Naples Florida Real Estate: Bay Colony Home Update

Bay Colony Homes (single-family):

13 Bay Colony homes are currently for sale. 

The Strand at Bay Colony is absolutely on fire!  There have been 3 magnificent homes on the market in The Strand at Bay Colony this year and already two of them are pending contract!  That's over 30 million in sales (list prices) so far for that little gem of a neighborhood!  There's only one left so if you've been keeping your eye on The Strand at Bay Colony, you might get on it!

Bay Colony Shores is absolutely not on fire.  This glorious subdivision is at a complete stand still and has been since December, 2007.  With a whopping 12 homes on the market and 15 months without a sale what is one to think?  Bay Colony Shores once considered one of the most gleaming and prestigious neighborhoods of it's type is going through a sort of a mid life crisis.  Most of the homes in this neighborhood were built in the early to mid 90's and are really starting to show their age.  I don't necessarily mean, throw on a coat of paint and maybe re-carpet...I mean rip the pickled wood off the ceiling and take those goofy borders off the wall and replace those really ugly cabinets and since we're going to replace the cabinets...let's do something brave like venture away from the Corian style countertops and go for something a little more bold like granite or stainless steel! 

Most property owners are still asking well over 2 million on the short end of the scope all the way to well past 7 million and although I haven't been in every single home in Bay Colony Shores, I've been in 9 of the 12.  There wasn't anything that really blew my socks off and apparently they're not blowing anyone elses socks off either.  In fact, the whole neighborhood is facing an interesting predicament.  The worst home I've seen is well...a real circus act.  Not to be mean but it's really a full gut job. I won't give away which one it is but let's assume the buyer for the property is going to either be a remodel flipper (we may have about 2 of those left right now) or a buyer who likes a project ( we may have less of those)  Ok so we have 2 viable people we can pitch.  If it isn't priced well...and I mean REALLY WELL...guess what!  Everybody get really comfortable because it ain't going anywhere for awhile.

One of the strangest phenominons I've seen is how shunned expensive and once impressive outdated homes can be.Current buyer's seldom are looking for that kind of project and remodelers or investors want to see a completely crazy ridiculous deal to bite on a project of that magnitude. Since the current market isn't guaranteeing big spenders right now, that prospect base is very small.

What's the option for current sellers who have product like that they can't move?  If you really want your price, take it off the market.  It's just going to sit there and take up space on MLS and time from agents who should be working a little smarter anyway.  If you REALLY want it to go away...then MAKE IT GO AWAY.  Put it at a price that will either transform that buyer who doesn't want to do anything into a full on project manager or raise the dead...I mean wake the senses of those few remaining remodeler/investors who just can't say no to your new price.  But one word of caution.  No crying about what they sell your home for after they do all that hard work.  They're in it to make money and if they can't make money they won't buy the house to start. There's one last option I suppose...you could do the work yourself but here's the thing, consult someone who knows what's working for todays buyer if you're going to go through the drama of remodeling specifically to sell.  It can be very time consuming and expensive and if you update your home with a bunch of selections that you find great but nobody else does, you'll be in the same exact boat you're in right now and since we're talking about remodeling mistakes...no shortcuts.  You're only insulting the intelligence of a buyer and/or a Realtor when you pretend you paid alot more for a remodel than you did.  Many of us have been involved in that kind of work before and we know expenses.  Consulting professionals is always the key if you're not one yourself.

For more information about Bay Colony homes or how to move your Naples Florida real estate, contact me direct!

Best Regards,

Your Naples Smart Girl
Shannon@ShannonLefevre.com
239-595-6223