Collier County property values up 20% in last year
Despite the destructive force of Hurricane Ian, property values in Collier County have not only held steady but have actually increased significantly. According to the county’s tax roll data released on July 1, property values have risen by 20% since last year, reaching a total of $222.5 billion, up from $185.3 billion in 2022.
Several factors have contributed to the rise in property values in 2023. High construction costs, increasing land values, a tight inventory, and higher sale prices have all played a significant role in this upward trend, as reported by the Collier County Property Appraiser’s Office.
Concerns that Hurricane Ian would negatively impact property values have been proven unfounded.
Investors quickly seized the opportunity presented by damaged properties in heavily affected areas, leading to high-value sales of vacant land towards the end of the year. The aftermath of the hurricane did impact certain coastal areas, such as Fort Myers Beach and Sanibel, where the assessed values dropped by 40% and nearly 32% respectively.
In Naples, the market value of property reached an impressive $55 billion, a 19.4% increase from the previous year. Similarly, the city of Marco Island saw a 22% increase in property values, totaling $24.6 billion. Even in rural Everglades City, property values experienced a 13% uptick, reaching $190 million.
The rise in property values is a direct reflection of market conditions and sales activity in the area. The property appraiser’s office emphasizes that they merely report the values based on the marketplace, without creating them.
Overall, the remarkable increase in property values in Collier County demonstrates the resilience of the local real estate market and highlights the continued desirability of the region as an attractive investment opportunity.(Naples Daily News)
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- Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor