Naples Florida Real Estate: May 2008

One of the trends I've noticed lately is the increase in number of rental searches that have been occurring on my Naples, Florida website.  So I can actually feel some of you think, oh how would you know!

Well, it's all in the search terms my friends. For example just today I saw:

• Avalon at Pelican Bay rentals
• Terraces at Park Shore Naples rental
• vacation rentals on Gulf Shore Blvd Naples Florida

I also received my first list of rentals for next season from a property manager in town who keeps me up to date with available rentals. 

People who are really on the ball start making reservations now and throughout the summer while those a little less organized start calling when it's already getting cold up north and then we have those last minute crazy people who think they're the only ones running to the warmth who are calling hours before they board the plane thinking we'll have something available.......not in this market....rarely even a hotel room depending on what location and week of the season we're talking about.

So with that said, who's gobbling up what?

Well, I'm not a property manager so I can't tell you who's renting but I can tell you what they're renting:

It looks like the luxury portion of Pelican Bay is the most popular with many units already rented for next season.  There are a few selections left but if I were you, I wouldn't wait to call!

In fact after reviewing all of the luxury properties, demand is high and supply looks a little short!  A home that rents out for $48,000 per month on the beach in Old Naples is almost completely rented out for the season while a bayfront home in Port Royal renting out for $22,000 per month is already completely rented out.

There is still enough inventory to go around right now but if you're thinking luxury rentals in Naples for next season, do yourself a favor and make the call today.

What isn't hot right now is the annual rental market.  There's lots of stuff in areas throughout town that is available.

So, if you're one of those people thinking about coming down and you find yourself without a rental,  HEY, maybe it's time to check out what's for sale in Naples.  Afterall, prices have come down and there are some great deals to be had and who knows...pick the right type of product and then maybe you too can be a landlord! 

Best Regards,

Your Naples Smart Girl!

You gotta love people's sense of urgency sometimes.  When I received a call today about scheduling an appointment for an appraisal on a property regarding a deal requiring full loan approval by Friday, my convenience of getting you in the door, although sweet to consider, is really a mute point. 

Would you have time to open the door tomorrow?  Uh, yep!

Not only will I make time to open the door for you tomorrow I will (EDIT) arrive at the property, do back flips across the lawn to the front door, stand on my head while opening the lockbox while holding your clipboard and balancing your tape measure with my toes if it means you'll have that appraisal done in time for the lender to give full loan approval by Friday.

Oh, do you think you could open the door for us today then?  Uh, yep!

I will leap tall buildings in a single bound while driving...uh...nearly....but not quite...over the speed limit if you tell me you're going to be there before I can technically drive to the property due to the fact that my office is a whopping 20 minutes away from the home I have under contract.

If this were a Dr. Seuss book it would read:

I can be there in a flash

I can even bring some cash

I can get there in my car

I will take you to a bar

I will gladly open the door

Even if it begins to pour

I will do it with a smile

and hold your hand all the while

I'll be happy to assist

If you're late I won't be.....

I will do this for my client

Just to help them buy it

So don't ask me if it's convenient

because you waited til last minute

now make sure the report gets done

so these buyer's will have won

the best deal in Pelican Bay

since two years ago this May.

See, it just goes to show you, stay in the business long enough...it will make you crazy but you will be successful as long as you keep your sense of humor.

Best Regards,

Your Naples Smart Girl!

As promised in my last post, Naples, Florida has recently had a visit by a Wall Street Journal reporter by the name of Brett Arends.  As expected, he has made Naples sound more like a devastation spot instead of the destination spot that Naples is which by any measure is no great surprise.

The unfortunate part of course is that by not reporting all of the facts, he's portraying a false impression of the state of the Naples market and the motivation of many Naples homeowners which in turn will greatly disappoint those planning on coming down here and capturing the deal of the decade.  There will be some decade deal makers but it isn't as widespread as maybe he or a portion of the Naples, Florida consumer base is hoping.  Fortunately that group of people seems to be shrinking as time goes on.

Starting with the second sentence in the article:

"So if you are looking to buy a place, someone is going to make you a deal".

