Hello Naples Friends,
Park Shore Naples, Florida is going through some interesting changes. If you missed my last post about Park Shore homes written in November 2016, you can read about it here: Ok, let’s get down to it:
Active Park Shore Home Activity:
- Active: 63 Up from 44 43% increase.
- High: $6,750,000 from $6,595,000
- Low: $995,000 from $888,000
- Average: $2,385,995 from $2,345,632 Up less than 2%
- Median: $1,645,000 from $1,525,000 Up almost 8%
- Average active list price per square foot: $720 stayed exactly the same.
Inventories are increasing here at an incredible rate not necessarily because so many homes have hit the market but because so many homes already on the market haven’t sold. Keep reading for more details about it. Even still Park Shore homes are performing better this season so far than they did last year. Last year there were only 5 Park Shore homes that went under contract. This year there’s 8 which is only 3 less than the year before.
Pending Park Shore Home Activity:
- 8 Pending Sales
- High: $2,695,000
- Low: $887,000
- Average pending list price per square foot: $442 up from $432 (just 2%)
Park Shore Closed Sales during past year:
- Closed 23: down from 47 down 51%
- High List Price: $3,995,000 from $5,350,000 (down 33%)
- Low List Price: $749,000 remains the same.
- Average List Price: $1,635,198 from $1,741,170 (down 6%)
- Average List Price/sq.ft.: $575 from $596 (down 3%)
- Median List Price: $1,325,000 from $1,220,000 (up 8%)
- High Closed Price: $3,995,000 from $5,250,000 (down 24%)
- Low Closed Price: $700,000 same.
- Average Closed Price: $1,505,754 from $1,611,718 (down 6%)
- Average Closed Price/sq.ft.: $529 from $551 (down 4%)
- Median Closed Price: $1,268,000 from $1,175,000 (up 7%)
Here’s what’s going on by price range:
Park Shore homes less than $1,000,000:
- 1 Active (down from 6)
- 6 Pending (up from 1)
- 4 Sold during past year (same)
Park Shore Buyers: This market is definitely performing the best. In fact, there’s an under-supply of product which means with only 1 left, your options are well…you have one option. That means you will probably either need to belly up to the bar or wait and risk losing it to another more motivated buyer. If you’re looking for a little house you can either re-do or tear down, you might even want to take a peek at what’s available in Moorings and Old Naples. That will at least give you 3 options right now. All of these markets are super tight. Waiting til the end of season may be a recipe for disaster since inventories are so small. If you don’t like your options, wait. Be diligent though because there will be other buyers who are watching too. This would be a GREAT time to give me a call and get on my instant notification alert. I can alert you of all the single family homes either hitting the market or falling into your price range. Without it, you’re at the mercy of hoping you’re watching as well or better than my automated service. Yikes!
Park Shore Sellers: Hey, if you have something worth under 1 million in Park Shore, Moorings or Old Naples, the market is definitely in your favor. That doesn’t mean you can be crazy on your prices though unless you’re totally cool with exorbitant market times. Call us today and let’s get a number on that property that will cause it to sell so you can do something more interesting with that money! Considering the average price per foot for the 4 under contract are substantially less than what sold last year tells me, prices are dropping despite the shortage. The luxury market is taking a beating in Naples right now which you’ll be able to read more about within this post. Speculative builders are having trouble unloading product which means your prospect base for this stuff is shrinking. You don’t want to be left in the dust watching your value disappear because you didn’t have it priced right from the beginning.
Park Shore homes $1,000,000 to $2,000,000:
- 33 Active from 18 (up 83%)
- 1 Pending
- 15 sold during past year from 17 (down 18%)
This Park Shore home market is sitting on 26 months of inventory. During my post in November, there were just over 12 months. My what a difference 3 months can make! Of the 33 on the market, 9 Park Shore homes have reduced price. Some owners/agents are not responding well to reductions not even worth mentioning. That’s going to be a problem. Others have made big reductions (as much as 27% off original list).
Park Shore Buyers: If you’re looking between $1,000,000 and $2,000,000, not only do you have several to see, understanding the motivation of the seller is becoming way more apparent. If you see something awesome, It isn’t safe to wait until the end of the season to try to capture a better deal nor may you find it necessary. Average list price to sales price ratio is running at 92% for properties closed during the past year. If you see something you love, it might be better to go to the negotiating table to see what can be done right now before somebody else does. One thing is for sure, if you’re dealing with a seller/agent who has no idea where this market is going and is still confident with the market, you’re going to want a negotiating strategy to help your deal get accepted. We are AWESOME at this. Call us.
