Friday, 01 May 2015
Biltmore at Bay Colony just passed a vote on April 29th to complete a 2.6 million dollar first floor renovation! This is exceptional news regarding the aesthetic appearance of a large majority of the common areas within the building. Say so long to traditional styling of brown molding, 1990's faux finishes and rust colored furniture and shout out a hello to a theme best compared to Brighton at Bay Colony with soothing blues, transitional/modern whites and a much desired streamline finish.
Contessa at Bay Colony was the first beachfront high rise built in 1991. They perfomed an amazing transformation in 2008 and totally changed first impressions from yuck to wow! Values and sales changed dramatcially as a result. Take a look at the history:
- 2006 - 1 unit sells 1704 for $2,000,000 Some believe 2006 was the peak selling market during that trend.
- 2007 - 3 units sell 1601, 1004, 302 prices range from $1,750,000 to $2,420,000.
- 2008 - nothing sells...mass construction LOL.
- 2009 - 5 units sell 1002, 1101, 603, 1804, 101 prices range from $1,175,000 to $2,700,000.
- 2010 - 3 units sell 602, 1701, 1404 prices range from $1,400,000 to $2,400,000. Some believe this was the bottom of the market.
- 2011 - 7 units sell! 302, 1802, 1401/02, 502, 404, 501 prices range from $1,325,000 to $4,650,000 (for the combined units)
- 2012 - 5 units sell! 201, 1204, 1104, 303, 602 prices range from $1,500,000 to $2,225,000
- 2013 - 9 units sell! 103, 1503, 904, PH2001, 803, 203, 1001, 1103, 602 prices range from $1,475,000 to $5,200,000
- 2014 - 8 units sell! 401, 902, 901, 202, PH2102, 402, 101, 102 prices range from $1,200,000 to $6,000,000
Needless to say the results are astounding! Just observing the reactions from the clients I assisted before and after was a night and day experience. It was very difficult to get excited to show Contessa before they performed their remodeling and while it didn't turn into a "new" building, most people today comment very favorably and have few if any reservations about the building's aesthetic appearance. I personally commend the owners at Contessa, they are constantly making unique improvements including a glass fire pit located on the amenity floor over looking the pool.
Brighton at Bay Colony was the second beachfront building to undertake an expensive and drastic transformation. Brighton is the most "modern" designed building in Bay Colony and is most noted for her glass balcony railings which are a crowd pleaser for everybody who doesn't have a height phobia. She underwent cosmetic surgery in 2012 and again, the results were amazing! The vote for the interior renovation was passed in March of 2011...here's the history:
- 2006 - 4 units sell 902, 903, 702, 801 price range from $1,800,000 to $2,800,000
- 2007 - 2 units sell 503 and 1802 price range from $2,250,000 to $2,575,000
- 2008 - 4 units sell 801,904,1902,1001 price range from $$2,300,000 to $2,999,000
- 2009 - 2 units sell 702,1901 price range from $2,100,000 to $2,850,000
- 2010 - 2 units sell 1402, 501 price range from $2,000,000 to $2,300,000
- 2011 - 8 units sell 1802, 1602, 1603, 1702, 1704, 604, 603, 1202 price range from $1,800,000 to $2,8350,000 All 8 units sold after the news the remodel had passed.
- 2012 - 9 units sell 1103, 1102, 1401, 804, 202, 204, 1001, 2002, PH2201 price range from $1,975,000 to $7,600,000
- 2013 - 5 units sell 1703, 1003, 2001, 702, 803 price range from $2,700,000 to $3,100,000
- 2014 - 3 units sell 303, 1002, 2001 price range from $2,175,000 to $3,500,000
- 2015 - Only 2 units have sold this year so far due to no inventory 901 and 303 price range from $4,062,500 to $4,400,000
There's something else interesting going on here. You'll see 303 sold in original condition for $2,175,000 in 2014. It was remodeled and resold this year for $4,062,500....how about that for a turn around?
So what is going to happen to Biltmore? The latest sale #704 closed on 4/30/15 for $4,275,000 this was not a remodel but it sold for $1,285/ foot. Here's the history for the Biltmore at Bay Colony:
- 2006 - 4 units sell 503, 201, 1404, 2101 price range from $2,100,000 to $5,151,515(lol)
- 2007 - 3 units sell PH2101, 201, 402 price range from $$2,100,000 to $6,300,000
- 2008 nothing sells
- 2009 - 1 unit sells 1501 for $2,600,000
- 2010 - 3 units sell 604, 703 and 1702 price range from $2,050,000 to $2,362,500
- 2011 - 6 units sell 404, 1701, 903, 304, 2001, 2102 price range from $2,000,000 to $2,686,000(random again)
- 2012 - 3 units sell 803, 801, 1003 price range from $1,990,000 to $2,775,000
- 2013 - 4 units sell 2002, 504, 701, 204 price range from $2,550,000 to $3,150,000
- 2014 - 3 units sell 802, 1202, 703 price range from $2,750,000 to $4,450,000
- 2015 - 3 units have sold so far 1103, 302, 704 price range from $3,250,000 to $4,275,000
As you can see from the history, Biltmore's biggest year in the last 10 was 2011 with only 6 sales, only 2/3 compared to the other two buildings but price per square foot values are actually running higher here compared to Brighton already. Contessa while it is a direct competitor, is simply not the same caliber of building compared to Brighton or Biltmore in large part due to it's age and a few building design flaws most noticibly the shorter ceiling heights where air conditioning soffits drop. Some owners have elected to install high velocity air duct systems which require only a 4 inch drop which makes a dramatic difference.
Nearly half of the original owners still own their Biltmore at Bay Colony units which is considerably more than Brighton, Contessa, Carlysle at Bay Colony and even Windsor at Bay Colony. In fact the only other building with the same ownership longevitiy is Remington at Bay Colony. Considering there are only 2 Biltmore at Bay Colony units on the market today with one of those units rumored to have a standing offer on it at the present moment, my hope is we will see more units hit the market over the course of the next couple of years. It will be interesting to see what pricing ends up doing. I have a big number of clients drooling for something new and while this isn't new, it will be new feeling and I think many will be prepared to pay the price it will take to get in considering new feeling is the most new you can do for the foreseable future on the sand.
My guess is now may be your best time to purchase. If you're planning on hanging out in the summer it will be noisy and messy. If you're planning on being in your summer place then it won't matter.
For more information on Bay Colony or any Naples luxury property, contact me direct!
Shannon Lefevre, PA
Your Naples Smart Girl!
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!
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.
Tuesday, 03 February 2015
Hello Naples Friends,
Here's the latest on what's going on with the Pelican Bay high rise market.
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!
Shannon Lefevre, PA
Your Naples Smart Girl!