What is happening in Naples Florida real estate?
What was once a buyer’s market has now shifted. Sellers now have more confidence in the market and are holding their ground on price. Buyers no longer hold all the cards in negotiations. With our inventory of existing homes for sale at historic lows, buyers choices are limited and as such sellers have more leverage.
As a result, the gap between asking price and sales price is narrowing. In fact, in 2012 we were still seeing a 10% gap between asking and sales price. Today, that gap is closer to 3-5%.
Also Naples’ under $250,000 market is all but disappeared. If you are in the market for a single-family home in Naples (excluding Golden Gate Estates) you have just under 250 homes to choose from. Of those only 32 are short sales and 38 are foreclosures (Sunshine Multiple Listing Service March 10, 2013).
There are still some buyers who think they are going to come to Naples and find a $500,000 for $50,000. I hate to be the bearer of bad news, but that doesn’t exist in Naples. I’m not sure what the media is reporting about Florida, but the days of finding a “deal” are behind us.
New construction is winning out over existing homes. In the $300,000-$500,000 price range, buyers are opting to go new rather than buy a home that already has at least 10 years age to it for the same price.
Looking to buy in Naples Florida? Call me.
Want to sell your Naples Florida home? Call me to talk market value.