Naples Condo Values Vary
Often people want to know from a real estate agent’s point of view where they should consider buying a condo. Recently, a few people asked about some three different bundled golf course communities.Â
Looking at closed sales for the past six months and the previous six months the results for the average price paid was rather interesting to see how the values were affected by the recent downturn in the real estate market.
The loss in value revealed greatly different results - in community number 1 - the values fell less than 2%, community number 2 - values dipped about 15%, while community number 3 - values fell about 22%.
What proved interesting is that community number 3 was an older community built during the late 80’s. This was expected since, newer constructed properties tend to appreciate faster and fall in value more slowly. This does affect either community numbers 1 or 2, they were built and completed most recently. What may have been the cause of the variation in reduced value, may have been simply the locations within the Naples area.
This is a good example of how segmented a local real estate market can be and is worth a buyer’s time to identify communities meeting their needs and gaining an understanding of historical values. The in-depth analysis does take some time to assemble.
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