Port Royal Naples Florida Update
Hello Naples Friends! As many of you know, Port Royal Naples, Florida is kind of like the “Beverly Hills” of Southwest Florida. Most people love it, few can or want to afford it but it is considered the best location in all of Naples. Let’s get started with the basic market trend statistics:
- 42 Port Royal homes are on the market with an average list price of $10,937,476.
- 4 Port Royal homes are under contract with an average list price of $7,473,750.
- 47 Port Royal homes have sold during the past year with average sales price of $6,982,477.
That makes Port Royal a slighty undersupplied market with under 11 months of inventory.
- Pricing is going up! Average list price per square foot is $1,585.
- Average closed list price per square foot is $1,285. (That’s up 23%)
- Average list price to sales price ratio is 92% during the past year.
How is Port Royal performing compared to a year ago?
- There were 42 Port Royal homes sold during the 12 months prior.
- Average sales price was $5,950,414.
- Average closed price per square foot was $1103 (That’s up 16%)
But wait…those aren’t the most compelling Port Royal real estate statistics!
Port Royal is getting younger! I mean she’s managed to shrink her average age by 8 whole years this year! Don’t you want to know her beauty secrets? Well she does it like everybody else does. If you pay attention and throw enough money at something you can do almost anything you want right?
Builders and developers are going absolutely nuts in Port Royal right now. For example, there are a whopping 7 brand new homes (or homes that have yet to be built) on the market right now. The average year built for the current inventory is 1998. The average year built for all of the properties that sold last year was only 1990. That’s what happens when markets heat up. People feel like they have more disposable income and they dont necessarily want to build their own house and are willing to pay extra for a spec. home. Builders and developers in this market understand demand and hence create supply.
Talking about Port Royal supply…there are currently 19 homes listed over $10,000,000 right now.
Here’s how $10,000,000+ homes have sold in Port Royal in the past:
- 2000 - 2
- 2001 - 1
- 2002 - 0
- 2003 - 2
- 2004 - 3
- 2005 - 5
- 2006 - 5
- 2007 - 4
- 2008 - 1
- 2009 - 4
- 2010 - 9
- 2011 - 8
- 2012 - 3
- 2013 - 4
- 2014 - 8
Of those 19 Port Royal homes listed over $10,000, 5 of them are new construction! When I say there are some terrific Port Royal properties to choose from right now, I am not teasing.
Design is changing on the Port Royal landscape! 2014 marks the first year a lion-share of our Port Royal prospect base snubbed their nose at old Mediterranean design. Most savvy Port Royal real estate agents tend to be a little hard to entertain mostly attracted to the latest and greatest design and materials and Port Royal buyers are no different.
I received a call about a month ago from the BEST appraisal company in Naples to discuss a couple of sales I was involved in earlier this year. The conversation was based on the lack of interest buyer’s were showing in old world design across the entire Collier County market. She explained further how many calls she had received from property owners who were concerned about the interest they were receiving on their property and inquiring about what she thought their current property value was and what could be done to increase value in these hard core old world design properties.
I would venture to say a small fraction of these old world design homes can be transformed easily towards a more transitional or dare I even say modern feel? The cost may exceed the gain so if you own one of these properties and you’re considering listing, I ENCOURAGE you to strike fast and precise with your marketing program and pricing strategy. What we see on MLS today is a small fraction of the building and remodeling activity currently taking place in all of our Naples luxury locations. Contact a SMART GIRL like me today to get your plan in action so you have the best success in netting the most possible in the shortest amount of time before this new product hits the market and lessens your chance of a successful sale.
So what’s on the horizon for Port Royal and some of our other Naples luxury locations as far as design is concerned? I’ve had a jillion conversations about this lately. One of my favorite colleagues suggests Naples might be moving towards a modern design like some of the newest properties we’ve seen hit the market. That is a BOLD statement and I’m not sure our midwest sector will identify with it. I think a good portion of our east coast clientele may welcome the trend but I think it might still be a little too early to tell.
Something that never gets old is the need for a proven professional group who know how to get stuff done. That’s the team who backs me in every marketing job and sale. So if you have a vision of buying and/or selling Port Royal real estate or any luxury real estate in Naples, call me. I can cut your showing time or marketing time down to a fraction and help you successfully negotiate your contract so you can get what you want without having to make a full time job of it.
For more information about Port Royal or any other Naples luxury location, call me today!
Shannon Lefevre, PA
Your Naples Smart Girl!