Having weathered Irma, which struck South Florida as a category-three hurricane in early September, the region has sprung back up fast. Naples, which sprawls on the western coast of the state, with its healthy real estate market, is a case in point.
“Actually it might come as a surprise, but the market continued to move ahead per its usual activity,” said Dante DiSabato, Naples-based real estate agent with William Raveis. “I heard of only a couple of properties that were delayed in closings, and in our luxury market there were only a few cancelations.
“The sales trends are very similar to last year as prices continue to rise and good inventory decreases. I feel that since we withstood a Category 3 hurricane and came out OK with no major damage, it shows just how resilient Naples really is.”
With prices on a sustained ascent – albeit slower than the 20-percent increases that characterized previous years, the high-end residential market in Naples continued to grow and attract investment.
“Investors will continue to navigate to Florida to purchase properties in resort towns like Naples that will have long term growth ahead,” said DiSabato. “After all, it is 20 degrees in some parts of the country and this morning it is 75 here without a cloud in the sky!”
Closed sales have spiked by 4 percent this year, he said, and inventory has spiraled down. In some coveted neighborhoods, it has dwindled to less than a year’s worth, cuing to a strong demand that is buoyed by low interest rates, steady impact fees and staunch building codes.
“Our rigorous building codes require quality construction and people want to purchase quality,” DiSabato said. “Traffic has increased greatly already and showings continue to increase daily. I suspect sales are going to be strong [next] year.”
Among the first new developments to come to the market in 2018 will be Kalea Bay, which is slated for completion in January. In the works for over a year, the luxury condominium tower features Naples’ very first rooftop pool and rises only steps away from the Gulf of Mexico, affording spectacular vistas.
With three- and four-bedroom residences and a slew of amenities, Kalea Bay exemplifies not only the relaxed lifestyle of South Florida, but also Naples’ vibrant real estate market and flourishing prominence as a high-end destination.
For more information about Kalea Bay, contact Dante DiSabato at 239-537-5351 or [email protected]
Dante DiSabato is the exclusive agent representing the Naples, Florida real estate market as a member of the Haute Residence Real Estate Network. View all of his listing here.