Posted tagged ‘Rentals in LAmbiance in Pelican Bay’

Most vacation buyers want income – not family getaways

September 18, 2018

LAmbiance – Pelican Bay – Naples Florida – I ran across this interesting article this morning while reading my trade e-magazines. This article gives the reader a good idea of the trends in second homes.

Source: Most vacation buyers want income – not family getaways

As I read this article I thought about all the buyers I’ve sold in Pelican Bay.  A large portion of these buyers are not ready to retire yet and want to be able to rent out their units, when they are not enjoying their residence, to help defray their holding costs. The property values in Pelican Bay are such that an investor would have to put a huge amount of money down to make the rental income numbers work. A purchaser would need to look at the rate his/her investment is currently earning versus the projected amount of appreciation a property could earn. Pelican Bay has very little inventory currently on the market. As of today there are only 31 low-rise condos on the market in Pelican Bay.

I am also seeing a number of Pelican Bay residents who used to rent out their units deciding not to rent them anymore as they are now using their units. This is causing a lack of rental properties which will, I believe, trigger higher rental prices.

What will happen to our property values in the 2019 season? I would think we would see property values rising due to lack of inventory but what I am currently seeing are more price reductions in the active listings. The over 1 million dollar market is smoking hot while the 500K to 1M market seems to be languishing.

I hope you all had a pleasant summer. LAmbiance looks forward to the return of its Northern residents.

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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2017 YTD LAmbiance Real Estate Statistics

February 11, 2018

LAmbiance – Pelican Bay – Naples FL – We are well into our way into season. Today I saw another car carrier dropping off cars in the Pelican Bay area.  This is one of the busiest seasons I have seen.  My phone has rung more than usual and the number of e-mails I normally receive is up.  This would indicate an active market.

Let’s compare what sold in L’Ambiance in 2017 to what sold in 2016.

FIRST FLOOR GARDEN HOMES

 Average Sales Price  # of Units  CDOM
 2017  $549,800.00  3  190
 2016  $507,378.00  7  179
       

Interesting that we had less than half the sales in first floor garden homes in 2017 than we did in 2016.  Market time has also increased.

SECOND FLOOR GARDEN HOMES

 Average Sales Price  # of Units  CDOM
 2017  $565,750.00  4  78
 2016  $606,200.00  5  143

We saw the prices go down on second floor gardens in 2017. I want to note that of the four sales in 2017; only ONE of the four was totally updated.  This updated unit wasn’t even on the market a week when it came under contract.

FIRST FLOOR COACH HOMES

 Average Sales Price  # of Units   CDOM
 2017  $803,333.00  3  
 2016  $805,000.00  3  82

One of the first floor coach home sales in 2017 was a private sale.  I’m unable to calculate the cumulative days on the market because I am NOT able to obtain this information from tax records.

SECOND FLOOR COACH HOMES

   Average Sales Price  # of Units  CDOM
 2017  $860,000.00  2  163
 2016  N/A  N/A  N/A

When I look at the 2017 YTD figures for condos in the Naples Beach area, I see the median sales price for 2016 was $675,000.00. 2017 saw a 4% decrease to $645,000.00.  Inventory decrease by 5%.  At the end of 2017, the Naples Beach area had an inventory of 8.9 months.  Days of the market had also decreased.

Low-Rise condos in Pelican Bay now have an inventory that could last 6.82 months. That’s just a tad over the normal mark of 6 months for an average market. Low-Rise condos in 2017 in Pelican Bay had an average sales price of $573,280.00 and a median sales price of $540,000.00.  These numbers are down from the 2016 numbers of an average sales price of $589,451.00 and a median sales price of $560,000.00.

Since January 1, 2018 – February 7, 2018 there have been TWO low-rise closed sales in Pelican Bay.  In the same time period Pelican Bay has had 10 low-rises pending sales.

In 2017 there were 126 low-rise listing put on the market. 41 of those listings failed to sell either because the listing expired, terminated or withdrawn.  Roughly 32% of all listings taken did not sell.

