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Monday, 22 October 2012
Happy Fall Friends! Here's my latest Olde Naples Florida market analysis.  No tricks here today, just treats so let's get started!

Olde Naples Florida

The Olde Naples real estate market overall could be leaning more towards a SELLER's market this season since the community has clearly recovered and is only experiencing a peep over 8 months of active listing inventory. But when we break it down there's still a segment that's in an oversupply situation and perhaps may offer a little more opportunity for those who are still trying to get a "good buy".

Here's the Olde Naples Real Estate Results For the Past 12 Months:
126 Olde Naples listings are currently on the market.
154 Olde Naples sales have sold during the past 12 months.
20 Olde Naples listings are under contract at this time.

Here are some clear signs the market has improved:
  1. The average list price to average ORIGINAL list price shows there's less than a 2.5% difference. This tells me, owners and agents are feeling pretty confident in getting their prices or at least working offers so fewer and smaller price reductions are taking place in Olde Naples. This is lower than it has been in the past several years and while it is entirely customary to be confident going into season, keep in mind many of these listings have been on the market for much longer than the past month or two...so this is a good point to watch to determine seller confidence.
  2. Average Olde Naples market time is down 101 days! Olde Naples active listing market time is 225 days while average market time for Olde Naples properties that have sold is 326.  Market time is always a little bit of a tricky indicator here since we probably have a slightly larger portion of people who would "like to sell" compared to the people who "need or want to sell".  There are two big reasons for this. A.  Many people who have decided to move on from owning their properties can purchase something else, move in and are not inconvenienced by showings. Many properties around here are 2nd or 3rd homes so they may not even be in town to be inconvenienced with open houses etc.  B. Another huge reason why some people can sit on the market for huge amounts of time is because they can wait. There's several motivators to sell and for many down here, many sellers can and will wait for the price despite the fact that it may make absolutely no economical sense to do so.  So the fact that this market time has decreased this much is really saying something. The last time I reported about this, the average market time was
  3. Average sales are up 14% compared to the year before. 
  4. Average list price to sales price ratio is now 92% compared to 91% when I reported in May.

Let's take a peek at the segments:

Olde Naples Homes:

Olde Naples Home Graph

47 Active Olde Naples home listings are currently available.
69 Olde Naples homes have closed during the past 12 months.
7 Olde Naples homes are currently under contract.

Olde Naples homes clearly performed better than the year before despite it's same result in the 3rd quarter.  Closed Olde Naples single family home sales were up nearly 17% compared to the year before. The success continues even during this very suspenseful election time with a home priced at nearly 20 million going under contract in August.  Now if that isn't a vote of confidence, I don't know what is!

There's less than 8 months of inventory on the market for Olde Naples single family homes and it is evident that people aren't waiting til January to purchase.  In fact, there's 7 homes under contract right now so if you're interested in purchasing a home in Olde Naples, you might check out your options now if at all possible. 

Market time is down 44% when you look at what's still on the market (143 days) compared to what has sold (215 days) That's pretty dramatic!

Olde Naples Villas Rundown: 

If you're a bargain shopper you should check this segment out over any other in Olde Naples.  I'm still showing a bit of an oversupply here with 16 months of inventory but my gut says it probably won't be a talking point for too much longer.  Besides, you want 5 full interesting talking points for a successful negotiation strategy! Contact me direct so I can assist you!

Here are the Olde Naples Villa statistics:

24 Olde Naples villas are currently active.
15 Olde Naples villas have closed during the past 12 months.
3 Olde Naples villas are currently pending.

Even though it appears pricing is going up 513/ square foot list price for closed sales and $558/square foot list price for active listings, I do think you can still get something done. Average list price to sales price ratio has just passed the 91% mark so clearly owners are feeling a little more confident but sales are actually down 13% compared to the 12 months before...(another compelling talking point). If you're thinking about buying or selling an Olde Naples villa, contact me direct! We'll put a plan together to get you where you want to go.

Olde Naples condos have performed well!

56 Olde Naples condos currently on the market.
70 Olde Naples condos sales have taken place during the past year. Only 59 sold during the same time frame the year before ~ up 18%!
10 Olde Naples condos under contract at this time.

The Olde Naples condo market is running a little hotter with a peep over 8 months of inventory and increased sales compared to the year before.  Pricing is on the rise...check this out:

Avg list price of active listings: $575,623 or $388/ sq.ft.
Avg list price of pending listings: $518,590 or $306/sq.ft.
Avg list price of sold listings during last 12 months: $524,100/$340/sq.ft.

I know what my smart readers are thinking...whoa Smart Girl! Look at those pending property statistics...those prices are going down in Olde Naples.  Don't hold your breath...most of those pending properties were negotiated during the summer, long after last busy season and those types of discounts don't exist very often this time of year. Not that it's not "possible" just that it might not be that "probable".

