Naples Luxury Real Estate Update

Hello Fam!

I just wrote this awesome post about the Naples Luxury Real Estate Market. I didn't want you to miss it! 

Naples Real Estate Pre-Season Results 10/15/14

Everybody wants to know what the 2014-15 Naples Real Estate season is going to bring.  Here's what I've been able to compile for the first two official weeks of the Naples real estate pre-season results.

10-1-13 to 10-14-13 PENDING SALES:

• 311 Naples properties went under contract
• Average list price - $491,438
• Average price per square foot - $196.03
• Average days on the market - 93
• Lowest priced property - $24,900
• Highest priced property - $9,950,000

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Sellers, The Top Agent Isn't Always The Best!

Hello Naples Friends,

There's been quite a shake up when it comes to which Naples real estate agents are holding the listing lionshare of some of our favorite Naples neighborhoods and Naples lifestyle properties.
It's a tough competition to obtain and maintain the lionshare of anything and top listing positions in Naples real estate is no stranger to volatility.
Chances are if you own a Naples luxury property, your business acumen is considerably higher than the typical homeowner.  A large majority of you are business owners or have made your career doing lots of tasks similar to many of the aspects in which real estate is related.  Many of you have bought and sold many properties and are no stranger to how the process works even if it's orchestrated a little bit differently here than where you mainly reside.
That doesn't prevent you from finding a sort of luxury in the idea knowing that there's that one guy or girl who handles your market exceptionally making your choice to list with that person an easy decision...but not so fast.
Is the top agent in your neighborhood really the best?
As an example I pulled the data of a very popular neighborhood in Naples. Of the 7 properties that sold during this time line, one agent had the listing on 4 of those properties that sold and 3 other listing agents had a listing that sold.  That is quite impressive.  Let's see how the stats compared:
Average market time for ring leader = 319 days
Average market time for 3 agents combined = 232
It took ring leader 39% more time to sell those listings than it did for the others.
Average list price to sales price ratio for ring leader = 87%
Average list price to sales price ratio for 3 agents combined = 89%
Ok, so it took the ringleader 39% more time to negotiate 2% less of list price. WOW
The ringleader sold their own listing once out of the four properties and was not the selling agent on any of the other three.
Let's take a look at some logistics.
When agents manage an enormous amount of listings, clearly they can't do it alone.
Showings:
Most of you who want your Naples property listed by a rock star prefer for the agent to accompany all showings. Sure, but during season, the ring leader simply can't be everywhere every time.  The solution?

• Get a team.
• Hire help.
• Refuse the showing.

That third one is a downer but it happens all the time. There are a few locations in town where I know if I don't have at least a 24 hour notice...I will have trouble getting my buyer in the property based on scheduling logistics alone. I also know when I schedule with one particular ring leader they will have unlicensed staff showing the property which means they are unable to answer every question my buyer asks....probably not the best way to conduct business.
Open Houses:(wait Shannon open houses are a waste of time and nobody ever buys property at an open house. Really? Then why did I sell my listing at an open house last weekend?)
What ring leaders do for open houses:

• Alternate open houses between listings and talk about there other listings at that open house. They may even close your open house to show your competitors but they would do the same for you so it's ok. Right?
• Place inexperienced, sometimes even unlicensed people on your open house so they can still "hold your property open" but if anybody asks questions...well, "I can call the listing agent (hope they answer) get your phone number, email address and get back to you"...blah blah blah. Probably not best business practice.
• Tell you what a big waste of time they are letting your property sit quietly unexposed.

In all seriousness, it isn't the inability to answer questions that is the big deal killer here. It the inability to close the deal. The percentage of agents around the globe who actually ask for the business at an open house is staggeringly low. My first Naples, Florida open house experience was with one of the most successful agents in Naples. We walked into her 4 million dollar listing and found her perched on a 20 dollar lawn chair, reading a newspaper. She raised her hand above the paper and waved it around and said, "take a look around". We toured the house and came back to the entry. She exclaimed, "thanks for coming by". We never saw her face. I thought to myself, ahhh this selling thing in Naples is going to be easy...(admittedly, I was a little off on that one). This is why I have hand selected and trained the help of experienced and professional closers to host my open houses. They are some of the best closers in the industry and you can also bet they know the answers to the top 500 questions that could be asked on every listing.
Advertising:
The easiest trick in the book is to buy the listings in a market. Agents do this by throwing literally hundereds and thousands of dollars at print marketing to capture the hearts of sellers despite the fact that over 90% of home buyers today use the Internet to find their property.  Of that 90%, 47% of those buyers found the exact home they purchased on the Internet while 33% of them used an agent to find their property. (These stats were taken from the National Association of REALTORS 2012 Profile of Home Buyers and Sellers report). This has been going on for years but the average consumer is completely unaware.  If you want to expose your property to the highest number of ready, willing and able buyers. You MUST be seen on the Internet.
Negotiating:
I possess one of the most comprehensive negotiating strategies in the Naples real estate market. Some of what I know I learned through classes and books. Some of what I know came from some of my best clients and colleagues and some of what I adopted through bloody knuckle experience. I hear stories all the time of how deals went south and that unfortunately is what sometimes goes down. The agent you choose can sometimes make or break your deal despite the fact that both the buyer and the seller want it to happen. That's why it's imperative to know the market, the agents in the market and the art of keeping your deal together when that is the goal or believe it or not, blowing it up because on some occasion that's the goal too.
Selling your Naples luxury real estate will be a great deal more enjoyable simply by choosing the BEST person for the job.
I hope you'll consider using us. We will make it a great experience.
For more information on listing your Naples luxury property or to set an appointment. Simply contact me direct.
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!
Shannon@shannon.com
239-595-6223

