Naples Real Estate Today

I was contacted yesterday by a correspondent who's preparing to write a segment on the current Naples real estate market. When she calls I always try to give her accurate, cutting edge information only a few may have already realized.  Here's what I told her:

If last year's big Naples real estate story was dwindling inventories, this year's big story will probably be about the turn towards a seller's market, smaller list price to sales price ratios and higher pricing.

Naples Real Estate Buyers: Get Strategic!  Up until now it's been fairly easy to march into any Naples neighborhood and find some sort of deal.  Not so much anymore. Ideas of negotiating heavily off list prices in all Naples areas like the beachfront in Bay Colony and other locations throughout Naples are probably in the past. 

As an example there are two properties currently listed in a neighborhood in Tiburon.  They are priced over 70% higher than the last two units sold.  Statements from the listing agents equated to, yes, those were pretty good deals...suggesting the seller may not be firm but clearly not interested in discounting to past levels.

The Good News For Buyers is you can still negotiate if you're a little more strategic than you were in the past.  If you find yourself wanting a property in a Naples location that's experiencing a high level of sales and you don't think you're going to have much negotiating power, you might consider other options.  While many of our best locations are doing well...some still aren't and may welcome your dollars a little more eagerly compared to other hot locations.

For example:

1.  Olde Naples homes are doing quite well right now with only 8 months of inventory.  It might be better for you (depending on your budget) to consider a location like Aqualane Shores where there's 19 months of inventory on the market right now.

2.  Pelican Marsh has 10 months of inventory while Tiburon has 28 months of inventory.  Your negotiating strategy may be far more welcome in Tiburon than Pelican Marsh.

3.  Moorings mid-rise condos have only 9 months of inventory while Vanderbilt Beach has a 27 month supply of inventory.  I think you're seeing where I'm going with this...

So maybe you like your Naples location and you aren't willing to necessarily consider an alternate neighborhood location.  That can be ok too depending on the situation.

For example:

There's opportunity in Grey Oaks right now because their single family inventory has with just over 20 months of inventory and their detached villa product has 24 months of inventory BUT their low rise product is doing exceptionally well. So maybe instead of doing a Grey Oaks condo, you should consider an area like Terra Verde where there's 5 on the market and none have sold during the past 12 months....(although one is now under contract).

The big thing here is just because you've stumbled into a location where all the product is gone or negotiations have tightened doesn't mean your opportunity is lost in Naples.  Just contact a GREAT Naples Realtor who can help you identify what you really want and help you negotiate a deal you can be happy about.

1.  If at all possible. Get to Naples and get this done before October. NOW IS THE BEST TIME TO NEGOTIATE PERIOD.

2.  The smartest buyers choose more than one property to negotiate. It's the best way to keep the emotion out of it and land a deal just in case that first guy is either unrealistic or unresponsive to your offer.

If you're a Naples Seller ~ It's VITAL you have an agent who knows the market and knows what they're doing. This is the time when some sellers leave money on the table unknowingly because they aren't in tune with a changing market and also a time when some sellers fail at selling because they think their properties are worth more than they are because of recent activity.  If your agent will conduct their business in an accommodating fashion while still having the appropriate level of confidence for you to get your price you should do well provided everybody stays realistic. 

As an example:

I listed a Pelican Bay property last season a tad bit prematurely because the owner had just negotiated a contract for another property but hadn't closed yet. They were concerned about holding their old property for an undesirable length of time but I knew they couldn't give possession of their old unit before they could move into their new one. The end of our official selling season was coming to an end but I felt exceptionally confident we had a great condo at a great price and had no concern selling the property for the price I had expected.

The day we closed on their new unit the seller's wife expressed her grave concern about selling her old condo. I looked her straight in the eye and told her we would get it done and told her she couldn't spend five more minutes worrying about not selling. The following day I presented two offers one of which they accepted. Happily, it came in higher than my originally estimated price.  It's this kind of pressure that can make an inexperienced agent stumble or encourage a seller to sell for less than a property is worth and why you should always list your property with an experienced, proven professional. 

