Naples Florida Real Estate

When I initially went to real estate school (all the way back in 1996) I was trained to believe that Fair Market Value was defined as:

The price a ready, willing and able buyer would pay for a property. 

So that's what I lived by for awhile...then I learned when lenders get involved, sometimes appraisers get to determine value.  My first experience with this was usually regarding unusual properties that were hard to comp out.  The more unusual the property, the harder it was to comp out. That was frustrating.

In 2002 when I moved to Naples, the market was pulling out of the 9-11 slump that most markets experienced during that time so I was able to see first hand that crazy increase in traffic and appreciation that occurred from 2004-2006...let me tell you, it was the craziest market I've ever seen.  During that time, buyers would pay UNBELIEVABLE and unproven prices for property and even when I'd tell them, there's no way I'm going to be able to show you the value of the property you're looking at today, they would hop in the car wanting to purchase anyway.  A great deal of those purchases were made with cash...not many pesky appraisers to botch the deals. YAEE!

BUT

Now I'm finding a new definition to "Fair Market Value"

I'll just disclose in advance...Naples Florida is a really unusual market.  Most of what you know or learned in another market can in many cases be thrown completely out the window down here...it's that different!

So the new definition I'm finding is this:

Fair Market Value is the price a ready willing and able seller will sell their property for. (did I just end my sentence in a preposition???)

How on earth can that statement above be correct?  Some sellers down here just don't give a hoot about selling fast.  Some don't care if they sell at all ESPECIALLY in some of our more luxurious locations.  Seriously, would you sell for less if you could easily carry something with a view like this:

Most sellers say, no.  We'll wait and if worse comes to worse, we'll come down and enjoy it next season....how can you argue with that?

Best Regards,

Your Naples Smart Girl

Pelican Bay Short Sales & Pelican Bay Foreclosures are just two more topics I've been asked about consistently throughout the last several months.  Let's face it, "Short Sale" and "Foreclosure" are two of the most attractive real estate terms of the moment especially if you are a buyer looking for a deal.

Pelican Bay currently has 9 "possible" short sales listed , 3 pending and 2 closed.

Are short sales all they're cracked up to be in Pelican Bay? According to MLS there are only 2 that have sold in Pelican Bay. 

Here are the stats:

St. Tropez#602 listed for $549,000 sold turnkey closed for $521,000. It had also been remodeled. It was listed February of last year, pended in June and sold in July...not bad. There's only one other one that has closed in St. Tropez as of January 2008.  Unit #203 sold furnished for $410,000 and had been remodeled as well.  There were points to consider including #203 had no view and #602 had a great Gulf of Mexico view.  This is a big factor!

BUT

There's one on the market now for less than the short sale sold just 10 "short" months ago. I'd tell you more but the agent will not allow me to blog about it.  You're welcome to check out the St. Tropez at Pelican Bay portion of my website to see what's currently available. Did that short sale buyer get the deal of the universe?  You tell me...

The next short sale looks a little more like a deal!

700 L'Ambiance #202 sold for $484,000 unfurnished. It was listed for $599,000 in December 2009, went under contract in January and closed in April. It sold for 21,000 less than anything else over the last 17 months but wait there's more! The short sale was actually larger and showed MUCH better than the one that sold for more so in this case, yep, the short sale was the better deal!

It's impossible to guess how lucrative or prevelent Pelican Bay short sales will become.  The best way to determine if a Pelican Bay short sale is in fact a deal is to look at it on a case by case basis.  Do some analysis with your favorite "smart" agent. 

At this time there aren't any foreclosures in Pelican Bay but if there were, you'd be able to check those out along with the 9 available Pelican Bay short sales in my next issue of the Pelican Bay Pink Pages!

It's only available by subscription so don't forget to sign up by shooting me a quick email with your name and email address!

Best Regards,

Your Naples Smart Girl!

