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Old 06-03-2016, 06:17 AM
 
731 posts, read 762,103 times
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As many of you know, DH and I are in the process of selling our home and moving to Naples full time and buying a single family home. We've been looking at open houses and looking at prices for a few years. We've had our condo in Naples for 7 years now and are very familiar with the market.


I am seeing a lot of homes dropping their prices significantly since last November in our price range. I just got an email from Marbella Isles with a large list of quick delivery homes to sell with incentives (free pool, $32,000 off price, etc.). We looked at a home for $599K that sold for $500K. Homes that were listed in the $525K to $550K range have sold for $474K-$500K. I see that some Avellino condos for sale in the Vineyards dropped their price by $30,000. I could go on and on.


I realize it is typical for home prices to decrease after season. However, on the communities that we've been considering, there are a lot more homes for us to pick from in our price range, before and during season.


This has been our experience. Anyone seeing the same thing?
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Old 06-03-2016, 10:34 AM
 
Location: Las Vegas
1,600 posts, read 1,684,518 times
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We have heard from some of our neighbors who want to move that they can't sell their houses without taking a big loss and are choosing to rent them out instead.

We haven't been watching the market too much since we're not moving, but have heard prices are dropping, incentives are being offered etc.

Builders went overboard and there is too much inventory. Not much they can do other than that if they want to sell in a buyer's market.

You might find a heck of a deal if you look around. A neighbor up the street from us is doing a for sale by owner. I bet a lot of folks are trying that route to save on realtor's commissions.
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Old 06-03-2016, 12:12 PM
 
731 posts, read 762,103 times
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Thanks for the information Movin1! We were fortunate to sell our house on Long Island the first weekend it was listed with two offers. Accepted the highest, and hopefully all will go smoothly. The market seems to be picking up here.


DH and I were thinking that there were just too many new communities and that they were over building. We saw the affect the new inventory had on the resales we were looking at. A lot of the resales were just sitting, sitting, even after lowering their price. Some were pulled off the market and then we'd see them relisted a month later as a "new" listing. Pretty slick.


It would be great if we can get more house for the money in Naples. Hoping that our dream home comes within our budget in the next few months. It's SO hard to time the market, I hope that we luck out.


Obviously, this is just what we have experienced. Wondering what the realtors in Naples think about this market.
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Old 06-04-2016, 04:51 AM
 
Location: Golden GateEstates
331 posts, read 449,962 times
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3 months ago the house across the street sold in 3 days. The agent said people were getting 95% of their asking price.? My area is different living in the estates. I bought at the bottom of the market in 2011 and my house has more than doubled in value.

I think there are too many new communities so it has become a buyers market if that's the kind of living you are after. Prices seem to be a little out of whack. Get as much as you can for the dollar and don't wait too long.

Season is over and everything here slows down. Everything. I still believe there is sticker shock from people coming from areas in the Midwest. Many of those markets are slow from coming back.

I do keep an eye on the market for personal interests and have seen some greed has settled in. This could be the reason why you are seeing prices drop 10 to 15%. I would not expect reductions going much further down. We are only 6 months away from the season starting up again.
Good Luck.
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Old 06-04-2016, 06:13 AM
 
731 posts, read 762,103 times
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I appreciate your opinion on this. I'm not familiar with real estate in the estates. The communities that I've recently looked at are: Olde Cypress, Vineyards, Quarry, Long Shore Lakes, and a few others. We've also toured all the new communities too. We were looking at Island and Village Walk and see prices lower there than last year. We decided the Walks were not for us.


It's such a balancing act to see what the market will do when season starts again. We figure if we find what we want in the community we want at the price that's in our budget, we'll buy it. When we bought our condo in 2009 it turned out to be the lowest price point ever. We really lucked out. At the time we knew the market was low, but didn't know how much lower it could go.
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Old 06-04-2016, 07:01 AM
 
Location: Golden GateEstates
331 posts, read 449,962 times
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You definitely purchased on the bottom. We were open on what we were going to purchase. The condos were selling like hotcakes and too difficult to keep track of. We saw entire villages in Fort Myers at 30k a unit. All with Chinese drywall.

