2019 Lake Park Year End Market Report, Naples Florida - GCIP

LAKE PARK

2019 YEAR END MARKET REPORT

CURRENTLY LISTED LAKE FOREST  891 13TH STREET NORTH

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LAKE PARK

2019 Year End Market Report LAKE PARK: NAPLES’ HOTTEST NEIGHBORHOOD! Lake Park is nestled in the heart of Naples’ finest attractions, and only three quarters of a mile from Naples’ world-renowned sugar sand beaches.

Building height restrictions and strict zoning guidelines throughout Lake Park instill a quaint ambiance for this family friendly neighborhood. A collection of older homes primarily from the 1950’s and 1960’s mix with a growing number of magnificent new homes. With an average MLS closed sales price just over $777,000, Lake Park has become increasingly popular as homes across Tamiami Trail in Old Naples average nearly $4,000,000.

The vibrant downtown area is the epicenter of the City of Naples, and the main reason Coastal Living magazine ranked Naples in the top two of “America’s Happiest Seaside Towns” and the “most walkable” on their list. Naples also ranked in the top ten small towns in America by Smithsonian magazine for “high concentrations of museums, historic sites, botanic gardens, resident orchestras, art galleries and other cultural assets common to big cities.”

Lake Park Average MLS Closed Sale Price July thru December 2015-2019

Average Closed Sales Price

Average Closed Price Per Square Foot

Lake Park Average Closed Price Per Square Foot July thru December 2015-2019

A STRONG FINISH FOR THE YEAR We believe the Lake Park single-family home market remains strong in comparison to 2017 and 2018, which were, historically, great years. With total sales in the second half of 2019 totaling just over $7,000,000 and a record breaking average closed price per square foot of $350, the Lake Park market continues to exceed previous benchmarks. While the average sales price has hovered largely between $400,000 and $500,000 in previous years, the second half of 2019 witnessed a record shattering average sales price of $777,778. This increase of $216,660 over the data from the first half of 2019 showcases the strong demand for new construction in Lake Park. As depicted in the table on the next page, days on market has increased slowly over the past few years which is a sign that the neighborhood has experienced growing pains as we see more and more sales exceeding $1m. That, along with the current number of anticipated record-breaking sales, and the quickly appreciating resale market in the Lake Park area, solidify the prediction of a very strong 2020 market.

YEAR OVER YEAR STATISTICS

VISION FOR THE NEXT 12 MONTHS Moving forward, rates are still low with the expectation that they will stay relatively flat or decline in the near future. We expect to see a continued increase in the cost of construction due to increases in material and labor expenses. All things considered, we believe that the first and second quarters of 2020 will continue to surpass previous benchmarks, particularly for newer construction, as well as properties fronting any of Lake Park’s four pristine lakes.

It is important to keep in mind that Lake Park is an incredible place to live, unlike any other at this price point. Within a short walk or bike ride, one can enjoy pristine beaches, tennis, live music and theater, multiple parks, shopping, dining, and much more. It’s difficult to find a better lifestyle given the glorious year-round warm weather in Naples. With that in mind, we believe the Lake Park market is bound to remain robust regardless of year to year statistical analysis and pricing.

Lake Park Average MLS Closed Lot/Tear Down Price July thru December 2015-2019

Source: Southwest Florida MLS

*Excluding the $1.6 M Sale which we consider to be an outlier.

LAKE PARK 2019 YEAR END MARKET REPORT

CURRENTLY LISTED LAKE PARK  1196 10TH AVENUE NORTH

Presented by:

CRISTAL O’MEARA, P.A.

REALTOR® 239.961.2528  cristal@gcipnaples.com

DANIEL DIEKNEITE, P.A.

REALTOR® 239.789.9599  daniel@gcipnaples.com

239.434.2558 ◆ 1144 Third Street South ◆ 691 Fifth Avenue South ◆ Naples, Florida 34102 2425 Tamiami Trail North, Suite 102 ◆ Naples, Florida 34103

www.gcipnaples.com

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All information herein is subject to change and no representation is made to its accuracy. © 2020 by Gulf Coast International Properties ® An equal opportunity company. If your property is presently listed with another Agency, or is currently being marketed by Gulf Coast International Properties ®, please consider this a matter of information and not an intent to solicit.