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Saturday, 28 November 2015

Hello Naples Friends,

Park Shore Naples beachfront market is experiencing some changes on the horizon and I thought you should know about it! In this post you'll learn:

  • What's been going on with Park Shore beachfront properties.
  • Interesting changes taking place within the Park Shore beachfront market.
  • What you can expect in the upcoming Park Shore beachfront 2015-2016 selling season.

Basic Park Shore Beachfront Market Facts:

  • 23 Park Shore beachfront condos are on the market.
  • 13 Park Shore beachfront properties are under contract.
  • 84 Park Shore beachfront properties sold within the last year.
  • 99 Park Shore beachfront properties sold the year before.

There is just over 3 months of Park Shore beachfront inventory which may suggest pricing will continue to rise but there's definitely cooling going on in the market. Let's look at market times.

Park Shore Beachfront Market time:

  • Average market time sold between 2013-2014 was 153 days.
  • Average market time sold between 2014-2015 dropped 54% to 83 days.
  • Average market time currently pending 85 days...only a tiny uptick.
  • Average market time on active properties currently sits at 162 days. Up 95% compared to what sold last year.

Other Park Shore Beachfront Market Factors:

  • Park Shore Beachfront listing terminations are up 200%. The most common reasons for terminations is because the seller is unhappy with their agent. If sellers think their agent is the reason behind why the property hasn't sold, sometimes they have the ability to terminate their listing. CAUTION: If your property is currently listed, you may not have the ability to terminate. Please consult your Broker if you are considering this option and understand, they are not required to allow a termination.  When markets become unstable, this number typically increases.
  • Park Shore Contract Back outs are up 14%. There has just been one more Park Shore beachfront property that went under contract and then went back on the market. Because condos in Florida have a 3 day right of recission, this offers the buyer the ability to back out if they see something in the condo documentation they do not like. The biggest reason for contract back outs is property condition. Typically there is a 15 day inspection period. In many cases buyers want to be accommodated if their inspection report comes back with items not working in the manner in which they were intended. If the buyer has paid (in their mind) top dollar and asks for repairs and seller does not comply, sometimes the buyer will walk from the deal. If the seller complies, the buyer may not have an out. Sometimes in strong markets the seller is confident they can either get another buyer or the buyer will go forward without requiring the repairs. In cooling markets, the buyer walks. At the absolute bottom of the market, sellers will do just about everything to make the buyer happy. If we see this number continue to rise, it could mean further evidence the market is definitely cooling down.
  • Price increases decreased 85%. This is further evidence sellers are losing their confidence of an appreciating market.
  • Price decreases have actually decreased 67%. Normally we see this number increase in cooling markets. This number really doesn't go well with all of the Park Shore beachfront statistics. Through further research I noticed there were 17 properties during the 2013-2014 market that had multiple price reductions. 2 listings had 4 price reductions - that's crazy! There are 2 main causes for multiple price reductions in an appreciating market.
    • Acquiring listings is a fierce battle. Some agents will tell the seller they can sell at a much larger number than what's really possible to acquire the listing and depend on multiple price reductions to get the sale.
    • In hot markets we also get a large number of new agents who know people who want to help their friend or family member out. Lack of market knowledge will sometimes cause for an inordinate number of price reductions.

There are only 6 properties during the past year that had multiple price reductions. So the chaos is clearly starting to subside a bit probably in large part there just isn't the same amount of inventory.

Park Shore Beachfront Prices

  • Current list price per foot is $912. Up 27% compared to what sold during the past year.
  • Average list price per foot for sales during the past 12 months is $714. Up 19% from the year before.
  • Average list price per foot for sales between 12-24 months is $598
  • List price to sales price ratios have remained at 94% despite the mark up.

Something interesting to note is market times are increasing and average list price per foot on current pending properties is only $757. That's just a 6% bump over what has sold during the past year.

