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2023: 4.78M Existing Home Sales, Stable Prices

December 15, 2022

WANAN YOSSINGKUM/Getty Images Plus

By Marla Martin

NAR Chief Economist Yun’s forecast represents a drop of about 6.8% from this year’s sales; he expects the median home price to rise just 0.3% from this year to $385.8K.

WASHINGTON – Lawrence Yun, NAR chief economist and senior vice president of research for the National Association of Realtors® (NAR), forecasts that 4.78 million existing homes will be sold, prices will remain stable and Atlanta will be the top real estate market to watch in 2023 and beyond.

Yun unveiled the association's forecast during NAR's fourth annual year-end Real Estate Forecast Summit.

Yun predicts home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 – an increase of just 0.3% from this year ($384,500).

“Half of the country may experience small price gains, while the other half may see slight price declines,” Yun said. “However, markets in California may be the exception, with San Francisco, for example, likely to register price drops of 10–15%.”

Yun expects rent prices to rise 5% in 2023, following a 7% increase in 2022. He predicts foreclosure rates will remain at historically low levels in 2023, comprising less than 1% of all mortgages.

Yun forecasts U.S. GDP will grow by 1.3%, roughly half the typical historical pace of 2.5%. After eclipsing 7% in late 2022, he expects the 30-year fixed mortgage rate to settle at 5.7% as the Fed slows the pace of rate hikes to control inflation. Yun noted this is lower than the pre-pandemic historical rate of 8%.

Top 10 real estate markets to watch in 2023 and beyond

NAR identified 10 real estate markets that it expects to outperform other metro areas in 2023. In order, the markets are as follows:

1. Atlanta-Sandy Springs-Marietta, Georgia
2. Raleigh, North Carolina
3. Dallas-Fort Worth-Arlington, Texas
4. Fayetteville-Springdale-Rogers, Arkansas-Missouri
5. Greenville-Anderson-Mauldin, South Carolina
6. Charleston-North Charleston, South Carolina
7. Huntsville, Alabama
8. Jacksonville, Florida
9. San Antonio-New Braunfels, Texas
10. Knoxville, Tennessee

“The demand for housing continues to outpace supply,” Yun said. “The economic conditions in place in the top 10 U.S. markets, all of which are located in the South, provide the support for home prices to climb by at least 5% in 2023.”

NAR selected the top 10 real estate markets to watch in 2023 based on how they compared to the national average on the following economic indicators: 1) better housing affordability; 2) greater numbers of renters who can afford to buy a median-priced home; 3) stronger job growth; 4) faster growth of information industry jobs; 5) higher shares of the information industry in the respective local GDPs; 6) migration gains; 7) shares of workers teleworking; 8) faster population growth; 9) faster growth of active housing inventory; and 10) smaller housing shortages.

For more info, see NAR’s, On the Horizon: Markets to Watch in 2023 and Beyondreport.

© 2022 Florida Realtors®

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Stock Development rebrands One Naples as Ritz-Carlton Residences, Naples

The One Naples luxury condominium redevelopment project near Vanderbilt Beach has been rebranded as The Ritz-Carlton Residences, Naples. 

The branding collaboration for the Gulf Coast project in North Naples was announced Tuesday by local developer Stock Residences, the luxury condominium division of Naples-based Stock Development. The high-end project will feature a collection of 128 residences at Vanderbilt Beach Road and Gulf Shore Drive, across the street from The Ritz-Carlton, Naples beach resort. The Ritz-Carlton Residences, Naples, however, is not owned or being developed or sold by The Ritz-Carlton Hotel Co. or its affiliates. Stock Residences is using the trademarked name under a license from Ritz-Carlton.   

It’s the second Southwest Florida property announced this year for The Ritz-Carlton Residences. In March, London Bay development group revealed plans for The Ritz-Carlton Residences, Estero Bay — two 22-story towers of waterfront condominiums. Sales have begun for the first tower, which is scheduled to break ground by the end of this year with 112 luxury residences starting in the $2 millions.   

Stock’s redevelopment project on 6 acres in North Naples will feature a pair of 12-story buildings known as the Tower Residences, which will overlook the Gulf and Vanderbilt Lagoon. The project also includes two mid-rise buildings called the Bay Residences, an adjacent 22-slip, full-service marina and a fifth mid-rise building called the Park Residences, which will be adjacent to a private park on the footprint of the former DaRuMa Japanese Steakhouse & Sushi Lounge.   

