Nearly 19 months of inventory in the Park Shore homes market means we are clearly on the slow down. Here’s what I know:
Active Park Shore Home Activity:
Average active list price per square foot: $720
Average pending list price per square foot: $432
Park Shore Closed sales during past year:
High List Price: $5,350,000
Low List Price: $749,000
Average List Price: $1,741,170
Average List Price/sq.ft.: $596
Median List Price: $1,220,000
High Closed Price: $5,250,000
Low Closed Price: $700,000
Average Closed Price: $1,611,718
Average Closed Price/sq.ft.: $551
Median Closed Price: $1,175,000
Here’s what’s going on by price range:
Park Shore homes less than $1,000,000:
4 Sold during past year.
It wasn’t too long ago you couldn’t find single family tear downs available in this location. The fact there is a slight oversupply today says investor/builder/individual build agreeable traffic has slowed/stopped. There’s 18 months of inventory available here. Of the 6 on the market, all of them have been reduced except one…there’s always that one guy. LOL Price per foot on active listings is 25% higher than average price per foot sold during the past year.
Park Shore homes $1,000,000 to $2,000,000
17 Sold during past year.
This section appears to be doing better than others even though market time is up over 200% compared to sales at the same price point during the past year. Of the 18 available only 7 have reduced their price and that one guy, yeah, he raised his. Sigh.
Park Shore homes $2,000,000 to $3,000,000
3 Sold during past year.
Of the 7 active here, only 2 have reduced. If I were an owner here and traffic was not meeting expectation, I’d drop it like it’s hot.
Park Shore homes $3,000,000+
3 Sold during past year.
Yes, with 4 years of inventory in this section, I’d be a little nervous if I had a home on the market here. In fact, two listings dropped down to the $2m-$3m range probably for that reason. Those agents and seller’s are smart! Only 2 others who remain in this section have reduced their price. While that one guy, yeah, he went up too. I’d particularly be nervous int the $5,000,000+ market. Only one of those sold during the past year. That’s a problem for a seller but for buyers, that could be a very smart section to poke around to see what sort of negotiations can be made. Sometimes the best deals are when you’re the only one around.
Park Shore New Construction Results
There are 8 homes currently available built in 2015 and newer. Prices on these homes start at nearly $2,500,000 and increase to over $6,500,000. If you like British West Indies and Contemporary, you may love the special treats listed in here right now! Park Shore new construction competes heavily with Moorings, Coquina Sands and Olde Naples there are lots of new construction options in all of these locations at this time. Not every builder builds with the same quality or will offer the same kind of discounts so you’ll want to do your due diligence before you close. If water is important to you because you’re a boater, make sure your boat or the boat you’re considering can make it under the bridges. If you have or are planning on getting a big boat, Park Shore may not be an option unless you’re planning on keeping it somewhere else. You might consider Aqualane Shores, Port Royal or Royal Harbor for that reason alone.
Park Shore Buyers~
Relief at the negotiating table is possible but not guaranteed.Average list price to sales price ratio is 92% with one deal negotiating out at a staggering 77%. It's not wise to get over confident about the idea you're the only one shopping around. According to what I'm hearing on the street, Park Shore open house traffic has been pretty strong. It has tapered off a little for Thanksgiving because many people either go home for the holiday or they're too busy entertaining friends and family right now. Strong traffic during the pre-season can be an indication people are going to strike once they get through Thanksgiving. The time around Christmas and New Years can go either way. It's too early to tell how it's going to go so if you see something you like, make the deal or risk losing it to another buyer.
Not every seller is going to give huge discounts this year because some sellers just don't know what's happening or they simply don't have to sell. You have some great inventory to choose from. Most of you will not want to make a career of seeing everything in your price range so now is the year to be wise with who you choose to assist you with your purchase. The number one reason buyers have been getting mad lately is because their agent wasted their time. If you want an agent who will listen to your objective and show you properties fitting your objective, call us. The second reason is because inexperienced agents are still negotiating deals like they did 2 and 3 years ago. This could mean you'll overpay. Call us today to get on the schedule. We'll respect your time and money so you can be in your fabulous new home effortlessly and for less money.
Park Shore Sellers~
It's time to listen to listing agent price evaluations. The best listing agents in the market know exactly what's going on and can give you sound advice for what your home is worth. Be weary if you're having agents compete for your listing. Many times this triggers a dangerous price war between agents who will tell you they can get you an inflated price for your property just to secure the listing with every intention of getting you to drop it once they have you under contract. You really don't want to waste market time right now.
