Real Estate Prices in Naples and Price Appreciation (Immokalee, Vineyards: 2014, vacation home)

[Thundarr457]

Three years ago we ALMOST built a new house in Naples. By an act of our guardian angel, we were able to get out of it. For curiosity sake, I looked at what had happened to the house that was eventually sold to someone else. It had dropped 10k in value in 3 years. A nearby house 1500 sq ft larger sold for 40k more than we were going to pay. The development has changed hands twice in the intervening 3 years and went from a high end to a major nationwide tract builder. When purchasing in Naples, its important to realize there is a lot of excess inventory caused by overbuilding. Your best bet, IMHO, is to stick to a highly desirable existing area like the Vineyards, which has stable prices. We eventually wound up in PVB and prices have increased 15-20% in the same time period.

[chicagochuck23]

I almost bought in Saturnia Lakes, and am glad I didn't - that traffic on Immokalee would drive me crazy - but it's the same old story that you could keep going east and buy something new for the price of used further west.

[markjames68]

In a development, for the first few years the resale value of a “used” home will nearly always be less than new construction unless there is limited inventory to keep demand high, and/or something to differentiate the development (location or amenities).

As has been mentioned, inventory is high, new construction is continuing and many of the new communities aren’t much different than others.

We built in 2014 and sold in 2018 for less. As it was a corporate relo we were easily made whole, but I’ve seen other properties sell for more because they were patient, found the right buyer and didn’t overbuild (we did to an extent.)

In many communities if you go “builder grade” for your selections (but still tasteful) and limit what else you put into it, you should still end up ahead over a few years. Especially in desirable communities that are being closed out.

[FireStation46]

It also depends on your personal timeline.

We built new, “smart home” , upgraded a lot on interior features vs. builders basic but not highest end. Passed on the bird cage/pool/sauna/ 2nd story deal.

We plan on passing the home onto the kids so our hozizon is long and we will let them enjoy the home value appreciation. Heck, they may even want to keep it as a vacation home when we are gone.

Some may need fast appreciation whilst others are fine if value holds over longer term.

I just plan on enjoying where we are for as long as we can.

Good luck with your needs.

[bbtondo]

We bought in the Vineyards 2 1/2 years ago. I felt we got a good deal at the time. We looked at the entire past history of homes sold in the community and ended up paying close to the lowest historical value. Today I believe we can get more money than we paid. We are happy! But, you never know what the future holds.

[Jim1921]

We liked several communities like the Vineyards, but them felt we would need to remodel/update to suit our tastes. When factoring in those costs, we felt that new construction was a better option as we did not think we could recoup much of the investment when remodeling an existing home.

[Marc Middleton]

Originally Posted by bbtondo

We bought in the Vineyards 2 1/2 years ago. I felt we got a good deal at the time. We looked at the entire past history of homes sold in the community and ended up paying close to the lowest historical value. Today I believe we can get more money than we paid. We are happy! But, you never know what the future holds.

Vineyards is such a wonderful community. My son played in his first kids golf tournament there on Saturday and it was VERY well kept. Yes its private, but the whole area was very nice.

[dave w]

Originally Posted by thundarr457

three years ago we almost built a new house in naples. By an act of our guardian angel, we were able to get out of it. For curiosity sake, i looked at what had happened to the house that was eventually sold to someone else. It had dropped 10k in value in 3 years. A nearby house 1500 sq ft larger sold for 40k more than we were going to pay. The development has changed hands twice in the intervening 3 years and went from a high end to a major nationwide tract builder. When purchasing in naples, its important to realize there is a lot of excess inventory caused by overbuilding. Your best bet, imho, is to stick to a highly desirable existing area like the vineyards, which has stable prices. We eventually wound up in pvb and prices have increased 15-20% in the same time period.

pvb?

[Thundarr457]

Originally Posted by dave w

pvb?

Ponte Vedra Beach

[FireStation46]

Well, if Zillow is be be trusted (slightly) my home is up 21% in the past year.

I bet they are off as they really can’t tell since they can not capture what is inside the house i.e. Jenn-Air vs. whatever the big box stores sell, LED interior lighting, whole home dehumidifier, etc