Park Shore Sellers: If you are thinking about listing your property you believe will fall somewhere in this price range, it’s getting scary. Listing with somebody who has no idea how to talk to buyers in a market like this can be pointless and ultimately cost you $1,000’s of dollars. This is a market where you want to be more than mildly ready to sell and if that’s you, call us. We can give you a compelling marketing strategy without boring you to tears but more importantly, we will either hit your objective or tell you we can’t before we even get started.
Park Shore homes $2,000,000 to $3,000,000:
- 11 Active from 7 (up 57%)
- 1 Pending
- 3 Sold during past year from 17 (down 82%) OMG!
44 months of inventory here or 3 years and 8 months. That’s a definite problem for sellers but should mean there should be some serious deals for buyers.
Park Shore Buyers: Happy days are here again…well maybe. Only 3 of the 11 active homes on the market have reduced their price suggesting sellers may be a little in the dark regarding what ready, willing and able buyers will do this year. Again, that’s why the success of your deal is going to land largely in part to your buying and negotiating strategy. It may not be enough to show up with paper that doesn’t have enough money on it. It’s not uncommon for this market to heat up drastically in March and April so only a fool would think they’re the only one in town buying right now. The smartest thing you can do is identify the property and take a real stab at it. If you’re not in love then maybe it’s smarter to hang on for some after season discounts provided you don’t mind talking about Naples real estate long after your friends and family are on to other things around the country. It’s hard for some buyers to focus on Naples after the winds stop blowing and the snow melts up north but those who can be making big wins this year.
Park Shore Sellers: If you’re thinking about selling your Park Shore home with this price tag. Beware! You have a ton of competition this year and there aren’t too many signs pointing that all of the inventory will sell this season. If you are only mildly interested, it might be worth it to you to forego trying for the next several years. If you don’t really see yourself holding your property that long, now might be the best time to get the best price. Call us today and let’s hear your objective. We have the foresight to tell you what we think even if it means we won’t see your business for several years down the road.
Park Shore homes $3,000,000+
- 17 Active from 12 (Up 29%)
- 2 Sold during past year from 3 (down 33%)
Nearly 9 years of inventory currently available in this section. OH DEAR!
Needless to say, it’s time for some hardcore damage control.
Park Shore Buyers: Only 6 of the 17 homes here have been reduced, one as much as 11% off original list price. That’s still only 35% of the market suggesting many of the sellers and/or agents are still very confident at what they have. Large chances are time is definitely going to change things and as of now, you clearly have the upper hand even if they don’t know it yet. Again, that’s why a buying, as well as a negotiating strategy, is key. It may be wise not to fall in love since you have so many options and since you could be considered a very eligible bachelor/bachelorette, taking your time and going on more than a few dates might help you land the home and deal you can be really happy about. 9 of the 17 homes are new but only 3 are being offered furnished or “negotiable”. Call us today and let us put together a winning strategy for you. I think you’ll be surprised at what we can do.
Park Shore Sellers: If you’re thinking about listing your home for $3,000,000+ in Park Shore, you are going to want a pro to assist. I’m not talking about a pro who takes potential buyers to your home and all of your competition with the end goal of selling one of them. I’m talking about hiring an agent who attracts ready, willing and able buyers to your house with the end goal of selling your house. Precision is key and the odds of all 17 homes currently on the market selling this year isn’t great. You want to be one of the top 5 choices this year. We can tell you how to do that! Call us!
Finally, the snow is blowing and while I have seen a slight boost of traffic and some interestingly strong signs on the bottom of the markets, I am curious to see how the rest of season will shake out. One thing is for sure, you’re bound to get some pretty good Park Shore deals in markets where inventory is in crazy over-supply.
My March is filling up fast with 10 days completely booked and 5 half days booked already. If you’re thinking about buying, contact me so I can save some space for you. If you’re thinking about selling, call me and let’s put together that winning strategy for you.
In the meantime, thanks for reading my post and a special thank you for those who have signed up and comment. I really appreciate it!
I’m preparing a post about Park Shore high rises next unless I get any special requests.
Shannon Lefevre, PA