Pelican Bay Naples Florida Market Update 11.28.12

I performed an extensive analysis on Pelican Bay today to help a buyer better explain his price position on his offer. If you've been following my Naples real estate blog or if you've had your ear to the ground here in Naples, you've heard two things repeatedly.

1. There's no inventory
2. We're expecting a very busy buying season

With sales steadily increasing buyers are losing power in negotiations.  It's been an interesting pre-season to say the least. As an example there were 1,604 sales from October to December 28th last year in Naples Florida.  This year there were 1,923 (up 18%). That has clearly put a new tone in listing agent and seller's voices and you can't hardly blame them...they've been waiting a long time to get the upper hand again and many feel like they have it...but do they?

Having a thorough understanding of a market is one of the most valuable assets a real estate agent can possess and sadly few can analyze a market well enough to have an undeniable understanding.  Unfortunately the data can be difficult to figure out and in some cases there isn't enough data to properly assess to get a true value of a property.  That's where my Pelican Bay analysis came in today. 

For the sake of confidentiality, I'm not going to discuss the exact location within Pelican Bay my buyer is targeting but because there was a strong discrepancy regarding current values in the location, I broadened the scope of my analysis to check my accuracy of understanding the Pelican Bay market. 

This is when negotiating can get tricky. The listing agent in this case was clearly holding tight to the idea that just because one buyer clearly over spent means that there's a well defined much higher market value in the neighborhood...total bummer.  So I held tight to the other Pelican Bay sales that made more sense while finding visions of holding hands merrily to the closing table were quickly fading...eh...been here before. So here's what I found out about our current Pelican Bay real estate market.

Any Foreclosures Looming In Naples Florida?

The short answer to, "is there going to be more foreclosures in Naples"? Is yes.  It's normal for there to be some level of distressed properties in our market. In fact, there are currently 159 foreclosures on the market which represents 2.9% of the overall market.

But if you are primarily interested in Naples luxury real estate, I wouldn't get too excited.  There are only 2 properties listed over $1,000,000 that are being advertised as foreclosures. That represents .0003% of the total active Naples real estate inventory.  One is in Grey Oaks the other is located in Naples Boat Club. Neither of these properties are priced less than 1% of what the tax appraised value shows so I would hardly consider that a deal.

In fact after reviewing the entire list, I could only find two more properties located in any of the 18 Naples neighborhoods I follow on a continuous basis. Both of those happen to be located in Pelican Marsh. Both of those properties were also listed within 1% of what the tax appraised value states. Clearly, I would not consider foreclosures in Naples as a widespread viable opportunity for deal.

Are there deal opportunities in Naples short sales???

Currently there are 273 "potential" short sales on the market in Naples which counts for barely 5% of the Naples active inventory.  Once again there are only 7 properties listed over $1,000,000 and while listing agents continue to list properties as "potential short sales" that doesn't mean there's an opportunity for a deal. 

The short sale process can be a tear jerking experience.  Specifically, even if you negotiate your deal with the seller, your deal closing is ultimately at the discretion of the seller's lender and the chief decision maker has no dog in that fight. That's why it's common to find evidence in the listing history where the property has been placed under contract and has gone back on the market in some cases several times.  That's a pretty good sign that the bank isn't dealing or is taking so long buyers are giving up.  Sometimes you'll see price manipulation in there as well. It's common to see prices going up or down in efforts to either pull in an offer or accommodate a bank's demands.  Ultimately they're time consuming which in an appreciating market with low supplies, that problem could cost you considerably.

Where's the best opportunity for a Naples luxury deal? Find an end user who doesn't mind leaving a few bucks on the table but retire your efforts completely if you're expecting huge discounts of list prices.

The tone of the large majority of my buyers during the past several months is NOT "get me a deal". Don't get me wrong, nobody begs me to overpay either but the whole concept of buying Naples real estate at large discounts and distressed values is by and large over.  The overall tone of most buyers I'm working with is,  "find me what I want" which is becoming a bigger problem by the day.  Currently I am working with more than a handful of buyers who want what is not currently on the market and they are for the most part, crossing fingers I can just find it and hoping they can pay market value.  A couple of buyers have even come to terms they may not pay market value but perhaps slightly over to get what they want.  The days of hovering over MLS and getting creative about finding ready and willing sellers is back.

You are going to do best if you get down here now and cut your deal.  The longer you wait this year through season, the higher your chances of smaller inventories, higher pricing and competition with other ready, willing and able CASH buyers. and if there's any point I'd like for you to consider most it's this:

If you see something you like, PLEASE MAKE A MOVE NOW! Do not wait until after the holidays to do something.  I realize you may be busy and I will make every effort to assist you but waiting can very easily cause a problem.

(Let me make a quick disclaimer here:  If we fall off that dadgum fiscal cliff...that might change my whole spill. I am only a REALTOR and not a fortune teller or a clairvoyant so please contact your favorite one of those people for further insight regarding that matter. :). If we continue as we are...it will get messy...for sure...oh and if the end of the world happens on the 21st of December...then all bets are off)  :)

Here are a few points to support my Naples real estate market heat up hypothesis:

On my Naples real estate website for the first 9 days of December:

• Visits are up 47% compared to last year.
• Page views are up 46% compared to last year.
• Pelican Bay interest is up 27% over last year
• Naples waterfront for sale interest is up 75% over last year
• Naples beachfront condo interest is up 52% over last year
• Pelican Marsh interest is up 143% over last year
• Naples condo interest is up 114% compared to last year
• Bay Colony interest is up 29% compared to last year
• Park Shore interest is up 73% compared to last year
• Port Royal interest is up over 200% compared to last year

The last thing I want to discuss is SHADOW INVENTORY. Remember hearing about all that talk about shadow inventory?  Oh we're in so much trouble because there is a looming 20 zillion properties that will go on the market when the current inventories shrink...???!!!
Listings taken in the month of November compared to last November are down 13%.  For the first 9 days of December, down 38% over last year. Will there be more as season progresses...I sure hope so! At this point I am already checking MLS several times a day for customers who are waiting for specific properties.

Please contact me asap if you are planning a Naples visit and expecting to purchase Naples real estate. I want to accommodate you the best way I know how and would be totally bummed if I did not get to assist you personally.

If you're thinking about selling your Naples real estate, please let me help you so you can get your best price with the least amount of hassle.

PS~ There's 10 days til winter!
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!

Good Day Naples Friends,  Tis the season! Naples real estate buying traffic is strong, activity is high and lots of exciting new Naples real estate happenings are occurring...

In fact, I just wrote a magnificent Naples real estate post about how the Naples seller behavior is changing only to realize for the sake of some of my deals on the table, I better not post due to the fact that I would not be writing in the best interest of my current clients.  Many times when my posts slow it's because I'm very involved in deals I simply can't write about for the sake of confidentiality.

