Is this an indicator of the Naples home market rebounding or are we going to see a second decrease in home prices?
It is anyone's guess! However I personally believe that Naples, being a world class destination, will not see any further softening. Sales prices for homes in Naples have depreciated 43.3% over the last 5 years, which is virtually half of what they were in just 2005.
Families and indivuduals with money have always been attracted to Naples with its pristine beaches, world class shopping and dinning and upscale entertainment and residences and that will continue keeping the home prices in Naples relatively stable. As evidenced by the fact that the most popular neighborhoods in Naples in 2010 have been Park Shore, Old Naples, Moorings, Royal Harbor, Port Royal, and Coquina Sands,
luxury home communities, mainly on the water or with bundled golf.
The home buying frenzy in Naples slightly cooled down by the end of the summer as expected, which for a prospective buyer would mean less competition at still low prices. If in the past we have seen multiple bids on most Naples listings on the market with buyers fighting over Naples homes, now only the lowest priced listings in Naples get the same attention, while others sit on the market for slightly longer.
Average price per square foot in Naples has been steadily increasing over the last year, going from $137/sq.f last August to $244/sq.f in August 2010
For more information contact Andrew and Elena Ollick:
Andrew and Elena Ollick
Amerivest Realty
PHONE: 239-206-4500
TOLL FREE: 800-801-6080
FAX: 888-264-1080
re-blogged from www.AndrewOllick.com/realestateblog
SW Florida Homes http://www.andrewollick.com/
SW Florida New Homes and Builders http://www.newhomes-ae.com/
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