Marquesa Naples Florida Update

The Marquesa at Bay Colony is the ONLY high-rise in Bay Colony that doesn't have a manned security guard in the lobby which is a SUPER option for those who demand privacy and want to be in control of who they allow in their unit. 



Because it is a low-density building (only 15 floors and 39 units) there isn't much that goes on here.  Last year there was only 1 sale, just like the year before and currently there are 4 on the market.  Of course that looks like a 4 year inventory on paper...well...because there is a four year inventory...I suppose.  Average market time here is 230 days...that's not good but it is a good example of how some people will hold forever to get their price. 

So what's wrong with Marquesa....since I know so many of your are asking me that question as you read this post.  There's nothing wrong with Marquesa. Besides being a little further from the beach and not offering all the amenities as say Toscana at Bay Colony or Salerno at Bay Colony, we have some owners who haven't been as fast to respond to lower pricing.  There have been and still are units in both Toscana and Salerno that are either similar in pricing or even priced below those units in Marquesa plus more amenities plus lower fees plus closer to the beach...there's also more bedrooms in many of the floor plans...ok kinda hard to compete based off all that. 

What is nice about the Marquesa is that you don't have a high-rise neighbor directly to the left of you which is a nice privacy perk and your Clam Pass views are fabulous even though you can't see the Gulf all that well.  Of course the higher you go the easier it gets but the Gulf view is never going to be as prevalent from Marquesa as say it will be from one of her sister buildings located right on the sand just a little bit down the road and for a few dollars more....

Check out what's currently available at Marquesa at Bay Colony or call me direct for all of your Bay Colony needs.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl

Mansion La Palma Naples Update

The Mansion La Palma Naples Florida update will be a short one because it's a short building...LOL. Actually there isn't much to report. 

There are currently 4 Mansion La Palma condos for sale and only 1 unit has sold in the past 16 months....I guess that makes for quite an oversupply in inventory technically.

Now here's where my blogging/reporting gets a little tricky.  See, I've been working with a FABULOUS couple who may or may not have an interest in Mansion La Palma and to report too much about what they're doing or the research I've been doing for them or what I know specifically about any of the units might put my FABULOUS customers in a funny position to negotiate  because Naples...once you get to know it, is really a teeny, tiny town.

This is a GREAT time to explain that while I try to teach you everything YOU might know about Naples real estate on my Naples Florida real estate blog, I couldn't possibly try to teach you everything I know about Naples real estate.  I have to be sensitive to the deals in the works right now and some of the intelligence I have or every Naples Realtor could read my stuff and then be just as good as me or know how to negotiate my deals and that would be silly business now wouldn't it.  Besides, some people use my site and then go use another Realtor...which makes me SO sad...and poor. I have to be able to reward my loyal customers with as much secret intelligence as possible.  That's not always what they're looking for but they like it when I can provide it. So thanks for understanding or sorry you don't...however you may feel.

I will close by saying Mansion La Palma is a FABULOUS building especially if you are a tennis nut.  The Bay Colony tennis courts are located on the back side of this building and stack 3 and 4 get the best view and sound from the courts.  The best stack if you're not into tennis is stack 1 which enjoys more of a pool and preserve view.  There are ribbon Gulf views starting on the 4th floor and Mansion La Palma is an atrium style building meaning your front door is actually outside and not located in an interior hallway.

Anything else is hush hush until my deal is either done or my fabulous customers have moved on to something else.  If you too are interested in Mansion La Palma, I'm happy to assist you personally.  Give me a call or shoot me an email!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl

Contessa at Bay Colony Naples Florida Update

Contessa at Bay Colony sales performance run more in the lines of her sister buildings Brighton at Bay Colony and Biltmore at Bay Colony compared to her rock star selling Carlysle at Bay Colony high rise. 



There were a modest 3 sales in 2010 with 7 Contessa at Bay Colony units presently on the market.  Of course it doesn't take an engineer to figure out there's just over a 2 year supply of inventory.  That's down 2 sales compared to 2009 so what's causing the sudden slow down of interest? 

Curiously, there were 3 units that sold in December of 2009 and none this past year...apparently Santa came up with other gift giving options and if you too are a fan of Fox News, they reported just today that the big gift giving trends were shoes, clothing and jewelry.  I don't know about you but if I got a sweatsuit instead of a Bay Colony condo for Christmas and I found out the Bay Colony condo was actually slated as a consideration, I'd be a little disappointed. LOL

But seriously, Contessa at Bay Colony  had a fabulous make-over a couple of years ago both inside and outside the building and I recently learned there are a few people who were still unaware that they fixed a few of the major drawbacks of Contessa.  Of course they couldn't fix the low ceiling problem that some of our prospect base detests but they did fix the outdated common areas and gave a fresh clean lined contemporary lift.  They also got rid of that dreadful artificial grass and gravel that was on top of the garage that was such a prevalent disturbance to the lower floor views. 

There are a few amazing features some may not already know about if they've never been in the building like for example from the 1st and 2nd stack you have the most amazing far off views of Park Shore and the almost surreal vision of the Strand at Bay Colony.  I had a 2 stack unit on the market a couple of years ago and I NEVER got tired of looking at that view.  I was happy to sell it but miss being able to see that and the dolphins play everyday. 