When we came back to buy in December of 2010, I had 30 properties I wanted to look at that fill our requirements 2 days before we arrived, By the time we got settled in, 15 of those properties were off the market. We actually placed bids on 2 homes at once hoping to get one of them. Lucky for me, we got the house we wanted and couldn't be happier.

Good Luck on your search. Don't be afraid to pull the trigger. If you are seeing an 8 to 10% drop, I would expect a 12% drop to be on the bottom of this market. If the economy tanks, all bets are off.
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Old 11-16-2016, 07:47 AM
 
30 posts, read 35,092 times
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Quote:
Originally Posted by bbtondo View Post
I appreciate your opinion on this. I'm not familiar with real estate in the estates. The communities that I've recently looked at are: Olde Cypress, Vineyards, Quarry, Long Shore Lakes, and a few others. We've also toured all the new communities too. We were looking at Island and Village Walk and see prices lower there than last year. We decided the Walks were not for us.


It's such a balancing act to see what the market will do when season starts again. We figure if we find what we want in the community we want at the price that's in our budget, we'll buy it. When we bought our condo in 2009 it turned out to be the lowest price point ever. We really lucked out. At the time we knew the market was low, but didn't know how much lower it could go.
What was it about the Walks that didnt appeal to you bbtondo? We were just talking about investigating those communities? Thanks!
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Old 11-17-2016, 06:45 AM
 
731 posts, read 762,103 times
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We looked at Village Walk (west of I75) and Island Walk (east of I75) . Both of these communities are very nice, but they weren't for us for various reasons:


Most of the homes we looked at in our budget were old with no updates. When we walked in I got the feeling that I was walking into an old ladies house. The rare home that had updated kitchens and baths, were priced too high for what you were getting (IMHO).


We didn't like the landscaping. We were looking for something that gave a more lush, tropical feeling.


We also felt that we could get more of what we wanted in different communities for the price point. We were looking for a community that was just a tad more upscale. (Please don't judge, it's just what we wanted).


We were also looking at communities with country club social memberships.


We did not look at Verona Walk, since we did not want to go that far south. We quickly looked at Village Walk in Bonita Springs, but wanted to stay in Naples.


Bodyshaper:


Both Island and Village Walk are very nice communities. You should look at them and see if it fits your lifestyle. Just because it wasn't for us, doesn't mean these two communities are not for you! For example: We looked at Riverstone which is a beautiful community. It just wasn't what we were looking for.


Look at everything in your price point. Research, research! Good luck!
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Old 11-17-2016, 07:05 AM
 
30 posts, read 35,092 times
Reputation: 28
Quote:
Originally Posted by bbtondo View Post
We looked at Village Walk (west of I75) and Island Walk (east of I75) . Both of these communities are very nice, but they weren't for us for various reasons:


Most of the homes we looked at in our budget were old with no updates. When we walked in I got the feeling that I was walking into an old ladies house. The rare home that had updated kitchens and baths, were priced too high for what you were getting (IMHO).


We didn't like the landscaping. We were looking for something that gave a more lush, tropical feeling.


We also felt that we could get more of what we wanted in different communities for the price point. We were looking for a community that was just a tad more upscale. (Please don't judge, it's just what we wanted).


We were also looking at communities with country club social memberships.


We did not look at Verona Walk, since we did not want to go that far south. We quickly looked at Village Walk in Bonita Springs, but wanted to stay in Naples.


Bodyshaper:


Both Island and Village Walk are very nice communities. You should look at them and see if it fits your lifestyle. Just because it wasn't for us, doesn't mean these two communities are not for you! For example: We looked at Riverstone which is a beautiful community. It just wasn't what we were looking for.


Look at everything in your price point. Research, research! Good luck!
Thank you!
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Old 12-21-2016, 10:34 AM
 
Location: Gods country
8,093 posts, read 6,715,767 times
Reputation: 10413
I thought that I'd revive this thread as I'm contemplating selling a property in Asheville NC which should net 500K. I'm wondering what that would buy in Naples?
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