Savvy Buyers Can Pinpoint the Market
By Art David
Naples, FL
03/09/07 We have read the reports that have declared that Naples, Florida is the
most “overpriced” market in the country. They have based their findings on
statistical interpretation using “factors” for style of life, demographics,
weather, etc…. One of the reasons that Naples properties have risen in price
so rapidly over the past year and a half is that it was “discovered” by the
whole country. Heretofore, Naples had been the quiet haunt of millionaires and
billionaires. The “secret” just got out, and everyone wanted a part of it.
There are few places in the country that off the entire package of lifestyle,
climate and ease of living that Naples, Florida offers. There really is a
reason why so many people are moving here. Nevertheless, for properties in
Naples, the recent residential real estate trend has been toward price
adjustments. In March of 2006, the
average price for closed sales of all
properties in Naples fell $55,000 from the month prior. The number of homes
sold dropped 47% as compared to March 2005 and there are 120% more homes on
the market as compared to March a year ago. All of this makes for a great
opportunity for buyers to “pinpoint the market.” In a market like this, home
sellers should understand what the real estate market looks like from the
buyer’s perspective when putting their home up for sale.
A case in point: A month ago, we had an inquiry on our website,
http://www.naples4u.com/ regarding condos in the $350,000 range.
After selecting 24 units throughout Naples, my customer and his wife proceeded
to view them over three days. We found a condo in a bundled golf course
community that was absolutely perfect. Brand new, never lived in, fully
turnkey furnished Tommy Bahama style, long lake and golf course view, crown
molding, custom paint etc…It was easy to see that this offered a far greater
value than any of the others that he had seen. The unit was within the price
limits he had set ($320’s to 370’s), and he made an offer at 95% of the asking
price (up to this point, the average sale price in this particular development
was 98%). His offer was accepted, without a counter offer, in just half an
hour. He did his due diligence and got the best value in the market place. By
doing so, he insured himself against a near future devaluation, knowing that
in this price range, he got the absolute best home with the greatest value on
the market.
In our opinion, at this time, with so many homes on the market, savvy buyers
have a fantastic opportunity to purchase properties that provide a great
value. Buyers have the ability now to pick and choose from a very saturated
supply. Not only is there an opportunity to purchase property at a “lower”
price, but more importantly, to have the luxury of shopping lots of properties
and closing on the “pick of the litter.” That was not the case a year ago in
Naples; a home went on the market and sold in just a few weeks. Pricing
couldn’t keep up with the demand. Now things are different.
If you are serious about purchasing a property in Naples, I recommend that you
visit soon and do some “shopping.” There may be a gem out there. If you are
serious about selling your home, make sure it is in absolute tip top shape and
is priced so that it provides buyers with the best value as compared to any
other property on the market.
Art David
Coldwell Banker
Naples, Fl
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