I fear the content I can't share will not give you what you need to be in the know and have the edge you deserve for being one of my Naples real estate subscribers.  So here, I will speak in generalities and if you would like details, I'm a phone call or email away.

1.  Sellers are getting very confident with some increased pricing but more importantly very tight negotiations.  This is different than years past.  The biggest news is that behavior is inconsistent which is going to cause a ripple of drama.  Buyers not ready for hard negotiations may want to react accordingly and find themselves suffering in the long run because of it.  Call me for details on this.

2.  Some sellers need to be strategic about buying and selling here in Naples.  Some sellers are taking their properties off the market because they can't find another property to replace what they have when they sell.  Until recently it was easy for Naples sellers to put their home or condo on the market, wait for a sale and then have a nice selection of Naples properties to choose from when they get an acceptable offer.  I just lost a deal due to the fact the seller couldn't find another place to go and didn't want to move twice. We might get it together in the near future but this was a downer for my buyer.  We might be going toward a market where some of our more affluent Naples sellers need to go out and find what they want first, purchase and then put their place on the market.  It's hard to believe I'm saying that out loud in this very turmultuous economic state this country is in but it is true depending on where you want to go and the location of your current property.  Many areas of Bay Colony is a place where you could do this pretty easily provided you are priced appropriately when you sell.  It's very wise to have a Naples real estate expert help you do this.

3.  If you like to shop for Naples deals there are some good negotiation opportunities for locations like:

Collier's Reserve, Port Royal, Grey Oaks and Quail West.  All of these locations are showing some oversupply with slightly under or over 1.5 years of inventory.  Keep in mind each negotiation may go differently so if it is at all possible (which it should be since your main motivation here is the "deal")you will want to go in and choose 3 properties and know the first one or two may not go your way but I do think some sellers here should show you some flexibility still.  That is probably not going to be the case in areas like Park Shore, Aqualane Shores and Olde Naples since inventories are light and traffic is heavy.

4.  Intelligent agents are putting deals together and/or keeping deals together that may not have made it otherwise.  Because the tables are turning a bit it takes a different and sometimes very aggressive approach to getting the deal done. Smart Naples agents know how to find solutions to problems whether it's property condition, beginning negotiation stale mates and other tricky aspects of the contract to close timeline.  I have also seen a few examples where inexperience or lack of business acumen has obliterated a deal to pieces...very sad. 

It was said the other day during a John R. Wood board of directors meeting (I currently hold a position there thanks to having the honor of working with some fantastic clients) that some sellers will think they can get their deal done without an agent now that the market is turning.  If getting the deal done is your goal, that's fine...but if getting the deal done with the
1.  highest and best price
2.  timeline you prefer
3.  and without additional exposure to expensive legal issues

is the goal, having an excellent Naples Realtor with their vast network of experienced professionals behind them may be a small price to pay in the long run...especially if you're talking about some of the bigger ticket items around town. 

Friends, these contracts look very simple and they are for someone who assist people with them everyday. I have found the most successful buyers and sellers hire the best Naples real estate professionals to handle their real estate business because:

1. They have more time to do what they really enjoy doing.
2. They recognize the value in someone having the experience they do not in handling some of the local behavioral aspects that arise during the marketing and negotiating of their property.
3. They understand the vast network of professionals that stand behind their Naples Realtor to get the job done in the best most convenient way.
4. They know their Realtor and network will keep them performing within the timeline of their contract.
5.  They can get the extra assistance they need when things get emotional...let's talk about that one.

The most legal exposure occurs when times are most emotional.  When is real estate emotional?  When there is a clear upper hand and a clear underdog ie. when it is a Buyers market or a Seller's market.

YOU SCREWED ME!

Doesn't naturally occur for the most part in a happy, amicable, stable, even market.

It can be tough for sellers and/or buyers to not want to inch a little closer towards the edge when they feel like they have a solid edge to negotiate and it can be easy to completely and unknowingly go over that edge when performing to a contract. What I mean by that is that sometimes when the intentions are completely honorable you can cross a legal line that can get you in a huge pile of crud.  It can cause a horrible legal stink that ultimately the guilty party would've never caused to happen had they known what their legal responsibility was.  Because of our experience, we can say....ehhh that may not be such a great idea, here's why... This is one of those points I'd love to follow up with an example but I can't.  Call me for details on this one.

Ok, that is all I have time for today.  Buyers, put your helmets on! Give me a call, let's make a date and let's do this!!!

Sellers, give me a shout! Let's make a plan and let's get rolling!

PS~ Days til Winter = 20!!!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Naples Real Estate Update 11.8.12

Good Day My Naples Friends!  The election is over! The President is still the President and you can now get high legally in WA and CO...what a bizarre coincidence! The Naples real estate market shows signs of a fierce premature heat up but buyers might have a new edge in negotiations...


Between October 1st and November 6th:

There were 627 sales in the Naples area last year with 48 of those sales listed at $1,000,000+.  The highest priced property sold was listed at $6,950,000. 

This year a total of 735 sales in the Naples area with 45 sales priced at $1,000,000+. The highest priced property coming in at $6,200,000.

That's a 17% increase overall BUT a 6% decrease in Naples luxury real estate sales.

I personally was involved in the negotiation of 8 offers this past week.  Offers I negotiated were in locations like, Park Shore, Moorings, Olde Naples and Pelican Bay.  The overall tone amongst the listing agents (including myself) was extremely confident. On the most expensive condo (priced between 6 and 7 million) the seller and/or seller's agent was too confident and they ended up losing the deal which is a crying shame considering that property has been on the market for a million years (I may have stretched the market time a little bit here). 

What that means for our future Naples real estate market?  Had the election ended differently, I believe that would've have boosted momentum and it would've been extremely challenging maybe a little bit impossible to have a solid negotiating stance as a Naples luxury buyer.  The day of the first debate my web traffic for Naples real estate increased approximately 35% over the year before and stayed that way almost every day (Hurricane Sandy dropped for 2 days ). The day of the election my Naples real estate page views dropped 35% and increased only 9% from there yesterday.  More importantly, people were looking for more luxurious locations than what is being viewed today.

It is still too early to tell what specifically will take place this Naples real estate season so please don't think you have all this extra time to make a decision.  As many of you tenured Naples real estate enthusiasts know, the market can change on a dime and travels precisely at the speed of talk.  I'll give you an example.

I asked a top Naples agent yesterday about her traffic experience.  She replied, "I had 0 showings today".  I said, "what about yesterday"...if memory serves she said, "4".  I replied, "the day before that"?..."3".  Does that mean something?  Maybe not by itself but that's how I collect data about the market...ie...my ear to the ground if you will.  She was just one agent I spoke with...chatter with other agents, buyers, sellers, past clients, store and restaurant owners and employees...this is how we keep abreast of the current purchasing and selling behavior which is what makes a market turn my friends. 