Construction for The Residences is scheduled to begin in the second quarter of 2023 with completion expected in the second quarter of 2025. Suffolk Construction is the general contractor with engineering spearheaded by J.R. Evans Engineering. The design team includes Tampa-based Curts Gaines Hall Jones Architects, interior designer Cristian Pinedo of Miami-based Susurrus, and St. Petersburg-based landscape architectural firm Booth Design Group.   

“This condominium project will truly redefine luxury waterfront living in Southwest Florida,” said Brian Stock, CEO of Stock Development. “Buyers in the area cannot find this level of access to such an array of top-level amenities in a singular coastal setting. Here, everyday living will be punctuated by prime beach access with an inimitable connection to nature, a full-service marina, and a private park complete with the attention to detail and legendary service of The Ritz-Carlton.”   

Prices for the three-, four- and five-bedroom residences start at $2.5 million. The luxury homes will feature expansive terraces with glass railings and impact-resistant sliding glass doors as well as contemporary European-style kitchens and baths, Cambria quartz countertops, 10- to 12-foot ceilings, Wolf and Sub-Zero appliances, porcelain and wood floors and private elevator entrances.   

The Residences’ amenities and services also will include an exclusive concierge and The Vanderbilt Club, a 28,000-square-foot club with a Grand Owner’s atrium and lobby lounge, private restaurant, business center and coffee lounge, state-of-the-art fitness center and a full-service spa. Features will include a kids’ room, a teen room with a Formula 1 simulator, and a club lounge with a golf simulator and private theater.   

The Residences will include a marina with Gulf access, a dockmaster and gas service, and a lushly landscaped park with walking trails, a putting green, a dog-walking area and covered pavilions. The 22,000 square feet of outdoor amenities will include a resort-style pool, lap pool, cabana suites and fire pits. Additional amenities for Tower Residences will include rooftops with private dining and a lounge, while the Bay Residences buildings will have a waterfront promenade to the marina, a social terrace and a rooftop pool. Of course, The Residences will have prime access to the public Vanderbilt Beach across the street.   

“The Naples, Florida, market, with its unspoiled white sandy beaches and tranquil surroundings, has always been of great significance to our brand,” said Sarah Khalifa, vice president of mixed-use development for Marriott International, which has majority ownership of The Ritz-Carlton brand. “We are committed to aligning ourselves with respected and reputable entities in the industry who are like-minded in their approach to each new endeavor — devoted to tradition, excellence, ingenuity and creating a legendary lifestyle. It was those natural synergies that led us to Stock Residences and the company’s vision for this project, which is poised to be a coastal haven.”   

As promised, the project will include a public spot for breakfast, lunch and maybe a place to purchase picnic supplies for beachgoers, said Claudine Leger-Wetzel, Stock’s vice president of sales and marketing. “There will be a public deli and cafe and William Raveis will have their real estate office on the Gulf Shore Drive side,” she said. “The cafe is about 1,600 square feet approximately and we’re still working through that.”  

Hurricane Ian delayed the announcement of the rebranding and project details, which were originally planned to be released a month ago, Leger-Wetzel said.  

“With the storm and everything going on, we are meeting with our general contractor in the next two weeks to get final pricing and we are going to release pricing for all the units in January,” she said. “For now, they are from $2.5 million

Contact me for more information regarding our newest development in Naples The Ritz-Carlton Residences...

Michelle J. DeNomme REALTOR, GRI BHHS Florida Realty

239.404.7787 or by e-mail Michelle@NaplesHomeSweetHome.com  

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Tim Aten Knows: Restoration Hardware, Whole Foods proposed in downtown Naples...

https://www.gulfshorebusiness.com/tim-aten-knows-restoration-hardware-whole-foods-proposed-in-downtown-naples/

Q: Heard that maybe a Restoration Hardware store/restaurant combination is going in where the St. George & the Dragon used to be. Know anything about that? Would be fabulous! — Barbara Riess, Naples  

Q: Is the rumor correct that a Whole Foods will open in East Naples? — Louise Bender, East Naples 

A: A new significant redevelopment involving Restoration Hardware, Whole Foods Market, restaurants and other retailers with luxury condominiums on its upper floors has been proposed for properties that include the former St. George & the Dragon restaurant site at Fifth Avenue South and 10th Street South as well as six other adjacent parcels encompassing nearly two blocks in downtown Naples. The mixed-use project’s architectural plans are scheduled to be preliminarily presented next Friday, Nov. 18, to the city’s Design Review Board. 

