There Was A Time When Condominiums Were "All the Rage", Today It's a Tad More Tough

By
Real Estate Agent with Florida Supreme Realty SL514814

Naples is essentially a Second Home market and we currently have just under 6,000 residences available.  Of that amount about 2,400 are Single Family Homes with the remainder being filled mostly with Condominiums or Towhhouses.  The latter tend to be popular because they are more easily managed while you're away.  The Associations generally make sure the exteriors are up to snuff and there are available services that look after the interiors while you're away.  This reminds me of the Ron Popeil method of "Set It and Forget It" when leaving for the off season.  Approximately 60% of our market is driven by Condominium Sales, therefore it is a good idea to be well versed in that field.  Competition is fierce and less active than the Single Family arena which is why condition and pricing has become so much more critical. 

Combination chart showing Condominium Inventory and Days on Market in Naples, Florida       

In comparison, the chart below depicts the Single Family Home market in the Naples vicinity.  Those who prefer an ownership of this type have not had values such as this become available since, in some scenarios, 2002.  When we look at this market overall we can easily surmise that many are positioning themselves for a very long and comfortable retirement in Paradise.  Our fabulous nature filled location, environment and multitude of activities are well known to add much life to your years and vice versa.

Chart showing average Months of Inventory and Days on Market of Single Family Homes in Naples, Florida   

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Rainmaker
1,010,231
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

VB, there's no desire to trade places anytime soon.  I want to get out there and see it for myself though.

Sep 25, 2011 03:16 AM #12
Rainer
355,790
Nina Rogoff
RE/MAX Executive Realty - Medfield, MA
Sells Real Estate!

Those are dramatic changes in inventory, Kevin! Hopefully, both will result in more demand and an increase in prices. Am I right in thinking the market is strong in the winter months with all the snow birds, and people renting to try out the location?

 

Sep 25, 2011 01:04 PM #13
Rainmaker
1,010,231
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Nina, the seasonal swings are dramatic with the height of activities from January through May roughly.

Sep 26, 2011 02:58 AM #14
Rainmaker
671,751
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hey Kevin, Wow 60% of your market is condo driven!  I suppose that's because your market is a second/vacation home market. And as mentioned, condos are easier to leave without worrying about them while away, opposed to single family homes.  As we both know, our market here on the east coast is different than yours on the west.

Sep 26, 2011 07:00 AM #15
Rainmaker
1,010,231
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

It's not only that Sandy, their pricing is the most affordable it's been in years.  Although financing them still has some challenges.  Looking forward to the Eastbound side ticking up some this coming year.  I really need that lunch! 

Sep 26, 2011 10:07 AM #16
Rainmaker
4,432,267
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good to read that the inventory of available homes is down. I used to love to sell condos but these days financing can be a problem.

Sep 26, 2011 11:35 PM #17
Rainmaker
1,010,231
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Gita, our approved condo's are scarce but there always seems to be enough cash on hand to complete most of our transactions.  That report will be coming up soon.  When cash is no longer available then the trouble will be on the doorstep once again and I'm not just talking Real Estate either.

Sep 27, 2011 09:51 AM #18
Rainmaker
1,116,466
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Competition is fierce here for the units that have good views.  The condo market has never really been bad here.

Sep 27, 2011 01:29 PM #19
Rainmaker
1,010,231
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Jim, the time was when we couldn't build 'em fast enough then conversions saturated the market.  It was good for a while now their inventory is on the rise.  We'll have to push hard to get it closer to the numbers seen here for SFH.  Possible although not probable.    

Sep 27, 2011 02:09 PM #20
Rainer
478,183
Not a real person
San Diego, CA

I moved into my condominium when my house burned down in one of the wildfires here. Now I'm so addicted to having tennis courts, big swimming pool, big hot tub, and no maintenance, that I don't think I'm going to move back to the house once it's rebuilt.

Happy Wednesday!

Sep 28, 2011 05:42 AM #21
Rainer
118,941
EC, JF, Double R and Zoey the Cool Cat
Russel Ray Photos - San Diego, CA

Let's hear it for condominium living!  Swimming pool, spa, tennis court, workout room, party room, game room.... And I don't have to do maintenance!

Sep 28, 2011 03:38 PM #22
Rainmaker
1,010,231
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Russel, is that one of my East Indian buddies spreading the cheer.  Most of the ones I see have plenty of it.  If it's Wednesday you know it's gonna be whacky.

Eric, when I find the one with a good sauna plus what you've mentioned I may make the move.  Don't remind me about maintenance, that's like a kind of therapy right?

Sep 28, 2011 04:38 PM #23
Ambassador
1,509,412
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Oh yes once upon a time in a land far away. ...

They were even converting icky old apartment complexes into condominiums here!

Sep 29, 2011 12:29 PM #24
Rainmaker
408,468
Hrisco & Associates
Hrisco & Associates - Roanoke, TX
Roanoke Homes for Sale - Roanoke Neighborhoods

Hi Kevin, I guess it all depends on your location in the country that would decide if Condos are more popular or not....never really thought about it in regards to Florida, but it makes total sense...enjoyed your market report, always like to see what is going on in other parts of the country.  Thanks for your comments and bookmark on my speed reading post, glad I could be of service in that post. 

Oct 02, 2011 03:45 PM #25
Rainmaker
72,644
John Tevo
Arctic Bay, YN

Thank you for the uplifting information.  People are not going to stop coming to Florida so the real problem is going to be scarcity of land.  Hopefully sooner than later.  Have a wonderful season.

Oct 03, 2011 02:21 AM #26
Rainmaker
1,010,231
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Renee, I resemble that remark but I know what you mean about some of the conversions.  Funny that you used the word "Icky", I was just reading some notes from a webinar where it was the "Word of the Day". 

John, yours is much more educational and informative than the Evelyn Woodhead Course I had taken back in '73.

We're moving positively Ken, Bonita activity should be relatively similar.  However, I don't get that far North too often! 

Oct 03, 2011 03:47 AM #27
Rainmaker
1,041,251
Charles McDonald
Charlottesville Real Estate Solutions - Charlottesville, VA
REALTOR®, Blogger, Principal Broker®, Owner

It seems that condos are the last to increase in value and the first to fall...

your friend in Charlottesville

Oct 04, 2011 12:08 PM #28
Rainmaker
1,010,231
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

A necessary resource in most markets Charles, your statement rings true in nearly all locations I'd bet.

Oct 04, 2011 01:35 PM #29
Rainmaker
225,689
Shannon Lefevre
John R. Wood Properties - Naples, FL
Shannon Lefevre, PA Your Naples Smart Girl

High rise condos in Pelican Bay is the last market there to recover...no wonder it's taking them SO long to release that last one.. :) At least there's still plenty of good buys in that sector though! Hope you're doing great Kevin!!!

Oct 13, 2011 02:19 AM #30
Rainmaker
1,010,231
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I'm rarely there, unless it's to The Phil, Shannon but you'd expect it's activity to mimic the market overall.  Pelican Bay has weathered the economy quite well, 2nd only to Port Royal although I need to delve further into those High Rise stats like you've mentioned.  Some astounding BUYS, wouldn't you agree? 

Oct 13, 2011 03:44 PM #31
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Kevin J. May

Serving the Treasure & Paradise Coasts of Florida
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