Since we've talked so much about what other people have already done. Let's talk about what people are doing right now!  My real estate web traffic is going through an interesting turn right now. My Naples real estate web traffic catapulted the evening of the first Presidential debate and has continued to remain high since. As an example I took the time frame between September 1 and October 21 just to monitor the difference.  Visits are up 42%, page views are up 55% and time on the site is up 10% compared to this time last year.  Web traffic is usually a direct indication of what is going to be on the streets in Naples between 30 and 45 days down the road.  What is even more interesting is that the visitors aren't just up in the United State. Japan, Italy, Sweden, Saudi Arabia are all countries showing at least a 100% increase in activity.

Now I know you're thinking...what do your website statistics have to do with my desire to buy or sell Olde Naples real estate?

If you're a buyer you need to know you're not the only one poking around right now! Here's a short list of search terms related to Olde Naples and their results compared to same time last year:

  • Olde Naples real estate Up 66%
  • Old Naples Florida Up 45%
  • Real Estate Old Naples Florida Up 266%

This means you need to be prepared to go after what you want this year.  Grab a Olde Naples real estate professional like me and let me prepare a negotiating strategy that will help you win! I am great at that!

If you are an Olde Naples resident who is thinking about selling, call me.  There will be others who think now is the year to go for it. You want somebody on your side who can help you market your Olde Naples property apart from the rest and help you negotiate your best price!  I can do that too!

In the meantime, I hope you're enjoying your fall. Keep in mind there's only:

14 days til the election
48 days til Hanukkah
59 days til Winter
63 days til Christmas

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Posted by: Shannon AT 01:23 pm   |  Permalink   |  0 Comments  |  Email
Wednesday, 25 July 2012
I was contacted yesterday by a correspondent who's preparing to write a segment on the current Naples real estate market. When she calls I always try to give her accurate, cutting edge information only a few may have already realized.  Here's what I told her:

If last year's big Naples real estate story was dwindling inventories, this year's big story will probably be about the turn towards a seller's market, smaller list price to sales price ratios and higher pricing.

Naples Real Estate Buyers: Get Strategic!  Up until now it's been fairly easy to march into any Naples neighborhood and find some sort of deal.  Not so much anymore. Ideas of negotiating heavily off list prices in all Naples areas like the beachfront in Bay Colony and other locations throughout Naples are probably in the past. 

As an example there are two properties currently listed in a neighborhood in Tiburon.  They are priced over 70% higher than the last two units sold.  Statements from the listing agents equated to, yes, those were pretty good deals...suggesting the seller may not be firm but clearly not interested in discounting to past levels.

The Good News For Buyers is you can still negotiate if you're a little more strategic than you were in the past.  If you find yourself wanting a property in a Naples location that's experiencing a high level of sales and you don't think you're going to have much negotiating power, you might consider other options.  While many of our best locations are doing well...some still aren't and may welcome your dollars a little more eagerly compared to other hot locations.

For example:

1.  Olde Naples homes are doing quite well right now with only 8 months of inventory.  It might be better for you (depending on your budget) to consider a location like Aqualane Shores where there's 19 months of inventory on the market right now.

2.  Pelican Marsh has 10 months of inventory while Tiburon has 28 months of inventory.  Your negotiating strategy may be far more welcome in Tiburon than Pelican Marsh.

3.  Moorings mid-rise condos have only 9 months of inventory while Vanderbilt Beach has a 27 month supply of inventory.  I think you're seeing where I'm going with this...

So maybe you like your Naples location and you aren't willing to necessarily consider an alternate neighborhood location.  That can be ok too depending on the situation.

For example:

There's opportunity in Grey Oaks right now because their single family inventory has with just over 20 months of inventory and their detached villa product has 24 months of inventory BUT their low rise product is doing exceptionally well. So maybe instead of doing a Grey Oaks condo, you should consider an area like Terra Verde where there's 5 on the market and none have sold during the past 12 months....(although one is now under contract).

The big thing here is just because you've stumbled into a location where all the product is gone or negotiations have tightened doesn't mean your opportunity is lost in Naples.  Just contact a GREAT Naples Realtor who can help you identify what you really want and help you negotiate a deal you can be happy about.

1.  If at all possible. Get to Naples and get this done before October. NOW IS THE BEST TIME TO NEGOTIATE PERIOD.

2.  The smartest buyers choose more than one property to negotiate. It's the best way to keep the emotion out of it and land a deal just in case that first guy is either unrealistic or unresponsive to your offer.

If you're a Naples Seller ~ It's VITAL you have an agent who knows the market and knows what they're doing. This is the time when some sellers leave money on the table unknowingly because they aren't in tune with a changing market and also a time when some sellers fail at selling because they think their properties are worth more than they are because of recent activity.  If your agent will conduct their business in an accommodating fashion while still having the appropriate level of confidence for you to get your price you should do well provided everybody stays realistic. 

