$1 Million Naples Homes

Naples homes are some of the most breathtaking in the country, and now after a recent report by Coldwell Banker, the rest of the country is beginning to take notice.

The report of the most active home listings of $1 million and up, mentioned in this article by the Napes Daily News, ranks 20 markets with a significant number of listings above $1 million.

And if you’ve ever taken a stroll down the southern end of Gulf Shore Boulevard near Port Royal, then you know Naples definitely has its fair share of pricey digs.

New York came in as number one. And Naples came in second followed by the likes of Scottsdale, Ariz.; Greenwich, Conn.; Honolulu and Boca Raton.

A few months ago in January and February, Naples had 931 active listings over $1 million, while New York had 3,538.

Why the Results May be Surprising

But the Daily News article says brokers say the results are surprising.

This is because home prices and the two cities’ populations are vastly different.

Gerald Murphy, a Coldwell Banker manager in Naples, says it comes down to need vs. desire.

Need vs. Desire

“There are two reasons to buy a home, need and desire,” he said. “New York is a primary home market, so people buy for need. But here people buy for desire.”

In New York, people pay skyscraper prices for small, cramped apartments.

And with a population of nearly 20 million, you can probably see why.

The report said New Yorkers pay an average of $1.5 million for about 1,200 square feet of space and one or two bedrooms. In the city’s priciest district, the West Village, the average price for 900 square feet is a whopping $4.2 million.

Naples has a mere 340,000 residents. And $1.5 million can buy a three-bedroom home with more than 2,000 square feet in some of Naples’ most desirable neighborhoods like Aqualane Shores and Royal Harbor.

A High Number of Active Listings—good or bad?

David Cobb, the regional director at the market research firm Metrostudy, said it’s not necessarily good to be ranked high on the number of active listings, since it shows people are eager to sell their homes.

“It could indicate some softening of the market,” he said.

Murphy disputed that, noting his agents currently are seeing multiple offers on high-end homes.

Wealthy people are both buying and selling their homes, he said, because “they have more confidence in the world economy.”

And besides, isn’t a stunning mansion on the Gulf of Mexico worth investing in, no matter the season?