Naples Area 2010 Real Estate Review

This market report was provided by Dottie Babcock, CCIM, CRB, Chief Operating Officer of John R. Wood Realtors, INC. 

As you can tell, there are steady and consistent signs of a rebound for the Naples market.  I'm already seeing examples of recent sales that have sold for more than what comparable properties sold for last fall. It would not surprise me to see a rise in pricing especially considering the decrease in listing inventory I've noticed this year.

Please call me if you're ready to get started.  www.ShannonLefevre.com depends on your business.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Trieste Naples Florida Update

Trieste at Bay Colony Naples Florida Update!

Anybody who knows anything about Trieste knows that it is THE MOST AMAZING building in Bay Colony. With a birth year of 2002 it's also the newest and when they were thinking grand finale, they certainly didn't want to overlook anything.  There are SO many bells and whistles in this building it's difficult to keep them all straight so let me just start and finish with the word, "FABULOUS". 

There's just one tiny thing about Trieste at Bay Colony that has gotten in the way of many deals through the years and that's the dad gum view of the Ritz Carlton parking lot.  Yes you have views of the Gulf of Mexico.  Yes you have views of Vanderbilt Beach and the Bay but depending on what stack you're in, that parking lot can be a real problem that quite frankly some people just can't get past.  In fact the only thing that's been able to combat the problem is the price of course.

Even with that, the price tag on the lowest priced units that have recently sold is still nearly 2 million.  That's how amazing the units are and while this building took a long time to sell out and there always seems to be a steady stream of units on the market with lengthy market times, product has been selling in there. 

In fact this is one of the few buildings that did better last year compared to the year before.  4 sold in 2009 and 5 sold in 2010 and there are currently 9 on the market with 2 pending contract right now.  Once again, its nearly 2 years of inventory...sigh BUT there is some REALLY amazing product on the market. I'm not talking about product that is always available either! There's a unit that's so unique and large you just won't believe until I tell you what it is...in fact you won't believe it when I tell you what it is so you might as well just call me and set an appointment to see it because it will be only then that you believe AND if you don't think about the special fees involved on this unit, it is by far the coolest unit you will see for awhile.  If you find yourself requiring ALOT of space, call me! 

Out of the 9 on the market, I do see some potential deals as well.  If you've never been to Trieste at Bay Colony, it might be time to take a peek.  If you saw Trieste during the peak...it might be time to take another look as well! It really is a fabulous Bay Colony high rise building and I think you will really enjoy it!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl

Toscana at Bay Colony

Toscana at Bay Colony Naples Florida Update!

This is going to be a good news bad news good news sandwich. Isn't that great?  So let's start off with something Fabulous! Toscana at Bay Colony has had a whopping 7 sales during the last 2 years.  Unfortunately, only 2 of those occurred last year and there are 4 presently on the market which makes for an oversupply or 2 year inventory.

But don't get too excited! There hasn't been a new listing since last July and typically there's always something that hits the market around this time of year so sellers might be holding off til the inventory goes down...or everybody who was going to do something has either already done it or currently doing so...phew.

The units currently on the market have had fabulous renovations for the most part though and let's face it while there aren't any that are what I would consider tremendous deals right now, there's only one that looks like it needs a face lift. By the time you factor in your time, money to remodel and hassle, sometimes it's better to just pay a little more for something that already looks pretty good to start. 

So what's so great about Toscana at Bay Colony? The SMASHING view of Clam Pass to start with and although she's sandwiched between Marquesa at Bay Colony to the left and Salerno at Bay Colony to the right, she has remarkable privacy and fabulous southern views from every unit due to the brilliant placement of her two sister buildings.  There's also quite a bit of square footage in Toscana at Bay Colony floor plans! You should check them out if you are looking for more space!

She's worth checking out and if you do it now, who knows, you might be able to cut a deal! Call me if you'd like to see Toscana at Bay Colony or if there's any other Bay Colony real estate service I can provide.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Salerno at Bay Colony Naples Florida Update

Salerno at Bay Colony Naples Florida Update.



Salerno at Bay Colony is one of 4 Bay Colony high rise buildings not located directly on the sand.  While Salerno offers the best Gulf of Mexico views compared to the other 3 high rises, you'll find Salerno also offers interesting Vanderbilt Beach views, and will encompass twinkling lights from the beachfront high rises in Bay Colony at night which is SUPER considering the fact that the Gulf of Mexico goes completely dark at night leaving just a black backdrop for those who just face the Gulf.

