I was contacted yesterday by a correspondent who's preparing to write a segment on the current Naples real estate
market. When she calls I always try to give her accurate, cutting edge
information only a few may have already realized. Here's what I told
her:
If last year's big Naples real estate story was dwindling inventories, this year's big story will probably be about the turn towards a seller's market, smaller list price to sales price ratios and higher pricing.
Naples Real Estate Buyers: Get Strategic! Up until now it's been fairly easy to march into any Naples neighborhood and find some sort of deal. Not so much anymore. Ideas of negotiating heavily off list prices in all Naples areas like the beachfront in Bay Colony and other locations throughout Naples are probably in the past.
As an example there are two properties currently listed in a neighborhood in Tiburon. They are priced over 70% higher than the last two units sold. Statements from the listing agents equated to, yes, those were pretty good deals...suggesting the seller may not be firm but clearly not interested in discounting to past levels.
The Good News For Buyers is you can still negotiate if you're a little more strategic than you were in the past. If you find yourself wanting a property in a Naples location that's experiencing a high level of sales and you don't think you're going to have much negotiating power, you might consider other options. While many of our best locations are doing well...some still aren't and may welcome your dollars a little more eagerly compared to other hot locations.
For example:
1. Olde Naples homes are doing quite well right now with only 8 months of inventory. It might be better for you (depending on your budget) to consider a location like Aqualane Shores where there's 19 months of inventory on the market right now.
2. Pelican Marsh has 10 months of inventory while Tiburon has 28 months of inventory. Your negotiating strategy may be far more welcome in Tiburon than Pelican Marsh.
3. Moorings mid-rise condos have only 9 months of inventory while Vanderbilt Beach has a 27 month supply of inventory. I think you're seeing where I'm going with this...
So maybe you like your Naples location and you aren't willing to necessarily consider an alternate neighborhood location. That can be ok too depending on the situation.
For example:
There's opportunity in Grey Oaks right now because their single family inventory has with just over 20 months of inventory and their detached villa product has 24 months of inventory BUT their low rise product is doing exceptionally well. So maybe instead of doing a Grey Oaks condo, you should consider an area like Terra Verde where there's 5 on the market and none have sold during the past 12 months....(although one is now under contract).
The big thing here is just because you've stumbled into a location where all the product is gone or negotiations have tightened doesn't mean your opportunity is lost in Naples. Just contact a GREAT Naples Realtor who can help you identify what you really want and help you negotiate a deal you can be happy about.
1. If at all possible. Get to Naples and get this done before October. NOW IS THE BEST TIME TO NEGOTIATE PERIOD.
2. The smartest buyers choose more than one property to negotiate. It's the best way to keep the emotion out of it and land a deal just in case that first guy is either unrealistic or unresponsive to your offer.
If you're a Naples Seller ~ It's VITAL you have an agent who knows the market and knows what they're doing. This is the time when some sellers leave money on the table unknowingly because they aren't in tune with a changing market and also a time when some sellers fail at selling because they think their properties are worth more than they are because of recent activity. If your agent will conduct their business in an accommodating fashion while still having the appropriate level of confidence for you to get your price you should do well provided everybody stays realistic.
As an example:
I listed a Pelican Bay property last season a tad bit prematurely because the owner had just negotiated a contract for another property but hadn't closed yet. They were concerned about holding their old property for an undesirable length of time but I knew they couldn't give possession of their old unit before they could move into their new one. The end of our official selling season was coming to an end but I felt exceptionally confident we had a great condo at a great price and had no concern selling the property for the price I had expected.
The day we closed on their new unit the seller's wife expressed her grave concern about selling her old condo. I looked her straight in the eye and told her we would get it done and told her she couldn't spend five more minutes worrying about not selling. The following day I presented two offers one of which they accepted. Happily, it came in higher than my originally estimated price. It's this kind of pressure that can make an inexperienced agent stumble or encourage a seller to sell for less than a property is worth and why you should always list your property with an experienced, proven professional.
