Retirement Haven for the Rich reports strong market conditions: The Naples Real Estate Market is Strong
The real estate market is strong, according to a new report released by the Naples Area Board of Realtors. Median sale prices rose 14 percent over last year, and sales are happening faster. “When the numbers are so strong in the second quarter, you get the sense that it looks like it’s going to be a good summer,” said NABOR President Mike Hughes. “When it’s that strong in season, a lot of times you see that roll into the summer.”
The report finds that the biggest growth area in sales is in properties valued over $300,000, as more expensive houses are finally starting to move. Brett Brown from Premier Sotheby’s International Realty noted over half of pending sales are in the over $300,000 race. Between 2010 and 2012, 80 percent of home sales were under $300,000. Unlike in the mid-2000s real estate boom, analysts believe this housing market is a much more stable and sustainable real estate market.
Naples, Bonita Springs, and Estero; Fort Myers neighbors to the south are experiencing record growth, not just from the retirement market, but from full time active working residents.
Hertz, for example, is about to open their new world headquarters building in Bonita Springs. This has caused a buzz among other CEOs (many who have second homes in the Naples area) about the attractiveness of Southwest Florida for corporate headquarters.
Most businesses locate where the owner want to live. And living doesn’t get better than Southwest Florida!
Investors are seeing office, medical, and retail opportunities as well as residential multi family disappear quickly.Most strong opportunities don’t stay on the market very long. Cap rates are starting to drop because of this strong demand to place money outside the stock market.
The sizzling high end market in Naples for residential retirement houses and vacation homes is driving many north to Lee County and Fort Myers and Cape Coral. Here is an affordability s issue with Naples – the average price is now well over $300,000 – for new home the number is much higher.