Good Morning Naples Friends,
How Irma will affect Naples real estate is on top of everybody’s minds. I am a fact finder and have a serious disdain for B.S. I have been busy polling past, current and future buyers and sellers. I’ve had conversations with other masters of their trade who work in the Naples/Florida market. I possess experience with Wilma and have spent hours reading. While I believe the following to be true, nobody knows for sure exactly how the Naples real estate market will shake out. Here’s how I see it.
Preliminary observations of the people in the Naples real estate industry fall into 3 categories at this time:
Masters are diligent.
Unsuccessful or nervous.
Idiots are excited.
The most successful people in my industry are busy, thoughtful, solution based. Questions concerning property condition, handling repairs and issues and meeting the needs of both current buyers and sellers take up the lion share of their day.
The unsuccessful are the hand-wringers who don’t know what to do. Many are doing nothing. I’ve seen a few hands up in the air as if surrendering already.
Idiots are running around town touting BS headlines. Taking stupid selfies and making sketchy reports hurt the integrity of our business and our community. If it sounds like BS, get a second opinion…maybe even a 3rd.
The national news is no help. A friend of mine witnessed a major news company position trash off the street behind them the day after Irma to make it look like the condition of 5th Avenue was worse. How many are you familiar with that one mobile home park that flooded. Just wow.
We likely already have photos or are happy to facetime/take photos for you. We’ll share the good, bad and ugly if there is any.
The forecast expected a ton of flooding. While our normal low-lying areas did see some minor flooding, it was not widespread. An overwhelming percentage of our most luxurious locations fared very well.
New construction fared better than old construction. Naples is a newer city compared to cities located on the East coast. Strict hurricane codes, thoughtful builders, developers and end users who built above current code to protect their properties fared very well.
100% of the buyers I’m working with who haven’t purchased yet are going forward with their objective.
We currently have one client under contract who is nervous due to damage to the property.
I reached out to a huge percentage of past clients. Nobody is reconsidering their position in Naples.
Here are a handful of points you can expect.
- Effects On New Construction
- Effects On Older Properties
- How Property Condition Will Be Different
- Inventory Affect
- Will There Be Deals
- Notes on Naples
Effects On New Construction
Love for new construction will increase this year due to hurricane code construction. I won’t be surprised if prices don’t go up due to demand. You will want to act as quickly as possible to get the best deal and selection. Many of our Naples luxury buyers do not want to wait for new construction to be built so everything currently standing and properties with a relatively short completion time will be popular.
Effects On Older Properties
Interest will range depending on current hurricane protection rating and how well a property performed with the past storm. Buyers this year have an overwhelming advantage of seeing what actually occurred, unlike buyers over the past several years. A testament to the durability of a home or condo can be identified.
How Property Condition Will Be Different
Inspections will be more important this year. Sellers should expect there to be more weight on inspections. They will likely be asked to fix items not in working condition and mediate for mold if it appears. Buyers will want more protection in a contract. Make sure you’re working with an agent on my team so we can provide it to you. Let’s discuss your options so we can best protect your entire purchase objective.
Expect there to be less inventory at least in the short term due to repairs. Some homes and condos will be undergoing repair work but much more will be making improvements to landscaping and aesthetic value. Many sellers do not like to market properties unless it’s in near perfect condition. I fully expect some sellers to hold off on listing or even take their properties off the market during this time. That could pose a problem to buyers choices and depending on availability cause prices to increase in some cases.
There Will Be Some Deals
Yes, but I believe buyers who think there will be a large selection of discounted properties are going to be sorely disappointed. If you’re deal shopping you will need to be diligent, patient and act fast when it hits. Buyers of this nature will likely have competition. Don’t be surprised if you end up competing. Negotiating low on properties that did not sustain a great deal of damage and great properties in excellent locations is likely going to lead to disappointment.
We Will Have More Pre-Season Activity
Finding any kind of updates on how Naples looks and how good/bad we performed through the storm has proven difficult to determine from afar. I’ve already read countless of newspaper articles claiming doom and gloom. Bleak reports on devastation are running rampant as well. After polling my past, current and future clients, many are either already here or are planning a trip in October. I think we are going to be remarkably busy earlier and will definitely see some serious pre-season activity this year regardless of whether our northern friends experience a quick entrance towards Winter.
Many are concerned about their favorite aspects of Naples.
When I drove into town Friday after the storm the damage was evident. I love this town. Naples is more to me than a career location. It’s my home. I spend much of my time having that admiration reinforced by the people who come down to purchase. It’s fun, to say the least. It was heartbreaking to see it in such disarray. Many of our shopping/dining/beach clubs etc. are already open again. The people who endured this storm, our first responders and those who are helping make Naples fabulous again should be commended.
The strides that have taken place over the course of a week are unbelievable. The attitude about restoring our town to greatness is widespread and diligent. Streets I frequent are cleared, full utilities have been restored to much of Collier County and they are beginning landscape removal today.
Those who love her best will see the scars Irma left behind for awhile. I will not be surprised to hear people who don’t know her well to marvel at how well she looks in January. Landscaping once again was the biggest loser but we did have property damage. Naples tends to attract loyal advocates. I expect them to stand with Naples. For those who shy away, well, that’s just her way of embracing those who love her most.
Shannon Lefevre, PA
Your Naples Smart Girl!