Home Buying in Key West>Question Details

John, Home Buyer in Florida

What to offer? I see high listing prices and sales prices of about 1/2.

Asked by John, Florida Fri Jan 9, 2009

Thinking about moving here but not sure what to offer. Any suggestions?

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John:

The average sales to list price this past quarter is about 15 to 20% off list price. The ratio between the original list price and final sales price can end up being much higher. Our prices continue to be under pressure due to the high inventory, although there is alot of buyer activity within the past few weeks. We have several multiple offers going in our office currently on properties, so buyers are starting to see value and there buying. There are alot of good deals out there right now and the buyers that are getting the great deals are the ones making offers, lots of offers. Don't miss the boat! Give me a call and I can get you hooked into a great deal too.

I can send you a copy of our most recent newsletter which contains all of the market statistics and figures that may answer your questions about the trends and outlook.

Capt. Dave Wiley
Coldwell Banker Schmitt Real Estate Co.
305-942-6210
0 votes Thank Flag Link Fri Jan 9, 2009
There was one 50% off sale in the area of the Florida Keys that I work in the last time I searched sold single family homes from Key West to Sugarloaf. Nearly 35% of the properties sold for 96% of asking (listed) price. 13.7% of that nearly 35% sold for 100% or more than listing price.

One sale in my search was 1/2 off. It was listed above 1 million and sold for about $550,000. If it was listed for $550,000 there may have been multiple offers and it might have sold for $10,000 or $20,000 more. Since it was listed for twice the value there was probably only one buyer that made an offer.

I sat down with a buyer who was was wondering what to offer. We went through each sale. First we looked at all of the 100% or more than asking price sales. All of the homes looked wonderful and were great deals. None of them were renovation projects. Then we looked at the 96% to 100% homes. They were also wonderful, but either needed a little bit of work or were priced a tiny bit above some similar sold properties. Then we looked at the properties that sold for 70% of asking price which was just a couple of homes. ALL of them were disasters. They all had major flaws or needed major repairs. They were all over priced for what they were selling. Then there was that one property that was tremendously over priced that sold for 50% off.

Find an agent you would like to work with that will take the time to give you the facts that you need to make an offer. Seeing the sales will give you a 75% chance of making a an offer that you won't second guess the moment the seller says yes. Expect to think you could have done better the moment the seller says yes. The seller will also be thinking they could have asked for more and done better the moment that you say yes.
0 votes Thank Flag Link Mon Dec 28, 2009
John,
Real Estate is local, very local. So there is a big difference if you are looking for Old Town Key West Property or property in the lower Keys. Some places in the Keys have been more affected by foreclosure than others. Old town Real Estate has held value better than most other properties. The best thing to do is consult with a Realtor and get as much info as possible. It's Free!!! Get out there are look and get informed.
Cheers
Jimmy
Web Reference: http://www.jimmylane.com
0 votes Thank Flag Link Fri Jan 9, 2009
Work with a buyers agent who can search for homes based on your specifications and area of city. Any agent prior to submitting an offer will research history of home determine sales offer price for your purchase structure contract based on lender approval.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 9, 2009
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