Property condition is a HUGE deal for buyers right now. A few years ago Park Shore home sellers could refuse to do repairs or make concessions on inspection items and still get their deal done. Today, buyers want the property to be in the condition they expected and in some cases better than they expected. For example. I've heard on more than one ocassion where the inspection report came back with systems working in expected capacity for its age but the buyer knows the age of the system can fail within a relatively short period of time. Depending on the way the contract was negotiated, they may ask for a new system or prepare to walk. If your air conditioners are 10 years old or older but they're working, it seems unfair to have to replace them if they're working the way they should, right? A good seller's agent has ways to protect you from scenarios like this. Make sure you have these discussions with the agents you're considering hiring for the job of selling your home because property condition is the number one reason why negotiated deals don't work out.
Low balls are the new competing full price offer.Do not make the mistake of rejecting a low-ball offer. It costs nothing and takes such little time to make an amicable counter. If you're cordial to a buyer even if they don't look like much a buyer, you could get your deal done compared to pissing them off with a rejection and having no shot at all. A bird in the hand...you know the drill. Another tragic mistake you can make is to try to bump up an good offer. I recently saw a situation where a seller tried to bump the buyer $25,000 on a several million dollar deal. That's like spitting on your date. Dont do it. A great agent will encourage you to negotiate wisely and will
Ok, that's all for now if you're planning on buying or selling in Park Shore or any of our fabulous Naples luxury locations, give us a shout! We'll get you in, get you out, get some money in your pocket and keep you happy.
PS~ Thanksgiving is SUPER important to us. We're thankful all year long for a fabulous family and business. It means everything to assist you.
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This week I'll be focusing on Park Shore, Naples, Florida. Today, it's Park Shore beachfront high-rises let's get started!
Current Park Shore beachfront high rise market:
63 Active -$749,000-$10,995,000
Average list price on active listings- $2,618,000
Average list price per square foot on active listings- $904
Median list price on active listings- $1,295,000
8 Pending sales -$875,000-$3,295,000
110 Sales during the past year - List Price $649,000- $7,975,000 Sales price $580,000- $7,825,000
Average list price on sales during the past year- $1,969,252
Average sales price on sales during past year- $1,870,482
Average list price per square foot on sold listings during past year- $793
Average sales price per square foot on sold listings during past year- $1,870,000
Median price for listings sold during the past year- $1,425,000
Average market time- 150 days
There's nearly 7 months of Park Shore high-rise inventory on the market today. That's considered an under-supplied market with price increase risk.There's still buying opportunities. We'll look at those shortly.
Number of sales is down 16% 128 the year before to 110 this past year.
Price decreases are up 268%
Price increases are down 27%
Contract back outs are down 42%
List price to sales price ratios remain the same at 94%
List price per square foot values for active listings are down 1% currently trending at $904/foot
Average list price per foot sales last year was $714. This year it's $793 up 11%. Last year it had gone up 19%.
Park Shore beachfront BUYERS: You have more inventory to check out this year compared to the past several years. That's AWESOME news for you. If you like remodeling, we have no shortage of projects for you! If you prefer to purchase something already remodeled you have some fabulous choices this year. Shortage of remodeled options have been one of the biggest complaints I've heard for years. With the inventory on the rise, you should see better accommodation from sellers this year compared to the past several. The number of price reductions, competing properties and the slight decrease in list prices are evidence of this. 52 Park Shore beachfront condos went under contract around the -30 day mark. This means you still need to remain alert for Park Shore deals. As far as negotiations go, only 9 of the 111 sales that occurred last year sold for 89% of list or less so don't be surprised if sellers don't negotiate a huge distance off their list price. We should see some more deals occurr this year and a little more flexibility but this market statistically doesn't move great distances with list price to sales price ratios. The biggest reason why you'll see large discounts is because a trace percentage of the market will choose to leave a little money on the table to get their deal done out of the convenience factor alone. Rarely will you find a situation where a seller HAS TO SELL.
