Buyers are jumping in and negotiating good deals while some buyers are sitting on the sidelines. There is a mix of “glass half full and glass half empty” buyers at this time as some people are seeing the opportunities and moving forward full force while others are measuring inventory, looking for price decreases, gauging seller motivation and calculating current interest rates.
Our real estate market in Naples, Florida, has always been resilient, insulated from whatever is going on in the rest of the country or world and the whole community bounces back from adversity, as history shows.
The opportunities for buyers are located in some of the waterfront communities that sustained damage from Ian, investment neighborhoods that show positive cash flow as seasonal rental properties, Pelican Bay and some inland communities like Imperial Golf Estates, Riverstone and Stonecreek.
Contracts have been written on canals homes with Gulf of Mexico boating access in Conners at Vanderbilt Beach and Aqualane Shores, good candidates for seasonal rental investment homes in Naples Park, Pelican Bay condos and villas, single-family homes in the golf communities of Imperial Golf Estates, Esplanade, Pelican Marsh and Audubon, condos within walking distance of beaches such as beachwalk and the resort-style development The Dunes, condos in Mercato, luxury single-family homes in Pine Ridge Estates, as well as properties in and near Olde Naples including Moorings and Park Shore.
Rightfully so, there is some hesitation to pull the trigger on beachfront high-rise condo buildings that still need to sort out storm recovery and insurance issues. Clearly, there is a concentration on location being the Number One priority with the exception being gated golf communities when a buyer seeks a particular club for specific reasons. For a safe, sound investment and a property that will gain appreciation, it’s the location that trumps all else. Location is important everywhere you go, but it is hyper important in the Naples real estate market. Proximity to beaches, the water and the “action” determines value and appreciation.
More than half of the closed sales in the past 120 days have been cash, regardless of price point. “Cash is King” as always but seller motivation has become more important than ever. With increasing inventory, a motivated seller wants to be the next one in his or her community to get a contract. As a buyer, there is more latitude for negotiation on price and terms. If you are buying with a loan, mortgage rates have been declining over the past weeks. The closed prices are reflecting room for negotiation from the asking price in many deals.
That said, we have had to compete when a property is a good one and priced to attract attention. As a buyer, get in the game now because this is your time to be selective among more listings and negotiate price. As a seller, the best advice is to price accurately from Day One as you have more competition nowadays and there are active buyers right now. Don’t let the “honeymoon” period of being a new listing turn into weeks and weeks on the market followed by a price reduction while you have serious buyers writing contracts right now.
Check out current property listings in the communities that have been hot by clicking on the links below:
Serious buyer? We listen well and will find your own “Piece of Paradise” or investment property 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 with negotiating, as well as handling multiple offers, will result in the best terms for your own situation.