Another example:  I dined at Tommy Bahama's last night...walked in (early 5:30) sat down right away...and while there was a nice gathering of people you could still get a table closer to 7:00 without wait.  Was it because it was chilly and breezy or because many people who are already here (up from last year) were bummed out?  Probably a combination of both...I walked into Island Company afterwards and asked a sales lady about her traffic experience..."crazy this past weekend...weird quiet yesterday and sporadic today"...again weather change, or tears in my champagne?  Probably a combination of both.

My gut tells me this lull may be short lived.  Although we may have a percentage of people drop out of the Naples purchase market because of the election, I do believe many will still buy this year and although it's a little quiet right this very minute, I don't believe it will last for long so NOW is the time you may want to do something. We have a new talking point to discuss when negotiating today but it may not be here long ESPECIALLY if it continues to dump snow and ice on our Northern friends.  Uncertainty is our friend in negotiations when buying so consider getting here soon and being prepared to pull the trigger. 

If you're considering selling your Naples real estate...you have a challenge.  Here's what I found in my experience last week.  Agents who have had a great deal of success over the years stayed on point through negotiations and while more confident than years past were still all about making the deal happen.  Agents who did not have a great level of success or long history did not fair so well.  This is why you want to go with an experienced proven professional when you list your Naples property.  In tumultuous times as these, a proven professional can assist you through important decision making and potentially save you $1,000's of dollars and help you accomplish your goals over those who do not have the ability to assist you in making wise decisions. 

I am ready to assist you when you are ready to go so please contact me in advance so I can help you personally.

Stay safe, Stay warm!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Stay Safe My Northeastern Friends!

Hello My Northeastern friends,

After listening to the news today I must admit, the forecast sounds quite alarming for you.  I've experienced a few hurricanes myself but simply can't imagine what would happen if some of that rain turns into snow....seriously scary to me.


Please listen to these warnings and consider taking the following steps to prepare for the safety of you and your family because quite honestly, I can't be me without you!

Here are some tips shared by my local insurance company to help you do just that:

Gulf Coast Insurance wants to alert our valued clients to be prudent during this time and take all the necessary precautions.

Below is some information that we hope you find helpful.

To prepare for a hurricane, you should take the following measures:

• You should build an emergency kit and make a family communications plan.

• Know your surroundings.

• Learn the elevation level of your property and whether the land is flood-prone. This will help you know how your property will be affected when storm surge or tidal flooding are expected.

• Take video or digital photos of your home, inside and out, and store at a location that is off premise.

• Learn community hurricane evacuation routes and how to find higher ground. Determine where you would go and how you would get there in the event of an evacuation.

• Make plans to secure your property,

• Cover all of your home's windows. Permanent storm shutters offer the best protection for windows. A second option is to board up windows with 5/8" marine plywood, cut to fit and ready to install. Tape does not prevent windows from breaking.

• Install straps or additional clips to securely fasten your roof to the frame structure. This will reduce roof damage.

• Be sure trees and shrubs around your home are well trimmed so they are more wind resistant.

• Clear loose and clogged rain gutters and downspouts.

• Reinforce your garage doors; if wind enters a garage it can cause dangerous and expensive structural damage.

• Plan to bring in all outdoor furniture, decorations, garbage cans and anything else that is not tied down.

• Determine how and where to secure your boat.

• Install a generator for emergencies.

• If in a high-rise building, be prepared to take shelter on or below the 10th floor.

• Consider building a safe room.
  

• Here are some links you may find helpful also:

• Weather.com

• http://www.nhc.noaa.gov

Hurricanes cause heavy rains that can cause extensive flood damage in coastal and inland areas. Everyone is at risk and should consider flood insurance protection. Flood insurance is the only way to financially protect your property or business from flood damage. To learn more about your flooding risk and how to protect yourself and your home or business, contact Gulf Coast Insurance.

By the way, flood insurance is some of the least expensive insurance you can buy!

If you'd like to talk with my Insurance company, Gulf Coast Insurance, You can talk with Jennifer or Shelby at 239-403-3940.

Your friends in Naples Florida are depending on you!

Stay safe!

Shannon Lefevre, PA
Your Naples Smart Girl

Audubon Naples Florida Update 10-5-2012

Audubon Naples Florida is on it's way to recovery with two new pending properties today.

Let's start with the Audubon real estate statistics:

There are 28 Audubon homes on the market and 1 Audubon condo with 3 homes currently under contract.

There are 6 Audubon condos that have sold during the past year.  That means if you are interested in an Audubon condo, you have the choice of one at this time.  This also means that if you own an Audubon condo and you've been waiting for the market to stabilize before putting yours on the market, now would be a great time to do it with a couple of words of caution.  Just because inventory is really low doesn't mean you get to pick any price you want and can expect it to sell.  I am seeing evidence all over town right now of people who are really inflating prices because they think since they're the only property on the market all rules go out the window.  That's simply not true. 

If you own a Montclair Audubon condo you have a terrific opportunity right now.  If you list your Audubon condo today relatively close to fair market value, you should have NO problem getting it sold but make sure you're at least within fair market value range because pricing it considerably higher is only going to lead to longer than necessary market times as historically proven.  Contact me for more details about how to get the most for your Audubon condo in the least amount of time.

If you're thinking about buying an Audubon condo, contact me direct.  There's a story here but since there's only one on the market I probably shouldn't single this one out publicly... :)

Here's what's happening with the Audubon home market:

Currently there are 28 Audubon homes on the market with 20 sold during the past 12 months and now 3 under contract leaving a 22 month supply of inventory.  This is excellent news if you're a buyer because you have more talking points for a negotiation here than many other locations around Naples.  Just glancing over the inventory I see a home priced at a TERRIFIC value. Unfortunately, I see some others that don't really make sense as far as pricing is concerned and even though the market has not leveled pricing (prematurely) is starting to rise.  If you're thinking about buying an Audubon home, make sure you or your agent is doing the homework because there are some points you want to keep your eye on here. 

Does this look like a time to buy in Audubon or what???

List prices for Audubon single family homes is up 7% compared to the Audubon homes that have sold.  If I were working with an Audubon seller and they wanted to sell this season, I would seriously refrain from padding prices right now unless they have something exceptional to sell but there are several strategies to get the most for what you've got.  Staging is one of them.  Call me for details!

If you are an investor who likes to remodel and flip there are some clear opportunities here since some of the lower priced homes are in need of a facelift.  The number of buyers who want to sign up for a colossal project aren't nearly as large as those who want to park their golf shoes at the door and start experiencing life in Naples right away.  They're willing to pay for a home if they don't have to gut and start over. Let me help you identify the best property to pretty up so you can make a profit!

If you're thinking about purchasing a Naples golf home or condo, call me.  I offer something unique to the Naples market and that is a 5 point buying strategy.  If you and I haven't talked about what that is, call me.  It gives you the best shot at cutting a great deal in Audubon or any of the 20 Naples neighborhoods I cover. 

