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Naples  Best Priced Homes

 

 

Samples of Overprice Homes

Naples Florida Over Priced Phenomenon

The Naples area has a large disparity in asking prices for very similar types of homes. As just one of hundreds of examples, take two bedroom condos at Forest Glen, a very nice golf community, that are for sale. At the time of this chart (Nov. 2006), the average selling price per sq.ft. of the last 9 condos sold there was $212 a sq. ft. Compare that to the 35 condos for sale that had asking prices at least 10% higher than the recently sold averages, including 8 asking at least 30% more..

Forest Glen
Recent Sold Avg. Price Sq.Ft. vs. Prices For Sale
created Nov. 2006

 

Over Pricing Has Been Pervasive

The table at the right demonstrates the extent of the pricing differences in the Naples area between like-kind properties. In some cases over 50% for the exact same floor plan. For example, one property could be listed at $400,000 and the exact floor plan within the same community could be listed for $600,000, or 50% higher.

Many factors can influence pricing between comparable properties such as upgrades, location, view, decorative accents and more (get details here), and these factors need to be considered in determining value.

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The differences shown in the right hand chart are primarily due to differences between a Naples Best Priced Home, and an overpriced seller.

Detailed Example

Take the listings of the 1,194 sq. ft. floor plans at Cedar Hammock from the chart on the right, for a comparison between the highest and lowest priced condo.

List Price

$299,000

$415,000

Living Area

1,194

1,194

Built

2004

2000

View

Lake/Golf Course

Lake/Golf Course

Furniture

Negotiable

Included

Floor

1st Floor

1st Floor

Amenity

Golf

Golf

 

Why So Many Over Priced Homes

There are several reasons for the large percentage of over priced homes in the Naples area:

  • Naples had an artificial run-up in home prices during 2005, and many sellers "mentally banked" those gain, and do not accept the fact that homes are selling at much lower prices.
  • Listing agents accepting over priced listings, as a way of building their business.
  • Listing agents allowing sellers to set asking prices regardless of the true value or trends (see market trend report).
  • Sellers testing the waters at a higher price with the intent of reducing in the future if no buyer takes the bait.
  • A belief by sellers that once the Best Priced Homes are sold, then their pricing becomes attractive.

Regardless of the reasons, only the best priced homes are selling, not overpriced homes.

 