If you're looking for deals, listing history is a great way to see what's going on. It's not necessarily easy for you to research but I can do it for you. For example there's a listing in one of the most luxurious towers that has been reduced 3 times in 6 weeks. Looking at market time would suggest they don't care if they ever sell but recent reductions are showing something way different. If you want to know more about this one, reach out to me direct. I think there's a deal there! Knowing the market matters too. I get complaints all the time about how to determine what is a deal and what isn't. Property condition and stack position can be tricky for buyers unfamiliar with the market to understand. What can look like a deal online may lead to big disappointment in real life so don't be afraid to reach out to us. We'll get your objective and deliver without hounding you to death in the process.
If you are budget conscious, the worst thing you can do is look and fall in love with something considerably higher than your self prescribed budget unless you're open to increasing your budget. If you want the best shot, give us a shout. Decades of experience and success are the ingredients you need for a successful Park Shore beachfront purchase. We have that for you!
Park Shore beachfront SELLERS: Some of your competition is getting well...competitive. Price reductions are a plenty so pricing well is more important this year than in years past. Even the longest listing in Park Shore is reducing...several times within a short period of time in fact. More sellers are serious about selling and doing something about it.
Buyers are getting pickier. You can't blame them, they feel like they're spending top dollar and have been concerned about all the usual things. It's too early to tell if the election is going to fuel or put a damper on the market. The tone I'm getting from buyers I'm already working with is pretty good regarding this topic and if the stock market is any indication, I think we're going to do ok. Buyers do want quality meaning they want stuff to work and be in good condition. I am seeing more people who want remodeled units compared to original condition but don't want to pay prices for expert craftsmanship.
It's been a pretty mild preseason so far in large part because of the warmer temperatures up north. We are definitely getting busier but we are not seeing any snow or ice yet. That changes everything!
Buyers want everything fixed on inspection reports and in some cases want new air conditioners and other appliances or components that are in the later years of their life expectancy. Be prepared to fix stuff or offer credits if you want to get your deal done. While we're talking about property condition, let me mention the "R" word.
Radon issues- Do you have it, would you know if you did? Radon according to our government is the second leading cause of lung cancer and most buyers are testing for it. This is a triple downer for everybody involved. It's expensive to fix and takes an enormous amount of time to complete the mitigation. There is also an extreme shortage of people who know how to do it right and deliver on the promise of a successful reinspection. I certainly am not suggesting you test and mitigate before you list if you are not concerned but you definitely want an agent who is extremely well versed on handling this issue. If the market is starting to cool, the last thing you want is something boogering up your deal.
Ok, that's all I have for you today! If you're thinking about coming down, call us at 239-595-6223 or email to let us know how we can help you!
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October is always a mystery for Naples luxury real estate success because the Naples luxury real estate market is so dependant on the weather. I mean, it can really make every difference as to whether we have a real "pre-season" or not. Peeking at temperatures across our most active feeder markets, we really shouldn't be breaking any records so far. Look at today! It's going to be in the 70's in New York, Chicago and Bloomfield Hills. That's hardly a temperature that's going to cause our phones to ring. Other years some areas have already experienced their first snow fall or really low temperatures. Snow in October makes the phones ring. LOL!!! Later this week I see 50's and poor Boston is expected to have highs in the 40's. People will be getting more excited about Naples then which means if you're a buyer, your competition is going to start suiting up! Regardless of the warm temperatures, we've still seen some good success.
Here are the results for properties at 1 million +:
Highest Closed Sale
Contract Back Outs
Back On Market
Here are the main take aways from the graph above:
15% more properties were listed this year compared to last.
Sales are down 33% compared to last year.
29% More owners are firing their agent or removing their properties from the market.
35% more listings are not selling within the original expected list time.
35% less pending sales this year compared to last.
30% more reductions this year compared to last.
Price reductions are down 67%
Thinking about buying Naples luxury real estate this year? I still think now is the best time to do it. There's nearly 14 months of inventory in this section of the market which means you should be able to do a fair amount of negotiating. Large chances are you will see more accomodation from Sellers compared to the last several years. If you can get here or negotiate your deal from afar before mass hysteria hits, I think you'll be happy you got the job done before you find yourself competing with your cold neighbor up north. Besides, it will give you the opportunity to actually enjoy Naples and your property this season instead of fighting the others for showing appointments. Selection has been a real problem for us in years past and there are some excellent properties available. Don't let the prices scare you either. We have some sellers who are still very confident about their price but others are giving discounts. Average list price to sales price ratio during the month of October was 93% but a couple of people were willing to sell with a 19% discount. You can expect more of this in the future but understand discounts are subjective to each owner. If you don't think you can strike the deal you like, don't be afraid to find an alternative. Don't depend on list prices to give any insight to how far Seller's are willing to negotiate. It's best to have real conversations to gage interest. If you're buying with your heart, ie. like shiny, pretty new things, you're not alone. You'll want an agent who can give you a gage on the precise market area where your interest lies. Not all luxury markets are the same so the more you know, the better you're going to do. Let's take a look at that now!
