Home Selling in 34103>Question Details

Ben Lewis, Home Seller in Greenwood, SC

Is it true that home prices in Naples are on the rise again going against the national trend. if so, why; and

Asked by Ben Lewis, Greenwood, SC Sun May 18, 2008

how soon before you anticipate prices being back to the levels of late 2006.

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9
Ben - Per the Economists with Hank Fishkind and Associates - the Naples real estate price wise at the bottom of the market for prices in certain areas. However, there are areas where the prices will continue to decline. The area west of US 41, they are predicting price appreciation within the next 12 months. In other areas they are predicting price appreciation occurring in a 3 to 5 year period. People could be mislead by the changes in the median price comparison - they will have to do more homework and identify the neighborhoods which have bottomed out and those which have not bottomed out.
2 votes Thank Flag Link Fri May 23, 2008
Hey,
I'd love to say it was so......But....The reality is you can do pretty much anything with numbers. Yes, it's possible to finness things so they represent what you want them to but we are not aware of any real price increases...anywhere in south Florida.
1 vote Thank Flag Link Sun May 18, 2008
Home prices are not on the rise...BUT we are seeing a real difference in new listings compared to pending and closed sales. This is still a buyers market...but our inventory has stopped growing and has leveled off. We are seeing more pending and closed sales activity in the Naples area...because it still is an awesome place for a first, second or third home....so the pent up demand is beginning to drive the mareket upwards in activity. But there is still a lot of inventroy and prices are still well below what they were in 2005 and 2006. The Average price will not increase until more of our inventory is sold off...be it foreclosures, short sales or just "regular" real estate transactions.
Rae Wakelin
RealtyUSA.com
239-398-0028
1 vote Thank Flag Link Sun May 18, 2008
Ben,

Home prices are NOT on the rise in Naples. Here are the latest Median Sold Prices for Naples:
April 2008: $300,000
April 2007: $390,000
12 months ending April 2008: $358,000
12 months ending April 2007: $398,000

One of the main reasons cited for the continued decrease in home prices is the short sales and foreclosures in the market. Foreclosures were up dramatically in the area during April (800% compared to last April). So until the inventory of short sales and foreclosures decline, we will not see an "overall" increase in prices. Of course, any community, location, type of home, and price range may see a quicker recovery than the others.

- Ted Epstein
WOWnaples@comcast.net
http://www.WOWnaples.com
Web Reference: http://www.WOWnaples.com
1 vote Thank Flag Link Sun May 18, 2008
Hello Ben,
If you review the sale price trend chart for all Naples areas, the trend is still moving slightly downward. To be more specific, one should review each geographic location, single family versus condo, etc. to get a really clear picture. There are a number of varying opinions about when our market will bottom. The trend line is definitely leveling indicating that it may be close to turning upward. Although no one can predict the future, I am encouraging buyers to find property in the best location, best condition and best price that fits their criteria and make offers. My opinion is that once the market starts to turn, the best buys will be gone.
0 votes Thank Flag Link Sat May 24, 2008
FAR recently released the 1st quarter figures for the Florida Sales Report and the Naples Area Board of Realtors released their April 2008 figures. You can access these reports at http://www.NaplesWave.com/NaplesBlog. Price have decreased, yet pending sales are up in the under 300K price range and along the beach communities in Naples.
0 votes Thank Flag Link Fri May 23, 2008
Ben,

In certain parts of Naples the inventory has been bought up and the prices are steady and there is a small rise due to the supply and demand. For example if you are west of 41, your home is better off than in Golden Gate Estate where there are a load of short sales. It all depends on what you are looking at also; single family homes are more stable than the condo market at the time, especially the older condos. Neighborhoods are also a big factor for example the higher end more desirable communities are more protected from the short sales and foreclosures that bring down property value. Contact me for a more in depth answer to your question, I would love to talk.

Thanks,

Scott Riddle
239-289-1849
Sand Castle Realty Group
0 votes Thank Flag Link Thu May 22, 2008
Hi Ben
Prices are not on the rise, if anything they are still going down. What you are seeing is that homes are being sold. The reason is that people who are selling are being more competitive with their pricing. To sell a home it takes a combination of good pricing, good marketing and good location. Being in the the Greenwood area you have one of the criteria. If you would like the rest of the package please call me at 239-659-3272 or email me at bcaron@kw.com. Some people talk the talk and aren't able to walk the walk. I am not one of those.

Brian "Skip" Caron
CaronHometeam
Kellere Williams Elite Realty
0 votes Thank Flag Link Sun May 18, 2008
The only towns that I have heard that are on the rise are North Port/Port Charlotte and Port St Lucie. I think it will be a while before we see prices at what they were in 2005-2006.
0 votes Thank Flag Link Sun May 18, 2008
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