Due to the artificial run-up in Naples home values, many potential home buyers had been priced out of the Naples real estate market. But now, there are plenty homes to choose from in the lower price ranges. Homes or condos that had been selling for $400,000 can now be purchased at 50 cents on the dollar.
The Under $150,000 Range
Much of the availability listed under $150,000 are in areas primarily appealing to local working residents. These are the areas that working residents can afford for their primary residence, the community most likely lacks amenities and the locations might be more remote.
But, there is a healthy selection of availability in communities with a high concentration of second home residents. These communities appeal to the second home owner either because of the location, amenities, or golf availability. Many of these condos might be older, but in exchange they could have a great Naples location.
A single family home in this price range would most likely be within a local workforce community. If the location is far out in the country, then it could be a very nice home. If it is located close in, then it would be an older design and most likely very small, and would need major repairs.
To purchase a condo in this price range, the expectation should be that the condo will need anywhere between $5,000 to $15,000 in updating and freshening. In which case the end result would be a very pleasant condo in Naples.
Fairways Preserve, Naples Florida
Apartments complexes that were turned into condo make up most of the availability in the lowest price ranges. Near the height of the housing boom, availability in the lower price ranges was non-existent. To meet the crazy demand at that time, owners of apartment complexes, converted them into condo associations. They were then sold off primarily to hungry speculators, and maybe a few buyer-residents. Apartment complexes that were converted at the beginning of the housing boom, would sellout in a couple of weeks during that time. That could be over 200 converted condos in a very short period of time. Apartment complexes that were converted near the end of the boom, could not get them to sell.
Common characteristics of apartment communities turned into condo associations:
- No elevators. If you live on the third floor, you are taking the steps.
- Most have no cover parking. Residents park in the parking lot. Some units have garages.
- Small floor plans.
- Some condos will have nice views, others look at the parking lot.
- High concentration of annual rentals.
- Cash buyers only. A mortgage lender will not lend to these properties.
Some apartment communities are nicer than others. So values are higher in some complexes, and lower in others. And some condos within a converted community are worth more than others in the same community based on condition, views, traffic noise, etc. Shortly after their conversions, the condo values plummeted.
Selling Prices Per Sq. Ft.
By Date of Sale
The source of the information in the chart above, and those shown below is from the proprietary database compilation of SunshineMLS, LLC - Naples' Multiple Listing Service. The accuracy of this information on Naples Florida Real Estate is not warranted or guaranteed.
Prices fell dramatically in these conversion, as they were converted at the height of the boom.
While values of apartment conversions are very low, there are some risks associated with a purchase. As all owners,(except for those that have recently purchase), paid 3 or 4 times the amount they are currently worth. Many owners can not afford their mortgage payments, and if they are not paying the mortgage, that means they are not paying the condo dues. The grass still needs to moved, and the pool needs to be clean, so if some owners are not paying, that means the other owners have to pay more to make up the shortfall. As the foreclosures and short sales are sold off to new owners, then the fee situation should resolve itself over time.
Condo conversions include:
Abaco Bay, Enclave, Fairway Preserve Granada Lakes, Ibis Club, Laguna Bay, Napoli, Oasis, Reserve At Naples, and St Croix.
Other Community Types
These would be communities with a high concentration of local working residents. They would have no amenities, or very basic amenities:
Arlington Terrace, Avalon Estates, Berkshire Village, Blue Heron, Bristol Pines, Camden Cove, Coconut Grove, Coral Garden Condo, Edgewood, Flamingo Estates, Golden Gate City, Golden Gate Estates, Guilford Acres, Gulf Winds East, Hallendale, Heighland Villa, Ibis Cove, Lake Trafford, Leawood Lakes, Mandalay, Milano, Myrtle Cove Acres, Naples Farm Sites, Naples Manor, Naples Parkwood Club, Naples Trace, Naples Twin Lakes, Naples Villas, Orange Tree, Pebblebrooke Lakes, Pepperwood, Pine View Villas, Poinciana, Poinciana Condo, Poinciana Village, Reflection Lakes, Regent Park, Rosemary Heights, Royal Arms, South Bay Plantation, South Tamiami Heights, Trail Acres, Treetops Of Naples, Tuscany Cove, Valencia Country Club, Valencia Lakes, Vista Gardens, Woodgate At Naples
Naples Bundled Golf Communities
Most of Naples bundled golf communities now have availability under $200,000. These would come with golf, club house, lots of green space and many amenities. Learn more about Naples Bundled Golf. Owners in these communities would be around 70% second home residents. They include:
Cedar Hammock, Countryside, Cypress Woods GCC, Forest Glen, Foxfire, Glades, Glen Eagle, Heritage Bay, Naples Heritage, Naples Lakes, Stonebridge, Royal Wood and Vanderbilt GCC.
Second Home Communities
These communities would have a high concentration of second home owners, they either have a nice set of amenities, or a very good Naples location, or both.
Carlton Lakes, Crescent Lake, Deauville Lake Club, Eagle Creek, Emerald Bay, Emerald Lakes, Falling Waters, Fiddler'S Creek, Forest Lakes, Golf View Manor Condo, High Point, Huntington Lakes, Imperial Golf Estates, Moorings, Naples Bath And Tennis, Olde Naples, Park Shore, Pipers Grove, Sapphire Lakes, Shadowood Villas, Sherwood, Sorrento Villas, Sterling Oaks, Turtle Lake, Vanderbilt Beach, Verona Walk, Whittenberg Villas, Wilderness, Winterpark, Woodmere Lake Club, Woodmere Racquet Club, World Tennis Center.
These communities would have a mix of both second home owners and year round residents.
Bay Forest, Berkshire Lakes, Bermuda Palms, Botanical Place, Briarwood, Bridgewater Bay, Coach House, Country Club Manor, Crown Pointe, Cypress Glen, Cypress Glen Village, Cypress Trace, Heritage Greens, Huntington Woods, Kings Lake, Lakeside, Lakewood, Lely, Lely Country Club, Lely Golf Estates, Lely Pines, Lely Resort, Lely Tropical Estates, Naples Park, Naples South, Palm River, Palm Springs Estates, Pelican Ridge Villas, Pine Ridge, Pine Woods, Pinewoods, Positano Place, Quail Woods, Regency Woods, Riviera Golf Estates, Royal Park Villas, Stratford Place, Tarpon Bay, Timber Lake, Timberwood Of Naples, Valley Stream Townhouse, Victoria Lakes, Wiggins Bay, Wiggins Lakes Preserves and Wilshire Lakes