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The Colony at Pelican Landing in Bonita Springs - End of Year Sales

Posted by Benjamin Dona on Wednesday, January 8th, 2014 at 9:56pm.

The Colony at Pelican LandingAt The Colony at Pelican Landing, five star living is the "norm."  Featuring access to their private barrier island via water taxi, Gulf access for your boats, membership in The Bay Club for fabulous dining, and access to either the private country club at The Colony or Pelican's Nest, both featuring championship Tom Fazio designed golf, The Colony is considered a superlative living experience on all of the Southwest Gulf coast. The interior lobby, private elevator foyer, high rise buildings are some of the most elegantly designed homes in the entire area.

Sales were fairly brisk in 2013. A total of 63 closed sales of both single family homes, villas, low and mid rises, and high rises occurred. The median days on market were 195 – but that’s a bit skewered as one of the high rises sold in four days (Florencia foreclosure) and another took 577 days (Trevi) to sell. The average list to sold price was 94.7% - which indicates that most of the properties were well priced.

There were 15 single family homes that closed. Seven were in Las Palmas – roomy Tuscan style villas with exquisite finishes and a price range of $730 to $995K with DOM (days on market) from 142 to 703. The 142 DOM villa sold at $790 went on the market in February and under contract in May, closing at $297.89 per SF and furnishings were separate from the sales price. The villa that was on the market the longest at 703 days started at over $1M, and was one of the largest properties in the subdivision at 3,447 SF and a two story home, finally selling at $261.10 per SF and turnkey furnished. The highest selling unit that sold at $995 was the exact floor plan as the longest on the market, and sold at $260 per SF.

There were three homes selling in Tuscany Isle – the top of the line estate custom home section of The Colony. The smallest home was 5,429 SF and sold at $2.1M in 50 days. The largest, one of the most beautiful homes in the area, is 7,600 SF and sold at $3.345 in 419 days featuring a six car garage and 1,400 SF guest home. The average price per SF was $369.06. Another number that is a bit skewered as the square footage on the most expensive home that sold, in the single family category, diluted the PPSF somewhat.

And, there were two homes that sold in Bellagio, both in the 3,200+ SF range and the days on market were 47 to 408, selling at $1.1 and $1.50M. The average price per SF was $341.34. Although the days on market was 408 for one of those homes, it was new construction and the permits were put into place in December of 2011 and the home was not completed until sometime in 2012.

Addison Place had two sales and Messina Court had one. Addison Place is smaller detached customized villa homes in the 3,000 SF size. Their sales were $865 and $950 and average PPSF was $278.03. The $865 was on the market from 2012, but once volume picked up, the $950 sold within 70 days, both furnished. Messina Court is another subdivision similar to Tuscany Isle – the home was 5,400 SF, sold in 23 days for $2.2M, unfurnished.

In the condominium sections of The Colony, there are three types. There is one low-rise complex named Merano and they feature two floor plans. The first floor units are 2,060 SF and the upstairs homes are 2,748 SF. Both homes feature two car garages, great room floor plans and are quite roomy. Each unit's view is golf course, lake or preserve. These are very, very popular floor plans and well-priced units within The Colony ranging in the mid $350s for first floor and low $500 for upstairs and average PPSF at $175.80 and had 12 sales in 2013. The least expensive first floor sold at $310 – the highest at $375.  The least expensive 2nd floor sold at $480 and the highest at $530. The fastest selling unit was at $368, went under contract in six days, and was listed with our company, Gulf Coast Associates. That home featured a beautiful western lake view. The longest days on market was for a first floor golf course, eastern view, at 452 days and the longest for a second floor unit was 308 days that was way over-priced at the time it went to market ($579K - $40K OVER the highest sale much later in the year and eventually sold for $480K). The seller sold it for less than what was offered by several potential buyers. A good lesson learned about over-pricing for the current market conditions if you aren't willing for the market to "catch up to you."

Castella is the exterior mid-rise condos at The Colony. There are 72 units in three buildings with 24 units each. Both the one and four and two and three unit floor plans are the same and completed in 2006 offering larger units in the 2,363-2,665 SF range and under building parking for one or two cars. Castella also offers its own pool area. Like all Colony properties, Castella enjoys access to all of Pelican Landing's amenities including the private barrier island with water taxi, canoe/kayaking, sailing, fitness, championship tennis, and private membership for golf. With only three sales, it's hard to say where Castella values are headed, but so far everything indicates up in value. They range from $535K to $690K, which is $246.25 PPSF and rapidly approaching the bottom end of last year’s prices in the high rises without the high quarterly fees.

