Pelican Bay stayed on top of their game as the premier community in the area in 2015. They made huge improvements at the north beach facilities and the Commons with more renovations in the works for the near future to keep Pelican Bay on top. Real estate sales set some records as the demand was high and the supply, particularly for villas and single family homes, was low. Here are some highlights:
- Bay Villas had a whopping 11 sales ranging from $417,00 for 2 bedroom villas needing TLC to $950,000 for a remodeled 3 bedroom with a very private yard. In its history, there has been only one sale higher than $950,000 and you have to go back 10 years for the “bubble” period. We put our own footprint on Bay Villas with a listing that attracted multiple offers.
- Another neighborhood within Pelican Bay which we helped reach record highs was Chateaumere condominiums. It was a busy year there with 8 sales. Our own listing for the Lykos Group renovation sold at $695,000 in April.
- Single family home sales numbered 36 with a wide spectrum of a beachfront sale in the Strand to a new phenomenon of “tear downs” in Pelican Bay. The home on the beach in the Strand sold at $24,500,000. The other single family homes ranged from $850,000 to $4,700,000 along with five other sales in Bay Colony from $3,900,000 to $8,600,000. As a comparison, there were 28 sales of single family homes in 2014 from $700,000 to the top sale in Bay Colony at $6,775,000. The force of Supply and Demand is strong.
- In general, the supply was short in 2015 for homes, villas and condos in Pelican Bay. Competition and multiple offers came into play several times for single family homes and villas, in particular. While there were 304 sales of condominiums in the year 2014, there were 275 condo sales in 2015 simply because there were much fewer on the market for sale.
- Pet friendly properties continued to be in high demand. Finding a home for “Fido” is much easier in a single family home or a villa. Each condo neighborhood within Pelican Bay has its own restrictions so there are some condominiums that receive extra attention because of more liberal pet policies. Call us for details on pet policies – we are the experts for pet friendly properties in Naples and Bonita Springs.
We predict more of the same for Pelican Bay in 2016 with Supply and Demand having a firm grasp on the real estate market. On balance, we have a low percentage of residences within the Pelican Bay community that are villas and single family homes so expect those prices to continue the upward trend. There are expected to be a few more “tear downs” to make way for new construction of single family homes as there are no vacant lots. When you consider the price of dirt in other neighborhoods west of Route 41 and south of Pelican Bay, you understand the value of building new in Pelican Bay and enjoying the community amenities, location and a sound investment. If you are a buyer for Pelican Bay, you might be surprised at the low inventory. There are no guarantees for how many more listings that may come on the market for “season” so, consult us early for a tour of homes and if you see something you like, don’t hesitate to pull the trigger if you want to be successful in making a purchase.
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As full time real estate professionals, we represent both buyers and sellers in Naples. If you are a seller, we market your home to local, national and international buyers for the best results. If you are a buyer, we listen well and will find your own “Piece of Paradise” at the best negotiated price and terms.
Tim Cranch at 239-272-4848 Ellie Penaranda at 239-776-5077