Created Nov. 2006

   Floor  Total Low vs
   Plan  For High $
Community  Area  Sale Difference
Abaco Bay     886 10 50%
Banyan Woods  2,021 6 22%
Bay Forest  1,267 10 45%
�  1,475 4 32%
Berkshire Lakes  1,191 4 35%
�  1,212 5 28%
�  1,300 13 34%
�  1,406 4 23%
�  1,421 5 26%
Berkshire Village  1,182 5 32%
Bermuda Palms  1,260 11 28%
Blue Heron  1,304 11 27%
�  1,431 9 24%
Botanical Place  1,126 6 48%
�  1,246 6 37%
�  1,812 6 24%
Bridgewater Bay  1,482 5 26%
�  1,767 5 23%
Carlton Lakes  1,659 4 20%
Cedar Hammock  1,194 11 39%
�  1,232 11 21%
�  1,414 14 21%
Country Club Manor  1,071 10 44%
Countryside  1,146 4 23%
Cypress Glen  1,191 9 35%
�  1,412 4 25%
Cypress Woods  1,194 12 49%
�  1,232 27 64%
�  1,252 7 39%
�  1,373 9 31%
�  1,414 7 41%
�  1,564 5 28%
�  1,661 7 66%
�  1,763 4 43%
�  1,784 6 23%
Deauville Lake Club  1,209 8 21%
Eagle Creek  1,534 8 43%
Emerald Bay  1,490 5 20%
Emerald Lakes  1,022 14 30%
Falling Waters  1,349 13 42%
�  1,350 4 31%
�  1,351 47 62%
�  1,566 4 22%
Fiddlers Creek  1,414 4 32%
�  1,585 8 22%
�  1,777 6 36%
�  1,812 4 32%
�  1,840 5 24%
�  2,100 16 58%
�  2,106 5 36%
�  2,200 8 26%
�  2,237 11 40%
�  2,300 5 29%
�  2,408 25 49%
�  2,450 7 28%
�  2,502 12 31%
�  2,512 12 35%
�  3,010 12 31%
Forest Glen  1,170 12 40%
�  1,332 10 54%
�  1,350 7 33%
�  1,432 12 41%
Forest Lakes  1,110 8 51%
�  1,245 4 31%
Fountains  1,082 5 21%
Foxfire  1,100 8 40%
Furse Lakes  1,425 5 20%
Glades  1,010 5 22%
�  1,240 6 31%
�  1,251 4 23%
�  1,270 8 51%
Glen Eagle  1,320 6 32%
�  1,330 11 37%
�  1,499 12 28%
Golden Gate     735 4 24%
�     800 10 25%
Gulf Winds East     900 7 40%
Hammock Bay  1,836 9 49%
�  2,014 7 24%
�  2,480 10 21%
Heritage Bay  1,232 8 20%
High Point  1,015 11 48%
Huntington Lakes  1,107 10 43%
Kensington  2,686 10 27%
Key Royal  1,016 9 38%
�  1,146 7 21%
�  1,243 4 32%
Lakeside  1,350 4 37%
�  1,590 5 34%
Lakewood     930 4 30%
Lely Country Club  1,035 4 23%
Lely Resort  1,100 7 36%
�  1,244 10 25%
�  1,247 5 28%
�  1,389 10 31%
�  1,450 6 47%
�  1,454 11 37%
�  1,632 9 31%
�  1,880 25 51%
�  2,040 8 24%
�  2,160 12 37%
�  2,523 9 27%
�  2,686 9 33%
Marco Shores     813 10 52%
�     966 9 28%
Mediterra  2,873 7 23%
Milano  1,580 8 23%
Moorings     279 5 59%
�  1,200 9 75%
�  1,450 4 28%
Naples Bath And Tenn  1,238 4 22%
Naples Bay Resort  1,556 6 79%
Naples Imp Co Little     900 7 29%
Naples Lakes Country  1,487 8 25%
�  1,669 4 29%
�  1,672 7 20%
�  2,030 6 26%
�  2,531 7 27%
Naples Sandpiper Bay  1,100 6 69%
Naples Trace  1,000 4 35%
Napoli  1,106 5 20%
�  1,201 10 30%
�  1,375 8 25%
Olde Naples     580 5 42%
�     669 6 25%
Orchards  1,867 4 25%
Palm River  1,042 4 31%
�  1,200 8 22%
Park Shore     864 4 25%
�  1,015 24 43%
�  1,447 4 26%
Pelican Bay  1,327 8 20%
�  1,521 4 20%
Pelican Marsh  1,103 8 23%
�  1,113 7 25%
�  1,310 4 24%
�  1,415 7 30%
�  1,633 7 32%
�  2,060 8 37%
�  2,216 6 23%
Poinciana Condo     588 5 34%
Positano Place     785 10 27%
�     899 6 22%
�  1,067 20 63%
�  1,087 6 54%
�  1,181 14 47%
�  1,239 17 38%
Quail Creek Village  1,547 9 34%
Regency Woods  1,235 7 41%
Reserve At Naples  1,155 6 43%
Riviera Golf Estates  1,025 4 20%
Royal Arms  1,450 4 21%
Royal Wood  1,350 4 25%
Sapphire Lakes  1,200 13 36%
Sherwood  1,115 15 27%
�  1,225 8 23%
�  1,630 12 25%
South Bay Plantation  1,108 6 28%
Springwood     750 5 32%
Sterling Oaks  1,279 8 29%
�  1,381 10 21%
�  1,421 4 22%
Stonebridge  1,183 4 24%
Stratford Place  1,438 6 21%
�  1,536 5 20%
�  1,797 6 21%
Tarpon Bay  2,170 6 33%
The Strand  1,478 4 33%
�  1,490 5 27%
�  1,633 13 43%
�  2,150 5 22%
Tiburon  1,120 8 21%
�  1,470 6 38%
�  2,159 6 36%
�  2,502 7 31%
Treetops Of Naples     720 4 30%
Turtle Lake     638 8 20%
�     842 10 23%
Vanderbilt Beach  1,475 8 31%
Vanderbilt Country C  1,282 10 20%
Victoria Lakes  1,191 7 33%
Vineyards  1,603 4 26%
�  1,708 4 22%
�  2,050 17 68%
�  2,484 9 39%
�  2,494 5 38%
�  2,845 15 90%
�  3,282 7 57%
Whippoorwill  1,558 6 26%
�  1,985 4 30%
Wildwood Lakes     670 10 36%
�     909 11 26%
�  1,042 26 31%
Wilshire Lakes  1,427 5 40%
Winterpark  1,246 23 34%
�  1,312 4 21%
World Tennis Center     965 6 31%

The source of this real property information is the copyrighted and proprietary database compilation of SunshineMLS, LLC.  The accuracy of this information is not warranted or guaranteed.

   
   

(c) Copyright by Sponsor: Tom Doyle, Naples Realty Services, Inc.