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Market Talk: Options in Upscale Real Estate

More high-end homes hitting the market in Southwest Florida

 

As more homes reveal “for sale” signs, discussion of lack of inventory continues to dwindle. At least in certain pockets of Southwest Florida.

“There’s increased inventory in single-family homes,” says Cheryl Turner, a broker associate with Premier Sotheby’s International Realty. A morning market listing search turned up 35 new single-family homes in the Moorings Park neighborhood, which more than doubles the amount of inventory that was available in the past two years, Turner says. She adds much of it has to do with the amount of teardowns that were purchased and reconstructed by builders and investors in the last few years.

In January, single-family home inventory in Naples was at 2,245, up from 2,093 the year prior, according to a market snapshot by Movoto. Fort Myers also showed inventory gains—with 1,108 available homes during the same month, compared with 1,085 in January 2015.

Brenda Sheets, an agent with The Sheets Team of Berkshire Hathaway HomeServices Florida Realty, says brand-new homes are also popping up around Fort Myers. “Part of what’s impacting the resale of single-family homes is the all-new construction,” she says.

The homes with the most improved inventory in Lee County overall are those in the $750,000 to $1 million category, at a 15 percent increase, Sheets says. Naples properties between $500,000 to $1 million also have the highest inventory increase, at 16 percent, according to a Naples Area Board of Realtors report.

While buyers might have more of a selection when it comes to higher-priced homes, there is still great competition when it comes to median-priced properties. Because of this, Sheets says buyers still should act fast when taking interest in a listing.

“There’s a really good chance if you think about (a listing) for a week, it will already be gone,” she says. When shopping around, “The key for a buyer is to get prequalified as soon as possible.”

Marty Sheets, also with The Sheets Team, says it’s essentially still a seller’s market, so buyers can expect to pay close to a home’s listing price.