Music Man
no answer to this question any more, for depends on what home/condo is priced at.
for example 2 condos same size same building both on market. 1 is priced at 500,000 and owner has owned if for 1 yr. the other condo is now banked owned and priced at 430,000.
now more than likely if all is the same you will offer on the bank owned at full price which now makes the other condo not worth 500,000 so there is your example. Bank offer was 100,000 of asking price, the other offer would have been about 20% less then asking price
hope this help
David Leventhal
Coldwell Banker

Hi Musicman,

Here are some specifc stats for you to review. Let me know if I can help you :)

Sarasota
# of listings in Sarasota= 5026 active listings
# of listings sold from Mar 22-Apr 22: 373
# of listings sold from Feb 22-Mar 22: 319
# of listings sold from Jan 22-Feb 22: 287
# of listings sold from Dec 22-Jan 22: 254
# of listings sold from Nov 22-Dec 22: 271
# of listings sold from Oct 22-Nov 22: 298
1802 homes sold in the last six months in Sarasota. Average number of homes sold per month over the last 6 months in Sarasota: 300 homes
#sold (300 homes) X 12 (months) = 3600
divide 3600 by 52 weeks= 69 units per week
If 69 units sell each week divide that number into the number of active listings 69 divided by 5026 = 73 weeks of inventory or about a year and a half worth of inventory in Sarasota.

Sarasota:
Sarasota’s average listing price for the last 6 months $280,993-Average selling price for the last six months is $254,792:
Average list price Mar 22-Apr 22 was $261,841 and the average selling price was $233,388. Average size home was 1655 sq ft under air.
Average list price Feb 22-Mar 22 was $254,348 and the average selling price was $255,176. Average size home selling is 1671 sq ft under air.
Average list price Jan 22-Feb 22 was $264,097 and the average selling price was $233,143. Average size home selling was 1621 under air.
Average list price Dec 22-Jan 22 was $308,981 and average selling price was $275,978. Average size home selling was 1797 sq ft under air.
Average list price Nov 22-Dec 22 was $298,134 and average selling price was $267,277. Average size home selling was 1683 sq ft under air.
Average list price Oct 22-Nov 22 was $298,561 and average selling price was $263,791. Average size home selling was 1739 sq ft under air.

Sarasota single family homes (not including condos, townhomes, villas, mobiles, etc)
# of listings in Sarasota= 2655 active listings
# of listings sold from Mar 22-Apr 22: 236
# of listings sold from Feb 22-Mar 22: 210
# of listings sold from Jan 22-Feb 22: 180
# of listings sold from Dec 22-Jan 22: 195
# of listings sold from Nov 22-Dec 22: 194
# of listings sold from Oct 22-Nov 22: 206
# of listings sold from Sept 22-Oct 22, 08: 209
# of listings sold from Aug 22-Sep 22, 08: 209
# of listings sold from July 22-Aug 22, 08: 210
# of listings sold from June 22-July 22, 2008: 224
# of listings sold from May 22-June 22, 08: 291
# of listings sold from Apr 22-May 22, 08: 245
# of listings sold from Mar 22-Apr 22, 08: 213
# of listings sold from Feb 22-Mar 22, 08: 207
# of listings sold from Jan 22-Feb 22, 08: 164
# of listings sold from Dec 22-Jan 22, 07-08: 120
# of listings sold from Nov 22-Dec 22, 07: 146
# of listings sold from Oct 22-Nov 22, 07: 146
# of listings sold from Sept 22-Oct 22, 07: 150
# of listings sold from Aug 22-Sep 22, 07: 174
# of listings sold from July 22-Aug 22, 07: 202
# of listings sold from June 22-July 22, 2007: 221
# of listings sold from May 22-June 22, 07: 213
# of listings sold from Apr 22-May 22, 07: 196

