Another Port Royal Home Goes Under Contract!

Despite all of the "chicken little" economists and media who seem to have a fixation on blasting the Naples, Florida real estate market it appears another seller in Port Royal with the assistance of their agent successfully negotiated a contract today. According to Sunshine MLS the home located at 3630 Rum Row currently listed for $6,975,000 was on the market for only 65 days before identifying a buyer who was ready, willing and able to negotiate. Details about the contract will not be available until closing. It just goes to show you, the market may not be what some consider hot, hot, hot but the location definitely is.

Naples, Florida Open House Traffic Results 12/9-12/10

Results from 43 Open Houses were included in this past weekend John R. Wood open house survey. As expected traffic was lighter compared to the last three weekends before most likely due to the holiday season now in full force. Although some locations recognized terrific results, heavy traffic was spotty and inconsistent through locations and price ranges. There were three offers written due to activity stemming from open house activity and new buyer leads were captured by a handful of agents. Buyer confidence seems to be on a rise with a sense of urgency being reported more frequently than the past majority response of "we're going to wait and see what happens". Another trend first reported last weekend and continuing is a higher number of new buyers just beginning their search for properties in the Southwest Florida area. Please feel free to contact your current Realtor for more details or you may contact Shannon direct.

Naples, Florida Real Estate Prices...Deal or No Deal?

For anyone following Naples, Florida real estate in the media for example: Naples Daily News or the USA Today or even the Wallstreet Journal, one might be led to think one of two things...the real estate market is bad, bad, bad here or buyer's are going to get the deal of the century right now. Neither of which are really going on as a rule. I had a young couple from New York stop by my office on 5th Avenue yesterday fully expecting me to greet them with a basketful of properties owned by people going down in financial flames. After a very brief blast of questions (they talk a little faster than us midwesterners even though I'm well versed with the east coast banter since I have family from NY) they quickly determined what area they wanted to focus on. The Moorings and Park Shore evidently were two locations peaking their most intense interest. You can imagine their disgust after learning the price of the least expensive homes were going for high $600's and $700's and most would consider those "tear downs" dispite the fact that they are habitible. She just looked at him and said, "I'm not staying there and you are never going to convince the others up north that is a "deal". She was probably right. The same homes in any other "normal" town in the USA would probably go for a great deal less. Who on earth would be so foolish to pay those prices? Well...according to our local forecast at NBC-2 It's only supposed to be 72 degrees tomorrow. That by the way is the coldest day in the 5 day forecast. It's not what I would consider a beach day but with the 135 golf courses, the nearly completed Waterside Shops rennovation and all the other things you can do, I'll take it over Chicago...high of 37 degrees St. Louis...high of 47 degrees or New York...high of 43 degrees. Back to my special guests who came to see me yesterday...can you really blame them for thinking they were going to get a remarkable deal. Did anyone catch the article in the New York Times a couple of days ago? David Leonhardt specifically states that speculators are more likely than residents to sell a house in a panic which I believe is true and even stated that house prices nearly tripled in the first half of this decade but did anyone mention how many speculators speculated on properties lining the coast? There were some but by definition not nearly as many compared to all the preconstruction/new construction product that was gobbled up in some cases within hours of release within the last two years. I bet you're wondering what my point is....Here it goes...if you are coming to Naples to purchase real estate because you think you're first....you're not. Be prepared for sticker shock. If you've been to Naples before and you think you're going to scoop up arm loads of free properties from tattered and beaten homeowners...you're not. Be prepared to negotiate and if you think you're getting a great deal..Fabulous...but Naples dispite what the media is touting is still not cheap...not going to be free anytime soon and if you wait for a few months like many others are right now, be prepared to get your feelings hurt when your favorite property disappears. I know lots of those buyers...personally...several of which are agents who may watch those properties closer than a typical consumer. It's really kind of funny. Last year all I heard was, and "we were down here last year and we should've bought then..." this year I'm hearing "we're gonna wait". Next year I'll probably hear again "we shoulda bought last year" Que Sera Sera! We really are happy for you to come see us. We just don't want you to be disappointed when you do.

Should I Sell or Should I Hold?

When people ask me the question "Should I stay or should I hold?", I really can't answer without asking a few questions up front. What's your objective? Where is the property? How much do you want for it? Unfortunately, hard conversations are had more today than in the past several years but for us agents, we deliver or we inherit a life long listing and being listed forever has never been an objective of a client or for that matter an agent. At least none that I've met. So here it is...if your property is listed, first and foremost talk with your listing agent. Find out what's going on. Don't be upset if they tell you it's time to drop the price. Do you think they want to lose commission? You're probably paying a percent. They lose when you lose. Maybe not as much but they will lose money too. In fact, they're losing while you're losing. While you're carrying costs who do you think is paying to advertise your property? If you haven't checked into it. It doesn't take long to run up big advertising bills. What's funny about it is if you don't sell your property, you typically don't owe your agent any money. Do you think your agent gets a refund from the Naples Daily News or N Magazine for the full spread ads they ran? If you're not getting any showings it's because of 1 of 2 reasons most likely. Nobody knows about it or your property is listed too high. Think about it this way. If it were listed for one hundred dollars and I knew about it. I'd probably give you a full price offer on the spot, cash close end of story. But if you were going to sell your property for one hundred dollars and nobody knew about it, no offer...right? Right! Think like a buyer! Since 74% of home buyers are looking for property at some time on the Internet...is your listing there? Run a test right now. If you can't find your property on the Internet, do you think a ready, willing and able buyer can? Now, if you found it....do you like the way it looks? Would you buy it again if you didn't already own it? If the answer is yes...you're in business. If the answer is no...talk with your agent. Internet marketing is more important and productive today than it has ever been before and if you think that Internet buyers are just purchasing lower ended properties think again. I sold a $3,250,000 condo. to a family who found me on the Internet this year and get calls and emails all the time from buyers preparing to come to Naples to purchase property. Friday I have an appointment with a couple from Pennsylvania who will be spending up to $700,000. We have three neighborhoods identified as possibilities and she hasn't even stepped foot on Naples soil yet. How did they find me? I spend a lot of time making sure people who are surfing the Internet for Naples real estate can find me easily. I also make sure I provide as many property and community details about my listings and include as many pictures, tours, graphics etc. as I can to capture a buyer. Time is money and lots of Naples buyers have the money but not necessarily the time to drive around town all day looking at properties that don't fit their needs. Besides that, they'd rather be sitting on the beach, playing golf or toasting to a new vacation property purchased while dining at one of our fabulous restaurants. Maybe that's why according to Alexa.com I have the most popular Naples, Florida Residential Real Estate Website. http://www.alexa.com/browse/general/?&CategoryID=5825937 To see more information about me and my listings: www.ShannonLefevre.com Back to the original question...Should you sell or should you hold...if you're listed, ask your agent. If you're not listed but you want to know what's best, give me a shout. You'll get a straight answer. 239-595-6223