For more answers regarding Naples real estate, please contact me direct. If you'd like to see property or review your market value, please give me as much notice as possible so I can best accommodate your schedule.
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl
If last year's big Naples real estate story was dwindling inventories, this year's big story will probably be about the turn towards a seller's market, smaller list price to sales price ratios and higher pricing.
Naples Real Estate Buyers: Get Strategic! Up until now it's been fairly easy to march into any Naples neighborhood and find some sort of deal. Not so much anymore. Ideas of negotiating heavily off list prices in all Naples areas like the beachfront in Bay Colony and other locations throughout Naples are probably in the past.
As an example there are two properties currently listed in a neighborhood in Tiburon. They are priced over 70% higher than the last two units sold. Statements from the listing agents equated to, yes, those were pretty good deals...suggesting the seller may not be firm but clearly not interested in discounting to past levels.
The Good News For Buyers is you can still negotiate if you're a little more strategic than you were in the past. If you find yourself wanting a property in a Naples location that's experiencing a high level of sales and you don't think you're going to have much negotiating power, you might consider other options. While many of our best locations are doing well...some still aren't and may welcome your dollars a little more eagerly compared to other hot locations.
For example:
1. Olde Naples homes are doing quite well right now with only 8 months of inventory. It might be better for you (depending on your budget) to consider a location like Aqualane Shores where there's 19 months of inventory on the market right now.
2. Pelican Marsh has 10 months of inventory while Tiburon has 28 months of inventory. Your negotiating strategy may be far more welcome in Tiburon than Pelican Marsh.
3. Moorings mid-rise condos have only 9 months of inventory while Vanderbilt Beach has a 27 month supply of inventory. I think you're seeing where I'm going with this...
So maybe you like your Naples location and you aren't willing to necessarily consider an alternate neighborhood location. That can be ok too depending on the situation.
For example:
There's opportunity in Grey Oaks right now because their single family inventory has with just over 20 months of inventory and their detached villa product has 24 months of inventory BUT their low rise product is doing exceptionally well. So maybe instead of doing a Grey Oaks condo, you should consider an area like Terra Verde where there's 5 on the market and none have sold during the past 12 months....(although one is now under contract).
The big thing here is just because you've stumbled into a location where all the product is gone or negotiations have tightened doesn't mean your opportunity is lost in Naples. Just contact a GREAT Naples Realtor who can help you identify what you really want and help you negotiate a deal you can be happy about.
1. If at all possible. Get to Naples and get this done before October. NOW IS THE BEST TIME TO NEGOTIATE PERIOD.
2. The smartest buyers choose more than one property to negotiate. It's the best way to keep the emotion out of it and land a deal just in case that first guy is either unrealistic or unresponsive to your offer.
If you're a Naples Seller ~ It's VITAL you have an agent who knows the market and knows what they're doing. This is the time when some sellers leave money on the table unknowingly because they aren't in tune with a changing market and also a time when some sellers fail at selling because they think their properties are worth more than they are because of recent activity. If your agent will conduct their business in an accommodating fashion while still having the appropriate level of confidence for you to get your price you should do well provided everybody stays realistic.
As an example:
I listed a Pelican Bay property last season a tad bit prematurely because the owner had just negotiated a contract for another property but hadn't closed yet. They were concerned about holding their old property for an undesirable length of time but I knew they couldn't give possession of their old unit before they could move into their new one. The end of our official selling season was coming to an end but I felt exceptionally confident we had a great condo at a great price and had no concern selling the property for the price I had expected.
The day we closed on their new unit the seller's wife expressed her grave concern about selling her old condo. I looked her straight in the eye and told her we would get it done and told her she couldn't spend five more minutes worrying about not selling. The following day I presented two offers one of which they accepted. Happily, it came in higher than my originally estimated price. It's this kind of pressure that can make an inexperienced agent stumble or encourage a seller to sell for less than a property is worth and why you should always list your property with an experienced, proven professional.
For more answers regarding Naples real estate, please contact me direct. If you'd like to see property or review your market value, please give me as much notice as possible so I can best accommodate your schedule.
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl
