Pelican Bay Alternatives

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Hello Naples Friends,

Back in July serious concerns about the Pelican Bay real estate inventory and trends started to take shape. The shift is that the 2018-2019 Pelican Bay real estate market will tilt towards the seller in many areas is likely to occur.

This comes with a whole host of challenges. Low inventories, high over-priced inventories, tougher negotiations and more will result in some heartbreak in Pelican Bay. Here’s a quote from Naples most esteemed property appraiser:

This poses the question, “What will Pelican Bay buyers do?” Today, I’m going to go through a short list of neighborhoods and where past buyers have purchased as a more affordable, more options or even more value-recognizable options. Here we go!

Pelican BayPelican Bay High Rise

I expect Pelican Bay buyers to have the highest challenge this year. Inventories are very short right now and shadow inventories aren’t going to lend much relief. Sure, I’ve seen a handful of new listings hit the market but I don’t think it’s going to be enough for stable inventories which mean prices are probably going higher.

It’s a tricky situation because Sellers don’t always call all the shots. Sometimes sellers list high and then don’t see the response they were expecting.  This causes a stall, price reductions and after season discounting or removal from the market.

What is a Pelican Bay buyer to do if they find themselves in one of these 2 positions?

  • The desired product isn’t available.
  • Property is priced higher than their willingness to pay.

Some buyers will wait. I’ve had buyers wait as long as 6 years to go after property in Pelican Bay. Mostly, they wait 2 or even 3 years. Sometimes they just have to wait until the end of season when it can be a little easier to negotiate.

Some buyers will give up and pay what it takes to get a deal done. Not everybody cares about money. Time and convenience sometimes means more.

Very few will change their mind and not buy at all.

Then some will decide there are other options than Pelican Bay so they reconsider their goals and consider different neighborhoods based on lifestyle options, building design and convenience factors.

Pelican Marsh: This is a good option for single-family, villa and low rise buyers.Clermont at Pelican Marsh

Pros

  • Very similar location.
  • Convenient to shopping and dining in North Naples.
  • Closer to the airport.
  • Similar amenities minus beach club.
  • The golf club is being remodeled this year.
  • Lower prices.
  • Newer construction.

Cons:

  • No beach club
  • A little further away from downtown and Waterside.
  • Not as many walking paths.
  • Busy road biking.
  • No restaurant for non-golf members.
  • Not as close to the beach.
  • Even though construction is newer, less updating has been completed.

I helped one client who originally thought they were going to end up in Pelican Bay purchase a property in Clermont at Pelican Marsh last season. A combination of family residing in Pelican Marsh and property values helped with the decision making process. I expect to see more of this happen this year. There are some pretty good prices and a healthy inventory here.

Beachwalk: This is a good option for low-rise or villa buyers.Beachwalk Naples

Pros:

  • Very similar location.
  • West of 41 very close to the beach.
  • Manned guard and gated.
  • Not as many residents.
  • 6 tennis courts.
  • 2 community pools with hot tub.
  • Fitness center.
  • Lower prices.

Cons:

  • No beach amenity.
  • No restaurant.
  • No spa.
  • Small dogs only.
  • All product was built in the ’80’s and may need remodeling.

Beachwalk is one of those places locals kind of forget about. It’s not a large community so their intimate pool of prospects is considerably smaller. If you’re wondering if you’re going to be able to accomplish your Pelican Bay objective this year, it might be worth your time to check out Beachwalk as a viable option.

Park Shore This is a good option for single-family, villa, low-rise and high-rise buyers.

Pros

  • More beachfront availability at lower prices.
  • More intercostal options.
  • Closer proximity to downtown and The Village.
  • Lower prices.
  • Beach amenity offers bathrooms only.
  • More teardown options.

Cons

  • Older properties.
  • Further away from the airport.
  • Only public restaurant options.
  • No spa.
  • No community center.
  • No fitness amenity.
  • Isn’t as consistent as Pelican Bay

Most people are familiar with Park Shore so it hardly needs an introduction but Park Shore means something different this year. For example, new construction in Pelican Bay is more expensive than new construction in Park Shore. Also, tear down opportunities are greater than they are in Pelican Bay. Lower priced condos on the sand and intercoastal waterfront is not anything new but something to consider if that is something you like.

Kalea Bay – This is a good option for high-rise buyers only.Kalea Bay

Pros

  • New Construction.
  • Manned gate for the entire community.
  • Fabulous amenity center.
  • Gorgeous pools both on top of the building and at the amenity center.
  • Great bike path just outside the community.
  • Neighborhood restaurant options.
  • More technological.

Cons

  • No beach amenity in building 200.
  • No move-in ready available.
  • A construction site for the foreseeable future.
  • Closer to the airport.
  • Further from North Naples entertainment and downtown Naples.
  • Further from the beach.

Sales in Kalea Bay have been fierce but there are still plenty of options to be had in building 200 if you don’t mind the wait to get in it.

The Dunes – This is a great option if you’re looking at low-rise or high-rise product.The Dunes

Pros:

  • The Floridian Beach Club was just remodeled. Check availability.
  • A pool at the beach club.
  • Guest suites at the beach club.
  • A restaurant at the beach club.
  • The Plantation Club was torn down this summer and will re-open end of Dec.- Early January.
  • Brand new resort style pool.
  • Brand new restaurant.
  • Brand new fitness center.
  • Newer construction.
  • Gated and manned entrance.
  • Recipricol amenities.
  • Concierge service (for some buildings)
  • Beach shuttle.
  • Some buildings have already been remodeled like Grande Excelsior.
  • Prices are lower.

Cons:

  • Views of the Gulf are a little more distant.
  • Drive or take the shuttle to the beach.
  • Further from shopping and dining in Naples.

The Dunes might be the area to take special notes. You get WAY more for your money here than you do in Grande excelsiorPelican Bay when you consider the amount of square footage, newness of the properties and amenities available. Take for example Grande Excelsior #1405. Grande Excelsior was built in 2004. The common areas in the building were remodeled a year or two ago, this unit has had some updating, the Plantation Club is being rebuilt as we speak and this comes with an optional Floridian Club membership. EVERYTHING is fresh and looks amazing! For $1,595,000, nothing in Pelican Bay can touch the value.

While we’re on the topic, have you reached out to let me know when you’re in town to see property or find out if now is a good time to list? Many have already and that’s really early! People are already excited about buying and selling in Naples. If you haven’t gotten on my calendar yet, do not delay. I want to make time for you!

Best Regards,

Shannon Lefevre, PA
239-595-6223

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