Selling?” (http://nangoebel.wordpress.com/2012/09/16/why-isnt-my-property-selling-a-few-ideas/) for some ideas.
Oh we see some great condos out there, particularly penthouse units overlooking the gulf of mexico. We have a listing in the Admiral’s Watch Community right on Naples Bay with a boat lift – the only unit in the exclusive sixteen unit association. See the details at (http://nangoebel.wordpress.com/2012/09/03/some-interesting-properties-this-morning-the-only-property-for-sale-at-the-exclusive-admirals-watch-on-naples-bay-and-one-at-a-yacht-club/) or walk though the unit with us on the Naples Best Addresses Youtube channel at (http://www.youtube.com/watch?v=TE8tofIQ2eo&feature=plcp).
If you have interest in the Naples Florida condo market give us a call or see us at Coldwell Banker on 5th avenue in town.
All the best this morning.
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 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 Twitter @mcgoebel Naples Best Address – Where The Best Address in Naples Real Estate Is Yours