Pelican Bay Real Estate Update 3.12.18

Pelican Bay Real Estate Update

Hello Naples Friends! It’s time for a Pelican Bay real estate update. There’s a ton to cover so let’s get started:

Pelican Bay Single Family and Detached Villa Market:

Active: 33 $889,000-$19,500,000
Pending: 10 $879,000-$4,900,000
Closed Past Year: 55 $674,000-$5,595,000

The Pelican Bay single-family home market is performing exceptionally well with only 7 months of active inventory. Market time is up only 3 days on average compared to properties sold during the past year. While average list price shows way higher for active listings compared to what sold during the past year, this is mostly due to the biggest, most expensive properties sitting. 12 of the 33 active listings have dropped the price. If you were one who waited for postseason deals, you might check out:

We need listings in Villa Lantana at Pelican Bay! Call me!

2 weak links in the Pelican Bay home market exist.

Pelican Bay beachfront homes and Pelican Bay new construction homes are not attracting successful offers. We’ve already seen one Strand at Bay Colony beachfront home punt out of the market while the other two sit racking up market time.

Pelican Bay new construction homes are sitting as well. Nearly all of them are still marketing at high, original pricing but there are a couple of deals out there too. Ask me for details about these.

Typically buyers will hover over properties like these until they see movement with pending contracts suggesting other buyers believe current values are in check or when these properties see noticeable price reductions. I’m seeing a ton of “token” price reductions around town. This doesn’t always cause buyers to jump. In fact, if the reduction is too small, it can deter buyers from coming forward.

Sometimes sellers have a tough time reconciling with the idea their price is what’s preventing buyers from coming forward. Feelings towards that first buyer who came with the first low offer are bitter. When it happens the second time there’s a little more acceptance. By the third time, many sellers change their tune a bit. In many cases, sellers will negotiate more amicably or reduce their price to respond to the current buyer base. Sometimes they determine to take their place off the market and wait for a better market. Buyers here aren’t necessarily favorable in sticking their neck out for fear of other buyers coming forward. If you’re hovering over a property, call me. I can offer sound advice on whether it’s better to write an offer or wait.

The Hot Side Of Pelican Bay Single-Family:

6 of 10 Pelican Bay single-family and detached villas pending contract are priced under $2,000,000. There were two really great priced properties in Bay Colony Shores that were snatched up too. Are people thinking of tearing down and building their own fabulous home since new construction is priced so high? This could easily be the case.

The majority of my buyer pool are shopping with their wallets this year. They’re calculating costs to remodel and build and many are signing up with the idea they may have to do some work to get what they want opposed to buying new and remodeled prices at an exorbitant value. This type of behavior is very typical in this trend.

Jamestown at Pelican Bay hasn’t seen a sale since 2011! We need listings here! Call me!

Pelican Bay Villa Market (Attached):

Active: 14 $749,900-$2,700,000
Pending: 7 $899,000-$2,200,000
Closed Past Year: 11 $839,000-$1,550,000

The Pelican Bay attached villa market is showing some good strength as well with 7 pending properties. It won’t take long before 15 months of inventory is going to turn into closer to 9 months. If traffic continues that could easily mean we’re going to see price increases again. Owners are feeling pretty strong with just a 6% discount on average during the past year compared Pelican Bay single-family home market trading on average of 92%. Market time is down 37% in this segment. That’s a problem for buyers. It may be smart to strike now for close to end of season discounts.

Only 4 attached villas have adjusted pricing down suggesting sellers are confident about the current activity. There’s actually a price increase noted. Expect more of this if more product doesn’t hit the market and those 7 pending contracts close. Now might be the best time to purchase before sales prices post.

Nothing has sold in Grand Bay at Pelican Bay since last year! I have buyers asking about Grand Bay, call me!