Sarasota single family homes (not including condos, townhomes, villas, mobiles, etc)
# of listings in Sarasota= 2655 active listings
Average sales price from Mar 22-Apr 22, 09: $242,822
Average sales price from Feb 22-Mar 22, 09: $228,552
Average sales price from Jan 22-Feb 22, 09: $229,398
Average sales price from Dec 22-Jan 22, 09: $271,393
Average sales price from Nov 22-Dec 22, 08-09: $274,550
Average sales price from Oct 22-Nov 22, 08: $326,553
Average sales price from Sept 22-Oct 22, 08: $297,666
Average sales price from Aug 22-Sep 22, 08: $349,506
Average sales price from July 22-Aug 22, 08: $334,864
Average sales price from June 22-July 22, 2008: $354,384
Average sales price from May 22-June 22, 08: $371,779
Average sales price from Apr 22-May 22, 08: $435,298
Average sales price from Mar 22-Apr 22, 08: $391,589
Average sales price from Feb 22-Mar 22, 08: $416,397
Average sales price from Jan 22-Feb 22, 08: $369,032
Average sales price from Dec 22-Jan 22, 07-08: $541,084
Average sales price from Nov 22-Dec 22, 07: $394,842
Average sales price from Oct 22-Nov 22, 07: $486,825
Average sales price from Sept 22-Oct 22, 07: $432,588
Average sales price from Aug 22-Sep 22, 07: $450,404
Average sales price from July 22-Aug 22, 07: $549,248
Average sales price from June 22-July 22, 2007: $480,717
Average sales price from May 22-June 22, 07: $505,703
Average sales price from Apr 22-May 22, 07: $456,741

Shannon Moore, Realtor
Re/Max Anchor Realty
941-626-3926
twomoores19@comcast.net

The more important question is if the home is a good value.

Let's say for instance there are two homes, and each is priced at $200K.
If one if worth only $150K, and the other is worth $250K...the better deal would be paying full price for the more valuable home, than getting 10% off the lesser valued one.

There are many variables in each deal - the asking price, the market value, the assessed value, what the seller paid for the property, the mortgage they hold...working with a qualified buyers agent will help greatly in determining if your home of interest is a good deal, and what the likely sales price might be.

Have a great day -

I get this question alot concerning offering price. The list price is the asking price. Which could be 30% overpriced or right on the money. You need your REALTOR to find what the market value is and also what others in that area have sold for. With that information, you can make a well informed decision on how much to offer. With an agent that is a good negotiator, you should be able to get the property close to market value.

When I list property, the list price I suggest is close to market value with not much room to negotiate. I average 94% of list price on listing side. I negotiate on average 88% of list price when representing the buyer. That is usually due to other agents pricing property to have room to negotiate.

If you have more questions, please feel free to ask.

Geoff Rossman
RE/MAX Tropica Sands
(941) 544-3232
geoff@geoffrossman.com
http://www.siestakeytropicalcondos.com

Hello Musicman
sorry to tell you but there is no good answer to your question. a few yrs. ago it was 4-5% of the asking price. now those with short sales, foreclosures, etc... I have seen 0%-50% off the asking price depending on the price it is at, how long it has been on the market etc....
Always do a CMA
If I can help you let me know
David Leventhal
The Leventhal Team

According to our research there have been 4 homes that have sold in Bent Tree Village in the past six months. The are presently 20 homes on the market in the community.

The price ranges for the "sold" homes are:

Asking price selling price

$140,000 (2 br) $121,000

$199,000 $175,000

$219,000 $208,000

$470,000 $400,000

This is the most current information available and should provide you with an insight of what your price range should be when making an offer.

We hope you find this helpful.

Best regards,
The Eckler Team

Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363

Single family homes in Sarasota are averaging about 92% of list, however each individual transaction can vary greatly depending on how realistic the seller's listing price was set. If a seller was 5% over-priced, then a savvy and educated buyer would take that into consideration when making their offer (certainly not follow the 8% rule-of-thumb) 8% is where the transaction has been "closed", ...actual "offers" can and most times start out much more than an 8% spread. (again, all depends on how much the buyer wants the house, and what the market value is compared to list price). As mentioned by Terri, that is why you really need a CMA completed prior to making any offer.

April's numbers will be released by the Sarasota board of Realtors very soon, but I would expect the list price to sales price to be the same.

Dear Musicman:

I have heard it said it's somewhere between 8 and 10% but the best way to determine value is to have your agent perform a CMA. Take the comparables of homes sold in the last three months in Bent Tree and you should have an idea of how much the home is worth and what your offer should be. If the home appraises at the price you pay, you will have made a good offer.

My best,
Terri

Teresa M. Fellows
Broker/Associate
Waterside Realty LLC
941-350-4297
tmf4257@mac.com http://www.floridawestproperties.com