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Tuesday, 10 February 2015

Happy Valentine's Day Naples Friends!

Today I'm reporting on Naples sweetest neighborhood, Port Royal. As promised last week, I'll be digging into all of Naples luxury neighborhoods to give you the inside goodies of today's market.

I received a report from Trulia a couple of days stating the median price in Port Royal was $7,000,000. Well like much of Trulia the actual median price is $9,770,000. Ok so they were off nearly $3,000,000. Not all real estate offices report to them, that's why my numbers are always going to be more accurate.

Port Royal numbers that actually tell a story.

Here they are:

47 Port Royal homes are on the market right now. Average Price = $13,948,085!

31 Port Royal homes have sold during the past 12 months.

7 Port Royal homes are under contract.

Port Royal is technically in an OVERSUPPLY SITUATION with 18 months of supply.

Port Royal Buyers- This is a talking point in your negotiation!

Average sales price is $7,050,714. 

31 Port Royal sales closed during the last 12 months.

Average closed price per foot = $1,282.

Port Royal homes sold 7% off list price.

Average market time for those sales was 252 days average market time today is 224 days which might suggest the market is getting hotter. I'm not sure about that. there are 14 Port Royal homes listed during the past 30 days which is typical for this time of year. Last year 7 Port Royal homes had closed between January 1st and February 7th. This year there's only 6.

List price per square foot is increasing. Of those Port Royal homes sold last year, average price per square foot was $1,383. This year it's $1,687. That's a 21% increase! The list price per square foot value of the Port Royal homes under contract stands today at $1,542 which is still 11% higher than those sold over the course of the last 12 months.

Back Out History- Since October 2014, 3 Port Royal homes went under contract and went back on the market.** One can only speculate as to why the contract didn't work out but an overwhelming majority of the reason why contract back outs occur in the Naples market has to do with property condition. It could be buyers are taking a position right now that if they're paying top dollar for properties at the time of their negotiation, they expect the property to be in "expected" condition or they want to be compensated for unexpected defects. If using a Naples Area Board of REALTOR's contract (nearly all Port Royal sales take place with this contract). The buyer typically has the right to do inspections and ask for repairs or a dollar amount to fix defective items. Once the seller has notice of buyer's request, the seller can either accept to repair and/or pay for defective items. They also have the right to reject the request. If the seller rejects the buyer's request, the buyer has the right to back out of the deal. Sometimes in a hot market sellers will be unaccommodating because they feel like either they can get a better price down the road or may even have a better back up offer already in play. It's not uncommon for a buyer in a hot market to move forward on the deal anyway.

Of those 3 Port Royal homes. Two are under contract again at the same list price. One is still available but has been reduced by nearly 7%.

Last year during the same time frame 0 Port Royal homes fell out of contract. Is this another sign of a less enchanted Port Royal buyer? Let's see if there are more signs?

Price Reduction History- Last season between October and February 5th there were 7 price reductions in Port Royal. This year there are 10. Listing agents and sellers are becoming responsive to the idea competition is getting tougher and/or buyers are getting harder to please.

Price Increase History- Last season between October and February 5th there were 6 Port Royal price increases the same for this year.

Port Royal Sellers- If your intention is to sell this season, it is imperative you list your Port Royal property with somebody who can detect early changes in the market. Too many professionals carry on about their day without noticing slight changes in a market before it is too late to capitalize on a good trend. You want an professional who can pinpoint the market value of your home with precision and expertise. This is not a good time to guess your property value.

Marketing is key meaning, you want somebody who can get your property in front of as many ready, willing and able eyeballs as possible and who can help you efficiently negotiate the best price for your property as timely as possible. You can expect more competition to hit the market as more new construction spec homes finish and enter the market. Contact me direct for my plan to get your home sold.

Port Royal Buyers-  For the first time in awhile you have some interesting talking points when negotiating the purchase of your Port Royal home. Your message needs to be direct and contain an extremely intelligent and compelling argument if you want to get your best price. There are still buyers buying in Port Royal so this is certainly not a heavy discount/free for all type of market as of yet so go with a proven, respected professional who can help you get your point across without turning off the desire to get the deal worked out on the other side.

You have a terrific supply of Port Royal homes to choose from with new construction representing nearly 19% of the active market. It has been quite sometime before Port Royal buyers had a selection this incredible to consider including some of the most magnificent Port Royal beachfront homes to be acquired. There is additional inventory not listed on the open market. I can discuss with you should you have an interest. Please contact me direct if you're ready to purchase a Port Royal home.

