Bay Colony Market Report 1.16.19

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Good Morning Bay Colony Friends!

Today I’m going to share the Estates at Bay Colony market and go over where we are in 2019 compared to where we were in 2018. Let’s get started.

In This Post

Bay Colony Market Report Snapshot

  • Active = 45 up from 23
  • Pending = 7 up from 5
  • Sold = 45 up from 41
  • Continuous Days On Market Active = 207
  • Continuous Days On Market Sold = 219
  • Average Discount Past Year = 6%
  • Average List/foot: $1,100 down from $1,245
  • Average Pending/foot = $1,083 down from $1,233
  • Average Closed/foot =$940 down from $991

Bay Colony Comparison from September 2018 to 2019

  • Bay Colony Inventory is up 95%. No surprise there. Many people wait until October and even January to list in Bay Colony.
  • There are 4 more sales for the last 365 days compared to September’s results. That’s fair! The year before we were battling a clean up from a little storm.
  • Average pricing is down. Welcome news for buyers who have been waiting for this to happen!

Bay Colony Trends

I’m seeing some new trends and new behaviors in Bay Colony this year compared to last. These trends are going to make a difference in the market. Here’s how:

Buyers Are Hovering

Buyers tend to hover when they feel prices are out of wack but they’re still interested in a location. Depending on the year and the market, they may hover for years. There may be a few who will grow weary and decide to bite the bullet especially if the weather gets brutal in our northern locations and the economy is doing well. Others gear up for after season discounting and some do quite well during these types of locations. In tough years when the economy is rocky and the weather is fair, buyers will snub their noses and will simply wait a year or two or three to pull the trigger.

Tear Downs Will Be a Real Thing

Last years remodels are this year’s teardowns, especially in Bay Colony Shores. I’ve seen evidence of both speculative buyer/investor traffic and end-users who are looking at tearing down compared to last year who were primarily interested in remodeling. We’ve already seen homes being knocked down with plans in permitting but we’re going to see even more.

This is going to shake up both Bay Colony Shores and Strand at Bay Colony as neighboring residents are going to have to endure construction noise and congestion. It will also shake up pricing across the board as the best valued lower ended product will sell easier and faster. Later down the road there will be newly built product to choose from which will aesthetically greatly age original homes causing a drop in value with those as well. Here We Go!

Let The Price Wars Begin

Bay Colony is known for a stiff upper lip sometimes to its determent. Sometimes it takes owners in Bay Colony a little more time to come to the realization that property values are decreasing but typically once the most motivated sellers make the adjustment and sell, the new market is found and others will casually follow suit or sit for a long, long time. Sometimes owners punt off the market and wait for the next trend.

When an entire neighborhood or building is overpriced, Bay Colony doesn’t always react as quickly as other luxury neighborhoods around Naples. That causes an activity problem. You’ll see primarily Bay Colony agents venture out of the gates of Bay Colony and stir up buying and selling opportunities because nothing’s going on. That’s been happening for the last couple of years.

This year, however, I’m seeing more reductions. That is going to spur buying traffic and may ruin some buyer’s chances for the end of season discounting.

If you have your eye on a specific property it’s worth it to find out what is really going on. I think a few buyers out there are a little overconfident and will end up losing out on terrific deals.

Bay Colony Neighborhood Inventory Levels

Bay Colony Shores Bay Colony Shores

• 4 Active
• 1 Pending
• 3 Closed during the past year.
Buyers are way more bullish on Bay Colony Shores this year. Expect more teardown activity going forward!
Sign up for new listings and market reports here!

Biltmore at Bay Colony Biltmore at Bay Colony floor plans

• 3 Active
• 0 Pending
• 2 Sold during the past year.
Biltmore inventories are stable but market times are higher. Sellers were smart to reduce a little over the past year to attract buyers. Call me today for my 20 point marketing strategy!
Click here for new listing and market reports!

Brighton at Bay ColonyBrighton at Bay Colony

• 4 Active
• 1 Pending
• 2 Sold during the past year.
Wow! there are some really pretty options available right now.
I see sellers are starting to adjust prices down in response to new listings entering the market at lower pricing. It will be interesting to see how buyers respond this year.
Sign up for new listings and market reports here!

CarlysleCarlysle at Bay Colony

• 1 Active
• 0 Pending
• 2 Sold
Carlysle has an undersupply of inventory! If you’re thinking about selling, call us today to see our huge assortment of tools we use to drive buyers to your property!

Buyers: If you don’t see anything you like here, check out Brighton or Biltmore. If you don’t like those buildings as well, sign up for new listings and market reports here!

Sellers: Carlysle is performing better than some of her sister buildings. Now is a great time to sell. Call me for details!

Contessa Contessa at Bay Colony

• 2 Active
• 0 Pending
• 5 Sold during the past year.

Contessa has been doing amazing

Buyers: There’s a GORGEOUS unit worth taking a peek. Find out how you can avoid competitions with other buyers once the reductions hit!

Sellers: Ask me about my amazing online tools to attract buyers helping you get the most out of your sale.

