Naples Florida Real Estate: July 2010

The Pelican Bay Naples Florida single family home market has stabilized as a whole although there are some areas within Pelican Bay doing better than others.  As I wrote in yesterday's blog post, the lowest priced product is doing the best in Naples, Florida.  I expected the same for sales in Pelican Bay but after further research, some of the most exclusive neighborhoods in Pelican Bay turned out to be the biggest winners during the last 12 months.

Pelican Bay Single Family Homes Snapshot:

There are 32 Pelican Bay homes for sale.

2 Pelican Bay homes are currently pending contract.

32 Pelican Bay home sales have occurred during the past 12 months.

Hot Pelican Bay Home Subdivisions:

Bay Colony Shores homes are actually doing better than the other single family home neighborhoods in Pelican Bay.  Specifically, Bay Colony Shores has done extremely well during the last 12 months with 7 sales and another one pending contract as I type.  There are only 3 Bay Colony Shores homes for sale now with prices ranging from $3,299,500 to $$4,500,000.

Pelican Bay Woods has also done well during the past year with 9 sales during the last 12 months.  There are 8 Pelican Bay Woods homes for sale currently with prices ranging from $730,000 (the lowest priced single family home in Pelican Bay) to $2,500,000.

Pointe Verde at Pelican Bay = 2 sales during the last 12 months with 1 home currently available there.

Pelican Bay Home Subdivisions Holding There Own:

Barrington at Pelican Bay = 3 sales during the last 12 months and 1 currently under contract.  There are only 3 left for sale in Barrington at Pelican Bay.

Jamestown at Pelican Bay = 1 available listing and one closing during the last 12 months.  The current listing is worth checking out!

Oakmont at Pelican Bay = 6 closings during the last 12 months with only 5 Oakmont at Pelican Bay homes available.

Strand at Pelican Bay = 1 sale during the last 12 months and 1 currently available.

Pelican Bay Home Subdivisions Still In Oversupply:

Georgetown at Pelican Bay = 6 homes for sale with only 1 closed sale during the last 12 months.  This is great leverage for a buyer right now if you can find a home seller interested in negotiating here.

Pinecrest at Pelican Bay = 6 homes for sale with only 3 closings during the last 12 months.  There are some nice listings here worth taking a peek!

Pelican Bay Home Subdivisions with little to discuss:

St. Andrews at Pelican Bay = 1 current listing.

Village at Pelican Bay = 1 listing available.

Bottom line is the gross oversupply of single family homes that once existed in Pelican Bay is dwindling.  You can expect for some owners to negotiate now more so than closer to our high selling season which starts as early as October depending on the weather.  If you have been waiting to get that best Pelican Bay single family home deal...I would do it now.  I think the window of opportunity is shrinking and statistics prove that point today.

You can expect more inventory to hit the market around the end of the year to prepare for our top selling season so if you're looking but you don't see anything that peeks your interest now, keep checking in!  That doesn't mean you're going to cut an exceptional deal though so make sure you know which part of your objective is most important to you.  If it's to buy a deal, do it now.

If you are a Pelican Bay buyer, contact me direct for fabulous buyer support and service!

If you are a Pelican Bay owner and are considering selling, contact me direct for the best advice on whether you should sell or hold and current property value!

Naples Real Estate is heating up!  Currently there are 700 properties pending contract in the Naples Florida area and 1,210 Naples Florida listings active with contingency.  If a property is listed as "pending" in MLS it will disappear of my site.  If a Naples property is listed as "active with contingency" meaning it has a contract but there is a contingency that needs to be removed before closing, it will still show on my website.  That's what "active with contingency" means. 

The idea behind this concept was originally meant to continue to actively expose Naples properties that may not close with the current buyer so that another buyer could write a back up offer and negotiate a contract before the property went back on the market.  When and if the first deal didn't work out, the second buyer would then move into first position and be able to close. 

Because of the short sale process, many of these properties don't close and won't close until the bank communicates with the seller and potential buyer about what they'll accept as a sales price.  That's why it's common to see several of these properties go on and off the market SEVERAL times and still not close.

This process can literally take years.  In a hot market, it's common for buyers to want to see and write back up offers on properties like these because there isn't anything else available and it's the closest they may get to a deal.  In a market like this it is normally not considered a viable method to purchase property due to so much red tape and the fact that there are other options available.  The lion share of the folks I've worked with are simply unwilling to play the game in the name of saving a few bucks and would prefer to solidify a real deal and move on to enjoying it.  But, I must also admit a majority of my buyers are active and busy and they value their time.  Most don't want to spend it wondering if they have a deal.

