Pelican Marsh Real Estate Update
Welcome to my Pelican Marsh real estate update.
Since summer is typically an active time in Pelican Marsh, now is a perfect time to give you all the details to help you buy and sell here!
What you’ll find in this Pelican Marsh Update:
- Inventory Levels
- Market Trends
- Buyer Behavior
- Seller Behavior
- Things You Can Do To Sell Fast And For More Money
- Pelican Marsh Neighborhood Insight
Pelican Marsh Inventory Levels:
- 76 Active
- 16 Pending
- 96 Closed (past year)
We’re approaching 10 months of inventory in Pelican Marsh which means we’re a little short (12 months of inventory is considered stable in Naples, Florida). Here’s the kicker, sales are down nearly 50% compared to the year before. HOLY SHORTS!!! Why the drop in activity? New construction is dragging everything down that competes with it. I’m seeing this in lots of locations around town. What does this mean for the ambitious self-thinking buyer? You’re going to get a deal.
Market time is creeping up with a 49% increase. Average active DOM is now 151 days. The good news though is if it’s priced well, it’s only taking about 72 days to sell!!! While we’re on the subject let’s talk about market time and pricing. If you have been following the Naples market, you know we’ve been price dropping like crazy over the past couple of years. Guess what, it’s working.
Some people are deathly afraid of high market times. Where they come from, high market time is a kiss of death. Not here. Some people make a career of listing their property and then one day they wake up and decide today’s the day to be serious about selling. There are several reasons why high market time anxiety can be resolved. If you don’t know what they are or you want to avoid it, call me.
When Sellers wake up from a nasty long market time hangover they usually attack in the form of a heavy
price reduction. 5%, 10%, 15% 20%…I’ve seen it and it works. Other times it comes in the form of re-entry into the market at a lower price. Take that badass home in Estates at Bay Colony that went on the market this season at less than half the original asking price. It sold in 11 days.
Some sellers are still in the practice of listing during the season and taking their places off after season only to re-list next year. Don’t do this if you can at all help it. That just causes a glut of inventory during peak marketing times and prevents good buyers from being able to see what is really available when they’re here during the summer with a true intention to buy. Quality buyers come in town during the summer, not just bottom feeders. In fact, many agents believe the quality of the buyer goes WAY up in the summer while the number of people looking goes down. Tripple bonus!
True Story: An Enclave at Park Shore penthouse sold last year for $5,000,000. That property was on the market for 14 years starting at $5,850,000, increasing to $8,500,000 during the property boom and then finally getting serious in September of 2016. It took less than 3 months for it to sell after a million dollar price reduction…funny thing is I wrote two offers sometime around 2012 for 6 the owner didn’t take.
What is one word 95% of my buyer and seller prospect base doesn’t want to hear or say?
REMODEL
Seriously, our forefathers made a colossal mistake by not making that word a four-letter word. It carries all the same negative connotations after all but…you can really come out way ahead ESPECIALLY if you have a bigger pocketbook. Pelican Marsh like many other locations around town are doing really well on the lower end of the market…and they’re doing way better than last year on the upper side. For those who really want to sell, prices are coming down creating enormous savings for those who are brave to venture into the remodeling world.
Pelican Marsh was developed in the ’90s and while Pelican Marsh properties aren’t as old as those in Pelican Bay, many buyers are thumbing their noses up at the condition of many of the properties on the market here. Hey, it may be time to remodel…we don’t have to tear down just yet…although some have started already and that is what is likely next on the horizon.
What’s great about Pelican Marsh though is many of these floor plans are still very appealing. Think high ceilings opposed to some of those in Pelican Bay…you can’t feasibly raise ceilings with a remodel and that’s why we’re seeing some of those Pelican Bay homes coming down and big new shiny homes going up and new construction success continues.
Many Pelican Marsh homes were originally built with ensuite bedrooms. This is almost a full requirement at this point right? One problem which mostly can’t be resolved with a remodel is that old formal dining room we see a ton of in Pelican Marsh. People are really digging the great room or open concept and that’s why Pelican Marsh properties are losing eyeballs to new homes in places like Quail West and Talis Park….sigh.
