Pelican Bay – Naples FL – Late yesterday I was once again asked when I thought the real estate bubble would burst in Florida. I answered by stating all the reasons I outlined in my previous blog entries. This afternoon I read the article below and thought, “How true!”
Source: Study: Out-of-Town Buyers Have More Money
Within the State of Florida locals are having a hard time competing with out-of-town buyers. Out of town buyers coming into Miami have 25.1% higher budget to spend then the locals. According to the article people coming from States with high income taxes are willing to spend over list for a property because they feel they are getting a deal.
As of this morning, there are only 17 listings in Pelican Bay. There is currently only one listing under 1 million dollars. It was listed late Monday. When I called the listing agent Tuesday morning she told me there were several offers on the unit but nothing had been finalized yet. I am going to guess it will sell over list price.
If you are thinking of selling your Pelican Bay unit, now is the time to do so. The problems of finding another place in Pelican Bay is another issue. While you’ll get a great price for your unit, the cost of what you’d like to buy will have gone up too. There is also the issue of finding a new home. If you sell your place you may have to make arrangements for interim housing until you can find a home you want.
The market here is still strong and with so little inventory, there are few indications that real estate prices will decrease.
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If you are thinking of selling your Pelican Bay unit, give me a call at 239-641-9081. I have a list of buyers who are looking for specific units in Pelican Bay.
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About the author:
Lynn Wilber is a Real Estate Professional who lives in Pelican Bay. Her 44 years of real estate experience and her area expertise have been valuable resources to Pelican Bay Sellers and Buyers. For more information, please contact Lynn Wilber via e-mail at Lynn@NaplesBuys.com or call 239-641-9081.
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