NAPLES FLORIDA REAL ESTATE

by Tom Doyle, Realtor - Sun Realty

 

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Naples New Construction

Overview of New Construction in Naples

Naples has been generally built from the coast then outwards. Therefore larger communities being built, or planned to be built, are located further away from the heart of things (see market overview). There are still a limited number of new communities being built on smaller tracks closer in, but these would be pricier with fewer amenities. Price range for new can range from the low $200s to several millions. You will not find new for $200,000 close in or in the heart of things. Only resells.

New construction in the Naples area can take several forms:

  • Inventory Pricing - Homes that have been built ahead of the buying curve, and the builder has inventory ready to close and be occupied. This is usually the best pricing.
  • Pre-Construction Pricing - The selling of homes that are either in the process of being built or are planned to start construction in the future. Depending on the builder this could be very competitive pricing, or off the charts.
  • Lottery Pricing - There is so much interest in the release of new homes to be built that the builder holds a lottery to see in what order prospective buyers will have a chance to buy. This pricing is what ever the advance demand can support. Usually, not good.

Around year 2000 and 2001inventory pricing was available from builders in the area. In 2002, 2003 and 2004 their was plenty of pre-construction pricing available. In year 2005 the onky pre-construction available was through lotteries. In year 2007 it went back to inventory pricing for several builders.

New construction opportunities in the Naples area include:

  • Large community, gate, plenty of amenities and low fees.
  • Golf community where golf is included with purchase. (Heritage Bay)
  • Communities with equity clubs within.
  • Small single family home communities.
  • Small, no frills condo communities.

Naples New Communities

New Communities exist throughout the area, and include beach, golf, single family and condo communities

  • Price                   $  Low price     to     $$$$ Highest Priced
  • Property Type      C  Condos      and/or      SF Single
  • Golf                     PG  Golf Membership Available  or    GI  Golf membership Included
  • Amenities           1 = Minimal Included    to      4 = Extensive Included Amenities

 

Naples New Communities Map

 

New Construction Basics

The following are directional guidelines within planned developments.

  • Qualified onsite sales personnel for the most part are great to deal with, but they work for, and represent the interest of the builder/developer/owner and hold their interest above others.

  • Having me as your Realtor can point out things that the onsite sales personnel did not, and can guide your decision to the best choices.

  • Usually, a buyer will be required to put down 10% to 20% of the purchase price as a deposit with the remaining due at closing (when the property is ready for occupancy).

  • Completion dates estimated by the developer are estimates and not guaranteed.

  • When buying a condo new construction, a buyer has 15 days from the date of contract signing or the date they receive condominium documents, which ever is later, to change their mind for a full refund.

  • The developer is in control of the decision making process for the condo associations and/or home owner associations within the development, until such time the number of closings reach a certain level. At that time, the association is turned over" and owners will elect their own board to the associations. See Community Basics

  • Most new properties will come with a one year warrantee on original problems, repairs and defects.  I recommend a professional inspection before closing.