Hello Naples Friends,
Anybody who follows Naples real estate knows the Naples real estate community is really good about sharing the good news and even better about not sharing the bad. Since Naples does not rest within the global hot seat, we can usually get away with it. After all, we’re not Beverly Hills. Today Port Royal is under the microscope. We’ll take a peek at what’s really going on with the Port Royal real estate market so grab your favorite summertime libation because the entire market report is here and it’s juicy!
If Naples real estate neighborhoods were girls, Port Royal is what most people would consider the most alluring. She’s the one who captures everybody’s attention and makes the music stop upon entering any swanky real estate conversation. Those closest to her are good at keeping her secrets. I, on the other hand, am not on the take so let’s get started.
Port Royal Current Market Statistics
- 45 Active
- 2 Pending
- 39 Sold (past 365 days)
- 13 months of inventory
- Avg. list to sales price ratio 93%
Strong Port Royal Points
- The highest-priced pending property is listed at nearly $30,000,000 and will likely be the largest sale for the past year beating 1100 Spyglass Lane.
- Sales volume is up nearly 8% compared to the year before.
- Average list price to sales price ratio is up nearly 3% compared to last year.
Weak Port Royal Points
- Average sold price per square foot is down 4% compared to last year.
- Average continuous days on market has increased 9% over last year.
- Average active continuous market time is 315 days and rising (up 16% compared to closed sales for the past year)
Port Royal New Construction
Sure, there will be some new offerings this year but the options are going to be substantially less as we wind down the latest curve. Currently, there are nearly 3.5 years of inventory of Port Royal lot available with many of them belonging to builders and investors who think the risk is greater than the reward at this point.
This is great news for those of you who want to get a discount on a lot and terrible news for those of you who are expecting to see several new homes to choose from this next season. If you want new, you better find a seat because this musical chairs game is coming to an end.
What You Need To Know About Port Royal Now
- 4 of the 45 active Port Royal listings are less than 30 days new to the market. You need to sign up for Port Royal listing updates if you haven’t done so already.
- There are only 5 new construction Port Royal homes on the market and if you adore that new home smell, buying sooner will be better.
- There’s only one Port Royal beachfront home on the market right now!
Thinking about Selling Your Port Royal Home?
- There could be as many as 13 Port Royal homes re-entering the market sometime in the 2019-2020 real estate season. This could push inventory levels up to 17 months.
- 17 active Port Royal homes have adjusted their price down to attract a buyer.
- 8 homes have sold for less than 90% of list price this year.
While you may have fallen out of love with the property you own, your agent should still have a wild infatuation for it. After all they’re the ones tasked with presenting it in the best light possible. Judging by some of the marketing I’ve seen, this may not be the case. Here are a few things you can do to ensure you’re getting the best exposure and potentially the highest offer.
Did you know only 6% of the entire Port Royal real estate market is being represented with professional videos and of that 6% only 2 videos are high quality? That’s 4% of the entire Port Royal market! Do you know there are smaller homes in less luxurious neighborhoods throughout Naples being FAR BETTER represented than yours? This is a blatant example of “The Emperor’s New Clothes” Just because nobody is doing it in Port Royal doesn’t mean these aren’t highly effective tools that sell properties. If you don’t believe me, check out this video!
We Get One Paragraph To Describe Your Port Royal Home!
Actually, we can write as many paragraphs as we like but not all of us are descriptive writers. Many agents lean a little too heavily on the photographs since fewer people are reading text anymore but my philosophy is, if I am offered space, I should capitalize on it. There are readers who will read the property descriptions and those descriptions are going to be broadcast globally. I make the best of it but not everybody does. It’s embarrassing to see the amount of text wasted on points that are already described in other places on the listing. This is what I call mindless stuffing. Most agents hate to write that paragraph and it shows in their work. Is it because some of them have been through so many amazing homes the enthusiasm is gone? Perhaps they no longer have the creativity to describe the amazing attributes these homes have to offer.
What I see when I read Port Royal property descriptions:
- a ton of repetitive and overused phrases…”soaring ceilings”…yawn.
- junk text that doesn’t really tell a compelling story.
- lots of steak selling instead of sizzle enticing information.