As an example:

I listed a Pelican Bay property last season a tad bit prematurely because the owner had just negotiated a contract for another property but hadn't closed yet. They were concerned about holding their old property for an undesirable length of time but I knew they couldn't give possession of their old unit before they could move into their new one. The end of our official selling season was coming to an end but I felt exceptionally confident we had a great condo at a great price and had no concern selling the property for the price I had expected.

The day we closed on their new unit the seller's wife expressed her grave concern about selling her old condo. I looked her straight in the eye and told her we would get it done and told her she couldn't spend five more minutes worrying about not selling. The following day I presented two offers one of which they accepted. Happily, it came in higher than my originally estimated price.  It's this kind of pressure that can make an inexperienced agent stumble or encourage a seller to sell for less than a property is worth and why you should always list your property with an experienced, proven professional. 

For more answers regarding Naples real estate, please contact me direct. If you'd like to see property or review your market value, please give me as much notice as possible so I can best accommodate your schedule.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl
Posted by: Shannon AT 01:47 pm   |  Permalink   |  1 Comment  |  Email
Tuesday, 08 May 2012
 Olde Naples is in an under-supplied inventory situation but I am not seeing a typical trend here!  With 183 closed sales during the past 12 months and 33 Olde Naples listings currently under contract, you would think prices and negotiations would be changing more in favor for the seller....but that's not what numbers are showing...

Olde Naples sales are up 17% compared to the year before and inventories have since not only stabilized but are tilted slightly towards an under-supply which means negotiations should be tightening and pricing should start going up but look at these results:

During the past 12 months:
70 Olde Naples Homes have sold (20% increase over 12 months prior)
113 Olde Naples multi-family properties have sold (14% increase over 12 months prior)
Avg. list $/sq. ft. multi-family SOLD= $349 (down 4% from 12 months prior)
Avg. sold $/sq. ft. multi-family= $318 (down 2% from 12 months prior)
Avg. list $ to sales $ ratio for Olde Naples multi-family = 91% up 1%
Avg. market time for Olde Naples multi-family SOLD is now 308 days 
Avg. list $/sq. ft. home SOLD= $628 (down 10% from 12 months prior)
Avg. sold $/sq. ft. home= $554 (down 23% from 12 months prior)
Avg. list/sales $ ratio for Olde Naples Homes = 88% (down 8% from 12 months prior)
Avg. market time for Olde Naples Homes SOLD is now 223 days (down 43%)

12 months prior:
58 Olde Naples Homes sold
99 Olde Naples multi-family sold
Avg. list $/sq. ft. multi-family= $362
Avg. sold $/sq. ft. multi-family= $327
Avg. list $ to sales $ ratio for Olde Naples multi-family = 90%
Avg. market time for Olde Naples multi-family  292 days
Average list price per square foot home SOLD= $696
Average sold price per square foot home= $684
Average list price to sales price ratio for Olde Naples Homes= 95%
Average market time for Olde Naples Home was 319 days

If you made it through the numbers you can see there's been quite a bit of movement in Olde Naples during the past 24 months and even though product is selling there are still several signs that show now is an excellent time to be purchasing.  The reason why is because there's proof of plenty of movement and not a whole lot of pricing increases or negotiations tightening so you can easily see proof of value without having to "pay for it" if you will.

The summer is a perfect time to try to negotiate an Olde Naples deal because of these 3 reasons:

1.  Many sellers believe they may have missed their best shot to sell since many people who come down for season have since gone back to where they came from.

2.  The odds of competing with another buyer on an offer (while still possible) may not be as probable which means you may still have a shot at a good negotiation.

3.  If you do it between now and October, you will probably capture the seller's attention since they may not be expecting you and the opportunity to not hold the property through the summer months might be an attractive point to the seller convincing them to negotiate with their best intentions now.

If you've made a conscious decision to purchase during the off season buyer beware.  You aren't the only one here purchasing right now and to come in with no strategy with the concept that you're the only one here doing what you're doing may end up biting you in the tail. 

You want an excellent negotiation strategy even now if you're purchasing in Olde Naples or for that matter, anywhere in Naples.  You have some excellent points to discuss and I've found if you present those points in a tasteful manner, you can often come to a successful negotiation.  

Contact me when you have your travel plans arranges so I can assist you with gaining access for viewing and allow you the most optimum opportunity for a successful negotiation! 

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

PS~Happy Mother's Day to all of my Mommy Naples Real Estate blog readers! You have a special gift, and beautiful job. Bless you.

Posted by: Shannon Lefevre, PA AT 11:54 am   |  Permalink   |  0 Comments  |  Email
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A compilation of the Naples Florida real estate market and other informational topics regarding Naples Florida real estate. Your Naples Florida blog resource.
Naples Florida Real Estate Smart Girl Shannon Lefevre

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Shannon Lefevre, PA

John R. Wood Properties

3255 Tamiami Trail N. Naples, Florida 34103
Phone: 239-595-6223 URL of Map
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Email: Shannon(at)ShannonLefevre.com
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This information is for consumer's personal, non-commercial use and may not be used for any other purpose.

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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