For more answers regarding Naples real estate, please contact me direct. If you'd like to see property or review your market value, please give me as much notice as possible so I can best accommodate your schedule.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl

Quail West Naples Update

Somebody researched, "what's the deal about Quail West" yesterday on Google and found my Naples Florida real estate website. The search term made me laugh and for that, I'll take the opportunity to catch you up on what's the latest in Quail West Naples Florida. Here it is:

An article in the News Press on June 16, 2012 stated Stock Development purchased the remaining 234 lots in Quail West.  Rumors about the purchase were swirling as early as May or so. If you're unfamiliar with Stock Development you should know they have made a business out of acquiring or purchasing slow or stalled communities in Southwest Florida. Those communities include but may not be limited to Lely Resort in 2001, Olde Cypress and Grandezza in 2002 and 2003. While they have their hand in several other entities in and around Naples, consumers and Quail West residents will probably consider their involvement a great thing. The reason why this may be is because Stock has made substantial achievements when getting involved in past Southwest Florida communities posing the question, "Is Stock Development the Heather Locklear of Southwest Florida real estate"?  Who knows but their success is undeniable.  Here's a list of their awards found on their website:

• 2008, 2009 & 2010 Community of the Year – Lely Resort
• 2007, 2008, 2009 & 2010 Community of the Year – Paseo
• 2007, 2008, 2009 & 2010 Developer of the Year
• 2006 Punta Gorda Chamber of Commerce Business of the Year
• 2005 & 2006 Development Company of the Year by the Lee Building Industry Association
• 2005 & 2006 News-Press Grand Award
• 2005 Governor’s Entrepreneurship Award
• 2005 Excellence in Industry Entrepreneurship Award
• 2004 & 2005 Company of the Year by the Naples Area Board of REALTORS®

That's not a bad track record!  Talking about track records...let's take a look at Quail West's track record so you can know exactly what's going on from a statistic basis because take overs and awards are all fine and good but results are primarily what my customer base is most in search of.
Currently there are 34 Quail West homes available with 10 homes under contract and 26 Quail West closed sales for the past year.  That's over 15 months of a supply in inventory.  That is close to stable but not quite and actually, that's good news if you're a buyer.  This is just one point you can use in your negotiations with a seller if you're a buyer but I'll encourage you to come up with 4 more to make a compelling argument for your offer. I'm great at that if you don't already have an agent.  All of the potential short sales (being marketed as such) are either sold or under contract and there's only 1 foreclosure on the market right now...there were only 4 total during the last 10 years so clearly no alarm there either. 
As far as lots are concerned it's about the same picture as Quail West home sales. 25 active Quail West lots on MLS/30 closed or under contract.  There's a weird number discrepancy that I can also explain on the phone or in person.

Now's a good time to talk about deal or no deal in Quail West. There's a secret here...nothing I will share online but this is one of those neighborhoods you want an experienced professional to assist you. Without one, you could find yourself down the road finding out the secret and realizing you may have made a wrong decision.

Talking about sad days...

I'm totally bummed out about a couple of Quail West homes that have already sold.  I knew they would be tremendous deals and as record would have it they sold at completely ridiculous numbers. With that said I know of 3 that sold where the buyer clearly won.  That also means Quail West is quickly going to turn a corner and those days will be over as well.

Many of the homes in Quail West were built during much happier times. You remember when labor and material were relatively inexpensive and builders could build houses for almost free. :)  The materials chosen during that time were rich and luxurious and occupied every corner of the property. Construction during that time was largely a heavier Mediterranean with lots of cast stone, exotic marble and offered an earthy color pallet. 

Today the newer homes are still fabulous but cast more of a sleeker, sexier note with a suggestion of a cleaner contemporary line and more vivid color pallet.  Regardless of your taste, there's something for everybody who can afford to drop some dough in the neighborhood.
Well, I feel like I've totally talked your ear off so I'm going to go. I'll be around this week to assist you should you find yourself wanting to do some Naples real estate shopping!  Please feel free to view my website or contact me direct asap for an appointment.
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!

Foreclosure in Pelican Bay

Hello Naples Friends,

I just received an email from a gentleman who asked, "Are there any foreclosures in Pelican Bay".

The long and short answer to that question is:

There's 1.

As it stands right now there are only 251 active listings in Pelican Bay which equates to 10 months of inventory putting Pelican Bay in an under-supplied inventory status. There are currently 46 pending sales in Pelican Bay today which means despite the time of year, Pelican Bay is experiencing fabulous sales traffic.

Another portion of his question included,  "is anything under $250,000 in Pelican Bay for sale".  The answer is no.

The lowest priced unit for sale in Pelican Bay is listed for $285,00 and there are only 6 properties in Pelican Bay listed for under $300,000 at this time.

I would not be surprised at all if this is the last year you will be able to find anything under $300,000 for a awhile.

This is just one example of a few Naples real estate requests I've seen lately where I could not accommodate somebody's direct request due to strengthening market conditions. Experience is telling me this is the beginning of a new trend that will last until our general consumer base gets a firm understanding of what's going on in Naples, Florida.