I don’t care if your property is 60 years old, there’s an interesting story to tell. Stay away from agents who toss out a few lines of uninteresting text. Their heart isn’t in the craft of selling, it’s in the game of collecting a check and it’s very easy to see the difference when you’re reading the descriptions.
A Port Royal Picture Is Worth 10,000 Words.
If your photos are taken in a hurry without extreme attention to detail, they can hurt the sale of your property and hinder capturing the true character of your home. What I saw today includes:
A Terrible Attention To Detail!
- Curtains haphazardly hanging off hooks and caught in house plants.
- Photos of outside lanais with dead plants proudly positioned at the center on dining tables.
- Aerial photos that do nothing to help buyers visualize the appeal of the property.
- Lights off (This is literally real estate 101) The term “natural light” is used in 11% of the active listings right now yet there are TONS of photos where the lights aren’t on!
- Dining room chairs not tucked in neatly.
- Barren lanais that look unkept, uncared for and lifeless.
- Vacant listings (You do know we can do a killer job with virtual staging now…right?) Ask me about it!.
Just because your slip is showing doesn’t mean we need to market those mishaps in photos. Your agent’s photographer has one goal. Get in, shoot, get out. If your agent isn’t effectively managing the shots, you end up with what I just discussed.
Have You Heard Of Video and Matterport Tours?
Have you heard of Matterport? There is literally one guest home being marketed with a Matterport tour. Why have you not latched on to this amazing new technology?
With average continuous days on the market sitting at 307 days and rising, you owe it to yourself to at least have a discussion with an agent who knows how to effectively market a luxury property and care about doing it correctly. Give me a call.
Thinking About Buying A Port Royal Home?
Port Royal is the 12th most visited page of Shannon.com during the past year so if you think nobody is watching, guess again, People are paying high and equal attention to both beachfront and bayfront property pages and traffic to the Port Royal pages on my site are up substantially compared to the year before. Considering there have been 4 new listings that have hit the market within the last 30 days, you could be doing yourself a great service by signing up for Port Royal new listing updates!
When Is The Best Time To Buy A Port Royal Home?
People ask me all the time, “When is the best time to buy?” Here’s what happened last year:
- Properties pending contract between July and September ended up coming to terms on average at 91% off the list price. Compared to all of the sales, those buyers negotiated 1% less off list more than all buyers during the past year. They also negotiated nearly $2.00 less per foot with an average discount of $11,490 discount. That was almost worth writing the paragraph right? Is it worth taking a trip to Naples in the dead of summer? Only you can answer that one.
- Properties pending contract in April of this past season negotiated 2% more off the list price but their average price per foot was 13% less than that of the whole. Just so you know, those who really want to sell pucker at the end of the season and the statistics show it.
- The guy who paid $48,800,000, the most for any property in Port Royal in the entire history got his deal together on April 10th of 2018…clearly, he knew exactly what he was doing! Here’s what that looks like today!
Should I Wait Til April To Buy In Port Royal?
In my personal experience, I have found buyers who get out and look around and keep the dialog going with their agent get the most interesting deals anytime throughout the year. While each situation is different, engagement is usually the best way to keep up with changes a seller might make with their personal goals. You can’t be too eager because you run the risk of agents using your interest to entice other buyers to the table. If you’re too aloof, you could lose a home to another buyer who got there before you did. Timing really can be everything.
You Can Expect Some Squirrelly Negotiations This Year!
18 of the Port Royal homes have reduced their prices down to attract a buyer but a few have actually increased their price. I’ve heard two sellers comment about taking their homes off the market now and re-entering this next season at a higher price. Hold on cowboy, this may not be the year for that strategy. That’s proof owners are all over the road and that could cause some offers and rejections as the level of confidence owners have might be a little over-inflated. The best way to combat this is to pick more than one property and have a multi-pronged attack on acquiring a Port Royal home. Sellers have a little more muscle than they did this time last year but the keyword is little and some will find flexing what they don’t have may result in a miss.
It is a little concerning there have been some massive reductions which haven’t resulted in a sale. Some sellers are getting tired. If you want some brilliant assistance, you should call me.
Ok friends, I hope you got something out of my post about Port Royal. If you’re thinking about doing something, hop on my calendar!
Shannon Lefevre, PA
Your Naples Smart Girl!