Hello Naples Friends,
For all of you Naples condo lovers out there, I compiled the same comprehensive report for Naples condos as I did for Naples single family homes yesterday. If you're thinking about buying or selling a Naples condo, you're in the right place to beef up on your Naples real estate intelligence. Let's get started!
||Available Inventory January 1, 2016
||Closed Sales Past 12 mo. January 1, 2016
||Available Inventory January 20, 2016
||Closed Sales Past 12 mo. January 20, 2016
||Inventory Change (MONTHS)
||7.27 to 4.27
|Park Shore/Moorings/Seagate/Coquina Sands Waterfront
||3.7 to 3.94
|Park Shore/Moorings/Seagate/Coquina Sands Non-Waterfront
||4.17 to 4.77
||7.06 to 7.51
||5.57 to 6.86
||5.03 to 6.88
||3.26 to 4.48
||4.06 to 5.23
||6.55 to 5.86
||4.64 to 6.54
Aqualane Shores Welp...there's nothing. Sellers, if you are thinking about selling, now would be a ridiculously incredible time to do so. Call me today and I'll shoot you a comprehensive price position. Buyers, you are currently out of luck but if you like the location, you might check out Old Naples condos as an option.
Bay Colony May be the most bad ass condo market in all of Naples. They seem to be first to recover from a correction and last to be affected at the end of a bull market. You won't find a more stable condo market in Southwest Florida. Their inventory actually went down even though I am seeing signs of resistance including longer market times and failed contracts.
Buyers, you can enter the Bay Colony condo market for under a million and go as crazy as you want by purchasing Judge Judy's condo for north of 10 million but don't get too terribly excited about big discounts. Of only 3 price changes I see, one went down, the other two went up. This can't be surprising with only 4 months supply of inventory. My hope is prices will remain where they are but my guess is prices may continue to rise especially with blizzard like conditions threatening the east coast and mid atlantic regions. If you see something you like and it has to be Bay Colony, do it. There are some awesome units for sale in there right now. It's not as if you're likely to do better in the stock market anyway. Call me and let's see if there's something incredible for you!
Sellers, well, you're still calling most of the shots so congratulations to you. If you're looking for top dollar, consider hiring a stager to come in and spruce things up if it's been awhile since the place saw some new decorating. The stager I use has a 100% success rate (isn't that outstanding?). If your place has been recently remodeled then you might want to hold onto your seat for the price you can ask...it's probably going to be a record breaker. Call me and let's get started on some brilliant marketing!
Park Shore/Moorings/Seagate/Coquina Sands Waterfront This segment along with Bay Colony performs exceptional as well. Although I remember this location take a wee bit longer to recover from a party. Regardless, with less than 4 months inventory here, prices could easily continue to rise and could continue to do so til the inventories maybe more than double.
Buyers, Once again there is some incredible product available right now. If you want the best, you must call me so I can tell you what kind of goodies I have in my crystal ball but bring your ruby slippers, you're going to need some net worth to get into them. No worries if you're not prepared to blow your budget. I can still get you on the beach in the 600's. Roll your sleeves up for this price range but if you're looking for a project, there are a few who have your name written all over it. I wouldn't expect much of a deal either...you might position your thinking into if you get it, it's a deal. Call me and let's go over your options!
Sellers, High five! You along with your condo owner friends at Bay Colony are still doing quite well. The key is to not get too excited. Buyer push back on ridiculous pricing is prevalent here too. If you're realistic with your price in regards to condition and location, you should be able to rock it out without any drama. Even though there's a slight increase in inventory here, you still want to take advantage of a Naples real estate expert who can assist you with a winning strategy. Call me!
Park Shore/Moorings/Seagate/Coquina Sands Non-Waterfront This location is fairing quite well but not as well as it's waterfront sisters. Inventories are still low and once again, don't cry if prices continue to rise a bit.
Buyers, You can buy under the $200's here but pet policies can be a problem so make sure you're checking that and yes...they really do care if your pet is over the height and weight limits...I'm serious...it's antiquated but true. If you have a bigger budget, you can go up to nearly 900k off the water but the location, strategically between Old Naples and the North Naples shopping and dining districts with The Village close by, makes this a yes on a huge number of Naples enthusiasts list.