I don't know about you guys, but in my book that sounds like I could hop on a plane, come down here, make a selection and basically steal the owner blind.  Right?  After all, even the lady who checked him in just lost her home...of course it wasn't disclosed to the rest of us where that home was located but it must be in Naples...right?  She works in Naples, she must have owned real estate here too...right? Never mind the fact that just a few minutes up the road is a place called Fort Myers which was already disclosed by the Wall Street Journal earlier this year as the foreclosure capital of the universe....or something like that.  Let's face it, I'm sure everyone who works in Beverly Hills owns property there too!  Oh heck aren't we all living just three minutes from work?

Please keep in mind, the person writing this post is just a real estate broker.  I'm in this real estate market doing something with this real estate market everyday...so I may be trying to fool you like some other brokers of which he wrote about as well.  More specifically he wrote:

"When I called around before flying down, a remarkable number told me, "Gosh, I'm just the busiest I've ever been! The market's really picking up."...as if stating a case that there are no successful brokers in this town and that we are all a bunch of liars.  Momma always said, CLASS WILL TELL!

I'm sure it's nothing more than luck or coincidence that I have nearly doubled my sales volume this year compared to last and I'm quite certain the agent in our market who's already closed $26,000,000 so far this year has just happened to be in the right place at the right time....every time.  Should I call and see how many foreclosures or short sales are in his inventory of closed deals?  Shall we see how many of them he has listed? Sigh...I don't think so.

In the day or so that Bret spent in town earning his masters degree in Naples, Florida real estate (as I've witnessed a few others who believe they too can learn an entire market in the same timeframe)...I'm curious to know if he learned the following:

• In area NA07 (better known as the Port Royal/Aqualane Shores area or the most exclusive area of Naples) there are 101 listings with an average list price of a measly $6,884,773 and that "only" 49 have sold in the last year and were sold at 90% of list price?  So I guess if we were to take real numbers....a property listed for $6,884,773 would be selling on average for $6,196,295...those homeowners are just giving those homes away...don't you think?  We're talking true fire sale...you better check the airlines and pack the bags...boy are you gonna have some fun when you get down here!

After all, Bret was so fast to make note by stating, "But you also see deep discounting in the snazzier parts of town"...I guess 10% really is a DEEP DISCOUNT! Hurry Hurry...folks, step right up!

Not only are the "snazzier parts of town" offering deep discounts but so are the other areas...

• In area NA47 (better known as Golden Gate Estates or lovingly referred to by Bret as "alligator swampland") there are 178 listings with an average list price of $265,953 and that 51 homes have sold there in the last year at 95% of full list price. 

5% discounts????  OMG...the line of buyers will reach all the way around the world if he keeps writing reports like that which he has promised to do since he will be blessing all of us with a "series of columns" over the next few days.  I know all of my REALTOR friends across the country are so jealous of me right now.  I just hope I don't get a burn from all of this limelight!

 As for you reading all of the newspapers over the last "oh, about three years" Bret, may I suggest hanging out in the airport.  See, you're not the only one reading the papers or watching whatever news on tv.  There are already people coming to town and writing offers that aren't being accepted and as they hang their heads in defeat while boarding their planes empty handed and quite put out by all of this one sided reporting, there's another group of people called Naples, Florida property owners who some of which all though they are attempting to sell...are in fact holding out for their price.

But just to be fair I will say that there are deals to be made and there are homes to be had at fair prices, less than fair prices and more than fair prices.

Here are some true examples:

This property was listed for $7,995,000 and recently sold for $6,250,000 that's only 78% of the list price.  It closed in 2003 for $7,450,000 That one looks like a pretty good deal on the surface...of course it sold unfurnished this go around and was fully turnkey ready when purchased the last go around, it certainly doesn't make up the difference but it's something.  So proof, this deal was in fact a deal!

This particular property is a high-rise on the beach just sold for full list price at $2,999,000.  It went pending in February, 15 days after it was listed. The same unit sold in June of 1999 for $1,895,000...not quite the type of discount being reported.

This was listed for $2,750,000 sold for $2,575,000...93% of list price and it took nearly a year to sell it...a perfect example of an owner holding for their price.  Incidentally it was purchased in 2000 for $1,850,000.

Now for the lower end of the market:

This unit was listed at $199,000 and sold for $190,000, 95% of the list price.  It was purchased for $187,000 in 2004....not what I would consider a huge deal...or loss.

This unit was listed for $228,500 sold for $200,000, 87% of list price...but...It was purchased in '06 for 295,000 sounds like a pretty good deal to me.