I personally equate shopping for Naples real estate in July to Christmas shopping in June. Y U C K! Nobody wants to do that when there's family vacations, summer bar-b-ques, babies to be born, birthdays to be celebrated, families to be cherished, first homes to be graced etc. BUT, if you're a buyer who wants to negotiate, now is probably the time. Especially if you're thinking you want to buy that winter place in an area like Pelican Bay or Bay Colony or really...any location close to one of our Naples beaches.

Many of you have already take steps to purchase this summer in areas like Pelican Bay, Bay Colony and other Naples beachfront locations.  I have experienced dramatic increases in traffic on my Naples real estate website. Web traffic is a terrific indication of projected real traffic in the next 30-60.  For those of you who don't know, August and September are typically the least productive 2 months in our calendar year.  This year might be a different story.

One of the bonuses about purchasing now is that you can do the lion share of your decision making on my Naples Florida real estate website, I can shoot some video for you for additional information gathering and you (if you're experienced enough) can purchase site unseen so you don't have to take precious time out of your summer agenda to get that winter home deal done. I have a tremendous group of professionals like Naples attorneys, home inspectors etc. who can help you confidently purchase from afar.  We can help you get your deal done effortlessly giving you the time to focus on what you most want. 

This way you won't find yourself competing with the others who will show up when the winter gusts start to howl and the snow starts to blow because by that time your buyers edge will probably be gone with that same blast of wind. The other point about purchasing now is if you negotiate and close your deal this summer, you can make your place your own before high-season so you can really feel at home while that January sun is kissing our Naples beaches and golf courses.  After all is there a better place than Naples to entertain friends and family or just reconnect with your own mind, body and soul during January through April?

For more information or to get the Naples party started, just visit my Naples website or contact me direct!

Happy Summer,

Shannon Lefevre, PA
Your Naples Smart Girl!

Where The Pelican Bay Deals Might Be Part II

Hello Naples Friends! Here are the next 9 Pelican Bay communities that still have an oversupply of inventory where you might be able to find a great Pelican Bay deal this summer.  If you missed the first 7 Pelican Bay communities with an oversupply of inventory, you can find them here:

Where The Deals Might Be In Pelican Bay Part I
There was a whopping 4 way tie for #6 with 24 months of inventory:

Bay Colony Shores:  This is another one of those communities where it's almost completely unfair to report on an oversupply of inventory here because for SO long there was hardly any and not too long ago there was NONE.  But as real estate changes so does the inventory at Bay Colony Shores.  It used to be you couldn't buy anything in Bay Colony Shores under $3,000,000 and while 3 soon to be 4 sold in the 2+million dollar price range during the past 2 years...that may be all for awhile. The remaining properties are listed considerably higher so if you're in the mood to belly up to the bar with more dough, maybe you should take a peek at these!

Chateaumere at Pelican Bay:  472 days and 500 days on the market on a couple of these listings=phew! That is a LONG time! So there's clearly a few people in here with no real desire to sell (or at least that's what it looks like on paper) but there's some others who might be interested if the right offer were to come along and who knows...if those career listing sellers were presented with something, they might get interested...we've seen that happen more than once. In fact there are two examples in Pelican Bay where one unit was on the market for over 1,400 days and the other over 900 days.  One sold for 68% of list price, the other for 78% of list price...these are great examples of how it's important to price your property correctly regardless of where the property is located!  Chateaumere offers some fabulous golf course views so it might be worth the check out if you like that not to mention there are some fabulously remodeled units on the market here.  :)

Montenero at Pelican Bay:  Known as one of the best buildings "on the berm" Montenero has some exceptional options here.  The problem though is because there is so much space here and prices range so high, they compete with Bay Colony and even though the fees are much higher in Bay Colony many choose Bay Colony over a building like Montenero or Cap Ferrat.  If you would prefer to keep your carrying costs down though and you require more square footage and like a newer building, you should consider Montenero.  There are some FABULOUS units on the market right now that still look TERRIFIC and offer enchanting views of the Gulf of Mexico and those beauties on the Strand. You can accomplish something out of the ordinary here because of the views and square footage so keep it on your list.  It may be the best deals are already gone but once again, sometimes you never know until you get in the middle of it.  If you're a seller who has something smaller and not so great, the lower price points here seem to be doing better than the bigger, super fabulous units! :)

St Marissa at Pelican Bay:  WHOA! If you don't need a view there is a super deal here and if you do need a view there's a super deal here...ok let's just say there's some good deals in St. Marissa right now and call it a day.

