Pelican Bay High-Rise Report 4.30.18

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Hello Naples Friends,

It’s time for a Pelican Bay high-rise report so buyers and sellers can stay in the know! Let’s get started!

In the Pelican Bay high-rise report you’ll see:

  • Current Pelican Bay high-rise statistics.
  • What Happened over the course of the past year.
  • Stats on each Pelican Bay high-rise.
  • What you can expect this summer.

Pelican Bay High Rise Snapshot

  • Active = 89 $460,000 – $11,475,000
  • Pending = 24 $699,000 – $9,500,000
  • Sold past year = 100 $427,500 – $8,250,000

Pelican Bay High-Rise Market Stats In Buyer’s Favor.

With fewer active, pending and sold since I reported in March, it looks like we might be setting ourselves up for a bit of a lazy summer.  While there has been plenty going on, many buyers are still sitting on the sidelines hoping for some relief with prices. Here are the points reflecting my current position:

  • Sales volume is down 10% over the year before.
  • Closed price per foot is down 4% over the year before.

Pelican Bay High-Rise Market Stats in Seller’s Favor:

  • Consecutive market time is down 19% over what sold during the past year.
  • The list price to sales price ratio is unchanged at 94%.

Pelican Bay is the most sought-after neighborhood for rentals every year no matter what the market conditions may be! Ask me why!

Here’s The Pelican Bay High-Rise Breakdown:

Biltmore at Bay Colony STABLE
  • 4 Active
  • 1 Pending
  • 3 Sold during the past year

Biltmore at Bay Colony Here’s a good example of how past prices are not being well received by today’s buyers. A unit priced barely under $1,300/foot hit the market and was a pending contract in 5 short days. Meanwhile, average market time continues to calculate up for the remaining.

Brighton at Bay Colony NEARLY STABLE
  • 2 Active
  • 1 Pending
  • 1 Sold during the past year

Brighton at Bay Colony Here’s more evidence past prices aren’t working out so well with only 1 sale and average market time now at 165 days. There are two ways to get a sale in a market like this. If you don’t know what they are, you should call me.

Cap Ferrat at Pelican Bay SOON TO BE STABLE
  • 4 Active
  • 2 Pending
  • 3 Sold during the past year

Cap Ferrat at Pelican Bay looks like buyers are expecting more than just a slight concession when it comes to value here this year with nothing pending in the 4 digit price per foot category. When a market starts to cool the Pelican Bay buyer base is both those who have been watching the market for a great deal of time and are intimately knowledgeable about an area or building they like and new buyers. Residual buyers will remember a remodeled and furnished unit offering a cabana sold last year. When they see a similarly priced unit in original condition hit the market for nearly the same price, they won’t strike which means you’ll rely solely on new traffic for your sale. Details like that are completely dismissable in an appreciating market but become deal killers in a market like this.

Selling?  You’re going to want to be aggressive with your price or run the risk of lengthy market times. This can pose a problem if values continue to depreciate which could net you less if you find yourself chasing the market down.

Buying?  Go in with what you think is a fair offer. Some buyers make the mistake of coming in too low without any documentation supporting the value. Most sellers don’t respond well to this approach and that’s what causes the standoff and buyers lurking in the shadows.

Carlysle at Bay Colony OVERSUPPLIED
  • 2 Active

People will sometimes gravitate toward lower floors in more demanding markets but during a cool down, they like to be compensated for their lack of view. Evidence of market time and current prices suggest just this not only in Carlysle but many other Pelican Bay high-rise buildings.

Selling? It isn’t current values are very transparent to a trained eye. We can easily determine value based on your individual objective and at that point, you can make a sound decision if now is the best time to sell.

Buying? If you like a lower floor, Carlysle might have something interesting for you but my favorite low floor unit is in another building on the sand. Ask me about it.

Chateaumere Royale OVERSUPPLIED
  • 2 Active
  • 1 Sold

Lower floors aren’t the only thing that buyers look over in a slower market. 2 bedrooms tend to lose a little flavor as well. Without the over-enthusiasm that takes place in a hot market, some buyers will wait to see if pricing will drop enough to enter a similar value for a bigger unit.

Selling? Avoid the pitfalls of improper value comparisons leading to higher market times and lack of progress on your sale. If you don’t know how to do this, call us.

Buying? If you can handle a smaller unit, there’s a deal here.

Claridge at Pelican Bay STABLE
  • 4 Active
  • 1 Pending
  • 4 Sold during the past year

According to statistics provided by my favorite stager, buyers on average spend 6-9 minutes in vacant properties opposed to an average of 40 minutes in a staged property. Those showing minutes mean everything when it comes to an actual sale. An effective alternative to not selling or remodeling is staging! Ask me for details.

