Naples Florida Real Estate: January 2011

Villa La Palma at Bay Colony is STABLE. :)

Not much to report about Villa La Palma other than there's currently one unit available and one sold last year.  That's kinda been the story during the last 5 years:

• 2010- 1 sold
• 2009- 2 sold
• 2008- 1 sold
• 2007- 2 sold
• 2006- 1 sold
• 2005- 3 sold

and while a handful of Villa La Palma properties have sold for over $2,000,000, they've been bringing between $1,700,000 and $1,800,000 during the last couple of years. 

If you're a Villa La Palma at Bay Colony property owner and you're considering selling there are 3 things you can to get the best price for your property.  Update your home if needed, stage it properly and price it right.  There are buyers who will pay a premium for a home that doesn't require heavy renovations and for fabulously furnished properties and while that buyer has been a little scarce over the last few years, we are seeing a new showing of that prospect base today.  Considering it's the end of January you may not have time to do a lengthy renovation.  Let's at least get it staged properly so you can have your home look the best!

If you're a buyer looking at Villa La Palma at Bay Colony, you've got one shot unless you would be willing to consider Vizcaya at Bay Colony but that's a different blog post.   Since there are no blogging rights on the current active listing, I can't go into detail here on this post but give me a shout if you'd like to know more or want to see it. 

5 Bay Colony condos have gone under contract so far in 2011 and 2 have already closed.  Traffic is stronger compared to years past.  Please don't sit on the sidelines thinking you are the only one interested in Bay Colony this year. 

For more information about Villa La Palma or any Bay Colony property, contact me direct!

Strand at Bay Colony Naples Florida Update

The Strand at Bay Colony is the most luxurious and exclusive enclave in Bay Colony and is one of Naples most coveted locals.  Today 2 of the 12 Strand at Bay Colony homes are available ranging over 10 to nearly 13 million dollars.   The tail end of Bay Colony Drive looks like something out of a European old world village but few people seldom get the luxury of a drive by since all of these homes sit behind a second gate within Bay Colony.  Some residents with units in buildings like Marquesa at Bay Colony, Salerno at Bay Colony and Toscana at Bay Colony and even Montenero at Pelican Bay can admire the Strand at Bay Colony from afar while Contessa at Bay Colony has a more up close and personal view of the exquisite architecture this haven has to offer. Don't be fooled though...even with the Contessa high rise as a neighbor, the Strand at Bay Colony still offers outstanding privacy to surroundings and pool areas. 

One of the attributes the Strand at Bay Colony has to offer is its location on the Naples beach.  The closest public access point is about a half mile starting at the Ritz Carlton and stopping at the first house in the Strand.  That's quite a stroll on the sand for most people and while you'll see many people walk the beach it's a tough jaunt if you think you're going to take your own beach chair and all the other stuff that makes for a great beach experience all the way down just so you can park it in front of one of these beauties. So while there is no private beach in Bay Colony or in Florida for that matter, it might as well be because it's quiet for the most part. 

Some who aren't familiar with the Strand would think 2 out of 14 homes currently listed might be cause for alarm...nah.  Let's face it, not everyone can stroke a check for 10+ mil and these sellers, I'm guessing, have the ability to wait for a real buyer.  While we're talking about real buyers, be prepared to demonstrate your ability to purchase.  You won't be entering any of these homes without the proper documentation.

For those of you who are skeptical about pricing and can stroke the check, the Strand at Bay Colony is worth taking a peek.  Historical figures show homes at Strand at Bay Colony have brought an average of $1,354 price per square foot overall since inception and values have remained steady.  It must be something about supply, demand and ability to hold.  Let's face it we're not talking about a large area and it's not likely to expand much from here.

For more information about Strand at Bay Colony or any Naples Beachfront real estate, contact me direct and I'll be happy to accommodate you.

Hope you're staying warm where you are and if not, there's a fix for that!

Toscana at Bay Colony Naples Florida Update!

This is going to be a good news bad news good news sandwich. Isn't that great?  So let's start off with something Fabulous! Toscana at Bay Colony has had a whopping 7 sales during the last 2 years.  Unfortunately, only 2 of those occurred last year and there are 4 presently on the market which makes for an oversupply or 2 year inventory.

