July 2022 Naples Real Estate Newsletter

VANDERBILT BEACH SPOTLIGHT

July 2022 Newsletter

I hope everyone had a spectacular Independence Day! My family and I celebrated on the boat and then on the beach for the Naples Pier fireworks display, which never disappoints! Summer has certainly arrived in SWFL greeting us with gorgeous bright blue skies every morning, gentle tropical breezes followed by late afternoon thunderstorms…cooling things off and hydrating the lush landscaping that seems to grow by the hour! I believe you will enjoy our July 2022 Newsletter.

Considering the challenges the economy is facing, everyone is interested to know what’s happening with the real estate market in Naples. For me and my real estate colleagues, it feels like a return to our typical seasonal market as many of our residents have gone back home for the off-season or are travelling again and are away on vacation. Paired with our seasonality, interest rates, inflation and drops in the stock market have taken some of the steam out of the market… some sellers are getting more realistic with pricing creating opportunities for buyers to find that place they’ve been looking for at a more reasonable price.

Now that June’s data is in, we can see that in some indicators in Naples show a shift back towards a more “normal” market (overall sales are still going strong with almost 1,100 pending sales in June). Price reductions have continued to trend in June. Supply is still quite low, ranging between 1.6 to 2.7 months of inventory (5 to 6 months is considered a balanced market) and we’ve had a downtick in new listings, which is typical for our Summer season. Condo average sales prices continued to rise in June, up 52% over last year. The single family home average sales price in Naples was up 12% from a year ago but decreased 24% from the peak of $1.5M in May.

Naples Neighborhood Spotlight: Vanderbilt Beach

The Vanderbilt Beach neighborhood is located in North Naples along the Gulf of Mexico and covers approximately 0.68 square miles. Vanderbilt Beach is located north of Pelican Bay, south of Delnor-Wiggins Pass State Park and between Vanderbilt Drive and the Gulf of Mexico. There are 3,199 residences within the Vanderbilt Beach neighborhood; 503 single family homes and 2,696 condominiums. The single family neighborhood is known as Connors Vanderbilt Beach with most homes located on a canal with access to the Gulf of Mexico through Wiggins Pass.

New Construction Development | One Naples:

Recently released for reservations and currently under construction, the One Naples luxury condominium development is Stock Development’s long awaited addition to the Vanderbilt Beach neighborhood. Situated on almost 6 acres of land assembled from more than 50 parcels of land, in an ultra-prime location directly across from the beach, on the bay and adjacent to the Ritz Carlton Beach Resort. The community will offer a total of 128 condominiums within two 12-story towers with views of the gulf and three mid-rise buildings, two of which are located directly on the bay. The Bay Residences offer around 3,000 square feet of living space and the Tower Residences offer 4,000 to 4,900 square feet with penthouses from 5,600 to 8,800 square feet. Contact Matt Brown at (239) 580-8864 or fill out the Let’s Connect form.

Vanderbilt Beach Market Stats

SOLD:

• Single Family Homes: 16 homes closed over the last 6 months at an average sale price of $3,983,438 ($1,465 per square foot) and an average size of 2,912 square feet.  The most expensive home sold was $6,500,000, a 1975 home on a 0.45ac lot with gulf access likely to be torn down, situated on the corner of Bayview Ave and Gulf Shore Drive only steps to the beach.
• Condominiums:  71 condos closed over the last 6 months at an average sale price of $1,547,687 ($851 per square foot) and an average size of 1,575 square feet. The most expensive condo sold was $7,300,000 ($1,663 per square foot), a 9^th floor beachfront unit at Moraya Bay with 3 bedrooms, 3.5 bathrooms, 4389 square feet of living space and some spectacular gulf views!

PENDING:

• Single Family Homes:  There are 4 homes currently pending in Vanderbilt Beach with asking prices of $2,595,000 to $5,300,000.
• Condominiums: There are 7 condos currently pending in Vanderbilt Beach with asking prices of $440,000 to $6,000,000.

ACTIVE:

• Single Family Homes:  There are 11 homes on the market for sale in Vanderbilt Beach with asking prices from $3,500,000 to $13,900,000.
• Condominiums:  There are 22 condos on the market for sale in Vanderbilt Beach with asking from $360,000 to $7,395,000.

LAND:

• 2 vacant parcels have sold in the last 6 months:

• • 117 Egret Ave closed 4-26-2022 for $3,000,000.  0.37ac gulf-access corner lot at the end of the street facing NW with a new 190’ seawall.
  • 112 Seabreeze Ave closed 4-4-2022 for $4,000,000.  0.22 ac gulf-access lot with southern exposure only 3 homes from the beach.

• 2 vacant parcels currently for sale:

• • 256 Trade Winds Ave: 0.22ac gulf-access lot with southern exposure, asking $3,800,000.
  • 141 Channel Drive: 0.22ac gulf-access lot, 5 homes from the beach with northern exposure, asking $4,400,000.

For more information, check out my Vanderbilt Beach neighborhood page.

Including previous months published market reports for Naples, Bonita/Estero and Marco Island.

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