Well I knew when I started my Pelican Bay Naples Florida update sequence I wouldn't be deliver super news when it came to the Pelican Bay high-rise market but I'm happy to report it's better than I thought it would be!
Although the Pelican Bay high-rise market is currently in oversupply, it's not as high as I originally expected. We're at about 17 month inventory now. While this isn't the best news I could deliver to Pelican Bay high rise property owners, this may be good news for those Pelican Bay buyers who have been waiting for a perfect time to purchase.
Here's a run down of the different Pelican Bay condominium buildings:
Pelican Bay High Rise Hot Buildings:
Biltmore at Bay Colony - Only has 1 unit currently available. 3 have sold during the last 12 months. If you own property in Biltmore at Bay Colony, now might be a great time to sell! Contact me for a property evaluation.
Carlysle at Bay Colony - Only has 1 unit available with 2 sold during the last 12 months and 1 currently under contract.
Contessa at Bay Colony - Has had a whopping 7 units sell during the past 12 months with 4 units currently on the market. If you're looking for a unique opportunity, you might check out the current inventory here. There's a one of kind offering right now!
Coronado at Pelican Bay - Has had a whopping 7 units sell during the past 12 months with 6 currently available.
Heron at Pelican Bay - Has had a great year. 3 units have sold during the past 12 months with only 1 left!
St. Laurent at Pelican Bay - Only has 3 currently available with 6 sales during the past 12 months.
St. Pierre at Pelican Bay - 6 units are available with 8 sales during the past 12 months.
St. Tropez at Pelican Bay - 2 units have sold here with only 1 left.
Pelican Bay High Rise Buildings Holding Their Own:
Chateaumere Royale at Pelican Bay - 3 available, 3 sold. There's one unit that looks like a decent deal on paper although I believe the best deals in this building are already gone.
Remington at Bay Colony - Currently has 3 on the market with 3 closed sales during the past 12 months and 1 poolside cabana. There's an interesting penthouse available here too!
Windsor at Bay Colony - 1 sold, 1 available. :)
Pelican Bay High Rise Buildings With Oversupply Of Inventory:
Brighton at Bay Colony - Currently has a 2 year supply of inventory with 4 current listings and 2 sold during the past year. I don't really see anything advertised that would constitute an exceptional deal here but Brighton at Bay Colony is a fabulous building and if you don't know it...you should.
Cap Ferrat at Pelican Bay - Has only had 3 sales during the last 12 months with a whopping 12 units on the market right now. That's a 4 year inventory! Rumor has it that Cap D' Antibes is going back on the market this fall and this could be part of the reason why so many units are available here. Many Cap Ferrat unit owners may be wanting to switch up and are anticipating the process by putting their properties on the market now in preparation. If you are currently a Cap Ferrat unit owner, it might be wise to hold off on putting your unit on the market unless you are prepared to sell at a discount or wait to get your price. If you are thinking about purchasing in Cap Ferrat, no huge deals stand out on paper but give me a shout, there might be some negotiating that can be done.
Claridge at Pelican Bay - Only 1 unit has sold during the past 12 months and there are currently 7 properties in Claridge on the market. There are a few with reasonable pricing but a smart buyer might try to use the sluggish movement in the building as leverage for a lower priced offer. Contact me for details if you're interested in the building.
Dorchester at Pelican Bay - 3 on the market with 2 selling during the past 12 months. Pricing may already be tightening here. Looks like the best deal of the year has already sold which was a remodeled unit that sold for $565,000
Grosvenor at Pelican Bay - Although there have been 5 units that have sold during the past 12 months which is great traffic, there are still 7 available.
Marbella at Pelican Bay - A whopping 17 units are on the market in Marbella right now with only 7 sold during the past 12 months. If you own property in Marbella, now might not be the time to sell...unless you have to. If you're thinking about purchasing in Marbella, I would have my agent do some due diligence in this building...there might be a deal to be had!
Marquesa at Bay Colony - Has two currently for sale with only 1 property sold in the building during the past 12 months. There does appear to be a pretty decent deal here right now if an expansive view is not that important to you. Call me for details.
Montenero at Pelican Bay - 6 units have sold during the past 12 months with another 8 currently available. Of the 8 there are 3 very interesting penthouse units available. One might expect sitting back on the Pelican Bay Boulevard there wouldn't be much of a Gulf view...the views here and floor plans are fabulous!
Salerno at Bay Colony - 6 units are currently available while only 3 have sold during the past 12 months. Ehh...
St. Kitts at Pelican Bay - 8 units are currently for sale while only 3 have sold during the past 12 months. 2 are currently under contract. Units here are smaller for the most part so if you want a great view, not alot of space and don't want to pay a ton...you might check this out.
St. Lucia at Pelican Bay - 4 units are available with only 3 selling during the past 12 months. There appears to be a pretty decent deal here.
St. Maarten at Pelican Bay - 7 units are available with 5 closing during the past 12 months. Units are small causing pricing to typically be less expensive than some of her sister buildings although I don't see anything I would call a huge deal right now.
St. Marissa at Pelican Bay - 5 units are available with only 1 selling during the past year.
St. Nicole at Pelican Bay - 4 units are available with only 1 selling during the last year.
St. Raphael at Pelican Bay - Currently has 18 units available (WOW) with 11 sales during the past 12 months. Somebody got a fabulous deal on a penthouse here!
Stratford at Pelican Bay - Has sold 4 with 5 currently on the market. There is a screaming deal here even if Stratford has had a tough go at it during the past several years!
Toscana at Bay Colony - Has 6 on the market right now with only 3 that have sold during the past 12 months. There are a couple of deals here right now.
Trieste at Bay Colony - 9 for sale, 4 have closed during the past 12 months...will this building ever level out? I'm sure it will. In the meantime deals are being snatched up.
I've noticed pricing has definitely increased in some of the high-rise product whether there's a good reason for some of this is hard to determine but that is what makes a neighborhood stable. The value of your property is only as high as the least fortunate property owner and one of the things I continue to see in Pelican Bay is the bulk of the owners here have the ability to hold out for their pricing. No worries to those of you looking for deals. There are definitely some deals to be had in all of the product in Pelican Bay. To what extent largely will depend on the due diligence you and your agent are willing to do.
If you're thinking about selling your Pelican Bay high rise condo, it is wise to consult a professional who knows the high-rise market in Pelican Bay. I'm happy to give you an honest account of the health of the market in your building even if it means you decided not to sell today.
If you're thinking about buying a Pelican Bay high-rise, give me a shout. I'm happy to assist you with your objective whether that be finding a perfect 1 of a kind unit offering fabulous features or an exceptional deal.
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!
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