People are really having a hard time with those cabinets with the high under lighted kick plates, ugly kitchen and bathroom cabinets and tired old carpet and old wallpaper smell. Not to be harsh but one man’s mess is another man’s mess or at least that’s how it’s perceived to many buyers. Buyers walk through a dated property and count how many calls it’s going to take to make the property “right” again. The more calls they have to make, the more concessions they want or in many cases the faster the decision is made to look elsewhere.
What Is A Pelican Marsh Seller To Do?
If you want to avoid big discounts and/or lengthy market times here’s what you can do: Of course, check your price and directly relate it to the condition of your property because that is a big deal or in many cases the difference between a deal and no deal.
Sellers often miss inexpensive, fast and easy things they can do to help their selling success. Take a peek at your tile grout. What color is it? What color was it? Get that back to the original color especially if it’s black now when it was once white. If it was once dark gray and is still dark gray…it might be worth checking out what you can do to get that lighter. This makes a HUGE difference in photos because your floor may look way older than they actually are. Of course, I’m not suggesting you get down on your hands and knees and do it yourself so if you need a guy, call me or you can always check out what your neighbors are saying about all sorts of vendors on NextDoor.
Are your curtains and bedspreads 15-20 years old? Bedspreads take up about 85% of a bedroom photo. If 
there are 4 bedrooms with 4 old and ugly bedspreads that makes 4 photos in a listing that look bad. You don’t have to spend a fortune here but it can greatly improve the perceived condition of your home by simply changing out the soft stuff. I know many of you spent HUGE money when you had those things custom made a long time ago. They served you well…(“served” aka past tense). It can be the one improvement that changes somebody from clicking off your property and on to one of your competitors.
Do you know how to look at your home and know how that will transfer on film? I do. One of the biggest things we luxury agents are coping with right now is how to get the best character on film. Not every great property photographs well. Ask me how I can get the best photos on your place because today, those photos make every difference between showing appointments and sitting silently by ourselves at an open house.
Pelican Marsh Successful Listing Hack
One of the best things you can do before you list your property is to ask the agent you’re about to hire to see the photos of something else they’ve listed in the past or even better, go check out online and see how they’re currently marketing properties. If their photos look like hell, you’re going to have a tough time selling. If you’d like to see mine, you can check out my latest listing I sold in record time for a record price.
Is your Pelican Marsh home vacant?
High five for moving out already but you are missing huge right now if you are not staging your property. Yes, it will cost you a few bucks but so is paying an extra year of dues, maintenance fees, insurance and taxes and with a 200+day average CDOM, those dollars add up. Here are 2 photos of the same property staged and vacant. Which one would you consider? I got the owners full price with 81 days of market time.
Look at these statistics brought to you by my favorite stager:
- Staged homes take half as long to sell as homes that are not staged.
- On average, staged homes sell for 6.9% more than homes not staged.
- The average buyer spends 6-9 minutes in a vacant property.
- The average buyer spends 40 minutes in a staged property.
Those statistics are staggering. She has a HUGE list of properties showing proven results. She NEVER lets me down so if you need her number, call me. A fatal mistake you can make is moving your old furniture from up North into your home down here so you can offer your Pelican Marsh home furnished. I know somebody who did that and guess what? The home didn’t sell again. Give that stuff to the kids or consign it. Buyers today don’t want your 30-year-old furniture even if it was an antique.
TRUE STORY: I was recently referred to a Seller in Pelican Marsh who had been on the market for more than 600 days. Unfortunately, his home has not aged well. They spent an enormous amount of money personalizing their property with a decor that will appeal to less than 5% of the current prospect base. Couple that with an unrealistic price and that makes 2 perfect ingredients for disaster. I suggested he stage the property. He chose to go with an agent who told him his home looked great. Time always tells who was telling the truth and while honesty may be the best policy, some people can’t handle it. It’s a bummer when everybody loses.
Can you over improve your Pelican Marsh home?
You sure can. I had an opportunity to meet with a lovely couple this year who have a condo in Pelican Marsh. It was really beautiful. Unfortunately, they made several expensive choices and way overspent. We determined they weren’t going to be able to get all of their money out of their property. If you are wondering where and how you can save money on an effective remodel, one where you can spend a few bucks and get even more out of your sale, call me. I have lots of ways you can accomplish that objective but what you don’t want to do is spend a fortune only to find out you are the only one willing to pay that much for your property.
