It was just reported last week WCI had lost control of managing Tiburon Naples Florida and now today Naples Daily News reports they expect to start building in Tiburon as early as December. Single family homes and 2 unit attached villa construction are the only types of products on the slate as they state condo product (especially high-rise product)is still in oversupply.
Talking about oversupply, currently there are 49 properties available in Tiburon Naples Florida. There have only been 18 closed sales during the last 12 months...that's nearly 3 years supply!
Why would any developer want to start construction under those conditions? If you break it down a little further, there are 8 single family homes on the market, 1 sold during the last year and 1 is currently under contract. According to the article in the Naples Daily News, single family homes and duplexes are the two types of product WCI says they're going to focus on and pricing is supposed to stay between $200,000 and $700,000.
If the pricing is correct then I imagine there should be some quick sales in Tiburon considering the fact that the lowest price home right now is in Marsala at Tiburon listed for well over 1 million. It will be curious to see if they're just planning on shrinking the size of home or offering less features within the floor plan. I suppose time will tell....
News like this would stall my decision to purchase Tiburon single family homes unless there was something that exactly fit what I was looking for and I didn't care what I was spending or what it was truly worth...it's hard to know if you're getting a great deal if you haven't been dealt all the cards yet. I hate it when plans for a development take a huge turn...not that I'm saying that there's a huge turn taking place in Tiburon. I just think most of the people who purchased single family homes in Tiburon always expected them to be worth at least somewhere around 1 million....not 300,000 less.
If I were looking a Tiburon condos, I'd probably move forward....
Ok, that's all for today.
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!
Serving my purpose through content rich informaton about Naples, Florida real estate!
Best Regards!
Shannon Lefevre, PA
Your Naples Smart Girl!
239-595-6223
www.ShannonLefevre.com
“The opinions expressed herein are those of the author and do not necessarily represent the views of John R. Wood Realtors.”
