Presented By
Craig Jones
at large Pelican Bay Luxury Tower Condominiums
STATE OF THE MARKET
Pelican Bay Luxury Tower Condominiums January 1, 2019 through July 31, 2022
2019
2020
2021
2022
Units Sold
77
97
150
70
Days on Market
104
103
80
22
Average Sales Price/SF
$647
$605
$678
$930
94.87%
94.87%
97.11%
99.28%
Lowest $/SF
$246
$231
$256
$574
Highest $/SF
$1,799
$1,146
$1,686
$1,317
Original List Price/List Price Ratio
-3.91%
-3.48%
-0.87%
-0.99%
Change in Sales Price Year Over Year
NA
-6.47%
12.07%
37.17%
Percentage of Cash Sales
75%
86%
80%
87%
Sales Price/List Price Ratio
St. Raphael Luxury Tower Condominiums January 1, 2019 through July 31, 2022
2019
2020
2021
2022
Units Sold
10
10
9
6
Days on Market
52
48
54
11
$788
$863
$871
$1,163
95.98%
96.54%
96.67%
93.94%
Lowest $/SF
$548
$738
$645
$1,020
Highest $/SF
$942
$1,019
$1,058
$1,290
-3.87%
-2.20%
-1.75%
-2.52%
Change in Sales Price Year Over Year
NA
12.37%
0.09%
33.52%
Percentage of Cash Sales
70%
90%
89%
3%
Average Sales Price/SF Sales Price/List Price Ratio
Original List Price/List Price Ratio
In 2020, #1204 sold for $832/sfua; it resold in 2022 for $1,258/sfua. Modest renovation; largely cosmetic. In 2020, #1506 sold for $800/sfua; it resold in 2021 for $1,022/sfua. Little renovation; furnishings added. In 2021, #201 sold for $780/sfua; it resold in 2022 for $1,020/sfua. No changes; turnkey to turnkey.
Now Is The Time. Real estate markets are cyclical, but Naples’ fabulous weather and perfect Gulf-front location are forever. Whether you are seizing the opportunity to make real estate investments that offer pleasure in the present and upside potential for the longterm or seeking to sell a home in the shortest amount of time for the best price possible, my insight into the marketplace and commitment to providing exemplary service to every client every day can benefit you. I have achieved $390 million in sales and a ranking in the top one-half of one percent of the 13,000 real estate agents in Collier County. May I help you?
Why Pelican Bay?
A well-planned, lushly landscaped private beach-access community with a 2,000-acre footprint, resort amenities, walking and bike paths, and trolley service to two miles of private-access beach. Architectural styles: luxury towers, low-rise condominiums, and single-family homes and villas. The luxury towers of Pelican Bay offer a front-row seat for every sunset. Pelican Bay is bookended by upscale hotels, including The Ritz-Carlton Beach Resort and the Naples Grande Beach Resort: easy access to the Waterside Shops; dining establishments of all types; arts and entertainments at Artis—Naples; and sporting activities on the beach and at the Pelican Bay fitness and tennis centers.
Range of Luxury Tower Sale Prices
The sale prices of luxury tower condominiums in Pelican Bay—not including Bay Colony—range from $1 million to $11 million.
Getting There
The Gulf of Mexico is the western boundary for this community, with Tamiami Trail (U.S. 41) to the east, Seagate Drive to the south, and Vanderbilt Beach Road to the north.
What Do The Numbers Mean? Price
In 2022 to date, days on market for luxury tower condominiums sold in Pelican Bay—not including the towers of Bay Colony—is 22 days—down from 104 days in 2019. In St. Raphael, days on market in 2022 to date is 11—down from 52 days in 2019. With a 60-day inventory of all luxury tower condominiums currently for sale, Pelican Bay is still a seller’s market, and buyers will still want to present offers closer to market value. Note that, from 2019 to date in 2022, sales prices for Pelican Bay towers have increased by 14% per year on average. In St. Raphael, sales prices have increased by 16% per year on average for that same period. Currently, in St. Raphael, there are four active listings, equating to a 120-day inventory. These properties have been on the market for an average of 48 days; two have reduced their list price by 5-10%.
Age
The average age of Pelican Bay luxury tower, Gulf-view condominiums is 22 years—the youngest being Mystique, built in 2019. These buildings have, for the most part, received significant updates to common areas, amenities, and grounds over time. A large percentage of the residences within these buildings have undergone partial or complete remodeling.
©2022 Naples at Large. All rights reserved. Based on information from the Southwest Florida Multiple Listing Service for January 1, 2019, through July 31, 2022. Properties included in the data were listed and/or sold by various MLS participating offices. This material may not be reproduced, displayed, modified, or distributed without the express written permission of the copyright holder. John R. Wood Properties fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Information deemed accurate but not guaranteed.