L’Ambiance at Pelican Bay in Naples FL Weblog

The 4th of July turned out to be a lovely day in Pelican Bay.

Pelican Bay decorates for the 4th of July

 Many Pelican Bay Residents turned out to enjoy the great buffet at the Sandpiper or just relax at the beach.

 

Summer has brought quiet times to L’Ambiance.  While our Gulf water temperatures are hovering around 90 degrees, there are fewer residents in Pelican Bay and the beach has seen a lot less traffic.  Within the last two weeks, I have also seen a bit of a slow down in real estate.  During this slower time I have been busy working on my Naples web site, NaplesWave.com. I have added all sorts of additional pages to the site with information on Naples and Pelican Bay.  If you have a chance, please take a look at the site and let me know what you think.  I am also still working on improving this blog site for L’Ambiance residents.  I have provided some of the same links that our on our L’Ambiance site along the side of the page.

I also have been working on posting my listings to YouTube.  This is the first L’Ambiance listing that I video taped and edited.

The L’Ambiance Statistics as of June 19, 2008 show that we have 11 active listings on the market.  Since the beginning of the year, we have had 4 closed sales.  Two of those sales were in the Coach Homes, which have kept the average sale price of L’Ambiance up.  The two sales that took place in the Garden Homes were for $565,000.00 and $557,500.00.  Of the 11 active listings currently on the market, only three of them are Coach Homes.  60% of all L’Ambiance listings are failing to sell, while 58% of all the low rise condos in Pelican Bay are failing to sell.  At the end of 2007, 71% of all low rises were failing to sell.  I believe that this number has improved because some seller decided to bring their asking prices closer to market price and some buyers are finally beginning to recognize that they should make a buying decision.  I have complied all the statistics for Pelican Bay at Pelican Bay Statistics.

Many sellers talk about the wonderful location L’Ambiance has not only to the beach but also to nearby shopping and amenities.  L’Ambiance’s location is one huge reason that my husband and I purchased in L’Ambiance.  Today’s market takes location into account but price is still the key.  I have discussed location and pricing in my blog entry Strip Joints and Selling Houses. 

The L’Ambiance Board has been busy attempting to find a solution to our aquascape issues.  At this point in time there are currently 5 pumps that are not in operation.  Our Board is exploring  a new pump system that will be less problematic than the current ones we have.  Our Decorating Committee recently brought their suggestions to the Board for redecorating our clubhouse.  Our Board could not agree on the Commitee’s recomendation and has requested that alternative plans be explored.

L’Ambiance’s Compliance Committee has been established to hear formal complaints and proposed Notices of Intent to Fine for alleged violations of L’Ambiance’s Rules, Regulations and Use Restrictions.  Three member residents have been appointed by our Board to serve of this committee.  Any owner who is brought before this committee will be given notice of the hearing, evidence to support the alleged violation, and be allowed to be heard with remarks and evidence in their favor.  One such hearing was held recently for a noise nuisance.  The Committee recommended to the Board that the fine be upheld.  The owner was subsequently fined $100.00 for the violation.

We are continuing the monument lighting project at Hammock Oak and Oakmont corner locations on Pelican Bay Blvd.  The new lighting should be complete before residents return for the season.

You can see from the Pelican Bay statistics that there have been only 32 Low Rises Sales in Pelican Bay since the beginning of the year.  19 of those sales are in low rises with the same type of rental policy that L’Ambiance has.   That is over 50% of all the sales!  L’Ambiances three times a year, minimum 30 day rental policy has helped hold our home values. 

Naples Statistics show that prices in both single family homes and condominiums have decreased. 

Please have a safe and happy 4th of July.  I hope to see some of you returning to L’Ambiance for the holiday to enjoy some of our L’Ambiance local color!

L’Ambiance Real Estate News!

I have calculated the statistics for L’Ambiance from January 1, 2008 - April 30, 2008.  You’ll note that this month there is a new format for the statistics.  When you click on the word statistics, you’ll be taken to a page where you will see a break down by active listings, pending listings, sold listings and listings that failed to sell (expired listings),  At the bottom of this statistics page, you’ll see two other tabs an AMS-High tab and a MSR tab.