Sellers, Even though inventories are still low, you might want to get your helmet and pads out or maybe consider the price and property condition before you hit the market. We have an abundance of old tired stuff here. Don't be afraid to be unique. Do something daring like staging or some light remodeling. It will do wonders for your bottom line. If you don't have a stager or need ideas on what to do, call me. We are masters of the universe when it comes to increasing your bottom line!
Grey Oaks Hardly anything to report here....if a market could stand still, Grey Oaks might be doing it for the most part and with only 10 available, it's likely the buyer for this market is just going to be a golf maniac. There, I said it. By the way, that's not a cut down, I would not be sad if I had to play golf everyday. There's lots of improvements taking place at the club and with 3 golf courses, it is in my opinion one of the best locations for golf maniacs to purchase.
Buyers, Some of these units have been on the market for quite some time. Some are new, new is fun! There may be some wheeling and dealing to be had here but with 7 months of inventory don't be surprised if you get snubbed if you offer something silly. Call me today if you want to check out what's available and see what they're getting ready to do to the club!
Sellers, If you want to sell, watching feedback and showing traffic is the way to go here. Call me today if you would like to see into my sold listing guarantee.
Mediterra Congratulations Mediterra condo owners! You're performing better than Grey Oaks at least in the inventory level competition.
Buyers, If you're into old world and traditional decor, you need to check this location out. Market times on 6 of these properties are getting up there and I can't help but wonder if it's not time to do some negotiating. It's probably with a shot! Call me and let's set up your strategy.
Sellers, I did see a little bump in inventory over the last couple of days so you too might want to get the helmet and pads out just in case you find yourself in a tough competition with a neighbor. Some of the listings already on the market are seeing some lengthy market times so price is important as well as condition. It's also wise to monitor showing activity and feedback quality. My listing sale guarantee helps guard against lengthy market times if your intention is to sell. If your intention is to break a record on price, you may have missed your shot.
Old Naples Market time increased nearly 2 months in 20 days...oh don't freak out just yet. Lots of people down there all list in January because all the cool kids do that. The concerning thing is Old Naples condo sales are down 40% compared to a year ago. That stat leaves a little bit of a mark.
Buyers, 50% off discounts have begun. I'm so teasing you...I know, I should be shot. Really the biggest negotiator got 16% off list price which is a sizeable discount but not one you should expect across the board. If you're doing better than a 6% discount, high five yourself. If you're looking for that sort of thing, call me.
Sellers, from $270 to $990 per foot, you can see your neighbors are all over the board. Ask yourself, do you want to sell or do you want to host 20 minute long couple parties at random times (sometimes short notice ) throughout your week day and 3 hour long parties on the weekends disguised as an open house? 17 of the 54 properties have market times over 200 days. I have 3 words for you. Price, Condition, Expert. If you hire an expert...well me, I can show you how we can get your best price in the shortest amount of time...period. Call me.
Pelican Bay Inventories are on a slight rise here and product starts under $400k. I have one word for the Pelican Bay market. RESPONSIVE. Even though inventories are in an under-supply situation, owners and listing agents are responding to buyer response. I counted 25 price reductions in the current Pelican Bay condo inventory with just a handful of oddball price increases....you know there's always "that guy". In this case there's 4 of those guys. High five to the ones responding accurately.
Buyers, There's some great product hitting the market. There's some ugly ones too. Even though the biggest winner negotiated 14% off list, this recent flurry of price reductions suggest sellers might be a wee bit more accommodating than in years past. It may take a couple of hits though because the large majority have held firm on their price so far...consider it a mixed bag. Keep your eye on the market here and by all means, don't be afraid to try. It's at least worth a conversation and there's no one better to have that conversation than say...me. If you're thinking about buying, you should do it with me. After all, I live here for Pete's sake.