Cap Ferrat at Pelican Bay = #7 with 20 months of inventory:
This is the other super luxurious building on the berm in Pelican Bay and once again there are some big ones on the market here.  I think this building has the same circumstance as Montenero in that the price points directly compete with Bay Colony so if you like the exclusivity of sharing your beach club with a much smaller group of people or you like towel service, a pool at the beach club and full service on the sand...well, you might choose Bay Colony but if you don't care about the additional carrying costs and you like to blow your friends and family away with a super stunning lobby and top notch amenity package, you should consider Cap Ferrat.  I've sold a couple of units here and from my experience, the majority of my clientele really like it. I've heard a couple of others say they thought it was a little too heavy or ornate for their tastes so think of it this way...if you like Old World, lots of marble and cast stone....you will LOVE Cap Ferrat...if you're thinking more beachy and simplicity...move along to something else.  For those of you who are left, there are some great units at great prices here. There may even be room for a little more negotiating...hint hint  If you're a seller, hold off if you can or price it right!

Marbella at Pelican Bay = # 8 with 18 months of inventory:
This is an unusual animal in Pelican Bay in that it has an attached health care facility on site and is a 55+ community.  This makes talking about an oversupply of inventory at Marbella a little sad because I think there are probably not too many reasons as to why these become available.  :( So I will just say that there may be some extenuating factors that might exist when negotiating here but for the respect of the families and the owners of these properties, I will help you more on a case by case basis on this one. I'll conclude this one by saying, I've met some families who have relatives who live here and they LOVE it.

18 months and more of inventory to me is something to talk about.  If it's less than that then it may be a big deal but good chances are it probably isn't that big of a talking point so I am going to finish this with the 3 wild card communities that are left.  My wild cards are neighborhoods where nothing has sold during the past 12 months so true value is a little more difficult to determine and could be a good talking point during a negotiation.

Pointe Verde at Pelican Bay: There are two homes on the market here and fall into a similar situation compared to Cap Ferrat and Montenero in that these price points compete with Bay Colony.  So once again, if you like the conveniences of Bay Colony and you don't mind paying the additional dues, you might choose that location over this one.  If that's not important and you want a bigger home on a bigger lot than most of the other single family home communities in Pelican Bay, you might really find this exciting.  There's a gate here too so if you like that benefit, that's available to you as well. 

Renaissance at Pelican Bay: This is just one little building holding 8 units and the properties here can be really fantastic.  Some over the years have been horribly outdated and with a completion date of 1985 you're just going to run into that sometimes.  I'm not seeing anything on paper to suggest an outstanding deal here but as you know so many deals are made during the negotiation here.  This is just a really unique place you might consider taking a peek at if you like that old world style and don't necessarily want to have 72 neighbors like you might in a high-rise.  The last one sold in 2010 and most of the time there isn't anything available here.  With three of the eight on the market you might want to see what's going on.  Maybe there's a story there and maybe that story will benefit you in your purchase.

Villa La Palma at Bay Colony:  I just had to get one more Bay Colony property in there. These two have been on the market for awhile....and I would love to tell you more but maybe we should talk on the phone.  If you're thinking about buying or selling in Villa La Palma, give me a shout.

Ok, so that concludes my Where The Deals Might Be In Pelican Bay this summer.  Hope you got some useful information from it and hope you'll be choosing me to buy or sell your Pelican Bay property this year.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Top 7 Locations For Pelican Bay Deals

I received a delightful email from one of my favorite people today regarding his experience he had while listening to a speaker discuss the future demographics that will affect the economy.  Two of his talking points explained that there will be a shortage of supply in the second home markets of Florida. Just for giggles, I pulled up Pelican Bay...now standing at a 10 month supply of inventory with 12 Pelican Bay communities currently completely sold out...

Most buyers I know like to get a good deal and when markets shrink as they are here in Pelican Bay, those deals become fewer and harder to find.  Clearly there are no deals to be had in those 12 Pelican Bay communities and it could be difficult to get a great deal in the 22 Pelican Bay communities that only have 1 or 2 units left. So instead of spending our time focusing on lost ground, I've compiled a list where you might find some great purchasing opportunities based off market conditions.

Topping our list with the most inventory on the market is:

1. Interlachen at Pelican Bay with 72 months of inventory.  There are 6 available with only 1 unit that has sold during the past year.  This might leave one to believe that there's a "problem" in Interlachen at Pelican Bay. Nah, Interlachen is just fine and if you're going to go after a great deal, you have to be where everybody else is not and let's face it, they here right now.  Interlachen has sold better at other times.  Today is just not her day.  Time will pass, intelligent buyers will sniff out the opportunity here and shortly, Interlachen will level out again. 