What will 2018 hold in store for real estate prices?  Just based on the above numbers, I’d say Pelican Bay low rises are in a normal market. I don’t think we will see huge increases in prices this year and I also don’t think we’ll see huge price drops.

EVEN THOUGH I DO NOT HANDLE RENTALS, I can tell from the “chatter” I hear that there is very little rental inventory.  Owners who bought their units to rent until they could retire are now retiring and occupying units that used. Potential tenants are finding it more difficult to find places that will rent for 30 days. Prices on rental units in Pelican Bay seem to be increasing. If you are looking for a rental, I’d suggest you check out the rental page on our L’Ambiance site at:  https://lambiance.wordpress.com/about-lambiance/lambiance-in-pelican-bay-rentals/   The company I work at, Downing Frye Realty, Inc. has a website where you can search for rentals at: http://downingfrye.com/RealEstate/index/PropertyType/Residential-Rental/  on the right hand side of the screen put in the 1) Neighborhood you want 2) The TYPE you would want is Residential Rental.  This site will give you a good idea of rental prices.

If you own in L’Ambiance, have you joined our L’ Ambiance in Pelican Bay Facebook page yet?  To do so 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 before you are approved for 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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LAmbiance Prepares for the Weather

February 20, 2015

LAmbiance – Pelican Bay – Naples,FL Old Man Winter AKA The Polar Vortex found his way to LAmbiance this morning. Yesterday afternoon our on site manager, Jimmy, was busy covering L’Ambiance’s entry flowers.

Winter comes to LAmbiance

It appears we broke a record low set in 1960 at 39 degrees as we clocked in at 38 degrees this morning.  My husband, Don Wilber, actually turned on the heat.  I think the last time we used the heat was back in January of 2009! Our temperatures should bounce back to the sixties this afternoon.

No matter how cool it gets in Naples, I’d still rather be here than where my sister-in-laws are in Boston.

Boston Feb 2015

Yes, that is Don’s sister standing at her full 5’2” holding up the snow shovel behind the snow bank.  If you look closely at the lower left hand side of the photo you’ll see the pink flamingos they have in the snow on their front porch.  I’m glad they have a sense of humor about their weather.

There has been a flurry of real estate activity in LAmbiance and Pelican Bay this season.  LAmbiance as of today has 3 active listings, 6 pending sales and 3 closed sales since the beginning of the year.  Click here to see LAmbiance real estate information. It is interesting to note that the 3 closed sales all had redone their kitchens.  Two of them had also redone their baths.

Two first floor coach homes came on the market last weekend and they were both under contract by Monday.

Let’s talk about rentals in LAmbiance.  You all know I do not handle rentals. I do have a rental page I set up for LAmbiance owners who rent their units themselves at: LAmbiance Rentals . The number of hits this page has received is astronomical!  Rental prices have increased all over Pelican Bay because of the lack of rental inventory.  If you a LAmbiance owner who has family and/or friends that are looking to rent a place in Pelican Bay for season 2016, they can try:

  • Calling Downing Frye’s Rental Department at 239-261-2244 x795.
  • Going to Vacation Rental By Owner at www.VRBO.com
  • Going to Home Away at www.HomeAway.com

Even using these resources, they still could have a difficult time find a place to rent in Pelican Bay.

Should you be thinking of selling your home in Lambiance and want to know what your home is worth in today’s Seller’s market, I am happy to give you a free market evaluation. Feel free to call me at 239-594-2780 or e-mail me at Lynn@NaplesBuys.com

Looking for a home in LAmbiance? Click Here.

Would you like to subscribe to Lambiance updates? E-mail me at Lynn@NaplesBuys.com and I will add you to the subscription list. Please know that I will keep your e-mail address private.

Please note that I receive no compensation for mention of any businesses or events.

About the author:

Lynn Wilber is a Real Estate Professional who lives in Pelican Bay. Her 37 years of real estate experience and her area expertise have been valuable resources to Pelican Bay 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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