Naples is the 9th slowest selling market in the nation. (Marco Island: days on market, for sale)

[LifeIsGood01]

https://www.realtor.com/news/trends/...re-theyre-not/

#9
Taking the No. 6 slot for cities with the highest median days on the market is Bangor, ME (118.8), followed by Torrington, CT (118.4); Hilton Head Island, SC (114); Naples, FL (112.6); and Lebanon, PA, (112.4).

[BMI]

That’s weird.

Is it the high asking prices.

I know Marco Island is quite expensive.

I like Naples area but it is kinda remote when compared with Dade, Broward, and Palm Beach Counties.

[LifeIsGood01]

Originally Posted by BMI

That’s weird.

Is it the high asking prices.

I know Marco Island is quite expensive.

I like Naples area but it is kinda remote when compared with Dade, Broward, and Palm Beach Counties.

I think it is the high prices. I had a friend who was a real estate broker and he had to sell his investment property in Naples and it was underwater. He did a short sale, had to live in the home a while before he could even do it, and the home sold for $85K less than he owed. He said part of it is also new homes being built that bring down values, he also bought while prices were still high before the housing bubble broke.

[BeachBum87]

Originally Posted by LifeIsGood01

I think it is the high prices. I had a friend who was a real estate broker and he had to sell his investment property in Naples and it was underwater. He did a short sale, had to live in the home a while before he could even do it, and the home sold for $85K less than he owed. He said part of it is also new homes being built that bring down values, he also bought while prices were still high before the housing bubble broke.

It is not the high prices, there are plenty of places in the US with far higher real estate prices that sell homes instantly.

It's who purchasing them - people buying second homes (winter homes) or retirement pads. They have time to be picky.

[markjames68]

Originally Posted by BeachBum87

It is not the high prices, there are plenty of places in the US with far higher real estate prices that sell homes instantly.

It's who purchasing them - people buying second homes (winter homes) or retirement pads. They have time to be picky.

Exactly. Conservative Canadians and Midwesterners. A lot of tire kicking, looking, thinking, analysis before an offer is made.

[bbtondo]

I've been watching real estate for sale in my community this winter season. A lot of the homes that have been sitting on the market are going into contract now. I think the snowbirds have looked and are now making their decision before they go back north.


I've observed some homes in my community drop their prices over the last few months and when they get to the price that the buyers want, they go into contract. The homes that are asking what I think is too much, are still sitting for sale.

[Corrie22]

....then there's ~15,000 houses, condos, etc for sale in the Naples area right now....there's not 15,000 buyers....that's the biggest problem

[markjames68]

Originally Posted by Corrie22

....then there's ~15,000 houses, condos, etc for sale in the Naples area right now....there's not 15,000 buyers....that's the biggest problem

Probably not, but it all comes down to location, location, location. And of course being priced appropriately.

If you go back the past couple of years the average has consistently been ~100 days on market. It spiked up after Irma (not surprisingly) but is back to around 100 days again. So the market is relatively balanced.

[LifeIsGood01]

Originally Posted by BeachBum87

It is not the high prices, there are plenty of places in the US with far higher real estate prices that sell homes instantly.

It's who purchasing them - people buying second homes (winter homes) or retirement pads. They have time to be picky.

It is the high prices. Naples aint Beverly Hills or Seattle or Manhattan. it's SW Florida. There is still a lot of land in the area the further you get from the beach. There is no reason why it's as expensive as it is and that's why homes are selling same as in the 10 slowest markets in the country.

I think only people in Naples think it's special. I never thought of Naples as upscale.

[Thundarr457]

Originally Posted by bbtondo

I've been watching real estate for sale in my community this winter season. A lot of the homes that have been sitting on the market are going into contract now. I think the snowbirds have looked and are now making their decision before they go back north.


I've observed some homes in my community drop their prices over the last few months and when they get to the price that the buyers want, they go into contract. The homes that are asking what I think is too much, are still sitting for sale.

Barb, You live in one of the best areas, I don't think it is indicative of the rest of Naples. If I was moving to Naples I would consider your community my first choice. I think the problem is a combination of overbuilding and high prices. Naples has always been a haven for wealthy retirees and snowbirds and the vast amount of building cannot be absorbed. When we were looking there a few years ago there was so many new houses it would take 5 years to sell them if no more were built. There are other areas of Florida that are more attractive for young families and more affordable, especially with rising interest rates.