REAL ESTATE NEWSLETTER: SEPTEMBER 2024
September 2024 Real Estate Newsletter
Boating enthusiasts, this one’s for you! We’ve just published a blog post I think many of you would enjoy, “Top Marinas in Naples and Bonita Springs: Ultimate Boating Guide.” Whether you’re already a resident or still looking to venture this way, these marinas are an excellent resource for those who love to be on the water. For those who desire waterfront living, explore our ‘Waterfront Communities’ page, featuring some of Naples’s best coastal properties.
I primarily work in Naples and adjacent Bonita Springs, but also cover Estero, an area of about 25 square miles offering waterfront living along the Estero Bay located just north of Bonita Springs and south of Fort Myers. There are several high-profile new developments in Bonita Springs/Estero that offer world-class amenities and close proximity to Southwest Florida International Airport, a key convenience for those who travel regularly. If Bonita Springs or Estero has piqued your interest, and check out the Popular Communities section below, where I detail 6 communities/projects, of which 2 are new condo construction developments, Ritz-Carlton at Estero Bay and The Island at West Bay Club. Additionally Infinity at The Colony is an exciting new dual-tower condo development located in northern Bonita Springs, just south of the Hyatt Regency Coconut Point Resort and Spa. Lastly, if you’re a golf enthusiast, check out our blog post on the Top Golf Courses in Bonita Springs & Estero. Watch for our upcoming features on the most sought-after communities!
Also in this edition, we’ve included the August market trend summary and graphs , recent real estate news , area market reports from August 2024 , and current inventory search tools.
Enjoy the newsletter, and as always, feel free to reach out with any real estate questions or needs. I’m here to help!
Best regards,
Matt
Notable Sale: 3675 Fort Charles Dr, Port Royal, Naples
3675 Fort Charles closed on 9/23/24 for $36,490,000 ($3468/SF), making it the 2nd highest non-beachfront home sold per MLS records and the 5th home sold over $35M in the past 3 years, including all sales recorded in public records. VIEW MLS LISTING and VIEW PROPERTY VIDEO
Top Marinas in Naples and Bonita Springs: Ultimate Boating Guide
Explore the finest marinas in Naples and Bonita Springs with our latest blog post! Whether you’re in search of top-tier boat services, easy access to the Gulf, or picturesque waterfront settings, this guide has it all. We cover everything from popular marinas that attract locals and visitors alike to hidden coastal gems perfect for a serene boating experience.
Each marina offers unique amenities for boaters, including state-of-the-art facilities, dining options, and stunning views of the Gulf Coast. Whether you’re a casual cruiser or a seasoned sailor, you’ll find something tailored to your needs.
Be sure to check out the blog and share it with your fellow Naples boaters for the ultimate boating adventure along Florida’s beautiful Gulf Coast!
Popular Estero & Bonita Springs Communities
PELICAN LANDING
Known for its expansive natural beauty, Pelican Landing is an excuisite master-planned community offering a mix of single-family homes, condos, and villas with premium amenities. It features 36 holes of championship golf, a private beach park, and a comprehensive tennis center. Residents enjoy kayaking, sailing, and nature trails.
THE COLONY AT PELICAN LANDING
This upscale community provides luxury homes with Gulf views, high-rise, mid-rise and low-rise condos, and estate homes. Residents enjoy exclusive access to The Colony’s private Beach Park, a par-72 golf course, a Sports Club and amenities such as a fitness center, spa, and dining options at The Bay Club.
INFINITY AT THE COLONY
A new luxury high-rise development, Infinity at The Colony offers breathtaking views of the Gulf and Estero Bay. With modern condos featuring open-concept designs, this new construction also includes rooftop amenities, pools, and exclusive access to The Colony’s golf and beach clubs.
RITZ-CARLTON ESTERO BAY
This newly developed community showcases a unique blend of world-class Ritz-Carlton service and luxury waterfront living. Featuring high-rise condos with spectacular views, amenities include a private marina, an 18-hole championship golf course, and five-star dining experiences.
SHADOW WOOD
Shadow Wood at The Brooks is renowned for its resort-style living, offering three Audubon International certified golf courses, a private Gulf-front beach club, a fitness center and a community enrichment center. Housing options include single-family homes, coach homes, and villas. This community provides members with a robust social calendar.
WEST BAY CLUB
West Bay Club is an extraordinary gated community spanning nearly 870 acres, offering luxury living with a mix of single-family residences and luxurious high-rise condos. Known for its premier golf and tennis amenities, the community also features a private beach club, a river park, the West Bay Academy, a state-of-the-art fitness and wellness center and hence an extensive social calendar.
THE ISLAND AT WEST BAY CLUB
This exclusive 24-story high-rise condo building within West Bay Club is one of the newest developments. The Island offers stunning panoramic views of the Gulf of Mexico and West Bay Club’s championship golf course, private beach club membership, and luxury amenities, including rooftop pools and private dining spaces. The state-of-the-art design and modern features make it stand out in the Estero market.
BONITA BAY
Set in the heart of Bonita Springs, Bonita Bay spans 2,400 acres, blending luxury living with nature preserves and pristine lakes. Housing options range from stately estates to spacious condos, all with stunning views of the Gulf, lakes, and five world class golf courses. The community offers 12 miles of bike trails, a private beach park, and a marina, making it a premier destination for those who enjoy outdoor recreation alongside luxury amenities.
