by Marlene Graham, Downing-Frye Realty, (239) 821-9046 marlenegraham@earthlink.net http://www.napleshomefinders.com/
People are getting "curiouser" and "curiouser" (to borrow some incorrect wordage from "Alice in Wonderland") about Naples Florida real estate. And that's a good thing. Especially for those who are not only curious, but have foresight.
So here's the scoop about what is happening: Finally our mid-market is starting to move. That would be the $400,000 to a million market which has sat and sat, looking out first at the multi-million dollar market with envy and then at the $100,000 to $400,000 market which starting popping about five months ago and continues to pop. Naples News article
So now it is safe to say all our real estate price points have swung into motion now.
When I look at the sales board at our Naples Fifth Avenue (The Marlene Graham Team) office, July sales were well punctuated with $500,000 plus sales. And this week I worked with some folks who may well make an offer on a 1.1 mill home that just months ago was priced at 1.6. And wow! Is it a beauty! In fact, it was to be the model for a specific builder in a Lely development who started pulling out all the stops, but when he realized he was too undercapitalized to continue on with such grand plans, Stock Development, the Lely Resort developer, agreed to back the neighborhood and this specific unit and market it themselves. Just the front doors on this home cost $17,000. Yikes!
Interestingly, the folks who are hoping to negotiate this deal are not newbies to our market, they are a late-40s couple from Ohio who through the years have already bought two homes in Naples. They know about the highs and lows, and they think the time is right to upgrade.
Just a little while ago, while grabbing a bite to eat at Yabba Island Grill on Fifth Avenue (www.yabbaislandgrill.com), I chatted with some developers from a small town in Pennsylvania, Chambersburg (www.chambersburg.org), Greg and Sara Shellhase, and though they say it has been a little slow in their market, as in all markets, they are holding their own. They still have plans to more forward with even more developments than the patio-type homes they are currently selling in the 200s. They are just moving forward, slowly but surely. And the slowdown is giving them the opportunity to fly to Naples more often and enjoy their place here. So see THERE is always a silver lining to everything.
I have to say though that it is great to finally read MORE positive than negative articles on the Naples Real Estate market of late, and to get all those emails from people requesting property information.
Sure it could be better, but at least we have gone past the trickle. In fact Downing-Frye in general is reporting a much, much better year than last, and we are out of season right now. Summer is traditionally slow, but even so the bargain hunters have decided the area is well worth the summertime trip. And my HGTV House Hunters episode aired again in July (the third time) with more response than ever. People actually took time to look me up on the internet and to write. And at least a couple are planning scouting trips here soon. www.napleshomefinders.com, www.naplesagents.com
Something else interesting. About two months ago the Europeans were here in full force, and most of the real estate inquiries were from the foreign market, particularly Canadians. The past 30 days, however, the Americans are getting brave. IN the past few days I've met folks from Ohio, Pennsylvania, Kentucky, Texas, and even California. That's good to see.
So this article won't be as long winded as most of mine tend to be. I just wanted to update you on the real estate market a bit. I have to say as I sit in my office at 7:30 p.m. on this Wednesday evening and look out at the people gathering around our windows, pointing at the prices with surprise, it is a good feeling. Naples has long been out of the price range of a lot of people, but the ones that grasp what is happening are having another chance at going "Back to the Future." And from the looks on their faces, you can see that the concept is starting to sink in. Imagine buying a relatively new condo with golf course playing privileges included, beautiful views, within 6.5 miles of downtown Old Naples for less than $200,000.
Trust me. It is stunning when you consider these units were more than $400,000 not so long ago -- and they will start heading upward again soon enough once more and more people fall off the fence, or hop as the case may be!
Have a great and properous day everyone!
