Naples Florida Real Estate: September 2010

There are 1,065 Naples homes and condos under contract with contingencies.  Unfortunately, a majority of these properties (99.9%) will continue to show active on most Naples real estate websites who offer IDX capability like mine does.  The problem is, they're not really available because somebody else already has a contract on them and they get first shot until the contract expires or (sometimes) until they get kicked out.

Of the 1,065 contracts, 796 of those are "potential short sales" that's almost 75%.  The problem here is that many of these properties, while under contract, have not gone through the appropriate short sale process and will in fact not sell this time around or could take months and in some cases well over a year to get done. 

Yes, banks still drag their feet or simply never respond on some of these deals.  They are not required to report the loss on the difference of the loan until they close which means millions of dollars worth of property get caught in the web of "nothing is going to happen". 

Many agents and title companies are becoming educated on the processes which is better news because for quite awhile it was just one big mystery on how to get these properties sold. Another factor to consider is according to an article I read a month or so ago, many banks are selling delinquent loans faster causing new investors to foreclose quicker which should also shrink the amount of short sales we're seeing today. 

The point remains that if you're looking for a deal...a short sale may be the way to go but I wouldn't exhaust checking out what kind of deal you can make with an individual first.  You could cut a great deal without dealing with all that red tape and waiting so long to find out if you're going to be able to purchase at all.  While many of my buyers tell me they have "all the time in the world" right now.  For those of you who are like that, you might consider checking out these links to the short sales that may be available in the following areas:

• Aqualane Shores Short Sales
  
• Audubon Short Sales
• Bay Colony Short Sales
• Coquina Sands Short Sales
• The Dunes Short Sales
• Grey Oaks Short Sales
• Gulf Shore Boulevard Short Sales
• Lely Golf Resort Short Sales
• Mediterra Short Sales
• Moorings Short Sales
• Old Naples Short Sales
• Park Shore Short Sales
• Pelican Bay Short Sales
• Pelican Marsh Short Sales
• Royal Harbor Short Sales
• Tiburon Short Sales
• Vanderbilt Beach Short Sales
• Windstar Short Sales

I think we'll see a little more sense of urgency with our seasonal buyers who are starting to get chilly up north and who ultimately would like to use their property this upcoming season.

Besides, there are some excellent deals out there right now!  Check out my "Rental Requests Are Down..." blog post for some ideas where you can find them. 

By the way...I noticed rental requests have picked up just a little during the last week...the cooler weather is on it's way for sure.

For more information regarding Naples real estate, contact me direct!

While doing some research for a client, I was reminded about a community I hadn't thought much of in years.  I was first introduced to Naples Club Estates quite some time ago when it was named something else.  It's a quiet little 28 lot subdivision located a little further east than most of my clientele prefer (off 951 or Collier Blvd.). 

The trick factor about Naples Club Estates is that the development sits on 155 acres.  For those of you who don't know Naples, dirt is a little difficult to come by.  There aren't that many Naples locations that offer a larger lot. In fact, I can count them on one blog post:

• Port Royal (Most Luxurious Location)
• Pine Ridge (Some Equestrian Lots close to the beach)
• Livingston Woods (Small acreage lots in the middle of Naples)
• Quail West (Estate sized lots just east of 75)
• Quail Creek (further east off Immokalee than Quail West)
  
• Logan Woods (Just east of 75 was once part of Golden Gate Estates)
• Oakes Estates (East of 75 was once part of Golden Gate Estates)
  
• Golden Gate Estates (most eastern sprawling subdivision, few restrictions)There are some other areas that have a handful or so of larger sized lots but in a nutshell, that's about all there is of oversized (1 acre+) lot locations in Naples.

So here's the deal.  When the development originally started...(if memory serves) they tried to package it as "sort of" a golf course community...which was silly.  There is no golf course in this community.  While Naples National Golf Club is located just to the north of this location, it isn't part of Naples Club Estates and property owners here don't have power over the golf club. Naples Club Estate owners who purchase on the north side of Club Estates Drive will have a fabulous view of the Naples National golf course (while it is in existence) but they don't get a guarantee that it will always be there...then again, who does?

So here's my point.  Pricing in there seems OUTSTANDING to me right now.  You can buy a Club Estates home built in 2008 with 4,302 square feet for only $950,000! That's crazy!  There are also a few Club Estate lots in there priced exceptionally well too.  With pricing like that, it's hard to not consider them.

If you know me, you know I am not typically a betting girl...actually, I am a betting girl but if I'm betting, I'm winning.  So, I'm not sure I would "bet" on Club Estates right now but somebody who can stomach a little more risk than I should seriously consider property in this location.  After all, it does fall into one of my favorite rules of real estate which is, "be where everybody else isn't".

