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!