Naples Most Affordable Homes
Naples most affordable homes are usually in areas with a high concentration of local working families. Residents will either be homeowners or renters, renting from investors.
Affordable Single Family Homes
Naples most affordable single family homes will be older, smaller and in neighborhood that do not generally appeal to a second home buyer or someone looking for a retirement home.
If a second home buyer has a limited budget (under 250k), and must have a single family home, then with few exceptions they will be looking in one of these neighborhoods (starting with the largest number of choices.):
- Golden Gate Estates
- Golden Gate City
- Naples Park
- Naples Manor
- Riviera Golf Estates
- Naples South
- Bonita Shores - in north Naples near the Lee County border
- Poinciana Village
- Flamingo Estates east Naples
- and dozen of other smaller neighborhoods
Affordable Condo Homes
The most affordable condo homes will not have the same high concentration of local working families. They would prefer a single family home when ever possible for them. In many cases some the most affordable group of condos will have a high concentration of second home owners.
Some of Naples least expensive condo homes come with a catch; the buyer most also join a golf club. This excludes them from the affordable list.
At the housing peak, when there were a shortage of properties for sale, apartment building began converting to to condo, encouraging a flood of investors. A high number of these investors used mortgage financing to purchase. The values in these condo conversion collapsed hard when the bubble burst leading to a high rate of foreclosures. These foreclosures have worked there way through the system.
These conversions still represent some Naples more affordable housings.
Below is a chart of selling prices per square foot for some of the Naples larger most affordable communities. Those communities highlighted in yellow were apartment conversions.
Avg. Sell Price Per Sq. Ft. Years 2012 - 2014
Abaco Bay condo for example are 886 sq. ft., times $89 sq. ft. value in 2014, makes an average selling price of $79,000. These prices are well below replacement costs