NAR: U.S. International Real Estate Investment Drops 36%

LAmbiance – Pelican Bay – Naples FL – I ran across this article in one of my trade emails this morning and wanted to share it with you.

Annual survey found a “confluence of many factors,” such as a decline in global growth (down 3.6% in 2018) and a tight housing inventory, led to the drop.

Source: NAR: U.S. International Real Estate Investment Drops 36%

There are many factors that affect our real estate market. Foreign buyers are certainly one of them.

As of today LAmbiance has 4 active listings ranging in price from $639,900.00 – $879,900.00. Our average market time for these active listings is 156 days. Since the beginning of the year, we’ve had 6 sales ranging in price from $490,000.00 – $875,000.00.  The average market time of these sold listings is 96 days.  That’s a pretty big difference from 156 days. Here’s a list of all the real estate activity in L’ambiance since the beginning of the year. https://matrix.swflamls.com/Matrix/Public/Portal.aspx?k=190465XHFL8&p=DE-63050616-167

Since the beginning of the year Pelican Bay has had 51 low-rise condo sales with an average price of $554,924.00. You can see from this chart the highest numbers of closed sales 15, fell between 400K-500K. We even had 8 sales under 400K!

Last year during this same time period Pelican Bay had 61 low-rise condo sales with an average price of $569,180.00. It appears we’ve taken a bit of a dip.  From January 1st – July 31st 2018, the most popular sales price range was between 600K-700K with a total of 13 sales.

What does all this mean?  At this moment in time, if you don’t have to sell, do not put your place on the market. If you really want to sell, you’ll need to price your unit as close to market price as humanly possible to get it to sell. Remember our active listing days on the market is at 156 days.

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.comor call 239-594-2780.

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2017 YTD LAmbiance Real Estate Statistics

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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