I've had quite a few people lately inquire about Naples properties that are "active with contingency" during the last few months.  IT'S A TREND. While this is good news for sellers and for the overall health of the Naples Florida real estate market, it may look gimmicky or even "bait a switchy" for new buyers.  I can assure you this isn't an attempt to sell you something more expensive but it IS a pretty good indication that the best deals are selling!

If you've been waiting to purchase Naples real estate, now might be the time you want to do it cuz let's face it...Naples sellers tighten up negotiations starting about September/October when season is just around the corner.

For more information regarding Naples real estate, or to see Naples property, contact me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Closed sales activity on the Gulfshore Blvd. beachfront and bayfront maintained the steady pace of the first quarter. With 58 closed units on the beach and 15 on the bay, second quarter 2010 is the highest second quarter since 2005. On a year-to-date basis, Gulfshore Blvd. beachfront sales are up 17% over the first six months of 2009 and bayside sales up 107%.

Gulfshore Blvd. Closed Sales


Average sales price of Gulfshore Blvd. beachfront properties in the second quarter was $1,155,024, representing a 17% increase over first quarter 2010, and slightly ahead of Q2 2009. Seven sales over $2,000,000 were recorded for the quarter versus three for second quarter 2009, and two during first quarter 2010. The highest sales price during the quarter occurred in Le Rivage at Park Shore at $5,400,000. The increase in sales over $2,000,000 is consistent with the market in general which experienced a surge of activity in high-end sales.

The Martinique at Moorings posted the highest number of closed units with five closings. Horizon House at Park Shore and La Mer at Park Shore followed with four sales in each building.

Average sales price on the bay increased 32% from first to second quarter 2010 and remained essentially the same as second quarter 2009 at $486,467. Prices of $1,405,000 at Bella Baia and $949,000 at the Tropics at Park Shore were the highest prices recorded for the bayfront segment during the period.

Summary

On July 1, 2010 there were 215 properties available on the Gulf and 81 on the Bay.
This represents an 11% reduction of Beachfront inventory and a 14% decrease on the Bayfront from end of first quarter 2010. Buyer interest remains strong for the beach and bay units. However, price continues to be the driving force behind the sales activity of the first two quarters of 2010. This report does not reflect newly pended sales that occurred during the first and second quarters, but which have not yet closed. When these closings occur, inventory levels are expected to drop to even lower levels. Stabilizing prices and a good selection of product in many buildings continue to provide great opportunities for the astute buyer. Your John R. Wood Realtors professional sales consultant can give you detailed information on specific buildings and locations in which you have a personal interest.

Supplied by Dottie Babcock, CFO of John R. Wood INC. REALTORS

For more information on Park Shore Naples or Moorings Naples, contact me direct!

“The source of this real property information is the copyrighted and proprietary database compilation of Sunshine MLS, LLC.
Copyright 2010 Sunshine MLS, LLC. All rights reserved. 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.”

It was just reported last week WCI had lost control of managing Tiburon Naples Florida and now today Naples Daily News reports they expect to start building in Tiburon as early as December.  Single family homes and 2 unit attached villa construction are the only types of products on the slate as they state condo product (especially high-rise product)is still in oversupply.

Talking about oversupply, currently there are 49 properties available in Tiburon Naples Florida.  There have only been 18 closed sales during the last 12 months...that's nearly 3 years supply!

Why would any developer want to start construction under those conditions?  If you break it down a little further, there are 8 single family homes on the market, 1 sold during the last year and 1 is currently under contract.  According to the article in the Naples Daily News, single family homes and duplexes are the two types of product WCI says they're going to focus on and pricing is supposed to stay between $200,000 and $700,000. 

If the pricing is correct then I imagine there should be some quick sales in Tiburon considering the fact that the lowest price home right now is in Marsala at Tiburon listed for well over 1 million.  It will be curious to see if they're just planning on shrinking the size of home or offering less features within the floor plan.  I suppose time will tell....

