LAmbiance in Pelican Bay - Naples, FL - I have been asked recently if now is a good time to sell a unit in not only LAmbiance but in Pelican Bay. My reply is always that I have a crystal ball on my desk and it is always cloudy!
All kidding aside, I think we are at the bottom of the market here in Pelican Bay. If we’re not at the bottom, we are a breath away from it. Let me explain why I believe this to be true.
- As of today, there are only 64 low rise units for sale in Pelican Bay. In recent years, we had any where from between 120-130 low-rise units on the market. It is very apparent to me that our inventory has decreased significantly.
- In 2008, 60% of all low rises listings failed to sell. As of today, 28% of all low-rise listings in Pelican Bay are failing to sell.
- LAmbiance currently has 6 units for sale. At one point in time we had 13 listings on the market. The least expensive unit for sale is an E-1 floor plan priced at $499,000.00.
In 2012 LAmbiance had absolutely NO SALES in our garden home section. This is the first time in the 16 years I have lived here that I have seen such an occurrence. I think this happened for two reasons:
- Buyers were willing to spend more to get larger units because the interest rates were so low.
- Many of our garden home residents bought at the height of the market. Between 2004-2007, 20% of the garden residences turned over. These people are holding onto their units until the market improves.
I do think Pelican Bay low rises will see an increase in their value this year. I believe it will be a low amount of appreciation; 1-3%.
Who should think about selling their LAmbiance unit now?
- Owners who have substantial equity in their unit and want to purchase a larger unit. Prices are still good and interest rates are low.
- Owners who bought at the height of the market and have determined that the cost of holding onto the unit is not being recouped in potential appreciation, rental income or personal use. This type of sale might result in a loss of investment and should be discussed with an individual’s financial advisor.
- Owners who bought at the height of the market and want to retire in a larger unit. While you might take a loss, you will be getting a larger place at a decent price and a low interest rate.
Who should NOT sell their LAmbiance unit now?
- Owners just wanting to “test” the market. While I do think we can be a bit more aggressive with pricing, we can’t turn back the clock to 2005.
FYI – LAmbiance’s Welcome to Paradise Party is tomorrow, Friday March 15th between 5:30 PM – 7:30 PM at the LAmbiance clubhouse. BYOB and dish to pass. Hope to see you there!
Should you be thinking of selling your home in L’Ambiance and want a candid assessment of what it would take to sell your home in today’s market, I would be happy to provide you with a free market evaluation. Feel free to call me at 239-594-2780 or e-mail me at Lynn@NaplesBuys.com
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About the author:
Lynn Wilber is a Real Estate Professional who lives in L’Ambiance in Pelican Bay. Her 35 years of real estate experience and her area expertise have been valuable resources for Pelican Bay Sellers and Buyers. For more information, please contact Lynn Wilber or call 239-594-2780.