Naples a Residential Hot Spot Despite Hurricanes
The threat of hurricanes isn’t keeping people from buying property in Naples, Florida.
Two exclusive communities, Port Royal and Aqualane Shores, have been ranked among the most valuable residential areas in the nation, the Wall Street Journal reported.
Port Royal recorded typical home values of $16.5 million in April, almost doubling since January 2020. Aqualane Shores came in sixth place, with a typical home value of a little over $8.5 million in April, up from $4.6 million in January 2020.
Shevawn and Simon Barder made Naples their permanent home after years of vacationing in the area, the outlet reported. Seeking a change from their fast-paced city lives in London and New York, the couple decided to settle in Naples in 2018.
The Barders purchased a spacious 6,000-square-foot, four-bedroom home in Naples’s Mediterra neighborhood for $3 million in April 2019. The neighborhood boasts golf courses, beaches, and excellent biking opportunities. With its expansive patios and lanai, the Barders can enjoy the outdoors to the fullest.
Despite the area’s vulnerability to hurricanes, the Barders said they’re not overly concerned.
Shevawn said Florida’s high construction standards and building codes assuage any of her concerns. In addition, their home is inland and not subject to storm surges. As such, they’ve been able to secure comprehensive home insurance coverage, adding to their peace of mind.
The pandemic played a role in driving up real estate prices in Naples, attracting an influx of buyers from various parts of the United States and abroad. Naples’s population in Collier County, the county seat, increased by 5.5 percent between 2020 and 2022. The area is expected to experience population growth of up to 10 percent by 2025.
The rise in demand, coupled with limited inventory, has contributed to price surges.
However, the market has recently experienced a slowdown, with a decrease in sales volume and a return to more rational buying behavior. High-end inventory remains scarce, partly due to the impact of Hurricane Ian, which caused damage to around 7,000 homes in Collier County. Despite the challenges, buyers continue to be attracted to Naples for its cosmopolitan atmosphere, pristine beaches and thriving dining scene.
Future developments, such as the Four Seasons’ Naples Beach Club and the construction of luxury condominiums at The Avenue, further fuel sustained interest and demand for upscale properties in the area.
In April, Toll Brothers announced it’s building 47 two-story townhomes in the city.
— Ted Glanzer