If you click on the AMS-High tab, you will be taken to a break down of listing categories by price.  If you click on the MSR tab, you will be taken to a break down of L’Ambiance properties by bedroom and price. 

As of April 30, 2008, we only had 4 closed sales.  We currently have 10 active listings in L’Ambiance.  29% of all L’Ambiance listings are failing to sell with an average asking price of $682,450.00.  What is interesting that the Pelican Bay statistics for low rises in the same period of time showed NO CLOSED SALESbetween $600,000.00 - $699,999.00.  L’Ambiance also followed the same trend.  It is interesting that of the 10 active listings in L’Ambiance, 5 of them are price between $600,00.00 - $699,999.00.

When you check the Pelican Bay Statistics, you will see that the 2008 YTD figures showed that 71% of all low rises in Pelican Bay were failing to sell.  As of the end of April 2008, low rises dropped to only 49% failing to sell.  That’s encouraging. 

My office reported an increased in written contracts in April 2008 from April 2007:

                                                   April 2008     April 2007

L’Ambiance Neighorhood News

The last L’Ambiance Board Meeting was held on April 17, 2008.  The board discussed reviewing alternative solutions to the waterscape systems after frequent pump motor breakdowns.  Although no waterscape system has been shut down completely for a long period, some of the pumps continue to fail with replacement taking from weeks to months to repair.  The pump motors appear to be problematic and it appears, that even after working with our contractor and the pump manufacturer, a alternate pumping method may be necessary.  

The L’Ambiance Board has also now agreed on a contractor to begin wiring a lighting project for the L’Ambiance monument signs at the Hammock Oak and Oakmont end of the subdivision.  This should be completed this summer.  

L’Ambiance has also formed a new Compliance Committee.  They have the ability to recommend fining and a course of action to bring owners into rule compliance without bringing to bear new rules and regulations of the community that may reduce owners rights.  It is a challenging new approach for L’Ambiance, but credit must be given to the members for doing a tough job very well.    

The Board has decided that it may be time for the L’Ambiance clubhouse interior to be redecorated or refurbished.  Clubhouse interior decorators along with the clubhouse decorating committee will be working on a concept in the months ahead.   If you would like to get involved in this work, please contact JB at Eagle Property Management 239-596-5567 or attend out next board meeting.  

As we head into the summer months, please remember to remove your lanai furniture if you are gone for an extended period during hurricane season.  Also remove any other outdoor items such as potted plants that can cause damage to property during a storm.

Snow birds have been staying later than normal this year.  It is just recently that we have seen their cars being packed up to make the trip back north. 

 

Today, April 13th,  I will be holding an open house at 400 Lambiance CIR #202 in L’Ambiance in Pelican Bay.  This unit is a rarely available C-2 unit with marvelous lake and waterscape views from the grand salon and kitchen. The lovely unit has a great room floor plan that lends itself to carefree entertaining. Two sets of sliders off the grand salon lead to a spacious lanai with a Jenn Air grill.   There is 1967 sq. feet under air, 3 bedrooms, 2 baths and a 1 car attached garage.

If you owned this unit, you could be enjoying this view AND the beach at Pelican Bay!

Our Northern L’Ambiance neighbors have started leaving L’Ambiance.  Before you leave L’Ambiance, you should prepare your residence for your absence.  The Naples Daily News has a great article on getting your place together before you leave.

One huge thing you should do before you leave is turn off your hot water heater and turn off your main water valve.  Living up North people are always concerned about their heat going out and their pipes freezing and bursting.  Even though we live in Paradise, water pipes can still break and cause untold problems. 

I have mentioned this before and I’ll mention it again.  Some of the units in L’Ambiance are 13 years old.  We are approaching the time where we all should be replacing our hot water tanks.  If your hot water tank is the original, you may want to consider having it replaced before you have a problem.  You can not even begin to imagine how quickly mold can spread and how much it will cost you to mitigate the mold.  I have recently had up close and personal experience with mold in two of my listings.  Believe me when I say it is much better to take care of the problem BEFORE it happens.