An Oct. 4 application filed with the city planning department shows that Naples architect Matthew Kragh of MHK Architecture & Planning is representing petitioner 5th Avenue South Holdings LP in redeveloping the vacant site of the former St. George and the Dragon restaurant at 936 Fifth Ave. S. and parcels totaling more than 4 acres at 1010, 1050 and 1074 Fifth Ave. S.; 590 11th St. S.; and 975 and 1041 Sixth Ave. S. Signs for the Nov. 18 public hearing in the Naples City Council chambers are posted at each of those lots and the city has posted supporting documents for the project on its government website. 

Aspen-based M Development bought the 4.27 acres of downtown Naples property for $43.5 million in a deal arranged and announced last fall by Franklin Street, a Tampa-based commercial real estate firm. M Development has transformed redevelopment opportunities in affluent communities such as Aspen, Palm Beach and Atlanta’s Buckhead, Franklin Street notes. The Naples proposal includes three-story mixed-use buildings totaling more than 500,000 square feet. 

Andy Penev, head of development for M Development LLC, said this week that the company wants to present its proposal to Naples City Council and fine-tune the plans before too many details are published. “We’re super excited about it and we’ve done a lot of really cool work and really brought in some elite partners and tenants,” Penev said.

Early plans show that a more than 50,000-square-foot, three-story Restoration Hardware store is planned to anchor a pair of two new buildings totaling 290,868 square feet proposed for the 1000 block of Fifth Avenue South. RH, known as the California-based home-furnishings company, operates upscale showrooms it calls galleries, promoted as blurring the line between residential and retail, indoors and outdoors, home and hospitality. A rooftop restaurant and terrace are proposed for the third floor of the gallery, a feature atop many RH locations, including Florida galleries in Jacksonville, Tampa and West Palm Beach. 

Preliminary plans show RH Naples with 19,832 square feet on each of its first and second floors with 11,248 square feet on the third floor bracketed by a large terrace. A larger L-shaped, mixed-use building rounds out the block with 33 condominium units proposed on two floors above retail and restaurant spaces. This block of buildings would have 286 below-grade parking spaces beneath it. 

Restoration Hardware has considered entering the Naples market for years. The company previously looked at the large, two-story Nordstrom store vacated in Waterside Shops and the former Orchard Supply Hardware location where Walter E. Smithe Furniture & Design is creating its first showroom outside of the Midwest. 

Plans for the RH rooftop restaurant come just weeks after the Design Review Board was presented the initial plans for the city’s first rooftop restaurant less than two blocks west on Fifth Avenue South. Cameron Mitchell Restaurants, which operates Ocean Prime and Del Mar on Fifth, proposes building Prime Social rooftop restaurant to bridge adjacent buildings in the 800 block of Fifth. 

In addition to a restaurant atop Restoration Hardware, M Development’s project is expected to provide additional new dining spots downtown. “We’re in talks with a couple of others but nothing inked yet,” Penev said. “That’s kind of what we’re working through so we’re not entirely sure just yet. We’re weighing all of our options.”

At more than 40,000 square feet on the ground floor of the 900-block building, Whole Foods Market is proposed to anchor the new development fronting Fifth Avenue South. While not in East Naples, the new store will be nearer that market than the chain’s first area store in North Naples. The second location in Collier County for the Austin-based grocer will be smaller than the Amazon subsidiary’s 52,000-square-foot store that opened 14 years ago to anchor Mercato. 

The proposed 219,320-square-foot grocery store building, a three-story structure with 22 multifamily condominium units planned on its two upper floors, will feature other retail opportunities, 22 parking spaces on the ground floor for the residential units as well as 198 below-grade parking spaces, preliminary plans show. 

M Development believes the project will be beneficial for Naples, of course. “The uses I think are very ideal for what Naples wants and what Naples needs,” Penev said. “What we’re planning and what Restoration Hardware is planning is so beautiful. I know it may be biased coming from me, but it really is just beautiful architecture and planning and open space and landscaping. So, I think everybody will be very happy with what we’ve kind of drawn up here.” 

