The flop has flipped again and prospective homeowners are about to see home prices continue their climb in both Naples and Sarasota luxury real estate due to decreasing inventory and diminishing foreclosures. According to the Naples Area Board of REALTORS® (NABOR), Naples experienced a 9 percent increase in median home prices of properties in the $2 million and above price category, from $2,900,000 in the 12-months ending April 2014 to $3,175,000 in the 12-months ending April 2015. Sarasota and Manatee counties experienced similar growth, bringing in historic sales figures in April 2015. The REALTOR® Association of Sarasota and Manatee (RASM) states that at this current pace, both counties will exceed their all-time annual highs in 2015.
This sounds a lot like the reports we’ve been doling out since the market began its upswing in 2011 after the major economical hit in 2008. Some folks are waiting for that same dip in the economy to begin taking advantage of the investment properties that are bound to pop up once foreclosures rear their ugly heads again, but Local Market Monitor, a national research company, is singing a different tune. Their national survey posted by NBC2 projects that home values in the Naples-Marco Island market will rise 47 percent in the next three years, which they predict will be faster than anywhere else in the state. This increase has a lot to do with rising incomes, job growth, and an increase of retirees moving to the Sunshine State for their piece of paradise (think Baby Boomers ready to settle down). In this same survey, the North Port-Bradenton-Sarasota area is projected to experience a 23 percent increase in home values over the next three years.
So what does this mean for anyone looking to snatch up their slice of sunshine? Well, you certainly don’t want to shy away from the Naples luxury homes, the luxury customs homes in Sarasota, or any of the Southwest FL luxury homes available for that matter. Statistics from Core Logic show that prospective homeowners, and possibly investors, are running to Florida to put down cash for their dream home, more than likely due to the forecast of increasing prices. Their report states that, during March 2015, Florida had the largest share of cash sales of any state at 51.8 percent. Florida’s draw isn’t going away, but your opportunity to own your perfect home in our beautiful state just might. Checking out which one of our available homes or home plans suits you should be your next step. Not ready to move just yet, but still want to ensure you’ll be rocking in a hammock with a drink in hand after a relaxing day on the course? London Bay Homes offers leaseback opportunities for every one of their model homes, allowing you to purchase the home of your dreams and still have it maintained by a professional tenant until you are ready to move in.
As a luxury custom home builder in Southwest Florida with more than 25 years’ experience, London Bay Homes is committed to ensuring your new home is a perfect reflection of your distinctive tastes and individual personalities. We call this Private Label Living. And it delivers the true luxury of a tailored fit for every client we work with by ensuring their new home will be as unique as they are.