In a somewhat difficult to believe trend given the housing market over the last few years quality properties are tougher to find in Naples, Florida. Why? Free markets have allowed the buy-up of foreclosed properties, short sales and “good” deals. We are down to sub seven month inventory levels. So what? Well try coming to Naples as a new buyer thinking we have an “up-north” real estate market only to find quality properties a little tougher to find.
Take one example from our work this week. A foreclosed property came on the market. New construction, good shape, four bedrooms, nice view and a very attractive price. In a seven month inventory market this somewhat tougher to find single family home met good market demand. Our buyer went after the home and their bid was successful. Other bids were in the offering at the same time.
These multiple bids for well priced properties are occurring again – very hard to believe if your up-north market is still recovering. Maybe our market, one of the first to go down in the last few years, is one of the early ones to bounce back. I don’t know. Maybe the natural demand of folks moving to florida is eating up some of our supply as the math of the baby boomers shows there is still a wave of folks retiring.
Is there a housing shortage? No, to fast to call this one. Just consider the seven month inventory level more normal with more equal footing between buyers and sellers.
Markets will react to supply decreases in several ways. Prices may rise. Just as nature abhors a vacuum we may also see new construction start to increase supply. On the leading edge of new supply are the spec builders buying up land and old homes to build new product in line with current market needs.
The big boys are also gearing up with new home development projects announced. Florida Realtor reported two weeks ago “U.S. homebuilders grew more confident in the housing recovery in August, as many reported that prospects for sales are the best they’ve been since the home bubble burst five years ago.”
Be careful as markets seem to adjust and over adjust. In three months we may have a whole new picture. For right now supply is tightening, buyers are somewhat surprised at the relative lack of options and the big boys are preparing to break down. Real estate in general sure feels better in Naples these days.
Call us or email us with any questions you may have about Naples, Florida. We would be pleased to help out.
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 Youtube http://www.youtube.com/user/naplesbestaddresses?feature=results_main