August 2024: Naples Market Trends and Commentary
In this month’s Naples real estate market trend review, I charted Naples, Bonita Springs and Estero, two smaller areas just north of Naples along the Gulf Coast. I included only properties above $1,000,000, charted all properties, homes and condominiums included, over the last 5.5 years. Sales over $1M represent the top 26% of the market in Naples, the top 21% of the Bonita Springs market and the top 12% of the market in Estero. The market heavyweight is clearly the Naples area with nearly 400,000 people, Bonita Springs has a population around 56,000 and Estero’s population is approximately 38,000. In terms of overall dollar volume of properties sold in the last year over $1M, the Naples market is 8x larger than Bonita Springs and 25x larger than Estero.
To scan previous months’ newsletters and monthly market commentary, head to website > RESOURCES > Newsletters.
AVERAGE SALES PRICE (6-month rolling average)
The average sales price for a property above $1M over the last 6 months (compared to the same 6-month period a year ago):
- Naples: $2,666,547 (up 7.8%)
- Bonita Springs: $1,980,413 (down 3.0%)
- Estero: $1,476,511 (down 1.0%)
AVERAGE PRICE PER SQFT (6-month rolling average)
The average sales price per square foot for a property above $1M over the last 6 months (compared to the same 6 month period a year ago):
- Naples: $860/SF (up 3.6%)
- Bonita Springs: $646/SF (down 6.0%)
- Estero: $469/SF (down 5.3%)
MONTHS SUPPLY
This is one of the most revealing statistics regarding the current supply/demand balance of the real estate market activity since it combines the pace of sales with the number of properties currently available. The months of supply metric tells us how long it would take for all the properties on the market to be sold if sales continued at the current pace and no additional listings came on the market. Nationwide 6 months of supply is considered to be a balanced market but within Naples luxury market, 12 to 18 months is a more typical level of supply.
The months of supply for properties above $1M in August 2024 (compared to August 2023):
- Naples: 8.2 months (up 34.4%)
- Bonita Springs: 7.5 months (up 13.6%)
- Estero: 6.3 months (up 90.9%)
HOMES FOR SALE
The number of properties for sale above $1M in August 2024 (compared to August 2023):
- Naples: 1,454 (up 29.2%)
- Bonita Springs: 208 (up 19.5%)
- Estero: 74 (up 68.2%)
NEW LISTINGS (6-month rolling total)
The number of new property listings above $1M over the last 6 months (compared to the same 6 month period a year ago):
- Naples: 1,963 (up 7.1%)
- Bonita Springs: 296 (up 3.5%)
- Estero: 110 (down 6.0%)
PENDING SALES (6-month rolling total)
The number of pending property listings above $1M over the last 6 months (compared to the same 6 month period a year ago):
- Naples: 1,182 (down 0.7%)
- Bonita Springs: 185 (up 5.7%)
- Estero: 110 (up 29.4%)
TOTAL SALES (6-month rolling total)
The number of property sales above $1M over the last 6 months (compared to the same 6 month period a year ago):
- Naples: 1,263 (down 4.2%)
- Bonita Springs: 211 (up 3.9%)
- Estero: 89 (up 1.1%)
DOLLAR VOLUME OF CLOSED SALES (12-month rolling total)
The total dollar volume of property sales above $1M over the last 12 months (compared to the same 12 month period a year ago):
- Naples: $5,491,796,235 (down 2.5%)
- Bonita Springs: $680,621,359 (down 0.9%)
- Estero: $215,179,207 (down 8.3%)
AVERAGE DAYS ON MARKET (6-month rolling average)
The average days on the market for a property that sold above $1M over the last 6 months (compared to the same 6 month period a year ago):
- Naples: 84 days (up 40.0%)
- Bonita Springs: 70 days (up 40.0%)
- Estero: 56 days (up 86.7%)
AVERAGE PERCENT OF LAST SALES PRICE (6-month rolling average)
The average discount below the last asking price for a property that sold above $1M over the last 6 months (compared to the same 6 month period a year ago):
- Naples: 6.0% (down 1.2%)
- Bonita Springs: 6.3% (down 1.9%)
- Estero: 5.4% (down 1.0%)
Southwest Florida & Naples Real Estate Market Reports
Each month our real estate newsletter includes previous months published market reports for the Naples Florida area, which includes the William Raveis luxury real estate market report and the Naples Board of Realtors (NABOR) market report.
To check out previous months market reports head to my website > RESOURCES > Market Reports.
Tropical Storm Helene Brings Flooding and Sand to Coastal Naples
On Thursday 9/26/24, only 2 days shy of the 2 year anniversary of Hurricane Ian’s landfall in SWFL on 9/28/22, Naples and the surrounding SWFL gulf coast area was impacted by Hurricane Helene. As the eye of the storm passed by 200 miles off the coast of Naples on Thursday, the Naples area experienced 1 to 3″ of rain and tropical storm force winds. As the storm moved well north of Naples later in the day, storm surge combined with high tide at 11:30pm brought localized flooding to areas adjacent to gulf beaches and close to waterways connected to the gulf. Coastal areas in Naples experienced 1-2′ of flood water on many low lying streets and sand washed up on some roads close to the beach with parts of lower Gordon Drive seeing up to 4′ of sand. Our sympathies for those SWFL properties and businesses that flooded again after recently recovering from Hurricane Ian and our hearts and prayers go out to those further north that were more severely impacted by this historic storm.
Area Real Estate News Summary
If you would like to look back at all our monthly news posts, check out our Facebook feed or our LinkedIn feed.
Search Current Inventory
Below are Naples newest waterfront properties on the market priced above $2,000,000. See any which are interesting, lets connect! If you would like to search all Southwest Florida properties, visit our website > SEARCH > Search Properties page.