Currently there are 6 Salerno at Bay Colony units on the market and once again, only two sales during the past 12 months...the same number of units that sold in 2009.  It's pretty safe to say there are 3 years of inventory in the building currently on the market. 

If you've been following my Bay Colony series of posts, you're starting to see a pretty crazy trend especially if you knew that Bay Colony was really the golden child of all of Naples just a few years ago. 

One of the biggest complaints I get about Bay Colony are the fees and there's no mystery that fees have become a much bigger deal the last couple of years compared to before.  It used to be that people would grimace about the fees, sigh and sign the dotted line but I did notice starting about 2 years ago that people started putting the breaks on purchasing in Bay Colony and the fees were a big part of that decision.  The thing is though, there are people who truly appreciate all of what Bay Colony has to offer...hence the sales that continue to take place.

I do think there are some magnificent deals in Salerno right now and I have noticed there is a HUGE amount of traffic on my website this year from Bay Colony search terms...it might be worth checking Salerno at Bay Colony out now. Let me know if you want to take a peek!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Remington at Bay Colony Naples Florida Update

Remington at Bay Colony Naples Florida update.

Ok, so if you've been following my focus on Bay Colony unfortunately, this one is going to sound similar. I can't confirm my hunch but there might be a "who can stay on the market without selling the longest" contest going on in Remington at Bay Colony right now. 



This is a VERY unfortunately circumstance for the building because quite frankly, the Remington has SO many fabulous attributes, services and amenities, not to mention her second to none location on one of the most luxurious Naples beaches strategically sandwiched between the Ritz Carlton and the Bay Colony Beach Club...can it get any better? Maybe, if you have double the money we can get you into the Windsor but that's a Naples Florida blog post for a different day.

Currently there are 4 units on the market in Remington with 2 sales during the past 12 months...yes, that's 2 years of inventory but look at the bright side, in 2009 there was only one condo sale and one pool cabana sale so they doubled their action in 2010!

So why would you pick Remington over one of the other Bay Colony Beachfront buildings?  One of the most unique features besides their magnificent floor plans is the gentleman's agreement Remington at Bay Colony has with the Ritz Carlton.  Nearly all of the Ritz Carlton's services are available at Remington so if you want maid service, you can get that...room service? Sure! Not to mention you can take a short stroll over there and utilize any of the amenities there (except the spa) as if you were one of the guests.  Not a bad perk for sure. 

Of course there's a downside to everything.  One being that the units in Remington are a bit pricey. Not everybody can afford a unit in Remington with the lowest priced units starting at nearly 3 million.  But if you can afford that price range and you're looking around Bay Colony, you have to consider all of the other options you get here compared to any other building. To me, it just doesn't make sense to go anywhere else because chances are, if you can afford 3 million and this is your second, third, fourth place to say...get out of the snow...well then don't you want all the perks to go with it? Of course you do so check out what Remington at Bay Colony units are currently for sale and give me a shout and let me know which ones you want to see!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Marquesa Naples Florida Update

The Marquesa at Bay Colony is the ONLY high-rise in Bay Colony that doesn't have a manned security guard in the lobby which is a SUPER option for those who demand privacy and want to be in control of who they allow in their unit. 



Because it is a low-density building (only 15 floors and 39 units) there isn't much that goes on here.  Last year there was only 1 sale, just like the year before and currently there are 4 on the market.  Of course that looks like a 4 year inventory on paper...well...because there is a four year inventory...I suppose.  Average market time here is 230 days...that's not good but it is a good example of how some people will hold forever to get their price. 

So what's wrong with Marquesa....since I know so many of your are asking me that question as you read this post.  There's nothing wrong with Marquesa. Besides being a little further from the beach and not offering all the amenities as say Toscana at Bay Colony or Salerno at Bay Colony, we have some owners who haven't been as fast to respond to lower pricing.  There have been and still are units in both Toscana and Salerno that are either similar in pricing or even priced below those units in Marquesa plus more amenities plus lower fees plus closer to the beach...there's also more bedrooms in many of the floor plans...ok kinda hard to compete based off all that. 

What is nice about the Marquesa is that you don't have a high-rise neighbor directly to the left of you which is a nice privacy perk and your Clam Pass views are fabulous even though you can't see the Gulf all that well.  Of course the higher you go the easier it gets but the Gulf view is never going to be as prevalent from Marquesa as say it will be from one of her sister buildings located right on the sand just a little bit down the road and for a few dollars more....