These are excellent talking points during a negotiation but you'll want more points than just that when you craft your offer.  That's why it's good to have a full negotiating plan.  That's one of the things I can offer when I work with a buyer.

If you're a seller in Interlachen I have 3 special requests:  Please price your property according to the condition of your unit. Stage if you don't want to remodel and at the bare minimum remove seriously outdated furniture. Outdated furniture (even if it doesn't convey with the sale can KILL your deal).


2.  There's a 2 way tie for second place 60 months of inventory: 

St. Lucia at Pelican Bay with 5 currently on the market and an average day on the market range coming in at a whopping 210 days that is something to be excited about if you're a buyer and seriously bummed out if you are a seller.  Yes the average market time in Pelican Bay is 212 days but that doesn't make it right.  If you are a buyer...the best deals here are probably already gone so some negotiating to get a great deal is required BUT...you never know until you give it a shot.  Sellers, if you want to sell, be aggressive! If you don't, you might take a break for awhile and revisit the opportunities to sell later.

Barrington Club at Pelican Bay: This Pelican Bay neighborhood is hot and then it's not and then it's hot and now it's not. Considered an entry level Pelican Bay community, Barrington Club has quite a bit to be happy about.  The aesthetic feel is very well kept and neat.  It's located very close to the Publix Marketplace grocery store. There are terrific amenities here and at one time, you couldn't come here unless you had over $500,000 in your pocket.  Today you can get something in here in the $300k+ price range or if you were that last buyer, $300k even.  The price points have been lower and they are clearly on the rise but if you're looking for a deal here, you might need to kick over a few stones first.  If you're a buyer be prepared to possibly pay over market for something remodeled or you might have to roll up your sleeves yourself.  If you're a seller, don't be too ambitious on price and you might consider remodeling you're whole unit if you already have been down that road.  You don't always get full credit if you only did a partial remodel because the realization of the time and money involved to an outsider can be more than they want to take on initially.

3.  A tie for 3rd place at 42 months of inventory:

St. Nicole at Pelican Bay Can I tell you there is a screaming deal in here and one that smells absolutely disgusting and they are not the same unit. That is all part of that market knowledge you get when you work with an agent like me :).  One thing I LOVE about St. Nicole is the view. Views from the 5th floor and above are decent and get progressively better the higher you go.  If you're a buyer looking for a great place to put a toe in the Pelican Bay high-rise market, you should consider doing something in this building and you can call me direct to see which one specifically that one should be. ;)  If you're a seller in St. Nicole, pricing logically is probably your best friend.

Toscana at Bay Colony  It pains me to see anything from Bay Colony on the list especially since the neighborhood as a whole is such a success story this year but unfortunately for Toscana...it's slow.  With 7 currently on the market and only 2 that have sold, it's time for sellers to get creative! There are some really cute units on the market here and some of them seemed to be priced fairly well and then others are not...the end.  It's been a tough battle this year between beachfront and barely off the sand in Bay Colony and barely off the sand has kinda lost while beachfront has won, won, won.  That doesn't make those units or buildings a bad buy though and you get considerably more for your money in those buildings if you can live without the full Gulf view...I would encourage you to peek around.  The views of Clam Pass are magnificent! If you're a seller you may want to de-personalize your space if you have amazing taste (especially if those things don't convey with your deal) or possibly stage your home to sell.  If that fails you can always price it appropriately :)

4.  36 months of inventory = Chanteclair Manor at Pelican Bay

I can hardly consciously count this one in my countdown since two of these are fairly new listings and because this Pelican Bay neighborhood is usually such a sleeper with listings hitting the market here hitting so few and far between but that shouldn't stop a buyer from taking note and seeing what can be done with the assistance of a fabulous Realtor, there might be something great that can happen here.  If you're a buyer you're either going to have to do some renovations or you may have to pay more than it's worth.  The location is super fabulous though.  If you're a seller it might be wise to go out of the neighborhood to comp out the value of your home here because some things are simply unexplainable :)

5.   33 months of inventory = Trieste at Bay Colony

This one is a tough one...as many of us know.  The best parts about Trieste is the magnificent amenities in the building and I must say you can tell this building was built during the happiest of times.  They used so many magnificent materials that when you stand in the lobby you feel like you're back in the time before the market meltdown or the financial bubble burst.  It is pure bliss for sure.  Of course it's a dusty mess right now with the parking lot renovation going on but that too shall pass and then it will be back to fabulous for sure.  By the way, do you think those sellers grimaced when they heard there was going to be a big renovation project while they were attempting to sell?  YES...do you think it takes a special buyer to look over the dust and mess and noise to see what really exists...yes...can a buyer be compensated for that?  Probably.... :)

Well, that's all I have time for today.  That' enough to get you started at least.  By the way there are 79 pending properties in Pelican Bay right now did you know that?  If you're planning on coming down this summer, please call or email me as soon as you know your schedule so I can best accommodate you.

