Park Shore Beachfront Market Update

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Good Morning Park Shore Beachfront Enthusiasts!

It’s time for a Park Shore beachfront market update! In this issue you’ll see:

  • Current Park Shore beachfront market snapshot.
  • Park Shore Inventory Report.
  • Park Shore Buying Behavior.
  • Park Shore Selling Behavior.
  • Park Shore Agent Behavior.
  • Park Shore Beachfront Neighborhood Snapshot
Park Shore Beachfront Market Snapshot
  • Active 96
  • Pending 13
  • Closed 99
  • Average List/Ft. $756
  • Average Sold/Ft. $682
  • Average DOM 163
  • Average Closed DOM 120
  • List Price to Sales Price Ratio 93%
Park Shore Beachfront Inventory

The Park Shore beachfront inventory is stable hovering right around the 12-month mark. Neither the buyer or the seller has a hard upper hand which can lead to some amicable negotiations. Judging from the number of contract back outs which are down this year compared to last, it appears once you get to a price agreement, by and large, it’s smooth sailing to the closing table.

Park Shore Beachfront Shadow Inventory

There are 25 Park Shore properties that punted off the market during the last 3 months that haven’t re-entered. Many will show back up again sometime between next October and January. If we have a slow summer, this could cause inventories to increase to a point where we’ll start seeing some relief in list prices. Buyer beware! If we have a strong season this summer it won’t have any effect at all and prices could go up.

Park Shore Beachfront Buying Behavior

Park Shore beachfront buyers are a little tougher on sellers this year with a 1% drop in list price to sales price ratios but they’re still keeping an eye on the market and striking relatively quickly when something they like hits the market at a reasonable value.

Some buyers aren’t afraid to negotiate a little tougher where list prices are high. A small fraction of buyers are getting some pretty good spreads and in some cases more than 20% off list. Most Park Shore beachfront buyers are not excited about submitting low offers for fear of rejection which could cause market time increases for those who are priced higher than what the current market is willing to deliver.

Over half of what sold during the past year went under contract within 90 days offering proof that if the value makes sense, it will sell.

Park Shore Beachfront Selling Behavior

Over 20% of the market is priced too high with average market time exceeding 300 days. This is an excellent time for you to sell because it’s easy to identify true market value.

Sellers are more amicable about performing repairs on inspection items as contract backouts are down over the year before.

49 properties (51%) have dropped their price since they originally listed.

30% of the sales during the past year dropped the price to get that contract. Looks like a trend is catching on.

7 owners have opted to increase their price from the original list. The number of properties sold after a price increase are ZERO and not a winning strategy.

Gimmicky sales tactics are being reintroduced to the market in the form of auctions and discount brokerages. If you’re looking for ways to save a buck, make a buck AND also be successful, call me.

Park Shore Beachfront Agent Behavior

Professional photography may be the #1 most important piece of your marketing. Agents…I know you’re reading this…you owe it to your seller, buyer and the rest of us eye-rolling over your 1980’s recycled pictures…get it together.

I’m seeing a ton of ridiculous price reductions…I mean as low as $1,000 or .001%. This pisses successful agents and buyers off. It’s not cute, effective or funny.

There are 5 active listings with selling commissions starting at 2% or less. The number of sold properties that offered commissions that low is ZERO. If the Seller’s goal was to pay as little commission as possible this strategy is highly effective as they are paying nothing…because it is not selling. High five!

We like to talk about remodeling…so much in fact that if a unit was remodeled….ever….some agents like to advertise it but if you’re talking about how much was spent on a remodel that was done 15 years ago and it looks outdated now, it’s going to be a colossal disappointment to a new buyer and likely an advertising fail. There are more effective ways of describing a unit that has been remodeled sometime within the 30-year lifespan of a building without disappointing a buyer.

Park Shore Beachfront Shadow Inventory

There are 25 Park Shore properties that punted off the market during the last 3 months that haven’t re-entered. This could all show back up again sometime between next October and January. A fraction of these properties are owned by people who have reconsidered selling.

