Hello! I hope you and your family have enjoyed the last official month of summer, soaking up the last bit of vacation time and more casual evenings. Naples and Southwest Florida continued to be a hot market all Summer with a record # of closings, 45% more than the Summer of 2019 and 16% more than 2020. This month’s Port Royal 2021 Newsletter focuses on Naples’ premier neighborhood… which also ranked as the country’s most expensive neighborhood in 2018. Port Royal’s homes and breathtaking setting, define luxury and exclusivity. Enjoy!
Port Royal is Naples’ premier enclave consisting of some of the most desirable and exclusive real estate in the country. Eligibility to join the beachfront Port Royal Club, first established in 1959, is only provided to those who own a property in Port Royal with this opportunity associated with it. Most properties in Port Royal are situated on one of about a dozen coves, bays or channels with gorgeous water views as well as deepwater access to the Gulf of Mexico via Gordon Pass within 10-15 minutes. This year has been a busy one so far for this esteemed community:
47 closed home sales so far in 2021 with 3 currently pending. View 47 Closed Sales. There were 50 closed sales last year.
Sales prices this year have ranged from $3.8M to $52M and averaged $12.1M, up 31% from an average of $9.2M last year.
Sales price/square foot ranged from $752/SF to $4,517/SF and averaged $1,896/SF, up 16% from last year.
Inventory is very tight right now with only 8 homes on the market in Port Royal. Over the last 5 years there were between 41 and 63 properties on the market at all times until April of 2020 when there were 52 homes listed and the inventory has dropped for 16 consecutive months: View 8 Listings
March 2021 saw a record number of home sales with 16 closings, doubling the previous record of 8 closings in March 2009.
Land in Port Royal sold for an average of $9.3M with 11 sales so far this year. View 11 Closed Sales In 2020, there were 12 parcels closed for an average of $5.9M.
The most expensive vacant parcel sold was $18.9M for a 0.71 acre beachfront lot with 100’ of beach frontage.
There are currently 4 parcels of land on the market for sale. Read details in Port Royal 2021 Newsletter: View 4 Listings
What Makes Port Royal Stand Out?
Easy Gulf access via Gordon Pass or a backwater cruise past Keewaydin Island near Marco Island provides boaters their paradise…miles of area estuaries and mangroves become easily navigable which feeds the beautiful calm waters of the Gulf of Mexico.
How low can inventory go? If you look at the chart below, it sure looks like we are headed to zero!
There are typically 10k to 12k properties for sale in Collier County and 7k to 9k properties for sale in Lee County for a total inventory of 17k to 21k, currently there are only 2.8k properties on the market, 1162 in Collier County and 1652 in Lee County!
New vs Closed Listings $1M+
Number of homes closed in 12 months ending 4/30/21 up 87%; condos up 99%.
Current home inventory is 2.9 months of supply; condo inventory is 2.4 months.
Full report detailed here. Stats include Naples luxury market; properties from Port Royal to Bonita Beach Rd, West of 41.
Overal Inventory ⬇️
Despite Naples low inventory levels, we have seen a 106.2% increase in new listings compared to April 2020.
Since January, the Naples area housing market has enjoyed a 14.3% increase in new listings.
Bottom Line: Buyers shouldn’t give up searching for a home, paradise is waiting for you…
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If we haven’t connected yet, please reach out. I have built a 19+ year real estate career on integrity, honesty, knowledge and highly ethical practices, which has helped me close over $550 million in real estate sales and skillfully negotiate over 100 multiple-bid situations. I work with buyers and sellers along the Gulf Coast in Naples and Southwest Florida.
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Established in 1974. $9 billion in annual sales. William Raveis Real Estate is the No. 1 family-owned real estate company in the Northeast and Florida and the No. 8 real estate company in the country, according to REAL Trends. As leaders in marketing luxury properties, locally and globally, William Raveis assures customers receive world-class marketing and technology services as well as the additional benefit of direct access to 127 offices and over 4,000 sales associates in the Northeast, where a significantly growing number of buyers are coming from. Recognized as the Top Luxury Brokerage in the United States by Leading Real Estate Companies of the World. 130,000 sales associates • 565 premier real estate firms • Over 65 countries • 1 winner.