Check out what's currently available at Marquesa at Bay Colony or call me direct for all of your Bay Colony needs.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl

Mansion La Palma Naples Update

The Mansion La Palma Naples Florida update will be a short one because it's a short building...LOL. Actually there isn't much to report. 

There are currently 4 Mansion La Palma condos for sale and only 1 unit has sold in the past 16 months....I guess that makes for quite an oversupply in inventory technically.

Now here's where my blogging/reporting gets a little tricky.  See, I've been working with a FABULOUS couple who may or may not have an interest in Mansion La Palma and to report too much about what they're doing or the research I've been doing for them or what I know specifically about any of the units might put my FABULOUS customers in a funny position to negotiate  because Naples...once you get to know it, is really a teeny, tiny town.

This is a GREAT time to explain that while I try to teach you everything YOU might know about Naples real estate on my Naples Florida real estate blog, I couldn't possibly try to teach you everything I know about Naples real estate.  I have to be sensitive to the deals in the works right now and some of the intelligence I have or every Naples Realtor could read my stuff and then be just as good as me or know how to negotiate my deals and that would be silly business now wouldn't it.  Besides, some people use my site and then go use another Realtor...which makes me SO sad...and poor. I have to be able to reward my loyal customers with as much secret intelligence as possible.  That's not always what they're looking for but they like it when I can provide it. So thanks for understanding or sorry you don't...however you may feel.

I will close by saying Mansion La Palma is a FABULOUS building especially if you are a tennis nut.  The Bay Colony tennis courts are located on the back side of this building and stack 3 and 4 get the best view and sound from the courts.  The best stack if you're not into tennis is stack 1 which enjoys more of a pool and preserve view.  There are ribbon Gulf views starting on the 4th floor and Mansion La Palma is an atrium style building meaning your front door is actually outside and not located in an interior hallway.

Anything else is hush hush until my deal is either done or my fabulous customers have moved on to something else.  If you too are interested in Mansion La Palma, I'm happy to assist you personally.  Give me a call or shoot me an email!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl

Contessa at Bay Colony Naples Florida Update

Contessa at Bay Colony sales performance run more in the lines of her sister buildings Brighton at Bay Colony and Biltmore at Bay Colony compared to her rock star selling Carlysle at Bay Colony high rise. 



There were a modest 3 sales in 2010 with 7 Contessa at Bay Colony units presently on the market.  Of course it doesn't take an engineer to figure out there's just over a 2 year supply of inventory.  That's down 2 sales compared to 2009 so what's causing the sudden slow down of interest? 

Curiously, there were 3 units that sold in December of 2009 and none this past year...apparently Santa came up with other gift giving options and if you too are a fan of Fox News, they reported just today that the big gift giving trends were shoes, clothing and jewelry.  I don't know about you but if I got a sweatsuit instead of a Bay Colony condo for Christmas and I found out the Bay Colony condo was actually slated as a consideration, I'd be a little disappointed. LOL

But seriously, Contessa at Bay Colony  had a fabulous make-over a couple of years ago both inside and outside the building and I recently learned there are a few people who were still unaware that they fixed a few of the major drawbacks of Contessa.  Of course they couldn't fix the low ceiling problem that some of our prospect base detests but they did fix the outdated common areas and gave a fresh clean lined contemporary lift.  They also got rid of that dreadful artificial grass and gravel that was on top of the garage that was such a prevalent disturbance to the lower floor views. 

There are a few amazing features some may not already know about if they've never been in the building like for example from the 1st and 2nd stack you have the most amazing far off views of Park Shore and the almost surreal vision of the Strand at Bay Colony.  I had a 2 stack unit on the market a couple of years ago and I NEVER got tired of looking at that view.  I was happy to sell it but miss being able to see that and the dolphins play everyday. 

So if you're thinking about purchasing in Contessa at Bay Colony, you might consider taking a peek at the Contessa at Bay Colony condos for sale and if you're thinking about selling your Contessa at Bay Colony unit, you should call me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Carlysle at Bay Colony Naples Florida Update 1.5.11

Three cheers for Carlysle at Bay Colony!



Carlysle experienced a FABULOUS 2010!  With only 1 currently on the market and 3 closed this past 12 months, that makes the listing inventory at a 4 month level or UNDER SUPPLY! 

So what happened in Carlysle at Bay Colony that produced such outstanding results compared to her two sister buildings, Biltmore at Bay Colony and Brighton at Bay Colony that paled in comparison as far as closed 2010 sales are concerned? 

