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