Stay tuned on Friday for Part II of Where The Deals Might Be In Pelican Bay.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Hello Naples Fans!  I'm here to announce I have completed my first full circle of experience in Naples real estate and it only took me 9 years and 10.5 months.  There's something to be said about experience and fortunately for those who put in the time and effort, there's a real payoff.  It's still the one thing that can't bought or acquired through gaming a system in fact....it can't even be gained through just showing up.  You have to be in it to get it. So that's why the few agents who "can" include on their business card, "selling Naples real estate since 200BC".

I used to see all sorts of lingo like that in the old newspaper advertising and used to think, so what! Just because you've been here for that long doesn't make you a great Naples real estate agent.  I must admit I was jealous of all that inside intelligence those agents had and sort of I guess maybe bitter because in my defense, I would've gladly gotten here sooner had I known Naples existed before I did...But, now that I have that full real estate cycle successfully under my belt, I get it and now, I'm one of "them".

How do I know I have the full circle in my pocket?  I'll tell you exactly how the market was when I started selling here in 2002.  We had just dealt with that whole 9-11 tragedy and many of the other agents around town were very detailed about their stories about how miserable the market was for Naples after all that happened.  By the time I got rolling here, the market had somewhat recovered and after awhile the large tone of the buyer prospect base was if I had to sum it up in one word, regretful. They were regretful that they did not purchase when pricing was low.  I met several people who felt like that. They all streamed into town as they often do at the beginning of season and describe in detail that deal they had seen the year before and didn't pull the trigger.  Many went back to where they came from only to be largely disappointed when they came back down.  Some bit the bullet and paid more for similar Naples homes and condos they found of interest. Some lost their window of opportunity all together.

The Naples real estate market moves very quickly here.  I'll never forget the day I was walking through the lobby of my office and overheard a young couple who were looking at a huge map of Collier County.  She said, I can't believe there isn't one house on this whole map we can afford.  I was in the parking lot of our office by the time I thought to myself...didn't you know that before you came here???  How did you not get on the internet to do some peeking around before you got on that plane, forgetting that not everybody shopped for real estate that way then.
Then the Naples market went into that crazy feeding frenzy where buyers bought everything even if it didn't make sense no matter what you said to try to talk them down.  The best example from that time is the argument I had with a lady who was planning her arrival the day before Hurricane Wilma was supposed to hit...do you know it took 4 separate conversations with her to get her to cancel her flight...shesh.  There's several other turns in the natural real estate cycle as many of you know already and I won't bore you with all the details here but I want you to know:

Where Naples Is Now ~ This Is Important.
Pricing has already started to go up in many Naples luxury neighborhoods and listing inventory in some locations is ALARMINGLY low meaning pricing is going up.

Here's a snapshot from Trulia last week:

While it is customary for new listings to slow down this time of year it sure as heck isn't customary for pricing to go up or for the number of price reductions to go down.

This is the time of year when sellers mourn the loss of their successful negotiation they were hoping for during high-season.  The average listing price went up over 1% in a week...the second week of May...WHAT?

Sales are up 16% for the month of May compared to the first 21 days of May last year. Up 19% compared to 2 years ago during the same time.

The reason why I think this is SO important is because I was completely bewildered by the amount of people who seemed to be so caught off guard about the price increases Naples recognized back then.  How do you find yourself priced out of a market?  I remember thinking to myself, had I been working with you last year, you would've bought because I would've told you it was going to go that way.  I guess I always assumed agent were giving potential buyers a heads up.

Just last week I showed 3 units in Pelican Bay with what should be considered a fabulous Gulf view under (a certain price range).  I only showed 3 because that was really all there was...I didn't even know that myself until I offered to find more product for my customer only to be equally blown away at the lack of inventory currently available.  It had been a month or so since I'd been nosing around in that exact product and now...not much was left.

Of the three available, one was a smelly dog (hard to believe), the second was an ok deal and the last, an outstanding deal. I do not expect this one to be around for too much longer. Contact me direct if you want more information about any of those 3 because after these I expect this to be it.

Earlier this year you could purchase beachfront in Bay Colony for $1,325,000.  Now it's $1,975,000 That prices some who were looking earlier this year completely out of the market unless something more affordable hits the market between now and next season.