Thank you for reading my Port Royal market update. I hope you'll consider using my services if you find yourself in the position to buy or sell property in Port Royal or any other Naples luxury location!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

**Please understand, there is no guarantee the two contracts that fell apart had anything to do with property condition negotiations. The exact reasons as to why these contract died is confidential and will more than likely remain so.

Posted by: Shannon AT 08:57 am   |  Permalink   |  0 Comments  |  Email
Tuesday, 03 February 2015

Hello Naples Friends,

Here's the latest on what's going on with the Pelican Bay high rise market.

Pelica Bay High Rise

There are 58 Pelican Bay high rise condos for sale with 18 pending at this time. 160 Pelican bay high rise sales occurred during the past 12 months.  That's barely 4 months of inventory!

Because of that prices are on the rise. List prices have increased 12% over the past year to $690/ft.

The buyer prospect base isn't taking this lightly. Market time in the Pelican Bay high rise segment has increased 11% and smart Pelican Bay listing agents are taking note.

I was speaking with one of the top agents in the Pelican Bay market just yesterday who had recently announced a price reduction on one of her listings. She concurred that traffic is still heavy but buyers aren't in a hurry to sign the dotted line. I also asked her to weigh in on my findings last week in regards to contract backouts in the luxury market. She agreed buyers were starting to hold their ground a little more in regards to property condition. They feel like they're paying top dollar and want the property to be good condition or want to be compensated once defects have been identified on an inspection report. Some sellers may be getting a little over confident by not agreeing to repairs and are losing deals because of it.

The average list price to sales price ratio is sitting at 95%. At the bottom of the market I saw about an 11% discount.

If you are a Pelican Bay high rise buyer: You finally have some good negotiating points to discuss if you choose to make an offer but now is still the best time to strike if you're thinking about doing something this season. A large part of the country is seeing snow and cold temperatures but most people get more serious as the winter weather drones on. If you are here now, it is best to set aside your leisurely activities if at all possible and make your selections now so you don't find yourself competing with people who have had it "up to here" with the inclement weather they've endured for months. One slight caution. There have been a few buyers who think they are going to negotiate enormous discounts. Of the 160 sales there were 2 properties that negotiated out at 82% (the most discount recognized this past year) That's .01%.  The rest of those properties traded at 87% or higher. If you are interested in hearing how I can help you get your best deal, contact me direct!

If you are a Pelican Bay high rise seller: Pricing your property with precision and analyzing the market and the activity on your listing is imperative right now. If we are headed for a bit of a slowdown due to increased pricing and or economic cooling you do not want to waste time. I have a finite philosophy regarding what activity levels need to be present to sell. If you are interested in receiving my listing activity philosophy report, contact me direct! Regarding property condition. Prepare your home to sell or be cognisant to the idea that buyers are going to expect to be compensated for defects on the inspection report. The better condition your property in will drastically improve the dollars you will recognize in the sale. Most buyers in this market value good property condition and start discounting based on the number of calls and people it will take to make the unit acceptable to them.

For more information on Pelican Bay high rises are any other Naples real estate, contact me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Posted by: Shannon AT 08:09 am   |  Permalink   |  0 Comments  |  Email
Saturday, 31 January 2015

Hello Naples Friends!

If you received my Naples Open House report, not only did you get all of the information on the Naples open houses available this weekend (370 total), you also received:

Lastly you received my personal review of one of the newest restaurants in Naples.

If you missed it and you want it, just sign up for it here.

PS~ My calendar is starting to fill up, if you're coming down please solidify your time so I can work with you personally.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Posted by: Shannon AT 10:50 am   |  Permalink   |  0 Comments  |  Email
 

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A compilation of the Naples Florida real estate market and other informational topics regarding Naples Florida real estate. Your Naples Florida blog resource.
Naples Florida Real Estate Smart Girl Shannon Lefevre

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Shannon Lefevre, PA

John R. Wood Properties

3255 Tamiami Trail N. Naples, Florida 34103
Phone: 239-595-6223 URL of Map
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Fax: 239-325-2876
Email: Shannon(at)ShannonLefevre.com
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Pages on this Naples Florida real estate website are updated continuously however, the accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.

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