It was just reported last week WCI managing Tiburon Naples Florida and now today Naples Daily News reports they expect to start building in Tiburon as early as December. Single-family homes and 2 attached villa construction are the only types of products on the slate as they state condo product (especially high-rise product) is still in oversupply.
Currently, there are 49 properties available in Tiburon Naples Florida. There have only been 18 closed sales during the last 12 months...that's nearly 3 years supply!
What influences a developer to want to start construction under these conditions? If you break it down a little further, there are 8 single-family homes on the market, 1 sold during the last year and 1 is currently under contract. According to the article in the Naples Daily News, single-family homes and duplexes are the two types of product WCI says they're going to focus on and pricing is supposed to stay between $200,000 and $700,000.
If the pricing is correct, I imagine there should be some quick sales in Tiburon because the lowest priced home right now is in Marsala at Tiburon listed for well over 1 million. It will be interesting to see if they're planning on adjusting the size of the home or offer fewer features within the floor plan.
It could be a good idea to wait to purchase a Tiburon single-family homes unless there is something exactly fitting your requirements. When plans for development take a huge turn...there can be a shakeup and the conservative approach might be to hang tight on Tiburon.
I think most of the people who purchased single-family homes in Tiburon always expected them to be worth at least somewhere around 1 million....not 300,000 less.
If you're thinking about buying a Tiburon condo, you're probably really safe.
Ok, that's all for today.
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!
Comments(2)