Not All Updates are Updates.
While buyers will find peace of mind when you tell them you replaced your air conditioner last February, don’t expect $12,000 in added value. Buyers expect you to have a working air conditioner. They are also expecting you to fix broken things on an inspection report too. Back to improvements for a moment…One thing I’m seeing over and over in this market is properties where countertops have been replaced over old cabinets. I wish I had a nickel for everytime a buyer asks me why the Seller didn’t just do the cabinets when the tops were off because now they’re going to have to remove those brand new tops to do what they didn’t. They know the tops could get ruined during the removal so many buyers assume they’re going to have to replace everything and will have no perceived value in that improvement. Please don’t do this. If your cabinets are in great condition, at least consider painting them and changing the hardware out like my client is doing right now. Buyers will appreciate it and you have a WAY better chance of selling it at a better price.
If you’re thinking about selling your Pelican Marsh home, ask me for my 21 page Seller’s report and see precisely how I surpass my competition’s results.
[gravityform id=”2″ title=”true” description=”true”]How Can Buyers Accomplish An Awesome Deal?
The buyers I worked with this year SCORED BIG TIME this year. Here are a few things you can do to get that deal you want.
The number one thing you can do is see property even if you think it’s listed for a little more than you want to pay.
TRUE STORY: Buyer bought a Pelican Bay condo this year but they started looking 2 years ago. By the time they purchased they knew the market they were searching better than most veteran agents. They saw everything that fit their objective. They scored big because they made their presence known, I kept in touch with listing agents to get updates and do some preliminary negotiations and then we waited. When it came time to negotiate we could do it better because in some cases we had more detailed information about the comps that had already closed than the listing agent who wasn’t as familiar with those properties. It’s hard to argue facts. In this scenario, they saved over $100,000. Waiting isn’t the answer in every scenario especially when a property is priced right or has incredible unique features so you have to know when to hold ’em and know when to run. I can help you.
TRUE STORY: I showed a buyer two really amazing properties this year. Afterward, I mentioned, not everything is moving but these two will be gone in 48 hours…a message I hadn’t delivered in quite some time. Both buyers kinda gave me the yeah ok eye roll. 2 days later she called to talk about negotiating on one of the properties. I made the call, it was gone. Called her back, gave her the news and she said, no big deal we’ll just go after the other one. I made the call, it was gone too. If you’re thinking about buying in Pelican Marsh or any other property in Naples, call me. I have a really good pulse on the market and I can offer you some really sound advice whether you take it or not.
Many sellers won’t reduce but they will entertain lower offers. That happened on a deal I did in Collier’s Reserve this year. We had been seriously debating on whether or not it was time for a price reduction. We had a buyer on the hook but we did not have them in the boat. We had two choices…the first was to do a reduction. We chose plan B and crushed our deal by getting the seller the 4th highest priced per foot sale in the history of the neighborhood. Contact me to find out how I did it.
Many really good selling agents will keep in contact with buyer’s agents who have buyers with a fair amount of interest. I can’t tell you how many conversations I had this year where seller’s agents called to alert me about changes I could pass along to my clients. This is how you get deals done in a market like this. If you’re not looking or not making your presence known, you are missing these vital updates that are likely going to get you a great deal.
Too busy to come down this summer? No problem, we can do Facetime tours or send informational videos so you know exactly what you’re buying. Some sellers are in the mood to be very accommodating right now, that all changes in the Fall. You have until September to reap the biggest discounts. Give me a shout if you’re thinking about buying!
Pelican Marsh real estate update by neighborhood:
- 2 Active
- 2 Sold
There’s one year of inventory here but prices are slightly higher than what has closed during the past year.
- 6 Active
- 3 Pending
- 11 Sales
Arielle is performing really well when it comes to Pelican Marsh condos this year and even with all the success, value remains really good for a buyer. Market time has actually dropped a little here but that’s not stopping sellers from saying, “bring me an offer”. There are definitely opportunities for buyers here. Don’t let the garbage listing photos fool you. Apparently, some agents don’t think it’s a good idea to turn the lights on before taking photos with their flip phone.
