LAmbiance – Pelican Bay – Naples, FL – Are you curious as to what is happening in the real estate market? It’s been an interesting year so far. Let’s first take a look at what is happening in LAmbiance.
Since the beginning of the year, we have only had 3 closed sales. You’ll note all of them are first floor units. Two of these sales are coach homes and one is a garden home. All three of these listings had new kitchens and other updates. At present we have two active listings.
Pelican Bay currently has 41 low-rise listings on the market. Of these 41 listings, only 15 are under 500K. As of today there have been 61 low-rise closed sales since the beginning of the year. When you review these closed sales, you’ll see that 27 of them were 500K and under. The rest of the sales were all over 501K,
The Naples Board of Realtors recently released the 2nd quarter statistics for 2018. When you look at this report make sure to scroll down to the Condominium Market Statistics page. I found these statistics very interesting. Most of our sales in L’Ambiance will be between 500K-1M. Occasionally we get some units under 500K but these units usually need work. If you look at the statistics by price, you’ll see the market between 500K-1M only represents 11.1% of all the sales in the 12-month period ending June 2018. The number of closed sales are down 12% prices are down 5% and inventory is down 4%. The average days on the market are up 5%.
Now take a look at the market over 1M. The number of closed sales are UP 52%. The prices between 1M – 2M are up 12% and the inventory is down 9%. The higher price ranges are definite on fire right now.
Please take a moment and also view the Naples Beach Statistics on this report. You’ll see the number of sales for the 12-month period ending June 2018 represent 21.35% of the market. The median sales price is $650,000.00 and is down 4%.
When you view the closed sales for all of Pelican Bay, you’ll find that of the 221 closed sales since the beginning of this year, 96 of those sales were over 1 million dollars. That’s 43.4% of the market!
In my humble opinion, it would appear wealthy people are taking money out of the stock market and putting it into real estate. The people who can afford to purchase in LAmbiance are being more conservative in spending their money on a second home. Keep in mind the tax deduction for interest on a second home ceased to exist. Florida is also dealing with harmful blue-green algae and red tide. While we don’t have either here in Naples currently, these conditions might affect Buyers thinking about investing over a half a million dollars when making a purchase.
The average price for a low-rise in Pelican Bay in the first half of 2017 was $613,254.00. The average price for a low-rise condo in Pelican Bay in the first half of 2018 was $570,293.00. That’s a 7.1% decrease in the average sales price.
Low-Rises Closed Sales Pelican Bay First Half of 2017
Low-Rises Closed Sales Pelican Bay First Half of 2018
You might hear Realtors complain about the lack of inventory in Pelican Bay. You would think the lack of inventory would be driving the prices higher. While that is happening in the 1-2 million dollar market, it is not happening in the lower price ranges. If you are not in the over million dollar price range, this is not the market to be aggressive in your asking price; especially if you have not updated your unit. Forget about “testing the market”. If you do not have to sell, do not put your unit on the market.
Have you signed up for our new L’Ambiance Community website? Because our new LAmbiance site is a secure site, registration is required. Shortly after you submit your registration, you will receive an email with login instructions. You will then be able to choose a password, login and browse the member-only sections of the site.The registration link is: https://lambiancenaples.com/registration
If you own in L’Ambiance, have you joined our L’Ambiance in Pelican Bay Facebook page yet? It’s a great source to ask questions and to get information. Just click here —> LAmbiance in Pelican Bay. Because I am keeping this a private page, you’ll be asked to answer a couple of questions so I can approve you on the page.
If you are thinking of selling your L’Ambiance unit, please call me before you do any major remodeling. I’d be happy to discuss current market conditions and give you selling tips. I have a list of buyers who are looking for specific units in L’Ambiance. I’d be happy to discuss not only the pricing in L’Ambiance but the pricing for low-rises in Pelican Bay and condos in Naples to see how your unit fits into the equation.
Would you like to subscribe to L’Ambiance updates? E-mail me at Lynn@NaplesBuys.comand I will add you to the subscription list. Please know that I keep our e-mail address private.
Please note that I receive not compensation for mention of any businesses or events.
About the author:
Lynn Wilber is a Real Estate Professional who lives in L’Ambiance in Pelican Bay. Her 40 years of real estate experience and her area expertise have been valuable resources to LAmbiance Sellers and Buyers. For more information, please contact Lynn Wiber via e-mail at Lynn@NaplesBuys.comor call 239-594-2780.
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