MARKET REPORT 2021 3rd Quarter_Pelican Bay, Naples Florida - GCIP

THIRD QUARTER

MARKET REPORT

PELICAN BAY 2021

®

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PELICAN BAY

Market Report 2021 Presented by: The Team at Gulf Coast International Properties® Timothy P. Savage, P.A. | Principal

®

VISIT US AT OUR NEW OFFICE: Waterside Shops  5415 Tamiami Trail North  Suite 19 Gulf Coast International Properties® presents its Third Quarter Pelican Bay Market Report for 2021. This sought after report continues to be preferred not only by our discerning clientele, but by industry experts as well. World class integrated marketing efforts coupled with exceptional results have earned us the reputation as Naples’ premier boutique real estate firm. As the proven luxury market leader, Gulf Coast International Properties ® associates strive to exceed our clients’ expectations through uncompromising integrity and unprecedented concierge service. Our award-winning, locally owned and operated, multi-generational firm exemplifies the Naples reputation for luxury living. Specializing in exclusive one-of-a-kind estates, Gulf Coast International Properties ® invites you to experience the difference and to Live Exceptionally.

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PELICAN BAY MARKET REPORT 2021 | 2

Overall Pelican Bay Data Pelican Bay continues to be one of the most solid markets in Naples. The Total Dollar Volume Closed in 2021 3rd Quarter finishes at $171,240,860. This is $45 million over 3rd Quarter 2020 ($125,479,400).

THIRD QUARTER 2021

83

THIRD QUARTER 2020 $1,409,881

THIRD QUARTER 2020

117

NUMBER OF CLOSED SALES

THIRD QUARTER 2021 $1,841,300

NUMBER OF ACTIVE LISTINGS

NUMBER OF NEW LISTINGS

AVERAGE CLOSED PRICE

Inventory has continued to dwindle but demand remains incredibly strong.

THIRD QUARTER 2021

93

THIRD QUARTER 2020

89

THIRD QUARTER 2020 THIRD QUARTER 2021

210

43 Source: Southwest Florida MLS

3 | PELICAN BAY MARKET REPORT 2021

Single Family Homes Buyers have been clear on their desire for Homes in Pelican Bay. Properties that need complete renovations or beautifully updated have commanded a premium over 3rd Quarter 2020. The 3rd Quarter Volume Closed totalled $31,558,560. This has increased 6.9% when compared to 3rd Quarter 2020 ($29,374,500).

Previously, buyers had strong preferences regarding an updated home vs. a property that needed renovations. That pattern has dissipated as buyers who preferred an updated home are becoming more willing to undergo the renovations themselves. Sellers should not be concerned about listing a

THIRD QUARTER 2021 $2,868,960 THIRD QUARTER 2020 $2,447,875

NUMBER OF CLOSED SALES

AVERAGE CLOSED PRICE

property that needs updates as they can still command a premium.

THIRD QUARTER 2020 THIRD QUARTER 2021

11 Source: Southwest Florida MLS

high-Rise Condominiums

The prices in Pelican Bay and Bay Colony high-rise residences continued to surge as the supply outstripped the demand. Inventory has decreased with only two residences currently available in the Bay Colony high-rise and only 11 high-rise residences available in Pelican Bay. The shortage of inventory shows buyers have a preference for living in Pelican Bay. Pelican Bay high-rise residences' Total Closed Volume was $63,325,500 for 3rd Quarter 2021

THIRD QUARTER 2021 $1,919,015

THIRD QUARTER 2020 $1,076,174

NUMBER OF CLOSED SALES

AVERAGE CLOSED PRICE

compared to 3rd Quarter 2020 with ($24,752,000). This was a 61% increase in volume.

THIRD QUARTER 2021

THIRD QUARTER 2020

33

23

Source: Southwest Florida MLS

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PELICAN BAY MARKET REPORT 2021 | 4

Villas Villas have become increasingly popular due to the exterior livable space, yet less to manage than a Single Family Home. An average 10 Days On Market in 3rd Quarter 2021 and the 21.9% increase sale price over 3rd Quarter 2020 makes this trend very clear. 3rd Quarter 2021’s Total Volume Sales

THIRD QUARTER 2021 $1,926,286

THIRD QUARTER 2020 $1,504,000

NUMBER OF CLOSED SALES

AVERAGE CLOSED PRICE

surpassed $13 Million ($13,484,000), which is an increase from $12,032,000 in 3rd Quarter 2020.

THIRD QUARTER 2020

8

THIRD QUARTER 2021

7 Source: Southwest Florida MLS

Low/Mid-rise Condominiums

The low and mid-rise residences in Pelican Bay total closed dollar volume was $29,480,800 for the 3rd Quarter, a gain of 33% over last year.

The average price of the low and high-rise residences is $818,911, 24% over 2020 in the 3rd Quarter.

THIRD QUARTER 2021 $818, 911

THIRD QUARTER 2020 $623,872

NUMBER OF CLOSED SALES

AVERAGE CLOSED PRICE

Currently there are only five residences on the market and 18 are currently pending.