It's officially post Naples Florida prime real estate season!  That means we're amidst the "I want a deal" season as hungry prospects from near and far hope to feast on desperate Naples sellers who didn't get their property sold before Easter.

Aggravation peaks as sellers either hold firm or refuse to be as "negotiable" as some of these buyers were hoping.  I'm working with quite a few right now who for all sorts of reasons think they should be getting properties for less than sellers are willing to let them go. 

I feel it's important to disclose that I work primarily in the luxury portion of the market so these words I write are of no direct reflection of the busier lower ended portion of the current Naples Florida real estate market.

I'm amazed at the amount of re-hits I'm seeing.  What's a "re-hit".  Actually, I just made it up.  Someone made the terrible mistake of telling me successful people have their own vocabulary...so I feel compelled to have to invent "Shannon" words every once in awhile just to insure my own success.

A re-hit is when a buyer or even a seller comes back to a party who either submitted an offer or expressed interest in a property.  It can go either way.  I've seen a bunch of these lately.  It's a trend I've never seen before in the 13 years I've been in business but it's just like the trend of people hitting my website who don't know how to spell...I dunno why it is, I just know that it is.

Are re-hits successful?  Actually, sometimes they are.  I haven't seen too many lately that have been but that doesn't mean they don't evennnnnnnnnnnnnnnnnnnnnnnnnntually work. To insure the success of a re-hit, it helps significantly if you're going to hit a past buyer or seller with something NEW on your end.  I mean a term that wasn't discussed in prior negotiation.  To come back with your same terms later (especially if you're a seller approaching a buyer) is sort of asinine.

If you're a seller coming back to a buyer, it's best if you can say something to the effect of, I wasn't willing to consider this price before but today I will if all the other terms are satisfactory.  The best shot at a re-hit when it's from seller to buyer is when a seller comes back within a short period of time and says, "ok, I'll do the deal".  That happened last year after a buyer made an offer, seller countered and buyer took off.  A few days later the seller came back and said, "if you're still willing to do your deal, we'll accept".  Those buyers got a tremendous deal but even then they hesitated a little in accepting.  Even with the terms they asked for the deal was not guaranteed.

If you're a buyer coming back to the same seller, it isn't uncommon to pitch same terms...especially this time of year when there is a small percentage of sellers who get a little more anxious.  There are times when sellers buckle.  I had a seller come back to one of my buyers this morning who came off $50,000 from what was presented about a week ago as final and best counter. On the other hand, I had a buyer come back to a same seller asking for a 19% discount off the sales price which didn't go anywhere at all.

Each deal is different as is each market.  

If you're a wheeler dealer buyer, try to avoid chicken little "economy is in the toilet" type scare tactics.  I've seen it turn off sellers and listing agents more than help.  Try to keep the negotiating strictly geared toward the property if you can.  This is going to hit much closer to home with the listing agent and the seller!

If you're a seller who doesn't know your exact bottom line or want more than people are offering, I'd stay away from talking about how busy your traffic is unless you really think you're going to see an acceptable offer within a couple of days.  Otherwise, the clock just ticks away until that same buyer re-hits you again...if you're lucky.  Try leveraging all of the reasons why your property should sell for the price you want or think about other creative terms you might be able to include like adding furniture you don't really want anyway or offering perks that might just get the buyer to fall into your mercy.

For more information regarding how to get your Naples property sold or how to purchase Naples real estate, contact me direct!

Best Regards,

Your Naples Smart Girl!

Did you know there are still Pelican Bay and Bay Colony agents who refuse to allow IDX capability on their Pelican Bay and Bay Colony listings?  That means they won't allow other agents and/or companies to advertise those listings on their websites.  This can prove to cause quite an exposure problem since over 86% of all buyers are beginning their search on the Internet these days.  Some of the buyers I've worked with during the last couple of years do so much research before they come down they actually send me a list of what they want to see before they get here which will usually eliminate those listings not advertised on my Naples Florida real estate website. Now some might question why those listings need to show up on my site.  I actually place quite high on most Pelican Bay and Bay Colony search terms so I do see quite a bit of traffic from potential buyers across the world. If those listings aren't there then that means no exposure for those nonIDX properties.