So if you're thinking about purchasing in Contessa at Bay Colony, you might consider taking a peek at the Contessa at Bay Colony condos for sale and if you're thinking about selling your Contessa at Bay Colony unit, you should call me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Carlysle at Bay Colony Naples Florida Update 1.5.11

Three cheers for Carlysle at Bay Colony!



Carlysle experienced a FABULOUS 2010!  With only 1 currently on the market and 3 closed this past 12 months, that makes the listing inventory at a 4 month level or UNDER SUPPLY! 

So what happened in Carlysle at Bay Colony that produced such outstanding results compared to her two sister buildings, Biltmore at Bay Colony and Brighton at Bay Colony that paled in comparison as far as closed 2010 sales are concerned? 

First, pricing had a TON to do with it!  With an average of 88% list to sell price ratio and a 99% original list to ending list ratio, it appears only 1 Carlysle at Bay Colony past seller rode the price down through time while the other two Carlysle sellers chose to list pretty close to the price that would cause the unit to sell with just a couple of minor adjustments. 

Now I'm not saying 88% list to sell ratio is a healthy difference....it's still high compared to Pelican Bay as a whole which teeters between 90% and 91% but it's considerably different that the 80% Brighton at Bay Colony experienced last year. 

There's no better way to show value in a community than to prove short market times and low inventory. 2 of the 3 units that sold, sold in less than 6 months which is outstanding for Bay Colony.  One unit took a few contracts, a few back outs and eventually a Carlysle at Bay Colony give away before they experienced a sale...a risk you take when trying to get that last dollar on the table. 

While we're on the subject, let's talk about first offers.  I spoke with one of Naples most successful agents yesterday while shooting video of one of her listings. I explained that while the property she had listed was priced great per square foot...it was a large project and would take a huge amount of money to remodel it and that my buyer's offer would probably reflect this.  She responded by saying,

show me how he came up with his offer, and I'll be happy to present it.  I understand...and you know as well as I do, the first offer is usually the best. 

She explained further her experience when educating sellers of how it works and while many take her advice, many don't and find in retrospect she was accurate in her explanation after losing money by not accepting prior offers. 

For a unit to sell for less than 2 million in a building like Carlysle is such a bonus for the buyer, even if it has to be completely gutted and if I never saw a 1.9 sales price again in this building for a unit with a nice Gulf view, I simply would not be surprised. 

Is this more evidence that the bottom has come and gone in Bay Colony?  Only time will really tell but at least it has in Carlysle at Bay Colony for the time being considering the one left is at almost 3 million. 

To see Carlysle at Bay Colony condos, review Carlysle at Bay Colony sales or review information about Carlysle at Bay Colony, you're welcome to call me direct or visit my Naples Florida real estate website!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Brighton At Bay Colony Naples Florida Update

Here's your Brighton at Bay Colony Naples Florida update. Brighton at Bay Colony is one of the most fabulous Bay Colony high-rises but her sales record has had a little trouble during the last couple of years.

There is a whopping 8 units or (4 years of inventory) currently on the market with an 80% list price to sales price ratio for the 2 units that did sell last year.  That's not as great as some of her sister buildings performed this past year but then again, Brighton at Bay Colony didn't break any sales records the year before either with just 2 sales in 2009 as well. 

While some of these just hit the market in preparation for the 2011 selling season, some have been on for a LONG time....in fact there are 2 that have been on and off the market for around the 2 year mark...so what's the story?  What could possibly be going on with Brighton at Bay Colony? 

Don't get too excited there is no deep dark secret...at least as far as I know and while there are some sellers who will hold until the end of time...or until they get their price (trust me, I know) there are others who might be interested in dealing.  History often repeats itself and if you try to strike a 20% off deal, first of all, you're well documented.  Second of all, it doesn't cost you anything to give it a shot!

While we're on the topic of market time, I think it's important to clear up some thought process here.  Many people assume that if the market time is really long, there's either something wrong with the unit or the seller will be more interested in dealing.  Actually, I have found the seller is less interested in dealing because they have the ability to hold and have for quite awhile so they're typically not going to give up miraculously when you come along.  Most of the Brighton at Bay Colony units are in good condition so I doubt there's something super creepy about the integrity of the units. Of course you want to have inspections done regardless of what you purchase...but something to take note on is the Naples Florida buyer prospect base is limited when it comes to purchasing a project.  Projects are properties that need to be remodeled and should be listed at a slight discount while properties that have been recently remodeled can be listed at a bit of a premium.

Bay Colony isn't really that old but she IS starting to show her age and I think the buyer prospect base has been behaving differently for that reason. 

• If you're a Brighton at Bay Colony seller, it's important to price your property correctly if in fact you really want to sell.  You WILL stand out for that reason. 
• If you're a Brighton at Bay Colony buyer, let's see what we can do for you.  I have inside intelligence on a couple of units that I can't post here but I can help you determine the best option for you.
  

