The housing market improvement is a topic that has been discussed on end since the economy began bouncing back and houses started selling like ice cream on a summer’s day. We’ve all heard the real estate updates about home prices climbing and inventory decreasing, and most people are waiting for the next crash to take place so investments can be made or primary and secondary homes can be snatched up for a bargain. It now seems as though those people will have to wait a little longer because the small crash everyone was anticipating looks to be getting postponed for another few years.
According to the Naples Area Board of REALTORS® (NABOR), Naples experienced a 9 percent increase in median home prices of properties in the $2 million and above price category, from $2,900,000 in the 12-months ending April 2014 to $3,175,000 in the 12-months ending April 2015. In June 2015, Local Market Monitor, a national research company, conducted their national survey projecting home values in the Naples-Marco Island market rising 47 percent in the next three years. They also forecasted that this rate will be faster than anywhere else in the state due to rising incomes, job growth, and an increase of retirees moving to the Sunshine State for their piece of paradise (think Baby Boomers ready to settle down). Combine that with the small but steady decrease in inventory and you have luxury Naples FL real estate that is ripe for the picking now as opposed to later if you want the opportunity to own one or a few Naples luxury homes.
This statistical situation will certainly affect prospective homeowners wanting to live in Mediterra, where new construction homes have been springing up on every available corner causing the luxury new home community to be more than 95% sold out. Available home sites can now only be found in seven of the community’s 21 neighborhoods, with a number of opportunities existing for new model homes designed and constructed by America’s Best Builder, London Bay Homes, and furnished by the award-winning team at Romanza Interior Design. Both single-family and maintenance-free villa neighborhoods are available, but the number of home sites is diminishing. The luxury single-family and villa neighborhood of Cortile only has seven out of 46 home sites still available, while Il Cuore, a neighborhood that offers the utmost in privacy, only has one out of two home sites available. This last home site is also the most prestigious of home sites as it is Mediterra’s largest available property: a 1.5-acre site surrounded by more than 50 acres of nature preserves. Lucarno is a coveted 71-home luxury villa neighborhood with cobblestone streets, lakes, and gardens that have made it easy for the neighborhood to achieve its mark as 70 percent sold.
So what does this mean for prospective homeowners wanting to sway in the sunshine and live life in style? Well, you certainly don’t want to shy away from Naples homes. Statistics from Core Logic show that prospective homeowners, and possibly investors, are running to Florida to put down cash for their dream home, more than likely due to the forecast of increasing values. Their report states that, during March 2015, Florida had the largest share of cash sales of any state at 51.8 percent. Florida’s draw isn’t going away, but the opportunity to own your perfect Naples luxury home in our beautiful state just might.
Take the first step to living the luxurious Naples lifestyle by browsing through our model homes or perusing our many fully-customizable floor plans. Learn more about Mediterra by downloading our brochure.