Homes in upscale Naples, Florida are experiencing record appreciation, yet there is plenty for buyers to choose from, say local Realtors.

"This is paradise found, where the sun shines on the miles of white sand beaches more that 290 days a year," says Realtor Mal Griffin. "The finest hotels, restaurants, world-class cultural facilities, and a vast array of fine home choices await you. There is fun for all ages - professional sports complexes, state and national parks with walking and biking trails, and an abundance of birds and wildlife.

Advises Griffin, "For even the most discriminating buyer, there is a wealth of wonderful properties to choose from in the Naples area. From fine gated, golf course communities to elegant beachfront locations, from quaint bungalows to the most refined dwellings one could imagine, it's all here in charming and sophisticated Naples."

Explains Realtor Ginny Lee, "The greater Naples Area reports high appreciation - 15 percent on most homes and up to 44 percent on waterfront homes. If you want a great investment and want to stay warm this winter come to the Greater Naples area and buy a home. Live in Paradise while your home appreciates in value and you make money! Better than the stock market any day."

Young families as well as snowbirds are finding communities such as Southwest Florida's Naples an ideal place to settle.

Says Realtor Phil Gieseke, "Southwest Florida is attracting more than baby boomer vacationers and retirees. Developers now locate next to schools and advertise family amenities. We anticipate a mix of young and old, vacationers and residents over the next 20 years as this area grows into a self-sustaining commercial and residential community.

"As developers move outward to less expensive land," explains Gieseke, "they offer either the same home value for less money or the same home with more surrounding green and water areas. Buyers are embracing both options. Upscale golfing communities are now selling east of I-75 as far north as Ft. Myers and south on 951 towards Marco Island. Lee County has approved the Simon Group's plan for the Coconut Point Mall, including 1.8 million sq.ft of retail space plus 1,000 multifamily units and 300,000 sq ft of office space. It will be located on the east side of US 41 in Estero.

"Note that some of the established developments have already experienced rapid appreciation and are adjusting to the average area rate. This is because today's buyer is more value conscious, but still shuns the older 'dated' properties that will require more maintenance. However, newer areas are experiencing increased pressure on property values as shopping and services appear and mature. In all cases, while acknowledging the current eastward development, we still sense that the closer to the Gulf, the more valuable the property -- the weather, the shopping, and the services are superior. If you can see the Gulf or feel its breezes, that's a plus. An unobstructed view where you can walk out the door and put your feet in the sand is still in highest demand --and is least available."

As far as the current market goes, Gieseke says, "Both sales volume and prices rebounded in 2002. We have appreciation across the board, but sales volume is highest at the low-priced end and slows as the price increases. Low mortgage rates are allowing renters to become first-time buyers and visitors to buy the unit they didn't think they could afford. On the other hand, there are fewer buyers at the higher price points and they are picking and choosing their favorites -- for which they are willing to pay top dollar -- from a large inventory."

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Published: November 19, 2002

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