Open House Traffic Picking Up

In efforts to get a firm reading on current buying and selling behavior in the Naples, Florida and surrounding area real estate market, I polled John R. Wood agents regarding their open house traffic over the past weekend. Out of the agents who responded (this is not required but done on a voluntary basis) 52 open houses were polled. There is definitely a shift in perception. The first survey was completed three weeks ago. The majority of the buyer's opinion was "we're going to wait and see what happens" This week, interest was more serious with several agents stating they obtained serious buyer leads. 1 agent received an offer while hosting an open house and two more agents mentioned they may get an offer shortly. Last week an agent showed property to one of his open house attendees and helped the buyer successfully negotiate a contract by last Wednesday. Some buyers stated they thought the bottom of the market was now and were getting ready to make a move before they miss out. Another interesting shift this weekend were the number of buyers who had just begun their search for property. Several buyers have been circling over the tops of some choice properties. I wouldn't be surprised if those didn't start disappearing shortly as some already have. 811 Buttonbush Lane in Pelican Bay was sold about 10 days ago. The buyer got a great deal!

Naples Real Estate Market Right Now 12/2/06

Naples Market Statistics 12/2/06

Residential:

Active 10,814

Under Contract 627

Closed '06 4,208

What does this mean? There are some great deals to be had right now! Contact me or your favorite Realtor to find out where they are! Here are some tips that can help you find a great deal and help you accomplish a purchase:

1- Lowest Price Does Not Always Mean Best Deal! Several owners who have their property on the market right now are not highly motivated to sell. Obviously you're going to look for lowest priced properties in the neighborhoods you're interested in but also understand some sellers (not all) will negotiate (sometimes significantly) off their price. So save yourself a lot of time and have your agent contact listing agents to get "the skinny" about the seller's objective. Please note: sometimes this information is confidential and agents may not be able to discuss this information with others. There are cases when the agents job is to work in the best interest of the seller and sharing that information is encouraged by the owner. To blindly offer significantly less can take up a lot of wasted time. Not to mention, hurt your feelings if you're not used to getting rejected. It sounds silly but I'm hearing from a lot of agents right now who have worked with buyers who offered once on a property and disappeared. True fact, I sold a property last week in Pelican Bay. The buyer first made his presence known last Spring. He continuously through the year offered low offers until it was accepted. We had final signatures on Monday, November 20th and closed Wednesday, November 22nd. The buyer knew he got a great deal and didn't want a delay. The seller knew the buyer got a great deal too but the objective for the seller was to get it off his books. So, (as gut wrenching as it was for the seller and myself) mission accomplished.

2- Ask you agent where the great deals are! If they can't tell you, find another agent. Smart agents know at least 1 great deal they would considering doing themselves. If I weren't in the middle of remodeling a home in Pelican Bay, this would be the one I would consider:

4083 Brynwood Drive

This is a screaming deal! It's listed for $1,295,000. Located in Quail West on over a 1/2 acre with golf and lake views. It's truly amazing! Go to my website ShannonLefevre.com for more details.

3- There's more than one way to get a great deal on a house. Lenders are hungry right now too! Make sure you shop around for a smart loan officer who can and will cut you a great deal. Joe Jayne with Homebanc is one of those people who's going to look for the best option for you. Email him here jjayne@homebanc.com or call 770-851-7930. Of course you may use any lender you wish, blah blah blah!

You snooze, You Lose!- According to an open house survey I conducted over the last two weeks and responses from comments made by my colleagues and customers, activity and motivation to purchase has picked up somewhat. If you are one of the many waiting for the bottom to hit before you strike on that great deal, pay close attention because the vultures are circling lower and strikes have already been made. A home in Port Royal closed on November 30th for $14,900,000. Rumor has it the owner was in the midst of some brutal negotiations with a buyer who just couldn't come to terms. An open house resulted in a new prospect who while at the open house learned there was an offer on the table and apparently the new prospect wrote an offer for full price and closed leaving the first buyer out to dry. It went under contract on November 13th and closed on November 30th. Imagine the surprise of the first buyer after learning he had completely missed out.

The source of this real property information is the copyrighted and proprietary database compilation of SunshineMLS, LLC.Copyright 2002-2006 SunshineMLS, LLC. All rights reserved. The accuracy of this information including, but not limited to,any information about the size or area of lots, structures, or living space, such as room dimensions, square footage calculations,or acreage, is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction based upon it.