Bonita Springs 2021 Year End Market Report

This reports shows the median prices for different property types in Bonita Springs in 2021 compared with 2020. At the end of the article is a link to my Guide to Buying and Selling in Southwest Florida.

With extremely low inventory, Q4 saw both a sharp drop in sales and a spike in the sales price per sq. ft. (PSF).

The market statistics produced by Realtor Boards provide a lot of useful information, but group together what to me are wholly different categories – e.g.  Detached Villas with Single Family, Attached Villas with Condos. Here then is what I hope will be a more useful and informative analysis, which shows the breakdown using the categories that make sense to me. I also include definitions of the different property types after the charts.

Definitions
Single Family
The legal description is “a structure maintained and used as a single dwelling unit,” having these characteristics:
The home is a stand-alone, detached property – it doesn’t share common walls or a roof with any other dwelling.
It is built on its own parcel of land with its own private and direct access to a street or thoroughfare.
Only one set of utilities can service this home and may not be shared in any way with another residence.
The home is built as the residence for one family, person, or household, whose owner has an undivided interest in the unit.
The exterior of the home as well as all landscaping are maintained by the homeowner – there is no HOA or HOA fee.

Villa
Detached Villas are single or 2 story detached homes on lots ranging from 40 to 65 feet of road frontage and lot depth ranging from 110 to 150 feet. This product ranges in living area size from 1,200 to 4,000 square feet. Homes are designed to offer all the amenities of a single family home, the major difference being the lot frontage. Lot depth is determined based on market research and is typically large enough to accommodate a private pool.
The exterior of the home as well as all landscaping are maintained through a homeowner’s association

Attached Villas are single story buildings with 2 to 6 units per building, similar to a duplex, sharing common walls with separate and attached one or two car garages with access from the interior of the home. Their primary advantage is that they have the feel of a single family home and are on one level. These homes range in living area from 1,600 to 2,000 square feet.
The exterior of the home as well as all landscaping are maintained through a homeowner’s association.

Condo/Townhouse
Living in a Condo means being part of a community, so it is important not to inconvenience your fellow condo owners. To make this possible, you are expected to abide by rules that are set by the HOA. Each HOA has rules, known as covenants, conditions & restrictions (CC&Rs), that are meant to protect all condo owners, and is governed by a board of condo owners whose interest is to make life in the building or community run as smoothly as possible. The conditions set on condos and the fact that the HOA provides maintenance services may limit your privacy and freedom. The rules can specify such things as whether pets can be kept, the placement of trash and recyclables, exterior paint colours, landscaping and more.

Low-Rise Condominiums are 2 story walkup buildings with 6 to 18 units per building. The building design is simple with access to the units from a catwalk on each floor. This product ranges in size from 1,000 to 1,500 square feet. Parking is detached from the buildings and is open, carports or detached garages. This product design is typically lower priced, as the building cost is more efficient due to the higher building density.
The exterior of the home as well as all landscaping are maintained through a homeowner’s association.

Mid-Rise Condominiums are 3 to 9 story buildings with 4 to 12 units per floor. The building design is simple with access to the units from a catwalk on each floor or for luxury buildings, interior access from an elevator. This product ranges in size from 1,000 to 3,000 square feet. Parking is detached from the buildings and is open, carports or detached garages.

High-Rise Condominiums are 10 or more story buildings with 4 to 8 units per floor. The unit access is from a catwalk on each floor or from an interior elevator and floor lobby. This product ranges in living area size from 1,000 to 15,000 square feet. Parking is detached from the buildings and is open and covered under building or a parking garage. Price ranges from moderate to ultra luxury (several million dollars) based on the view from the upper floors and the amenities, which are available. The design’s main purpose is to have a view of the Gulf of Mexico

Townhomes or Townhouses are single-family residences that come in a row and typically include at least two floors with one or more walls shared with other units. Living quarters such as the kitchen and dining room are commonly found on the bottom floor while private spaces like the bedrooms are on the top floors.
In contrast to condos, townhome owners are responsible for their own residences and the land around them. Therefore, they have the freedom to do whatever they like to their home’s interior and exterior.
Both condos and townhouses have HOA fees, but those for condos are typically higher due to extra facilities such as gyms that require money for proper maintenance. Also, condo fees may cover expenses such as insurance, water, and Wi-Fi. For townhomes, the HOA fees may cover only a few services like lawn maintenance and water bills.

Manufactured housing is factory built and manufactured homes are delivered to building sites in one or more pieces and then joined together
Manufactured housing (MH) is a home unit constructed primarily or entirely off-site at factories prior to being moved to a piece of property where it is set. The cost of construction per square foot is usually considerably less for manufactured housing than for traditional homes constructed on-site. Long known (perhaps somewhat pejoratively) as mobile homes, manufactured housing has come a long way in terms of style, amenities, construction quality and public perception, though it still can take the basic forms of its roots.
Financing a manufactured home can be different than financing a newly constructed house.

Guide to Buying and Selling in Southwest Florida
Naples Year End Market Report by Location and Property Type

Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com
www.TheFeinsGroup.com
www.OliverReportsFL.com

Compass
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