If you're not purchasing in one of my Naples neighborhoods where I work, no worries.  I have a whole team who covers the entire market and can direct you to a professional who can do a fabulous job for you!

PS~ We're only on our 13th day of Fall and some of us are already getting snow! It's time to pull the Naples real estate trigger my friends!  That reminds me of a joke... What did the big furry hat say to the warm woolly scarf?  You hang around while I go on ahead...ha ha burrrr!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Coquina Sands Naples Florida has experienced tremendous success with 58 pending sales and closed contracts for the last 12 months leaving less than 5 months supply of inventory. Find out what that means for the rest of you who are thinking about buying or selling in Coquina Sands this up coming season.

Let's look at the Coquina Sands real estate market at a glance:

Coquina Sands Homes

8 Coquina Sands homes are on the market right now.  There are 28 sales (and homes under contract) during the past 12 months. That's only 3.43 months of inventory. Of those 8 there are two Naples Casamore homes currently available while 3 of those are currently under contract and two have closed during the past 12 months.  Nearly all of the tear down product in Coquina Sands has closed which pushes the lowest priced home available from the $300's to the $500's currently.  The bottom of the Coquina Sands market has clearly come and gone.

If you're thinking about purchasing a Coquina Sands home:  Time is not your friend.  I encourage you to check out the market as soon as possible, identify something you can be happy with and pull the trigger ASAP. Be prepared for tightened negotiations even though the past 12 months is showing a 90% list to sales price ratio. It is best if you're paying cash and contingencies at this time will probably be frowned upon if not completely refused.  If you have been looking but haven't found what you like, you might try these strategies-

1. Have your agent check MLS several times a day to see what is hitting the market and be prepared to respond as soon as a new Coquina Sands home go live.  This scenario may mean even if you're fast you might compete which does not necessarily put you in the best negotiating position but at least you have a shot at what you like.  It is imperative to work with a quick response agent.  If your agent is used to rolling into the office at 10, taking a 2 hour lunch and scooting out at 4 for happy hour, you may miss more than a few before you reach your goal.
2. Have your agent scout for the perfect property by contacting owners who are not presently on the market in hopes to bypass competition. This route doesn't always put you in a best negotiation situation either because typically if the seller has not been motivated enough to go on the market, you will likely pay a higher price.  Regardless this option might be what it takes for you to get a shot at something you really like.

If you are a seller who wants to sell your Coquina Sands home: Congratulations! You made it through the downturn! Pricing has clearly started to rise but you want to be conscionable about your price even still.  I am starting to see evidence of some crazy pricing which is customary when a market starts heating up.  We are not at that point of the market just yet.  It is wise to list your home with an experienced Naples Realtor.  I am seeing new agents with listings in Naples luxury locations who do not understand the market and are making serious mistakes which will likely lead to longer market times and lower sales prices for those sellers.  It happens.  We have excellent data to help you with your pricing and experienced Naples Realtors like myself have an arsenal of skills and techniques to help you sell your property quickly and for the best price. 
Many of our customers are looking to sell and purchase something else in Naples so you want to do this as quickly as possible before the inventory you're interested in either disappears or takes a big price hike.

Coquina Sands Condos

Coquina Sands high-rise product is the only product in Coquina Sands that has not fully recovered but the numbers are close. There have been 3 Coquina Sands high rise sales during the past 12 months and 4 are currently on the market.  Buyers have talking points here for negotiations! Contact me direct for details.
For mid-rise and low-rise Coquina Sands condos, there's just over 4 months supply of condo inventory here so please review the advice I gave Coquina Sands home buyers and sellers.  It is the same with one exception.  While I fully believe pricing will take a jump within the next few months or so, there are still some great buys here.  The fact that you can still buy a Coquina Sands condo for under $200,000 is a gift.  I fully suspect the five units under $500,000 to disappear fairly fast here. 
Here's why ~ There's 22 Coquina Sands condos priced under $500,000 that have sold or are currently under contract and there's only 5 left (2.73 months of inventory) I would call this an endangered species at this point. If your desire is to purchase a Coquina Sands condo under $500,000 this year, please take my cue....on your mark, get set, go!
That reminds me of a joke my Dad told me once:
A guy goes to the Dr. and says, "Doc, I just don't feel great". So the Dr. runs all these tests and comes back and says, "I don't have good news...you've only got 10". The guy says, "10 what? Years...months"? The Dr. says, "9....8...7". 
The moral of that joke my friends is if you want to pay a good price in Coquina Sands you no longer have years to make your Coquina Sands selections and check out. You no longer have months and months.  The time is now.
For more information regarding Coquina Sands Naples Florida market, contact me direct.
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!

Collier's Reserve Naples Update 9/17/2012

Exciting news about Collier's Reserve Naples Florida.  The market has all but stabilized with the current inventory levels coming in at 15 months of supply (12 months of inventory is stable) This means there still might be time to cut a terrific deal in Collier's Reserve!

As it stands there are 15 Collier's Reserve homes for sale with 12 Collier's Reserve sales during the past 12 months and even though prices have started to increase in this Naples, Florida location, you can still get quite a bit of home for the dollar here! 

Before the downturn Collier's Reserve used to pride themselves with the concept that it took at least one million dollars to break into the neighborhood and that could be true once again in the very near future.  All current listings are currently priced at one million dollars or above at this point. There could still be some lower priced homes hit the market between now and January but time is going to tell on that one.  Just last year there were two homes that sold in the $700's. Those days might be over for awhile anyway.

Here are some important Collier's Reserve real estate statistics you want to know:

• Lowest priced home for sale in Collier's Reserve is currently $1,000,000.
• Highest priced home for sale in Collier's Reserve is currently $2,750,000.
• Average list price in Collier's Reserve now is $1,533,000. (up 2% from homes that sold during past 12 months)
  
• Average list price for Collier's Reserve homes that sold during the past year is $1,501,750 
• Average list price per square foot on currently listed Collier's Reserve homes is $368 (up 3% from homes that sold during past 12 months)
  
• Average list price per square foot on homes that sold during past 12 months is $355
• Average market time on Collier's Reserve homes listed now is 155 days (down 46%)
  
• Average market time on Collier's Reserve homes sold during past 12 months is 239 days
• Average list price to sales price ratio for homes that sold during past 12 months is 90%

Buying a Collier's Reserve home requires more strategy today than last season.  That's why you want to work with a Naples Realtor who can assist you with a compelling negotiating strategy.  There are clear points I can use to help you with your Collier's Reserve buying strategy.  Contact me direct for those points.
Attention Naples real estate investors:  Some Collier's Reserve homes are starting to show their age and could be fluffed up and flipped provided you purchase the right property at the right price.  Contact me for details regarding this opportunity.

