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!
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