In our current buyers’ market we know that price reductions are common and most buyers don’t expect to offer or purchase a home at the full list price. Very few homes are selling at 100% of list price. Buyers sense no competing bids and are thus inclined to come in with a very low opening offer. Some buyers are finding motivated sellers and these buyers are getting big price reductions and many of the homes are some of the higher priced.
For instance:
- A brand new home on Bayshore Blvd in South Tampa that was listed at $3.3m recently sold for $2m according to our MLS, or about 62% of the listed price. Typo? Non-arm’s length deal? Or maybe just a seller looking to dump while the dumping is good?
- Another, In the Culbreath Isles neighborhood, recently sold at a little over 78% of asking price. The home, listed at $1.4m, was on the market for only 21 days and closed at the end of November for $1.1m.
- Apollo Beach has seen some of Hillsborough County’s higher rates of appreciation in recent years. But a new bayfront home in Andalucia recently sold for $1.15m after being listed at $1.65 165 days earlier. That’s under 70% of the original list price.
- A new South Tampa waterfront home that was originally listed at $3.7m recently sold at a net to the seller of about $3m, or about 81% of the original list price.
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