LAmbiance – Pelican Bay – Naples FL – Years ago I bought a crystal ball as a paper weight. When people asked me about my real estate predictions, I used to joke that my crystal ball is always cloudy.
Since the pandemic started, I must have been asked my opinion of the market hundreds of times. When the pandemic first hit I worried about prices decreasing. As more people came to Naples to enjoy warm weather during the pandemic, I saw more owners pull their rental units off the market to use the units for themselves. Some of these people retired early; others were working from their Florida home.
I then saw the people who started living in the units they used to rent start looking for larger units. Almost every buyer like this that I interacted with wanted a villa in Pelican Bay under a million with a pool. Even in early 2021 this was almost impossible. People were buying larger units and selling their smaller units or keeping them in the family. As 2021 progressed, the inventory in Pelican Bay decreased. As of this morning there were only 19 listings in the entirety of Pelican Bay. Of those 19 listings, only 3 are under 1 million dollars. The least expensive is $725,000.00. In all of Naples there are only 894 active listings. I can remember when we had thousands of listing for sale in all of Naples.
This lack of inventory caused countless multiple offer to happen. Units were selling way over list price. Here’s just one example: a 3 bedroom, 1526 square feet under air, Pebble Creek unit with a one car garage, listed at $799,000.00. It closed on 1/21/22 for $856,000.00.
LAmbiance had 10 sales last year. You can click here to view them: https://bit.ly/3H8ZLvY Note: 3 of the GARDEN HOMES SOLD OVER 900K. There is a 3 bedroom, first floor garden unit that is currently off the market. It will be returning to the market after some work has been done, hopefully before mid-Feb. That unit is currently priced at $950,000.00.
My real estate career has spaned 44 years. During this period of time, I have never seen a market with so little inventory. People who might want to sell their Pelican Bay units to move to bigger units are stuck in place because there is nothing on the market.
So, what do I think is going to happen to the market? Once again, my crystal ball is cloudy. Unless we start getting more inventory on the market, I think we still will be facing multiple offers. Buyers coming into Naples now are facing major sticker shock. If they refuse to buy or the pandemic wans and inventory climbs, we might see the market start to stabilize and prices decrease a bit. I’m thinking maybe a 3-5% decrease. Let’s see what happens as Easter approaches.
LAmbiance is in need of volunteers for the directors positions in Gardens I and Gardens II. If you are interested in becoming a director, please call Eagle Property Management at 239-596-5567 by February 11th. NOTE: If we cannot find volunteers for the job, Gardens I and Gardens II might have to pay for an outside person to fill the position.
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.
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.
Would you like to subscribe to L’Ambiance updates? E-mail me at Lynn@NaplesBuys.com and 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 43 years of real estate experience and her area expertise have been valuable resources to LAmbiance Sellers and Buyers. For more information, please contact Lynn Wilber via e-mail at Lynn@NaplesBuys.com or call 239-594-2780.
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