News like this would stall my decision to purchase Tiburon single family homes unless there was something that exactly fit what I was looking for and I didn't care what I was spending or what it was truly worth...it's hard to know if you're getting a great deal if you haven't been dealt all the cards yet.  I hate it when plans for a development take a huge turn...not that I'm saying that there's a huge turn taking place in Tiburon.  I just think most of the people who purchased single family homes in Tiburon always expected them to be worth at least somewhere around 1 million....not 300,000 less.

If I were looking a Tiburon condos, I'd probably move forward....

Ok, that's all for today.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Audubon Naples Florida offers some of the lowest priced square footage to be had in a Naples Florida luxury golf community!  Not to mention there have been some amazing deals in Audubon lately.

For example, 272 Cheshire Way was marketed as "reduced nearly 25% for a quick sale".  The Audubon property was listed in November for $1,575,000, reduced to $1,499,000 in March and then reduced again to $1,299,000 at almost the end of April. It took 4 days for the property to go under contract and just closed for the incredible price of $1,025,000.  That's only 238 per foot!  The Audubon home was built in 2004 and offered 4,300 square feet of living space.  That's a steal!

There's still a bit of an oversupply in Audubon Golf and Country Club right now so buyers still may have an upper hand.  That doesn't necessarily mean every seller is interested in discounting their home like the example above but it could mean you can negotiate one heck of a deal on a great house. 

There are currently 40 Audubon homes for sale, 2 pending properties and 14 Audubon sales for the last calendar year. Most of what has sold in Audubon was closed for less than 1,000,000 an interesting figure since folks once couldn't tip toe into the neighborhood for less than 1,000,000.

If you're considering purchasing in Audubon, give me a shout, there's a home available for less than $500,000 (listed at 221/square foot).  There's also some magnificent properties for sale right now and with a location like Audubon, now is the time to get that west of Tamiami Trail home for less.

If you're thinking about selling your Audubon home or Audubon condo, I'd hold off if you can for now and let some of that inventory sell off.  If you can't wait, be prepared to price it right and list it with a smart Realtor! :)

Either way, contact me and I'll be happy to help you accomplish either goal!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

A nice selection of Pelican Marsh Naples Florida has experienced some terrific activity lately! It appears the listing inventory in Pelican Marsh as a whole has leveled! 

Some areas in Pelican Marsh have already seen leveling and pricing has already started to rise.  There are still some Pelican Marsh deals to be had too but word of caution to Pelican Marsh buyers, if you've been waiting for the best deal...that window may be closing or in the case of some Pelican Marsh locations...that window is already shut. 

This is great news for some Pelican Marsh home owners who have been waiting to put their properties on the market.  Here's a break down of each Pelican Marsh communities.

Current Pelican Marsh Statistics:

Pelican Marsh listings = 93
High = $4,025,000 for a home in Bay Colony Golf Estates
Low = $210,000 for a condo in Egrets Walk at Pelican Marsh

Pelican Marsh Pending Sales = 16
High = $3,995,000 for a home in Bay Colony Golf Estates
Low = $235,000 for a coach home in Arielle at Pelican Marsh

Pelican Marsh Closed Sales (last 12 months) = 94
High = $4,025,000 for a home in Bay Colony Golf Estates
Low = $210,000 for a condo in Egrets Walk

Here's the breakdown by Pelican Marsh Community:

1.  Arbors at Pelican Marsh = 0 active, 1 pending, 1 sale.
Arbors is presently sold out.  If you own property in Arbors at Pelican Marsh and are interested in selling, contact me immediately! NOW IS A GOOD TIME TO LIST!

2.  Arielle at Pelican Marsh = 12 active, 3 pending, 3 closed during the last year.
There's still some opportunity here for buyers with some terrific pricing!  Arielle at Pelican Marsh property owners...if you can wait to list, I would.  Market is still in over-supply here.

3.  Augusta at Pelican Marsh = 2 active, 1 pending, 1 closed. The best priced homes in Augusta have sold already but there are still 2 available.  If you're thinking about selling now might be an ok time.  You might wait...if you're thinking about buying, now might be an ok time provided you can do some negotiating.

4.  Bay Laurel Estates at Pelican Marsh =  5 active, 1 pending, (private sale) 2 closed.  If you are interested in Bay Laurel Estates, there's a home here that's recently been reduced nearly $300,000 making it a great deal! Some remodeling may be needed according to your taste but the lot is phenomenal.  You should call me on this one!  If you're thinking about selling your Bay Laurel Estates home, I would keep my eye on the market if I were you...maybe right now is not the exact time I would list.  Call me if you're in a bigger hurry.

