PELICAN BAY REAL ESTATE STATISTICS YTD 2008
 How did you bring in the New Year? My husband Don and I enjoyed hosting a New Year's Eve party at our home for our friends. We had lots of champagne, lively music, tons of food that our friends had brought and a basket full of noisemakers. After a festive New Year's Eve party at our home the night before, talking a walk to enjoy the first sunset of 2009 was a relaxing idea. The hustle and bustle of the holidays, company, entertaining and real estate work had totally exhausted me.
What a delight it was to see this lovely sunset and contemplate what 2009 will bring for my family, friends and the real estate market in Pelican Bay. I always find it difficult to describe Pelican Bay to friends and potential buyers. Until you have seen the beauty of Pelican Bay you will never quite understand the joy of living here. The beach drew Don and I. After "serving" 43 years in Chicago's nasty weather, we both longed for a home that had warm weather and a beach. The moment we saw the beach in Pelican Bay, we knew where we  wanted to live.
The media is filled with doom and gloom lately. While our economy is in a horrible condition, we have a new President coming into office in just a few days. Don't you wish President-Elect Obama could wave a magic wand and make everything better? While we all may wish that could happen, the reality is that no matter what our new President tries to do, he will be faced with challenges that will take time to fix.
I have calculated all the statistic for the various building designs in Pelican Bay. Please know that where ever you see a TITLE, you can click on it and be taken to the full reports. There is some good news and some not so good news.
LOW RISES
Low rises had 69 closed sales in 2008 with an average sales price of $527,914.00. The number of units sold was up from the 58 closed sales in 2007. The average price of a low rise in Pelican Bay fell 8.15% from 2007. The median price fell 16.81%. 31 of the 69 closed sales in 2008 were under $500,000.00. In 2007 - 71% of all low rises listed failed to sell. The good news is that in 2008 the number dropped to 60%. This indicates to me that sellers of low rise units are trying to get more realistic about pricing their units. We currently have a 18 month inventory of low rises
MID RISES
Mid Rises had 19 closed sales in 2008 with an average sales price of $739,202.00. If you look at the average sales price from 2007 to 2008 it increased 1.93%. The median sales price tells us that mid rises increased .78%. In 2007 - 48% of all mid rises failed to sell. In 2008- 54% failed to sell. If mid rise sellers were only looking at the average sales figures with its modest increase, they may have felt they could have asked more money, this could be the reason the percentage of unsolds increased. As of today, we have a 21 month inventory of mid rises.
HIGH RISES
Go high rise market! Here is a bright spot! The median closed sale price from 2007 to 2008 increased 2.5% to $1,522,500.00 and the average closed sale price increased 5.14% to $1,700,366.00. 2008 saw 82 closed high rise sales. Unfortunately the unsold percentage rose to 63% in 2008 from 46% in 2007. 34 of the 82 closed sales were between $1,500,000.00 - $2,999,999.00. There is currently a 26 month inventory of high rises.
ATTACHED VILLAS
Attached villas in Pelican Bay saw a 6.1% decrease in the average sales price from 2007 to 2008 to $972,656.00. Unsold attached villas also increased to 7% from 2007 to 47% in 2008. We have at present a 16 month inventory of attached villas.
DETACHED VILLAS
From 2007 to 2008 detached villas average sales price decreased 18.42% to $1,321,923.00. Unsold detached villas rose from 17% in 2007 to 50% in 2008. Average market time for closed sales increase from 140 days to 220 days. There is currently a 13 month inventory of detached villas.
Single family homes in Pelican Bay saw the greatest decrease in average sales prices from 2007 to 2008 - 26.02% to $1,802,500.00. 50% of all single family homes listed for sale in 2008 failed to sell. Single family homes have an inventory of 13 months at present.
The National Association of Realtors® says that a "normal" amount of housing inventory should be six months. As you can see, Pelican Bay still has a high amount of inventory in all categories. Once again I would caution Sellers in Pelican Bay that if you really do not have to sell, get your place off the market! The United States economy is even worse than last year and will take a while to recover. If you can wait for the market to recover, DO NOT PUT YOUR HOME ON THE MARKET. Our current market is purely price driven. In order to have your home sell in this market it has to be priced at market or under and in good condition. You may need to spend some money on updating your kitchen and master bathroom, painting, and replacing worn carpeting. (I know that most Sellers do not want to hear this advice.) Sellers in Pelican Bay should remember that one of the HUGE selling points in our community is the beach. Buyers who purchase in Pelican Bay do not want to buy a place and have to spend time waiting for workmen to update their new home. These buyers would rather be at the beach in Pelican Bay toasting in our Florida sun or cooling themselves in our Gulf waters.
If you are looking to buy in Pelican Bay, look at different subdivisions and styles of units that fit your pocketbook. Decide on an area in Pelican Bay and research it. You will need to look at past sales, the length of time a unit has been on the market and if the unit has had any price reductions. If you can afford it, now is a great time to purchase as there are many lovely units to chose from in Pelican Bay. Should you be thinking of buying a home in Pelican Bay or selling your home in Pelican Bay, give me a call at 239-594-2780 or e-mail me at Lynn@NaplesBuys.com I will be happy to help you.
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