Facts: Selling Your South Beach Condo 30% over Market Value

Selling your South Beach Condos | Sand Key – Clearwater Beach FL

Clearwater Beach Florida –  Do you decided to sell your Clearwater Beach condo this year?  Well today I’m going talk specifically to those that want to sell their South Beach condo on Sand Key. We are in a dynamic real estate market and you need that facts and if no one’s giving them to you – we always will!

The good news is:

  • The  number of distressed properties on Clearwater Beach and at South Beach condominiums in particular are down to less than 10%
  • 25% more South Beach condos sold in 2011 than in 2010

So it must be a Seller’s Market on Sand Key now right?

And if you want to sell your South Beach condo now you can dance the happy dance and start jacking up your asking price, Right?

Well let me share some of our analysis regarding what’s really happening today with the standard 2 bedroom 2 bath  units – specifically the 1341 and 1404 sq ft models (not direct gulf front ones) I also want to share my recent experience selling a South Beach condo which may is a wake up call for some Clearwater Beach condo buyers and sellers – since some are asking 30% over what’s sold this year. Then get insulted when someone offers 70-80% of their asking price.

We had a buyer here in February who could close in 30 days or less here to purchase one of these a South Beach condos – they were open to any of these similar condos in the South Beach condo buildings  I, II, III or IV – especially since they have seen the major renovations all the South Beach condominiums have done in recent years. They were strong buyers, pre-approved and wanted to make a wise investment but they were in no way the “low ball offer” people we’ve all seen in the past few years. As someone who wants to sell their South Beach condominium – sounds great, right?

  • Let’s see, we’ve got the buyer ready willing and wanting to buy and there are 24 units for sale to choose from – Should be an easy task right?

What’s Selling? South Beach Condos on Sand Key Clearwater Beach Florida

Well let’s look at the facts – for the last 2 years only 1 to 1.5  South beach condominiums a month are getting sold. This is sounding better and better for the buyer since you’d think this wouldn’t be difficult at all. We saw every unit that was updated and met their criteria (which was about 10 condos) and here’s what we experienced – we had one seller’s agent actually tell us “We dont care if it appraises for that price – that’s why my buyer prefer’s cash” – ok, HELLO!!!  When was the last time you met someone with almost $400,000 in cash that would just overpay because they could – this isn’t 2006 folks!!!  We work with savvy buyers and whoever we’re working with we make sure they have all the facts to make informed decisions based on what’s happening today. We also encourage our  buyers make a list of their top 5 South Beach condos they be interested in buying (normally we’d shoot for 3 but you’ll see why 5 was necessary). Now again, you think it would be easy right – NOT!

Ok so let’s start with the facts…here’s what those that are serious about selling their South Beach Condo this year are missing out on…We are in the end of our “winter season” now and there are still  24 units for sale in the South Beach condominiums and when we look at the last 2 years where typically ONLY one South Beach condominium a month is selling it will take 2 years or more to sell all the condos for sale at this rate:

  • Do you want to sell yours?

South Beach Condos that Sold Lower were Short Sales or Bank Owned

Another Myth is South Beach condos that SOLD for a low price are distressed, however, this year none of the sales were short sales or Bank Owned / REOs. It appears they were motivated South Beach seller’s who really wanted to sell (of course some had been on the market 9+ months too). If you want to sell your South Beach condo this year,  you can’t just ignore these numbers. None of these units were in bad shape or  “original” condition (aka 70’s & 80’s vintage). All varied in their upgrades and views but the cold hard truth is they 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. The problem is, the ones we liked that were for sale were priced at $399,000 – $425,000 which is 25-30% more than what others have sold for.  So ask yourself – Are you really serious about selling? Our winter season aka “prime Clearwater Beach condo buying season” has one month to go because Easter is early this year  – if you’re trying to sell your condo you have to ask yourself…

  • Why would a buyer pay more than a condo will appraise for when there is a 2 year supply?  Would you???

>>>  Continued – Get the YTD South Beach Condos SOLD facts  and more

And remember if you are looking to buy or sell  Clearwater Florida homes or condos, Jack and I welcome the opportunity to discuss the market with you and your particular situation. Just give us a call for the most up today information that’s happening in the Beach real estate markets along our 26 miles of beaches.

Clearwater Beach Real Estate

We are passionate about being your real estate advocate. We’re committed to delivering Results daily based on Integrity, Knowledge & Experience – helping you buy or sell your Beach condos in Clearwater Beach Florida.

We’d like to be YOUR Clearwater Beach Real Estate Team!
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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