Naples real estate has always been a case-by-case, neighborhood-by-neighborhood market and now that is more true than ever before post storm. Waterfront homes and beachfront condos were impacted the most but other neighborhoods have been impacted in different ways as a result. Read more about particular neighborhoods and get updated on the real estate market. Click on the links (the title headings) for all of the current listings in each community.
Conners at Vanderbilt Beach
This community is 500 single-family homes on canals with Gulf of Mexico boating access via Wiggins Pass. The pace at which the older ground level homes were being replaced with brand new construction has changed overnight and will pick up. Prior to the storm surge, the transition was well under way. The older homes at ground level took a hit so the transition to more and more new construction will transform the overall look of the neighborhood. Many older homes will not be restored because of the FEMA 50% rule. The new construction will meet current code and building regulations so you will be seeing three-story homes with the lower level being mostly garage space with construction techniques to accommodate future events (flood vents, breakaway walls, piling specifications, etc.).
Historically, every home is architecturally different in the community and we look forward to more and more creative architecture, contemporary designs and architects being able to spread their wings without the restrictions of an HOA. For a buyer wanting to build a dream home on the water in Naples with exceptional boating opportunities, now is your time to purchase a choice building lot. There some premium lots with panoramic water views, some cases of side-by-side properties offering a very rare double lot scenario, lots close to Wiggins Pass for very fast boating access to the Gulf of Mexico and some with a coveted boathouse that is grandfathered. We live in in this community and know it inside out.
Naples Park
Naples Park is a community in North Naples that is investor heaven because of location and no restrictions for rentals. Those two characteristics will drive this neighborhood for the rest of time through all real estate cycles. Walk or bike ride to the beaches at Delnor-Wiggins Beach State Park and Vanderbilt Beach, minutes from Mercato for Whole Foods, shops, restaurants, cafes and nightlife, and access to every convenience at your finger tips.
We have several investor clients who already own multiple properties and now expect to add to their portfolio of vacation rental properties as the market has shifted in their favor to buy. Also, as you can imagine, the demand for rentals is now off the charts. It’s a good time for a buyer who wants the income as well as future appreciation. This applies to the “pure” investor as well as the investor looking for a vacation spot of their own but wants to cover all of the carrying costs by renting when they are not occupying. A wide price range from $600,000 to $4M means there is a property for all budgets.
Pelican Bay
Pelican Bay holds its own through all real estate cycles, economic changes and storms. This past storm surge was devastating to the beachfront amenities but the community has made big progress already to restore and renovate those facilities. Pelican Bay offers a lifestyle that is unique and offers more than any other community in the area. With low-rise condos to beachfront high-rise condominiums, both attached and detached villas, and single-family homes, the price range within separate neighborhoods within the community is very wide and offers something for everyone. Although you might not be able to enjoy all of the beachfront amenities that make Pelican Bay so special this 2022 / 2023 season, it is advantageous to the buyer right now.
Pelican Marsh
A few palm fronds on the ground after a little wind but no harm done. Pelican Marsh enjoys a very convenient location to all that North Naples offers as well as plentiful amenities in a gated community. Condos, villas, and single-family homes make up the community in individual neighborhoods. Good opportunities will depend on the inventory supply at any given time.
Pine Ridge Estates
Pine Ridge continues to be hot. Great location and the only neighborhood close to beaches and the action with large lots. You cannot find parcels this big anywhere else with this advantageous location. Inventory favors the buyer more than a year ago so if you are looking for luxury, privacy and location, do it now. This neighborhood will continue to appreciate in the years to come becoming more and more exclusive.
Condos on Vanderbilt Beach
Condominiums along Vanderbilt Beach are going to be case-by-case because of the aftermath. Although an upper floor unit would have no damage whatsoever, some of the ground level facilities and amenities would have been affected. This might include parking areas, elevators, pools and public areas. Stand by for progress on restoring the buildings, landscaping and amenities. It remains to be seen how quarterly condo fees might change or special assessments come into play for different buildings.
Park Shore, Moorings and Coquina Sands (Condos and Villas)
More inventory than we experienced months ago means more opportunity for the buyer today and more room for negotiation on a case-by-case basis. Some beachfront high-rise buildings are cleaning up their ground level common areas while others were unscathed.
Park Shore, Moorings and Coquina Sands (Single Family Homes)
Always a desirable location, these neighborhoods have brand-new construction available which are furnished, move-in ready, older homes that can be remodeled as well as flood damaged properties being sold “As Is” for lot value. Many opportunities for the buyer right now in premium locations. The increase in inventory is working in the buyers favor.
Olde Naples (Single Family Homes)
The unique charm, location in the greater Naples area and the specific location near The Pier, Fifth Avenue South, Third Street South as well as boating one side of town and the beach on the west side of town will always and forever make Olde Naples very special. None of those things are going away. New construction of single-family homes will blend with the old and the homes being restored. In a blink of an eye, everyone will forget about the surge and things will look like nothing every happened. Back to business as usual. Strolling on Fifth Avenue South or hitting Third Street South are every bit as bustling as normal right now. Click on the link to see homes currently on the market for sale.
Overall
Properties east of Route 41 (Tamiami Trail) were largely unaffected unless they were in low lying areas which historically might flood easily under less severe circumstances. Wind damage was minimal. As an example, Imperial Golf Estates went unscathed although residents experienced outages with Comcast.
It’s a good time to be a buyer but don’t expect to “steal” real estate. There are definitely opportunities and some good deals to be had but, as always, it goes neighborhood-by-neighborhood and seller-to-seller. The supply of inventory will matter neighborhood-by-neighborhood. Some sellers are more motivated than others in our Southwest Florida area and sometimes it takes writing a couple of contracts to negotiate the right deal with the right seller. The special things that make Naples unique will never go away.
Serious buyer? We listen well and will find your own “Piece of Paradise” at the best negotiated price and terms. We are full-time professional Realtors who depend on your referrals and take pride in our work. We have lived and worked through all real estate cycles. Take advantage of our skill and strategy to make you a successful buyer in a challenging market.
Serious seller? We will give you honest advice about current market conditions and pricing. We will aggressively market your home to local, national and international buyers for the best results and a smooth transaction. Our experience in handling multiple offers will result in the best terms for your own situation.
Tim Cranch at 239-272-4848 or Ellie Penaranda at 239-776-5077