But don't get too excited! There hasn't been a new listing since last July and typically there's always something that hits the market around this time of year so sellers might be holding off til the inventory goes down...or everybody who was going to do something has either already done it or currently doing so...phew.

The units currently on the market have had fabulous renovations for the most part though and let's face it while there aren't any that are what I would consider tremendous deals right now, there's only one that looks like it needs a face lift. By the time you factor in your time, money to remodel and hassle, sometimes it's better to just pay a little more for something that already looks pretty good to start. 

So what's so great about Toscana at Bay Colony? The SMASHING view of Clam Pass to start with and although she's sandwiched between Marquesa at Bay Colony to the left and Salerno at Bay Colony to the right, she has remarkable privacy and fabulous southern views from every unit due to the brilliant placement of her two sister buildings.  There's also quite a bit of square footage in Toscana at Bay Colony floor plans! You should check them out if you are looking for more space!

She's worth checking out and if you do it now, who knows, you might be able to cut a deal! Call me if you'd like to see Toscana at Bay Colony or if there's any other Bay Colony real estate service I can provide.

Salerno at Bay Colony Naples Florida Update.



Salerno at Bay Colony is one of 4 Bay Colony high rise buildings not located directly on the sand.  While Salerno offers the best Gulf of Mexico views compared to the other 3 high rises, you'll find Salerno also offers interesting Vanderbilt Beach views, and will encompass twinkling lights from the beachfront high rises in Bay Colony at night which is SUPER considering the fact that the Gulf of Mexico goes completely dark at night leaving just a black backdrop for those who just face the Gulf.

Currently there are 6 Salerno at Bay Colony units on the market and once again, only two sales during the past 12 months...the same number of units that sold in 2009.  It's pretty safe to say there are 3 years of inventory in the building currently on the market. 

If you've been following my Bay Colony series of posts, you're starting to see a pretty crazy trend especially if you knew that Bay Colony was really the golden child of all of Naples just a few years ago. 

One of the biggest complaints I get about Bay Colony are the fees and there's no mystery that fees have become a much bigger deal the last couple of years compared to before.  It used to be that people would grimace about the fees, sigh and sign the dotted line but I did notice starting about 2 years ago that people started putting the breaks on purchasing in Bay Colony and the fees were a big part of that decision.  The thing is though, there are people who truly appreciate all of what Bay Colony has to offer...hence the sales that continue to take place.

I do think there are some magnificent deals in Salerno right now and I have noticed there is a HUGE amount of traffic on my website this year from Bay Colony search terms...it might be worth checking Salerno at Bay Colony out now. Let me know if you want to take a peek!

Remington at Bay Colony Naples Florida update.

Ok, so if you've been following my focus on Bay Colony unfortunately, this one is going to sound similar. I can't confirm my hunch but there might be a "who can stay on the market without selling the longest" contest going on in Remington at Bay Colony right now.

This is a VERY unfortunately circumstance for the building because quite frankly, the Remington has SO many fabulous attributes, services and amenities, not to mention her second to none location on one of the most luxurious Naples beaches strategically sandwiched between the Ritz Carlton and the Bay Colony Beach Club...can it get any better? Maybe, if you have double the money we can get you into the Windsor but that's a Naples Florida blog post for a different day.

Currently there are 4 units on the market in Remington with 2 sales during the past 12 months...yes, that's 2 years of inventory but look at the bright side, in 2009 there was only one condo sale and one pool cabana sale so they doubled their action in 2010!

So why would you pick Remington over one of the other Bay Colony Beachfront buildings?  One of the most unique features besides their magnificent floor plans is the gentleman's agreement Remington at Bay Colony has with the Ritz Carlton.  Nearly all of the Ritz Carlton's services are available at Remington so if you want maid service, you can get that...room service? Sure! Not to mention you can take a short stroll over there and utilize any of the amenities there (except the spa) as if you were one of the guests.  Not a bad perk for sure. 

Of course there's a downside to everything.  One being that the units in Remington are a bit pricey. Not everybody can afford a unit in Remington with the lowest priced units starting at nearly 3 million.  But if you can afford that price range and you're looking around Bay Colony, you have to consider all of the other options you get here compared to any other building. To me, it just doesn't make sense to go anywhere else because chances are, if you can afford 3 million and this is your second, third, fourth place to say...get out of the snow...well then don't you want all the perks to go with it? Of course you do so check out what Remington at Bay Colony units are currently for sale and give me a shout and let me know which ones you want to see!