First, pricing had a TON to do with it!  With an average of 88% list to sell price ratio and a 99% original list to ending list ratio, it appears only 1 Carlysle at Bay Colony past seller rode the price down through time while the other two Carlysle sellers chose to list pretty close to the price that would cause the unit to sell with just a couple of minor adjustments. 

Now I'm not saying 88% list to sell ratio is a healthy difference....it's still high compared to Pelican Bay as a whole which teeters between 90% and 91% but it's considerably different that the 80% Brighton at Bay Colony experienced last year. 

There's no better way to show value in a community than to prove short market times and low inventory. 2 of the 3 units that sold, sold in less than 6 months which is outstanding for Bay Colony.  One unit took a few contracts, a few back outs and eventually a Carlysle at Bay Colony give away before they experienced a sale...a risk you take when trying to get that last dollar on the table. 

While we're on the subject, let's talk about first offers.  I spoke with one of Naples most successful agents yesterday while shooting video of one of her listings. I explained that while the property she had listed was priced great per square foot...it was a large project and would take a huge amount of money to remodel it and that my buyer's offer would probably reflect this.  She responded by saying,

show me how he came up with his offer, and I'll be happy to present it.  I understand...and you know as well as I do, the first offer is usually the best. 

She explained further her experience when educating sellers of how it works and while many take her advice, many don't and find in retrospect she was accurate in her explanation after losing money by not accepting prior offers. 

For a unit to sell for less than 2 million in a building like Carlysle is such a bonus for the buyer, even if it has to be completely gutted and if I never saw a 1.9 sales price again in this building for a unit with a nice Gulf view, I simply would not be surprised. 

Is this more evidence that the bottom has come and gone in Bay Colony?  Only time will really tell but at least it has in Carlysle at Bay Colony for the time being considering the one left is at almost 3 million. 

To see Carlysle at Bay Colony condos, review Carlysle at Bay Colony sales or review information about Carlysle at Bay Colony, you're welcome to call me direct or visit my Naples Florida real estate website!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Brighton At Bay Colony Naples Florida Update

Here's your Brighton at Bay Colony Naples Florida update. Brighton at Bay Colony is one of the most fabulous Bay Colony high-rises but her sales record has had a little trouble during the last couple of years.

There is a whopping 8 units or (4 years of inventory) currently on the market with an 80% list price to sales price ratio for the 2 units that did sell last year.  That's not as great as some of her sister buildings performed this past year but then again, Brighton at Bay Colony didn't break any sales records the year before either with just 2 sales in 2009 as well. 

While some of these just hit the market in preparation for the 2011 selling season, some have been on for a LONG time....in fact there are 2 that have been on and off the market for around the 2 year mark...so what's the story?  What could possibly be going on with Brighton at Bay Colony? 

Don't get too excited there is no deep dark secret...at least as far as I know and while there are some sellers who will hold until the end of time...or until they get their price (trust me, I know) there are others who might be interested in dealing.  History often repeats itself and if you try to strike a 20% off deal, first of all, you're well documented.  Second of all, it doesn't cost you anything to give it a shot!

While we're on the topic of market time, I think it's important to clear up some thought process here.  Many people assume that if the market time is really long, there's either something wrong with the unit or the seller will be more interested in dealing.  Actually, I have found the seller is less interested in dealing because they have the ability to hold and have for quite awhile so they're typically not going to give up miraculously when you come along.  Most of the Brighton at Bay Colony units are in good condition so I doubt there's something super creepy about the integrity of the units. Of course you want to have inspections done regardless of what you purchase...but something to take note on is the Naples Florida buyer prospect base is limited when it comes to purchasing a project.  Projects are properties that need to be remodeled and should be listed at a slight discount while properties that have been recently remodeled can be listed at a bit of a premium.

Bay Colony isn't really that old but she IS starting to show her age and I think the buyer prospect base has been behaving differently for that reason. 

• If you're a Brighton at Bay Colony seller, it's important to price your property correctly if in fact you really want to sell.  You WILL stand out for that reason. 
• If you're a Brighton at Bay Colony buyer, let's see what we can do for you.  I have inside intelligence on a couple of units that I can't post here but I can help you determine the best option for you.
  

  Brighton at Bay Colony  is one of my most favorite Bay Colony high-rises so don''t let the sales record deter you.  She's still something truly special and now might be the time to negotiate a SUPER deal.  We just need to get some action going on in there! So, let's see what we can do about some negotiating!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!