Here are the locations you should check out if you’re in the market for a Pelican Bay attached villa:

Villas at Pelican Bay (Great deal here)
Cocobay at Pelican Bay (Gorgeous one here)
Las Brisas at Pelican Bay (Nicely remodeled one here)

Pelican Bay Low-Rise Condo Market:

Active: 33 $889,000-$19,500,000
Pending: 10 $879,000-$4,900,000
Closed Past Year: 55 $674,000-$5,595,000

The Pelican Bay low-rise condo market is performing exceptionally well with less than 6 months of inventory. This makes sense as the bottom of the market is running the show. The market was not as strong last year which led way to some really good deals for buyers. Average market time for pending properties is 83 days which is actually down 14% compared to those sold during the past year.

If your property is priced well for the condition, it will sell. I do see some real pie in the sky pricing on some of these units but here are 3 locations where you can find some great deals:

Pelican Bay Mid-Rise Market:

Active: 20 $499,000-$1,149,000
Pending: 7 $553,700-$899,500
Closed Past Year: 38 $449,000-$1,995,000

There are only 6 months of inventory here with an opportunity dropping to 5 months if all closes and nothing new hits the market. Average market time has dropped compared to what sold last year. Like most of Pelican Bay, buyers are losing the footing here. Even though sellers are seeing some new found success, half of the current market has dropped the price from original list price citing that while sellers were a little over-optimistic, they were willing to adjust to find the market. Those are ingredients for success. Mid-rise condo product is selling in as fast as 5 days provided it’s priced well. If you’re thinking about buying a mid-rise condo in Pelican Bay, check out:

Interlachen at Pelican Bay (Nicely remodeled units here)
Chateaumere at Pelican Bay (Nicely remodeled unit here)
Hyde Park at Pelican Bay (Swanky!)

Pelican Bay High-Rise Market:

Active: 92 $469,000-$11,475,000
Pending: 28 $580,000-$9,500,000
Closed Past Year: 104 $449,000-$8,900,000

The Pelican Bay high-rise condo market is floating on 10 months of inventory with a whopping 28 units currently under contract. Market time on average again is only 3 days higher than those sold during the past year. Once these pending properties sell that could push inventories into the 8-month range which could position the market towards sellers again.

36 Pelican Bay high-rise condos have reduced prices down giving the allusion some owners are interested in selling more than others this season. There are some Bay Colony condos that have reduced more than 10% off their price. Check out:

Here’s something else to consider. If you find something that is alarmingly outdated or perhaps offers a really loud unfavorable personality, many buyers can’t look past it. These properties can sell for a good amount under fair market value. It may not be a bad idea to step forward with a lower offer. There might be an example of one of those in Brighton at Bay Colony

What you can expect for the next 60 days in Pelican Bay:

Areas like Boston and New York are preparing for another blast of snow. Many people are already down here buying with pending properties leading the hot sheet notifications today. March snow makes a ton of people buy Naples real estate. This may not be the year to hover until April for the best deal. If you’re looking in areas even the slow-moving segment of Bay Colony, I would encourage you to strike your best deal now. I feel like many properties still on the market are going to sell. Some properties will sell for pretty good values which could lead to seller confidence which is going to make it more expensive to those who show up late to the party. We have a really good cross-section of buyers who are talking about selling homes in our feeder markets. I also hear many of those markets are performing well. That activity could spill into the summer months this year. Bottom line, giddy up!

On a side note, I want to thank you for signing up for my new blog and for property updates. Thank you for the feedback on my new site. Some of you have mentioned you miss the floor plans and the old sales format. The floor plans are coming. All of Bay Colony has been uploaded at this point. I’ll be working on Pelican Bay floor plans shortly and offering more/better floor plans than before. Please don’t hesitate to ask for them if you need them before I get them on. If you would like the sales spreadsheets I used today, just shoot me an email.

Most of all, thank you for all of your support. Several of you have chosen me to be your Realtor and referred friends and family to my site and blog over the years who are doing the same. You are literally feeding my family and team. I appreciate you.

I hope you found my Pelican Bay real estate update informative. Don’t forget to sign up to get the updates or forward to somebody who might find my Pelican Bay real estate update useful. If you have any questions or want to schedule an appointment to buy or sell, contact me today.