Naples Florida Real Estate: The Latest Pelican Bay Naples Florida News!

I'm not quite sure what was in the air this time last year regarding the typical prospect for Pelican Bay but it was just plain weird!  I suspect it had a great deal to do with the stock market blues that occurred September 2008 paired with the typical, "I want to buy when Pelican Bay bottoms out" mentality. The mixture of the two occurrences made for an interesting few months for sure. 

We saw a handful of single family homes dip under 1 million again, a super glut of condos that sat without offers and a few low-rise condos sell for under $300,000!  It wasn't too terribly long ago when you couldn't tip toe into Pelican Bay without $500,000 in your pocket and at that price you weren't going to get much...maybe a horribly outdated condo hugging Tamiami Trail...but that was about it.  That's probably why some sellers stuck their nose up at low offers which by what I heard and saw was prevalent.  Some listing agents fumed to the point of near hostility at some of the offers I presented only to gulp hard 6-8 months later when I was back with inquiries on the same properties that still hadn't sold...sigh.  Other sellers took less than they'd hoped to get deals done and some agents worked their tails off to insure closings.  All in all, it was a pretty rough year for Pelican Bay.

Rumor has it there will be more foreclosures and short sales appearing in locations like Pelican Bay this year.  There are 3 Pelican Bay properties being advertised as possible short sales now although only one of them looks like the deal you would hope to find...in fact...it is a REALLY good deal! If you're interested in learning more about it, shoot me an email or give me a call!  There are currently zero foreclosures.

Talking about good deals in Pelican Bay...a single family home closed for $775,000 today! HOLY COW! It had been put on the market for a whopping $1,499,000 just over a 2 years ago and was listed for just under $1,000,000 when they negotiated that price! So, yes Virginia, there is a Santa Clause you can still cut a nice deal in Pelican Bay.

Here's a breakdown of the current Pelican Bay Real Estate Market:

Pelican Bay Homes (Single Family):
31 Active
6 Pending
24 Closed last year 
That's about a 15 month supply...not bad but there is a slight oversupply of inventory!

Pelican Bay Villas
32 Active
6 Pending
34 Closed last year
Villas over all other product still are the hottest ticket in Pelican Bay! This market is STABLE.

Pelican Bay Condos (Low-Rise)
97 Active
9 Pending
78 Closed last year
There's just under a 15 month supply...same oversupply as single family!

Pelican Bay Condos (Mid-Rise)
17 Active
4 Pending
11 Closed last year
Eh...18 month supply :(

Pelican Bay Condos (High-Rise)
175 Active
6 Pending
81 Closed last year

OMG Nearly 26 month supply of inventory...there might be some opportunity here!

Currently there are 352 Pelican Bay listings. That's just over 18 months of inventory.  It's going to be important for Pelican Bay property owners who want to sell this season to play it smart! You'll want to watch pricing closely and you'll want to take a peek around your property.  People aren't snatching up tired for premium pricing anymore and for those of you who were smart enough to remodel or have product in excellent condition, crazy pricing isn't probably going to attract that cash/close tomorrow buyer either.

If I were listing my Pelican Bay home to sell right now, I'd be making sure all systems were in great working condition, everything was in beautiful aesthetic condition, my property was priced at an "oh crap if we don't buy it today somebody else will" level and I'd be hosting open houses every weekend. Now I know some people don't think open houses work but they definitely do in Pelican Bay.

For more information regarding Pelican Bay, visit my website or contact me direct!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!