So if you Bret, or by chance any of your readers are thinking about coming to town and shooting a bus load of low offer paper to sellers here are a few tips...

1. You're not the first one with the idea.
2. Be prepared to get your feelings hurt.
3. Don't be surprised if you end up with nothing.
4. Be ready to let your REALTOR do the dirty work for you...let them ask around before submitting paperwork.  This is the best avenue for finding the best deals while spending the least amount of time and wasted energy.

In closing, I'd like to enlighten you Bret.  People who buy real estate for sheer investment and business minded transactions may shy away from Naples today or might strike hoping that today is the day when they do in fact land the deal of the decade but more of my buyers this year are purchasing for the fact that they like it. They like having a place to come when it gets cold and gloomy up north or in other parts of the world.  They like Naples because there is shopping, golf, rest and relaxation.  They like it here because Naples and a majority of the people who share this town are absolutely beautiful.  There's great food and Naples is in fact a place that can provide a fabulous lifestyle regardless of what that costs today or tomorrow.  Some people just want it and are willing to spend the money to get it.  Those people by the way are who you're competing with when you start shooting offers. 

Best Regards,

Your Naples Smart Girl!

According to a colleague of mine, a reporter from a very well known newspaper is coming tomorrow to interview someone in my office about Naples, Florida real estate.  This should be a good thing because even negative press is press and well, you can ask Paris Hilton or Britney Spears negative press isn't ALWAYS bad for business.

But incorrect press IS BAD for business.  Although I respect the newspaper...mostly, I had a pretty tasteless experience with them a few years back.  There was a reporter doing a story after Hurricane Charley and apparently she didn't think what I had to say was sexy enough so she grossly embelished my story by stating that I waded through knee deep water to send a fax.  Uhhh no I didn't. 

Regardless it's that kind of incorrect statements that cause a lot of extra drama for us real estate agents in the trenches. 

Here's an example:  While talking with this colleague of mine, he makes mention that the reporter said something to the effect of, I don't understand it...Naples is down 20% why aren't people buying?  They should be scrambling over each other to sign contracts right now.  Now you'll notice that wasn't a direct quote because:

• A.  I'm not a reporter
• B.  This is here-say from my colleague

But, if that's the angle of the story, I can see it now.  This is going to do nothing but stir up a bunch of people who have been sitting on the sidelines, foaming at the mouth just itching to try to make huge money again in Naples.  This type of story has a tendency to draw out the people who think they're going to come down here and buy Naples real estate for pennies on the dollar.

Why such the attitude?  Well, I'm already seeing a few of those people pop in and out of my emails and phone calls.

For example:  I received a call yesterday from a gentleman on the east coast of Florida who said, "Shannon, I've been reading up on Naples and I expect prices in Pelican Bay to fall 40% this summer and I want you to call me when you have a Pelican Bay high-rise condo with Gulf view for $400,000". 

Well, I guess stranger things have happened.  We can do that for him today for about $549,000.  I guess time will tell.

My point to all of this is not so much that I want to hide the value of my market (which I'm sure every hard core reporter might think) but more so my personal mission is to paint a clear and true picture of the current Naples, Florida market value. 

There's nothing more disappointing than to work with someone who thinks they're going to make a terrific steal only to find out that many sellers (especially in our best locations in town) are simply not going to roll over and play dead.  What's even worse is when someone hovers over a property thinking that they'll wait it out and make the seller anxious only to find that someone else has happened by and snatched it up in their absence. Unrealistic expectations do nothing but make a lot of people upset. 

Here's an example of that:  I showed Old Naples property to some folks last week.  After one specific showing I was very clear by saying.  If you like this property, you need to move very fast......long pause......I'm not teasing. Their response...oh yeah ok...sounds good....  Two days later they asked to see the property again, it was under contract. 

They did make another selection in the Moorings....something they want to focus on when they get back to where they live....while the house they think is interesting is having a 4th visit from a couple who are bringing their architect and builder to determine if they can do what they want to the house they're considering purchasing.  Hey, it won't be the first loss of the year...actually for these folks, it will be the second.

So who is the perfect buyer for Naples, Florida real estate today?  Really it comes down to someone who understands Naples and likes it.  I was contacted yesterday by another gentleman who also wants a home in Old Naples.  Literally within two minutes of the conversation he was able to figure out exactly what was going on.  He understands it and is ready to make a move on the right house.