I sadly have discovered that now there are probably 5 customers who will be among the group who will come back sometime within the next several years and say, "we should've bought that one...". It honestly makes me sad to come to this realization.  Was there something more I should've said or maybe did I say too much?  Maybe I'll just write a blog post to the rest of you in hopes of preventing more of this in the future.

So while it may not have been a first priority for you to come and see what's available right now, it might be best financially for you to make a plan and get down here. Of course you can always purchase site unseen as well and we'll make the process as easy as possible should you identify something you like.

If you want to come down and look for yourself, PLEASE let me know in advance so I can do my best to accommodate you. After all, I have that full Naples real estate cycle on my side along with a fabulous knowledge of the Naples real estate market and excellent negotiating skills.

For more questions on Naples real estate or to simply get the ball rolling give me a shout or shoot me an email direct.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Olde Naples Market Update 5/8/12

 Olde Naples is in an under-supplied inventory situation but I am not seeing a typical trend here!  With 183 closed sales during the past 12 months and 33 Olde Naples listings currently under contract, you would think prices and negotiations would be changing more in favor for the seller....but that's not what numbers are showing...

Olde Naples sales are up 17% compared to the year before and inventories have since not only stabilized but are tilted slightly towards an under-supply which means negotiations should be tightening and pricing should start going up but look at these results:

During the past 12 months:
70 Olde Naples Homes have sold (20% increase over 12 months prior)
113 Olde Naples multi-family properties have sold (14% increase over 12 months prior)
Avg. list $/sq. ft. multi-family SOLD= $349 (down 4% from 12 months prior)
Avg. sold $/sq. ft. multi-family= $318 (down 2% from 12 months prior)
Avg. list $ to sales $ ratio for Olde Naples multi-family = 91% up 1%
Avg. market time for Olde Naples multi-family SOLD is now 308 days 
Avg. list $/sq. ft. home SOLD= $628 (down 10% from 12 months prior)
Avg. sold $/sq. ft. home= $554 (down 23% from 12 months prior)
Avg. list/sales $ ratio for Olde Naples Homes = 88% (down 8% from 12 months prior)
Avg. market time for Olde Naples Homes SOLD is now 223 days (down 43%)


12 months prior:
58 Olde Naples Homes sold
99 Olde Naples multi-family sold
Avg. list $/sq. ft. multi-family= $362
Avg. sold $/sq. ft. multi-family= $327
Avg. list $ to sales $ ratio for Olde Naples multi-family = 90%
Avg. market time for Olde Naples multi-family  292 days
Average list price per square foot home SOLD= $696
Average sold price per square foot home= $684
Average list price to sales price ratio for Olde Naples Homes= 95%
Average market time for Olde Naples Home was 319 days

If you made it through the numbers you can see there's been quite a bit of movement in Olde Naples during the past 24 months and even though product is selling there are still several signs that show now is an excellent time to be purchasing.  The reason why is because there's proof of plenty of movement and not a whole lot of pricing increases or negotiations tightening so you can easily see proof of value without having to "pay for it" if you will.

The summer is a perfect time to try to negotiate an Olde Naples deal because of these 3 reasons:

1.  Many sellers believe they may have missed their best shot to sell since many people who come down for season have since gone back to where they came from.

2.  The odds of competing with another buyer on an offer (while still possible) may not be as probable which means you may still have a shot at a good negotiation.

3.  If you do it between now and October, you will probably capture the seller's attention since they may not be expecting you and the opportunity to not hold the property through the summer months might be an attractive point to the seller convincing them to negotiate with their best intentions now.

If you've made a conscious decision to purchase during the off season buyer beware.  You aren't the only one here purchasing right now and to come in with no strategy with the concept that you're the only one here doing what you're doing may end up biting you in the tail. 

You want an excellent negotiation strategy even now if you're purchasing in Olde Naples or for that matter, anywhere in Naples.  You have some excellent points to discuss and I've found if you present those points in a tasteful manner, you can often come to a successful negotiation.  

Contact me when you have your travel plans arranges so I can assist you with gaining access for viewing and allow you the most optimum opportunity for a successful negotiation! 

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

PS~Happy Mother's Day to all of my Mommy Naples Real Estate blog readers! You have a special gift, and beautiful job. Bless you.

Naples Daily News Naples Choice Awards

It's time for the Naples Daily News Naples Choice Awards! This is your chance to get online and vote for all of your favorite Naples Florida businesses and entities including your Naples Real Estate company and your favorite Naples Realtor...

Vote Here!

