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:
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!
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!
