Pelican Bay Naples, Florida Real Estate Forecast 2019-2020
Welcome to the eleventh edition of my series, The 2019-2020 Naples Real Estate Forecast. I’ll be talking about the Pelican Bay Naples, Florida real estate forecast for 2019-2020 and what it means to you. Thinking about buying or selling Pelican Bay real estate this year? Read on!
Inventory in Pelican Bay has increased over the past year with over 70 listings yet to re-enter the market this season. Pelican Bay will see some owners sit this year out and will wait until property values return. I don’t think we’re going to see enough of that to prevent increased inventory. 75 Pelican Bay properties have dropped their price to attract the buyer. There are over 24 listings with more than a year of market time. It looks like some sellers are struggling to find an aggressive agent who has the ability to attract a ready willing and able buyer.
In This Post
• Current Pelican Bay inventory levels
• Projected inventory levels
• Comparison of last year’s inventory report
• What Happens During A Seller’s Market to Buyer’s Market Shift
• New Construction Update
• What sellers can expect
• What buyers can expect
Pelican Bay Inventory
- Current – 7 months
- Projected – 10 months
- Last August report – 5 months
Pelican Bay Fast Facts
- The average list price/foot for pending properties is 20% less than the average active per foot price.
- Market time is up 17% compared to what sold during the past year.
- Sales volume is down 6% compared to the year before.
What Happens During A Seller’s Market to Buyer’s Market Shift
When a market like Pelican Bay shifts from a seller’s market to a buyer’s market, there’s always a stall. Sellers typically question their agent’s performance and grow skeptical about their advice. In some cases, there’s a good reason for that. If a Seller is working with an agent who has not been in business since 2006, that agent has never seen first hand what happens during a downturn. They don’t understand how negotiations shift and how typical buyer and seller behavior changes. They don’t grasp how marketing strategies need to change and therefore they cannot respond accordingly. If sellers and selling agents do not respond to a changing market, market times and failure increases That’s exactly what we’re seeing now.
The Gap Between Success and Failure Widens
The success separation between tenured agents and newer agents widens as tenured agents shift into a more aggressive mode. Newer agents fail at greater rates. This is when we see more listing terminations. 36 Pelican Bay owners have switched agents to try to find one who will do a better job. This number will increase if the market shifts down further.
Who’s Fault Is It?
While the lack of performance can often fall on an agent, sometimes sellers have a difficult time adapting. New buyers aren’t interested in paying the seller’s price and that’s hard for sellers to understand when somewhat recent data of comparable sales are present. Even the best agents get the ax at times. I’ve experienced several calls from angry sellers in search of a new agent. During these calls, I’ll have a very candid conversation with the seller. I can quickly and easily see marketing failures and successes. You might be surprised by this but there have been countless conversations when my advice to the seller has been to re-list with their original A+ agent. Other times, we take the job and get the property sold.
If you’ve had your property on the market without selling success, call me. You’ll get sound advice even if it means you and I don’t work directly together.
New Construction Update
Mystique at Pelican Bay – According to the tax records, 55 units have officially closed leaving another 26 either pending or for sale. According to MLS, only 2 are currently pending contract at this time.
Pelican Bay Single Family Homes – There are 9 new Pelican Bay homes on the market at this time. That makes over 4.5 years of inventory and that doesn’t include the two that mysteriously went off the market on August 30th. One private deal is currently pending. Did builders/investors/agents get a little ambitious with their pricing? I’ll bet we find out this season! 7 new Pelican Bay homes sold in 2018 and with only 2 on the books this year, I’d say the buying behavior has shifted a bit.
Selling in Pelican Bay
Buyers are out there and watching and buying so it should be a fairly good year if you’re planning on listing with a pro. Because the market is cooling, buyers’ interest is going to shift into new arenas this year. What sold really well over the course of the last two years isn’t necessarily going to do as well this year. You want to know where your property stands with the current buyer and what you can do to capitalize on the current market. This doesn’t mean you’ll need to spend any additional money or take massive discounts. It could mean you can spend an enormous amount less than our neighbors did over the course of the past several years. Call me to maximize your bottom line.
Do you know who’s already looking at properties like yours? I do. This amazing tool can shrink market time to nothing and afford you the luxury of moving quickly towards your selling objective. Avoid having to follow the market downward like some of your neighbors already have! Before you hit the market it’s worth giving me a call.
Buying in Pelican Bay
If you’re thinking about buying new construction in Pelican Bay, my bet is your safer to approach now. Plenty of buyers would like a new home in Pelican Bay based on who I see poking around at the inventory. They aren’t happy about the current pricing. Ask me about how we can strengthen your purchasing position and increase your chances of getting buying perks and discounts without having to compete with another buyer.
Faster Sales For The Greatest Options
5 Pelican Bay properties have gone under contract in 10 days or less proving smart buyers are watching and waiting for great properties and good values. If you’re considering purchasing property in Pelican Bay, you should sign up for Pelican Bay listing updates and market reports. This will give you the first shot at new listings that will hit the market and alert you on price reductions.
More Favorable Talking Points
You have WAY more favorable talking points when approaching the negotiating arena this year to help you land your deal but we are not at the stage to make ridiculous offers and expect success. Take a peek at my low-ball offer experience for details and call me about the best way to negotiate your best deal.
If you’re looking for an amazing Pelican Bay villa, check out St. Raphael V8! People have been amazed at the condition of the property and the value!
Shannon Lefevre, PA
Your Naples Smart Girl!
P.S. Have you subscribed to my site for important season announcements? You should do that! Don’t forget to sign up for new listings and price reduction alerts for Pelican Bay!
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