Luxury Florida Real Estate - 3rd Quarter 2011 Sales

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One thing continues to be certain here in Southwest Florida. The area has some of the best luxury real estate available within the entire state. And, when you consider the hard times the market has been suffering through the last few years, the luxury market has actually held up quite well.

The following 3rd Quarter 2011 sales data covers some of the best locations for luxury properties in Florida. It includes the cities of Bonita Springs, Naples and Marco Island and will give you an idea of what the market is doing in the much sought after neighborhoods like Port Royal, Pelican Bay, Barefoot Beach and Cape Marco.

Luxury Property Sales $1 Million - $2 Million

Home Sales 3rd Quarter 2011*:

  • 60 Closed Sales (68 in 2010)
  • Average Sales Price - $1,357,887
  • Median Sales Price - $1,290,000
  • Average Days on Market - 229
  • Average List to Sales Price Ratio - 88%

Condominium Sales 3rd Quarter 2011*:

  • 18 Closed Sales (28 in 2010)
  • Average Sales Price - $1,342,277
  • Median Sales Price - $1,252,500
  • Average Days on Market - 266
  • Average List to Sales Price Ratio - 90%

Luxury Closed Sales ($1 Million - $2 Million) 2010 - 2011

Luxury Closed Sales ($1 Million - $2 Million) 2010 - 2011

In comparison with 2010 sales data, the $1 Million - $2 Million price category saw a 12% decrease in the number of luxury home sales and a 36% decrease in the number of luxury condominium sales. The average price for homes fell by 1% and the average price for condominiums fell by 6%. Total sales year-to-date were 416, up 10% over this time last year.

Luxury Property Sales $2 Million - $5 Million

Home Sales 3rd Quarter 2011*:

  • 24 Closed Sales (23 in 2010)
  • Average Sales Price - $2,955,302
  • Median Sales Price - $2,725,000
  • Average Days on Market - 339
  • Average List to Sales Price Ratio - 84%

Condominium Sales 3rd Quarter 2011*:

  • 17 Closed Sales (5 in 2010)
  • Average Sales Price - $3,070,441
  • Median Sales Price - $3,200,000
  • Average Days on Market - 315
  • Average List to Sales Price Ratio - 93%

Luxury Closed Sales ($2 Million - $5 Million) 2010 - 2011

Luxury Closed Sales ($2 Million - $5 Million) 2010 - 2011

In comparison with 2010 sales data, the $2 Million - $5 Million price category saw a 4% increase in the number of luxury home sales and a 340% increase in the number of luxury condominium sales. The average price for homes fell by 7% and the average price for condominiums rose by 13%. Total sales year-to-date were 188, up 24% over this time last year.

Luxury Property Sales $5 Million & Above

Home and Condominium Sales 3rd Quarter 2011*:

  • 9 Closed Sales (8 in 2010)
  • Average Sales Price - $8,080,555
  • Median Sales Price - $6,600,000
  • Average Days on Market - 44
  • Average List to Sales Price Ratio - 83%

Luxury Closed Sales ($5 Million & Above) 2010 - 2011

Luxury Closed Sales ($5 Million & Above) 2010 - 2011

In comparison with 2010 sales data, the $5 Million & Above price category saw a 13% decrease in the number of luxury home and condominium sales. The average price fell by 19%. Total sales year-to-date were 25, unchanged over this time last year and 6 of those sales were sold for $10 million or more.

While the sales numbers are encouraging, it's still important to understand most luxury real estate in Florida is located on some of the most prized property available. You don't just give away oceanfront estates, island getaways or high rise condominiums with views to die for just because the rest of the market has hit hard times. In addition, folks who are wealthy enough to afford such properties in the first place are also wealthy enough to carry them as they weather the market downturn. So, the bottom line is you still "gotta pay to play" when it comes to luxury property here in paradise.

*Sales Statistics from Nabor MLS

About the Author

Benjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded RealtorĀ® associates dedicated to offering professional real estate services by concentrating on information, education and the use of leading edge technologies. He also is a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.

Contact Benjamin Dona at 239-948-3955

SouthwestFloridaRealEstateBlog.com

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