Sellers, Word on the street is some of your neighbor are getting a little greedy. This is excellent news for you because an over-priced competitor is just gas on the fire for you and your buyer. Be diligent. Price it well, make it pretty and do it with a girl like me who can spot a deal when she sees one. I can't tell you how many offers we had to pass up before the goose laid the golden egg on the last Pelican Bay condo we had sold but let me tell you, in this instance it paid off for the seller and he set a new record for the neighborhood. Call us and let's see what we need to do about your selling strategy.
Pelican Marsh I'm starting to sound like a broken record...there's a slight uptick in inventory here too. There's still an under-supply but Pelican Marsh owners don't seem to be too worried about it. There's only been 4 price reductions here and there are 2 price increases. If you review Pelican Bay's stats, it stands to reason. The inventories are lower here. Also Pelican Marsh has had history of doing better in the summertime compared to some competitors
Buyers, If you're looking here and you like Pelican Bay too...now might be a good time to sneak over there and see if you can get the deal you're looking for. It takes $395k to get into Pelican Marsh and $385k to get into Pelican Bay. No, you don't get the same size or age of unit but you do get 2 beach clubs so that's something to consider if you're a beach nut. Pricing is considerably tighter here too with the best discount for property sold ringing in at only 9%. Many have sold with no discount at all so don't be surprised if seller's are less accommodating.
Sellers, Even though inventories have risen a little I don't think it's a big deal. Stats tell me you're pretty strong. If you're thing about listing, watch your price and being nice to people with offers is probably going to get the job done. You still want to have an expert just in case your market is at the beginning of a slow down. If it's going to trend my gut says it's going the other way so now might be the best time to land the best deal. Call me today and let's get started.
Tiburon Yaae Tiburon, your inventory actually went down! Not much new to tell here other than a couple of sellers did reductions, a couple of sellers did price increases. Even though the market is technically under-supplied at this time, there's only 2 owners who have experienced market times of over 200 days. This market is still pretty hot so not much discounting here either.
Buyers, There's some interesting stuff to be seen here but low inventories are sheltering sellers from having to play super nice still. What they do offer that Pelican Marsh and Pelican Bay do not are 1 bedroom golf condos. If you're looking for a tiny place to sleep and store your clubs, this is beyond perfect. You can snag one of those for less than $360k. If you're looking for a little more champagne, you might check out the newer product here. There's a few of those on the market too! Call me, I'll show you around and who knows, maybe we'll pop in for lunch at the Ritz Carlton next door.
Sellers, The sun still shines brightly for you. If you're thinking about selling, while you do have some good competition, selling your condo should be a relatively easy nut to crack. Call me today for a successful selling strategy.
Vanderbilt Beach There is some really inexpensive close to the beach product located here (some even sweetly remodeled) but the super sexy and beautiful product here is sold out. Aww. Market times have increased so all I can do is guess where it's going and I think it's going to get better for buyers.
Buyers, If you like to feel like you're right on the sand at what Naples would call affordable prices, you should check out Vanderbilt Beach first. While some units are showing better than they have in past years, there's still a fair share of fixer uppers which is only going to help you with a price break. If you're not afraid to do some heavy lifting, you could end up with a great beach unit here at considerably less than you might spend in Park Shore or Bay Colony. All but one owner negotiated within 10% of their list price so don't get too excited about heavy negotations just yet. Owners should be a little more accommodating this year but that doesn't mean they will be. Expect some serious buyer competition if this snow hits too. Call me and we'll put a plan to get you where you want to be.
Sellers, Inventories are on the rise and that's why you need to go into selling your property a little more strategically. Don't let pricing prevent you from hitting the goal of selling your unit if in fact that is your goal. You're competing largely with properties in or close to original condition so if you have something remodeled, you should be treated like the prettiest girl at prom. If your unit needs updating, call me. There's lots of ways to enhance her beauty and that will only guarantee you a great offer provided you're priced accordingly. Call me today to set up that strategy!
Ok friends, I've talked my face off over the course of the last couple of days. It's time for me to go get some real work done. If you need me, call, text or email, my response time is even better than my market reports and my performance...well it's secondo to none!
Stay warm my Northern friends! I hear that blizzard is set to hit over the weekend! Now would be a perfect time to book that flight and get yourself down here!
Shannon Lefevre, PA
Do you know somebody else in the market, pass it on!