Selling a Collier's Reserve home is getting easier as time goes by but you are not out of the woods just yet.  You want a Naples Realtor who can assist you with an effective marketing program and somebody who knows how to help you close the deal on YOUR home not just a home in Collier's Reserve. Contact me today to see what skills I offer to help you get your home sold fast and for the best price with the least amount of hassle.

For more information regarding the Collier's Reserve market, to see Collier's Reserve homes or to list your Collier's Reserve property, contact me direct.
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!

Real Estate Wars In Naples Florida

My experience tells me Naples buyers will be encountering considerably more competing offers this year compared to the last several but the rules on the contracts have changed...I want to hear your thoughts and opinions about it!

With Naples real estate inventories shrinking considerably, Naples buyers are going to find themselves amidst some serious competition this season especially on properties of magnificent appeal and Naples listings that are priced to sell.

...and just in time for the battle there's an interesting change on our Naples listing contracts.

Here's the Naples Listing Contract Change:

Paragraph H (lines 48-50) of the NABOR Listing Contract now requires the Seller to choose  (1) shall or (2) shall not  disclose the existence of offers on the Property to buyers and/or cooperating Brokers.  If disclosure is authorized and if asked, Broker shall disclose whether the offers were obtained by the listing licensee, another licensee of Broker, or by a Cooperating Broker.

So what this basically means is the listing agent isn't necessarily going to offer the information that there is another offer on the property.  When they're asked if there's another offer, they will be required to follow the terms of the listing agreement...either tell you there's an offer or tell you something like, I'm sorry I can't disclose that.

I've had several buyers throughout the years fall into a competing position. The majority of my clients have chosen to compete.  This is what I personally would do.  I wouldn't let some maybe other party take what I like without at least putting up a fight. Of those buyers who competed, a HUGE majority (probably 95% or more) have won the competition.  In fact the only time someone has lost a competition I was involved with is because they chose not to follow my advice and the other party's terms won.

Every once in a blue moon somebody doesn't want to compete and will either take a stab at something else or go away without purchasing.  That's a sad day when someone leaves the Naples real estate market because they're not getting their way but it happens...it will happen alot more in the next upcoming years if the market continues to strengthen because there is always a certain group of people who want to feel like a buyer.  Other times people take off because they price themselves completely out of the market...sigh.

I've also had considerable experience with Naples listing agents who have told me there's an offer working on a property and has given me the option to show the property anyway. Sometimes the offer comes in while we're at the showing appointment.  Some are leery about telling me because there's never a guarantee the first offer is going to work out and they don't want to scare off my buyer. It can be a really uncomfortable situation.

My competing experience as a Naples listing agent is vast as well. While negotiations can sometimes get out of hand, for the most part it's a positive experience.  I look forward to competition because it usually means the seller's getting their absolute best price and terms.  It definitely helps when I'm working with experienced professionals who know how to communicate effectively with me and their customers, while there may be heartache, the losing part ultimately knows the competition was fair.

Do you know why it's vital you work with a proven professional? The mistakes rookie or simply unintelligent agents make during competition can make negotiations really sad and difficult for almost everybody involved. I remember the first time an agent handed me my butt during a "surprise" competition. I think I cried the entire night because I knew I had lost the deal for my client.  Calling my client to tell them they had lost their house and why was one of the hardest calls I ever had to make.  That happened sometime around 15 years ago and it was through the agony of that defeat that gives me just some of the intelligence you get today when you choose me to be your Naples real estate agent.  If you'd like to hear the rest of that story, email me direct and I'll send it to you...it's a good one. :)

If you are working with an intelligent agent they are going to know how to meet your objective.  Based on that knowledge they are going to formulate the terms of your offer accordingly to give you your best shot at your desired results. Dummies don't know how to do that.

Ok, that's all I have for you today.  You want to be diligent on your Naples searches (or allow me to do that for you) AND you want to act swiftly...now through season. 

About 9.9 out of 10 of you never leave your comments here :( but I really would like your feedback on this one.

Here's the questions: 

If you are a buyer and told there's another offer on the property (or one coming in) do you:
A. Choose to compete.
B. Choose to punt.

If you are a seller and are asked to choose to allow or deny your listing agent to disclose other offers do you:
A. Allow your agent to disclose other offers.
B. Deny your agent to disclose other offers.

I'm really looking forward to your comments which you can leave here in the commenting section of my post or you can email me direct at: shannon(at)shannonlefevre.com

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl

Aqualane Shores Naples Update

Aqualane Shores is a Naples real estate success story showing a vibrant sales history during the past year with 34 sales and pending contracts.  With only 9 months of inventory on the current Aqualane Shores market does that mean pricing is on the rise?

I currently analyzed the Aqualane Shores market for a customer who is considering selling his Aqualane Shore home and while I wasn't surprised of the recent sales activity in Aqualane Shores, I am pleased to see the market has more than stabilized. My Naples real estate market experience is vast.  I've seen the tables tilt towards both a seller's and a buyer's market in drastic comparisons. I enjoy a widely accepted stable market the most. When buyers and sellers have both come to grips with the reality of a market is when the most amicable negotiations take place and the least amount of heartache and disappointment exist.

The Aqualane Shores market is moving again though which has a potential of producing a little kooky behavior from both sides.  It's probable sellers will want to push up on price and tighten on negotiations and buyers want to push back as a natural reaction.  Just as the opposite occurs during a sinking market.  But in any market smart sellers will remain reasonable as well smart buyers.  Here's what I see right now.

The most interesting point about the Aqualane Shores market right now is for the first time in several years the original list price is lower than the current list price. What I mean by that is when I average all of the prices of the current Aqualane Shores listings the average current list price is now: $3,744,296.  The average original list price is $3,738,352.  Some owners are choosing to INCREASE their prices.  While this isn't a wide spread occurrence yet, many owners are coming to grips with an improving market and it is becoming more clear on paper who's confident with their price, who wants to sell and who wants to see if they can capitalize on the current success.  18 of the 27 listings are standing firm on their original offering price.  5 of the 27 have made some sort of downward price adjustment during the term of their current listing and 2 have made substantial price increases.

Aqualane Shores negotiations are tightening.  In an Aqualane Shore market analysis from December 2010, I reported that ratio coming in at 85% of list or 76% of original list. Today list price to sales price ratio is 89% of list and 85% of original list. This is further proof Aqualane Shores owners are less flexible today than just two years ago.

Let's look at the number of Aqualane Sales over the past few years:
We're going to use August 20th is the mark.

Aug. 20, 2011- Present:
# Closed = 26
Avg. Closed $ = $2,695,862
Avg. List Closed $ = $3,048,556
Avg. $/Sq. Ft. Closed = $666
Avg. $/Sq. Ft. List = $730
Avg. List to Sales Price Ratio 88%

Aug. 20 2010 - Aug. 2011
# Closed = 21
Avg. Closed $ = $2,258,524
Avg. List Closed $ = $2,656,500
Avg. $/Sq. Ft. Closed = $662
Avg. $/Sq. Ft. List = $783
Avg. List to Sales Price Ratio 85%

Here are some other interesting statistics to consider here. 

