How’s the market in Naples real estate? Are there a lot of short sales and foreclosures?
Naples real estate has seen significant price drops since the height of the market in early 2007. Naples home and condo prices are now stable in some areas, decreasing in others and even increasing in a select few. There is no longer one answer that encapsulates the entire Naples real estate market. It all depends on what community or development you are considering. There are communities like Golden Gate where Naples homes continue to drop because of increased foreclosure and short sale activity. We believe this will continue into 2011.
Then there are areas like Olde Naples where property prices have stabilized, sales are increasing and sold properties are averaging within 3% to 5% of the asking price. We can also show you areas where there are zero foreclosures and zero short sales. Furthermore, Naples homes in a couple developments are actually increasing in value and appraised values regularly come back from banks and lenders over the sales price. This is a clear indication of undervalued property. And if you are up on the current strict appraisal guidelines (most properties are not appraising even at their lowered sales prices), you’ll realize that this increased value is made more incredible by the conservative valuations given for these properties. This is exactly why you need a knowledgeable Naples Realtor with local expertise to guide you through to the best Naples real estate values that meet your needs.
When I buy a new home or condo will the lower sales price be the new property value for property taxes?
No, property market values for property tax purposes are evaluated every year by the Collier County Property Appraiser. In areas where there have been more foreclosures or short sales (and again, we can help you avoid these areas and the resulting higher property taxes), property values as evaluated by the Property Appraiser are not coming down as fast as sales prices. This is primarily due to the fact that the Property Appraiser does not use short sales or foreclosures in their assessment of market value. This can be a huge problem in the most affected areas since there may be only one or even no recent sales that are not short sales or foreclosures. But there are communities in Naples where market values for homes from the Property Appraiser are equal or below sales prices. This ensures that you are not overpaying taxes. Why on earth would anyone want to overpay taxes? We can show you how to avoid overpaying property taxes. Please ask us how.