There are terrific opportunities and terrific properties for sale right now.  If you're purchasing to enjoy the property, the town, the beaches, the golf and the experience that Naples has to offer...PERFECT.  If you've got your primary objective on the investment side or perhaps were hoping you could beat someone to death and off their property....I think you should hold out for awhile.

Best Regards,

Your Naples Smart Girl!

You gotta wonder what goes on in the minds of the people we come across.  For example, I should be on my 3rd week of hibernation had this years' real estate traffic turned out to be like last years' traffic but no, I'm still really busy with existing and new customers just itching to buy real estate in Naples, Florida.

I spent nearly the entire week with clients from Switzerland who have narrowed their sites on a particular waterfront property in the Moorings.  Not to mention I tried to juggle the time I had left between a batch of both new and existing customers looking at everything from Pelican Marsh, Pelican Bay and Old Naples.

The great news, one more contract accepted last week!  Whooohooo.  It's been a pretty good year for me so far and it has been difficult to not get too excited. Through all of this craziness I have to share with you a couple of stories.

There's no mystery that people get to know us on the Internet and I have found that some people open introductions very carefully and precise almost as if they think they may be the first one to ever have contacted me from my blog or website.  They'll start with something like, "Shannon, my name is xyz and I found your website and I've been looking at it for awhile and this probably seems weird that I'm calling you but I'd like to make an appointment for July because my family and I will be coming down....blah blah blah... 

I can tell they feel awkward about calling which typically fades when I carry on like I normally do.  I think they kind of get the impression that oh, ok she's done this before or ok, she doesn't think I'm crazy or something else along those lines....

Then I get the group of people from all the way on the other side. Those people who are REALLY comfortable with contacting me who have wacky but REALLY fun character. For example, I got this email a few weeks ago. 

How can I tell you what my interests are so that we do not run in circles of ever decreasing diameter until, like the Gooney Bird, we disappear?

That typed above and his first name was the whole first contact I received.  I thought to myself....huh?  Is this for real?  Maybe this is just one of those pre-spam emails you get testing to make sure it's a live email address.  Do I respond?  Do I delete? 

I responded to that email and can I tell you, that guy was AWESOME!  What a colorful character he has!

Then I get a letter in the mail today...

The envelope shows that it's from an attorney's office located out of state.  My address is handwritten and looks kind of crazy...there are two stamps a two cent stamp at the top right hand corner affixed upside down and then a 41 cent stamp underneath that also affixed upside down...no postmark.

Advertisement?  It's from an attorney's office...am I in trouble...nah, I haven't done anything wrong...eh...I open it up.

Inside?  A fax cover sheet with a short paragraph that reads, "My wife and I are interested in property in Old Naples - We will be visiting shortly Please call me to discuss or email xyz@xyz.com   Thank you

That's it.  Now let me make sure I get this right...you sent a letter through snail mail...on a fax cover sheet for me to call you or email you???  Ok!  I'll bite.

I called the gentleman immediately.  I must say I haven't laughed that hard in awhile. Here's what he said,

Shannon, Thanks for calling.  I spent probably 45 minutes writing you the most beautiful letter about what we are looking for in Naples.  I copied and pasted it and then it disappeared and I was so mad, I just sent the fax cover sheet because it was the only paper I could find....by the way did you catch the flag stamp that was upside down on the envelope?  I said well, yes...he continued, well that's because I was in such distress....

The conversation was such fun and I have a sneaking suspicion I will really enjoy working with both of them!  Now don't get me wrong, I have really enjoyed working with the very careful and reserved buyers too but there's just something about those REALLY fun and humorous people that make the journey a little more colorful!

Best Regards,

Your Naples Smart Girl!

A successful showing agent knows when to talk, when to shut up, when to be available for questions and when to step back to allow their buyers to talk about what they're looking at.

An interesting thing happened a couple of days ago when I was showing some customers from Sweden.  Before we started our tour, he turned to me and said, "Shannon, the sign on your door says that you speak German"?  I replied, "Actually the sign on the door says that there are German speaking agents but I am not one of them...I hope that doesn't pose a problem".  He and his wife both giggled and we carried on to the first showing.

As we drove to the first house I was puzzled as his english was very good as was his wife's speech.  Were they disappointed at the fact that I couldn't speak a language that perhaps they were more comfortable speaking?