• The average size of homes sold increased 15% this year compared to last. The bigger the home, the lower the price per square foot can be accomplished when doing an apples to apples comparison yet the average price per square foot still went up slightly. 
• The average days on the market for the properties that have sold decreased 32% compared to last year.
• There were only 3 homes that sold for over $3,000,000 the year before. This past 12 months there were 9. That's a pretty big difference.
  

Agents are already complaining about having problems finding inventory for their customers. Some buyers are coming to town expecting a nice selection and being disappointed with their choices and leaving town without pulling the trigger. Fortunately new potential sellers are reaching out to see if now might be a good time to sell...phew. We need you!

If you're thinking about buying an Aqualane Shores home, please have a smart agent like myself assist you with your search and help you with your negotiations. To put it simply, it's getting tougher.
If you're thinking about selling your Aqualane Shores home, I encourage you to hire an agent who knows the market and can help you maximize your exposure to capture those buyers waiting for the perfect place to call their home while capturing the true current value for your property.

Of course you can always contact me direct with any questions you might have regarding your personal Naples real estate objective or search my Naples real estate website for more information.

Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!
PS~ There's 121 days til winter....are you ready?

Naples Real Estate Today

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

Quail West Naples Update

Somebody researched, "what's the deal about Quail West" yesterday on Google and found my Naples Florida real estate website. The search term made me laugh and for that, I'll take the opportunity to catch you up on what's the latest in Quail West Naples Florida. Here it is:

An article in the News Press on June 16, 2012 stated Stock Development purchased the remaining 234 lots in Quail West.  Rumors about the purchase were swirling as early as May or so. If you're unfamiliar with Stock Development you should know they have made a business out of acquiring or purchasing slow or stalled communities in Southwest Florida. Those communities include but may not be limited to Lely Resort in 2001, Olde Cypress and Grandezza in 2002 and 2003. While they have their hand in several other entities in and around Naples, consumers and Quail West residents will probably consider their involvement a great thing. The reason why this may be is because Stock has made substantial achievements when getting involved in past Southwest Florida communities posing the question, "Is Stock Development the Heather Locklear of Southwest Florida real estate"?  Who knows but their success is undeniable.  Here's a list of their awards found on their website:

• 2008, 2009 & 2010 Community of the Year – Lely Resort
• 2007, 2008, 2009 & 2010 Community of the Year – Paseo
• 2007, 2008, 2009 & 2010 Developer of the Year
• 2006 Punta Gorda Chamber of Commerce Business of the Year
• 2005 & 2006 Development Company of the Year by the Lee Building Industry Association
• 2005 & 2006 News-Press Grand Award
• 2005 Governor’s Entrepreneurship Award
• 2005 Excellence in Industry Entrepreneurship Award
• 2004 & 2005 Company of the Year by the Naples Area Board of REALTORS®

That's not a bad track record!  Talking about track records...let's take a look at Quail West's track record so you can know exactly what's going on from a statistic basis because take overs and awards are all fine and good but results are primarily what my customer base is most in search of.
Currently there are 34 Quail West homes available with 10 homes under contract and 26 Quail West closed sales for the past year.  That's over 15 months of a supply in inventory.  That is close to stable but not quite and actually, that's good news if you're a buyer.  This is just one point you can use in your negotiations with a seller if you're a buyer but I'll encourage you to come up with 4 more to make a compelling argument for your offer. I'm great at that if you don't already have an agent.  All of the potential short sales (being marketed as such) are either sold or under contract and there's only 1 foreclosure on the market right now...there were only 4 total during the last 10 years so clearly no alarm there either. 
As far as lots are concerned it's about the same picture as Quail West home sales. 25 active Quail West lots on MLS/30 closed or under contract.  There's a weird number discrepancy that I can also explain on the phone or in person.

Now's a good time to talk about deal or no deal in Quail West. There's a secret here...nothing I will share online but this is one of those neighborhoods you want an experienced professional to assist you. Without one, you could find yourself down the road finding out the secret and realizing you may have made a wrong decision.

Talking about sad days...

I'm totally bummed out about a couple of Quail West homes that have already sold.  I knew they would be tremendous deals and as record would have it they sold at completely ridiculous numbers. With that said I know of 3 that sold where the buyer clearly won.  That also means Quail West is quickly going to turn a corner and those days will be over as well.

Many of the homes in Quail West were built during much happier times. You remember when labor and material were relatively inexpensive and builders could build houses for almost free. :)  The materials chosen during that time were rich and luxurious and occupied every corner of the property. Construction during that time was largely a heavier Mediterranean with lots of cast stone, exotic marble and offered an earthy color pallet. 

Today the newer homes are still fabulous but cast more of a sleeker, sexier note with a suggestion of a cleaner contemporary line and more vivid color pallet.  Regardless of your taste, there's something for everybody who can afford to drop some dough in the neighborhood.
Well, I feel like I've totally talked your ear off so I'm going to go. I'll be around this week to assist you should you find yourself wanting to do some Naples real estate shopping!  Please feel free to view my website or contact me direct asap for an appointment.
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!

Foreclosure in Pelican Bay

Hello Naples Friends,

I just received an email from a gentleman who asked, "Are there any foreclosures in Pelican Bay".

The long and short answer to that question is:

There's 1.

As it stands right now there are only 251 active listings in Pelican Bay which equates to 10 months of inventory putting Pelican Bay in an under-supplied inventory status. There are currently 46 pending sales in Pelican Bay today which means despite the time of year, Pelican Bay is experiencing fabulous sales traffic.

Another portion of his question included,  "is anything under $250,000 in Pelican Bay for sale".  The answer is no.

The lowest priced unit for sale in Pelican Bay is listed for $285,00 and there are only 6 properties in Pelican Bay listed for under $300,000 at this time.

I would not be surprised at all if this is the last year you will be able to find anything under $300,000 for a awhile.

This is just one example of a few Naples real estate requests I've seen lately where I could not accommodate somebody's direct request due to strengthening market conditions. Experience is telling me this is the beginning of a new trend that will last until our general consumer base gets a firm understanding of what's going on in Naples, Florida.

I personally equate shopping for Naples real estate in July to Christmas shopping in June. Y U C K! Nobody wants to do that when there's family vacations, summer bar-b-ques, babies to be born, birthdays to be celebrated, families to be cherished, first homes to be graced etc. BUT, if you're a buyer who wants to negotiate, now is probably the time. Especially if you're thinking you want to buy that winter place in an area like Pelican Bay or Bay Colony or really...any location close to one of our Naples beaches.