Park Shore beachfront sellers: Now is the time to list your property at the right price. If we are in a market that is starting to cool, NOW is the time to sell if you want to get your best price. I have a very defined, comprehensive methodology as to how to get your property sold quickly. It will only help you if your property is in the best condition possible. If you are not using your property, now might be a great time to stage. I have a terrific resource for this. Many of the units on the market have had remodeling of some type. You will get your best price if you have done so. If your unit is in original or outdated condition, you shouldn't expect to get the same amount compared to somebody who has staged and/or remodeled. Old bedspreads, outdated rugs and 20 year old window coverings are the easiest to replace and command the biggest presence on photography. Do not be afraid to replace these. Go with an agent who knows what they're doing and can assist you to responding to current trends. I would caution you on being "dazzled" during listing interviews. I do not believe now is the time to take big risks.

Park Shore beachfront buyers: There is some fantastic inventory for your viewing pleasure but there is limited inventory so if you see something you like, do not hesitate. Be prepared to pay if something is fabulous. If price is important to you, you'll want to go with an agent who knows the numbers and can best protect you during negotiations. It's great to have a back up plan in a market like this. When I work with buyers, I help them understand all of their options so they can make the best purchasing decision possible for their objective. Some buyers don't care what they have to pay provided they get what they want. Buyers share their objective with me before we get started, I adhere to that objective like it's my job...because it is. ;) I can keep you abreast of what is happening and what you can expect. If your objective is reasonable, then we will get it done. A large majority of the time buyers have a very reasonable and obtainable objective. If this is your case, there is no doubt we can get your deal done swiftly and successfully.

For more information regarding the Park Shore beachfront market or to schedule an appointment, feel free to reach out to me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

*  Numbers used for this Park Shore beachfront market report were taken between today and 365 days ago up to 730 days ago for a year over year comparison.

Posted by: Shannon AT 07:57 am   |  Permalink   |  0 Comments  |  Email
Friday, 20 November 2015

Hello Naples Friends! If you're thinking about buying, selling or just want to see what's going down in Olde Naples, then you're definately going to want to read this post!

Olde Naples

Here are the major take aways:

  • How the Olde Naples real estate market is gearing up for the 2015-2016 season.
  • What you can do to best position yourself as a buyer and/or a seller.
  • What's up with Olde Naples new construction.

Currently there are:

  • 117 active listings in Olde Naples.
  • 19 Olde Naples properties currently pending contract.
  • 174 Old Naples properties sold during the past year.

Olde Naples in an undersupply situation with only 8 months of inventory available.

Indications the Old Naples market is slowing down:

  • Market times are on a big rise! Total market time for the 174 properties sold was only 100 days while pending properties is calculating today at 133 and active listings are totatling 166! 17% of the inventory went on the market during the past 30 days which is typical for this time of year but sways the 166 days in a positive favor so this is a big indicator current buyers are not happy with the increase in prices.
  • Sales are down 24% compared to the year before even though average price per foot has gone up only 4%.
  • Contract back outs are on the rise, up 38% from the year before. This is probably due to seller's confidence and inflexibility when it comes to property condition issues that arrise during the inspection period. Property condition is the biggest reason why contracts don't pan out.
  • Price reductions are on the rise, up 37% from the year before.
  • Price increases are down 94% from the year before.

Despite the decrease of sales, sellers are still bullish on the market and not negotiating as loosely as they did the year before. There's a slight uptick in list price to sales price ratio suggesting seller's confidence is still on the rise.

Note to buyers: You will see a mix of negotiating behaviors and strategies this year. Your smartest sellers want your deal to happen. Some sellers and some agents are blinded by the increase in sales price and think there is a long line of buyers behind you. They will be happy to see you go should you not be willing to pay their price. If you fall in love with an Old Naples property this year and money is no object, by all means, go forward with your deal. If you want to be as price conscious as possible, do not be surprised if your first or second negotiation is a miss. You may thank yourself in the future if you keep your target in site and stay your course.