In the development application filed with the city, the architect notes that the project complements downtown Naples, provides several open-air amenity areas and neatly engages with the street. “The building enhances the existing streetscape along Fifth Avenue South and 10th Street and adds to the local community along Fifth Avenue South. The design of the building is indicative of modern Naples style with elements that resemble the surrounding community throughout Naples, addresses the resident and maintains a common landscaped environment.”

Whole Foods is proposed on the former footprint of St. George & the Dragon restaurant. This historic dining destination closed 10 years ago after operating for more than 40 years by the Ginos family. The old-school steakhouse was sold and demolished years ago for other redevelopment projects that didn’t get off the ground. Three other buildings on the south side of the 900 and 1000 blocks of Fifth Avenue South face a wrecking ball to create additional open space for the latest redevelopment plan. 

At least two existing three-story office buildings will be razed to create more project space. Florida Gulf Coast University has leased space in one of the buildings at 1010 Fifth Ave. S., across U.S. 41 from the historic Naples Depot Museum. The building at 975 Sixth Ave. S. was formerly home to MHK Architecture and the offices of many other local businesses. A third smaller building at 590 11th St. S. has served as a Real Estate Information Center and a former bank across from Mino restaurant and the Shoppes at Dockside. 

The redevelopment project proposes to prominently extend the historically upscale presence of Fifth Avenue South east of Four Corners. 

“From our perspective, it’s going to be a beautiful mixed-use project. Very elite tenants. Very elite designers. We’re actually focusing a lot on open space and creating a beautiful transition from Fifth kind of into the rest of Tin City and, quite frankly, south Naples,” said Penev, noting that M Development plans a project of significant scale. 

“We want to make sure everything and everybody complements each other so not only within our development but within the immediate vicinity in greater Naples and Fifth Ave and downtown,” he said. “It behooves us to look at it that way both for ourselves and for everybody else because at the end of the day if you make something that is complementary to itself and its surroundings, it will be a success. The last thing you want to do is create tension and we’re not in the business of doing that.” 

M Development is in the business of building “forever real estate,” which means it builds with quality, Penev said. “We’d rather spend a couple of extra dollars and build something that both the city and ourselves would be proud of forever, so our kids and our kids’ kids would be proud of.” 

“Tim Aten Knows,” a column answering local questions from readers, is published every Friday at GulfshoreBusiness.com. Follow Tim Aten on social media: @TimAtenKnows on Facebook, Instagram, LinkedIn and Twitter. 

 

 Let's Talk... And So They Say!

Disclaimer: The following information was gathered from OpenTable and is for 2022. It is for educational purposes.

If you're in the mood for some great Italian food in Florida, you might want to stop by one of the following restaurants. 

The website OpenTable has a list of the best Italian restaurants in the state. Here's what some of them are.

1. Amfora Restaurant in Estero, FL. This restaurant offers great outdoor dining as well as great food. 

"Amfora's promise to you is that we will treat everyone as if they are part of our family with exceptional service. Our food will entice your tastebud, our ambiance will please your soul and our service blow you away," their bio says. 

The most popular menu items here are Branzino, Swordfish, and Amfora Beet Salad. 

2. Terralina Crafted Italian in Lake Buena Vista, FL. This restaurant is a great choice for large groups and dates. 

"With sauces made from scratch, an array of seasonal pasta dishes, hand-tossed pizzas, a rotating Italian wine list, and views of Lake Buena Vista, Terralina Crafted Italian has something for everyone." their bio says. 

"The wood-burning oven fires a selection of kid and family-friendly hand-tossed pizzas, house-made pastas, fresh vegetables, proteins, and more," their bio goes on to say. 

3. Enzo's on the Lake in Longwood, FL. This restaurant offers a scenic view and has a romantic atmosphere. 

Their bio says, "Enzo's on the Lake is the perfect place for an evening of cocktails, fine food and wine, delicious desserts, and very special hospitality. In 1980, Enzo's on the Lake opened as a lovely secluded lakefront restaurant, built in the style of an Italian villa."

Their menu includes Pasta, Seafood, Soups & Salads, and much more!

4. Luigi di Roma in Deerfield Beach, FL. This restaurant is classified as a neighborhood gem on the website. 

Their bio says, "Here at Luigi Di Roma, we believe in our Fresh Scratch Kitchen, Hand Crafted Cocktails, Personalized Tailored Service, and Live Entertainment. Generous Portions at a Great Value with an Unbeatable Happy Hour 7 days a week!"