The reason why this is such a disservice to both consumer and seller is due to the fact that there isn't one company (or agent) who has mastered the ability to place on the front page of each search engine for every Pelican Bay related search term which means that those listings may just go completely unseen.  For example, if you search Toscana at Bay Colony in Google right now, there's one listing you just won't find on any of the websites that show on the first page.  The agent who has the listing isn't listed there and neither is their listing they've prevented IDX access to.

Today there are 14 Pelican Bay properties that are NOT available through IDX.  It doesn't sound like much but that's over 23 million dollars worth of real estate that may not be seen by the majority of buyers out there.

You'll be able to see those listings when you sign up for the Pelican Bay Pink Pages.  That's my monthly newsletter available to those who sign up.  NonIDX listings, Pelican Bay and Bay Colony buying and selling trends along with tons of other timely content can be found in the Pelican Bay Pink Pages.  If you're interested, just send me an email at slefevre@johnrwood.com expressing your interest in the Pelican Bay Pink Pages with your name and email address and I'll add you to the mailing list.  

Best Regards,

Your Naples Smart Girl!

This Bonita Springs, Estero, Naples Market Report is prepared by Dottie Babcock, COO of John R. Wood REALTORS, Inc.

Here are some other interesting tidbits:

Attached is the market report for April for Naples, Bonita, Estero combined market areas.  Closings and Pended Sales continued at a brisk pace as they have for the past several months.  Properties priced below $250,000 continue to sell at an accelerated pace over other price ranges.  Remember, that this category not only includes the bulk of short sales and foreclosures, but in many cases, also reflects sellers pricing to the current market, rather than holding on to 2004 and 2005 asking prices.  Also, many of these properties are the ones priced much higher a year or so ago, so represent some great values.
 
It is noteworthy that the median sales price has essentially remained the same for four consecutive months.  With less than a 3% variation in one of the months, median sales price has held steady at $190,000 since January 2009.  This is in contrast to a $302,500 median price in April 2008, and may indicate that we have reached the bottom in pricing.  As we have always stated in this report, pricing is very neighborhood and segment specific, so be sure to get current information on properties in which you may have an interest.
 
Another important fact to note this month is that with the exception of only two price segments, inventory is down in all segments when compared with April 2008.   Condominiums and single family homes in the under $250,000 category and condominiums and homes in the $2,000,000 - $5,000,000 segment actually recorded increases in available inventory over 2008.  All other categories show decreases, with the largest decreases in condominiums priced between $250,000 and $500,000 (down 25%) and single family homes priced between $500,000 and $750,000 (down 35%).
 
The market continues to strengthen and offers some great buying opportunities.  Prices in general are below 2002 levels and represent the greatest values since pre-2000.

Best Regards,

Your Naples Smart Girl

Over the past couple of months I've had the luxury of having a listing in the Contessa at Bay Colony.  If you haven't been there lately, you really need to check it out.  Although the building was built in 1991, it has recently undergone a beautiful remodel both inside and out and shows extremely well. 

The unit (1002) I have listed is EXCEPTIONAL.  The current owners (who have been outstanding to work for) did a stunning remodel on their unit as well and had it furnished when they purchased back in 2005 so the whole living experience feels like brand new.

Contessa at Bay Colony offers 24 hour security which is a nice amenity and although the crime rate in Naples is near non existent, it's still a nice feature to have but what I've noticed more is how a security guard can almost be the soul first impression of a building. 

Take for example, Wayne.  When I first met Wayne, one of the security guards who works at Contessa, he was very polite but thorough.  When I told him I was the listing agent for the unit, he took time to explain on the spot a few rules for me to remember and did so in a polite and efficient manner.  In fact, over the last couple of months I've had a chance to watch Wayne at work. There's no mystery to me that the residents in Contessa are truly blessed by having him around.  He's always friendly and has an answer for any question.  He's always happy to help and really a ray of sunshine.  I know my buyers and the other agents who are accompanying prospects are going to be treated fabulously and for a first impression, I don't think Contessa could have a better one.