  Brighton at Bay Colony  is one of my most favorite Bay Colony high-rises so don''t let the sales record deter you.  She's still something truly special and now might be the time to negotiate a SUPER deal.  We just need to get some action going on in there! So, let's see what we can do about some negotiating!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Biltmore at Bay Colony Update. 1-3-11

Biltmore at Bay Colony Naples, Florida did not lead the Bay Colony community in production or stabilization during the past 12 months.  In fact this is one Bay Colony high-rise that on paper isn't performing as well as some of her sister buildings and some heavier negotiations might be possible for this reason.  At least there's an intelligent, argument we can discuss when presenting an offer.  During the last 12 months only 3 Biltmore at Bay Colony units sold with 6 presently on the market. The average list price to selling price is only 85% which reflects the concept that sellers are maybe a little more optimistic about the value of their unit than maybe they should be.  That number is down compared to the overall Pelican Bay average which sits at 91% right now.


While we're on the topic of list price let's discuss negotiation strategy for a moment.  Naples Florida attracts people from all over the globe who have already pretty much learned negotiation strategy from their experiences in other locations.  Because of that Naples doesn't have a universal way of thinking when it comes to pricing or purchase negotiations which can be aggravating for people who think it should be done the way they've "always done it back home".  For reasons like that, it's always best to take a look at the numbers and have an intelligent explanation as to why you as a buyer or seller are doing something but unfortunately, I've been involved in a great number of transactions here when I ask the listing agent how they determined their price they just shrug their shoulders or if I ask the buyer's agent how they decided to offer the amount on paper they just look at me with a blank look on their face. 

Have a detailed plan when negotiating no matter what side you're on.  I can help you come up with a plan whether you're a buyer or seller that will make your number make sense to anybody who will listen.  Of course, I can't guarantee the other side will listen but I can help your success rate overall. :) 

• Buyers: it takes more than cash/quick close to get special concessions in Naples.  Over half of our transactions are typically cash...so while that's unusual in your market, it's mostly expected in ours.  Especially when it comes to Naples luxury real estate. 
  
• Sellers, it takes more than a new roof, water heater and air conditioner to bump the price up past fair market value.  Despite what your agent thinks, most people expect those things to be in good working condition when they purchase and if you end up footing the bill on those sometimes expensive maintenance issues, it's never considered an upgrade you'll make money on.

In a "normal" market, the listing agent educates the seller about the average spread between list and sales price and for that reason the seller has priced their unit accordingly.  Typically, they won't be insulted when a motivated buyer comes in close to or just under that difference on the initial offer. This IS Naples though and it's not out of the question that you'll come across a bullheaded seller who thinks their property is worth way more than the numbers prove even if they haven't done anything special to their unit.  I know of two units in Bay Colony right now where the seller believes their property is worth considerably more than the rest of the world does.  Market time, multiple lower offers and everything else hasn't been enough to sway the seller's opinion and because the seller has the ability to hold....so it sits. 

Every once in awhile sellers and seller's agents are not most interested in holding on to every penny on the deal.  This is largely due to the fact that the seller has a definite plan and they're not going to let something like a few dollars prevent them for accomplishing their plan.  I know a few of those kind of sellers in Bay Colony as well...these are the reasons why you work with an agent who has some inside intelligence.

There is a 2 year supply of inventory in Biltmore right now and while there are some units that are obviously priced better than others there is no clear "if I don't write an offer on this today it will disappear" deal. That's ok.  Let just take a peek at all of them, you pick your favorite and we'll see where it goes.  Don't have the time?  That's ok too.  I can run over, shoot video and you can determine the unit you want to take a stab at from the comfort of your own chair.  It's all part of my drive to make buying in Bay Colony really easy!

For more information about Biltmore at Bay Colony, contact me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Bay Colony Shores Naples Update 1.2.11

Bay Colony Shores - UNDER SUPPLY-STABILIZED-PRICING RISING

There are only 3 Bay Colony Shores homes available right now and 4 have sold during the past 12 months.  It wasn't that long ago that Bay Colony Shores was in real trouble with lots of inventory and not so much buyer interest.  The market has not only stabilized but pricing has started to creep back up.  Bay Colony Shores is the lowest priced single family community in Bay Colony and while properties typically start in the 3's, something was purchased last may for 1.5...or $282/square foot...that's ridiculous! It's sales like that which spur conversation back north with others who think they're going to come down now and do the same thing.  Sorry folks, the lowest priced home in there today is listed for just under 3.5 and lowest price per square foot....a whopping $639/square foot. If you're still interested in Bay Colony Shores, you can choose from three and still get in....today but you can pretty much bet you won't be pulling the trigger for anything around $282/sq. ft.

If you're a Bay Colony Shores Buyer, you'll be purchasing to hold and enjoy right now.  If you're looking for a deal, you must know while some areas are tightening up like Bay Colony Shores...there are still some others that might offer some nice opportunities.

If you're a Bay Colony Shores Seller you'll be enjoying slightly higher list prices right now but still be careful, you cannot just name your price just yet.

Either way, call me and I'll be happy to assist you either way. 

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl

PS~ I have had some OUTSTANDING conversations with some of my most favorite fans.  THANK YOU for your kind comments, suggestions and ideas! I appreciate you!