In today’s Cocoa Beach real estate market there are many properties for sale. Some are priced lower than market value, some priced above market value and there are a few that are priced way way above market value.
Why way above market value? I’m not too sure. Sometimes these sellers owe more than the property is worth and can’t grasp the reality that the Florida real estate market has gone down the last few years.
Are there some Realtors that will just take a listing at any price? Are there Realtors that price too high, have only one or even very old and outdated photos of their client’s property? Unfortunately the answer is yes. Here are three current examples:
Canaveral Woods in Cape Canaveral. This is a small complex just west of very popular Ocean Woods. These 3 bedroom and 2 1/2 bath town homes were built in 2004.
Currently there is one active listing in Canaveral Woods for $180,000. According to the Brevard County Property Appraiser’s website, the market value is $133,890. Strike one.
The property has been listed for 650 days and is still over priced, strike two.
The best part about this listing is the photos were taken in 2004 while the unit was still under construction. You would think after 5 years the listing agent could take a few current photos to back up her narrative that says, “shows brand new.” Strike three, you’re out of the selling game.
Another example is a complex in Cape Canaveral called Golden Gate Manor Condo. This complex has about 20 1 bedroom condos and is about 5 blocks from the Atlantic Ocean. I have an investor that just bought a bank-owned unit for $13,800. He put about $3,000 back into it and we just listed it for $29,900.
When setting the asking price, I closely looked at the comparable sales and actives. My client was also looking for a quick sale but didn’t want to “give it away.” Within a few days we had an accepted offer for just under the asking price. Home run.
Currently there are two active listings in this complex. One is asking $29,900 and is 390 square feet and the other is asking a whopping $67,500 and is 480 square feet. Mine was completely remodeled with 480 sq. ft. So why the $67,500 asking price?
The out-of-town listing agent who represents the bank sale priced at $67,500 doesn’t realize he is way overpriced. How could he not know? His excuse was that the appraisal came in at this amount. I guess we are now dealing with an appraiser and Realtor who believe the property is worth 2.5 times more than current market value will allow, I doubt any buyers will swing at this one at the current asking price.
Oh, I almost forgot, there is a ONE very nice and current outside photo. However, there are no inside photos.
At least the other listing has 7 photos but too bad they are all outside and most are out-of-focus photos.
The agent did say in the narrative, “REMODELED AND READY TO MOVE INTO. BEAUTIFUL WOOD FLOORS, TILED KITCHEN AND BATHS..” Wouldn’t a buyer want to view these new items in a photo before they actually see the property? This property has been playing the selling game for 713 days.
Finally, there is a one bedroom condo on the fifth floor in popular Twin Towers in Cocoa Beach asking $239,000. According to the Brevard Property Appraiser’s site, the condo has a market value of $103,060. This listing has been playing the selling game for 917 days now. At least there are 9 photos (MLS allows up to 12.) Lower the price and get back in the selling game.
Don’t sellers care about the marketing efforts of their listing agents, especially properties that have been sitting on the market for over a couple hundred days? How will these properties appraise if the buyer chooses to finance over cash?
I don’t know. Ask the listing agents.
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