Selling? Competition is pretty strong here right now and successful sales will come down to perceived value based on your unit’s condition. Call me today to get a real number on what your property is worth.

Buying? There are a couple of remodeled units in here right now. You should check them out!

Contessa at Bay Colony UNDERSUPPLIED
  • 1 Active
  • 1 Pending
  • 4 Sold during the past year

Selling? Contessa is coming off a pretty decent selling season and with only 1 left available today now is an awesome time to sell. While some agents take off in the summer, I am here to assist. Call me today!

Buying? Well…it looks like the after season listing terminations have already begun in Bay Colony. If you’re thinking about buying during the summer, it’s most wise to go with an agent who can tell you about what is available off the market as well.

Coronado at Pelican Bay UNDERSUPPLIED
  • 1 Active
  • 3 Sold during the past year

Selling? Now is a great time to sell! We need listings in here.

Buying? There’s only 1 pretty unit left so if you are thinking about a lower level unit, check it out.

Dorchester at Pelican Bay UNDERSUPPLIED
  • 3 Active
  • 4 Sold during the past year

Someone made a comment a couple of weeks ago that they couldn’t remodel and get their money out of their property. That’s so untrue but it comes down to what selections you choose and what your property can accommodate. What you can’t do is expect to spend a huge fortune in a building or home that could never support the remodeling price. We can offer sage advice when it comes to how to save money without appearing to cut corners. Call me about it.

Buying? Ask about the $30,000 special assessment for remodeling here. Some owners are willing to pay the cost. Some aren’t.

Selling?  Special assessments can be a real downer for a buyer especially next season when they’re also facing an additional $1,500 in transfer fees. Wise sellers will act accordingly.

Grosvenor at Pelican Bay SOLD OUT
  • 2 Pending
  • 6 Sold

WOW! That bad ass remodel went under contract proving what it takes to command a price such as that.

Selling? Now is a great time!

Buying? You won’t be doing it in here for the immediately foreseeable future.

Heron at Pelican Bay OVERSUPPLIED
  • 1 Active

Heron is getting ready to do a much anticipated and long overdue remodel to the common areas along with some maintenance.

Buyers: It’s going to be a little noisy and dusty here for a while so if you’re planning on taking possession immediately, be prepared. Now might be a good time to get a good deal before the value of the building could go up.

Sellers: Many owners choose to sit construction time out especially if the improvements are going to increase the value of the units but not all improvements provide an increase in value. Call me for details.

Marbella at Pelican Bay OVERSUPPLIED
  • 10 Active
  • 3 Sold during the past year

Over 3 years of market time isn’t good and if the pretty/reasonable priced ones on lower floors aren’t selling, outdated overpriced ones won’t either. When a market cools buyers tend to take a hard look at the cost to carry and with all of the special services available at Marbella like onsite dining, maintenance and housekeeping, those fees look really expensive. Pricing will be impacted more in this building opposed to others where the cost to carry isn’t so heavy.

Buyers: You have lots of choices and some good negotiating points.

Sellers: If you’re thinking about selling your Marbella unit and you’re not in a hurry, it might be wiser to wait. If you are in a hurry, it’s past time to get aggressive on your price.

Marquesa at Bay Colony UNDERSUPPLIED
  • 2 Active
  • 4 Pending

Are 3 bedroom units more saleable than 2 bedrooms? Just look at the sales results in Marquesa. The only units left are the 2+den units proving in slower markets the 3 bedroom units are going to win if they’re priced comparably.

Buyers: If you’re looking for a unit with some decent square footage check out Toscana or Trieste.

Sellers: If you have a 3 bedroom unit, now is a great time to sell. If your unit is smaller, it’s time to get aggressive.

Montenero at Pelican Bay UNDERSUPPLIED
  • 1 Active
  • 4 Sold during the past year

Montenero has experienced tremendous success this year.

Selling? We need properties to sell here! If you’re thinking about selling call me.

Buying? There’s one left but bring your imagination. It’s vacant.

Mystique at Pelican Bay ONLY 20 OR SO UNITS LEFT

Mystique just started the 20th floor and as of yesterday are over 70% sold out. They’re expecting to receive the certificate of occupancy in March of 2019. Founding member pricing is over and they just increased prices.  17 units sold this season with contract activity still strong but there’s only around 20 left. Speculation on when they will release the 2nd building is rampant but the decision has not been finalized.