Naples Luxury Market Based On Property Type:
Sold Past Year
Sold Year Before
Here are the main take aways from the graph above:
Single family home product is performing the worst with nearly 16 months of inventory.
High rise condos are still under supplied with just over 10 months of inventory.
Villas have less than 9 months of inventory.
Low rise condos are at nearly 14 months of inventory.
Naples Super Luxury Market:
Sold Past Year
Sold Year Before
Here are the main take aways from the graph above:
There's 3.5 years of super luxury single family inventory right now! I like to be where everybody else isn't when I'm buying. ;)
Super luxury condo market is sleeping peacefully with steady inventory.
Nobody is buying either right now. LOL
There are lots of negotiating points for Buyers in this section of the Naples luxury real estate market. If you have the money, it might be time to see what your real options are!
Naples Luxury Sellers:
I have several buyers who want to own high rise condos in Bay Colony. Their needs are very different. If you are a condo owner with any intention of selling, please call me. If you know a condo owner or happen to meet one, please tie them down and call me ASAP!
For the rest of you, if you're thinking about selling this year, price and condition will be more important than the last several years. Anybody with a Florida real estate license can list your property but very few can attract the buyer who will give you the price you want. Fewer can handle important negotiating skills to help you get it done and even fewer can do it while maintaining a fun, stress free atmosphere. Only one can deliver with unprecedented response time.
Lastly, I want to give a special thanks to all of you early birds who came to Naples or put contracts in on properties before the actual rush starts. It's very difficult for many to break away from daily activities to think about something before they're actually forced to do so. You may have negotiated better deals than those who are preparing to do so during the months of February, March and April. Congratulations!
If you're one of the many who keep hitting my Naples real estate website and others to see what's available or keep your eye on the market, there's not better way to get the fastest most up to date news than to contact me direct. I have several clients who have me watching all day everyday for properties to hit the market and for mark downs. I can easily watch for you too.
Planning a visit to buy or sell? Call or email me now with your dates so I can ink you on my calendar because who's behind door number two is probably not going to provide a better experience!
November is a month to be thankful! I'm thankful for my clients, my web visitors and those who refer my services. If you like this post, sign up on the link below and don't be afraid to send it to a friend. Happy Fall!
Shannon Lefevre, PA
Your Naples Smart Girl!
It’s time for my Port Royal Naples, Florida market update. Some of you have already made it back. Welcome! We’ve been busy sprucing things up and making improvements all over town. Some of you are currently preparing to come down. Safe travels and hope to see you soon.
If you’re buying or selling a Port Royal home, here’s everything you need to know to get started.
The current Port Royal real estate market:
Active - 49
Pending - 2
Closed during past 365 days - 33
Closed year before - 38
Closed year before that - 38
Sales are down 14% over the past two years.
17 months of inventory exist which is up 3 months since my Port Royal report last November.
Lowest price listing is an off water, updated home listed for $4,500,000. Last year the lowest priced home was on the market for just under $4,100,000.
Highest priced listing is just under $61,000,000 with a recent price increase from $59,900,000….mmm..ok
There are 4 listings currently showing 30 days of market time or less but in actuality 2 of those listings are recycled.
2 Port Royal homes priced between $6,000,000 and $9,000,000 are currently under contract and sold relatively quickly compared to the average 254 day market time for the properties sold during the past 12 months.
Market time as a whole appears to be down 7% compared to sales during the past 12 months.
There are two segments of the market I’m really excited about!
New Construction availability in Port Royal:
2 homes with an expected finish in 2017.
6 homes built in 2016.
2 homes built in 2015.
3 homes built in 2014.
13 new or near new properties are available! Designs are changing too! Here’s what sort of design styles you can expect with these new construction Port Royal properties:
2 Costal Contemporary
4 Bermuda Contemporary
Bahamian, West Indies
3 Mediterranean Transitional
You’ll want to be careful while purchasing from afar. Technological advances are making it easier to market properties that simply don’t exist yet so don’t let virtual tours, photos and videos fool you. What you see isn’t exactly what you’re getting. It’s good to at least do a FaceTime visit through the house or at least let your Realtor take some video for you so you can see where the home is in the building process for homes under construction. You’ll also want to verify your surroundings too. Pools in front yards can throw you off with your orientation and that’s actually happening here. Due diligence is key to insure your expectations are in line with reality.