Many of you have already take steps to purchase this summer in areas like Pelican Bay, Bay Colony and other Naples beachfront locations.  I have experienced dramatic increases in traffic on my Naples real estate website. Web traffic is a terrific indication of projected real traffic in the next 30-60.  For those of you who don't know, August and September are typically the least productive 2 months in our calendar year.  This year might be a different story.

One of the bonuses about purchasing now is that you can do the lion share of your decision making on my Naples Florida real estate website, I can shoot some video for you for additional information gathering and you (if you're experienced enough) can purchase site unseen so you don't have to take precious time out of your summer agenda to get that winter home deal done. I have a tremendous group of professionals like Naples attorneys, home inspectors etc. who can help you confidently purchase from afar.  We can help you get your deal done effortlessly giving you the time to focus on what you most want. 

This way you won't find yourself competing with the others who will show up when the winter gusts start to howl and the snow starts to blow because by that time your buyers edge will probably be gone with that same blast of wind. The other point about purchasing now is if you negotiate and close your deal this summer, you can make your place your own before high-season so you can really feel at home while that January sun is kissing our Naples beaches and golf courses.  After all is there a better place than Naples to entertain friends and family or just reconnect with your own mind, body and soul during January through April?

For more information or to get the Naples party started, just visit my Naples website or contact me direct!

Happy Summer,

Shannon Lefevre, PA
Your Naples Smart Girl!

Where The Pelican Bay Deals Might Be Part II

Hello Naples Friends! Here are the next 9 Pelican Bay communities that still have an oversupply of inventory where you might be able to find a great Pelican Bay deal this summer.  If you missed the first 7 Pelican Bay communities with an oversupply of inventory, you can find them here:

Where The Deals Might Be In Pelican Bay Part I
There was a whopping 4 way tie for #6 with 24 months of inventory:

Bay Colony Shores:  This is another one of those communities where it's almost completely unfair to report on an oversupply of inventory here because for SO long there was hardly any and not too long ago there was NONE.  But as real estate changes so does the inventory at Bay Colony Shores.  It used to be you couldn't buy anything in Bay Colony Shores under $3,000,000 and while 3 soon to be 4 sold in the 2+million dollar price range during the past 2 years...that may be all for awhile. The remaining properties are listed considerably higher so if you're in the mood to belly up to the bar with more dough, maybe you should take a peek at these!

Chateaumere at Pelican Bay:  472 days and 500 days on the market on a couple of these listings=phew! That is a LONG time! So there's clearly a few people in here with no real desire to sell (or at least that's what it looks like on paper) but there's some others who might be interested if the right offer were to come along and who knows...if those career listing sellers were presented with something, they might get interested...we've seen that happen more than once. In fact there are two examples in Pelican Bay where one unit was on the market for over 1,400 days and the other over 900 days.  One sold for 68% of list price, the other for 78% of list price...these are great examples of how it's important to price your property correctly regardless of where the property is located!  Chateaumere offers some fabulous golf course views so it might be worth the check out if you like that not to mention there are some fabulously remodeled units on the market here.  :)

Montenero at Pelican Bay:  Known as one of the best buildings "on the berm" Montenero has some exceptional options here.  The problem though is because there is so much space here and prices range so high, they compete with Bay Colony and even though the fees are much higher in Bay Colony many choose Bay Colony over a building like Montenero or Cap Ferrat.  If you would prefer to keep your carrying costs down though and you require more square footage and like a newer building, you should consider Montenero.  There are some FABULOUS units on the market right now that still look TERRIFIC and offer enchanting views of the Gulf of Mexico and those beauties on the Strand. You can accomplish something out of the ordinary here because of the views and square footage so keep it on your list.  It may be the best deals are already gone but once again, sometimes you never know until you get in the middle of it.  If you're a seller who has something smaller and not so great, the lower price points here seem to be doing better than the bigger, super fabulous units! :)

St Marissa at Pelican Bay:  WHOA! If you don't need a view there is a super deal here and if you do need a view there's a super deal here...ok let's just say there's some good deals in St. Marissa right now and call it a day.

Cap Ferrat at Pelican Bay = #7 with 20 months of inventory:
This is the other super luxurious building on the berm in Pelican Bay and once again there are some big ones on the market here.  I think this building has the same circumstance as Montenero in that the price points directly compete with Bay Colony so if you like the exclusivity of sharing your beach club with a much smaller group of people or you like towel service, a pool at the beach club and full service on the sand...well, you might choose Bay Colony but if you don't care about the additional carrying costs and you like to blow your friends and family away with a super stunning lobby and top notch amenity package, you should consider Cap Ferrat.  I've sold a couple of units here and from my experience, the majority of my clientele really like it. I've heard a couple of others say they thought it was a little too heavy or ornate for their tastes so think of it this way...if you like Old World, lots of marble and cast stone....you will LOVE Cap Ferrat...if you're thinking more beachy and simplicity...move along to something else.  For those of you who are left, there are some great units at great prices here. There may even be room for a little more negotiating...hint hint  If you're a seller, hold off if you can or price it right!

Marbella at Pelican Bay = # 8 with 18 months of inventory:
This is an unusual animal in Pelican Bay in that it has an attached health care facility on site and is a 55+ community.  This makes talking about an oversupply of inventory at Marbella a little sad because I think there are probably not too many reasons as to why these become available.  :( So I will just say that there may be some extenuating factors that might exist when negotiating here but for the respect of the families and the owners of these properties, I will help you more on a case by case basis on this one. I'll conclude this one by saying, I've met some families who have relatives who live here and they LOVE it.

18 months and more of inventory to me is something to talk about.  If it's less than that then it may be a big deal but good chances are it probably isn't that big of a talking point so I am going to finish this with the 3 wild card communities that are left.  My wild cards are neighborhoods where nothing has sold during the past 12 months so true value is a little more difficult to determine and could be a good talking point during a negotiation.

Pointe Verde at Pelican Bay: There are two homes on the market here and fall into a similar situation compared to Cap Ferrat and Montenero in that these price points compete with Bay Colony.  So once again, if you like the conveniences of Bay Colony and you don't mind paying the additional dues, you might choose that location over this one.  If that's not important and you want a bigger home on a bigger lot than most of the other single family home communities in Pelican Bay, you might really find this exciting.  There's a gate here too so if you like that benefit, that's available to you as well. 

Renaissance at Pelican Bay: This is just one little building holding 8 units and the properties here can be really fantastic.  Some over the years have been horribly outdated and with a completion date of 1985 you're just going to run into that sometimes.  I'm not seeing anything on paper to suggest an outstanding deal here but as you know so many deals are made during the negotiation here.  This is just a really unique place you might consider taking a peek at if you like that old world style and don't necessarily want to have 72 neighbors like you might in a high-rise.  The last one sold in 2010 and most of the time there isn't anything available here.  With three of the eight on the market you might want to see what's going on.  Maybe there's a story there and maybe that story will benefit you in your purchase.