If you are still in town, the Pelican Bay Foundation annual meeting will be held on April 7th at 10:00 AM in the Community Center.  You may want to attend.

Do you have Comcast High speed Internet and/or digital plus service?  If you do, you are eligible to claim a rebate April 1-15th.  Click on Comcast Rebate Program to learn what you need to do to obtain this rebate.

To our L’Ambiance neighbors who are leaving Naples, I wish them a safe trip home.  To our neighbors who are already back North, I wish you a pleasant spring and warm summer.  May you return to L’Ambiance soon.

Here are the February 2008 Florida Sales Reports for existing Single Family Homes and Condos. Please note that the Naples Board of Realtors has its statistics figured into the Statewide totals but there is no line item for Naples in the report. 

There was an interesting article in the NY Times this morning.  The article talks about the real estate market and sellers’ feelings towards pricing their homes in today’s market.  Many times sellers want an unrealistic price based on their emotional view of their home.  Unfortunately what is selling in today’s market are properties that are priced at or below market value.  Buyers right now are not looking for a “deal” they are looking for a “steal”. 

Properties in Naples that are on the beach or near the beach will always be priced higher than properties further away from the beach.  Even though our property values have fallen a bit in Pelican Bay, many sellers in Pelican Bay have the financial wherewithal to hold onto their properties until the market turns around.   70% of all low rises in Pelican Bay are failing to sell, this tells me that there are many sellers out there that can afford to wait out the storm or are unrealistic in their pricing.  Those buyers who are looking for that “steal” will have to look at many properties before they find a seller who is willing to give them that “steal”.

The Naples Daily News just released a new on line feature called a weather gram.  If you are in residence in Naples and want to let your friends and relatives up North know the kind of weather we are enjoying, you can go to http://naplesnews.com/weathergram 

Now that we are officially into the second day of spring, I thought you might enjoy some photos of spring in Pelican Bay.

FYI - The proposed changes for L’Ambiance were voted on March 19th.  Numbers 1-4 passed on the ballot.  Numbers 5 &6 did not pass.

Happy Springtime!

My sellers at 400 Lambiance Cir #202 have reduced the price of their unit to $624,900.00.  This rarely available 2nd floor unit has an open floor plan 1967 under air, 3 bedrooms, 2 baths, a lovely aqua scape and lake view and an attached one car garage.  This unit is located in L’Ambiance in Pelican Bay in Naples, FL.

If you live in L’Ambiance, are looking for a larger unit or if you know of someone who may be interested in this unit, feel free to call or e-mail me.  Forget the cold up North.  Enjoy a sunset at the beach in Pelican Bay tonight!

  Dear Neighbors,The 2007 year to date statistics are completed for L’Ambiance and Pelican Bay.  Yes, the numbers are down in both Pelican Bay and L’Ambiance but there were more sales closed in 2007 than in 2006.

L’Ambiance had a total of 6 closed sales in 2007.  No coach homes were sold in 2007.  Two first floor garden homes sold with an average price of $519,000.  Four second floor garden homes sold with an average price of $563,725.00.  Both these averages are down from 2006 averages.

LOW RISES IN PELICAN BAY

Low Rises in Pelican Bay saw 188 listings come on the market in 2007 with an average asking price of $626,289.00.  There were a total of 58 closed sales with an average sales price of $574,816.00 reflecting a 14.220% decrease in sales price from the average sales price of $670,107.00 in 2006.  Of the 58 closed sales that took place, 13 of them sold between $500,000.00 -$549,999.00. In 2005 there were 119 sales with an average price of $600,768.00.  2004 had 138 sales with an average price of $445,833.00.  Low Rises are still over the 2004 average sale price.  The largest gain, 34.75%, took place between 2004 to 2005. Of the 188 listings that came on the market, 71% of all those listings failed to sell.  The average price of the unsold units was $624,667.00.  Of the 58 closed sales that took place, 13 of them sold between $500,000.00 -$549,999.00.

