Remember When You Asked Me To Tell You When We Hit Bottom?

Something very curious is going on in Naples, Florida but before I go there, let's look at where we've been. Starting with last year there was an overwhelming trend of people who were "just looking" and made it very apparent that they were not in the market to BUY. They were only in the market to LOOK. Out of those who said they would eventually "BUY" even went so far to state that they were going to wait til the end of season when the "prices were better".

So all of us Naples Realtors waited...waited...waited. During those six to seven months we experienced somewhat steady open house traffic with some season flurry...hey, we didn't all starve to death...but we certainly didn't break any records either.

Then the end of season came. All of us with pens and contracts ready to write all those deals promised to us by all those buyers who said, "we're waiting til the end of season". Well...not much happened. The droves of people who promised contracts at the end of season only responded with. Na, we're going to wait til the end of summer. HUH? But you said...nope! We heard comments all summer like:

If you find a good deal...
We're going to wait til the market turns....
We're waiting for the bottom to hit...
If you find a really great deal....
When prices get to where they were in '05...
We'll see what happens in a few months...
We need to sell our home up north first...
If you find a really really really great deal...
When seller's get a little more realistic...
When you get a really desperate owner who just needs to dump it...
When you get a really really really really good deal...

End of summer came....still not much happening. There were deals being made. Some great deals, the most expensive house to ever sell in Naples was sold this summer but the droves of traffic we were promised...NOT QUITE.....but...

The best deal in Quail West sold yesterday. It was on the market for 465 years...ok maybe not quite but that "Holy Cow That's A Deal" SOLD....very quietly I might add.
5 houses in Barrington at Pelican Bay have sold this year. There's only 1 left right now!
The last available unit in Bridge Way at Pelican Bay is pending contract....GONE
2 Brighton at Bay Colony units closed in August with 1 that just went pending leaving only 1 available.
There's only 1 left in Carlton Place at Pelican Bay!
There's nothing in Contessa at Bay Colony available. 3 sold this year.
There's nothing left in Georgetown at Pelican Bay.
Only 1 left in Remington at Bay Colony.

What's more interesting are the buyer's who are calling and emailing now. They are ALL saying WE ARE BUYING. Here are other words taken from recent conversations:

We were going to wait 4 more years til I retire but I'm afraid of what the prices will be then, now is a good time.
We missed our shot last time, we're not missing it again.
We've been looking for 3 years, we're ready now.
I think if we don't now, we're going to be sorry.
I kinda feel like now is the best time to negotiate.
I'm sick of waiting.
My wife said that if I don't do something this season, I'm going to be in trouble.

So here's some advice:

If you are a Naples real estate buyer: Get on it. Your best chances of getting that great deal are disappearing. There are still some great deals but he who hesitates...

If you are a Naples real estate seller: Not all markets in Naples are bad in some cases we are in desperate need of listings. Beach-front is extremely popular this year so please contact me regarding your property and let me tell you where you stand. It might still be time to hold but in some cases, it's definitely time to sell!

Consider this your notice that perhaps...just perhaps the bottom has dropped!

Posted Thursday Nov 08

( 11/08/07 09:29PM ) — Paul Slaybaugh, Scottsdale AZ Real Estate

Bet a lot of those buyers wish they would have heeded your advice, Shannon. If the corner has been turned, they will be scrambling for the good deals. Of course those great deals could become fewer and farther between, and there will be more competition from other buyers who have likewise been trying to time the market. Sounds like Naples buyers better get their acts together and call you before the window of opportunity has slammed shut!

( 11/08/07 09:29PM ) — Scott & Jennifer Bowman

Good now send some of them up north to the panhandle to buy some near our new airport! We got lots to sell up here. Im glad to hear its picking up down there. Its not doing too bad here either!

( 11/08/07 09:45PM ) — Kelly Sibilsky

This is great news! You only know where the bottom is...once you've passed it by...it sounds like the buyers are starting to get on the ball in Naples (thanks to you). Wonderful!

( 11/08/07 09:48PM ) — Shannon Lefevre Naples, Florida CRS

PAUL: The first time I hear, "shoulda, woulda, coulda" I might just have a stroke! Sounds like your market has something very similar going...very interesting and even more so that the media hasn't caught on yet...time to make a deal, aye? Good to see you! :)

( 11/08/07 09:49PM ) — Shannon Lefevre Naples, Florida CRS

SCOTT & JENNIFER: Dang, I just had a buddy sell his condo up there! I wish I had known you before...that's ok, we'll get to know each other now and you'll get the next one! Thanks for commenting! :)

( 11/08/07 09:51PM ) — Shannon Lefevre Naples, Florida CRS

KELLY: Only time will tell but I do think it's veeeeeerrrrryyyyy curious how all of a sudden everybody went from off to on.....things that make you go hmmmm! :) When are ya coming? :)

( 11/08/07 09:52PM ) — Deborah Burns ~ Seattle Real Estate Agent

I "really, really, really, really" liked all the reasons why buyers are waiting to act. Nicely illustrated how your market is changing and letting people know that "this is it"!

( 11/08/07 10:02PM ) — Shannon Lefevre Naples, Florida CRS

DEBORAH: It will be interesting to see how it all plays out. I've been in Naples for 5 years. Besides a few stragglers it seems that Naples has two speeds when it comes to real estate. Full blast or stop! Thanks for commenting! :)

( 11/09/07 07:11AM ) — Bill Gassett Metrowest Massachusetts Real Estate

Shannon - Glad to hear your market is possibly hitting bottom. I am afraid to say mine has a ways to go. Unfortunately it is going to be a long cold SLOW New England winter - YUCK!!

( 11/09/07 07:14AM ) — Danny Thornton

Shannon, awesome write. I am glad to hear that Naples is starting to pick up. Now if I can find someone to buy my house down in Ft Myers I would be happy.

( 11/09/07 07:40AM ) — Shannon Lefevre Naples, Florida CRS

BILL: We'll know for sure shortly but it has certainly gone in a new direction. Time will always tell! Good to see you Bill! :)

DANNY: From what I hear Ft Myers is running a little slower but no worries. Properties priced right are selling there too! Thanks for stopping by! :)

( 11/10/07 03:39PM ) — Mike Mitchell - REALTOR® - St. Clair Shores, MI

Love that picture of the sunset, Great job on this post!

( 11/11/07 12:21PM ) — Shannon Lefevre Naples, Florida CRS

Thanks Mike! :) What you don't know about that sunset picture is there's a dolphin in the water in that shot. You can't see him on that little picture but you can see him if you look for him on the bigger shot on my website! www.Shannon.com

( 11/11/07 12:35PM ) — Karen Kruschka - Fairfax Prince William Stafford County VA Real Estate Service

We are beginning to see a little improvement in some areas of our market - buyers may be shooting themselves in the foot if they wait longer, Karen

( 11/11/07 02:31PM ) — Shannon Lefevre Naples, Florida CRS

I agree Karen. It will be interesting to see what happens. Thanks for commenting! :)

( 11/13/07 06:47AM ) — Adam Waldman - Long Island REALTOR®

SHANNON: Great job in getting people off of the fence and into a home in Naples. You know that I'm a cold-weather guy, but your posts really make me want to move to Naples. It really looks amazing down there. I can't wait to come and visit it someday.

( 11/13/07 12:01PM ) — Shannon Lefevre Naples, Florida CRS

ADAM: You know you and your family have a great place to unwind after the Disney World Extravaganza! :)...regardless of whether or not you're a "cold-weather" guy! :) By the way, New York is now beating Florida on number of visits and page views on my website. Don't forget to tell your "not so cold-weather" friends about us down here! :)