Real Estate Newsletter Dec 2023 I Matt Brown Real Estate

REAL ESTATE NEWSLETTER: DECEMBER 2023

Warm Wishes & Gratitude this Christmas Season

As we embrace the festive spirit of the season, I wanted to take a moment to express my gratitude to you. Thank you for your friendship, trust, and continued engagement.

With Christmas around the corner, I hope the next week brings you and your loved ones abundant joy, laughter, and cherished memories. We will be celebrating in Naples this year. I look forward to a few quieter days of family time, riding bikes, playing pickleball, watching holiday movie classics and getting out for a round of golf!

From my family to yours, we send our warmest wishes for a Merry Christmas and a Happy New Year. May the coming year bring you success, good health, and prosperity. Here’s to a wonderful holiday season and a bright and promising new year!

Warmest regards,

~Matt and Lindsey

Rosewood Residences

Rosewood Naples stands as one of the newest additions to the beachfront condo scene in Naples, marking a significant development in many years. It might be hard to believe but the last beachfront condominium building to be completed in Naples was North Naples’ Moraya Bay which was built in 2009! When Rosewood is completed in late 2026, there will be a 17 year spread between them. If you would like to read more about Rosewood Residences, check out our dedicated development page here.

Location: 1601 Gulf Shore Blvd N. Naples, FL 34102
Two Buildings: 42 luxury beachfront residences with signature Rosewood amenities and services
Views: Beach/Gulf views from every residence
Square Foot Range: 4,266 to 9,718
Price Range: $10.5M to $40M
Building: 7 Floors with 1st floor parking and 6 floors of residences
Bonus: 5 residences with a private pool

Other Luxury Naples Developments

There are a few other significant new construction luxury condominium developments currently underway in Naples:

Four Seasons Naples Beach Club – The most highly anticipated community to be developed in recent Naples history, this exclusive collection of 153 luxurious condominiums within a 125-acre walkable coastal village that includes 1000+ feet of beachfront, a Four Seasons Resort and a Fazio Design golf course located on the northern edge of Old Naples. Beachside residences are nearly sold out and the Golfside residences are expected to be released for sale early in 2024. The 216-room Four Seasons Hotel is expected to be operational in early 2025, the 58 Beachside Residences are expected to open by the end of 2025 and the 95 Golfside Residences are scheduled to be delivered late 2026.
The Ritz-Carlton Residences Naples by Stock Development offers an alternative in North Naples near Vanderbilt Beach with 128 luxury residences total and 108 units expected be completed in late 2025. This extraordinary site spans 6 acres just North of Naples’ Ritz-Carlton Beach Resort and will have 5 buildings with 40 units on the Bay and two 12-story towers with 68 units across the street from Vanderbilt Beach. There are more than 50% sold and prices just increased on many of the units. Prices start around $4M.
Epique Pelican Bay by Gulf Bay Development is nestled within the popular master planned community of Pelican Bay, encompassing 3 miles of beachfront and approximately 6500 residences. Epique will rise to 19 stories with 68 ultra-luxury condominiums situated about 650 yards from the beach overlooking a serene mangrove preserve and Inner Clam Bay. Epique Pelican Bay is more than 50% sold and expected to be complete late 2025, prices start around $6M.
Kalea Bay Tower 500 – A highly sought after new community of 600 condominiums located in North Naples offering stunning views of Wiggins Pass and the Gulf of Mexico and an on-site Club with 5-star resort amenities. The first units of the 5^th and final tower of 120 condominiums (will bring it to 600 total in the community) are expected to be released for sale in early January. Prices are expected to start around $3.5M and estimated completion by September 2026.
Aura at Metropolitan Naples – Located one mile east of downtown Old Naples, this 15-story building with 56 luxury residences offering expansive views over the Naples Bay and downtown Naples. The building’s roof top features an infinity edge pool with a sundeck, under covered grilling area with tables and chairs, state of the art fitness center and exercise studio. Prices start around $2M and expected completion in late 2025/early 2026.

Naples Beachfront Properties

If you’ve been dreaming of escaping the cold weather up north and purchasing a property directly on the sugary white sands in Naples Florida, you’re in luck! Naples offers 16.5 miles of coastline with plenty of beachfront real estate for a wide range of options. Currently, there are 103 properties currently for sale in Naples directly on the Gulf of Mexico beach, starting at $1.2M going up to $175M: VIEW 101 LISTINGS and 2 vacant beachfront lots for sale: VIEW 2 LISTINGS.