MID RISES IN PELICAN BAY

Midrises in Pelican Bay had 47 listings come on the market in 2007 with an average asking price of $747,087.00.  There were a total of 17 closed sales with an average price of $725,176.00 reflecting a .86% decrease in sales price from the average sales price of $731,467.00 in 2006.  Of the 17 units that sold, 4 of them sold between $450,000.00 - $499,999.00.

Of the 47 listing that came on the market, 48% of those listings failed to sell.  The average price of the unsold units was $669,581.00.

HIGH RISES IN PELICAN BAY

High Rises in Pelican Bay had 199 listings come on the market in 2007 with an average asking price of $1,718,332.00.  There were a total of 108 closed sales with an average sales price of $1,617,143.00 reflecting a 11.838% decrease in the average sales price of $1,834,291.00 in 2006.  Of the 108 units that sold, 21 of them were between $1,000,000.00 - $1,4999,999.00.

Of the 199 listings that came on the market, 33% failed to sell.  The average price of the unsold units was $1,558,381.00. 

DETACHED VILLAS IN PELICAN BAY

Detached Villas in Pelican Bay had 32 listings come on the market in 2007 with an average asking price of $1,571,900.00.  There were a total of 19 closed sales with an average sales price of $1,620,526.00 reflecting a 2.267% decrease in the average sales price of $1,658,125.00 in 2006. 

Of the 19 listings that came on the market, 17% failed to sell.  The average price of the unsold listings was $1,677,000.00.

ATTACHED VILLAS IN PELICAN BAY

Attached Villas in Pelican Bay had 41 listings come on the market in 2007 with an average asking price of $1,012,894.00.  There were a total of 18 sales with an average closed sales price of $1,035,940.00 reflecting a 16.807% decrease in the average closed sale price of $1,245,227.00 in 2006.  Of the 18 closed sales, 7 of them were between $1,000,000.00 - $1,499,999.00.

Of the 41 listings that came on the market, 40% of them failed to sell.  The average priceof the unsold listings was $952,458.00.

SINGLE FAMILY HOMES IN PELICAN BAY

Single Family homes in Pelican Bay had 50 listings come on the market in 2007 with an average asking price of $2,480,345.00.  There were a total of 30 closed sales with an average closed sales price of $2,436,667.00 reflecting a 23.451% decrease in the average closed sale price of $3,183,182.00 in 2006.  Of the 30 closed sales 12 of them were between $1,000,000.00 -$1,500,000.00.

Of the 50 homes that came on the market, 49% of them failed to sell.  The average price of the unsold listings was $3,473,517.00.

MARKET PREDICTIONS FOR PELICAN BAY

If you are a buyer waiting for prices to come down, you may have missed the boat if you wanted to own a Single Family Home, a Detached Villa or a High Rise in Pelican Bay this year.  The number of sales for the amount of inventory in these categories has lowered the expected projected time these categories will be on the market.  While I am sure there still are some good buys today, I do not except buyers will find “steals.”

Low Rises, Mid Rises and Attached Villas in Pelican Bay still show a higher absorption rate and a higher percentage of unsold units.  This leads me to believe that the prices on these categories might still need to adjust a tiny bit.  I think the problem is that there are a number of sellers who don’t “have to” sell but would “like to” sell.  The “like to” sellers push up the number of active listings which extends the absorption rate.  Currently it would take 29 months to absorb all the low rise listings on the market in Pelican Bay.

Let’s just look at Low Rises for a moment.  With 71% of all low rise listings failing to sell, that tells me that there are a lot of unmotivated sellers on the market.  A buyer will have to find the 29% that “want to” sell.  There were 20 Low Rise 3 bedroom units that sold in Pelican Bay last year with an average selling price of $589,840.00.  If a buyer was to see a 3 bedroom unit priced at $549,900.00, they should recognize that it could be priced below market depending on size, view, condition etc.  Should they want to see if the market will come down…………..NO!

There are too many nervous buyers sitting on the fence trying to make up their minds to purchase today.  My advice to these buyers is to find an experienced Realtor who can give them some pertinent statistics with an opinion of those statistics.

My advice to all sellers whether they are Pelican Bay or all of Naples is this: either price your home properly or do not put it on the market.  An experience Realtor will be able to view your home, give you statistics, and tell you what price you should market your home.