Within a couple of minutes after arriving at the first property they both broke into a conversation in German and it became evident that they had asked if I spoke German to see if I was going to be able to understand what they were saying inside the houses which of course I did not.

Now some agents might find this rude or uncomfortable but I thought, oh how cool is this?  We can see all of these houses, they can do their own talking with me right in front of them without me having to dodge around the home giving them personal time to take in all of the attributes of the property while feeling like I was going to add my two cents as we went through.

I think it's important to include personal time for buyers in each home.  It's not necessary that I know all their personal thoughts.  It is necessary for me to have answers to all of their questions which I answered when they were ready to include me again but in this particular circumstance it didn't require me to run to other areas of the home while they did their thing.  It allowed them to fully determine if the home we were in was a real buying opportunity.

Showing real estate is an a skill and everyone has their own theories.  Some agents believe that they need to talk all the way through a house and describe everything about the property, the community and so forth which in many cases can cause a nuisance (at least in my experience).  I think that type of showing wears buyers out and prevents them from being able to determine if the property fits their particular needs and the focus becomes more on the agent instead of the property. 

I also think those agents who open the door and stand at the front without popping back in to assist with questions or perhaps point out less obvious features also can leave interesting and meaningful information off the table for buyers to make a decision.

I have been really fortunate lately to be accompanied by some super intelligent agents as well.  Listing agents who accompany are mostly a benefit while showing the types of properties I've been showing in Park Shore, Old Naples, Pelican Bay and Moorings.  Every once in awhile I'll run into an agent who causes more of a hindrance than assistant but I have learned how to help minimize those issues for my clients which in return helps me close more deals.  

So if you're thinking about purchasing property in Naples, Florida.  The answer to your question, seriously, can we talk?  Is most definitely, BY ALL MEANS!

Best Regards,

Your Naples Smart Girl

Back in March I wrote a post called:  "I Can't Disclose That" Is Not Helping You Or Your Seller. This turned out to be a pretty controversial post when you review the comment section.  For those of you who don't want to go back and read that post I'll summarize it for you.

It basically says:  Buyers and agents working with buyers are quite possibly going to ask you how flexible the seller is going to be on the price if they decide to write an offer.

This is a passionate point in real estate today because many of us were taught.  DO NOT DISCLOSE ANYTHING BUT THE LIST PRICE!!!  When in fact we should've been taught.  DISCLOSE WHAT YOUR CLIENT (THE SELLER) WANTS YOU TO DISCLOSE AND KEEP THE SELLER'S BEST INTEREST AT HEART AT ALL TIMES.

To even explore the option of taking the opportunity to talk with our sellers to get permission to disclose a different price other than list price is almost painful for some agents to consider.  Take for example the beginning of this comment:

"My job as a listing agent is to get the most for my sellers and by telling a buyer..."

I guess it could be possible that every seller this guy has worked with was only interested in the highest sales price but it could be unlikely as well.  Now keep in mind this is not a slam on that guy who said this it is just that there is a portion of many markets where seller's would prefer to close faster than saving a few bucks.  Why?  Because sometimes waiting for the higher offer means giving it up in carrying costs to hold.  Now when we're talking primary residences...at least the seller's are getting something out of it.  But what about all those other properties that were meant for second homes or investments?  What about properties in depreciating markets?  Do you think it's smart to punt a lower offer and wait for the next one?  Sometimes....maybe.

In my market it is sometimes all about the fact that the owner simply don't want to own it anymore and it might be worth it to them to cut it loose now at a lower price.

I'M NOT LOOKING FOR JUST THE BOTTOM DOLLAR!  I'm just looking for help to sell your listing!

These fact finding conversations are not just tied to bottom dollar either.  Sometimes it's about other terms like posession and furniture.  Will your seller flip out if we don't want the furniture although you're advertising it as fully furnished?  Will they freak out if we want possession in 3 days?  Hey, I've had to ask. When you get the Naples fever, sometimes you gotta have that Naples property right now!!! :)

Here are a few things I've heard and experienced lately that have been very interesting that reflect signs of really smart agents and have ultimately sealed a deal with my buyer.