I noticed about a week ago that Wayne wasn't on duty during days I expected to see him.  I'm not one to question stuff like that because more so than anything, I tend to mind my own business.  I noticed again that he wasn't around when I was there this week either.  I started to get concerned for my buddy who once called me fat. Hey, I'm almost 8 months pregnant, I wasn't offended when he said it.  He gave me a big hug afterward and always asks me how I'm feeling.  

Today I was sitting in the parking lot after a showing getting ready to return a call when I heard someone outside my window.  It was Wayne.  He had dropped by for something and was on his way out again when he saw my car and thought he should come by, say hello and find out how I've been doing.  He mentioned he was having a little health problem that was now taking time from him in the afternoons but he was still working in the morning.  I was SO happy to see him and so sad to hear about his illness at the same time. He mentioned that he's not having any pain and assured me everything was going to be ok. I told him I'd do a better job with morning appointments from now on.

As I was driving to the office shortly after our brief conversation it hit me.  That guy makes the Contessa at Bay Colony the most fabulous building on the Naples beachline and I am happy to have gotten to know him better. 

If you're considering a purchase in a high rise or any sort of building that offers manned security, you might pay special attention to the guard.  That will be the guy who will probably be assisting you with all of your visitors, vendors, mail and special needs and if that guy isn't what you hoped for, maybe you should keep looking.

Wayne, I hope you're back to 100% soon!  It's been a pleasure doing business with you! 

Best Regards,

Your Naples Smart Girl!

It's May! That time of year when evidence of our precious snowbirds leaving town grows more apparent since I can now make my 5 mile drive to the office in once again record time.  This is a time when I see some of my favorite colleagues pack up and take off for summer homes or long elaborate vacations...when rains start...wait we're a still a little premature for that this year and when agents stop answering their phones....huh?

We should also be hearing the phone ring less and noticing fewer emails come in but for some funny reason it's quite the opposite for us in Naples Florida this year.  Is it because it's the official start of bargain season?  Maybe, is it because there's a few who think "now's the time to buy"...I've heard that too.  It's pretty active regardless the reason.  Due to the added activity comes the required calls to other agents.

• Setting showing appointments
• Getting feedback from showing appointments
• Asking additional questions about listings for buyers
• Pre negotiations

There's so many reasons why we need to talk to each other in the biz...so why if traffic is up have we forgotten how to answer our phone? 

• Tired from a busy season
• Busy with something else
• Depressed we won't do anything else this year
• Disenchanted with the industry

I don't know exactly why it's so hard to get people to answer or return calls right now but come on guys, we're still in this together and we need to communicate to keep it going.  There are 5 agents holding important information I need...urrrggh.

The day I got my license (October 31, 1996...appropriate...should've been a sign) my husband HOWLED and then said, "real estate is going to teach you patience".   Wellllll I'M STILL WAITING...for patience...or for a few returned phone calls....hee hee.

Oh...is that my phone ringing?  GOTTA GO!

HUGS,

Your Naples Smart Girl!

I've had the luxury of showing a home a few times this season in Bay Laurel at Pelican Marsh I think deserves special recognition.  I've sold real estate for 13 years and by now I'll admit, it takes something great to capture my attention.  Couple that with the fact that I'm usually not awarded the right to an opinion when I show (because it's not my opinion that counts when buyers are selecting properties to purchase) and well after awhile many houses sort of run together.

Bay Laurel at Pelican Marsh is a GREAT subdivision within Pelican Marsh.  I like it because it's a quaint 3 pavered street area lined with beautiful homes and lush landscaping.  Approximately half the homes offer a golf course view while the others back up to a wooded preserve and there's also an additional manned gated entrance here.

