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A recent article in the Naples Daily News stated, “Hurricane Ian couldn’t dampen property values in Collier County: In fact, values have increased 20% since last year”. The article goes on to say that some of the biggest factors that led to the value increases in 2023 were tight inventory, increasing land values and higher construction costs. The city of Naples saw property value increases of 19.4% since last November with new construction valued at $488.5 million.
Property values in Lee County increased 6.4% compared to 2022. The value of real estate in the heavily damaged Ft Myers Beach and Sanibel Island went down substantially but they are making vast progress as more and more restaurants, stores and tourist destinations reopen.
The city of Marco Island experienced a 22% increase in value from the year prior.
Overall, worries that Hurricane Ian would dampen values along coastal Collier County did not materialize, according to the above numbers.
In our offices, we are seeing an uptick in Sellers accepting financing. Additionally, some of the New Home Builders are offering more desirable interest rates which is incentivizing Buyers of newly built homes.
We are here to help with any of your home buying or selling needs. Feel free to reach out should you have any questions about SW Florida real estate. We look forward to helping you find your next “PIECE OF PARADISE”.
Susan Sanderson, Downing-Frye Realty, Inc.