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Old 12-24-2019, 10:22 AM
 
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Looking to buy in Naples but will probably wait until next fall. During the last recession Florida home values dropped as much as 60% so i don't want to be caught in the Downturn
Merry Christmas,Happy Holidays & Happy New Years all
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Old 12-24-2019, 01:58 PM
 
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Naples proper or outside of the city but in Collier? With so much construction I’m seeing resale prices flat to slightly down in many zip codes.
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Old 12-24-2019, 02:12 PM
 
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Originally Posted by markjames68 View Post
Naples proper or outside of the city but in Collier? With so much construction I’m seeing resale prices flat to slightly down in many zip codes.
Just was reading the November NABOR report this morning. Single family continues to be very strong, condo market I would say is definitely a buyer’s market.

To agree with MarkJames said, median prices overall have stagnated, days on the market hasn’t changed that much, but overall inventory is down quite a bit compared to this same time last year. So while there is lots of new construction it also means Collier is still in a big population growth. Also because the amount of new listings year to date is also noticeably lower.

To continue to paraphrase the November report, Collier has about a 6 month supply of inventory, to put this in perspective markets like Tampa or Orlando average about a 2-3 month of inventory. This means as a potential buyer you have more options in our market, and more leeway to make aggressive offers!
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Old 12-24-2019, 02:27 PM
 
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Originally Posted by cavanbar View Post
Looking to buy in Naples but will probably wait until next fall. During the last recession Florida home values dropped as much as 60% so i don't want to be caught in the Downturn
Merry Christmas,Happy Holidays & Happy New Years all
I don’t think there will be that big of a difference between now and in the fall as far as median home prices.

From mid 2006-mid 2013 average days on the market overall averaged 150 days or more.
In 2005 almost the height of median home prices, the average days on the market was right about where they were now, around 100 let’s say. However, median home prices weren’t at the bottom till beginning of 2009-beginning of 2013...

So my point, you might want to wait till fall of 2021-2024! Lol...

Even if we enter a recession next year the real estate market is so slow to react you won’t find the best deals till months or even years after it’s been officially called a recession. Plus with so much cash equity here in Naples a lot of people have a lot of staying power and can weather the storm.

At the end of the day no one can predict ****!! I tell my buyer clients I don’t know if the property is going to go up in value, we can’t control that, so let’s focus what we can control and squeeze every dollar we can off the lisitng price.
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Old 12-26-2019, 04:31 AM
 
Location: USA
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I am seeing expansion in Naples because it is a retiree town and the demographics of the state and country are changing.
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Old 12-29-2019, 11:56 AM
 
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Originally Posted by JPrzybylski07 View Post
Just was reading the November NABOR report this morning. Single family continues to be very strong, condo market I would say is definitely a buyer’s market.

To agree with MarkJames said, median prices overall have stagnated, days on the market hasn’t changed that much, but overall inventory is down quite a bit compared to this same time last year. So while there is lots of new construction it also means Collier is still in a big population growth. Also because the amount of new listings year to date is also noticeably lower.

To continue to paraphrase the November report, Collier has about a 6 month supply of inventory, to put this in perspective markets like Tampa or Orlando average about a 2-3 month of inventory. This means as a potential buyer you have more options in our market, and more leeway to make aggressive offers!
I would agree that the condo market is definitely a buyer’s market right now... We just got back home from Naples and we looked at Condo's in Naples that have a beach club access and many that we looked at have been on the market for over 100 days...

We actually made an offer on a condo in Wiggins Bay that has been on the market for over 265 days and based on the comps our realtor provided us we offered $30K less and they would not budge off their over inflated asking price...

For us, we have a few more years till we retire so we can wait till we get the deal we want...
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Old 12-29-2019, 12:49 PM
 
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Originally Posted by Sugarcubesea View Post
I would agree that the condo market is definitely a buyer’s market right now... We just got back home from Naples and we looked at Condo's in Naples that have a beach club access and many that we looked at have been on the market for over 100 days...

We actually made an offer on a condo in Wiggins Bay that has been on the market for over 265 days and based on the comps our realtor provided us we offered $30K less and they would not budge off their over inflated asking price...

For us, we have a few more years till we retire so we can wait till we get the deal we want...
Wow no counter?

There’s 16 active listings in Wiggins Bay and you guys only made an offer on 1!?
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Old 12-29-2019, 02:03 PM
 
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If you have been on the market for 265 days and don't even counter, then obviously you are not in any rush to sell. Sometimes you just have to get lucky and find a motivated seller. Typically, with estate sales if the owner dies and family gets hands on a property, they want the money ASAP so they don't have to continue paying carrying costs, HOA, taxes on the property they don't want. You can get good deals.
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Old 12-29-2019, 02:24 PM
 
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Quote:
Originally Posted by JPrzybylski07 View Post
Wow no counter?

There’s 16 active listings in Wiggins Bay and you guys only made an offer on 1!?
We made offers on multiple units but only one in Wiggins Bay... none of the buyers were willing to budge on a price that was acceptable to us. We made fair offers based on the comps.
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Old 12-29-2019, 02:27 PM
 
37 posts, read 47,845 times
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Originally Posted by logybogy View Post
If you have been on the market for 265 days and don't even counter, then obviously you are not in any rush to sell. Sometimes you just have to get lucky and find a motivated seller. Typically, with estate sales if the owner dies and family gets hands on a property, they want the money ASAP so they don't have to continue paying carrying costs, HOA, taxes on the property they don't want. You can get good deals.
Yes, that is our thought process. We have an excellent realtor who we trust and he basically said the same thing. I was so surprised that they would not even make a counter offer.
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