Naples Home Prices Overview
The adage of location, location, location, is very true for Naples Florida. The closer to the Gulf of Mexico, the greater the land's value. Often the value of the land (lot) near the Gulf, exceeds the value of the structure. A small house in Olde Naples for example, could have a value well in excess of $1 million.
The further west a home is located, the more central it is to the things that encompasses the Naples lifestyle (See Naples' Destination Areas). Whether it is a single family home or a condo, the land it sits on is an important factor to the overall price.
Three key components help determine the value of a home in Naples.
- Overall Naples Location - Closer to the Gulf and the Naples attractions, the higher the value.
- Overall Value of the Neighborhood - Values within an upscale gated community miles from the Gulf, can be much higher than older single family home neighborhoods just minutes from the Gulf. The type and extent of amenities within a community, plays a large part in the overall value.
- Value Within the Community - A home could have an expansive lake or golf course view, or the same home could back up against a boundary fence with highway noise.
Overall Naples Location
No matter where you live in Naples except for the outer areas, (such as Golden Gate Estates) you are never more than a couple of minutes from grocery shopping. There are grocery chains at nearly every major intersection along with other services. But all the major Naples destination area are concentrated in the core area
Residents in the green area, or those east of the green area, just drive west to get to the beach. Those in the northern yellow area or to the south have to drive to the green area for beach access.
Those in the green or yellow areas have no reason to drive east for any of Naples attractions or available services. Most of the Naples working population live in the out areas, as that is what they can afford to raise their family.
Second Home Buyers Drive the Prices
Second home buyers drive home prices in the Naples market, not the local working residents. The local workforce mainly work in services that second home owners require - building, landscaping, remodeling, services, etc.
Naples housing expansion is not driven by the local high school grad or college grad that has a job and buys a home. Sure there is some of that, but not near the extent of the second home buyer. Local workers buy housing that they can afford. These would be the least expensive single family neighborhoods.
There is a new infusion of second come buyers in Naples each year. Either those planning ahead for their winter retirement, or those that have reached retirement and seek a winter retreat. As more baby-boomers reach retirement each year, the infusion is expected to grow.
New developments are designed for the second home buyer in mind. Naples currently has developments under construction that will be adding an additional 15,000 housing units over the next few years.