Hello Naples Friends! Here are the next 9 Pelican Bay communities
that still have an oversupply of inventory where you might be able to find a great Pelican Bay deal
this summer. If you missed the first 7 Pelican Bay communities with an oversupply of inventory, you can find them here:
Where The Deals Might Be In Pelican Bay Part I
There was a whopping 4 way tie for #6 with 24 months of inventory:
Bay Colony Shores
: This is another one of those communities where it's almost completely unfair to report on an oversupply of inventory here because for SO long there was hardly any and not too long ago there was NONE. But as real estate changes so does the inventory at Bay Colony Shores. It used to be you couldn't buy anything in Bay Colony Shores under $3,000,000 and while 3 soon to be 4 sold in the 2+million dollar price range during the past 2 years...that may be all for awhile. The remaining properties are listed considerably higher so if you're in the mood to belly up to the bar with more dough, maybe you should take a peek at these!
Chateaumere at Pelican Bay:
472 days and 500 days on the market on a couple of these listings=phew! That is a LONG time! So there's clearly a few people in here with no real desire to sell (or at least that's what it looks like on paper) but there's some others who might be interested if the right offer were to come along and who knows...if those career listing sellers were presented with something, they might get interested...we've seen that happen more than once. In fact there are two examples in Pelican Bay
where one unit was on the market for over 1,400 days and the other over 900 days. One sold for 68% of list price, the other for 78% of list price...these are great examples of how it's important to price your property correctly regardless of where the property is located! Chateaumere offers some fabulous golf course views so it might be worth the check out if you like that not to mention there are some fabulously remodeled units on the market here. :)
Montenero at Pelican Bay:
Known as one of the best buildings "on the berm" Montenero has some exceptional options here. The problem though is because there is so much space here and prices range so high, they compete with Bay Colony and even though the fees are much higher in Bay Colony many choose Bay Colony over a building like Montenero or Cap Ferrat. If you would prefer to keep your carrying costs down though and you require more square footage and like a newer building, you should consider Montenero. There are some FABULOUS units on the market right now that still look TERRIFIC and offer enchanting views of the Gulf of Mexico and those beauties on the Strand. You can accomplish something out of the ordinary here because of the views and square footage so keep it on your list. It may be the best deals are already gone but once again, sometimes you never know until you get in the middle of it. If you're a seller who has something smaller and not so great, the lower price points here seem to be doing better than the bigger, super fabulous units! :)
St Marissa at Pelican Bay:
WHOA! If you don't need a view there is a super deal here and if you do need a view there's a super deal here...ok let's just say there's some good deals in St. Marissa right now and call it a day.
Cap Ferrat at Pelican Bay
= #7 with 20 months of inventory:
This is the other super luxurious building on the berm in Pelican Bay and once again there are some big ones on the market here. I think this building has the same circumstance as Montenero in that the price points directly compete with Bay Colony so if you like the exclusivity of sharing your beach club with a much smaller group of people or you like towel service, a pool at the beach club and full service on the sand...well, you might choose Bay Colony but if you don't care about the additional carrying costs and you like to blow your friends and family away with a super stunning lobby and top notch amenity package, you should consider Cap Ferrat. I've sold a couple of units here and from my experience, the majority of my clientele really like it. I've heard a couple of others say they thought it was a little too heavy or ornate for their tastes so think of it this way...if you like Old World, lots of marble and cast stone....you will LOVE Cap Ferrat...if you're thinking more beachy and simplicity...move along to something else. For those of you who are left, there are some great units at great prices here. There may even be room for a little more negotiating...hint hint If you're a seller, hold off if you can or price it right!
Marbella at Pelican Bay
= # 8 with 18 months of inventory:
This is an unusual animal in Pelican Bay in that it has an attached health care facility on site and is a 55+ community. This makes talking about an oversupply of inventory at Marbella a little sad because I think there are probably not too many reasons as to why these become available. :( So I will just say that there may be some extenuating factors that might exist when negotiating here but for the respect of the families and the owners of these properties, I will help you more on a case by case basis on this one. I'll conclude this one by saying, I've met some families who have relatives who live here and they LOVE it.
18 months and more of inventory to me is something to talk about. If it's less than that then it may be a big deal but good chances are it probably isn't that big of a talking point so I am going to finish this with the 3 wild card communities that are left. My wild cards are neighborhoods where nothing has sold during the past 12 months so true value is a little more difficult to determine and could be a good talking point during a negotiation.
Pointe Verde at Pelican Bay:
There are two homes on the market here and fall into a similar situation compared to Cap Ferrat and Montenero in that these price points compete with Bay Colony. So once again, if you like the conveniences of Bay Colony and you don't mind paying the additional dues, you might choose that location over this one. If that's not important and you want a bigger home on a bigger lot than most of the other single family home communities in Pelican Bay, you might really find this exciting. There's a gate here too so if you like that benefit, that's available to you as well.
Renaissance at Pelican Bay:
This is just one little building holding 8 units and the properties here can be really fantastic. Some over the years have been horribly outdated and with a completion date of 1985 you're just going to run into that sometimes. I'm not seeing anything on paper to suggest an outstanding deal here but as you know so many deals are made during the negotiation here. This is just a really unique place you might consider taking a peek at if you like that old world style and don't necessarily want to have 72 neighbors like you might in a high-rise. The last one sold in 2010 and most of the time there isn't anything available here. With three of the eight on the market you might want to see what's going on. Maybe there's a story there and maybe that story will benefit you in your purchase.
Villa La Palma at Bay Colony
: I just had to get one more Bay Colony property in there. These two have been on the market for awhile....and I would love to tell you more but maybe we should talk on the phone. If you're thinking about buying or selling in Villa La Palma, give me a shout.
Ok, so that concludes my Where The Deals Might Be In Pelican Bay this summer. Hope you got some useful information from it and hope you'll be choosing me to buy or sell your Pelican Bay property this year.
Shannon Lefevre, PA
Your Naples Smart Girl!