The Marquesa at Bay Colony is the ONLY high-rise in Bay Colony that doesn't have a manned security guard in the lobby which is a SUPER option for those who demand privacy and want to be in control of who they allow in their unit.

Because it is a low-density building (only 15 floors and 39 units) there isn't much that goes on here.  Last year there was only 1 sale, just like the year before and currently there are 4 on the market.  Of course that looks like a 4 year inventory on paper...well...because there is a four year inventory...I suppose.  Average market time here is 230 days...that's not good but it is a good example of how some people will hold forever to get their price. 

So what's wrong with Marquesa....since I know so many of your are asking me that question as you read this post.  There's nothing wrong with Marquesa. Besides being a little further from the beach and not offering all the amenities as say Toscana at Bay Colony or Salerno at Bay Colony, we have some owners who haven't been as fast to respond to lower pricing.  There have been and still are units in both Toscana and Salerno that are either similar in pricing or even priced below those units in Marquesa plus more amenities plus lower fees plus closer to the beach...there's also more bedrooms in many of the floor plans...ok kinda hard to compete based off all that. 

What is nice about the Marquesa is that you don't have a high-rise neighbor directly to the left of you which is a nice privacy perk and your Clam Pass views are fabulous even though you can't see the Gulf all that well.  Of course the higher you go the easier it gets but the Gulf view is never going to be as prevalent from Marquesa as say it will be from one of her sister buildings located right on the sand just a little bit down the road and for a few dollars more....

Check out what's currently available at Marquesa at Bay Colony or call me direct for all of your Bay Colony needs.

The Mansion La Palma Naples Florida update will be a short one because it's a short building...LOL. Actually there isn't much to

report.

There are currently 4 Mansion La Palma condos for sale and only 1 unit has sold in the past 16 months....I guess that makes for quite an oversupply in inventory technically.

Now here's where my blogging/reporting gets a little tricky.  See, I've been working with a FABULOUS couple who may or may not have an interest in Mansion La Palma and to report too much about what they're doing or the research I've been doing for them or what I know specifically about any of the units might put my FABULOUS customers in a funny position to negotiate  because Naples...once you get to know it, is really a teeny, tiny town.

This is a GREAT time to explain that while I try to teach you everything YOU might know about Naples real estate on my Naples Florida real estate blog, I couldn't possibly try to teach you everything I know about Naples real estate.  I have to be sensitive to the deals in the works right now and some of the intelligence I have or every Naples Realtor could read my stuff and then be just as good as me or know how to negotiate my deals and that would be silly business now wouldn't it.  Besides, some people use my site and then go use another Realtor...which makes me SO sad...and poor. I have to be able to reward my loyal customers with as much secret intelligence as possible.  That's not always what they're looking for but they like it when I can provide it. So thanks for understanding or sorry you don't...however you may feel.

I will close by saying Mansion La Palma is a FABULOUS building especially if you are a tennis nut.  The Bay Colony tennis courts are located on the back side of this building and stack 3 and 4 get the best view and sound from the courts.  The best stack if you're not into tennis is stack 1 which enjoys more of a pool and preserve view.  There are ribbon Gulf views starting on the 4th floor and Mansion La Palma is an atrium style building meaning your front door is actually outside and not located in an interior hallway.

Anything else is hush hush until my deal is either done or my fabulous customers have moved on to something else.  If you too are interested in Mansion La Palma, I'm happy to assist you personally.  Give me a call or shoot me an email!

Three cheers for Carlysle at Bay Colony!



Carlysle experienced a FABULOUS 2010!  With only 1 currently on the market and 3 closed this past 12 months, that makes the listing inventory at a 4 month level or UNDER SUPPLY! 

So what happened in Carlysle at Bay Colony that produced such outstanding results compared to her two sister buildings, Biltmore at Bay Colony and Brighton at Bay Colony that paled in comparison as far as closed 2010 sales are concerned? 

