Southwest Florida Market Report 9/11

Here are the latest Southwest Florida real estate statistics compiled by our FABULOUS CFO, Dottie Babcock.  The interesting points are about the shrinking inventory...this is the big buzz on the street now: Buyers looking for inventory that doesn't exist. Everything else is a little different but improving all the same for the most part.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Cannes at Pelican Bay Update

Cannes at Pelican Bay...this Pelican Bay neighborhood has been a bit of a sleeper since inception. Here are the stats:

• 0 Active
• 0 Pending
• 1 Closed during the past 12 months

There just isn't a great deal of activity that goes on in Cannes which has much to do with the fact that Cannes at Pelican Bay units were built in 2005 and there's only 16 of them. Of the 4 recorded Cannes at Pelican Bay closings found in  MLS, the lowest priced unit closed for $1,000,000 in January, 2011.  That was only 71% of list price and while that was a pretty good deal, some of the original units sold for less during 2005.  The lowest recorded sales price was $795,000, a unit that closed on 8/16/2005. 

While we're talking about sales data, I discovered the market time in Cannes at Pelican Bay for the 4 MLS sales is quite high, 334 days on average with 881 days being the most time a unit was on the market.  The unit that sold this year was on the market for well over 200 days which is also high. 

Market time in Naples is a crazy point to factor and here's why. So much of the luxury properties in Naples are not primary homes so the inconvenience factor is relatively low compared to the inconvenience one experiences when selling their primary home. Convenience is a HUGE key in Naples and while in primary markets people tend to allow any and all showings possible, seller and tenants don't always allow showings here...especially if it's inconvenient for them.  I know that sounds crazy but that's just how it is.  Many people come to Naples during high season (January-May) to see and buy real estate and many people come to stay in their luxury homes and condos during the same time.  It can be VERY difficult to show real estate on a short notice during this time because many sellers do a TON of entertaining or simply do not want to be inconvenienced with the process of selling their place. If you are thinking about buying in Naples, it is wise to give me at least 48 hours notice if you want to give yourself a good shot of seeing all available properties.  If you give me more notice, you'll have even a better shot.  If you're a seller, there's no better way to sell a property than to let someone see it so please think twice before you refuse that showing.

If you're thinking about buying in Cannes at Pelican Bay: Call me direct and I will see what I can do to locate a Cannes property for you. 

If you're thinking about selling your Cannes at Pelican Bay unit:  You want to price it right to avoid long market times and negotiating greatly off your price even if you're the only one on the market, history has proven Cannes at Pelican Bay buyers will go outside of the neighborhood to make a purchase compared to overpaying in Cannes.  Call me direct for correct pricing and marketing concepts.

I hope you enjoyed your Cannes at Pelican Bay update.  Please call me if I can be of further assistance.

PS~ There are only 71 days til Winter! Do you have your Naples Florida real estate yet?

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Calais at Pelican Bay Naples Florida Update

Calais at Pelican Bay in Naples Florida pricing is on the rise with current list prices up 4% compared to units that have sold during the past 12 months.  Here are the current Calais at Pelican Bay stats:

• 5 Calais at Pelican Bay condos are currently on the market.
• 2 Calais at Pelican Bay  sales have occurred during the past 12 months.
• 1 Calais at Pelican Bay condo is currently pending.

There are clearly two winners who have already purchased fabulous properties at fabulous pricing in Calais at Pelican Bay.  Even if the current pending property goes for full price it was a deal!  Current list to sales price ratio is coming in right at the Pelican Bay community average of 92% and it looks like there's some pretty good inventory to choose from if you're one of those people who like a good golf course view and don't want to do a total redo.  If you've been following my blog for long you'll also know that remodeled prices will typically sell at a premium (unless you're lucky) and original properties will sell at a discount. 

If you're considering buying in Calais at Pelican Bay:  Be careful here. I'm not convinced all of these properties are priced to sell and that you're getting your money's worth at full price or even 8% off list price here.  You'll want to pay close attention to the numbers or have your "smart Realtor" make sure you're not overspending here.  It might be wise to go outside of the local Calais at Pelican Bay market to make sure you're not overspending.  Call me to review your options.