Our next sales evaluation is the high rises of The Colony, where there were 35 closed sales. There are six high rise complexes within The Colony and the premier building is La Scala – those units are quite large, 3,500 SF for interior homes to 4,300 for end units and enjoy exceptional Bay and Gulf views. These are the most expensive high rise units in The Colony. Only two La Scala homes sold in 2013, an 02 and 03 unit – whereas, their largest and best view units are 01 and 04, respectively, as they are the exterior corner units. An 02 sold at $950 and an 03 sold at $1.110, and the days on market are only 111 and 143, respectively. Both sold unfurnished at $293.14 price per square foot.

The next most expensive building in The Colony is Treviso. They had seven (7) closings from $675 to $1,099 with their 01 unit selling the highest and the average price per square foot of $306.26. There are only four units per floor in Treviso, like La Scala above. They are just slightly more east of Estero Bay, but still with unobstructed views of both the Bay and Gulf of Mexico. The interior units feature approximately 2,700 SF and the exterior 01 and 04 units approach 3,100 SF. The average days on market range from 32 to 577 – with 577 representing an extraordinarily overpriced offering on the market, dating back to 2008 and listed with various companies.

The busiest building in the high rises of The Colony at Pelican Landing is Navona. There were 11 closed sales in 2013, ranging from $290K to $630K. The least expensive sale was on the second floor so there is no view to speak of in that home, plus it is the smallest floor plan available at Navona, which features five units per floor. The most expensive selling units are the 01s and 05s which are end corner units. Navona, like most Colony high-rises, features private elevator foyers, exceptional interior spaces, and gorgeous Bay and Gulf views. The average price per square foot is $260.42 and average days on market range from 61 to 328. The longest days on market in Navona reflect lower floor units without Gulf views but decent views of the Bay and golf course below. Lower priced, lower level units also dilute the price per square foot cost in Navona.

The three remaining buildings at The Colony are Palermo, Florencia and Sorrento. Palermo and Sorrento each had five closed sales and Florencia had three.

Palermo is sited next to La Scala and their three sales range from $840 to $915 – a small variance in pricing. Days on market were from 29 to 299. The shortest time on market occurred with a 1903 interior floor unit that sold furnished at $890K. The 299 days on market 03 floor plan, on the 15th floor, sold unfurnished for $850K. The owner had been on, and off, the market since 2008 with an asking price as high as $1.350. The third sale tells a lot about the prices and actual time to sell – it was the same floor plan but on the 16th floor that sold in 43 days for $915K. The range between the shortest time to sell, which was 29 days to the 43 days is miniscule – the price difference is $25K, indicating again that over pricing a home – as the 15th floor was - will generally yield you a lot of aggravation and a whole lot less money than just pricing it right. The 1503 home sold at $850K, took 299 days, and two other units priced right to begin with sold in 29 and 43 days, respectively, and between $40K and $65,000 more. The difference of one or two floors is not what motivated the buyer that eventually purchased, nor the finishes and views in those three; but, more likely because the property was listed too high at the beginning of the process and a buyer who felt the seller must be pretty desperate by now! The average price per square foot is $285.05.

Florencia has six units per floor and the square footage ranges from just a little over 2,000 to almost 2,700 in size. One unit sold in four days, one in 218, and the most expensive one in 434. The four day sale was an end unit, an 06 floor plan, and a foreclosure. The prices were $705, $776, and $800. These prices also show little variance and reflect a PPSF of $310.04. The reason why the price per square foot rises in this building is because it offers just as much as the other buildings, except for private elevator foyers, but lesser square footage, hence the six units per floor.

Lastly, Sorrento had five sales. There are four units per floor at Sorrento and again, offers the amenities of both Pelican Landing and The Colony, but lacks the private elevator foyers. Shortest time to sell was 26 days and longest was 598. The 598 day listing was only a two bedroom unit with 1950 SF. It's hard to sell a high rise with only two bedrooms when the fees are about $1,400 per month without taxes. The highest priced sale was for the 2,342 square foot 01 unit that sold for $659,000, and it was also the shortest time on market at 26 days. The price per square foot averaged out to $243.60. This is the least expensive building within The Colony – perhaps because of the lack of private elevator foyers?

There is much more detail than what is presented here for evaluating the sales prices in The Colony, the floor height is very important – there is little water to see unless you are at least on the 6th-7th floor height. The 01 units are so popular because they are sited to the southwest and view mostly preserve and water; whereas the 04 or 06 units face to the northwest and can view portions of other buildings, especially the Hyatt Regency Resort at Coconut Point. The quality of finish becomes important when a seller is asking above market prices, as we’ve seen Onyx floors in a La Scala unit that cost over $300,000 to install. Each property has pros and cons and needs careful consideration before determining what the true market value should command.

*Sales Data Statistics from Naples and Ft. Myers MLS.

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