For more information about Naples estate homes or homes with acreage in Naples, give me a shout!

I've noticed I've had a drastic decrease in Naples rental requests so far this year.  This is FABULOUS news because:

•  I don't handle rentals.
• Most people I've talked to who are looking for a rental don't want to buy real estate!
  

Keep in mind it's still considered pre-season for the Naples real estate market so that trend could change, I suppose...sigh.  But I'm crossing my fingers that's a definitive sign that people are planning on purchasing this year instead of renting.  After all, people should consider purchasing this year...pricing is out of this world in many choice Naples communities.  If you were smart and have some money to invest, you might consider doing it in Naples.

Here are 10 reasons why now might be the time to purchase in Naples Florida:

1. There are 3 Pelican Bay condos under $300,000!
2. You can buy a single family home on the beach for under $6,000,000 with Gulf of Mexico access!
3. There are 35 Old Naples condos priced under $300,000
4. There are 5 homes priced under $1,500,000 in Quail West!
5. There's only 1 unit on the beach in Bay Colony left under $2,000,000!
6. There are 4 homes in the Port Royal area on the water for less than $3,000,000!
7. You can buy a Park Shore beachfront condo for less than $400,000
8. There are 9 Pelican Bay homes under $1,000,000 to choose from.
9. You can buy a Pelican Bay high rise unit for less than $350,000.
10. There are 10 units under $300,000 in Moorings on Gulf Shore Blvd. to choose from.

If you know anything about Naples...those are CRAZY prices!
And then of course if you are in fact renting in Naples, here's 139 of the 1,870 Naples rentals currently available. 

Sellers, if you utilize the services of a professional agent to list your Naples home, they'll have really good ideas on how to help you get your Naples property sold.

Agents who rely on gimmicky games to try to sell property, wastes everybody time and money...including yours. 

Pricing properties correctly is one of the most important factors when listing.  While you want to net as much as possible, being realistic about pricing and knowing when and how to adjust your price is critical!

Here's some examples of what doesn't work (yes, this is right out of our MLS):




Here's an example of how somebody is increasing and reducing the price of a 3 million + dollar property by a dollar....come on!



This example is a little better but as you can see, this strategy hasn't landed an acceptable contract either.



This is just for the sheer hysterics...who said you can't go up? 

By the way, SO many people in Naples increase their price when it gets closer to season...sigh.  It takes a very rare scenario to intelligently suggest this because SO many people in Naples find their homes lingering on the market well after season for dismissing the buyer.

For more information on how to sell your Naples property for the most, contact me direct!  I can help you strategically price your property and explain a full plan to help you get your property SOLD.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

During the past 10 days there were a total of 256 new homes and condos listed in Naples Florida during the past 10 days.  Of those listings I can share more about 30 of them here (that's 7 more Naples listings that I can share compared to last report...whoohooo):

Naples Listings

This link will remain live for approximately 3 weeks.

Of the 256 properties, 20 of them are pending already and 2 are closed (who says the good ones don't go fast)?  There were also 5 properties that already went off the market...sigh.

There were only 16 properties in Naples listed over 1 million with the highest one for over 4.5m in Port Royal.  The lowest priced Naples new listing this past 10 days is a 1+den, 1 bath condo for $25,000, built in 1987.  Who can complain about that!

For more information about Naples Real Estate, contact me direct!

There are 1,277 "potential" Naples short sale listings on MLS right now.

That's 17 less than the last report WHOO HOO!  Of the 1,277, I can report about a whopping 203 this week! That's almost double compared to last post time!  Here they are:

Naples Short Sales

As always, this link will remain live for approximately 3 weeks!

Some interesting news I read the other day said something about how we can expect investors to purchase delinquent loans on properties for peanuts and then they will in turn foreclose VERY fast so they can make money on the resale of the properties they acquire through bulk purchasing. 

If this is true, you can expect Naples short sale inventories to shrink and disappear...HIP, HIP HOORAY!  I'll be tracking the Naples short sale inventory until I get bored or until it goes away. 

Remember, unless it says something like "approved" or "bank approved" we really won't know what we have til I work some magic.

Call me so I can assist you with the process.  It will be much more fun and maybe even a little more easier and possibly a little more productive!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

There were over 100 homes and condos in Naples that were open for your viewing and purchasing pleasure today.  You can expect the number of Naples open houses to go up every week between now and the end of season (typically around Easter).

There will be a few weekends between now and then where there will be light Naples open house inventory.  Christmas lands on a Saturday this year so I doubt there will be too many that weekend although there will be some availability.  Other weekends will include Easter weekend and of course Superbowl Sunday... sounds funny but traffic is always dead on that day.

