Naples Florida Is Top Ten Million Dollar Homes Market
Recently, Naples Florida became top ten million dollar homes market according to experts. The Sunbelt states have been dominating buyer interest when it comes to million dollar homes, and Naples luxury homes has been added to the list. Real estate in Naples Florida has changed in the last two decades, and what was a sleepy, sun-drenched fishing village on the southwestern tip of Florida twenty years ago, is now being called the next Palm Beach. Rapid growth in the luxury homes market here has transformed this market into a high-end haven for the wealthy, especially wealthy baby boomers staking a homestead claim for their upcoming active senior years. We have all seen the advertisements in the media depicting baby boomers on motorcycles, and the overall depiction that the boomer generation just won’t retire quietly. Well, Naples Florida is a fit for the largest and most active generation in history, with sunny skies, plenty of water sports, tennis and golf. Sales and tight inventory conditions have supported that statement, with the Naples million dollar home market having the smallest number of available homes for sale since 2007.
Not surprising, tight real estate inventories are resulting in home prices that are on the upswing. Currently, Florida ranks fifth in the nation for the highest real estate appreciation values, with an overall gain of 4.5% over 2011. Even more positive, median list prices of Naples properties showed an overall increase of 14.34% over 2011. These statistics certainly are good for the real estate market across the region and especially for sellers in the Naples luxury homes market. For wealthy buyers, luxury communities here offer an exclusive lifestyle within secure neighborhoods with some of the finest properties and amenities in the Florida real estate market. The beachfront homes in Port Royal Naples Florida also boast every amenity you would expect from Naples luxury homes including world class golf, tennis and lavish clubhouse and spa facilities.
While residential housing inventories drop, home buyers have fewer options. Naples real estate bidding wars are back in some upscale beach communities here, and the shortage is creating multiple offers from buyers. Nationally, the number of for-sale homes was 2.5 million in April, which marks the lowest number for an April since 2006, according to National Association of Realtors®’ (NAR). Add in rock-bottom interest rates, and a hot market is already in-swing here. Some Naples Realtors have voiced concern that the lack of enough luxury home inventory might negatively affect boomer buyers, but that has not happened in our view. Certainly, buyers are suddenly feeling a lack of control, and sellers are feeling they can wait for their price, but that has not slowed demand. The take-away here for buyers is that it could be counterproductive to wait if you truly want to buy. Prices will surely continue to rise in these market conditions and million dollar homes today will be more expensive in the future.