Are Naples Homes Headed Up Like Beverly Hills?
Port Royal Naples, FL - Sold $18.5 million
Naples, Florida is a lot like Beverly Hills when it comes to luxury home prices. If the median home price in Beverly Hills is any indicator of sunnier days to come, we may soon be be seeing brighter rays of sunshine on the Naples beaches as well.
The median sale price of Beverly Hills single-family homes has made a turnaround from its low of $2,870,000 in 2009, to an average of about $3,063,000 currently in 2010. Recently, at the top of the Beverly Hills market a 5 bedroom, 7 bath, 7,200 square feet living area estate sold for $8.3 million and, at the bottom, a 3 bedroom, 2 bath home with 1,286 square feet of living area sold in a short sale for just $900,000.
But what does this mean for Naples, Florida home sales with similar luxury properties for sale in Port Royal, the Strand at Bay Colony and Aqualane Shores?
Comparably, over the last three months we’ve had some big luxury home sales of our own. At the end of July, we had our fourth largest home sales ever at $18.5 million—cash. This luxurious estate home located in Port Royal at 570 Galleon Dr, is 15,894 square feet of living area with 7 bedrooms, 9 baths and 4 half-baths. The list price was $21.5 million or a 14% discount to the lucky buyer. At the lower end of the luxury market, a 4 bedroom, 3 bath home in Park Shore with 2,786 square feet of living area sold for $900,000 in July as well.
Our median home sales price for luxury homes is down this month to about $2.1 million from $4.4 million this time last year. Despite lots of luxury sales, and the big whopper of $18.5 million, we still have a lower median luxury home price than our cousins in California.
Can we take the increase in Beverly Hills median home prices as a shining light of things to come in Naples? Only time will tell over the coming season.
On the street, luxury home buyers in Naples have the cash in hand and are on the lookout. They’d like to take advantage of these depressed prices but are cautiously waiting to see what happens with the economy and the loss or continuance of tax breaks by the powers that be.