Naples Luxury Real Estate Market Update

Hello Naples Fans! I just attended a contract seminar presented by one of the best real estate attorneys in Naples.  He shared best practice points on how to protect buyers and sellers from some of the gruesome pitfalls he's seen so far this year.  Also in the audience were about 45 of the other top agents in town. This is an invite only seminar which means this type of information is not readily available to just any agent and yet another reason why you want to list and buy with a Naples Realtor who:

• is properly connected
  
• knows the contract
  
• knows how to protect their client
• has their finger on the Naples real estate pulse

While I was there I took the opportunity to have Kevin quickly describe the Naples real estate market through his eyes.  The most stand out thing he had to say was that he wasn't seeing too much golf course community sales right now but that Naples beachfront was on fire.  This lead me to do some further research of my own to quantify his remark.  $1,000,000+ pending properties are up 45% during the last 30 days compared to this time last year.  This is GREAT if you're a Naples luxury real estate seller, not as great news if you're a Naples luxury real estate buyer.  As an example 5 Olde Naples homes listed over $1,000,000 have gone under contract during the past 30 days. That's significant considering that's 7% of the current Olde Naples single family home market.  Naples beachfront is doing well by the way. As an example 3 Contessa at Bay Colony units have gone under contract during the last 30 days. That's 42% of the current inventory in that building sold in 30 days. Several other Naples beachfront sales were documented as well.

If you're a Naples luxury buyer: Please know this year you are not alone and while cash will usually always speak louder than a mortgage contingency, you will want to act when you see something you like compared to waiting around til the end of season to pull the trigger.  I saw a few people last year attempt this and they lost.
  This does not by any means signify that we're at the stage in the market where you need to pay full price or over list in almost all cases.  This does mean that you will want to behave a little more aggressively to avoid competing with another buyer and be a little more strategic about your negotiations than you've needed to during the past several years to make the best attempt to get your deal done.
If you're a Naples luxury seller:  and your property is located on the beach you're in a great spot to make something happen this season provided you don't get too carried away on pricing.  The object of the game is to price well, be exposed properly and be prepared to negotiate the best terms possible for you.  If you price your property well, the odds of getting two buyers competing for your property at the same time are much better this year. This can be a great way to get the most for your unit if handled well. That's why you want to list your property with an expert who knows not only how to put your property in MLS but can also enthusiastically help you negotiate the best terms.  If you're not located on the beach, let's talk about your scenario on a case by case basis. Many of you will still have good news to hear.

Here's something else I found interesting. For the first 12 days of December last year there were 208 properties that went back on the market. Those are properties that had been withdrawn off the market and went back on and properties that were under contract, the contract terminated and then they went back on the market.  This number is usually higher during a poor market and lower during a stable market.  This year during the same time frame that number is down 42%. Another sign of market stability.


On a side note I want to mention how difficult it can sometimes be to explain a topic that's so inconsistent with the rest of the world.  Naples real estate is rarely on the same playing field as so many other markets and has a history of not conforming to what is happening with real estate with the US market as a whole. We were one of the first markets to cool and appear to be one of the first markets to recover. We are happy and consider ourselves fortunate for this.  If you have not been following me for long you will be happy to know I am an agent who values true transparency.  That's why you'll see actual sales data on my website to help you better understand the Naples market.  I do this in an effort to win your business which by the way is my goal.  That's why I am so interested in helping you achieve your goal.
Please help me help you by making appointments in advance.  It bums me out when I can't assist you personally!
I hope you enjoyed my Naples luxury real estate update.  Please contact me direct when you're ready to dive in!
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!

Happy New Year Naples Florida Fans!

I'm going to be bold and say the 2011 Naples Florida real estate season has already kicked off.  Although many don't think it really starts until January, many of my colleagues are agreeing they are busy and they're not just busy, they're writing contracts that are working out!  The good news looks like it may be leaning a little more towards the sellers this year for the first time in several.  I don't think we're at the point of raising prices in most Naples luxury communities although there are signs of some increase around town but I do think if you are a buyer, you probably need to get busy. 

There are two reasons why I really think now might be the time to buy. First, I'm not seeing the level of inventory increase as I have during past pre-seasons and I am seeing more buyers inquire for product that is either very low or non-existent and the shortage of supply can only mean one thing....STABILIZATION.

While there are still some Naples communities with an oversupply of inventory, stabilization is occurring more each day throughout Naples in many price ranges and pockets throughout. It will become increasingly more difficult to negotiate going forward into season but there are still plenty of sellers out there with a definite plan to sell so roll your sleeves up and lets get started!

Another factor to consider is recent buyer behavior.  Mindset for purchasing Naples real estate is considerably more positive, optimistic and defined this year compared to a grumpy/wishy-washy and indecisive group the last few years.  Be prepared to at a minimum have company while doing your searching this year as many of your friends and neighbors already have the same idea.  The snow does NOT hurt our activity in Naples LOL!  I'm already seeing signs of people losing out on properties as well.  Please don't look at property today and think you have several months, weeks or days to decide if you want to pull the trigger. If it is a deal, you could easily miss out this year. Some already have.

Another HUGE trend I'm seeing are people waiting until the last day they're in town to schedule appointments with our team and don't have a preplanned appointment.  You may be disappointed if we cannot arrange short notice showings especially on luxury properties my friends so please call us in advance so we can serve you!

For those of you who have signed up to receive my Naples blog, THANK YOU! I appreciate you!!!

I hope everyone has a safe and fabulous 2011! Now let's go buy some Naples real estate!!!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!