Gulf Shore Boulevard Forecast Season 2022-2023
Hello Beach Enthusiasts,
Today I’m coloring outside the lines by covering not a neighborhood but perhaps one of the most coveted streets in all of Naples, Florida: Gulf Shore Boulevard. This marks the seventh edition of my 2022-2023 Naples real estate forecasts for all of my favorite Naples neighborhoods (and one street). Yesterday, I covered the Grey Oaks Forecast. Today, I’ll explain the real estate market, where it might be headed, and what it means to you if you plan on buying or selling this year. Here’s my Gulf Shore Boulevard Forecast for Season 2022-2023.
In This Post:
• The One Big Talking Point
• Current Gulf Shore Boulevard Market Statistics
• Projected Inventory Levels
• Comparison of past inventory reports
• What to expect
The One Big Talking Point
Great news for beachgoers! Gulf Shore Boulevard is finally starting to relax regarding negotiations and prices! Market time is up over 300% compared to what was sold during the past year. As a result, 17 out of 34 listings have dropped their price! Average list prices are down 1% compared to original positions. With market times increasing, buyers find a little more room to negotiate as listing agents and sellers try to find a new market. Keep in mind this street runs through Old Naples, Coquina Sands, Moorings, and Park Shore and includes a wide range of single-family homes, some of our oldest condominium and cooperative buildings, and some of the most exclusive high-rise buildings offered in Naples today. Let’s not forget about some of our exciting new construction!
Current Gulf Shore Boulevard Statistics
Current Inventory – 34 listings or just over one month.
I didn’t follow the Gulf Shore Boulevard inventory this past year because this market was so volatile that there was hardly any time to report.
Forty-six properties sold within the first day of the market this past year. That doesn’t even count the number of listings that sold the first day but didn’t pend until after the three-day right of recision mandatory by Florida Law if you’re purchasing a condominium or co-op building. Suffice it to say, if a beachfront (or across the street from the beach) property hit the market at a price close to reality, it sold extremely fast, often with competing bids and for well over the list price. One property sold as high as 19% over the asking price.
Here are the details:
2021 – 27
2022 – 39
2021 – 44
2022 – 23
July – Closings
2021 – 25
2022 – 5
2021 – 18
2022 – 10
There were 114 sales on Gulf Shore Boulevard last May through August compared to 77 sales during the same time this year. Gulf Shore Boulevard was doing even better than May last year but trailed off substantially once interest rates, gas hikes, and economy woes took over. July had a dismal performance compared to the year before, and many agents found themselves in a very different market. 12 of the 27 pending contracts are in La Perle, a new construction mid-rise condominium projected to C.O. later this year. That leaves 15 pending contracts. If they all close this month (highly unlikely), Gulf Shore Boulevard will match the pace of last September, but for now, it appears Gulf Shore Boulevard is on a gentle slide down.
Some owners are taking a proactive approach by getting a little more aggressive with their prices, while others are priced so high it’s almost laughable. That’s ok. This might be the season that separates the men from the boys.
Projected Inventory Levels
Fifteen listings punted off the market since April 1st and have not been re-listed or sold. If all those hit the market, Gulf Shore Boulevard will still have less than two months of inventory.
What To Expect
New Construction On Gulf Shore Boulevard
Plan on pretty dramatic landscape changes as La Perla in Moorings plans to complete, construction on the Four Seasons Beach Hotel construction continues, and the Rosewood Residences prepares to launch later this year!
If you want to sell your Gulf Shore Boulevard home or condo this year, you are in a terrific position. Even though buyers are fatigued and simply not paying “pie in the sky” values, you’re still positioned to get a fantastic value for your property. A good portion of the current market is offering crazy prices and going nowhere. When you list your property at a realistic value, you can expect to sell within the first 30 days and avoid lengthy market times sprinkled with the inconvenience of keeping your property in show-ready condition while trying to entertain friends and family through the season. If you’re planning on repositioning within Naples, there will be more inventory to help you accomplish this objective easier than in years past.
Call me today to see what I can do to help you reap the most reward for your property and how to avoid some common mistakes other Gulf Shore Boulevard owners are making in today’s market.
Sure, there are still some unrealistic offerings on Gulf Shore Boulevard today. You can expect more to hit the market as many agents will be over-quoting values in efforts to get listings on this golden street in Naples this year. It’s a common occurrence when competition outweighs prospective sellers. You’ll want to keep your eyes on the market as real sellers come to grips with the idea that they (or their agent) overshot the price. This will result in some nice price reductions for you and open up negotiations with a little more muscle than you’ve had during the past three years. Also, be prepared for properties hitting the market at a good value. There will be sellers this year with the pure intent to sell who will make their presence known the day they hit the market. You can expect new listings as early as today through October. There will be sporadic new offerings through November and December, but you should see another good push of listings in January. You can also expect to see some after-season (mid-March through April) listings hit as those sellers who wanted to spend one more season prepare to leave Naples and others who have purchased elsewhere in Naples move on with their objectives. Using my buyer’s services is key to helping you strengthen your positions in negotiations this year. Expect fewer competitions and reasons to offer well over the list price to solidify your objective.
I hope you enjoyed my Gulf Shore Boulevard Forecast For Season 2022-2023. Call me with your questions and objectives or shoot me a text or email.
Next up, Mediterra Forecast For Season 2022-2023.
Shannon Lefevre, PA
Your Naples Smart Girl!