Builders in all locations in Naples come in all sorts of craftsmanship and quality. Port Royal is no different. Don’t let price and location trick you into believing everything is made from the same quality materials and pieced together by the same master tradesmen.
Beachfront Fans UNITE!
There are 6 Port Royal beachfront homes on the market today! Prices on the beach vary. Prices start at $14,900,000 and continue over $60,000,000 but there have been a couple of really nice price reductions within the last few weeks. If you’ve been half watching, it may be time to get serious about an offer.
Price per foot update:
Average price per foot sold last year was $1,416.
During the past 12 months that’s dropped to $1,326…or 5%.
We may continue to see this with the increase in inventory but keep in mind, that’s average for the whole neighborhood including off water lots. Beachfront price per foot and new construction is going to run substantially higher than the neighborhood average for all the obvious reasons.
Current list price per square foot average is coming in at $2,171.
That’s a big difference. If you’re a numbers geek like I am, you have to know many buyers will pay a premium for more waterfront footage or newer properties. Location to the club can also be a factor so if you’re having trouble understanding values, it’s good to work with an agent who can intelligently decipher what a fair offer looks like and somebody who has a great working relationship with the other agents in the area….hint hint, wink wink.
The signs sticking out most here:
There have been 10 sales with list prices over $10,000,000 during the past year. That’s down nearly 25% compared to the year before. There’s 26 homes listed over $10,000,000 on the market now or 31 months of inventory. That should be exceptionally troublesome for any seller listed over $10,000,000 and equally interesting to any buyer looking to spend over $10,000,000.
Pocket listings are dwindling meaning seller’s and agents are getting less confident about the market and putting properties on MLS to catch all eyeballs.
Terminations, expired, withdraws and contract back outs are all down from the year before. This tells me owners and agents understand the shift in the market.
Sales prices are down 5%. That tiny reduction is allowing sellers to capture 92% of their list price compared to 91% the year before.
Of the 49 listings in Port Royal, 13 homes have reduced their price. Some quite substantially while a couple were reduced so little it’s not even worth mentioning….yawn.
Port Royal Buyers:
You should feel very accommodated in the upper brackets right now. There’s been 1 sale during the past year for over $15,000,000. There are 15 homes priced over that sales price right now. There were 4 sales over $15,000,000 the year before that. That is crazy troublesome especially to spec builders. This is an excellent time to see if you can get something negotiated out! There could be some real deal making if you just stick a toe in and see what can be done!
If you don’t want to do the heavy lifting while negotiating, there are 3 homes right now priced under $1,000/foot. If you’re a price/square foot buyer, you may want to hit those first!
If high market times turn you on, then you may be interested in knowing there are 8 homes well past the one year mark. In fact there’s one that has passed the 2 year mark. Market times have a tendency to fool people into thinking there’s something wrong with the property. Here’s an embarrassing fact about our market. Many homeowners do not want to be inconvenienced with showing their property while they’re in town entertaining friends and family. The lion share of big money buyers are here during season and simply don’t want to be inconvenienced to come back after season. This can kill any opportunities for a deal and if the sellers aren’t that motivated, the clock runs up. Lofty list prices can also do the same but the end result means you’re still dealing with a less than motivated seller. Check pricing history for more details about whether or not a seller looks interested in selling and by all means, don’t hesitate to talk to your agent. Chances are they can find out what’s really going on provided you’re working with someone smart.
Port Royal Sellers
Some sellers are getting aggressive on pricing. Make sure your objective matches your price. If you want to sell this upcoming season, you have to be diligent and responsive if you’re not getting the traffic your property requires to land contract producing results. There are ways to increase the value of your home. If you don’t know what they are, call me. A client asked me the other day when season starts. The fake answer is October 1st or January 1st. The real answer is when it gets cold up north. It’s smart to go on the market now. The temperatures across most of our northern feeder markets are going to drop anywhere from 10-25 degrees this week. That’s when we start to see a shake up. Properties should be in the best showing condition possible. It’s been several years since you’ve had so much competition. You’ll certainly want an agent with a global reach and there is no other company with higher performance than John R. Wood who can deliver those results. Call me for details regarding how far our reach is and those who compete with us. The numbers are staggering.