Don't just limit your open house participation on the weekends! We get crazy about open houses in Naples...during high season (January to April) you can expect there to be open houses in some locations every day of the week!  Areas like Port Royal, Coquina Sands, Moorings, Park Shore, Pelican Bay and Vanderbilt Beach will have open houses every day. While you may want to reserve sunny days for golf and beach activities, there will be a few days that are either rainy or chilly (yes my definition of "chilly" is probably very different than yours)  Regardless, those are great days to check out what's available in the new price ranges since the last time you were in Naples.

Then of course, you can always hire me to do the inside work to make sure you're getting the best deal around!

Thursdays are Naples Foreclosure update day!  There are currently 396 Naples Foreclosures.  That's 9 down from last week's Naples foreclosure report.  List prices start at $22,900 (up $10,000 from last week) and increase all the way up to $3,300,000. (High price remains the same)

Of the 396 Naples foreclosures, I can show you 52 of them here:

Naples Foreclosures

This link will remain live for approximately 3 weeks.

Here's some more interesting news about how they'll be handling Florida foreclosures...sound like great news if you're a buyer and/or a Realtor, not so great if you're a seller.

For more information regarding Naples real estate, contact me direct!

If you would like the full list of Naples foreclosures, email me direct! 

This week in Pelican Bay Naples Florida:
3 properties sold:

1. Pebble Creek at Pelican Bay 7671 Pebble Creek Cir #503 $912,500 (98% of list price) Went under contract in 31 days!
2. St. Kitts at Pelican Bay 6585 Nicholas Blvd. #1504 $630,000 (90% of list price) Closed in 20 months but it was originally listed for $959,000.
3. Willow Brook at Pelican Bay 792 Willowbrook Dr. #403 $325,000 (86% of list price) Took 17 months to close but it was originally listed at $650,000 WOW!

11 price changes occurred in:

• Chateaumere Royale at Pelican Bay
• St. Kitts at Pelican Bay
• 2 in St. Pierre at Pelican Bay
• L'Ambiance at Pelican Bay
• Barrington Club at Pelican Bay
• 2 in Montenero at Pelican Bay
• Strand at Bay Colony
• Glencove at Pelican Bay
• Interlachen at Pelican Bay

6 Pelican Bay properties went under contract this week in these Pelican Bay neighborhoods:

• Village at Pelican Bay
• Montenero at Pelican Bay
• Willow Brook at Pelican Bay
• Vizcaya at Bay Colony
• St. Marissa at Pelican Bay
• St. Kitts at Pelican Bay
• Breakwater at Pelican Bay

10 Pelican Bay properties went on the market this week in these Pelican Bay neighborhoods:

• St. Nicole at Pelican Bay
• Claridge at Pelican Bay
• Valencia at Pelican Bay
• Avalon at Pelican Bay
• Vizcaya at Bay Colony
• Chateaumere Royale at Pelican Bay
• St. Laurent at Pelican Bay
• Barrington Club at Pelican Bay
• Montenero at Pelican Bay
• Oakmont at Pelican Bay

For more information about Pelican Bay, contact me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

Few real estate markets embraces open houses like Naples does.  During season, the plethora of emails I receive from agents advertising their open houses and agents looking for open houses to host are out of this world and season is right around the corner!

Because Naples is largely a second, third or fifth home community, alot of people use open houses to get to know our Naples neighborhoods better.  Potential Naples buyers check them out to research pricing, choose a Realtor to buy or sell and even choose a property....sometimes.

The attitude in many other markets is that open houses are a waste of time.  Here, they are a very lucrative business and while some open house hosts sit around in front of the TV, others really know how to work a crowd. 

Naples open house high traffic areas include some Naples golf course communities like Pelican Bay, Pelican Marsh, Mediterra, Audubon, Grey Oaks and now with exciting, new product on the ground, Quail West. The highest open house traffic areas though are those locations lining the beach, Port Royal, Coquina Sands, Moorings, Park Shore, Pelican Bay and even Vanderbilt Beach.

If you're thinking about listing your Naples property and you're in one of the key Naples neighborhoods where open house traffic is ample, you'll want to list with an agent who knows how to hold a successful open house.

If you're in town trying to figure out which location is the best place to park your sandals, maybe you should check out some Naples open houses! Afterall, it's free and while there are many days perfect weather should be spent on a Naples golf course or on one of Naples's pristine beaches there will be some days better spent Naples property shopping!

There are over 80 homes and condos open today in the Naples Florida area.  Check them out here: Naples Open Houses

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!