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July 2022 Newsletter
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Market Update
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It is a privilege each month to share the latest on what is happening in our local map vis-à-vis the markets around the globe. If we watch TV or listen to the news, we feel the impending doom. However, Naples has always been a special place, isolated from the most dramatic market shifts… but we are shifting.
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Do you know what a market shift looks like? It looks like 80% more listings available in our local market inventory for Buyers to consider compared to this same time last year.
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Market Snapshot (July 2022)
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This is welcome news if you have been competing in the market and not found the right property for your objectives. It also looks like more days on market and fewer transactions. Folks, my job has been, and always will be, to serve as your trusted advisor and provide the honest facts from which we can make decisions to buy, sell, or wait in the local real estate market.
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This shift is a dribble compared to my colleagues in other markets. For example, my friends in Arizona, a market similar to ours in terms of a 2nd home and retirement destination, they went from approximately 4000 listings available for purchase in Q1 2022 to over 10,000 in June. Our inventory was 3842 for listings in June 2022 compared to the number of listings of 7115 in June of 2017-2019 on average, pre-pandemic levels.
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Despite rising interest rates, rising inflation, and the certainty of a slight recession, home prices are continuing to climb year over year. However, the crazy prices of April and May, which were a peak for us, have started to adjust to more realistic levels. Our average sales price is just shy of $1M, still up year over year.
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For Sellers, the supply and demand issue will return. Selling sooner than later will be better than waiting as more competition enters the marketplace. With more properties available, this will force prices to be more competitive. Our days of sticking anything in MLS and waiting for MLS offers is ending and buyers have higher standards. Condition and inspections will be a factor once again.
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If you would like additional insight on any of these market shifts and how they may impact you, I welcome the chance to speak with you and be of service. Don’t trust one of your largest assets to the largely inexperienced pool of agents currently in the marketplace. Trust your transactions to a professional that consistently strives to sharpen my skills, step up the level of customer service, and exceed your expectations for market analysis ahead of the curve.
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Summer Dining
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Campiello (Third Street South)
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One of our favorite opportunities in the summer in Naples are trying new restaurants that have recently opened or scoring on summer deals to encourage dining out without the challenge of finding a reservation. Here are a few of our favorites that have appetizing specials you may want to check out.
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Bleu Provence: three-course dinner menu for $49.99
Tuesday through Saturday from 5:00 to 6:00 p.m.
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Campiello: two-course lunch menu for $18 and early dining dinner menu for $32
Lunch served from 11:30 a.m. to 3:00 p.m. and early dinner service from 5:00 to 6:00 p.m. daily
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The Continental: three-course lunch for $24 and three-course dinner featuring steak and lobster for $48
Daily from 5:00 to 6:00 p.m.
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Dorona: three-course dinner for $39
Lunch daily from 11:30 a.m. to 3:00 p.m. and early dinner service from 4pm to 6pm
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The Local: three-course dinner menu for $29.95
Daily from 4:00 to 6:15 p.m.
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Ocean Prime: three-course dinner for $60
Daily before 5:30 p.m.
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Sails Restaurant: three-course summer sunset menu for $69
Monday through Thursday from 4:30 to 5:00 p.m.
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Sea Salt: four-course dinner for two for $120.
Lunch served from 11:30 a.m. to 3:00 p.m. and dinner special from 4:00 to 6:00 p.m.
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