If you're considering selling in Calais at Pelican Bay: You have competition right now.  With 20 months of inventory, my first inclination is to encourage you to wait if you can.  If not, then you need to be really careful with your pricing and I would be really aggressive with your marketing plan.  I have some ideas for you that can help your property stand out and you're going to need something like that if you want to sell this upcoming season.  I do think if you're going to give it a shot, you need to get on it now.  I'm noticing a great deal of inventory that went on the market after March of this year that is still on the market now. Give me a shout and let's get started today!

I hope you enjoyed the Calais at Pelican Bay Naples Florida update.  Please let me know if I can assist you in any other way!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

PS~ There's no easier way to click, see, purchase Naples Florida real estate

Brighton at Bay Colony Update

Whoa! Brighton at Bay Colony must be singing the same song as the Biltmore at Bay Colony! Here are the current Brighton at Bay Colony stats:

• Brighton at Bay Colony condos for sale = 2
• Brighton at Bay Colony sales during the past 12 months = 8
• Brighton at Bay Colony pending sales = 0

Currently there is only 3 months of inventory on the market in Brighton at Bay Colony and while on paper the price doesn't appear to have gone up there, technically it has if you consider the fact that the two units remaining are on the second floor and priced similarly to those units that have sold on much higher floors.  The average list price to sales price ratio is slightly higher than the Pelican Bay overall average coming in at just a peep over 92%. 

If you're like me, this report feels almost hard to believe.  This news does NOT fall in line with what the world is saying about the state of our economic position and the current state of our over all real estate situation and if you're from Canada, you'll find it even harder to stomach....at least that's what I'm hearing from some of my newest Canada prospects. 

Why are buildings in Bay Colony still selling so well and how can the Bay Colony market be so stable if the world is falling apart around them?  It might have something to do with the fact that Naples was one of the first locations to cool when the whole mortgage meltdown occurred and it's our turn to recover.  It could also be that Naples beachfront isn't expanding.  There's not really an easy place to expand here so you won't find a wide variety of new beachfront property hitting the market like you might see on the east coast of Florida.  We have a limited supply and a nice flow of people who are willing to step up to the plate and purchase here.  If you think about it, it's even a little harder to accomplish the purchase of a fabulous unit in Bay Colony today not just because it's harder to get a mortgage....(most people who are purchasing in Bay Colony are paying cash anyway)....but because many of these units need some sort of updating. Lets face it, not everybody is looking for a project....

If you are planning on purchasing in Brighton at Bay Colony:  Right now be prepared to purchase on the 2nd floor unless something new comes on the market.  You want to work with a smart agent who has some compelling talking points when negotiating and with that, you may not come off the price much...and you're smart or you wouldn't be reading my blog...you can't really blame the seller on that one. If the 2nd floor won't do, be ready to jump on anything else that hits the market (other buyers are on point waiting for new inventory as well) In fact, give me a shout and I'll help you identify other product that may be available.

If you're planning on selling in Brighton at Bay Colony:  Congratulations! You are in a FABULOUS market to sell and if you want the most for your unit, contact me immediately! You'll want to get on the market before the end of the year if at all possible because evidence shows people who wait til mid or late season often have a problem with selling during the same season.  This could be because many Bay Colony buyers do their research earlier before coming down and have already chosen the units they want to review as a consideration.  Call me to get started today!

I hope you enjoyed the Brighton at Bay Colony update.  I'm looking forward to assisting you in your sale or purchase so call me today and let's get going!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

PS~ There's no easier way to click, see, purchase Naples Real Estate!

Biltmore at Bay Colony Naples Florida

Biltmore at Bay Colony has had a tremendous year! Here are the current stats:

• 3 Biltmore at Bay Colony condos are currently available.
• 6 Biltmore at Bay Colony condos have sold during the past 12 months.
• 0 Biltmore at Bay Colony homes are currently pending.

That means there's only 6 months of inventory in Biltmore at Bay Colony right now. 

