I received a delightful email from one of my favorite people today regarding his experience he had while listening to a speaker discuss the future demographics that will affect the economy. Two of his talking points explained that there will be a shortage of supply in the second home markets of Florida. Just for giggles, I pulled up Pelican Bay...now standing at a 10 month supply of inventory with 12 Pelican Bay communities currently completely sold out...
Most buyers I know like to get a good deal and when markets shrink as they are here in Pelican Bay, those deals become fewer and harder to find. Clearly there are no deals to be had in those 12 Pelican Bay communities and it could be difficult to get a great deal in the 22 Pelican Bay communities that only have 1 or 2 units left. So instead of spending our time focusing on lost ground, I've compiled a list where you might find some great purchasing opportunities based off market conditions.
Topping our list with the most inventory on the market is:
1. Interlachen at Pelican Bay with 72 months of inventory. There are 6 available with only 1 unit that has sold during the past year. This might leave one to believe that there's a "problem" in Interlachen at Pelican Bay. Nah, Interlachen is just fine and if you're going to go after a great deal, you have to be where everybody else is not and let's face it, they here right now. Interlachen has sold better at other times. Today is just not her day. Time will pass, intelligent buyers will sniff out the opportunity here and shortly, Interlachen will level out again.
These are excellent talking points during negotiation but you'll want more points than just that when you craft your offer. That's why it's good to have a full negotiating plan. That's one of the things I can offer when I work with a buyer.
If you're a seller in Interlachen I have 3 special requests: Please price your property according to the condition of your unit. Stage if you don't want to remodel and at the bare minimum remove seriously outdated furniture. Outdated furniture (even if it doesn't convey with the sale can KILL your deal).
2. There's a 2 way tie for second place 60 months of inventory:
St. Lucia at Pelican Bay with 5 currently on the market and an average day on the market range coming in at a whopping 210 days that is something to be excited about if you're a buyer and seriously bummed out if you are a seller. Yes the average market time in Pelican Bay is 212 days but that doesn't make it right. If you are a buyer...the best deals here are probably already gone so some negotiating to get a great deal is required BUT...you never know until you give it a shot. Sellers, if you want to sell, be aggressive! If you don't, you might take a break for awhile and revisit the opportunities to sell later.
Barrington Club at Pelican Bay: This Pelican Bay neighborhood is hot and then it's not and then it's hot and now it's not. Considered an entry level Pelican Bay community, Barrington Club has quite a bit to be happy about. The aesthetic feel is very well kept and neat. It's located very close to the Publix Marketplace grocery store. There are terrific amenities here and at one time, you couldn't come here unless you had over $500,000 in your pocket. Today you can get something in here in the $300k+ price range or if you were that last buyer, $300k even. The price points have been lower and they are clearly on the rise but if you're looking for a deal here, you might need to kick over a few stones first. If you're a buyer be prepared to possibly pay over market for something remodeled or you might have to roll up your sleeves yourself. If you're a seller, don't be too ambitious on price and you might consider remodeling you're whole unit if you already have been down that road. You don't always get full credit if you only did a partial remodel because the realization of the time and money involved to an outsider can be more than they want to take on initially.
3. A tie for 3rd place at 42 months of inventory:
St. Nicole at Pelican Bay Can I tell you there is a screaming deal in here and one that smells absolutely disgusting and they are not the same unit. That is all part of that market knowledge you get when you work with an agent like me :). One thing I LOVE about St. Nicole is the view. Views from the 5th floor and above are decent and get progressively better the higher you go. If you're a buyer looking for a great place to put a toe in the Pelican Bay high-rise market, you should consider doing something in this building and you can call me direct to see which one specifically that one should be. ;) If you're a seller in St. Nicole, pricing logically is probably your best friend.
Toscana at Bay Colony It pains me to see anything from Bay Colony on the list especially since the neighborhood as a whole is such a success story this year but unfortunately for Toscana...it's slow. With 7 currently on the market and only 2 that have sold, it's time for sellers to get creative! There are some really cute units on the market here and some of them seemed to be priced fairly well and then others are not...the end. It's been a tough battle this year between beachfront and barely off the sand in Bay Colony and barely off the sand has kinda lost while beachfront has won, won, won. That doesn't make those units or buildings a bad buy though and you get considerably more for your money in those buildings if you can live without the full Gulf view...I would encourage you to peek around. The views of Clam Pass are magnificent! If you're a seller you may want to de-personalize your space if you have amazing taste (especially if those things don't convey with your deal) or possibly stage your home to sell. If that fails you can always price it appropriately :)
4. 36 months of inventory = Chanteclair Manor at Pelican Bay
I can hardly consciously count this one in my countdown since two of these are fairly new listings and because this Pelican Bay neighborhood is usually such a sleeper with listings hitting the market here hitting so few and far between but that shouldn't stop a buyer from taking note and seeing what can be done with the assistance of a fabulous Realtor, there might be something great that can happen here. If you're a buyer you're either going to have to do some renovations or you may have to pay more than it's worth. The location is super fabulous though. If you're a seller it might be wise to go out of the neighborhood to comp out the value of your home here because some things are simply unexplainable :)
5. 33 months of inventory = Trieste at Bay Colony
This one is a tough one...as many of us know. The best parts about Trieste is the magnificent amenities in the building and I must say you can tell this building was built during the happiest of times. They used so many magnificent materials that when you stand in the lobby you feel like you're back in the time before the market meltdown or the financial bubble burst. It is pure bliss for sure. Of course it's a dusty mess right now with the parking lot renovation going on but that too shall pass and then it will be back to fabulous for sure. By the way, do you think those sellers grimaced when they heard there was going to be a big renovation project while they were attempting to sell? YES...do you think it takes a special buyer to look over the dust and mess and noise to see what really exists...yes...can a buyer be compensated for that? Probably.... :)
Well, that's all I have time for today. That' enough to get you started at least. By the way there are 79 pending properties in Pelican Bay right now did you know that? If you're planning on coming down this summer, please call or email me as soon as you know your schedule so I can best accommodate you.
Stay tuned on Friday for Part II of Where The Deals Might Be In Pelican Bay.
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