Luxury Florida Real Estate - 2011 End of Year Sales Review
The following End of Year 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 in places like Port Royal, Olde Naples, Pelican Bay, Barefoot Beach and Cape Marco.
Luxury Florida Property Sales $1 Million - $2 Million
- Total Sales of 527 versus 463 in 2010 - up 14%.
- 315 Homes Sold versus 302 in 2010 - up 4%.
- Average Sales Price for Homes - $1,375,226 - down 0.1%
- Median Sales Price for Homes - $1,350,000 - up 4%.
- Average Days on Market for Homes was 253 versus 260 in 2010.
- 221 Condos Sold versus 161 in 2010 - up 37%.
- Average Sales Price for Condos - $1,381,157 - down 0.6%
- Median Sales Price for Condos - $1,300,000 - down 6%.
- Average Days on Market for Condos was 272 versus 257 in 2010.
Luxury Florida Closed Sales ($1 Million - $2 Million) 2008 - 2011
Luxury Florida Property Sales $2 Million - $5 Million
- Total Sales of 222 versus 186 in 2010 - up 19%.
- 160 Homes Sold versus 137 in 2010 - up 17%.
- Average Sales Price for Homes - $2,930,442 - down 1%
- Median Sales Price for Homes - $2,750,000 - up 3%.
- Average Days on Market for Homes was 283 versus 267 in 2010.
- 62 Condos Sold vs 49 in 2010 - up 27%.
- Average Sales Price for Condos - $2,983,827 - up 6%
- Median Sales Price for Condos - $2,700,000 - up 1%.
- Average Days on Market for Condos was 243 versus 334 in 2010.
Luxury Florida Closed Sales ($2 Million - $5 Million) 2008 - 2011
Luxury Florida Property Sales $5 Million & Above
- Total Sales of 32 versus 32 in 2010 - Unchanged.
- 29 Homes Sold versus 29 in 2010 - Unchanged.
- 3 Condos Sold versus 3 in 2010 - Unchanged.
- Average Sales Price - $8,707,109 - up 4%
- Median Sales Price for Homes - $6,873,750 - up 6%.
- Average Days on Market for Homes was 265 versus 320 in 2010.
Luxury Florida Closed Sales ($5 Million & Above) 2008 - 2011
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. Hence, the pricing. 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 Data from BEAR and 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 Realtor® 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