Hello Naples Fans! I'm here to announce I have completed my first full circle of experience in Naples real estate and it only took me 9 years and 10.5 months. There's something to be said about experience and fortunately for those who put in the time and effort, there's a real payoff. It's still the one thing that can't bought or acquired through gaming a system in fact....it can't even be gained through just showing up. You have to be in it to get it. So that's why the few agents who "can" include on their business card, "selling Naples real estate since 200BC".
I used to see all sorts of lingo like that in the old newspaper advertising and used to think, so what! Just because you've been here for that long doesn't make you a great real estate agent. I must admit I was jealous of all that inside intelligence those agents had and sort of I guess maybe bitter because in my defense, I would've gladly gotten here sooner had I known Naples existed before I did...But, now that I have that full real estate cycle successfully under my belt, I get it and now, I'm one of "them".
How do I know I have the full circle in my pocket? I'll tell you exactly how the market was when I started selling here in 2002. We had just dealt with that whole 9-11 tragedy and many of the other agents around town were very detailed about their stories about how miserable the market was for Naples after all that happened. By the time I got rolling here, the market had somewhat recovered and after awhile the large tone of the buyer prospect base was if I had to sum it up in one word, regretful. They were regretful that they did not purchase when pricing was low. I met several people who felt like that. They all streamed into town as they often do at the beginning of season and describe in detail that deal they had seen the year before and didn't pull the trigger. Many went back to where they came from only to be largely disappointed when they came back down. Some bit the bullet and paid more for similar Naples homes and condos they found of interest. Some lost their window of opportunity altogether.
The Naples real estate market moves very quickly here. I'll never forget the day I was walking through the lobby of my office and overheard a young couple who were looking at a huge map of Collier County. She said, I can't believe there isn't one house on this whole map we can afford. I was in the parking lot of our office by the time I thought to myself...didn't you know that before you came here??? How did you not get on the internet to do some peeking around before you got on that plane, forgetting that not everybody shopped for real estate that way then.
Then the Naples market went into that crazy feeding frenzy where buyers bought everything even if it didn't make sense no matter what you said to try to talk them down. The best example from that time is the argument I had with a lady who was planning her arrival the day before Hurricane Wilma was supposed to hit...do you know it took 4 separate conversations with her to get her to cancel her flight...shesh. There are several other turns in the natural real estate cycle as many of you know already and I won't bore you with all the details here but I want you to know:
Where Naples Is Now ~ This Is Important.
Pricing has already started to go up in many Naples luxury neighborhoods and listing inventory in some locations is ALARMINGLY low meaning pricing is going up.
While it is customary for new listings to slow down this time of year it sure as heck isn't customary for pricing to go up or for the number of price reductions to go down.
This is the time of year when sellers mourn the loss of their successful negotiation they were hoping for during high-season. The average listing price went up over 1% in a week...the second week of May...WHAT?
Sales are up 16% for the month of May compared to the first 21 days of May last year. Up 19% compared to 2 years ago during the same time.
The reason why I think this is SO important is because I was completely bewildered by the amount of people who seemed to be so caught off guard about the price increases Naples recognized back then. How do you find yourself priced out of a market? I remember thinking to myself, had I been working with you last year, you would've bought because I would've told you it was going to go that way. I guess I always assumed agent were giving potential buyers a heads up.
Just last week I showed 3 units in Pelican Bay with what should be considered a fabulous Gulf view under (a certain price range). I only showed 3 because that was really all there was...I didn't even know that myself until I offered to find more product for my customer only to be equally blown away at the lack of inventory currently available. It had been a month or so since I'd been nosing around in that exact product and now...not much was left.
Of the three available, one was a smelly dog (hard to believe), the second was an ok deal and the last, an outstanding deal. I do not expect this one to be around for too much longer. Contact me direct if you want more information about any of those 3 because after these I expect this to be it.
Earlier this year you could purchase beachfront in Bay Colony for $1,325,000. Now it's $1,975,000 That prices some who were looking earlier this year completely out of the market unless something more affordable hits the market between now and next season.
I sadly have discovered that now there are probably 5 customers who will be among the group who will come back sometime within the next several years and say, "we should've bought that one...". It honestly makes me sad to come to this realization. Was there something more I should've said or maybe did I say too much? Maybe I'll just write a blog post to the rest of you in hopes of preventing more of this in the future.
So while it may not have been a first priority for you to come and see what's available right now, it might be best financially for you to make a plan and get down here. Of course, you can always purchase site unseen as well and we'll make the process as easy as possible should you identify something you like.
If you want to come down and look for yourself, PLEASE let me know in advance so I can do my best to accommodate you.
For more questions on Naples real estate or to simply get the ball rolling give me a shout or shoot me an email direct.
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