48 Active Pelican Bay low-rise condos
135 days average market time.
$636,248 Average list price.
$381 Average price per square foot.
5 Pending Pelican Bay low-rise condos
82 days average market time.
$471,580 Average list price.
$297 Average price per square foot.
Closed during the last year
87 Pelican Bay low-rise condos
78 days average market time.
$616,404 Average list price.
$592,435 Average sales price.
$363 Average list price per square foot.
$349 Average sales price per square foot.
96% of list price to sales price ratio
The Pelican Bay low-rise condo market has performed exceptionally and currently only has 6 months of inventory but I feel like the market is slowing a bit. That’s great news for buyers! There have been 24 price reductions recorded with the current inventory so if you were hunting around last year, you may see some relief! Market time has gone up considerably which means sellers should be happier to accommodate you compared to the last several years as well!
Here’s a snapshot report of each Pelican Bay low-rise development:
Avalon at Pelican Bay: STABLE ~ GOOD DEAL HERE! 2 new listings during past 30 days!
3 Sold past year
1 year of inventory
Barrington Club at Pelican Bay UNDERSUPPLIED WE NEED LISTINGS HERE! 1 new listing during past 30 days!
5 Sold past year
7 months of inventory
Breakwater at Pelican Bay SLIGHTLY OVERSUPPLIED ~ CLEAR DEAL IN HERE! 1 new listing during past 30 days!
7 Sold past year
13 months of inventory
Calais at Pelican Bay UNDERSUPPLIED WE NEED LISTINGS HERE! 1 new listing during past 30 days!
2 Sold past year
1 year of inventory
SELLERS~ Some folks already on the market are getting competitive with their pricing. If your true objective is to sell, make sure you price it well this year. If you have a unit in original condition, expect to discount your price. We have a portion of our buyer pool who will choose to pay more if they don’t have to do a lot of work. If you have an exceptional unit, you should still be able to get a good value for your property. Completely remodeled units are still few and far between and there is a demand. Make sure you’re going with an experienced agent this year. The market is changing. Agents who entered the market during the past 5 years will not know how to respond to todays buyers. This will be very important if you want a successful negotiation and easy escrow period. Expect buyers to demand repairs if something is not working in its intended condition. There have been 7 Pelican Bay low-rise condos fell out of contract so far this year. Property condition is the biggest reason with cold feet coming in second. You can’t do much about cold feet but you can do a lot when it comes to property condition and keeping your deal together. Even if you’re not planning on coming down, we can orchestrate the group of vendors it takes to make sure you get repairs done in a timely manner. Call us today to get started!
BUYERS~ Some buyers before you have gotten exceptional deals this year but not everybody will be willing to discount like others have. We can help you identify deals but don’t be sad if you don’t get your price. It might be wise to choose more than one property if you are buying with your brain instead of your heart this year. If you are buying with your heart, there are some nice remodeled properties to choose from but you should expect to pay premium pricing because those units are still few and far between. There is a portion of our buyer pool who simply don’t want to do a remodel and will be willing to pay the price. If you’re not one of them, you should be able to get discounts on properties needing work. We can help you identify vendors who can assist you. Many condo associations do not allow work during season so this is a pefect time to purchase, camp out this season while making your renovation plans and get permits into the county since it’s taking several weeks not to get approved. That way you can have all your ducks in a row by the time you can start swinging the hammers.
Ok, that’s all for today. If you have any questions about Pelican Bay or any other location in Naples, Florida, call me!
I see I have some new subscribers this week! Welcome and thank you for joining me! If you know somebody else who would like to get my Naples Real Estate updates, please encourage them to sign up below!
Shannon Lefevre, PA
Your Naples Smart Girl!
Direct & Text: 239-595-6223
Have you been patiently waiting for my Pelican Bay villa market report? Season started early this year with drop ins from clients attempting to get a jump on the Naples real estate game before season. So sorry for my delay! Let's get started!
17 Active listings (only 2 of those are less than 30 days old).
128 Average days on the market.
$1,604,582 Average list price.
$590 Average list/square foot.
176 days on the market.
$850,000 list price.
Sold during the past year:
41 Average days on the market.
$1,367,353 Average list price.
$571 Average list/square foot.
95% Average list price to sales price ratio.
