MARKET REPORT: 2022 Lake Park - 1ST QTR & Year to Date - GCIP

LAKE PARK

2022 YEAR TO DATE

®

LAKE PARK

2022 1ST QTR & YEAR TO DATE 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.

Lake Park is a collection of quaint older homes primarily from the 1950s and 1960s alongside a rapidly growing number of magnificent new homes. Known as a family friendly neighborhood in a highly desirable location within a very high quality, A-graded school district, the ambiance of the tree canopied streets invites you home. With an average MLS closed sales price just over $1,168,000, Lake Park has become increasingly popular as homes right across Tamiami Trail in Old Naples average nearly $6,800,000.

The vibrant downtown area is the epicenter of the City of Naples. Lake Park is naturally graced with close proximity to the downtown area and lies less than a mile from the white sugar sand beaches of the Gulf of Mexico. Many other standout features make this a fabulous neighborhood, including the state-of-the-art Gulfshore Playhouse (expected opening 2023); Baker Park, Naples newest 15- acre waterfront park located directly on the Gordon River; and the spectacular forthcoming Four Seasons renovations.

Gulfshore Business reports that Naples ranked 12th in the nation on U.S. News & World Report’s 2022-2023 “Best Places to Live in the United States” list, ahead of Austin, Texas, and Des Moines, Iowa. 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.”

YEAR OVER YEAR STATISTICS SINGLE FAMILY SALES Number Listings Total Sales (Millions) Average Closed Sale Price Average Days on the Market Highest Price Sales

2019

2020

2021

2022 1ST QTR

2022 YTD

22

26

39

4

7

$13.7

$16.3

$38.6

$4.6

$8.3

$623,200

$626,200

$991,000

$1,144,800

$1,191,600

106

55

37

9

6

$1,100,000

$1,375,000

$2,975,000

$1,425,000

$1,425,000

Source: Southwest Florida MLS

www.gcipnaples.com  www.portroyalwaterfronthomes.com  www.gcipluxuryrentals.com

SINGLE FAMILY HOMES DATA The total dollar volume closed in 2021 of $38.6 million in comparison to year to date, May 16, 2022 of $8.3 million is due to record low inventory both in Lake Park and in the overall Naples market. Despite continued low inventory, the demand remains incredibly strong with many properties lasting just days on the market. As of May 16, 2022 there is an adjustment with 10 homes on the market ranging in price, with only one under $1 million.

VISION FOR THE NEXT 12 MONTHS Moving forward, the market for Lake Park continues to remain hot as sales continue to be robust. 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 third and fourth quarters of 2022 will continue to surpass previous benchmarks in price for all homes, but primarily for new construction and properties fronting any of Lake Park’s four beautiful lakes.

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 strong regardless of year-to-year statistical analysis and pricing.

LISTED & SOLD

1273 12TH AVENUE NORTH

SOLD! Represented The Seller

$977,000

www.gcipnaples.com  www.portroyalwaterfronthomes.com  www.gcipluxuryrentals.com

®

Melanie Mogelvang Hovland is a Naples native with extensive real estate experience. Specializing in mortgage banking, real estate accounting, commercial property management and brokering, Melanie’s financial knowledge is expansive. From her work as a loan officer for the largest Florida real estate developer through to real estate agent and then on to Broker Associate, Ms. Hovland is a seasoned professional in the industry with first hand local knowledge.

MELANIE MOGELVANG HOVLAND, P.A. BROKER ASSOCIATE

239.450.4387  melanie@gcipnaples.com

®

1144 3rd St S Naples, FL 34102

OLD NAPLES: 1144 Third Street South ◆ 691 Fifth Avenue South ◆ Naples, Florida 34102 PELICAN BAY: Waterside Shops ◆ 5435-19 Tamiami Trail North ◆ Naples, Florida 34108 239.434.2558 ◆ www.gcipnaples.com ◆ www.portroyalwaterfronthomes.com www.gcipluxuryrentals.com

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Source: Southwest Florida MLS. CMA 01-2019 - 05-27-2022.

All information herein is subject to change and no representation is made to its accuracy.

© 2022 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.