Note to sellers: There's no better time to price right and play nice. I am seeing some very confident behavior which is not necessarily helping some sellers attract a contract that closes. I'm not saying it's time to panic but I am saying if you're asking top dollar and something is broken, show some good will and agree to fix it. Now is the time to have your property in excellent showing condition. You may be competing with remodeled or new properties this year. Don't be affraid to make it pretty if you want all of the money. There will be two kinds of buyers this year. Those who are buying on emotion because they can and want to and those who want to make a sound financially responsible purchase. Remember why you're selling and listen to your smart agent who will help you meet your objective (provided you shared it with them).

Olde Naples New Construction:

This segmeant of the market is FAR different than the Old Naples market as a whole. That's why I seperated this out.

Olde Naples (New Construction 2014 and newer):

  • 37 active.
  • 19 sold during the past year.
  • 1 pending

There is a 23 month Olde Naples new construction inventory right now. This is an OVERSUPPLY! There is a 28% increase in market time. Despite the slow down in properties sold, prices are still on the rise. The current inventory is priced at $1,053/ft. Of the new construction homes sold last year, list price per foot increased 6% and 19% over the year before. Confidence is strong here too with list price to sales price ratios tightening, up to 96%.

Of the 37 new homes available, 10% of them have not started, many of them are incomplete and just a handful are being shown furnished. At the peak of the market it is rare for a builder or investor to furnish but they will do so to better capture the hearts of their buyers and capture top dollar in a slowing market. I am seeing evidence where list prices were raised to include furniture. Some homes are staged and some homes are being marketed by showing past units completed with furniture as examples or even more interesting, furniture that has been digitally implemented for aesthetic appeal. Other enticements from owners offering new construction are evident too suggesting they may be more in tune with the current buyer behavior.

Note to Buyers: Some builders have recognized the bump in inventory and will be somewhat accommodating. Understand that if you think it's really over the top, them most likely somebody else does too so don't play too hard to get if you really like it. There have been 6 Olde Naples new construction properties that went under contract and then backed out. This could be due to property condition or the buyer's wish to renegotiate something once they came to terms. Be careful here.

Not all builders build the same quality of product. Just because it's new doesn't mean you shouldn't get an inspection. Pay special attention to the quality of craftsmanship and the care they take during construction. By and large, the most reputable builders in town keep the neatest worksites. They take care in covering materials during the time of construction. If you're walking into disaster sites that may be a sign you're not looking at construction being orchestrated by a maticulously conscious contractor. If you like new construction, don't forget to check out what's available in Park Shore, Moorings, Coquina Sands, Aqualane Shores and Port Royal. I know some incredibly magnificent new construction homes for sale in Port Royal! 

For more information about Olde Naples or to set an appointment to buy or sell your Olde Naples property, contact me direct!

Best Regards,

Shannon Lefevre, PA

Posted by: Shannon AT 08:08 am   |  Permalink   |  0 Comments  |  Email
Tuesday, 10 November 2015

Hello Port Royal Friends,

Here's a quick post to bring you up to speed on the Port Royal Naples, Florida real estate market. Today you're going to get:

  • The most current Port Royal real estate trends.
  • Insight on the current Port Royal homes on the market.
  • Tips on what you can do to buy or sell Port Royal property.

Port Royal Naples

Here are the current Port Royal trends:

  • 14 months of inventory in Port Royal exist right now. By definition, that's a slight oversupply as we gage 12 months of market being stable. New listing activity is most busy during May, June and July and again in October and November.
  • Lowest priced listing is an off water property listed for just under $4,100,000.
  • Highest priced listing comes in just under $60,000,000 recently reduced from just under $70,000,000.
  • Despite 4 of the 42 active properties having less than 30 days of market time, days on the market is on the rise. Up 3% over the past 12 months of sales and up 30% over the 12 months before sales data.

Most agents and sellers are only interested in price per square foot statistics and that is still on the rise. That's why most think it's going to be another stellar year for Port Royal.

  • Average price per square foot during the past 12 months came in at $1,383 while the 12 months prior was $1,287 ~ 7% increase. 
  • Of the 9 Port Royal homes currently under contract, the average list per foot is only $1,327.
  • List price to sales price ratios have remained at 92% over the past 24 months on average.