While we're on the topic of decor...let's talk about decorative borders.  You know those silly 6 to 9 inch strips of wall paper we used back in the 80's to decorate the top couple of feet of our walls most commonly found in our kitchens and bathrooms. This is a good time to just let it be known that if you have that....it needs to go...sorry.  When buyers ask me for properties that have been updated and I see those borders, 9.9 times out of 10 that listing gets knocked off the must see list...unless there's nothing else to show.  Of all the different things we can do to update a property a little paint can go a really long way in making a unit look SO much better and it's one of the least expensive updates you can do. Besides looking better, paint can also give your unit that, "just been painted" smell and believe it or not some people feel the same way about that as they do that, "new car smell". 

If you're considering purchasing in Biltmore at Bay Colony, pricing has appeared to go up a little. (Can't really blame them) I also see where the average list price to sales price ratio is at a higher than Pelican Bay average coming in at 94% so don't expect to do a whole lot of bickering unless you and/or your REALLY SMART AGENT can put together a compelling negotiating plan.  There are some units that don't require a complete remodel available here which is worth a little something to most Bay Colony buyers.  There's also a nice cross section of opportunities here too so if you like a high floor, a low floor or even something in between, you can find that now. Lastly, you have 6 Biltmore at Bay Colony comps to analyze to make sure you're not overpaying when you go in to negotiate.  Call me today to get started!

If you're considering selling your Biltmore at Bay Colony unit, you might want to consider sprucing up if you have an original unit or staging your property to sell for maximum price.  Much of your competition has caught on to the concept of staging and if you have not, you'll want to call me to find out more about this.  You might be able to ask a few more dollars for your unit depending on what you have to offer but make sure you don't overprice your property or you may find yourself sitting there for awhile.  Also, get on the market within the next month or so if possible.  Many people have already started their Bay Colony searches online and will be making their showing selections shortly and you don't want your unit to be missed.  Let's get going now so we can get your property sold this season!

That concludes the Biltmore at Bay Colony good news.  Give me a shout when you're ready for me to help you out more!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Breakwater at Pelican Bay Update

I'm pleased to report Breakwater at Pelican Bay has had a FABULOUS year and they needed it!  Here's the current Breakwater at Pelican Bay statistics:

• There are 5 Breakwater at Pelican Bay listings on the market.
• No Breakwater at Pelican Bay listings are pending contract right now.
• 14 Breakwater at Pelican Bay sales have occurred during the past 12 months.

That means there's barely over 4 months of inventory on the market and for seller's that's excellent news.

Breakwater at Pelican Bay buyers:  Don't be too bummed out.  While the average list to sales price ratio is higher than Pelican Bay as a whole holding at about 93%, pricing has not skyrocketed despite Breakwater at Pelican Bay's recent success.  In fact average list price per square foot is currently at $266/foot which is less than the sold listings average during the past year.  There was a super fabulous unit that sold earlier this year which brought considerably more than anything listed now. The buyer today may find they want to redo at least part of any Breakwater unit on the market currently and why pricing is slightly lower than before.  The good news here is it appears that many if not all of the Breakwater at Pelican Bay properties on the market right now are owned by realistic sellers.  You'll want to do your due diligence as always and work with a great Realtor to get your best deal. Give me a shout when you're ready to go and I'll be happy to help you.

Breakwater at Pelican Bay sellers:  CONGRATULATIONS on a great year!  If you're considering putting your unit on the market you're in a really good spot right now.  If your unit has been fabulously remodeled you will want to price it accurately.  It will probably go very fast if you do and you may even end up in a competition for the purchase of your property and could end up netting more than you would if you were slightly over fair market value.  If you are selling an original unit or one that still requires updating pricing is key...that, good marketing skills and an excellent negotiator should help you accomplish your objective with little hassle. Call me should you decide to get assistance from a fabulous agent. :)

Hope you enjoyed the Breakwater Naples Florida update! If you have any questions or would like to see Breakwater at Pelican Bay condos for sale, contact me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Beauville at Pelican Bay Update

Beauville at Pelican Bay has been pretty quiet during the past year.  Here are the current stats:

• 2 Beauville at Pelican Bay homes are for sale.
• 1 Beauville at Pelican Bay sale occurred during the past 12 months.
• None are under contract.