If we've worked together and/or you're enjoying my site and would like to show your appreciation, please take the time to vote! It only takes a moment!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Park Shore Naples Update 4.24.12

Park Shore is another Naples beachfront location that has seen some good buying traffic this year despite the warmer temperatures and with 9 months of inventory presently on the market. Sellers have a bit to be happy about...

If 12 months of inventory is considered stable (which it is here in Naples) then 9 months of Park Shore inventory means we actually have a bit of an over-demand if you will.  When inventories shrink, demand increases and before too long pricing starts going up as a matter of fact, they have bumped slightly north in Park Shore already. 

Park Shore sales this past 12 months over the 12 months prior are up a whopping 15% with an average sales price per square foot increasing about 4%.  Sellers are tightening their position as well coming in at nearly 91.5% of list price when last year they averaged right at about 90%.

If you're a Park Shore home owner: You'll be happy to know there's less than 6 months of inventory listed of your product.  That means now is a terrific time to put the home on the market. Even if season is over, you should know your competition is less, the folks (even though there are fewer of them) are much more serious about purchasing this time of year and if you wait til next season, many of your neighbors who have been thinking about selling might decide to hop on the market too leaving you considerably more competition in October. 

If you're a Park Shore home buyer You should consider getting into the habit of reviewing the Park Shore homes for sale on a daily basis.  Yes, not many will hit the market between now and October but when they do, I'll bet if they're priced well they will go fast and you don't want somebody elses leftovers to choose from.  If the thought of reviewing the Park Shore home listings everyday is too much for you to consider, give me a shout. I'll be happy to watch the market for you and alert you of anything that might work for your objective.

If you're a Park Shore high-rise owner: Your market is considered technically level. Yaae! You'll want to make sure you're pricing your property right according to building, stack and condition. If you've recently remodeled, you might be happy to see what your condo is now worth. If you're condo needs remodeling, you'll want to stage your property before going on the open market. I can help with that too!  Call me today so I can assist you!

If you're a Park Shore high-rise buyer: You more than anybody else I'm referring to in the Park Shore blog post has some room to negotiate and be selective. Not only do you have some nice choices still on the market but with the right agent, you might even find some gems that aren't currently on the market. You have some good negotiation points to discuss but like the other buyers here, you'll want to pull the trigger now or this summer because you might find some serious competition coming into fall and winter.

If you're a Park Shore mid-rise owner: Congratulations! There's less than 5 months of inventory on the open market now.  Depending on the condition of your unit you may be surprised to hear what your property is now worth.  It would not be silly to put your property on the market today especially if you're priced and conditioned to compete!

If you're a Park Shore mid-rise buyer: Be diligent. With so few on the market I wouldn't be surprised at all if there won't be competition for new stuff that hits the market. You would be best off if you reviewed what was currently on the market for a match and work out a compelling negotiating plan of which I can assist you.  If you've been looking and are waiting for the perfect place, review the inventory often or request a specialist to do it. You'll want to strike as soon as possible to give yourself the best shot of acquiring the property.

If you're a Park Shore low rise owner: There's a shortage of inventory in your segment as well. (Just under 8 months). You may get a little more for your unit or it may be that you don't have to negotiate as heavily as you may have had to during the past most recent seasons.  Condition is important so if you haven't remodeled, by all means stage.  If you don't know what that means, call me. It could make a very big difference in your market time, your net value or both.

If you're a Park Shore low rise buyer: There's still alot of "cheap" stuff on the market. Here's your cue. Other locations around town are selling out of their entry level inventory and you still have some opportunity to formulate a plan here. I would encourage you to do that now rather than wait til season because if the snow starts blowing early this next year, I think we're going to see higher than normal buying traffic.

If you are a Park Shore Villa owner:  This inventory is just slightly under level. Since there's so few of you, it should be easy to rule the market if you and your agent create a successful selling strategy.  Because many people don't readily think of Park Shore villa, you'll want an agent who knows how to address the special attributes of owning a villa in this location because you're competing heavily with locations like Pelican Bay and Olde Naples for those eyeballs and eventually dollars.

If you're a Park Shore Villa buyer: Hi all 3 of you. Just kidding. So far this year there have been 9 of you.  There's some nice product left but not much so the good news is you won't have to waste days and days seeing it all. It should make decision making pretty snappy.  Because of the short list of options, I would see if there's something that will work for you now because I can't guarantee that there's going to be something fantastic this time October or whenever the snow starts to fly which ever comes first.  I can help you with your negotiating plan so call me today and I'll help you get started!

Well Naples friends, that concludes my brief Park Shore Naples update. If you have any questions or you want to get started buying or selling your Park Shore property, contact me today!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!
239-595-6223