June 2022 Newsletter

PARK SHORE SPOTLIGHT

Blue skies are back but things are a bit soggy in SWFL from our first tropical storm of the season that delivered a drenching 8” of rain within a 24-hour period! Fortunately wind wasn’t an issue with this storm, just plenty of moisture, which quickly made up for the deficit we were experiencing.

Inflation, drops in the stock market and increasing mortgage rates have been the center of attention in the last month, which have caused some to take a break from our frenzy of a market. Fortunately, real estate numbers are holding up quite well. For perspective, 67% of all transactions are cash, and even a greater % at higher price points, so increased mortgage rates are not having much of a cooling effect on our market. With that said, we did continue to see a significant number of price reductions in May. Reason being, sellers who tried to reach too far above the market needed to make adjustments more in line with the market. In terms of prices, they are still trending up with average sales prices up 38% from last year and the average price per square foot is up 45%. In terms of inventory, the Naples market had 26.2% less inventory this May compared to last year but only had 11.6% less pending sales. This shows the strength of the demand relative to the amount of choices. Finding the right place with such limited options is still a major challenge for buyers. Below are some charts that break down key market indicators by price point:

Naples Neighborhood Spotlight: Park Shore

Park Shore Naples was developed in the 1960s on 1.3 miles of beachfront, along Park Shore Drive, Gulf Shore Boulevard, Crayton Road and out to 41 or Tamiami Trail. Properties start around $400k for a quaint condominium and top off around $15M (except for a few exceptional properties – see details on $35M condo for sale below). Square footage ranges from 800 square feet to over 8,000 square feet for a gorgeous and luxurious penthouse with stunning turquoise water views. Whether purchasing a beachfront condo, charming cottage home or bayfront single family estate home, Park Shore is a wonderful place to raise a family, work and enjoy all that Naples has to offer its residents!

Park Shore Market Stats

SOLD:

Single Family Homes: 28 homes closed over the last 6 months at an average sales price of $4,815,339 ($1,341 per square foot) and an average size of 3,328 square feet. The most expensive home sold in the last 6 months was $14,995,000 ($2507 per square foot), a waterfront estate built in 2017 on 0.34 acres with almost 6000 square feet of living space, 5 bedrooms + den. The same home sold in 2018 for $6,900,000
Condominiums: 149 condos closed over the last 6 months at an average sales price of $2,467,168 ($952 per square foot) and an average size of 2,280 square feet. The most expensive condo sold in the last 6 months was $16,700,000 ($1,386 per square foot) a penthouse within Regent, a 24-story beachfront high-rise built in 2002. The unit offered 12,050 square feet of living, 5 bedrooms + den and spectacular direct views of the Gulf of Mexico.

PENDING:

Single Family Homes: There are 10 homes pending in Park Shore with asking prices from $2,556,000 to $5,995,000.
Condominiums: There are 22 condos pending in Park Shore with asking prices from $425,000 to $6,300,000.

ACTIVE:

Single Family Homes: There are 17 homes on the market in Park Shore ranging from $1,799,000 to $15,995,000. 5 of the 17 homes for sale are new construction and 4 of the 5 are waterfront properties that range from $12M to $16M.
Condominiums: There are 30 condos available in Park shore ranging from $540,000 to $35,000,000. No that’s not a typo, check out the listing and 4 minute video of the $35M modern masterpiece on the bay in Park Shore.

LAND:

There is one vacant lot on the market, a 0.31 acre lot on Crayton Road for $3.45M. There was one vacant lot sold in the last 6 months, a 0.29ac parcel on Neapolitan Lane which closed for $2.5M 1/3/22.

For more information, check out my Park Shore neighborhood page.

View All Park Shore Properties