Technically there's a 2 year supply of inventory in Beauville but honestly, working with such small numbers, I hardly consider that fair.  The unit that sold had some lovely updating and backed up to a nice common area just like one currently on the market for a higher price.  The other listing offers a special feature many people will really appreciate and if you don't mind doing some updating, you could end up with something super amazing there.  While pricing has gone up in Beauville, you can't blame the owners there. After all, there are only 26 Pelican Bay villas on the market right now. That is SLIM PICKINGS!

If you're a Beauville at Pelican Bay seller: There's no harm in a little more competition at this point and if you have a nicely updated villa, you could stand to do well with pricing right now provided all your neighbors don't decide to go on the market at the same time.  If you have a unit that requires updating keep in mind that even with the low inventory of villas in Pelican Bay, you're still probably going to have to sell at a discount to get your deal done.  The reason why is because you're probably going to have to sell to an end user who doesn't mind a project and many of those buyers want to be romanced by the price. Investors who purchase, remodel and flip definitely need to be romanced by price...If you have the time and money to do the updating, you might come out ahead provided you make the right selections.  If you have an updated unit and it is already staged well...then price is really the biggest thing you need to determine although a smart marketing plan is extremely important as well. Call me to assist you either way and we'll help you accomplish the goals you have in mind.

If you're a Beauville at Pelican Bay buyer: The two on the market right now are pretty interesting...especially that one with the special feature.  I can't go into details now but if you take a peek at the listings you can probably figure it out. You'll want to have more than your normal tired talking points when you go to negotiate. I'm finding the more compelling the points are, the better chance you have of getting your deal done on or near your terms. Even though this neighborhood is technically in over-supply, keep in mind that Pelican Bay villas as a whole is grossly under-supplied right now and I wouldn't be surprised if the inventory wasn't even more scarce mid season even with the expected influx of inventory set to hit the market within the next few months.  It always helps when you're working with an agent who knows the product, knows the market and can help you with a winning strategy to secure your next property.  Give me a shout and I'll be happy to assist!

For more information regarding Beauville Naples Florida or to see Beauville Pelican Bay homes for sale, contact me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Bay Villas at Pelican Bay Update

WHOA! Bay Villas at Pelican Bay had a terrific year!

Current stats:

• 0 Bay Villas at Pelican Bay villas are for sale
• 4 Bay Villas Sales occurred during the past 12 months
• 0 Pending at this time
  

Not much to report but a big high five to the property owners in Bay Villas for selling all of their inventory. Pelican Bay villas as a whole is doing quite well as you may have read in a recent Pelican Bay blog post with only 8 months of inventory left on the market at this time. 

If you are a Bay Villas buyer you might consider some of the other Pelican Bay villa options still available and be ready to strike.  I had a few buyers interested in Bay Villas last year and nobody struck a deal that stuck.  You may feel hesitant to purchase at or close to asking price in an economy as dark as this may seem but you may also find yourself without a villa as well.  The average list price to sales price ratio in Bay Villas is 95% the best negotiation struck was at 91% of list price.  I also had somebody who wanted to wait til the end of season to make a better deal against my best judgement.  When they called to see review their options at the end of season, they were all gone. I can't imagine for the life of me that there won't be something that pops on the market sometime between now and season but act fast. I know there are already people keeping their eye out with what can be considered now as pent up demand.  To see Pelican Bay villas, contact me direct!

If you are a Bay Villas seller, CONGRATULATIONS!  You're in a super spot provided a bunch of your neighbors don't decide to do the same thing at the same time.  If your unit has been updated and shows well, you can expect to do well on your price.  If your unit needs updating and you want to sell this season, you'll want to be careful not to price yourself out of the market.  Keep in mind just because you may be the only show in Bay Villas, many buyers are flexible enough to look at other Pelican Bay villa communities.  Your best shot is to call me and I can assist you with the details!

I hope you enjoyed your Bay Villas Naples Florida update! For questions about Pelican Bay or to see Pelican Bay homes and condos, contact me direct! See you next time!

