My Crystal Ball

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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Sunshine Shunned: Snowbirds Hesitant about Florida Return

Lambiance  – Pelican Bay – Naples, FL – The link below will take you to an interesting article about Florida’s snowbirds.

Source: Sunshine Shunned: Snowbirds Hesitant about Florida Return

I’ve recently heard of 3 families cancelling vacations to Florida and a few snowbirds holding off their trips to their Florida residences until the Covid numbers come down. It will be interesting to see what happens this season.

LAmbiance’s units are desirable to many people. Last week we had a second floor garden home come on the market. It was under contract within 3 days. As of today there are no units for sale in LAmbiance. There are only 22 places for sale in all of Pelican Bay.

Since the beginning of the year LAmbiance has had 8 sales. If you click here, the link will take you to a list of those sales.  https://matrix.swflamls.com/Matrix/Public/Portal.aspx?p=DE-99347885-537&k=190465XHFL8&eml=THlubkhXaWxiZXJAZ21haWwuY29t#1

It’s definitely a Seller’s market. If you are thinking of selling, you can be aggressive with your price. There are so few listings and so much demand your property should sell quickly.

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.

Downing Frye’s office has moved! Our new office is in the Galleria on Vanderbilt at:

8950 Fontana Del Sol Way Suite 100 – Naples, FL 34109

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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LAmbiance Real Estate News

LAmbiance – Pelican Bay – Naples, FL – It’s been a while since I’ve updated this blog. For those of you who live in LAmbiance and know my husband, Don, our last few months have been taken up with Don’s back. He’s feeling better now. He jokes that for a while there he walked like “Grampa McCoy”. Needless to say I am thrilled he is feeling better.

So, what’s been happening with real estate in L’Ambiance? We currently have 4 active listings in L’Ambiance: http://bit.ly/LambForSale Of these four listings, 3 of them are second floor coach homes. These particular models used to be in high demand because of their open floor plans, great square footage and a two car garage. What I am seeing now is that the prices that have gotten so high that the buyers who can afford these units have issues with climbing stairs. The buyers who can climb the stairs find these units out of their price range. The market time on these units have increased.

We currently have two first floor coach homes pending. These first floor 3 bedroom units are in quite the demand. Both these units came under contract within a week! http://bit.ly/LambPending

Since the beginning of January 2019 Lambiance saw eight sales ranging from $490,000.00 to $875,000.00: http://bit.ly/2019LambSales EIGHT of these sales were GARDEN units that sold.

Pelican Bay has seen 82 low-rise sales so far this year with an average sales price of $556,854.00 and a median price of $536,000.00. 2018 saw 100 low-rise sales with an average sales price of $551,866.00 and a median sales price of $525,000.00. We’ve seen a slight increase with less sales.

The Naples Florida November 2019 Statistics: http://bit.ly/NaplesNov2019Stats is a long report that covers the Overall Market, the Single Family Market and the Condo Market. You’ll want to take a look at page 6 of the report that shows the number of condo sales betweeen 500K and 1 million, 440 sales, are down 5.5%. This is along the lines of the number of sales of low-rises in Pelican Bay being down in 2019. Page six also shows us that the number of sales for condos over 1 million total 373 sales. Page 17 shows the Naples Beach condos year to date figures show the average price up 8.9% to $997,441.00 and a median price up 5.5% to $675,000.00.

What will 2020 have in store for the real estate market? My crystal ball is still a bit too cloudy to tell you an answer!

Wherever you are enjoying your New Year, both Don and I wish you all a very happy and HEALTHY 2020.

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.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 41 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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LAmbiance in Pelican Bay Real Estate Statistics

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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House Cleaning on Our LAmbiance Blog

 

LAmbiance – Pelican Bay – Naples, FL – Today I focused on cleaning up our LAmbiance blog.  It has been a long time since I have checked the links on our site to get rid of ones that didn’t work anymore and make sure the ones that remained worked.  I also determined I had to get our SEARCH FOR A HOME page up and going.  You’ll note that on the right hand side of our blog there is now a link that reads SEARCH FOR A HOME right above a thumbnail photo of a sunset.  When you click on SEARCH FOR A HOME you go to a page with a link to help you in your search.

I would appreciate it if you could take a moment and try the search feature and give me some feedback.  Did you find it easy to use?  Were you able to find the information you wanted?  Would you suggest any changes to my instruction page?  Your comments are very welcome and I look forward to hearing from you.  Please feel free to call me at 239-594-2780 or e-mail me you suggestions to Lynn@NaplesBuys.com

You’ll note that I tried to visually clear up the right hand side bar to make it easier to find information. If there is something else you’d like to see on that side bar, please let me know. Eventually I want to get up some good links for hurricane information. Once again, your suggestions are welcome.

Thank you all for any comments and suggestions you want to share!

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.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 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.com or call 239-594-2780.

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