What Mystique Units Sold First? The penthouses sold first but the rest of the building traded places with activity strength throughout the selling process. Low floors, high floors, end units and interior positions all have had about an equal amount of contract activity. What’s interesting about Mystique at Pelican Bay is how the lion share of activity began on the right side of the building with many buyers questioning how the view would change with the completion of the second building soon to come. Once hardhat tours began, that traffic shifted to the left side of the building when it became apparent the new building would not encumber the views.

What floor can you see the Gulf of Mexico at Mystique? You can see glimpses of the water on the 3rd floor even though they are not marketing it.

Does Mystique have models? Both models are already sold and will be complete this summer so you will be able to get a great feel for what the 2nd building will be offering and what you can do with yours if you purchase in the first building.

Who’s Buying In Mystique? While the sales staff is pretty tight-lipped about age, they mentioned buyers are coming from all over with a small interest from International buyers which is customary throughout Pelican Bay.

What technology is offered at Mystique? The technology at Mystique is going to be more advanced than any other building in Naples to date and includes a Lutron system and conduits at every parking spot.

Buying? They are surprised at the number of people who are buying without an agent. It doesn’t cost you anything extra to have somebody on your team. It’s exciting hearing all of the wonderful things they’re doing over there but it might serve you well to hear the other things that haven’t been noted about the building. I’ve had a few people call me before and after they purchased who valued the insight I had. Maybe you will too.

Selling? You aren’t alone. Call me.

Remington at Bay Colony OVERSUPPLIED
  • 4 Active
  • 1 Pending
  • 1 Sold during the past year.

Remington at Bay Colony is one building hard hit from a few angles. The rumors swirling around regarding construction at the Ritz Carlton has some buyers flaked out which caused an incredible deal to occur in July. That’s the only sales success that has taken place since talk of the Ritz leaked out last year after the season. Needless to say, the new gorgeous renovation isn’t bringing as much value to the building as anticipated but after all, it’s not 2015 anymore either.

Buyers: Ask me about my favorite unit in here.

Sellers: It’s long past time to get aggressive with pricing. Call me.

Salerno at Bay Colony UNDERSUPPLIED
  • 1 Active
  • 1 Pending
  • 5 Sold during the past year.

Salerno has seen some amazing success this year and there’s only one low floor unit left!

Sellers: We need listings. Call me.

Buyers: Ask about the special assessment.

St. Kitts at Pelican Bay UNDERSUPPLIED
  • 2 Active
  • 1 Pending
  • 10 Sold during the past year

People are loving St. Kitts this year and with some of the prices and updated unit selection, you can’t blame them.

Buyers: You still have a couple of great options here.

Sellers: We need listings here. Call me.

St. Laurent at Pelican Bay UNDERSUPPLIED
  • 2 Active
  • 1 Pending
  • 6 Sold during the past year

Buyers: There’s a recently remodeled unit worth checking out here and it’s fairly new on the market AND they just reduced their price!

Sellers: We need listings here! Call me!

St. Maarten at Pelican Bay OVERSUPPLIED
  • 4 Active
  • 1 Pending
  • 3 Sold during the past year

Buyers: St. Maarten is an entry level building so expect some updating needed along with lower pricing. If you’re looking for units with more updating, you may be better off checking out some other buildings.

Sellers: If you can handle doing some remodeling before you go on the market here, you should do fairly well provided you keep your price reasonable. Call me today for some fast and easy things you can do to make your property sell faster, look better and net you more on your bottom line.

St. Marissa at Pelican Bay UNDERSUPPLIED
  • 3 Active
  • 7 Sold during the past year

St. Marissa saw fabulous success this year too.

St. Nicole at Pelican Bay OVERSUPPLIED
  • 6 Active
  • 1 Sold during the past year

Well…there’s officially 6 years of inventory in St. Nicole right now which is clearly a problem for Sellers. Several buyers have asked me what is going on. If you want to know too, call me.

Buyers: If pricing feels a little stiff in here right now, it’s only because it is. 4 of the 6 owners have dropped price since the term of their listing but it hasn’t been enough so far to create any sales results. Now might be a great time to go in and try to negotiate something but be prepared to walk away if you don’t get the response you want.

Sellers: If you’re thinking about hitting the market anytime soon, now is not the time to look at the active market to base your price. The average consecutive market time is up 12% compared to those sold during the past year. You can still expect a premium if you’ve done some updating but you need to expect to discount if you haven’t. Buyers are well versed on the cost to make improvements and in this market, they also want to be compensated for their time and inconvenience.

