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The inventory of existing homes continues to shrink in the Bonita/Estero/Naples market. According to Sunshine Multiple Listing Service, Spanish Wells has only 60 homes on the market out of more than 1200 homes in the community. This is less than half of the available inventory of just a few years ago. In contrast, there have been 90 closed sales in the past 12 months with another 22 homes currently under contract and pending closing.
According to a prominent local appraiser, a “buyer’s market” exists when there are more homes on the market than have sold in the past 12 months; and a “seller’s market” when there are fewer homes on the market than have sold in the past 12 months. By this definition, Spanish Wells is now in a seller’s market for the first time in more than 5 years.
Jan and Jim Boeglin, along with several other Realtors active in the Spanish Wells market, met with representatives of Toll Brothers last week for an update on their construction plans. It appears that Valencia at Spanish Wells will break ground within the next 6 weeks, and the first model home is expected to be finished before the end of the year. The first phase of this 128 home development will be on the south side of the project, connecting up with Alhambra. The second phase will be connecting with Tasca to the north. The plan is to “bundle” all of these homes with memberships to Spanish Wells Golf & Country Club.
If you are considering a newly constructed home, in Valencia or somewhere else in the area, please contact the Boeglin Team. We have experience with many of the builders and their products.
For the month of April, there were 5 Spanish Wells homes sold, but another 22 are under contract and moving toward closing. Traffic at open houses remains strong, as do showings at our listed homes. This summer has all of the signs of a busy season for Spanish Wells and Southwest Florida.
If you are a homeowner who is considering a move, please call a member of The Boeglin Team for an appointment. We will provide you with specific market information as well as a marketing plan to sell your home. If you are considering the purchase of a home in the Bonita/Estero/Naples/Fort Myers area, please consider partnering with The Boeglin Team in your home search. Here are the neighborhood specifics within Spanish Wells as of the end of April:
Single Family Homes in Original Spanish Wells—30 listed (6% of 495 total)
- Prices ranging from $275,000 to $759,000
- Average price is $456,216 or $184 per square foot
- In the past 12 months, 37 of these homes sold for an average of $338,092 or $144 per square foot
Single Family Homes in Marbella—4 listed (5% of 86 total)
- Prices ranging from $349,900 to $525,000
- Average price is $430,475 or $172 per square foot
- In the past 12 months, 7 of these homes sold for an average of $360,359 or $158 per square foot
Lake Club Villas—3 listed (3% of 104 total)
- Prices ranging from $319,900 to $425,000
- Average price is 377,967 or $154 per square foot
- In the past 12 months, 4 of these homes sold for an average of $277,750 or $130 per square foot
Marbella Carriage and Coach Homes—7 listed (3% of 208 total)
- Prices ranging from $185,000 to $289,000
- Average price is $225,200 or $129 per square foot
- In the past 12 months, 10 of these homes sold for an average of $190,750 or $107 per square foot
Marbella Three Story Condos—3 listed (6% of 48 total)
- Prices ranging from $159,900 to $195,000
- Average price is $182,600 or $116 per square foot
- In the past 12 months, 4 of these homes sold for an average of $155,475 or $86 per square foot
Las Brisas Condos, Coach Homes, Villas, etc.—9 listed (4% of 210 total)
- Prices ranging from $185,000 to $329,000
- Average price is $248,600 or $132 per square foot
- In the past 12 months, 20 of these homes sold for an average of $204,518 or $116 per square foot
Golf Condos/Townhouses—3 listed (4% of 80 total)
- Prices ranging from $127.500 to $160,000
- Average price is $145,667 or $113 per square foot
- In the past 12 months, 8 of these homes sold for an average of $136,125 or $101 per square foot
Spanish Wells is a beautiful and affordable golf community conveniently located off Bonita Beach Road, between U.S.41 and Old 41. We are close to beaches, shopping, restaurants, banks, medical professionals, and business offices. Let the energy, local knowledge and experience of the Boeglin Team, partnered with the international resources of Coldwell Banker, work for you.