Naples Cay Naples, Florida Real Estate Forecast 2019-2020
In the eighth edition of my series, The 2019-2020 Naples Real Estate Forecast, I’ll be talking about the Naples Cay, Florida real estate forecast for 2019-2020 and what it means to you if you’re thinking about buying or selling Naples Cay real estate this year.
Naples Cay is telling a very different story this year as this cozy beachside community slides from an undersupplied state of inventory into an oversupplied situation. Nothing slows a market down more than a bunch of outdated inventory and that’s what happened in Naples Cay last season.
The Naples beachfront prospect base willing to take on a 1-2 year job of scraping their newly purchased condominium and starting over is relatively small and that was much of what was available during this past year. Buyers said “thank you, next” when it came to taking on a new job for not enough pay or in this case the seller wanting more than buyers were willing to spend.
In This Post
• Current Naples Cay inventory levels
• Projected inventory levels
• Comparison of last year’s inventory report
• What sellers can expect
• What buyers can expect
Naples Cay Inventory Levels
• Current – 16 months
• Projected – 36 months
• Last August Report – 6 months
9 Naples Cay properties
Naples Cay property owners responded the way any smart, motivated seller would respond. They dropped their average list prices 8% compared to what sold over the past year and managed to drop their market time 77%. Buyers wanted a bigger discount so they successfully negotiated 2% more off the list price compared to the group who bought the year before.
Naples Cay Fast Facts
Average discount rate – 92%
Sales volume is down 33%
The Average list price per foot is down 12% compared to what sold during the past year.
With a potential of 10 more properties hitting the market sometime within the next quarter we could see values drop more if that inventory doesn’t sell quickly.
Selling in Naples Cay?
The slow down is starting to affect the Naples beach communities for the first time in a long while. Before going down this road, you might ask yourself, Do I really want to sell my place? If the answer is no, it might help your neighbors out immensely if you sit this season out. If your answer is yes, you’re going to want to hire an aggressive agent with great tools who can help you maximize your exposure.
Be on the lookout for new competition as we’ll definitely have some this season. If you don’t feel like making improvements, call me. There are a ton of ways to expose your property in the absolute best light that many agents aren’t using in Naples Cay. This can maximize your exposure and help you identify your buyer faster.
True Story: We listed a condo in Pelican Bay this year that had been on the market for 579 days with another agent but we got it under contract in just 70 days. Was it the 3% reduction in price? That helped but it was the way we marketed the property that brought the buyer in the door and on the contract. If you want to know more about how we did it, check out this post.
Buying in Naples Cay?
There are more remodeled units in Naples Cay this year compared to last but these could go fast which means you’re going to want to buy sooner than later! There’s also a Villas Raphael unit on the market! Those don’t come up often and they’re worth checking out!
If you’re interested in a project, you’re going to want to have that unit in your name no later than March so you can have the full summer months to do your renovation. Our permitting process takes some time and you’re going to want to have your contractors chosen, plan in place and in permitting long before it’s time to swing a hammer. If it takes you time to choose your materials it’s probably better to close earlier!
The Ball’s In Your Court This Year!
You have some strong talking points when you approach the seller and the great news for you is the current market (so far) has come to grips with the reality that they’re not going to do well marketing at $1,000/foot. If you see that it means one of two things.
- Somebody has something really special
- Somebody is out of touch.
Be confident by approaching early in Naples Cay this year. Sellers seem in tune to the current market and negotiations (provided your requests are reasonable) should be pretty well received. If you haven’t checked out my recent post about low-ball offers in Naples, take the time. It’s worth the read.
That’s what I have to say about Naples Cay. I hope you’re enjoying my series on the Naples Real Estate Market Forecast for 2019-2020. If you’re thinking about selling your Naples Cay property and want an aggressive agent with some massive marketing acumen, give me a shout. If you’re ready to buy, give me a jingle! I’ll show you all the greatest beachfront properties and help you slice up a great deal!
Shannon Lefevre, PA
Your Naples Smart Girl!
P.S. Have you subscribed to my site for important season announcements? You should do that! Don’t forget to sign up for new listings and price reduction alerts for Naples Cay!