$1.5 to $3 million is the New Luxury Real Estate Comfort Zone

Yesterday, I attended an outstanding presentation by Cindy Carroll of Carroll & Carroll Appraisers. She analyzes the real estate market statistics (by community) as a reflection of supply and demand. Overall, “values have taken a step up” she said. Each area has its own price point where buyers are saying “no”, the price is too high.

Across Naples 10,000 acres, $1.5 to $3 million appears to be the luxury buyers’ new comfort zone.

Short sales and foreclosures are being flushed out at entry levels from a current 15% to 45% a year ago.

Park Shore condominiums are now at 7.3 months absorption rate. Pelican Bay condominiums have 5 months of inventory up to $3million. Pelican Bay single family homes have 9.7 months of inventory.

Grey Oaks (without Estuary) is fairly balanced with 11 months of inventory.

Port Royal has 6 months of inventory at the up-to $6 million level. Old Naples has a shortage at the $1 to $2 million range.

Contact me for more details about your community.