Naples Resales Median Price Drop (Palm Beach, Beverly Hills: for sale, real estate, apartments)

[lluvia]

A report from the Naples Daily News in Florida. “In November the Naples area saw a year-over-year drop in the median price paid for home resales — the first time that’s happened all year.
In November the median price for single-family homes fell 7 percent to $397,000, down from $426,000 a year ago. In the condominium market, there was a 3 percent drop to $251,000 — from $258,000 last year. More sellers entered the Naples market in November, with home inventory increasing 40 percent over last year. There were 5,733 properties listed, compared to 4,095 last year.
From October to November, another 300 properties hit the market.”
“There is now a more than eight-month supply of existing homes available.
A year ago, there was a little more than a fourth-month supply, said Cindy Carroll with Carroll & Carroll Inc., a Naples-based real estate consultant and appraisal firm.
‘Rising inventories require properties to be appropriately and competitively priced in order to achieve a sale,’ she said. ‘Overpriced properties tend to languish on the market, contributing to an oversupply condition.’”
“One obstacle continues to be what broker analysts describe as ‘irrational legacy pricing behaviors,’ with some sellers asking too much for their homes when buyers have plenty of other more affordable options to choose from. ‘The number of properties selling in under 30 days is increasing, while those in the 30- to 90-day and 90-day-and-up segments are stagnant,’ said Jeff Jones, managing broker at the Naples-Park Shore office of Coldwell Banker. ‘

This tells me that there are still properties improperly priced out there.’”

[bodyshaperrar]

Over supply followed by an increase in interest rates does not bode well for real estate prices. All markets are cyclical in nature and I believe we are in the early stages of a modest decline in prices which will only become more significant if the economy falls into recession.

[Sweetbottoms]

Ohhh $400,000 for a starter median home.. wow such a drop. I bet those newly graduated college kids are scrambling to get a house now... so affordable.

[bbtondo]

Overall Naples is not an affordable place to live. It is one of the most expensive places to live in the United States. So if you're looking for affordable, it would be best to live elsewhere.

I can tell you from my personal experience recently buying a home in Naples, that many houses are very overpriced. On the block that I bought my home on, there are very similar homes for sale asking way more than what I bought for. It should be interesting to see when they sell and what price they sell at.

[Tominftl]

Naples is a bright red state. Lots of wealthy there including Judge Judy. Lots of gated communities. Nice but boring.....

[Sweetbottoms]

Originally Posted by Tominftl

Naples is a bright red state. Lots of wealthy there including Judge Judy. Lots of gated communities. Nice but boring.....

Well said..

[markjames68]

Originally Posted by Sweetbottoms

Ohhh $400,000 for a starter median home.. wow such a drop. I bet those newly graduated college kids are scrambling to get a house now... so affordable.

I had previously suggested, since you were complaining about affordable housing and your bug-infested rental, that you could get a new home in Ave Maria for $200K, which is doable on a family income of $60K. Why haven't you pursued it?

Are you still moving to New England? You will need to readjust what affordable is.

Or is it North Carolina?

Or...?

Naples is highly desirable and therefore very expensive. Why don't you move to Hendry County where you can get a nice house in Clewiston for $150K? Your husband's salary will likely be comparable to Collier and you are homeschooling your child and unable to work.

[rex-rotham]

I wonder if there are posters that complain about the lack of affordable housing in Palm Beach, Beverly Hills and Greenwich?

[markjames68]

Originally Posted by rex-rotham

I wonder if there are posters that complain about the lack of affordable housing in Palm Beach, Beverly Hills and Greenwich?

I'm sure there are. As well as the dearth of family-friendly culture. "Why is there no subsidized housing in Old Greenwich?" "Why are there no activities for kids in Palm Beach?" "All the shopping is so expensive on Rodeo Drive. Why no Walmart?"

[Sweetbottoms]

Originally Posted by markjames68

I had previously suggested, since you were complaining about affordable housing and your bug-infested rental, that you could get a new home in Ave Maria for $200K, which is doable on a family income of $60K. Why haven't you pursued it?

Are you still moving to New England? You will need to readjust what affordable is.

Or is it North Carolina?

Or...?

Naples is highly desirable and therefore very expensive. Why don't you move to Hendry County where you can get a nice house in Clewiston for $150K? Your husband's salary will likely be comparable to Collier and you are homeschooling your child and unable to work.

Big infested rental? What are you even talking about?!?!?! Because I posted on HOA pest control company spraying OUTSIDE the apartments like almost every HOA in this town does? You're simply throwing out matters you have no idea about. I feel like I've. Even pretty clear that after 33 or so years in Naples its riddled with snowbirds a traffic and time to go.

Why haven't we pursued Ave Maria? . Well I guess the leading factor is myself husband and daughter are atheists. That's probably going to be a clash of interests. Not to mention it is in literally nowhere. Not to mention it'd still Naples? I mean I don't think I need more reasons than that.

We have prospects all over the country right now for jobs. We've had 3 more come in this week alone. We aren't making a move until all options are discussed and compared. Don't worry once I'm gonna I'll still be warning young people of that traps of this town..

I know this may be a shocking piece of information but people can't just up and go whenever they want when they don't work from home. They have to have actual jobs and housing in the new place of relocation before the move is made. Hard concept no doubt for many people in Naples who travel and move on a whim.