Naples Florida
Real Estate
Newsletter
February 2005
Pete & Karen Smith
Pete... Downing-Frye Realty, Inc.
Karen... Vineyards Properties, Inc.
petesmith@comcast.net
karen@vineyardsproperties.com
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Market Conditions... 2004 was a banner year for real estate sales in Naples at all price levels. Downing-Frye Realty, Inc. topped $ 2 billion in closed sales. Many properties went up as much as 20-30% in value over the last 6-12 months. Condos in good locations priced under $250,000 are in short supply and prices are moving up quickly. In 2004, we had 2,863 sales of properties priced under $250,000. Today, we only have 95 properties on the market that are $250,000 or less. This represents less than a 2 week supply of inventory. By the time most people read this newsletter, many of the 95 will have been sold. Not long ago, we thought of lower priced properties as being condos that sold for $125-175,000. Today, we consider lower priced properties to be condos priced from $250-300,000. The trend of strong appreciation in this lower price range has been going on for the last 6-12 months. There is nothing on the horizon that indicates anything other than a continued strong demand for real estate in the Naples area. The baby boomers are coming and if they want to be in Naples, they will have to pay the going rates.
Remember the old saying " The lowest priced home on the block has a better chance of going up in value than the highest priced home. " Well this theory holds true in Naples. At the moment there is about a 14 month supply of inventory priced above $ 1 million. The shortest supply is in the $200-350,000 price range and thus, in my opinion this is where the best appreciation rates will be over the next 12 months.
Collier Regional Medical Center...
Health Management Associates is about to start construction on their new 100
bed, $ 75 million hospital near the intersection of Collier Blvd. and
Rattlesnake Hammock Road. It will take approximately 18 months to complete
the project. Completion is expected sometime in 2007.
The Mercato... The Lutgert Companies and Barron Collier Companies will develop 53 acres at the intersection of U.S. 41 and Vanderbilt Beach Road into an upscale retail, office and residential project. There will be a " Main Street " running through the site and it will be similar to Mizner Park in Boca Raton. There will be approximately 395,000 square feet of retail space, 100,000 square feet of office space and 175 high-end residential units. Opening is projected for late 2007.
America's Best Beaches... Naples ranks number 1 on the Travel
Channel's list of America's best all-round beaches. Check the
Travel Channel on March 6th at 9:00 PM. Naples beat out
Waikiki beach in Hawaii and East Hampton in New York.
The Registry Resort... has been sold,
along with The Edgewater Beach hotel and the Naples Grande Golf Club. The
Blackstone Group; a private investment firm has purchased the local hotels and
golf course in addition to other properties on the other coast of Florida.
Concnilla... The planned project at Wiggins Pass on Vanderbilt Drive at Wiggins Pass Road will have 95 luxury condos in 2 hi-rise buildings. There will be 29 docks and possibly a 230 room hotel with 47 docks.
Goodlette-Frank Road... will be widened to 6 lanes staring in the summer of 2005 from Pine Ridge Road to Golden Gate Parkway.
Cheesecake Factory.... Yes, it is true and it will soon be open in a free standing building at the Coastland Center Mall.
Sabal Bay... WCI Communities is under contract to buy the 2400+ acre Sabal Bay property on East U.S. 41 just south of Thomasson. Collier will still retain ownership of the nearby Hamilton Harbor. Eventually, Sabal Bay will have about 2,000 residential units and 18 holes of golf. Collier Enterprises will retain about 100 acres of commercial land. There will also be a 250 room hotel at the site. Clearing should begin in 2006.
Coastland Center Mall... Keep your eyes open. The mall will be undergoing a major face lift over the next year or so.
Delta Airlines... Delta now flys out of the Naples Airport. Non-stop flights to Atlanta.
Pete
Smith
Broker - Associate
Downing-Frye Realty - Naples Largest Realty Office
239-304-1150 cell: 239-370-2783
email:
psmith@swfla.rr.com
www.petesmithnaplesrealestate.com
Selling Naples Real Estate for 20 years
Karen
Smith
No one knows the Vineyards like Karen Smith
The Vineyards expert; selling exclusively in the Vineyards
Vineyards Properties
239-353-3393 cell: 239-860-6018 eve: 239-304-1150
email:
karen@vineyardsproperties.com
www.petesmithnaplesrealestate.com/vineyards.htm
Golfing... If you
want to be in a bundled golfing community where golf is included with ownership
in the community, then you had better act soon, because the prices are going up.
The concept of bundled golf is very popular and the demand is growing, so the
values will be appreciating.