Best Regards,

Shannon Lefevre, PA

Bay Colony Naples Florida Update

Bay Colony Naples Florida Update!

I know I said I was going to write about Pelican Bay sub-communities separately, and I will...but we can't leave out Bay Colony as a whole! So here it is!

Bay Colony has a LEVEL amount of inventory...in fact in a short period of time it may even be technically under-supplied!

Bay Colony Active Listings = 38
Bay Colony Solds (During Past 12 Months) = 38
Bay Colony Properties pending contract = 4

Market time in Bay Colony is shrinking! Average market time for properties that have sold is 270 days, for properties pending it's 671 days and for Bay Colony properties that remain on the market 244.

List price to sales price ratio is 90.21% but somebody actually negotiated a deal last September for only 68% of list price. WOW! That doesn't happen very often!

At first glance it looks like Bay Colony is getting less expensive since the average list price per square foot of the Bay Colony properties that remain on the market come in at $743/sq. ft. and the sold price per square foot average is $786/sq. ft. but ultimately that is because we had two homes in The Strand at Bay Colony sell during the past 12 months.  Strand homes are the biggest homes in Bay Colony and the only single family homes available on the beach in Pelican Bay. 

You're going to find some Bay Colony High Rise buildings doing very well and some with a slight over-supply of inventory. Some of this is going to be properties that have just hit the market in preparation for the upcoming selling season.

BUYERS~ Do not expect to go into negotiations with just a run of the mill, "the economy is in the toilet" negotiation tactic here. Many owners will hold out for their price as proven by the seller who owned Brighton at Bay Colony 1702. I personally had 2 people interested in that unit who were not willing to pay what the seller wanted.  The owner ended up getting over 95% of his list price...much less than what my buyers were willing to pay.  While it is always great to have a negotiating plan (when you work with me, I provide one to assist you) it must be understood there are some sellers here willing to leave a few dollars on the table to get the deal done, some sellers are more interested in the bottom line and can/will wait. If you think you're ready to make a Bay Colony purchase. Call me to get started!

SELLERS- If you are thinking about selling I would strongly consider reviewing the market in your building or subdivision first and making your decision based on the amount of inventory already on the market if possible. If you don't care about that and you want to sell anyway, property condition and price are two HUGE key factors.  Hard Contemporary decor is not a huge selling point here.  If you have decorated your unit in this fashion, you might consider having your home staged to sell fast and even net more money.  If you have a unit in original or near original condition, it may be most advantageous to do some remodeling if time and money permits. Many units are starting to show their age in Bay Colony and this may become a problem for people who want to net a certain amount or sell quickly.  Pricing your Bay Colony property properly will alleviate any market time issue.
For more information on how you can sell faster and net more, call me direct!

You can expect to see more updates about the individual sub-communities of Bay Colony as we go. 

PS~ I received a call from the sweetest lady from Boston today who is in Naples with her husband and are ready to see Pelican Bay high-rises.  I absolutely LOVED talking with her today and look forward to assisting you with your Pelican Bay endeavors as well!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Barrington Club at Pelican Bay

Barrington Club at Pelican Bay is UNDER-SUPPLIED.

There are 4 Barrington Club condos for sale
5 Barrington Club sales have occurred during the past 12 months.

Negotiations have tightened with the average list price to sales price ratio currently at 92%.  One price INCREASE has already taken place but that is the only sign of prices increasing for the neighborhood at this point. While pricing across the board remains somewhat stable for the most part, it does appear the best deal was snagged last April when a rare property in Pelican Bay sold as a foreclosure for only $315,000. 

If you are a buyer you will want a creative agent to assist you with your negotiations but regardless of how creative you and your agent can get, it may be unrealistic to expect a huge discount off the list price in this neighborhood. Call me and let's see what we can get accomplished for you.

If you are a seller and there's anyway you can do some remodeling before you go on the market, this may be what sets you apart from your competition and how you may net the most possible. Pricing along with condition is key here. Call me for ideas about pricing and other strategies you can use to help you get your unit sold.

For more information about Barrington Club at Pelican Bay, contact me direct!