- 3 Sales
Wow! Augusta is completely sold out right now. If you’re thinking about selling, call me.
- 1 Active
- 2 Sold
There’s a home on the market here on a really great lot with 3 price improvements since original list. It might be worth a checkout.
- 9 Active
- 1 Pending (I sold this)
- 11 Sold
Clermont has been really active this year but it looks like it’s starting to slow at a pretty quick rate with average market times increasing 44% compared to what sold during the past year. There was a special assessment due in March that should’ve been paid by now. Call me to see how you can avoid that cost.
- 4 Active
- 6 Pending
- 9 Sold
Egrets Walk is having a great year and even though there are soon to be 15 sales there is still a deal here! Check it out!
- 5 Active
- 2 Sold
Estates at Bay Colony broke their no sales drought this year. Was it the completion of the Bay Colony beach club or maybe the amazing new renovation completed at the Bay Colony Golf Club? I’m sure that helped but at the end of the day, some Sellers got realistic with their list prices. This market would do really well if somebody would renovate some properties here. Not sure current market prices would allow an investor to do it so you’re likely going to have to be an end user who likes to get their hands dirty. If you’re that person, call me. I have my eye on the best opportunity here.
- 1 Active
- 3 Sold
Gables saw a good season but it’s not quite time to list your home for prices that don’t make sense. Call me today to get a good report on what your home is really worth today.
- 3 Active
- 4 Sold
A new one just hit the market here so if you like this location, it might be worth a checkout.
- 2 Active
Hmm…Island Cove isn’t performing as well as some of the other communities in Pelican Marsh right now. Considering they’re getting a much needed exterior paint upgrade this summer, that may offer some new interest but this is just an example of it’s time to do some remodeling or some price reduction. Price increases aren’t helping owners. Avoid that at all costs.
- 1 Active
- 2 Sold
I’ve seen just about all of the dark fuzzy photos I can take for one day. Gaaa!
- 2 Active
- 1 Pending
- 2 Sold
Mmm…there might be somebody ready to deal here! It’s worth a checkout.
- 1 Active
- 1 Sold
Another example of how price increases aren’t a good idea.
- 4 Active
- 2 Sold
There’s a pretty one listed in here priced reasonably you might want to take a peek.
- 4 Sold
Wow! We need listings here. Call me.
- 3 Active
- 6 Sold
Ahhh there’s a great example in here about how good photos and good staging can make a place pop! After a few price reductions, this one is worth considering!
- 1 Active
- 5 Sold
Wow! Look at the success here! We need listings!
- 2 Active
- 2 Pending
- 8 Sold
Ravenna has had amazing success this year yet there is a deal here! Check it out.
- 4 Active
- 2 Pending
- 4 Sold
Ohhh there is a good one here too!
- 1 Active
- 2 Sold
We need listings here!
- 5 Active
- 3 Sold
It is time to paint! The orange and gold tones of 2004 and 2005 are probably the least desirable right now. Just ask the homeowners in Mediterra who have been painting like crazy to remove those old world hues. Painting is one of the least expensive things you can do to change the look and seal that deal.
- 4 Active
- 1 Pending
- 4 Sold
It doesn’t take long to see who wants to sell and who’s a little crazy with their pricing. There’s a good deal here if you’re interested in Pelican Marsh villas.
- 6 Active
- 2 Sold
Troon Lakes has a good deal in here too!
- 6 Active
- 1 Sold
Ventura has an awesome deal here!
- 1 Active
- 1 Sold
Not much to see here.
Ok, that concludes my Pelican Marsh real estate update. I hope you found it useful. Here are a couple of other worthy notes:
I just updated all of the sales in the Naples developments I follow the closest. You can find them on the main page of each development. If you want more specific information, contact me today.
I’m adding new floor plans around town nearly every day. If you need one before I get to it, just contact me directly.
I suspect we’re going to have a busier 4th of July this year judging from the type of website traffic I’m seeing. Longer time spent on the site and more page views are just a couple of indications. If you’re coming, get on my schedule early.
For more Pelican Marsh real estate updates, sign up for my newsletter or check in often!
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!
239-595-6223