– 66 condominium have sold in Old Naples since January 1st!
– The investor buyer took advantage of available inventory this season as 29 listings sold from $233,000 – $500,000 (1 bedroom and 2 bedroom properties under 1,000 sq. ft.)
– 18 listings sold from $500,000 – $700,000 with many selling as renovated properties within a few blocks from the beach or the marina.
– Two years ago properties within this price point traded in “original” condition and required extensive renovations. While Naples is not a flipping market we are starting to see investors buy, renovate and hold properties. Buying a flip for $700,000 in most markets does not make sense but in downtown Naples where land is at a premium and turn-over is rare buying anything is a bonus.
– Properties along 5th Avenue South continue to be a very desirable option. A marquee new building located at 490 5th Avenue South designed by local hotelier Phil McCabe sold seven out of ten of their 2 bed + Den /3 Bed properties with a selling range of $ 2.M- $3.4M ($1,100 sq. ft.)
– From a value proposition this season dictated that small investment purchases trended at $522 sq. ft. while new build second home residences achieved $950-$1100 sq. ft.
101 8th Street South : 2 Bedrooms 2 Baths: $ 825,000 ( $953/Sq Ft)
960 7th Street South 1 Bed , 1Bath $ 355,000 ( $652/Sq Ft
1100 3rd St South # 202: 2 Bedrooms+ Den, 2 Baths $ 1.475,000 ( $886/ Sq Ft)