There is an enormous amount of work being done to units and common areas in many of these buildings this summer. This is going to lead to amazing new things to show next season but don’t be surprised if values don’t increase next year where buildings are upgrading their amenities and/or units. The smartest people are purchasing now to avoid the price hikes coming this Fall. There were 3 units that went under contract yesterday! Perfect timing for after season discounts and before next year’s price hikes!

Many buildings have already negotiated with their insurance companies because of last year’s “weather event”. This is great news because in some cases assessments have already been paid or at least identified. Some buildings are still amidst trying to figure out what is going on. Be diligent about the fees in the buildings where your interest exists. Just because the unit doesn’t “show” a special assessment doesn’t mean there isn’t one. Some buildings are still in talks regarding special assessments and questioning should be raised to find out if there is going to be one in the future. Sometimes the ambiguity is worse than the certainty. There are specific measures that can be taken for both buyers and sellers. If you don’t know what they are, contact me.

Park Shore Beachfront Breakdown By Neighborhood

** Sold reflects properties sold during the past year.

Allegro at Park Shore

  • 6 Active
  • 3 Sold

Allegro recently upgraded to impact glass and glass railings along with a fire security sprinkler system installation. The impact glass and glass railing choice was a brilliant move on their part and views are going to be really amazing from this building. Every building in town should follow suit! There are notes about a special assessment in this building. Some sellers may have opted to pay while others are disclosing the fees. Ask questions here.

Aria at Park Shore

  • 6 Active
  • 1 Pending
  • 4 Sold

Aria is at that 12-year-old age when people think it’s time for remodeling. Some owners were very insightful when they decorated. Their units are standing the test of time and their values reflect a job well done. Others haven’t been so lucky and need to consider pricing accordingly when hitting the market to avoid lengthy market times.

Bay Shore Place

  • 4 Active
  • 5 Sold

Bay Shore Place common areas are getting a pretty new update this summer by one of our most popular interior designers which is one of the reasons why sales traffic is doing so well here. If you’re looking for a building with a fabulously fresh appearance, it’s worth checking out what is for sale.

Brittany at Park Shore

  • 7 Active
  • 9 Sold

Brittany at Park Shore is getting a new roof and waterproofing their parking garage with a sizeable special assessment. If you are interested in this building you will want clarification on who will be responsible for payment.

Enclave at Park Shore

  • 1 Active
  • 1 Sold

Renovations are taking place at Enclave at Park Shore and include reconfiguring the lobby and service area along with the elevators and Port Cochere. There may be some shadow inventory in this building so if you have an interest, reach out to me.

Esplanade Club at Park Shore

  • 6 Active
  • 5 Sold

There are quite a few low floor units on the market here right now. If you are looking for a low floor, check out the building which has also had some updating.

Gulfside at Park Shore

  • 3 Active
  • 2 Pending
  • 10 Sold

Wow! Gulfside has seen some massive success this year.

Horizon House at Park Shore

  • 5 Active
  • 1 Pending
  • 4 Sold

Here’s a clear example of how reducing the price until you capture the buyer’s attention works. I have a true and solid sales strategy. If you’re thinking about selling, you should call me.

La Mer at Park Shore

  • 1 Active
  • 7 Sold

La Mer is continuing to go through the second half of a massive remodel and construction project this year. The initial special assessment was due on March 1, 2018 and should have been paid by current owners by now. There is a remaining $685/quarter special assessment for 12 quarters. Some owners may opt to pay this as a concession but you will want to have this conversation before purchasing. Clearly, the improvements have been very well received by buyers this year. For a full description of improvements made or in the works, contact me directly.

Le Ciel Park Tower

Whoo nothing has happened here successfully since 2016. If you’re thinking about selling and actually want to accomplish a sale, call me.

Le Ciel Venetian Tower

  • 3 Active
  • 3 Sold

Hey! There’s a new price reduction in here suggesting at least one of these residents really wants to sell this year. Check it out!