St. Pierre at Pelican Bay UNDERSUPPLIED
  • 4 Active
  • 9 Sold during the past year

St. Pierre had a great year this year with 7 of the 9 units sold during the past year occurring after Irma. That should tell you something about how people felt about the building.

Buyers: There’s a really nice remodeled unit in here that was listed closer to the end of the season. It’s worth your time to check it out.

Sellers: Most of your old neighbors did a great job pricing their properties to sell which will give you a terrific advantage if you follow in their footsteps.

St. Raphael at Pelican Bay UNDERSUPPLIED
  • 3 Active
  • 2 Pending
  • 8 Sold during the past year

St. Raphael had a busy year too with 6 of the 8 sales and both pending properties all getting contracts post Irma. There is a classic case of, “well if they got that for that then we should get this for this” going on in the building. The good news is time heals all misconceptions.

Buyers: It looks like everybody beat you to the best deals in the building. If you want something remodeled, there’s product here!

Sellers: Strong evidence proves buyers are responding well to updates here but they aren’t crazy. One just dropped off the market which could turn into shadow inventory hitting next season. It’s not a bad time to sell if your price is reasonable for the condition of your unit.

St. Tropez at Pelican Bay NEAR STABLE
  • 2 Active
  • 1 Pending
  • 1 Sold during the past year

Lots of improvements going on here over the course of the next couple of years including repairs and much-needed remodeling. Expect a mess this summer but come September, there should be some bright and shiny new interiors to see. Now could be a great time to buy in this building if you aren’t hanging around this summer.

Sellers: It’s difficult to sell in a construction zone. It might be wiser to wait until September.

Buyers: Expect major construction this summer if you’re out and about hunting properties. That might help you at the negotiating table!

Stratford at Pelican Bay UNDERSUPPLIED
  • 2 Active
  • 2 Pending
  • 3 Sold during the past year

Stratford’s recent updating to the common areas have proven to be a success as properties continue to sell. If you are interested in a 3 bedroom you’ll have to look in other locations though.

Toscana at Bay Colony UNDERSUPPLIED
  • 2 Active
  • 7 Sold during the past year

Toscana at Bay Colony saw some incredible success this year and while other buildings throughout Pelican Bay have some inventory that looks a little picked over, the two remaining are worth checking out.

Trieste at Bay Colony OVERSUPPLIED
  • 6 Active
  • 1 Pending
  • 2 Sold during the past year

Trieste is sitting on 3 years of inventory. Of the 2 sold, both reduced their price. Of the 6 still active on the market, no price reductions. Of the one pending, lowest priced unit on a higher floor. Suffice it to say, buyers will buy if the number makes sense.

Sellers: It’s time to be aggressive with your pricing.

Buyers: There’s one on the market for under $2,000,000 right now. Check it out.

Windsor at Bay Colony OVERSUPPLIED
  • 3 Active
  • 1 Sold during the past year

Some people say the first offer is typically the best offer. While that may not be the case in an appreciating market, it’s often the case in a depreciating market and Windsor at Bay Colony isn’t exempt from this phenomenon.

Buyers: If you’re looking for a remodeled unit, there’s one you should see.

Sellers: Values on the beach in Bay Colony aren’t what they used to be so if you want all your money, it looks like the wise move may be to hold for the foreseeable future. If you want a real breakdown of what your property is worth in today’s market, call me. Prices will vary greatly depending upon condition and floor height despite what the current active market is showing right now.

What’s In Store For This Summer?

  • You’ll see we still have some good choices for off-season deals and pretty inventory for those who aren’t interested in a project.
  • You can expect some inventory to go off the market this summer and resurface next season.
  • We’ll also see a small amount of new inventory over the summer as well.
  • Expect more price reductions too but the real winners might be those brave enough to approach the negotiating table with lower values that can be well explained.
  • If we go stormless this season, expect seller confidence to increase.

Selling? I know how to attract buyers to your property to shorten market times, uncustomary ways to attract buyers to the negotiating table and the pitfalls to avoid to help you get your deal closed. More buyers this year are exercising their rights to back out of a deal if they can’t get what they want in repairs during the contract period. Be prepared to make some concessions if mechanical components aren’t in working order.

Buying? I know the market and can help you maneuver through overpriced properties and alert you to wise purchasing decisions. I offer uncustomary negotiating strategies assisting you in getting the best value and add valuable insight to make property ownership in Naples, Florida hassle-free. The vote to increase the Pelican Bay transfer fee to $7,500 passed. You have until October 1, 2018, to save $1,500 on your closing costs.

Happy Summer and don’t forget to book your summer appointments with me so I can offer the greatest service available!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!