Clearwater Beach Florida – Today we are recapping information regarding condos that have sold on the beach in Clearwater Beach | Sand Key this past year compared to the previous year. We’re all standing by to see where 2008 takes our luxury beach real estate in Clearwater Florida, however, Jack and I are seeing lots of serious buyers prepared to purchase their luxury Clearwater Beach condo in early 2008.
We have included a 2 year historical look since our condominium real estate market on Clearwater Beach and Sand Key has seen lots of changes over the last two years with new buildings and complexes like Sandpearl, Belle Harbor, Mandalay Beach Club being completed and other projects like Indigo that didn’t make it off the ground.
Gulf Front Condos on Clearwater Beach | Sand Keys 2007 Year in Review
As I shared in the first report in our series, Pinellas Luxury Condo Report, it’s been a buyer’s market in the Tampa Bay area and especially on Clearwater Beach where there was a lot of “speculative” Clearwater Beach condo investing in new developments with the intent of just flipping these beach condos quickly by buyers “on paper” that never planned to own or live in them. Here is the second report in our new series called the Real Estate Market Report – 2007 Year In Review.
Why do niche Tampa Real Estate market reports? Readers tell us that it’s easy to find information on total Pinellas County market statistics however it can be misleading when those reports include everything from condos under $100,000 in 55+ Adult Retirement Condo Communities to the record setting condo sale of $4,400,000 at the Sandpearl Residences condos on Clearwater Beach this past month. 5 condos sold for over $3,000,000 this year in communities like The Grande, Mandalay Beach Club, Vinoy Place and Parkshore Plaza. Luxury condos and fine living still have their discriminating buyers even in this real estate market.
Just like all real estate is local – we believe each Tampa Bay real estate market niche is unique especially when you are looking at Tampa beach communities on the ocean and our goal is to provide you with a deeper view into our Gulf Front Clearwater Beach | Sand Key Condo Real Estate Market. We’ve been doing the detailed research and preparing reports on different Tampa Bay real estate market niches like:
- Report 1 – Luxury Condos (over $500,000) in Pinellas County
- Report 2 – Gulf front Condos in Pinellas County
- Report 3 – Pool Homes in Clearwater Florida (coming)
- Report 4– Clearwater Florida Homes Real Estate Report (coming)
- Report 5 – Luxury Homes (over $500,000) in Pinellas County (coming)
- Report 6 – The Clearwater Beach Sand Key Condo Report (coming)
- Report 7 – Island Estates Real Estate Report (coming)
- Report 8 – Clearwater Florida Condos Real Estate Report (coming)
…and how they’ve performed in 2007. We’ve also provided you with a historical view of the last 24 months. As we head into the New Year it’s a time for reflecting on the past and planning for the future. Hope you find this information helpful.
Ocean Front Clearwater Beach Sand Key condos | 2 year Historical Performance Graphs
If you have another particular Tampa Bay Real Estate Market Report that would interest you just let us know and we will work to add it to our list. Our goal will be to post one or two a day.
We will include the following 4 graphs in our Tampa Bay Real Estate Market Report and this one is focused on Clearwater Beach and Sand key condos on the beach front:
- Days on Market – How long is it taking Clearwater Beach condos and Sand Key condos on the beach to sell?
- Average Asked to Sold Ratio – Helps show how close to asking price Ocean front Clearwater beach and Sand Key condos are currently selling for.
- Median Price – shows that 1/2 of Clearwater Beach / Sand Key condos on the Gulf of Mexico sold are above and 1/2 are below this price in a given property or market niche.
- Units Sold – will show how many Clearwater Beach / Sand Key waterfront beach condos sold in a given month as well as over the 2 year period.
We’ve seen the time it takes to sell a Clearwater Beach Condo or Sand Key condo that is on the Gulf of Mexico rise significantly from a low of under 54 days in January 2006 to 138 now down from a high of 207 in mid 2007. We are starting to see buyers back in the market buying Clearwater beach condos priced properly.
There are many factors that have effected the time it’s taken to sell condos on the beach this year. One is the time it has taken some condo sellers on Clearwater Beach and Sand Key to price their beach condos correctly for today’s real estate market (many started asking more that it could ever appraise for).
Second, Clearwater Beach Condo Buyers had lots of choices and many sat on the sidelines wondering what prices would do and if we’d reached the bottom of our price-adjustment.
Jack and I are finding much of the Clearwater Beach real estate has asking prices that has finally moved into a realistic range for today’s market – Clearwater Beach condo sellers have finally come to grips with the fact that we’re not in the 2005–2006 Real Estate market anymore – if you want to sell any property the first key today is that you need to price it correctly.
The median price for Clearwater Beach Condos and Sand Key Condos on the beach is rising again and are currently at $704,500 which is up from the January prices of 2006 when it was $675,500. The big spike in January is caused when new high-end luxury condo developments like Sandpearl Residences Luxury Condos reached completion and several units were “sold” for over 1 million dollars and up.
We see that the Clearwater Beach condo Asked to Sold ratio has fallen as buyers have addressed the two points we discussed above. One, they’ve force the Clearwater Beach condo asking price to come down to a price that will fit today’s market place and actually appraise out and two, the fact that there’s so much competition along with some highly motivated sellers they’ve negotiated more more seller concessions than normal.
Clearwater Beach Real Estate still has a condo supply that far exceeds demand and most Clearwater Beach condo buyers have continued to ask us for info on the Clearwater beach condos that are deals, bargains, short sales or in pre-fore-closure since many novice Clearwater Beach investors found themselves coming up short in 2007.
Ironically we had 71 beach front Clearwater Beach condos and Sand Key condos sold in both 2006 and 2007. So again is shows things are selling it’s just that our inventory (condos for sale at any one time) is so much larger than normal.
In 2007 we saw 2 ends of the Clearwater Beach Real Estate Market get the most activity – One was the top end of the luxury beach condos in communities like The Grande, Sandpearl Residences Resort Condos and Mandalay Beach Clubs which all had sales in 2007 over $3,000,000 with the Sandpearl Luxury Condos setting a new all time high for Pinellas County condo’s sold at $4,400,000.
Then we also saw people looking to buy that luxury vacation home or winter retreat at a deep discount. They found distressed sales prices on Clearwater beach condos – and there were and still are real bargains to be found.
Some Clearwater Beach condo prices dropped back to 2004 prices and many savvy investors realized the opportunity to buy a Sand Key gulf front condo now since many believe, like we do that Clearwater beachfront property will continue to be in high demand.
Clearwater Beach Luxury Condominiums
Are you looking to sell a Clearwater Florida Luxury Condo – request our complimentary Condo Value Report on what is your luxury Clearwater condo worth today.
Are you looking to buy a Clearwater Beach Condo or Sand Key Luxury Condo where you can enjoy our beautiful beaches or amazing intercoastal water views and boating? Here’s what some of our past clients have to say about how we helped them….
** CLICK ON PHOTOS BELOW TO SEE CLIENT VIDEO TESTIMONIALS **
Buyers tell us that selecting the best Clearwater Beach Real Estate Agent, online or from a distance, can be a challenge. Some of our past clients agreed to share their experiences and tell you why they think you should work with us.
Click on the photos below and meet some of our clients and now friends…we’d love to be YOUR choice too!
Want more info on Clearwater Beach Real Estate? Search the Clearwater Beach MLS multiple listings of all properties including all waterfront Clearwater Beach homes for sale and beachfront condos in Clearwater.
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The above information and images are Copyright © 2007 Jack and Cyndee Haydon, REALTORS and your Clearwater Real Estate Consultants and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.