Many people are interested in how the Naples real estate market compares now to the peak years. 2005 represented the highest number of sales as well as the peak in prices (though it was more like late 2005). Let's take some of the more notable communities and compare 2005 with 2010. I will only use statistics through 9/28 for each year. I think you will find this interesting.
Old Naples
· 163 closed sales from 1/1/2005 to 9/28/2005
· Lowest sales price - $199,900
· Highest sales price - $11,200,000
· Average sales price - $1,287,000
· Median sales price - $1,080,000
· 94 closed sales from 1/1/2010 to 9/28/2010
· Lowest sales price - $129,000
· Highest sales price - $7,199,000
· Average sales price - $1,190,000
· Median sales price - $729,000
Port Royal
· 30 closed sales from 1/1/2005 to 9/28/2005
· Lowest sales price - $2,100,000
· Highest sales price - $24,800,000
· Average sales price - $6,568,000
· Median sales price - $5,300,000
· 29 closed sales from 1/1/2010 to 9/28/2010
· Lowest sales price - $2,450,000
· Highest sales price - $22,000,000
· Average sales price - $6,956,000 (Whoa!)
· Median sales price - $4,900,000
Pelican Bay
· 412 closed sales from 1/1/2005 to 9/28/2005
· Lowest sales price - $383,000
· Highest sales price - $11,000,000
· Average sales price - $1,273,000
· Median sales price - $925,000
· 217 closed sales from 1/1/2010 to 9/28/2010
· Lowest sales price - $245,000
· Highest sales price - $7,900,000
· Average sales price - $1,071,000
· Median sales price - $745,000
Vanderbilt Beach
· 126 closed sales from 1/1/2005 to 9/28/2005
· Lowest sales price - $197,000
· Highest sales price - $3,200,000
· Average sales price - $1,028,000
· Median sales price - $885,000
· 72 closed sales from 1/1/2010 to 9/28/2010
· Lowest sales price - $137,000
· Highest sales price - $4,300,000
· Average sales price - $1,008,000
· Median sales price - $680,000
Naples Park
· 133 closed sales from 1/1/2005 to 9/28/2005
· Lowest sales price - $239,000
· Highest sales price - $800,000
· Average sales price - $467,000
· Median sales price - $444,000
· 91 closed sales from 1/1/2010 to 9/28/2010
· Lowest sales price - $61,500
· Highest sales price - $499,000
· Average sales price - $187,000
· Median sales price - $177,000
The Vineyards
· 181 closed sales from 1/1/2005 to 9/28/2005
· Lowest sales price - $179,000
· Highest sales price - $3,205,000
· Average sales price - $629,000
· Median sales price - $534,000
· 109 closed sales from 1/1/2010 to 9/28/2010
· Lowest sales price - $141,000
· Highest sales price - $2,534,000
· Average sales price - $451,000
· Median sales price - $350,000
Grey Oaks
· 56 closed sales from 1/1/2005 to 9/28/2005
· Lowest sales price - $650,000
· Highest sales price - $4,270,000
· Average sales price - $1,756,000
· Median sales price - $1,600,000
· 32 closed sales from 1/1/2010 to 9/28/2010
· Lowest sales price - $632,000
· Highest sales price - $5,250,000
· Average sales price - $1,893,000
· Median sales price - $1,600,000
Some of these statistics are probably very surprising to you. Actually, they are surprising to me. Several communities have seen the average sales price has gone up! Now, I deliberately targeted some of these areas to show that the wealthier areas have not gotten hit that badly. Remember the theory - wealth attracts wealth. This was the tone of the Forbes article where Naples was highlighted as having the largest shift in wealth in 2009.
Most of these communities are Naples waterfront and/or Naples Luxury Golf. The higher end of the market is made up of a higher percentage of cash buyers. I included Naples Park to contrast because I knew that it has been an area that has come under great distress. Naples Park was mostly made up of investors and highly leveraged buyers. Falling values caused an implosion.
Even if you are not interested in these premium areas, this is quite a statement about Naples luxury real estate. All owners that own, and will own in the future, will benefit from the wealth in Naples.
Tim Ryan - Amerivest Realty info@naplesguru.com Office - (239) 963-4070 10001 Tamiami Trail N Naples, FL 34108 About Tim Ryan
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