1.  Without asking the listing agent he turned to me during a preview and said something that sounded like, "Shannon, your offer needs to have a 2 and 4 in it.  If it doesn't start with at least that, don't bother".  (I changed the numbers to protect the exact scenario) What I loved about this is that what he was basically telling me is the seller was not going to be very flexible AT ALL.  It just so happened that was the exact information we needed to get the deal done.  So we did.

2.  When I asked the listing agent about the seller's flexibility the listing agent replied, "we had an offer last year of this price which was turned down.  I don't know if they will accept it now since it's been a year since they've seen another offer but I know they want to sell.   That with a little more information about the seller's background was enough to get the deal done and since there were two properties these buyers were seriously considering, it was the exact information that listing agent relayed to us that made the buyers write on that property.  The ONLY reason why that property is pending today is due to the intelligence of the listing agent.

Here's an example of something I  heard that I greatly admire.

3.  When I called to make a showing appointment today the listing agent said, "Shannon did you see the confidential remarks where it says that the price is firm"?  I replied, yes...he said, "good.  I just wanted to make sure you saw and understand that"  Kinda cuts out the mystery don't you think?

Here's an example of an agent who has not done herself or her client any favors.

4.  I was asked by my client to call the listing agent to see if the seller would entertain a low offer.  At their request I called and said, my client who was in town a few months ago who did not think the house was a perfect fit for them wants to know if the seller would entertain "xyz price".  Her response.  No.

The house has been on the market for almost 400 days.  

Now just to be crystal clear.  I left nothing out of her response.  It was just, "no".............................................................................the end.

Had she been a smart girl, she would've already had a chat with her seller.  She would've said something like this:

 "Shannon, I doubt seriously that number is going to work, but I think this number has a better shot.  Are your people paying cash?  Well, as a matter of fact they are.  Ok, when do they want to close?  They can close in three days or 3 months it's really up to your seller.  Ok, let me call the seller and see what he wants to do, I'll call you back.  By the way, do you think that's your buyer's biggest number?

or perhaps.

"I seriously doubt it, they paid xyz for it two years ago and put zyx into it on improvements.  They really want qwx and he's turned offers down for *^%.  Is that the best number your people can come up with"?

At least there's communication here.  Smart girls know that we might not get this deal done but we may get the chance to work together again and I want you to help me sell my listings instead of continue searching for another agent's listing who offers more dialog.

 Ok, so that's all for now! New buyers in town tomorrow!  Whoopie!

:)

This one's kinda funny!  Since I joined Active Rain last August, I've been encouraging colleagues in Naples, Florida to join Active Rain.  I gotta say, it's been kind of a tough sell.  Not because Active Rain isn't great (because we all know Active Rain is GREAT) but because blog is in fact a 4 letter word and let's face it, it's a scary word for many agents because they don't quite get it like the current Active Rain members do. 

So after talking with one of my colleagues forever about the powers of blogging on Active Rain, go figure, I finally get him to join and start blogging. 

It may have been because every time we've talked lately he's asked if I had anything going on and I've replied, "yes" nearly every time.  I'm writing a new offer on this area or I just closed one in that area or I have people coming in town this weekend and I'm showing xyz. 

It's been really fun selling Naples, Florida real estate lately, let me tell you!

As I was saying, my buddy finally gave in and asked for help setting up his profile etc. on Active Rain. So we're sitting in his office typing away on his computer when another colleague comes in and says, "what are you guys doing"?  My buddy turns to my other colleague and says, "I'm starting a blog".  The other guy replies, well...what are you doing that for?  I said, because it works!  I've put $$$ this much under contract this year due to my blogging.  He replies, that looks like too much work to me and walks off.

About a week later, I brought him an offer on a listing he's had listed for over a year. It looks like it's going to work out too.

Moral of the story...Blogging is alot of work.  Not only do you have to think of great things to write about, then you have to write all these contracts and deposit slips to the bank.  Write, Write, Write....sigh...what can I blog about next! :)

With the economy in constant turmoil and other crazy factors making our consumers think there might be better deals if they wait just a tiny bit longer, we're seeing a few people come to Naples, write offers and taking off when their initial bid or further negotiations aren't accepted. In some cases, that might be the best decision to make.  In others it may not. 

Here's an example.

I wrote an offer for some folks who were interested in Pelican Bay.  After the first counter it became apparent what the seller's lowest price was.  The buyers showed serious signs of backing off.

