Good Morning Naples Friends,
EDIT: Check this link out for the most recent Bay Colony market update.
Today’s Bay Colony Market Topics
- Current inventory levels in Bay Colony.
- Bay Colony shadow inventory.
- What Buyers can expect.
- Remodeling expectations and timelines.
- Pre-Prep For Your Visit
- 23 Active Down from 34
- 5 Pending Down from 10
- 41 Sold (past 12 mo.) Up from 24
- Average List/foot: $1,245 Up from $1,151
- Average Pending/foot: 1,233 Up from $1,173
- Average List Price Closed/foot $1,058 Up from $962
- Average Closed Price/foot $991 Up from $894
It has been an amazing summer in Bay Colony with 10 sales. Last year there were only 4. While this is great news for Sellers, it could result in some necessary concern for Buyers. Some years many Buyers come during season, take a peak around and find something they like. Many wait until summer and sometimes through summer expecting to find lower prices before making a strike. Hotter markets prevent this from working out.
I had fabulous clients this year where timing wasn’t exactly right to buy but another offer came this summer preventing that price drop and influencing them to compete. They won the competition and everything else on their timeline ended up falling in place. Who doesn’t love it when that happens?
What did these Bay Colony Buyers do to win? They were strategic, agile and they trusted me. Here’s their review:
There are as many as 7 Bay Colony homes and 13 Bay Colony condos that could re-enter the market during the 2018-2019 season. You can expect them to hit anytime between now and January. Some back inventory has already hit the market and so far it’s been pretty easy to see who is slightly more motivated and who isn’t.
This could be an opportunity for Buyers. If the market floods with inventory at prices not interesting enough for Buyers to come forward, another stall will create some excellent buying opportunities this Spring. It’s important to keep a good eye as this develops. Last year we had a strong pre-season which prevented a good amount of discounting. As a result, list price to sales price ratios dropped. Buyers only saw on average a 7% discount opposed to a 9% discount the negotiated the year before.
Purchasing In Bay Colony This Year?
Here are the 5 things you can do to land your Bay Colony property.
BE ON ALERT
You either need to keep a keen eye on the market at all times or hire me to do it for you. 11 properties sold this past year in under 20 days of market time. I can alert you when and sometimes before they hit the market. This gives you the best chance to negotiate. You know you can sign up for my new property notifications alerting you of all new Bay Colony listings right?
If you’re going to be in town, you need to plan on hopping in the car and taking a quick peek if something of terrific value hits the market. If you’re not in town, can you purchase site unseen? Many do and that will be your competition. If you don’t feel comfortable purchasing site unseen, call me. I have other ways we can help you get what you want and keep you protected.
KNOWLEDGE IS POWER
There are 2 groups of Bay Colony listings. Those that will sell fast and those that will sit for awhile. 12 of the 24 listings on the market right now have been on the market for over 200 days. Any monkey can figure that out. You can also check out Bay Colony past sales and learn about what has already sold!
What about when a new listing (not to be confused with a recycled from last year listing) hits the market? Will it sell fast or will it sit? If you don’t know, I do. Call me.
Last year I showed 2 Bay Colony condos. At the end of the showing the buyers said, “yeah, we think they’re priced too high.” I responded, “no…actually they’re both priced really well, here’s why. You can expect both of these to be sold within 48 hours”. They sold within 48 hours.
CASH IS KING
Bagh! Who wants to pull cash when the stock market is doing so great? You do if you want Sellers in Bay Colony to take you seriously. Finance contingencies aren’t tolerated very well and in some cases at all.
TEST THE WATERS
I wish I had a nickel for every time I had a Buyer behave seriously about submitting an offer only to find the Seller’s agent or Seller shoo us away. Sounds like a loss right? Wrong. Many of us are approached by Sellers once they figure out they’re not going to get their price. Having an open dialog with agents and Sellers about your desire to purchase puts you on their radar and could eventually end up reaping amazing rewards for you. Many of my Buyers end up in first position when motivation to sell becomes greater. That’s an excellent position for you to be in when the market is strong but not strong enough for the Seller’s current value. Draw them in! Ask me more about this one.
Remodeling Expectations and Timeline
If you’re planning on buying a Bay Colony condo you can remodel, you’re going to want to purchase before the end of the year and identify your design group. You’ll want to get those permits in before February at the latest. My favorite contractors in town are already slating people for next summer which means their schedules are filling up fast. This could pose a real problem for you if you wait until early next year to make decisions.
Some buildings are going to do some remodeling next year to their common areas. Make sure you have conversations with the building management to make sure there won’t be any problems if you decide to take part in the chaos by doing your own project!
If you’re looking for something already remodeled in Bay Colony, check out these locations for options:
Selling In Bay Colony This Year?
If you didn’t get my newsletter already, shoot me an email and I’ll send it to you!
A Few Other Preparations
The Ritz Carlton on the beach isn’t going to be done with their remodel until November so book your reservations early! If you’re coming before December, consider staying at the Ritz Carlton Golf Resort. If you’re planning on a visit in December or after consider our Ritz Carlton Beach Resort. About 95% of all my clients stay at one of these two locations when they’re shopping for Bay Colony.
On slower years it’s easy to book flights, rent cars and find rooms. On good economic and snowy years, it’s a bit more of a challenge. Sure, fly by the seat of your pants but a man without a plan may find himself without a room and without his toes in the sand too.
Bay Colony fans are going to see 3 new restaurants in Mercato alone when they come back!
- Rocco’s Tacos featuring 425 different types of tequila. (YIKES)
- The Hampton Social featuring a seafood and raw bar!
- Soul Bowls (Opened this Summer)
Ok, that’s all for now. Don’t forget to pre-book your appointments with me and ask me any questions anytime. For the fastest response, text me at 239.595.6223
See You Soon!
Shannon Lefevre, PA
Your Naples Smart Girl!
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