Le Jardin at Park Shore

  • 1 Active
  • 2 Sold

If you like a ton of terrace, there’s one for you to check out in here!

Le Parc at Park Shore

  • 3 Active
  • 1 Pending
  • 2 Sold

There was a sizeable special assessment here but the remaining payment was due by May 15, 2018. There is a hilariously priced unit in here if you’re bored and don’t have anything better to do.

Le Rivage at Park Shore

  • 2 Active
  • 3 Sold

If you’re looking for a massive project it might be worth taking a peek at Le Rivage. I have some incredible contractors that can make the inside of any unit almost as amazing as the views you’ll capture here. It’s impossible to compete with mother nature in this building so when you’re done, you may never want to leave. I sold Penthouse 5 earlier this year, that unit will be nothing short of exceptional after the renovation planned and going here!

Meridian Club at Park Shore

  • 1 Active
  • 1 Sold

There is one here that was recently reduced suggesting they are ready to sell. Check it out.

Monaco Beach Club

  • 6 Active
  • 3 Sold

This is a newly remodeled building with 2 years worth of inventory. You might find a good value here.

Park Plaza at Park Shore

  • 1 Active
  • 3 Pending
  • 2 Sold

Wow! There’s only 1 left here and it’s gorgeous!

Park Shore Tower

  • 5 Active
  • 3 Sold

This is one of those locations that could take a page out of Allegro’s book and opt to change those wrought iron railings for glass railings. There’s one in here with a very LARGE personality. Check it out because if you like it, you’ll love it.

Provence at Park Shore

  • 3 Active
  • 2 Pending
  • 1 Sold

Yikes! This is one of those locations where if they price it right it will sell but staging can do wonders as well. Vacant properties are more of a miss these days than a success. There could be a real opportunity here judging from the history.

Regent at Park Shore

  • 1 Active

There’s a sizeable special assessment here so you will want to find out who is responsible for the payment and when they are due. You will also want to make sure to find out what the assessment is about and if there are anymore potentially on the horizon.

Savoy at Park Shore

  • 7 Active
  • 11 Sold

There’s a ton of activity in Savoy this year and inventory levels are pretty good. There’s also quite a few for rent!

Solamar at Park Shore

  • 1 Active
  • 1 Pending
  • 5 Sold

Solamar has had some serious success over the past year with just one left on the open market. If you’re thinking about renting in Naples, there are some options.

Surfsedge at Park Shore

  • 5 Active
  • 2 Pending
  • 8 Sold

Coined with being one of the most “affordable” high-rises on the beach, Surfsedge is a little less affordable with special assessments right now.

Terraces at Park Shore

  • 5 Active
  • 2 Pending
  • 2 Sold

There’s a pretty good deal in here if you can get past the 70’s mirrors and what the current buyer paid when it foreclosed not too long ago.

Villa Mare at Park Shore

  • 6 Active

Fun fact about Villa Mare. Only 1 unit sold in 2010. It would take another 4.5 years before another went on the market and sold. People who buy here tend to stay here for a long time. Many of the original owners are now either moving to assisted living or back home with family which means now is an excellent time to pick up a beachfront villa. During the years we went without inventory lots of people wanted one but couldn’t get in. There is some really nice remodeled stuff in there along with some old tired stuff you can make your own. There aren’t too many places on the beach allowing big dogs but you can have 2 here dog lovers…go fetch!

Vistas at Park Shore

  • 4 Active
  • 8 Sold

The Vistas is getting a swanky new pool deck complete with glass railings (please vote to replace the railings on the building!!!) There will be a covered pavilion and a more modern approach complete with firepit. They’ve done a pretty decent job making improvements over the years yet units are still pretty affordable especially if you’re looking for a project. Clearly, the improvements are attracting the attention of buyers with only 6 months of inventory. Check out the pretty one on the low floor! Once those improvements have been made to the pool, this view will be amazing!

That concludes my Park Shore beachfront report. If you’re in the market to buy or sell your Park Shore beachfront property, call me!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

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