Here's the Port Royal Status shake out for the past 2 years:

  • Status Past 12 Months 12-24 Months
    New Listings 94 104
    Closed Sales 36 42
    Terminated 24 24
    Expired 25 26
    Contract Died 7 9
    Extended 132 87
    Pended Contract 68 77
    Price INCREASE 27 24
    Price DECREASE 57 3
    Withdrew From Market 14 15

The signs that stick out most here:

  • Port Royal Closed sales are down 15%
  • Number of extended listing periods up 51%...meaning the property did not sell in the original listing contract period. Is that due to tough listing agent competition or longer market times?
  • Price decreases....uhm whoa. That number compared to the year before is off the charts.

The current Port Royal Inventory:

  • Less than 19% of the current inventory should be considered new construction. Costs to build today have increased substantially due to lot prices. Cost to construct has increased dramatically as well in both labor and materials. Of the Port Royal new homes, some are absolutely magnificent. Some are really not that great at all. I've seen or have intimate information about all of them. Call me for details.
  • While prices have gone up substantially, some sellers are holding very close to their list price and in 27 examples above have actually increased their prices. Some owners are ready to sell as shown in the 57 examples above so do not be surprised if you have a tough negotiation or if you feel like you negotiated a great deal. I'm seeing some of both right now. It is most safe to not assume how your deal is going to materialize but remember you always have the right to punt out if you don't like how it's going. Before you do, make sure you have plan B and C set up so future disappointments don't occur.
  • Interior design is all over the road starting with 1950's tear downs to right now cutting edge contemporary. Old Mediterranean and "old" are fairing the poorest in regards to demand. There are opportunities here for people who like projects, want to build their own house and for people who don't necessarily follow the latest trends. If you are someone who likes the latest and greatest, be prepared to pay for it.
  • Dirt and linear waterfront footage is a commodity in Port Royal. Properties located on larger tracts of land sell at a fantastic premium. If you don't care about having a big yard, you can shave literally millions off the price. If you care about big yards and big views...bring your money.
  • Private placement listings are abound. If you're not working with an agent with direct relationships with agents in the market, you could be missing out on something spectacular. Contact me today to gain my inside market information.

Sellers~ What is your objective?

  • If your objective is to sell, I strongly encourage you to pay attention to all of the numbers right now. I'm seeing a segment of the market who are a little starry eyed over some market statistics. Please consider the condition and decor, lot size and water frontage of your property while pricing. It makes a tremendous difference. I'm hearing stories and seeing inventories simply not priced appropriately for what is being offered leading to extended market times in some cases of over 1,600 days on the market.
  • Your best shot to sell is through open market advertising. List it on MLS if you want to sell.
  • Clean it up. I've been through some inventories that look like a pre-foreclosure. This won't help.
  • You are lucky in that there is a tight and mostly accommodating real estate expert community working your neighborhood. If you're listing your property with agents who have a great working relationship with other real estate experts, and you're priced well, you will sell quickly. Of the 36 homes that sold during the past year, 25% of them sold in 60 days or less.
  • If you get an offer regardless of how low it is, counter. You already have the buyer committed enough to go on paper. It doesn't cost anything extra for you to be a little accommodating and the worst that could happen is they may walk. The odds of them presenting another offer if you reject is very low. I'm hearing lots of stories about offers that were presented and sellers did not accommodate. Some of those properties are still on the market and lower offers or less desirable terms have followed. The truth is we really don't know which way the market is headed but signs are not so strong for you to blow off a viable candidate.
  • LOAN REQUIREMENTS HAVE CHANGED. Only 13% of the past 12 months Port Royal sales reported a loan but SELLER and BUYER BEWARE. There has been a HUGE loan requirement and regulation change. It's taking longer to close loans today and there is a whole new pile of disappointments that can occur. Cash is even more so a king than it was before. That's why it's important to have not only a terrific real estate agent on your team but also an excellent attorney. I work with the best.

Ok that's all for now. If you would like further assistance in your purchase or sale of Port Royal property, contact me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Posted by: Shannon AT 07:36 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
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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