Homes in New York and Southwest Florida have been on the radar of investors looking for new properties to collect for their portfolios. Naples News pointed out that the reason behind this was because of big home sales, a large success for what has been a very good market. Naples, in particular, managed to create a transaction worth $48.8 million.
2019 looks to be a good year for these markets too. Three properties in SW Florida have been pegged at around $40 million to $50 million. It was more of the same for the location, which had been included in the top 20 richest zip codes in America. This was published on a 2015 Internal Revenue Service data analysis by Bloomberg.
June provided a reason for property market investors in Florida to smile. The wealthiest transaction to have ever been completed was in the neighborhood of $48.8 million, located in the Port Royal neighborhood of Naples. The property was a beachfront mansion with 9.394 square feet of space, located on the posh 2500 Gordon Drive address and was previously listed at $60.9 million.
This, however, wasn't a sale that was meant to be kept forever. This property had been demolished only three months later. There are no other plans revealed by the property owners, however, although analysts expect a new property to rise upon the location.
Another home that sold particularly well on the market was found at 4295 Cutlass Lane on the same region, Port Royal. The house was a two-story home, the priciest in Collier County so far. It sold for $16.1 million.
New York's property market sales were boosted by high transactions. McDonald's recently inked a deal for $11.5 million in annual rent. It was a shift towards food chains from trendy, upbeat brands and high-end jewelry stores.
While New York and Florida have been doing well recently, time can only tell whether the trend will continue. Retail rents continued to be subdued, with $20 million-worth transactions dwindling. It was on the basis of a cautious market that these transactions have dwindled down.
There are lots to be positive of in the property market, however, as the trend in these continues to point towards things starting to pick up from where they were during the slump.