Buyers~ Happy pre-season! The best news I can offer you is now you have some talking points to discuss during your negotiations like, "check out the increase in market time". There's only 6 months of inventory right now though which could mean prices could continue to rise so if you see something you like, STRIKE before the rest of them get here. I'm hearing very few people complain about the same old tired complaints from last year like "Brexit" and "Election year" stay away from those scary tactics if at all possible when discussing prices. Owners and agents alike are bored with it and it won't gain you much traction on price reductions. We have lots of new interesting things we can discuss to help you negotiate even if you don't. It's October again so sellers and seller's agents are once again somewhat confident but there's still some deals to be had. The lowest priced villa right now is kissing $900,000 with lowest price per square foot in the low $400's. There's only one Bay Colony villa on the market right now. When you're the only single girl in town, you can pretty much count on some dating options so if Bay Colony is your preference, DO NOT DELAY!
There are 5 units that have had some pretty nice remodeling done so not every villa is a project. If you don't want to do a ton of work to your new Pelican Bay villa, you're going to want to make a selection now and check out as if it's closing time.
If you like projects, you should be able to buy at a pretty decent discount and end up with something magnificent and since there are lots in that sort of condition, now might be an excellent time to do one for a hobby and get it back on the market!
Did you know Pelican Bay villas were the first to take off after the last downturn? If you're one of those people who are looking to minimize the distance of the valley of lower pricing, Pelican Bay villas may be a smart thing for you to jump into. Buy a junker, fix it up, sell it or enjoy it for a few years and then you might be sitting in a sweet position if the market makes a correction anytime soon!
Sellers~ It looks like your Pelican Bay villa friends haven't made it to the party yet! If you're thinking about selling, get on it! Nothing like being first to the soiree and having lots of eligible bachelors checking you out since the other girls haven't made it to the scene yet. It's a great way to fill up your dance card that's for sure! Buyers are already streaming in so if I were you, I'd call your favorite smart girl and get that baby on the market! Do your best to air out stale air and get it looking sharp! I know...flowers aren't in yet for most of you...sigh. That's just something buyers are going to have to overlook until later in the month. Is your villa showing her age a little? First decide if it's botox (painting, removing furniture past it's price and simple staging improvements) or a full face lift (new baths, kitchens etc.) that needs to be done. Botox is fast and easy and depending on your results, improvements can make dramatic differences in getting great offers. If it's a full on face lift that's needed to get top dollar, price it to move if you don't have time because today's buyers don't like to get their hands dirty! They will if it's a deal but if it's too much work, they'll get something else or even wait for something better! Same ole tired marketing isn't going to be as effective this year either. You want to go with a girl who has a world wide reach. I'm placing exceptionally well on all the major search engines and my social media presence is off the charts when it comes to catching eyeballs!
Ok, regardless whether you're buying or selling, go with a Pelican Bay villa pro like myself. I'll make it easy, fun and help you accomplish what you intended to do!
Shannon Lefevre, PA
Your Naples Smart Girl!
These are true stories that actually occurred this week in Naples real estate.
I made the showing appointment Friday. When I made the appointment the person on the phone (not the listing agent) said, "I don't think we can show in that community on Sundays". My response, "Yes, we can. I've done it a million times. My people are only here for one day and they're ready to purchase. Please make that happen for me". Appointment was confirmed, YAE!
We got there today and there's no guard at the front desk and the door is locked. We call the number it says to call to gain access. Nobody answers the phone. Clients are disenchanted. I call the unit, no answer. We wait around for a few minutes. Finally a lady with the new, temporary guard appear from around the corner. Lady doesn't know how to open the door for us and depends on the guard to do it which takes an unusually long time. Door finally opens.
Lady: Are you here to see the unit.
Me: Yes, that's us.
Lady: I'm sorry, I can't show it to you. The owner has their own security system and I can't figure it out, I've been up and down the elevator 6 times, we have a call in for the owner but we haven't heard back. Can you come back next week?
Me: What? No...they don't live here. What do you mean the owner has their own security system? Are you talking about the elevator security?
Lady: Yes, there's a button in the unit if you press it then you can't access the unit.
Me: You can if you have the four digit code. Do you not have the code?
Lady: No...we can't get in.
Me: Well...security has a fob, they can get us in...let's try again. (shake head up and down to security guard)
Lady: Well we've tried and tried and we can't.
Me: Show me...walk to bank of elevators with clients and security guard. Elevator opens...everyone gets on. I said, is this the elevator you've been using to access the unit?