5.  Clermont at Pelican Marsh = 8 active, 2 pending, 4 closed.  If you are interested in purchasing in Clermont at Pelican Marsh, I see some fabulously priced units here! If you are a Clermont at Pelican Marsh property owner, I would keep a ready eye on the market...may not be time to list just yet but maybe soon.

6. Egrets Walk at Pelican Marsh = 6 active, 1 pending, 16 closed...that's right 16! HOLY COW! If you are interested in purchasing in Egrets Walk, there are still great deals to be had here!  If you are an Egret's Walk property owner, you may want to consider selling now if you've been waiting for the market to turn!

7.  Estates at Bay Colony = 7 active, 1 pending, 2 closed.  If you are interested in purchasing in Estates at Bay Colony, there are some nice deals to be had here too!

8.  Gables at Pelican Marsh = Only 1 listing left, 0 pending, 5 closed. Gables at Pelican Marsh needs listing inventory! If you are a Gables at Pelican Marsh property owner and would like to sell your home, contact me immediately! NOW IS A GOOD TIME TO LIST.

9.  Grand Isle at Pelican Marsh = 1 active, 1 pending, 2 closed.  If you own real estate in Grand Isle, now might be the time to list.  If you're looking in Grand Isle right now you have one choice. 

10.  Island Cove at Pelican Marsh = 5 active, 0 pending, 3 closed.  There's a deal in Island Cove for Island Cove buyers....if you're an Island Cove seller, price it right if you put it on the market today or hold.

11. Ivy Pointe at Pelican Marsh = 3 active, 0 pending, 5 closed. There are deals to be had in here too...selection is dwindling though...Ivy Pointe sellers, now might be the time to consider listing!

12.  Les Chateaux at Pelican Marsh = 5 active, 0 pending, 4 closed.  Some good pricing stands out in Les Chateaux...Les Chateaux sellers, I'd continue to watch the market and wouldn't necessarily list now if I didn't have to.

13. Marsh Links at Pelican Marsh = 1 active, 0 pending, 2 closed.  There's only 1 to choose from....Marsh Links property owners may consider listing now!

14.  Mont Claire at Pelican Marsh = 7 active, 1, pending 6 closed.  There's some good pricing in Mont Claire...Mont Claire property owners, you might consider waiting to list a bit.

15.  Muirfield at the Marsh = 0 active, 0 pending, 2 closed Muirfield at the Marsh property owners. NOW IS A GOOD TIME TO LIST.

16.  Osprey Pointe at Pelican Marsh = 3 active, 0 pending, 8 closed.  ehh...not much to report here. No screaming deals now but sales have been good. The market in Osprey Point has already leveled.

17.  Portofino at Pelican Marsh = 0 active, 0 pending, 3 closed Portofino at Pelican Marsh property owners, NOW IS A GOOD TIME TO LIST.

18. Ravenna at Pelican Marsh = 6 active, 1 pending, 3 closed. The Ravenna at Pelican Marsh subdivision has already leveled. No screaming deals here and I would wait to list if I were a Ravenna at Pelican Marsh property owner.

19.  Savanna at Pelican Marsh = 0 active, 0 pending, 2 closed Savanna at Pelican Marsh property owners, NOW IS A GOOD TIME TO LIST.

20.  Seville at Pelican Marsh = 1 Active, 1 pending, 7 closed.  The market here has already leveled.  Now may be a good time to list your Seville at Pelican Marsh property.

21.  Terrabella at Pelican Marsh = 2 active, 0 pending, 2 closed.  The market here has already leveled.  I would be careful when listing my Terrabella home...Terrabella buyers, you won't get a great deal but it is a great location.

22.  Timarron at Pelican Marsh = 3 active, 2 pending, 4 closed.  This location has already leveled.  Timarron sellers, I would wait...

23.  Troon Lakes at Pelican Marsh = 7 active, 1 pending, 1 closed.  Troon Lake sellers, I would wait...there is an oversupply here.

24.  Ventura at Pelican Marsh = 4 active, 0 pending, 2 closed

25.  Watercrest at Pelican Marsh = 1 active, 0 pending, 3 closed. Watercrest at Pelican Marsh property owners, NOW IS A GOOD TIME TO LIST.

For more information regarding Pelican Marsh, please contact me direct!