The housing market in Naples, Florida which had been pleading for signs as well has indeed received another sign that things are definitely getting better. Lot sales. In Naples not only lot sales are a sign and the purchase of “Teardowns” are way up, which in this upscale market is the same as a lot sale. A teardown in Naples is a home built primarily in the 1970s, with limited square footage, approximately 1,500, with outdated features and amenities. The home will be torn down, and a new home built. These sales which do not appear as lot sales are sold for lot value. The typical Naples homebuyer looks for a home with the newest features, granite countertops, marble flooring, much more square footage, media rooms, island kitchens with top of the line appliances and much more natural light. Thus on the same lot where there once stood a 1978, two bedroom, two bath home, you will find a year later a two story 4,000 square foot, 4 or 5 bedroom, 4 bath, plus den, plus media room, gorgeous new home.
Another very positive sign is not just that the number of lot sales and teardowns has increased it is important to note who is purchasing. Not only private parties, that are purchasing to build their dream home, but many builders, who held off buying for two years have now jumped back into the market to build spec homes. Specifically, the very attractive area, a corridor known as West of U.S. 41, within a stones throw of the Gulf of Mexico, has displayed a huge upswing in lot and teardown sales.
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