Estates at Bay ColonyEstates at Bay Colony
  • 6 Active
  • 0 Pending
  • 3 Sold

Estates at Bay Colony is having the same trouble every neighborhood is that was largely constructed in the ’90’s. Properties are too costly to remodel and tear down which is either going to force pricing down further or require sellers to make the required upgrades to attract buyers. There are countless enclaves, buildings and neighborhoods around town suffering this type of problem.

Sellers: If you want to know how to best combat the resale issue happening here, call me today.

Buyers: Watch out for deals. They’ll be coming! Sign up for new listing and price reduction alerts to get first notification on important changes!

Mansion La PalmaMansion La Palma
  • 1 Active
  • 0 Pending
  • 0 Sold

With only one on the market there’s hardly anything to talk about here.

Buyers: If you would like to know more about the current listing, call me directly.

Sellers: If you’re thinking about selling, find out how I can crush your competition.

MarquesaMarquesa at Bay Colony
  • 1 Active
  • 5 Sold

Marquesa has had a tremendous year!

Buyers: Despite the fantastic activity, there’s still one left priced reasonably. It’s worth taking a peek!

Sellers: If you want to reap the highest price for your unit, call me for tips, tricks and a full action plan on how to do it.

Remington

• 0 Active
• 3 Pending
• 2 Sold during the past year.

Once the master of the universe and then the stepchild of the beach, Remington has seen it’s fair share of highs and lows. Now with nothing available, it will be curious to see if any of those most recent sales were speculative remodeling opportunities. One can hope!

Buyers: Sign up for my Remington at Bay Colony alert to get first shot on anything hitting the market.

Sellers: If you want to capture the highest amount possible, find out how my marketing strategy differs from EVERY AGENT marketing Bay Colony.

SalernoSalerno at Bay Colony
  • 3 Active
  • 0 Pending
  • 4 Sold

Salerno has been busy but still has some great offerings here at some good prices.

Buyers: There’s a VERY SPECIAL opportunity in here if you’re looking to remodel and end up with something amazing.

Sellers: Is it better to go on the market now or wait? Call me to find out.

StrandStrand at Bay Colony

OVERSUPPLIED
• 4 Active
• 0 Pending
• 0 Sold during the past year.
Rumors of one property in Strand at Bay Colony going under contract came up last week while I was making appointments to show. This is not verifiable in MLS but once word gets out, I wouldn’t be surprised if more homes in Strand garner selling attention.

Buyers: NOW IS THE TIME! Once that pending listing hits MLS, it will spur more buying traffic and help seller confidence.

Sellers: Looking for a 2019 sale? Call me to find out how to avoid lengthy market times.

ToscanaToscana at Bay Colony

UNDERSUPPLIED
• 3 Active
• 1 Pending
• 6 Sold during the past year.
Toscana has had a GREAT year but maybe not as great as some of the current owners are thinking. That could stall traffic and increase hovering which means saavy buyers are going to reap great rewards.

Buyers: There’s still one great deal to check out. Otherwise, sign up for my Salerno listing alerts to be first to see price reductions and new listing alerts.

Sellers: Find out how to capture the entire Bay Colony prospect base to capture the best traffic to your listing by calling me first.

TriesteTrieste at Bay Colony

UNDERSUPPLIED
• 5 Active
• 2 Pending
• 6 Sold during the past year.

Trieste has seen some really great sales over the past year and is still an active building. Trieste has a tendency to oversupply during shrinking markets but no evidence of that is in immediate site.

Buyers: I see why you’re hovering. Sign up for new listing and reduced-price alerts here!

Sellers: Serious marketing mistakes are being made. Find out how to avoid the higher than average market time Trieste residents are experiencing without throwing money off your lanai to get your deal done!

Villa La Palma Villa La Palma at Bay Colony

• 1 Active
• 0 Pending
• 1 Sold during the past year.

Buyers: You might consider checking out Vizcaya or signing up for new listing and price reduction alerts.

Sellers: This is a 90’s neighborhood. Call me to find out what that means for you.

Vizcaya Vizcaya at Bay Colony

• 4 Active
• 1 Pending
• 3 Sold during the past year.

Vizcaya is a ’90’s neighborhood. Stay tuned for a full post on what’s going on in areas like this.

Buyers: Check out my next post coming soon or call me directly on how to capitalize.

Sellers: You want to get ahead of this curve. Call me.

Windsor

• 3 Active
• 0 Pending
• 2 Sold during the past year.

Oh hey! Windsor passed their remodeling vote last month which means they are going to get a swanky new look within the next 2 or 3 years! That’s why we’ve seen some much-needed reductions in the building.

Buyers: If you want to save a couple of bucks and don’t mind a construction site, it might be worth your time to check out what’s for sale here.

Sellers: Is it better to list now or later? Call me.

That concludes my Bay Colony market update. If you have questions, give me a jingle. If you want to see Bay Colony properties, get on my calendar!

PS~ You can access all of the Bay Colony alert links by going to the page of the community you want to follow and scrolling down to the sign-up button right before the listings. If you want to sign up for Bay Colony updates, you can just hit the main Bay Colony page and do the same.

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

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