First, pricing had a TON to do with it!  With an average of 88% list to sell price ratio and a 99% original list to ending list ratio, it appears only 1 Carlysle at Bay Colony past seller rode the price down through time while the other two Carlysle sellers chose to list pretty close to the price that would cause the unit to sell with just a couple of minor adjustments. 

Now I'm not saying 88% list to sell ratio is a healthy difference....it's still high compared to Pelican Bay as a whole which teeters between 90% and 91% but it's considerably different that the 80% Brighton at Bay Colony experienced last year. 

There's no better way to show value in a community than to prove short market times and low inventory. 2 of the 3 units that sold, sold in less than 6 months which is outstanding for Bay Colony.  One unit took a few contracts, a few back outs and eventually a Carlysle at Bay Colony give away before they experienced a sale...a risk you take when trying to get that last dollar on the table. 

While we're on the subject, let's talk about first offers.  I spoke with one of Naples most successful agents yesterday while shooting video of one of her listings. I explained that while the property she had listed was priced great per square foot...it was a large project and would take a huge amount of money to remodel it and that my buyer's offer would probably reflect this.  She responded by saying,

show me how he came up with his offer, and I'll be happy to present it.  I understand...and you know as well as I do, the first offer is usually the best. 

She explained further her experience when educating sellers of how it works and while many take her advice, many don't and find in retrospect she was accurate in her explanation after losing money by not accepting prior offers. 

For a unit to sell for less than 2 million in a building like Carlysle is such a bonus for the buyer, even if it has to be completely gutted and if I never saw a 1.9 sales price again in this building for a unit with a nice Gulf view, I simply would not be surprised. 

Is this more evidence that the bottom has come and gone in Bay Colony?  Only time will really tell but at least it has in Carlysle at Bay Colony for the time being considering the one left is at almost 3 million. 

To see Carlysle at Bay Colony condos, review Carlysle at Bay Colony sales or review information about Carlysle at Bay Colony, you're welcome to call me direct or visit my Naples Florida real estate website!

Here's your Brighton at Bay Colony Naples Florida update.  While Brighton at Bay Colony is one of my most favorite high rises in Bay Colony, Brighton at Bay Colony has not been performing as well as some of her sister high-rises in the area. 

There is a whopping 8 units or (4 years of inventory) currently on the market with an 80% list price to sales price ratio for the 2 units that did sell last year.  That's not as great as some of her sister buildings performed this past year but then again, Brighton at Bay Colony didn't break any sales records the year before either with just 2 sales in 2009 as well. 

While some of these just hit the market in preparation for the 2011 selling season, some have been on for a LONG time....in fact there are 2 that have been on and off the market for around the 2 year mark...so what's the story?  What could possibly be going on with Brighton at Bay Colony? 

Don't get too excited there is no deep dark secret...at least as far as I know and while there are some sellers who will hold until the end of time...or until they get their price (trust me, I know) there are others who might be interested in dealing.  History often repeats itself and if you try to strike a 20% off deal, first of all, you're well documented.  Second of all, it doesn't cost you anything to give it a shot!

While we're on the topic of market time, I think it's important to clear up some thought process here.  Many people assume that if the market time is really long, there's either something wrong with the unit or the seller will be more interested in dealing.  Actually, I have found the seller is less interested in dealing because they have the ability to hold and have for quite awhile so they're typically not going to give up miraculously when you come along.  Most of the Brighton at Bay Colony units are in good condition so I doubt there's something super creepy about the integrity of the units. Of course you want to have inspections done regardless of what you purchase...but something to take note on is the Naples Florida buyer prospect base is limited when it comes to purchasing a project.  Projects are properties that need to be remodeled and should be listed at a slight discount while properties that have been recently remodeled can be listed at a bit of a premium.

Bay Colony isn't really that old but she IS starting to show her age and I think the buyer prospect base has been behaving differently for that reason. 

• If you're a Brighton at Bay Colony seller, it's important to price your property correctly if in fact you really want to sell.  You WILL stand out for that reason. 
• If you're a Brighton at Bay Colony buyer, let's see what we can do for you.  I have inside intelligence on a couple of units that I can't post here but I can help you determine the best option for you.
  

If you're not familiar with Brighton at Bay Colony it is a unique, fabulous building. We just need to get some action going in there! So, let's see what we can do about some negotiating!