Me: Ok well...we're in the wrong stack. We need to be in the elevator stack on the other side of the building.
Escorts clients, lady, security guard to other side of the building. Enter elevator. Press floor number. Elevator goes up. (If the security had been on in the elevator for that floor the elevator would not move...holding breath...we may actually get in). Door opens on the right floor. Yaae! Security guard says goodbye and lets door close without realizing she's the one with the key. (sigh) we get her to come back up. Security guard attempts to open door. Can't.
Me: Yes, sometimes these are tricky, may I try? Attempt to unlock door, won't turn, wrong key.
Lady: Well, I'm sorry I couldn't get you in.
Me: Yes, I understand...opens back door and puts key in service entrance. Ok, we're in. Thank you Ms. security lady.
We check out the unit. Clients are considering it as an option.
Folks, this is why you hire a professional office who knows the neighborhood and a professional agent who attends the showing.
The lady who showed us the unit is a retired real estate agent who does not even hold a license. We were told the agent's car broke down at the last minute. Possible? I suppose...probable? It's happened way more than once with this agent on properties well above 5 million. Had I not known my way around that building, that showing wouldn't have taken place at all. The buyers would not have accomplished what they came in town to specifically do and the sellers would've not had a very active agent in the neighborhood see the property or ready, willing and able buyers see it as well.
Please, please, please list your property with us. If you can't list with us, please use a professional who knows what they are doing and are willing to open a unit on a Sunday. My team and I can insure that sort of success for you.
My colleague and I had a listing appointment on a property that has been on the market for several months. The sellers are not happy with their listing agent.
Me: How many showings have you had?
Me: What? I was the only one who has shown your property in all this time?
Seller 2: No we had 5 showings.
Me: Wait, you've only had 5 showings this whole entire time?
Seller: Well the market got really bad after season.
Me: No actually 16 properties in your same price range and neighborhood have sold during the time you've been on the market.
We have a very simple, easy to understand and successful selling strategy. We can explain it and then we can deliver the expectations you're after.
Please, please, please call us to help you sell your Naples luxury property and if you can't call us, please call someone who knows what they're doing. That will help us help you sell your property!
For more information regarding Naples real estate, call us! We have answers!
Shannon Lefevre, PA
Your Naples Smart Girl!
What buildings are winning, losing and standing still
The past 365 day performance of Pelican Bay high rise product:
A whopping 162 high rise condos in Pelican Bay sold during the past 12 months. With only 4.44 months on the market, that puts this segement in a pretty good undersupply. Prices are still going up but not at the rapid pace they have been. In fact, there have been 17 price reductions with the units currently on the market but there's also been 4 price increases as well.
The market is slowing down at a pretty fast pace though. Market time is up 87%! That means Seller's, it's time to look at your traffic and decided if you're priced where you need to be and if you're planning on hitting the market for the 2016-2017 selling season, you'll want to price it right this year and have a great strategy to attract buyers. We have one already in place so you might as well call us since you heard it here first!
Even though list price to sales price ratio is 94% (That's pretty strong for Naples) and even though our inventories are low, I expect our inventories to increase as it always does starting around October. This is excellent news for Buyers because they should start seeing some relief in prices and have more options to choose from. You'll want to work with a proven professional and a Pelican Bay resident like myself to help you navigate your way through a successful sale. Call us, we'll help you hit your objective!
Ok, that's all for today. I hope you enjoyed my Pelican Bay high rise report. If you want more information or want to set an appointment to list or sell your Pelican Bay property or any Naples property, call us. We'll be happy to assist!
Shannon Lefevre, PA
Your Naples Smart Girl!
If you've been looking for a comprehensive Pelican Bay single family home report, you've come to the right place! You want to sign up to get it sent to you directly here:
Currently there are 18 single family homes in Pelican Bay for sale. That equates to just 6 months of inventory. The Pelican Bay single family home market is under supplied but market times are rising by 67% (ouch). We might be headed for a cool down. If we are seeing a softening in the market, Now is the time to sell!
Ok, that's all for now! Don't forget to sign up so you can be automatically notified about future posts.
I'm seeing more traffic on my website which typically means many of you are making plans to come down. If Naples real estate is in that plan, don't forget to call us in advance so we can get you on our schedule and accomplish your objectives!
Shannon Lefevre, PA
Your Naples Smart Girl!
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