Olde Naples is in an under-supplied inventory situation but I am not seeing a typical trend here! With 183 closed sales during the past 12 months and 33 Olde Naples listings currently under contract, you would think prices and negotiations would be changing more in favor for the seller....but that's not what numbers are showing...
Olde Naples sales are up 17% compared to the year before and inventories have since not only stabilized but are tilted slightly towards an under-supply which means negotiations should be tightening and pricing should start going up but look at these results:
During the past 12 months:
70 Olde Naples Homes have sold (20% increase over 12 months prior)
113 Olde Naples multi-family properties have sold (14% increase over 12 months prior)
Avg. list $/sq. ft. multi-family SOLD= $349 (down 4% from 12 months prior)
Avg. sold $/sq. ft. multi-family= $318 (down 2% from 12 months prior)
Avg. list $ to sales $ ratio for Olde Naples multi-family = 91% up 1%
Avg. market time for Olde Naples multi-family SOLD is now 308 days
Avg. list $/sq. ft. home SOLD= $628 (down 10% from 12 months prior)
Avg. sold $/sq. ft. home= $554 (down 23% from 12 months prior)
Avg. list/sales $ ratio for Olde Naples Homes = 88% (down 8% from 12 months prior)
Avg. market time for Olde Naples Homes SOLD is now 223 days (down 43%)
12 months prior:
58 Olde Naples Homes sold
99 Olde Naples multi-family sold
Avg. list $/sq. ft. multi-family= $362
Avg. sold $/sq. ft. multi-family= $327
Avg. list $ to sales $ ratio for Olde Naples multi-family = 90%
Avg. market time for Olde Naples multi-family 292 days
Average list price per square foot home SOLD= $696
Average sold price per square foot home= $684
Average list price to sales price ratio for Olde Naples Homes= 95%
Average market time for Olde Naples Home was 319 days
If you made it through the numbers you can see there's been quite a bit of movement in Olde Naples during the past 24 months and even though product is selling there are still several signs that show now is an excellent time to be purchasing. The reason why is because there's proof of plenty of movement and not a whole lot of pricing increases or negotiations tightening so you can easily see proof of value without having to "pay for it" if you will.
The summer is a perfect time to try to negotiate an Olde Naples deal because of these 3 reasons:
1. Many sellers believe they may have missed their best shot to sell since many people who come down for season have since gone back to where they came from.
2. The odds of competing with another buyer on an offer (while still possible) may not be as probable which means you may still have a shot at a good negotiation.
3. If you do it between now and October, you will probably capture the seller's attention since they may not be expecting you and the opportunity to not hold the property through the summer months might be an attractive point to the seller convincing them to negotiate with their best intentions now.
If you've made a conscious decision to purchase during the off season buyer beware. You aren't the only one here purchasing right now and to come in with no strategy with the concept that you're the only one here doing what you're doing may end up biting you in the tail.
You want an excellent negotiation strategy even now if you're purchasing in Olde Naples or for that matter, anywhere in Naples. You have some excellent points to discuss and I've found if you present those points in a tasteful manner, you can often come to a successful negotiation.
Contact me when you have your travel plans arranges so I can assist you with gaining access for viewing and allow you the most optimum opportunity for a successful negotiation!
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!
PS~Happy Mother's Day to all of my Mommy Naples Real Estate blog readers! You have a special gift, and beautiful job. Bless you.
Olde Naples sales are up 17% compared to the year before and inventories have since not only stabilized but are tilted slightly towards an under-supply which means negotiations should be tightening and pricing should start going up but look at these results:
During the past 12 months:
70 Olde Naples Homes have sold (20% increase over 12 months prior)
113 Olde Naples multi-family properties have sold (14% increase over 12 months prior)
Avg. list $/sq. ft. multi-family SOLD= $349 (down 4% from 12 months prior)
Avg. sold $/sq. ft. multi-family= $318 (down 2% from 12 months prior)
Avg. list $ to sales $ ratio for Olde Naples multi-family = 91% up 1%
Avg. market time for Olde Naples multi-family SOLD is now 308 days
Avg. list $/sq. ft. home SOLD= $628 (down 10% from 12 months prior)
Avg. sold $/sq. ft. home= $554 (down 23% from 12 months prior)
Avg. list/sales $ ratio for Olde Naples Homes = 88% (down 8% from 12 months prior)
Avg. market time for Olde Naples Homes SOLD is now 223 days (down 43%)
12 months prior:
58 Olde Naples Homes sold
99 Olde Naples multi-family sold
Avg. list $/sq. ft. multi-family= $362
Avg. sold $/sq. ft. multi-family= $327
Avg. list $ to sales $ ratio for Olde Naples multi-family = 90%
Avg. market time for Olde Naples multi-family 292 days
Average list price per square foot home SOLD= $696
Average sold price per square foot home= $684
Average list price to sales price ratio for Olde Naples Homes= 95%
Average market time for Olde Naples Home was 319 days
If you made it through the numbers you can see there's been quite a bit of movement in Olde Naples during the past 24 months and even though product is selling there are still several signs that show now is an excellent time to be purchasing. The reason why is because there's proof of plenty of movement and not a whole lot of pricing increases or negotiations tightening so you can easily see proof of value without having to "pay for it" if you will.
The summer is a perfect time to try to negotiate an Olde Naples deal because of these 3 reasons:
1. Many sellers believe they may have missed their best shot to sell since many people who come down for season have since gone back to where they came from.
2. The odds of competing with another buyer on an offer (while still possible) may not be as probable which means you may still have a shot at a good negotiation.
3. If you do it between now and October, you will probably capture the seller's attention since they may not be expecting you and the opportunity to not hold the property through the summer months might be an attractive point to the seller convincing them to negotiate with their best intentions now.
If you've made a conscious decision to purchase during the off season buyer beware. You aren't the only one here purchasing right now and to come in with no strategy with the concept that you're the only one here doing what you're doing may end up biting you in the tail.
You want an excellent negotiation strategy even now if you're purchasing in Olde Naples or for that matter, anywhere in Naples. You have some excellent points to discuss and I've found if you present those points in a tasteful manner, you can often come to a successful negotiation.
Contact me when you have your travel plans arranges so I can assist you with gaining access for viewing and allow you the most optimum opportunity for a successful negotiation!
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!
PS~Happy Mother's Day to all of my Mommy Naples Real Estate blog readers! You have a special gift, and beautiful job. Bless you.
