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OLDE NAPLES...PRESENTS EXCEPTIONAL VALUE IN TODAY'S MARKET
Posted by V.K. [Mel] Melhado P.A. on Wednesday, August 19th, 2009 at 8:41pm.
Downtown Olde Naples has always been one of the most desireable, yet least affordable places for a home or condominium in Naples until today. One of the primary reasons is that it is the only area of Naples where every avenue, (running east and west), ends at the public beach. It also houses both 5th Avenue S. and Third Street, two well-known streets for world-class shopping and dining experiences, not to mention the world-renown Naples Fishing Pier, a top attraction itself for many years.
How the market has changed from its height in '05/'06. Back then you would be hard pressed to find a lot, never mind a house, for much under $1,000,000. Today there are currently 99 single family homes for sale in Olde Naples, and despite the fact that it remains a highly desired area, there is exceptional value to be found. You can even purchase a newly constructed home less than seven blocks from the beach for $699,000. Consider the fact that the lot that the home resides on sold for $700,000 in 2006 and when construction finished in 2007, it was put on the market for $1,675,000.
With regard to condominiums in Olde Naples, there are currently 151 listed for sale, and they also represent excellent value. You can now purchase a unit with an asking price of $114,000 that one would suspect would sell for less than $100,000. Yes it is a one bedroom condominium, but it is within walking distanct to the beach. Back in "the day", that unit would have easily done in the mid $300s.
Yes, like everywhere in the market today, Olde Naples represents great value!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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