So what sets 8715 Spkerush apart from the others located in Bay Laurel? I can think of a few words like: Young, Fun, Sexy!

The first homes in Bay Laurel were completed in 2000 and continued til 2007.  In fact this was the last home to be built in Bay Laurel to date.  They did a MAGNIFICENT job!  There are tons of attributes I love about this home starting with the floor plan.  It's exquisite, intelligent and fun.  Naples has no shortage of beautiful properties but not every home offers the fun factor this one has.  There are outstanding entertaining areas (both inside and out) complete with tastefully decorated game room, media room and outside lanai featuring summer kitchen and fireplace.  There's a wine cellar that will house quite a few bottles of wine and the materials that were used to create the character of this home are beautiful and vibrant!

Now this is probably starting to sound like the typical marketing job of any Realtor trying to sell their listing but it's not my listing.  In fact it's listed by a whole other company and although the listing agent (also the seller) is a sweet lady, we are not friends.  She doesn't call me to play tennis...which is good cause I can't play tennis...in fact I'm getting ready to have a baby...I could hardly play miniature golf comfortably right now.  :) 

My point is this,  MLS is great for describing the number of bedrooms and stating whether or not a property has a pool and which direction the home faces but it SUCKS at explaining, "this home is really something special".  The pictures don't quite capture the fabulous character of this home.  That's why ya gotta see it to really "get" how cool it really is.

I can see someone who lives a great life in their late 30's 40's or young 50's purchasing this home in a heart beat! They could easily have kids (or not) but chances are they are really embracing the joys life has to offer.

So give a shout if you think this is the kind of home for you or check out 8715 Spikerush Lane. 

Best Regards,

Your Naples Smart Girl

If you're an avid golfer then chances are you've heard about the 100+ golf courses in Naples Florida.  In fact, Naples has been called the golf capital of the world with more holes per capita than any place else but I don't know if that's actually been confirmed.  I'm not a golfer.  Dad didn't have me swinging a club when I was 2.  I'm one of those who doesn't really get it nor have I really been able to grasp those crazy fees clubs around town have been known to charge BUT if you are one of those golfing enthusiasts and you haven't been paying attention to what's been going on with those crazy fees, you're going to want to keep reading!

Many of the best golf courses in Naples are finally starting to reduce their fees and offer incentives!  Just last week I received an email with golf discounts during the off season.  Here they are:

Now, if you're looking for some great golf membership discounts...you'll want to call around as well because some of the finest clubs in town are offering tremendous discounts and incentives.  Mediterra for example charges $185,000 for their equity membership with an additional $10,000 non refundable fee.  There's a new program apparently where you can join the club for $85,000 non-refundable now. 

Even the Pelican Bay Golf Club's wait isn't as long as it used to be although I've been told there is still a waiting line to join the club...now if that's not a sign of stability, I don't know what is! 

But my biggest unkept Naples golf secret is the promotion the Bay Colony Golf Club membership is running.  I don't think I can just blurt out the specifics here but if I were handing out awards for the most brilliant membership offering...it would have to go to Bay Colony!  You can reach Debbie the membership director at 239-449-4564 or DebbieL@BayColonyGolfClub.com

The Pelican Bay Pink Pages is now in circulation!  Here's an example of the first issue below:

The Pelican Bay Pink Pages offers a huge amount of information like:

• Listings of Pelican Bay open houses
• Current Pelican Bay market trends
• Pelican Bay neighborhood updates
• Inventory reports
• The ability to search Pelican Bay homes
• The ability to search Pelican Bay condos
• Pelican Bay closed sale information
• Buy strategies and trends
• Selling strategies and trends

There's more content than any blog or website can offer and it comes directly to you so you can be up to date on the latest Pelican Bay happenings.

Sign up and see for yourself here!

Sign up by shooting me a quick email: slefevre@johnrwood.com 

Best Regards,

Your Naples Smart Girl!