The most popular menu items here are Chicken Parmigiana, Chicken Milanese, and Eggplant Parmigiana. 

5. Strada in the Grove in Miami, FL. This restaurant is ranked exceptionally high in its food, service, value, and ambiance!

"Strada in the Grove is home to over 100 different wine selections including some of the best boutique wines exclusive to our shelves and from the best wine regions of the world. The menu features various high-quality charcuterie, local and imported cheeses, and home-style specialty dishes," their bio says. 

Their bio goes on to say, "Commodore Hospitality Group strives to bring you impeccable service, the highest quality of food, and an atmosphere where you can experience life at its fullest."

Those are five Italian restaurants that are considered some of the best places to eat in the state of Florida. 

What do you think about this? Have you been to any of these restaurants? What are your favorite Italian restaurants in Florida? Comment below and let me know!

You can click the following link to go to the OpenTable website: https://www.opentable.com.au/

If you liked this article, be sure to follow me here on Newsbreak for more like it. You'll also get the latest scoop on local news, food, travel, sports, business, movies, and any other thing that comes to mind. As always, thanks for reading!

 

Let’s Talk Hot Off The Press! July Home Sales Return to Prepandemic Levels

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Michelle@NaplesHomeSweetHome.com  

 

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June Real Estate Market Shows Signs Of Balance...

Data reflecting activity in the Naples area housing market during June showed signs of a return to pre-pandemic summer activity when market conditions were balanced. According to the June 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), pending sales decreased 36.8 percent in June to 794 pending sales from 1,236 pending sales in June 2021, and closed sales decreased 38.4 percent in June to 952 closed sales from 1,545 closed in June 2021. On the positive side, an 80.5 percent increase in inventory during June to 2,294 properties from 1,271 properties in June 2021 is expected to spark sales.

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Photo credit: Tim Aten

DEVELOPER INTENDS TO RESTART STALLED ONYX  TOWNHOME PROJECT IN EAST NAPLES The developer building a townhome community in East Naples intends to restart the residential project, which has been stalled since the early stages of the pandemic.  Onyx Townhome Villas masonry was completed for two of the eight two-story townhome buildings and the gated community’s clubhouse, but the majority of the 48-unit project has yet to be started on 8.7 acres on the corner of Santa Barbara Boulevard and Polly Avenue, about a half-mile north of Rattlesnake Hammock Road. The project stalled in 2020 when the developer was unable to travel here from South America because of travel restrictions during the pandemic, according to the owner’s representative, Claro Development Solutions, a Miami company that specializes in providing development services and construction management to owners and developers.

 

Let's Talk Market Report... April 2022

 

Contact me today for the full report by e-mail at Michelle@NaplesHomeSweetHome.com.

Naples, FL (May 23, 2022) – Overall inventory in Naples during April increased 16.5 percent to 1,668 properties from 1,432 properties in April 2021. Fueled by a swell of new single-family home listings, up 5.7 percent over last year, broker analysts reviewing the April 2022 Market Report by the Naples Area Board of REALTORS^® (NABOR^®), which tracks home listings and sales within Collier County (excluding Marco Island), are confident the Naples area housing market has reached a crossroad and is making its turn toward a balanced and healthy market.“It’s been thirty months since we’ve seen this many single-family home sellers enter our market in one month,” said Bill Coffey, Broker Manager of Amerivest Realty Naples. Coffey, along with several top brokers in Naples, say the shift indicates the Naples area housing market is redefining itself. Another major factor that signified the market was self-correcting to a new normal in April were the 549 price reductions (33 percent of the inventory) during the month.

“What we are seeing today are more sellers setting realistic list prices from the start and more buyers less willing to settle for homes that don’t meet their exact needs and desires,” said Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices Florida Realty, who added that the report showed “we now have 1.5 months of inventory, the highest level since March 2021.”

 

Demand for the Naples lifestyle remains strong. Days on market for April was 16 days, considerably less than the historic 90-day average. As inventory begins to rise, days on market may increase and list prices in some neighborhoods may shift down slightly; but broker analysts agree that we should not expect home prices to drop to anywhere near pre-pandemic levels.

 

“There is virtually no data in the MLS for home sales below $300,000,” said Molly Lane, Senior Vice President at William Raveis Real Estate. 

