This age-old question that Sellers ask about the value of their condo is never easy to answer!
Harbourside South Pasadena, FL is a very practical example (and a favorite community of mine!), how sales prices can vary greatly even within the same subdivision or complex, and even the same floorplan!!
In all of 2011, 16 condos with the “Biscayne” floorplan of 1,145 sq ft were sold in Harbourside. The HIGHEST sold price was $279,000.-, my partner Denise Hobbs and I were the listing agents on this sale. The LOWEST sales price was $190,000.-. WHAT A CRAZY DIFFERENCE!! Out of the 16 sales, we helped 5 Sellers and 6 Buyers, and the prices ranged wildly!! (Data based on MyFloridaRegional MLS).
There are some main factors that will affect the value of any condo at Harbourside:
· Location: Some locations are better than others. Even within the same subdivision of homes, or the same condo complex. Talk to a Real Estate Professional like me that knows Harboursideor your specific complex, see my example above the LOCATION and CONDITION of these properties were a huge factor reflected in the sales prices!! For Florida, the most significant preference I observe is that seasonal residents like to soak up the sun while in Florida, so “sunny side is best” for them. West side of Harbourside = more sun = higher sales price.
· Property Condition: A well-maintained, CLEAN, safe (no exposed wires, trip hazards, etc), and livable condo with working appliances will get a higher price than a total fixer-upper. Beautifully upgraded units get often a premium price, but not always. Staging helps many tired or bland looking properties to shine!
· Boat Slip? If you own a one of the deeded boat slips in Harbourside’s Marina, we recommend separating the sale of condo and boat slip, you normally end up with a higher bottom line.
· Pets: Pets are often a problem in condos. Harbourside is “pet friendly” per the deed restrictions, but if a building has a higher weight limit that accommodates the Buyer’s dog, a higher price might be attainable. Works though only if your specific Buyer is a dog-owner/lover!
· Gated: Comparable units in gated versus non-gated communities normally get a higher price. However, that factor levels out between condos within Harbourside, that will only differentiate you from the neighbor in the next subdivision over, not the condo next door.
· Deed Restrictions: Age-restricted communities typically sell for less than non-age restricted, again with Harbourside being not-restricted, all of the Harbourside condos are the same on that factor, but Bay Island next door is age restricted, and sells for less than Harbourside.
· Seller’s Situation: Every Seller has his/her/their own reasons for selling, and some great deals can be picked up right now!
Visit my dedicated Harbourside Blog for lots of general information on the community, and check the City of South Pasadena website for more municipal information.
If you have any questions or would like to talk about specific factors affecting the value of your property, please call me at 727-480-4155 or contact me via ReachTanja@gmail.com!
Comments(1)