Now typically, I would think...another one will come around and I've already been told by my clients that we have plenty of time but I couldn't shake the amazingly low number the sellers came back with so I dug further into the dynamics of the situation.

After doing a thorough investigation about the property, the sold comps, the active comparables, what was currently pending etc.  and then taking into account what I've seen happen in the last several months and also the fact that there is still considerable interest in Pelican Bay (we should be winding down right now...but we're not), I grew increasingly uncomfortable with letting these people go on their merry way without providing what I learned.

Why?  

First, I know they haven't given up on Pelican Bay.  I also know (in the back of their mind) they're thinking that a better deal will come along.

This is where the guarantees of a better deal fade.   

If they cut this deal on the table they will have in fact made the best purchase for this product year to date in the neighborhood....a neighborhood by the way that has remained steady for the last 24 months.  Further evidence shows that if they make the improvements to the home needed they will have a nice return even though that isn't their objective (flipping that is).  

It's been a long time since I've been able to justify a purchase like this on paper and I feel strongly that this would be a wise purchasing decision.  So wise in fact that I would do it myself...but since I promised my husband that the next real estate purchase for us would be in Colorado, no can do for me.  

I compiled all the information in a nice bundled email and sent it their direction and wait for them to make their decision.

Earlier this year a similar situation took place. 

I had clients who wrote in Bay Colony and then pulled the plug after coming within a hair of a meeting of the minds.  This client, the doll that she is, readily admitted being "the happiest girl on earth" when I told her we had a no go.  She continued to admit that she felt that way for the full 18 hours the property remained on the market. 

Unfortunately it sold at that time and she further explained that when I delivered the news that the condo had sold she had made a colossal mistake which was further verified after learning when it closed that it ended up selling for much more than she had negotiated originally.  What was really sweet about that deal is that it went the precise way that I said it would which made my credibility ROCK.

She admitted all of this after locating the unit she ultimately put under contract so by then it was a mute point.  Which for me was great because I have learned that "I told you so's" are painful for both me and my clients and better left unsaid.

That last story ended happy.  The first story, I'm not so sure.  I do not believe there will be a better deal because we're talking two different kinds of product but I do know I'll rest easy since I've delivered the information needed to cut that great deal. 

So here's my promise to them and you since you happened upon this post.  Should you locate a property and write and pull the plug.... 

NO I TOLD YOU SO'S will be expressed.

If you locate a deal and I feel confident that it is not that great of a deal and you pull the plug...no bundled emails or encouragement to proceed will be expressed either.  No deal or an average deal is not worthy of encouragement and I don't do business this way.

Now you know exactly where I stand and can have faith that I don't have to let the visions of a paycheck cloud my vision for your purchase since I'm already standing on solid ground.

Best Regards,  Your Naples Smart Girl!

There's no mystery that Zillow has had their fair share of challenges when attempting to accurately provide real estate estimates for Naples, Florida real estate.  But before anyone gets too excited, this is not a Zillow bashing post...just an update.  Besides, I'd like to give a special high five to that Zillow representative who admittedly said they had been faced with the challenge down here.  It was quite some time ago and they explained that they were "working on it" so I thought I would double check again to see what has improved especially since I recently wrote an offer with a very tech savvy buyer who tried to use Zillow as a point of reference.  After explaining what I knew she quickly changed direction and successfully put an Old Naples condo under contract....yaeee for her!

So back to the latest comparison.  What I did was pulled 3 closed sales today in our local MLS.  I cross referenced the sales price and then pulled the addresses up on Zillow.  Here's what I found:

Difference between reality and Zillow= $386,000 

Difference between reality and Zillow = $616,500

 8463 Abbington Circle #1021 - Crescent at Pelican Bay - Listed for $699,000, Sold for $600,000.  It was on the market since last August with two price reductions.  17 days from 2nd price reduction in went under contract....and just as a coincidence...it was listed and sold by John R. Wood Inc. REALTORS...no kidding!  Zillow says, $731,000...again, this neighborhood has remained the same in value for the last 24 months.

Difference between reality and Zillow = $131,000....we're getting closer.

From what I understand, Zillow is spot on in areas across the country and there's no doubt in my mind that Zillow Zestimates will get much better here in Naples down the road but as it stands today, your best resource to find out if you're overpaying as a buyer or under-listing as a seller is to contact a Smart Girl to help you know for sure!

Best Regard,  Shannon