NAPLES BEACHFRONT HOMES

There are currently 11 Naples beachfront single family homes for sale VIEW 11 LISTINGS

NAPLES BEACHFRONT CONDOS

There are currently 90 Naples beachfront condominiums for sale: VIEW 90 LISTINGS

November 2023 Market Graphs & Commentary

In this month’s newsletter market trend review I have highlighted the entire Naples market above $2M over the last 6 years and separated the trend lines by condominiums and single family homes.

AVERAGE SALES PRICE (6-month rolling average)

The average sales price for a single family home in Naples over $2M in the last 6 months was $4.1M, down 19.6% from a peak of $5.1M in March of 2022. The average sales price for a condominium over $2M in the last 6 months was $3.5M, down 7.9% from a peak of $3.8M in November of 2021.

AVERAGE PRICE PER SQFT (6-month rolling average)

The average sales price per square foot for a single family home in Naples over $2M in the last 6 months was $1,033/SF, down 19% from a peak of $1,276/SF in February of 2023. The average sales price for a condominium over $2M in the last 6 months was $1,198/SF, down 4% from a peak of $1,251/SF in November of 2022.

MONTHS SUPPLY

This is one of the most important statistics regarding the current state of the real estate market since it combines the pace of sales with the number of properties currently available. The months of supply indicator measures how long it would take for all the properties on the market to be absorbed/sold if sales continued at the current pace and no additional listings came on the market. Generally 6 months of supply is considered to be a balanced market but within Naples luxury market, many consider around 12 months of supply to be a balanced market, below 12 months is a seller’s market and above 12 months is a buyer’s market.

The supply of properties on the market over $2M increased for the 3rd consecutive month to 11.9 months for single family homes and 9.6 months for condominiums. Supply is still considerably lower than the 6-year pre-pandemic peak of 20 months of inventory seen in FEB/MAR 2019.

HOMES FOR SALE

At the end of November 2023, there were 610 single family homes on the market in Naples over $2M, up 37.7% from the same month 1 year earlier and only 4 less than the 6-year peak experienced March 2023. At the end of November, there were 235 condos on the market over $2M, exceeding the previous 6-year high of 183 condos on the market in April 2023.

NEW LISTINGS

There were 145 single family homes and 64 condominiums priced over $2M that hit the market for sale in November 2023. There were 17.9% (22) more single family homes listed this November compared to the same month last year and there were 146% (38) more condos listed in November 2023 vs. November 2022.

PENDING SALES

For properties priced over $2M in Naples, November 2023 saw 35 single family homes go into contract and 19 condominiums. The single family activity was 36% less (20) than November 2022 and the condominium contracts were the same as the same month a year earlier. Looking back to November 2019 for comparison, there were 33 homes and 11 condominiums that went into contract over $2M.

TOTAL SALES

In November 2023, only 23 single family homes in Naples closed over $2M, 51% less than November 2022 when there were 47 sales. Other than May of 2020 which was slow due to the pandemic, this November was the slowest month for single family closings since November 2019 when there were 21 closings over $2M. This November there were 20 condos sold over $2M, 25% (4) more than last November. Interesting to note that November of 2019 there were only 4 condos sold over $2M.

DOLLAR VOLUME OF CLOSED SALES (6-month rolling average)

There were just over $1B in $2M+ single family sales over the 6 months and $367M of $2M+ condominiums sold/closed. The total value of properties sold is slightly lower than the 6 month total from last November with single family sales volume down 8.5% and condominium volume down 4.4%.

AVERAGE DAYS ON MARKET (6-month rolling average)

For the 6 month period ending in November, properties that sold over $2M spent an average of 73 to 76 days on the market, a statistic that has been increasing since the low point in August 2022 but is still significantly lower than the averages of 100 to 175 days on the market that were the norm before the pandemic.

AVERAGE PERCENT OF LAST SALES PRICE (6-month rolling average)

The average amount of negotiation for single family properties over $2M closed over the last 6 months is 6.3%. The average amount of negotiation for condominiums over $2M closed over the last 6 months is 4.4%. These indicators are getting back to the pre-pandemic “normal” range of negotiation in Naples which was typically 5-7% negotiation from the last asking price.

PENDING PERCENT OF LAST SALES PRICE CHART

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.