Back in September I wrote about why there haven't been sales in this building and I shared the following:
So why so few sales? If I can see the numbers, and it is simple statistics you would think that the sellers would understand that their list prices are over what the market will bear.
2004 and 2005 saw tremendous rises in prices and was an unusual increase. When coming to your List price you really need to disregard (I know I am not going to be popular here BUT...) the tremendous appreciation. If I take the Average Sales price of 2003 of $444,700 and give it a 15% appreciation each year I come up with $676,332. The Average sale price for 2006 is $680,000.
The year ended with average sales price of $684,000 with a total of 5 closed sales, 14 less than the prior year. Sales Island wide were down on Marco, be it condos, homes or lots. So the downturn wasn't just in this building. Seems that buyers are not willing to pay much more than that for this building. So why is it that there are currently 28 (up from the 23 that were listed when I wrote the above) with an average list price of $831,754? These properties have an average of 213 days on the market or continuous of 344 days on the market. Why haven't the sellers woken up? The list prices range from $675,000 to %1,095,000. Historically:
|Year||# of Units Sold||Average Sold Price||Sold DOM||% Change From Prior Year||5 Year % Change||Pricing Theory - Going back to 2003 and applying a 15% increase per year of average sold|
|2007||0||$ -||0||$ 777,783.08|
|2006||5||$ 684,000||143||-11.40%||68.20%||$ 676,333.11|
|2005||20||$ 771,988||114||36.16%||$ 588,115.75|
|2004||22||$ 566,977||110||27.50%||$ 511,405.00|
The past 5 years shows sales averaging 19 sales a year in this building. This is a desirable condo community with a park next door! Great amenities including a large pool, tennis courts, exercise room and community area. Not to mention steps from Marco's pristine sugar sand and some of the best sunsets in the world! There are a few properties in this building that are valued priced, if you are looking to be on the beach for under a million dollars, the days of that happening are numbered. Don't be caught up in analysis paralysis. Act now! Call me and I will help make your dream a reality -- (239) 821-3063.
Some facts to remember:
- Even # units are north facing, odd are south facing, the north side faces Tigertail Beach and has better sunsets, the South side faces Cape Marco. Personally I like the North side better...
- There are three basic floor plans A which are beachfront condos, B which are units in the middle of the building and C which are street side. All have views of the beach.
- If you are interested in more information on this community or any other Southwest Florida community, please email me at colleen@ParadiseReport.com or call me at (239) 821-3063.
All statistical information is gathered from the Marco Island Area Association of Realtors.
Information as of 02/11/2007
|Colleen Kulikowski Real Estate Professional DeFrancoRealEstate.com 481 19th Street|
Niagara Falls, NY, 14303
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Colleen Kulikowski is your Western New York Real Estate Expert focusing on Buffalo and Niagara Falls neighborhoods of Western New York. If you are on Twitter, please follow me... If you enjoyed this post by your Buffalo & Niagara Falls Home Sales Expert, make sure you subscribe to our RSS feed!