Naples spearheads luxury condo market resilience

Developers have invested heavily in the Naples condominium market as of late, with ultra-luxury emphasized.  

Condos ripped apart by storms have been replaced with safety-first developments that boast more stories, more resilient materials and more glitteringly modern amenities than their swept-away predecessors.  

Strong maintenance, new development and a buyers’ market are proving productive, with the Naples Area Board of Realtors reporting an 82% increase in year-over-year pending condo sales in its latest market report. Closed sales increased nearly 40% year over year. 

Beachfront sales in particular are doing well, a sharp contrast to the lagging market on the Atlantic coast, where Miami and other cities with older condo stock are still reeling from the shock that the Surfside collapse wrought in the trust of communities. Since the tragedy, the Florida Legislature has passed more strict guidelines ensuring residential buildings maintain structural integrity and safety.  

Economist Elliott Eisenberg, originally from Montreal and now based in Miami, brings a global lens to the current buyers’ market.  

“The East Coast is weaker than the West Coast in general, but that’s usually the case when things go south. No one wants to buy when things are falling in price — deflation causes consumers to delay consumption. But once we know we’ve hit bottom, the prices can only go up,” he said.  

Coastal discrepancies and foreign buyers  

Eisenberg, former senior economist at National Association of Home Builders, said Canadian and South American buyers are affecting both coasts’ condo markets, with Naples thriving due to more interested Latin American buyers and a loss of Canadian buying movement on the East Coast.  

“The age of condos is also working against our coast. It’s not killing the market, but other segments of the market are doing better. A lot of Canadians would come here that are now boycotting U.S. real estate, but Naples has more Midwesterners. Losing them is a big deal for us in the condo segment,” he said.  

Jeff Jones, broker in charge at Keller Williams Naples, said that while he doesn’t expect the market to skyrocket to 2022 or 2023 levels in Naples, he sees a steadier flow of interest from East Coast buyers coming to Naples looking for a different lifestyle.  

“The cost of structure per square foot on the Atlantic has skyrocketed due to people coming from South America and Europe,” Jones said. “The condo market is becoming resilient in Naples as people are more comfortable that they’re safe, they can afford leveled-off prices and their homes are structurally sound.” 

The median closed price for a Naples condo in February 2026 was $499,500, a negligible 0.1% decrease from 2025, suggesting the market has arrived at its floor.  

Although Eisenberg noted the weakening East Coast market isn’t comparable to the current climate, it’s a product of combined factors.  

“This is a set of failures, starting with Surfside and compounding with aging buildings and other factors. It’s not killing the market, but other segments like single families are doing better.” 

What consumers should know 

Jones recommends all buyers check out condos.myfloridalicense.com, where individuals and families can access education, inspection information and other support services for condo owners. 

Jones said buyers should also be aware of the continuing transitions of development in the condo market.  

“It’s not going to happen overnight, but people are already tearing down old complexes,” he said. “When I got my license in ’07, people were already saying ‘They’re not going to build any more beachfront.’ It’s now starting to happen due to storm influence.” 

For those up in the air on the decision to buy or sell, Eisenberg recommended pulling the trigger.  

“Selling now is tough, but buying now is probably not a bad idea. Either way, you can’t wait on the market,” he said. “It’s a gamble.”