Grey Oaks Naples, Florida Update

I just wrote a huge post about the Grey Oaks Naples, Florida real estate market. Grey Oaks is a mirror image of what's going on all over Naples right now. Some locations are doing well! Some not so well! Here's a recap of what I found:

Grey Oaks Neighborhoods doing well:

• Capistrano at Grey Oaks
• Estuary at Grey Oaks
• Isla Vista at Grey Oaks
• Isle Royale at Grey Oaks
• L'Ermitage at Grey Oaks
• Mews at Grey Oaks
• Miramonte at Grey Oaks
• San Tiva at Grey Oaks
• Torino at Grey Oaks

Here are the Grey Oaks neighborhoods maintaining the market:

• Banyan Island at Grey Oaks
• Estates at Grey Oaks
• Isle Toscano at Grey Oaks
• Traditions at Grey Oaks

Here are the Grey Oaks neighborhoods where you might find a deal!

• Avila at Grey Oaks
• Terra Verde at Grey Oaks
• Venezia at Grey Oaks

If you want a detailed description of Grey Oaks market statistics and what to expect if you're buying and selling, read the full post here: Grey Oaks Naples, Florida real estate update.

Naples Real Estate Update

Hello Naples Friends! 

I want to quickly catch you up to speed with what I've been seeing and experiencing regarding Naples real estate so far this season.  Here it is...

1.  The general consensus is the tables have clearly turned in most Naples markets regarding seller confidence. (Even if evidence on paper does not fully prove full recovery)  Naples real estate negotiations are geared more in favor for the seller than the buyer at this time.  If you are a statistics person, you may find yourself a little disappointed regarding a seller's response in a negotiation as owners are tightening their positions on percentages off list prices and concessions.  Many of the negotiations I've dealt with this year have been trying at times and in some cases unsuccessful as some buyers still find an element of skepticism regarding the strength of our economy etc. while determining which way to go on their deal. 

2.  I found a large influx of stock market based professionals sniffing around Naples real estate in January. I worked with 5 professionals myself many of which were involved in hedge fund type business.  While the feeling was unanimous about uncertain economic conditions, I found some buyers tried to use that as a negotiating tactic (unsuccessfully) while others pulled the trigger and got their deal.  I thought this was a very curious wave through our market since many of the people I talked to felt like we are due another stock market correction sometime this year. This makes me wonder if that's why they're looking at repositioning some of their personal equity here.

3.  Even with the level of uncertainty I've seen, there is still positive traffic occurring in the Naples real estate market at this time. Here are the statistics for Naples properties that closed between January 1 to February 5th 2013 compared to last year:

1.  Naples sales were up 3% this January compared to last.
2.  Naples sales are up 38% for the first few days in February compared to last year. 
   
3. Naples property sales listed at one million and above are up 6% compared to last year.
4. Average list price to sales price ratio for Naples property increased 1.5% to 94.9%
5. Market time dropped 5%
   
6. Average list price increased 17%

On a side note I think it's curious I'm seeing a very tiny slight uptick in contract back outs this year...is that due to uncertainty or buyers feeling slighted when it comes time to negotiate repairs??? I'm not sure...

4.  Other big changes I've seen this year that won't be counted on paper is the seller's willingness to do repairs at their expense.  While some sellers will fix everything on an inspection report because they feel it is the right thing to do, some are now saying no to additional expenses.  For the past several years sellers have been willing to do just about anything to keep their deal together.  I've seen many instances this year where the seller was unwilling to do repairs at their expense.  This is something you need to take in account as a small percentage of people expect to use property condition as a time to renegotiate or achieve further concessions.  Repair concessions might be considered a bonus going forward.

5.  There's 93 new homes on the market right now!  I just hit the launch in Quail West and Mediterra last week.  There are some neat new design and materials they're using and it's definitely worth it to check out what's going on in the models if you get a chance.  Other locations where you can find a fabulous new Naples home is:
1.  Aqualane Shores
2.  Audubon
3.  Coquina Sands
4.  Escada at Tiburon
5.  Estuary at Grey Oaks
6.  Moorings
7.  Olde Naples (12 to choose from there)
8.  Park Shore (5 to choose from here)

That's all for now! Please remember if you're headed to town and want to hire me to assist you with your purchase to call in advance!  I want to give you the best service possible.

For my northeastern friends, stay warm and safe during this blizzard. 

Best Regards,

Shannon
Your Naples Smart Girl!

Grey Oaks Naples Florida Update

Good News For Grey Oaks Naples Florida!

I was just reviewing the Grey Oaks real estate market and here's what I found:

Currently there are 69 Grey Oaks properties for sale.
Grey Oaks Single Family Homes = 41
Grey Oaks Condos = 9
Grey Oaks Villas = 19

32 Grey Oaks properties have sold since January 1, 2011 while 47 Grey Oaks properties have sold during the last 12 months.  Only 36 had sold the 12 months prior so sales are up 30%!!!  In fact April was a HOT month for Grey Oaks with 14 closed sales in that month alone.  That's more than double the Grey Oaks sales for any given month during the past 4 years...WOW!

Other interesting Grey Oaks findings was that the average market time (which is such a weird indicator here in Naples anyway) was shrinking:
313 Days for Sales
197 Days for Pending
264 Days for Active listings

The average list price to sales price ratio is only 88% SUPER news for buyers since some sellers are negotiating!  Who's the biggest winner?  So far it looks like the buyer who purchased a Torino at Grey Oaks villa from the developer is the biggest winner negotiating a deal for only 72% of list price for a furnished unit.  A word of caution on the negotiating though...not everyone is discounting their properties to that extent.  In fact there's been one sale in Estuary at Grey Oaks this year who got their full asking price and 13 Grey Oaks home owners received at least 90% of their list price. 

What does all of this mean to you if you're a Grey Oaks buyer right now?  As I've been saying for quite awhile now, there are deals to be had but they are rarely easy to spot just by looking at what's currently available.  While you can search Grey Oaks Deals by lowest priced per square foot and that can help you see who's motivated and who isn't sometimes the presence of a written offer can influence a seller to move when they have "a bird in the hand" if you will. 

It also helps ALOT if you have a terrific agent who can help you negotiate.  If you're thinking about purchasing in Grey Oaks or any Naples luxury golf course community, give me a shout and I'll be happy to help you locate and negotiate a perfect property for you and yours.

If you're a Grey Oaks property owner the odds of getting 100% of list price are not great although they're better than they have been.  You should still expect to do some negotiating.  Please remember though that if you're property is priced out of the market it's going to be really tough to get that offer in the first place.  That's why it's important to go with an agent who knows the market and can assist you with your pricing, presentation and can handle your competition!

For more information regarding Grey Oaks, contact me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!