Coffey remarked that the $300,000 and below market was once the biggest category for closed sales in Naples. But rapid sales during the last 18 months severely depleted inventory in this price category. As such, there were only 96 properties below $300,000 in April’s inventory.

The overall median closed price in April increased 39.2 percent to $599,000 from $440,000 in April 2021. The uptick reflects the low number of sales in the $300 and below price category. Median closed prices continue to rise in the single-family home market, up 8.7 percent from March, but median closed prices during April in the condominium market decreased 1.1 percent from March.

The NABOR^® April 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR^® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022: 

Contact me today for the full report by e-mail at Michelle@NaplesHomeSweetHome.com.

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ESTIA GREEK RESTAURANT REPLACING 

BOKAMPER’S IN NORTH NAPLES

An upscale restaurant coming to North Naples next year intends to transport diners to a stunning Mediterranean home in the Greek islands. 

Estia, planning to transform the recently shuttered space of Bokamper’s Sports Bar & Grill, will be the first in Florida for the Pashalis family, which operates a restaurant group that includes three Estia Greek-Mediterranean restaurants in the Philadelphia and South Jersey area. Siblings Anastasia and Gus Pashalis are part of the Greek family involved in the Naples expansion. “My brother and I are first generation," Anastasia Pashalis said. “My parents and uncle immigrated to the United States in the 1970s.”  

“We are very excited and look forward to serving everyone in the Naples area," she said. “The décor and food will make you feel like you are at a Greek island. The interior will be light and airy. We will offer whole fish simply grilled along with lamb, which is eaten often in Greece.” 

From Gulfshore Business Daily

 

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HOFFMANN BUYS OLD CORKSCREW GOLF CLUB, COTTAGES FOR $19 MILLION

Naples-based Hoffmann Family of Companies closed this month on the Old Corkscrew Golf Club and the adjacent Cottages at Old Corkscrew in two real estate transactions totaling $19 million. 

“We officially closed on Old Corkscrew," said Naples billionaire David Hoffmann, founder of Hoffmann Family of Companies. “We also bought the adjoining land next to Old Corkscrew, about 20 acres where we’re going to develop.” 

Hoffmann Old Corkscrew Golf Club LLC acquired Old Corkscrew Golf Club in Estero for $14.5 million from Old Corkscrew Development Group LLC, the recorded deed shows. Although Hoffmann announced the sale last fall, it didn’t actually close until last Friday. 

READ MORE HERE 

Published in Gulfshore Business Daily

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Did You Know!

NAPLES AIRPORT AUTHORITY LAUNCHES A LIVE FLIGHT TRACKING SYSTEM FOR PUBLIC USE 
The Naples Airport Authority launched a new flight tracking system on its website where the public can watch time-delayed movement of aircraft arriving, departing and flying over Naples Airport and Southwest Florida. The new system also allows users to submit a written comment regarding aircraft operations on the tracking system website while noise comment information is documented, time-stamped, and submitted to the NAA to be included as part of the noise comment report which is reviewed and submitted to the NAA Board of Commissioners and the Noise Compatibility Committee. 

From Gulfshore Business Daily

 Let's Talk... HOT Off The Press...

SKYSAIL OPENS FOR PRESALE IN GOLDEN GATE ESTATES by Neal Communities 

The new SkySail community, a 642-acre parcel that includes 246 acres of lakes, on Oil Well Road in Golden Gate Estates opened for presale with a variety of homesites within three sections. With presales by appointment only until after the community’s grand opening, SkySail homes offering 1,500 to 3,5000 square feet with up to five bedrooms and two- and three-car garages will begin in the $500,000s. Neal Communities plans to build up to 1,500 single-family and multifamily homes in the community. 

News provided by newsletters@gulfshorebusiness.com

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HOT Off The Press... 

NAPLES HOUSING INVENTORY DROPS IN FEBRUARY
Overall housing inventory in Naples dropped 72% to 1,176 in February compared to February 2021, according to the Naples Area Board of Realtors, which tracks home listings and sales within Collier County, excluding Marco Island. Overall pending sales declined 36% to 1,480, while new listings dropped by 14% to 1,261. There were 804 closed sales in February, down 40% from February of last year, with an average of 23 days on the market, down 69%. The median closed price increased 38% to $550,000. 

The full report will be out on Friday , March 25th, 2022.