THIRD QUARTER 2021

36

THIRD QUARTER 2020

32 Source: Southwest Florida MLS

5 | PELICAN BAY MARKET REPORT 2021

Bay Colony Condominiums and Homes Bay Colony high-rises 3rd Quarter 2021 Closed Sales Volume was $35,220,000 and 3rd Quarter 2020 Closed Sales Volume was ($40,227,000). Even though that was a -14% decrease from last year the average prices in Bay Colony increased 64% with only eight properties sold compared to

THIRD QUARTER 2021 $4,402,500

THIRD QUARTER 2020 $2,681,800

NUMBER OF CLOSED SALES

AVERAGE CLOSED PRICE

15 residences sold the year before.

THIRD QUARTER 2020

15

THIRD QUARTER 2021

8 Source: Southwest Florida MLS

GCIP MARKET STATISTICS

2021

2020

YEAR TO DATE AS OF 10.11.2021

YEAR TO DATE 01.01.2020 - 12.31.2020

$836,500,610

$787,100,342

LISTED & SOLD | CLOSED SALES

LISTED & SOLD | CLOSED SALES

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PELICAN BAY MARKET REPORT 2021 | 6

High-Rise

GCIP Pelican Bay Sales

Montenero: 7575 Pelican Bay Boulevard, #1003

SOLD

$2,795,000

Represented the Buyer

Salerno: 8930 Bay Colony Drive, #904

SOLD

$2,200,000

Represented the Buyer

Dorchester: 6075 Pelican Bay Boulevard, #PH-B

SOLD

$1,995,000

Represented the Buyer

Marbella: 7425 Pelican Bay Boulevard, #1703

SOLD

$1,700,000

Represented the Seller

St. Laurent: 6849 Grenadier Boulevard, #1005

SOLD

$1,665,000

Represented the Buyer

St. Kitts: 6585 Nicholas Boulevard, #1705

SOLD

$1,300,000

Represented the Seller

St. Maarten: 6101 Pelican Bay Boulevard, #1402

SOLD

$1,020,000

Represented the Seller

St. Nicole: 5550 Heron Point Drive, #604

SOLD

$1,010,000

Represented the Seller

St. Nicole: 5550 Heron Point Drive, #1702

SOLD

$885,000

Represented the Seller

Grosvenor: 6001 Pelican Bay Boulevard, #503

SOLD

$850,000

Represented the Buyer

St. Nicole: 5550 Heron Point Drive, #1002

SOLD

$835,000

Represented the Seller

St. Nicole: 5550 Heron Point Drive, #304

SOLD

$735,000

Represented the Seller

St. Nicole: 5550 Heron Point Drive, #203

SOLD

$710,000

Represented the Seller

Single Family Residences Bay Colony Shores: 7190 Tory Lane

SOLD

$10,250,000

Represented the Buyer

Georgetown: 6513 Thomas Jefferson Court

SOLD

$6,850,000

Represented the Seller

Pelican Bay Woods: 714 Killdeer Place

SOLD

$6,600,000

Represented the Seller

Pelican Bay Woods: 715 Hollybriar Lane

SOLD

$6,325,000

Represented the Seller

Pinecrest: 800 Bentwood Drive

SOLD

$6,150,000

Represented the Seller

Oakmont: 812 Turkey Oak Lane

SOLD

$3,490,000

Represented the Buyer

Georgetown: 6605 George Washington Way

SOLD

$2,975,000

Represented the Seller

Pelican Bay Woods: 6561 Ridgewood Drive

SOLD

$2,200,000

Represented the Buyer

Pelican Bay Woods: 713 Teal Court

PENDING

$6,675,000

Represented the Seller

Pelican Bay Woods: 815 Buttonbush Lane

SOLD

$1,794,000

Represented the Buyer

Oakmont: 700 Pine Creek Lane

SOLD

$1,780,000

Represented the Seller

Carlton Place: 363 Carlton Place

SOLD

$1,810,000

Represented the Seller

Cocobay: 7807 Cocobay Court

SOLD

$1,800,000

Represented the Buyer

Bridge Way Villas: 655 Bridgeway Lane

SOLD

$1,675,000

Represented the Seller

Villa Lantana: 7070 Villa Lantana Way, #12

SOLD

$1,050,000

Represented the Seller

Las Brisas: 19 Las Brisas Way

SOLD

$950,000

Represented the Buyer

Villas At Pelican Bay: 6631 Trident Way, #D-3

SOLD

$895,000

Represented the Buyer

Villas

LIVE EXCEPTIONALLY

SOLD! 715 Hollybriar Lane

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Source: Southwest Florida MLS as of 10.01.2021. All information is deemed reliable, but not guaranteed. ©2021 by Gulf Coast International Properties® An equal opportunity company. If your property is presently listed with another Agency, or is currently being marketed by Gulf Coast International Properties®, please consider this a matter of information and not an intent to solicit.