Bay Colony Naples Florida Update

Bay Colony Naples Florida Update!

I said I would write about Pelican Bay sub-communities separately, and I will...but we can't leave out Bay Colony as a whole! So here it is!

Bay Colony has a LEVEL amount of inventory...in a short period of time, it may even be technically under-supplied!

Bay Colony Active Listings = 38
Bay Colony Solds (During Past 12 Months) = 38
Bay Colony Properties pending contract = 4

Market time in Bay Colony is shrinking! The average market time for properties that have sold is 270 days, for properties pending, it's 671 days and for Bay Colony properties that remain on the market, 244.

The list price-to-sales price ratio is 90.21%, but somebody negotiated a deal last September for only 68% of the list price. WOW! That doesn't happen very often!

At first glance, it looks like Bay Colony is getting less expensive since the average list price per square foot of the Bay Colony properties that remain on the market comes in at $743/sq. Ft. The sold price per square foot average is $786/sq. But ultimately, that is because we had two homes in The Strand at Bay Colony sell during the past 12 months.  Strand homes are the biggest homes in Bay Colony and the only single-family homes available on the beach in Pelican Bay. 

You'll find some Bay Colony High Rise buildings doing very well and some with a slightly oversized inventory. Some of these will be properties that have just hit the market in preparation for the upcoming selling season.

BUYERS~ Do not expect to go into negotiations with just a run-of-the-mill, "the economy is in the toilet" negotiation tactic here. Many owners will hold out for their price, as proven by the seller who owned Brighton at Bay Colony 1702. I personally had 2 people interested in that unit who were not willing to pay what the seller wanted.  The owner got over 95% of his list price...much less than what my buyers were willing to pay.  While it is always great to have a negotiating plan (when you work with me, I provide one to assist you), it must be understood there are some sellers here willing to leave a few dollars on the table to get the deal done, some sellers are more interested in the bottom line and can/will wait. If you think you're ready to make a Bay Colony purchase. Call me to get started!

SELLERS- If you are considering selling, I would strongly consider reviewing the market in your building or subdivision first and deciding based on the amount of inventory already on the market. Property condition and price are two HUGE key factors if you don't care about that and want to sell anyway.  Hard Contemporary decor is not a huge selling point here.  If you have decorated your unit in this fashion, you might consider having your home staged to sell fast and even net more money.  If you have a condo in original or near original condition, it may be most advantageous to do some remodeling if time and money permits. Many condos are starting to show their age in Bay Colony, which may become a problem for people wanting to net a certain amount or sell quickly.  Pricing your Bay Colony property properly will alleviate any market time issue.
For more information on how you can sell faster and net more, call me direct!

You can expect to see more updates about the individual sub-communities of Bay Colony as we go. 

PS~ I received a call from the sweetest lady from Boston today who is in Naples with her husband and is ready to see Pelican Bay high-rises.  I LOVED talking with her today and look forward to assisting you with your Pelican Bay endeavors!