South Beach Condominiums of Sand Key Fl – What’s Selling? (Part 2)
Clearwater Beach Florida – If you found this article on What’s Selling at South Beach Condominiums then you may want to see Part 1 – Selling Your South Beach Condo for 30% over Sand Key Market first. Ok so let’s start with the facts…here’s what some owners that are serious about selling their South Beach Condo “this year” are missing out on…there are currently 22 units for sale in the South Beach condominiums and based on the last 26 months of condos sold and…
ONLY about 1 South Beach condominium a month is selling on average - Do you really want to sell your South Beach Condo Now?
- Part 1 -Facts: Selling Your South Beach Condo for 30% over Sand Key Market
- Part 2 – South Beach Condominiums of Sand Key FL – What’s Selling (This is where you are now)
- Part 3 – Why 4 South Beach Condos for Sale did NOT Sell this Month
South Beach Condominiums Prices and Impate of Short Sales – Bank Owned – Foreclosures
This year none of the South Beach Condominiums that SOLD were short sales or Bank Owned / REOs / Foreclosures – so if want to sell your South Beach Condo today you can’t just ignore these numbers even if you think they’re low – which I feel some of them are based on what I’m seeing for sale on the beaches, however, none of these condominiums were in bad shape or in completely original condition. All varied in upgrades and views and the reality is these South Beach Condominiums did sell this year for $296,000, $312,500 and $355,000 respectively and ranged from 92-95% of the price sellers asked for at the time of the sale.
As of March 9th 2012 only 3 condos have sold in South Beach condominiums
(1) 1480 Gulf Blvd Unit 306 Clearwater Beach FL 33767 – Sold for $296,000 – 95%+ of it’s list price in 349 days on 1/13/2012
So Jack and I know the inventory and realize that Unit 306 which sold for $296,000 was on a lower floor, no hurricane shutters, no underground parking and while the kitchen was opened up the pink laminate kitchen counters and laminate cabinates definitely contributed to it take a year to sell and for the lower end of the price range. Let’s face it – renovations and upgrades all add up and savvy Clearwater beach condo buyers understand this. For example electric hurricane shutters on these large lovely balconies could run your $25,000 alone, I’ve seen under building parking given $10-$20,000 by appraisers, lower floors typically sell for less and we’ve seen custom kitchens this month their that were over $50,000 originally so again in my experience that was a good price for that seller and a fair price for that buyer.
(2) 1480 Gulf Blvd Unit 709 Clearwater Beach FL 33767 – Sold for $312,500 – 92% of list price in 50 days on 1/6/2012
This unit had a kitchen that was updated but not opened up however they made a smart move and installed new granite countertops in December and then went under contract in January – sometimes investing a little in your property can make yours be the one sold when there are 29 other choices right now. So the granite was a big plus however not having a kitchen opened up, which is a strong preference of today’s buyers I think is reflected in the sold price. Ironically doing this costs less than you might think to do – we recently had a client that opened up kitchen, refaced cabinets, installed new lighting, crown molding, granite counter tops, new granite / wood fixtures in 2 both bathrooms, new lighting thoughout and removed the popcorn ceiling for @$13,000 working with a contractor we recommended to our client. Of course we all know you can spend an unlimited about too if you’re not careful. This unit while on a higher floor overlooks the parking structures and is on the north side of the building which are usually not buyer’s first choices. Still these seller’s priced their unit to sell this season.
(3) 1430 Gulf Blvd Unit 611 Clearwater Beach FL 33767 – Sold for $355,000 – 95% of list price in 302 days on 2/10/2012
This is definitely the best comparable South Beach condo sale for sellers right now. This unit was updated but very basically – meaning they opened up the kitchen however it was done with laminate counters and cabinets however the nice clean lines definitely added to the appeal. Also overall the unit was at a good height on the six floor and had underground parking. This is also the smaller of the 2 floor plans at 1341 square feet so a case could be made that the 1404 units updated could have a market value of say $365-$375K depending on condition in my opinion however as we all know, appraiser’s have their own math and it’s an art not a science – especially in today’s market.
Thoughts on Selling your South Beach Condo:
The problem is, the South Beach Condos for sale that we saw were priced at $399,000 – $425,000 based on recent solds. Now past sales are only one part, actives can factor in and the 22 units for sale is deceiving because I would say that 25% of those are significantly more upgraded than the other 75% so we may see some sell for more than the $355,000 high water mark as of now. There are now 2 units under contract – one was asking $369,000 and one was asking $399,000 – so time will tell what that does to the comparable sales. Still if you are you really serious about selling now during our winter season aka “prime beach buying season”with one month to go then you’ve got to be asking yourself how do I get mine sold out of the 22 South Beach condominiums for sale ? Our advice is better to price in a range that buyers can visualize and stand firmer on the price than to price it up 30+% over what things have sold for in the last 90 days to 6 months.
So if you are a South Beach Condominium owner and have a South Beach condo you want to sell read > Part 3 Why 4 South Beach Condos for Sale did NOT Sell this Month!
Clearwater Beach Real Estate
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Call Cyndee @ 727-710-8035 or Jack @ 727-710-8036
Cyndee and Jack Haydon, Realtors
Charles Rutenberg Realty
1545 S. Belcher Rd
Clearwater Florida 33764
727-710-8035 (Cyndee’s cell)
727-710-8036 (Jack’s cell)
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(all data current as of 12/8/2013)
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