Bring Your Highest Expectationsâ„¢ ANNUAL MARKET REVIEW FOR 2016 Gulf Shore Boulevard
Bring Your Highest Expectations™
GULF SHORE BOULEVARD REPORT Closed Sales Activity on the beach slowed during 2016 when compared to 2015, with 155 sales for the year vs. 192 in the prior year. Competition from several new high rise projects in Naples and Bonita Springs may have been a contributing factor in this decline. Sales on the bay were also down 34% for the year with 57 sales in 2016 compared to 86 in 2015 (Ex. 1a and 1b). The beachfront buildings with the highest number of sales were Vistas with nine, followed by Esplanade, Monaco Beach Club and Surfsedge with eight sales each. On the bayfront, Harborside West led with seven sales followed by La Maison with five.
Average Sales Price - Closed Sales The average sales price of beachfront condominiums increased 4% over the prior year to $1,585,802. This marks the sixth consecutive year of price increases in this segment, although at a much slower pace than the double-digit growth of the past two years (Ex. 2a). Bayfront condominiums also increased by 11% over 2015 to $604,250 and posted the sixth year of year-over-year gains (Ex.2b). Buyers in this segment tend to favor properties with better views or those that have been updated.
Average Price Per Square Foot - Closed Sales The price per square foot increased an average of 13% year-over-year for properties on both sides of Gulf Shore Boulevard. Average price per square foot on the beach was $722 and $424 on the bay, both at the highest level in the past eight years (Ex. 3a and 3b). Actual prices paid per square foot, by building, ranged from $242 to $738 on the bay and $300 to $1,272 on the beach.
Summary On January 1, 2017, there were 40 condominiums available on the bay and 113 on the beach. Supply on the bay and beach increased significantly from 24 units on the bay and 65 on the beach on January 1, 2016. Based on the number of closings during the past 12 months, the current inventory indicates 8.2 months of supply on the bay and 8.7 months on the beach. The significant increase in inventory and the slowing of sales will put pressure on pricing during 2017. Buildings on the beach and bay vary considerably in age, condition and amenities and the averages referenced in this report provide only a broad view of market trends in this segment. When contemplating a sale or purchase in this popular neighborhood, buyers and sellers are advised to seek the help of a John R. Wood Properties sales professional who can provide current and accurate market data.
John R. Wood Properties, Bring Your Highest Expectations. “The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
Bring Your Highest Expectations™
ANNUAL NUMBER OF CLOSED SALES
Beachfront Condominiums 250
Ex. 1a
200 150 100 50 0
2009
2010
2011
2012
2013
2014
2015
2016
Bayfront Condominiums 100
Ex. 1b
80 60 40 20 0
2009
2010
2011
2012
2013
2014
2015
2016
John R. Wood Properties, Bring Your Highest Expectations. “The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
Bring Your Highest Expectations™
ANNUAL AVERAGE SALES PRICE - CLOSED SALES
Beachfront Condominiums Ex. 2a
2009 2010 2011 2012 2013 2014 2015 2016 $0
$250,000
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
$1,750,000
Bayfront Condominiums Ex. 2b
2009 2010 2011 2012 2013 2014 2015 2016 $0
$175,000
$350,000
$525,000
$700,000
John R. Wood Properties, Bring Your Highest Expectations. “The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
Bring Your Highest Expectations™
ANNUAL AVERAGE PRICE PER SQUARE FOOT - CLOSED SALES
Beachfront Condominiums Ex. 3a
2009 2010 2011 2012 2013 2014 2015 2016 $0
$100
$200
$300
$400
$500
$600
$700
$800
Bayfront Condominiums Ex. 3b
2009 2010 2011 2012 2013 2014 2015 2016 $0
$100
$200
$300
$400
$500
John R. Wood Properties, Bring Your Highest Expectations. “The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”