Home


High Demand for High-End Homes in Southwest Florida

Luxury real-estate in Naples and Lee County is driving the market.

 

In January, closed home sales above $1 million skyrocketed 123 percent over the number of closed luxury home sales in January 2017, according to the January Market Report released by the Naples Area Board of REALTORS (NABOR).

But, it turns out, that surge was partly due to 79 units closing in one of Collier County’s new condominiums, which is quite uncommon.

“They all delayed and closed in January, so it made the figures look a little whacky,” says Bill Coffey, broker manager of Amerivest Realty Naples.

Regardless, closed sales were still up 44 percent year-over-year for condos at $1 million to $2 million and 47 percent for condos $2 million and up, showing a steady increase and positive outlook for the year. Closed single-family home sales above $2 million were up significantly for the 12 months ending in January, too.

Lowered prices may have lured more buyers to the luxury market over the last year, especially for properties $2 million and up, where the median closed sale price dropped 6 percent in the 12 months ending in January.

Related: Realty Check: What Your Money Will Buy

Similar sales increases happened across Lee County earlier this year. Closed single-family home sales above $1 million were up 47.1 percent in January and condo sales were up 33.3, according to the Florida Gulf Coast MLS, which services Fort Myers, Cape Coral, Estero and some of Sanibel Island. By 2017 year end, sales increased for single-family properties and condos.

The availability of million-dollar-and-up properties in Lee County went up in nearly every area Florida Gulf Coast MLS covers compared to the beginning of last year, says Donna Guido, president of Royal Palm Coast Realtor Association.

Where these affluent buyers choose to close on their dream homes may vary in Lee and Collier counties, but the numbers allude to one thing: “The luxury market is moving here in Southwest Florida,” Guido says.