Villa La Palma at Bay Colony:  I just had to get one more Bay Colony property in there. These two have been on the market for awhile....and I would love to tell you more but maybe we should talk on the phone.  If you're thinking about buying or selling in Villa La Palma, give me a shout.

Ok, so that concludes my Where The Deals Might Be In Pelican Bay this summer.  Hope you got some useful information from it and hope you'll be choosing me to buy or sell your Pelican Bay property this year.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Top 7 Locations For Pelican Bay Deals

I received a delightful email from one of my favorite people today regarding his experience he had while listening to a speaker discuss the future demographics that will affect the economy.  Two of his talking points explained that there will be a shortage of supply in the second home markets of Florida. Just for giggles, I pulled up Pelican Bay...now standing at a 10 month supply of inventory with 12 Pelican Bay communities currently completely sold out...

Most buyers I know like to get a good deal and when markets shrink as they are here in Pelican Bay, those deals become fewer and harder to find.  Clearly there are no deals to be had in those 12 Pelican Bay communities and it could be difficult to get a great deal in the 22 Pelican Bay communities that only have 1 or 2 units left. So instead of spending our time focusing on lost ground, I've compiled a list where you might find some great purchasing opportunities based off market conditions.

Topping our list with the most inventory on the market is:

1. Interlachen at Pelican Bay with 72 months of inventory.  There are 6 available with only 1 unit that has sold during the past year.  This might leave one to believe that there's a "problem" in Interlachen at Pelican Bay. Nah, Interlachen is just fine and if you're going to go after a great deal, you have to be where everybody else is not and let's face it, they here right now.  Interlachen has sold better at other times.  Today is just not her day.  Time will pass, intelligent buyers will sniff out the opportunity here and shortly, Interlachen will level out again. 

These are excellent talking points during a negotiation but you'll want more points than just that when you craft your offer.  That's why it's good to have a full negotiating plan.  That's one of the things I can offer when I work with a buyer.

If you're a seller in Interlachen I have 3 special requests:  Please price your property according to the condition of your unit. Stage if you don't want to remodel and at the bare minimum remove seriously outdated furniture. Outdated furniture (even if it doesn't convey with the sale can KILL your deal).


2.  There's a 2 way tie for second place 60 months of inventory: 

St. Lucia at Pelican Bay with 5 currently on the market and an average day on the market range coming in at a whopping 210 days that is something to be excited about if you're a buyer and seriously bummed out if you are a seller.  Yes the average market time in Pelican Bay is 212 days but that doesn't make it right.  If you are a buyer...the best deals here are probably already gone so some negotiating to get a great deal is required BUT...you never know until you give it a shot.  Sellers, if you want to sell, be aggressive! If you don't, you might take a break for awhile and revisit the opportunities to sell later.

Barrington Club at Pelican Bay: This Pelican Bay neighborhood is hot and then it's not and then it's hot and now it's not. Considered an entry level Pelican Bay community, Barrington Club has quite a bit to be happy about.  The aesthetic feel is very well kept and neat.  It's located very close to the Publix Marketplace grocery store. There are terrific amenities here and at one time, you couldn't come here unless you had over $500,000 in your pocket.  Today you can get something in here in the $300k+ price range or if you were that last buyer, $300k even.  The price points have been lower and they are clearly on the rise but if you're looking for a deal here, you might need to kick over a few stones first.  If you're a buyer be prepared to possibly pay over market for something remodeled or you might have to roll up your sleeves yourself.  If you're a seller, don't be too ambitious on price and you might consider remodeling you're whole unit if you already have been down that road.  You don't always get full credit if you only did a partial remodel because the realization of the time and money involved to an outsider can be more than they want to take on initially.

3.  A tie for 3rd place at 42 months of inventory:

St. Nicole at Pelican Bay Can I tell you there is a screaming deal in here and one that smells absolutely disgusting and they are not the same unit. That is all part of that market knowledge you get when you work with an agent like me :).  One thing I LOVE about St. Nicole is the view. Views from the 5th floor and above are decent and get progressively better the higher you go.  If you're a buyer looking for a great place to put a toe in the Pelican Bay high-rise market, you should consider doing something in this building and you can call me direct to see which one specifically that one should be. ;)  If you're a seller in St. Nicole, pricing logically is probably your best friend.

Toscana at Bay Colony  It pains me to see anything from Bay Colony on the list especially since the neighborhood as a whole is such a success story this year but unfortunately for Toscana...it's slow.  With 7 currently on the market and only 2 that have sold, it's time for sellers to get creative! There are some really cute units on the market here and some of them seemed to be priced fairly well and then others are not...the end.  It's been a tough battle this year between beachfront and barely off the sand in Bay Colony and barely off the sand has kinda lost while beachfront has won, won, won.  That doesn't make those units or buildings a bad buy though and you get considerably more for your money in those buildings if you can live without the full Gulf view...I would encourage you to peek around.  The views of Clam Pass are magnificent! If you're a seller you may want to de-personalize your space if you have amazing taste (especially if those things don't convey with your deal) or possibly stage your home to sell.  If that fails you can always price it appropriately :)

4.  36 months of inventory = Chanteclair Manor at Pelican Bay

I can hardly consciously count this one in my countdown since two of these are fairly new listings and because this Pelican Bay neighborhood is usually such a sleeper with listings hitting the market here hitting so few and far between but that shouldn't stop a buyer from taking note and seeing what can be done with the assistance of a fabulous Realtor, there might be something great that can happen here.  If you're a buyer you're either going to have to do some renovations or you may have to pay more than it's worth.  The location is super fabulous though.  If you're a seller it might be wise to go out of the neighborhood to comp out the value of your home here because some things are simply unexplainable :)

5.   33 months of inventory = Trieste at Bay Colony

This one is a tough one...as many of us know.  The best parts about Trieste is the magnificent amenities in the building and I must say you can tell this building was built during the happiest of times.  They used so many magnificent materials that when you stand in the lobby you feel like you're back in the time before the market meltdown or the financial bubble burst.  It is pure bliss for sure.  Of course it's a dusty mess right now with the parking lot renovation going on but that too shall pass and then it will be back to fabulous for sure.  By the way, do you think those sellers grimaced when they heard there was going to be a big renovation project while they were attempting to sell?  YES...do you think it takes a special buyer to look over the dust and mess and noise to see what really exists...yes...can a buyer be compensated for that?  Probably.... :)

Well, that's all I have time for today.  That' enough to get you started at least.  By the way there are 79 pending properties in Pelican Bay right now did you know that?  If you're planning on coming down this summer, please call or email me as soon as you know your schedule so I can best accommodate you.

Stay tuned on Friday for Part II of Where The Deals Might Be In Pelican Bay.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!