How can I determine a good offer price for a condo in Jax Bch, FL?

Asked by D Nicolas, Jax Bch, FL Thu May 8, 2008

The condo building has been complete for just over one year and it is only half full. The builder let it slip that it cost them $100 a sq ft to build. The unit I am looking at list for $220 a sq ft. at $475K. How can I get the best price without embarassing myself in the process? I know that the first few buyers paid much more than the most recent listing prices and it still seems as if the builder could come down on the price. Where should I start with the offer and what is reasonable? Thanks.

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Cathy Sloan, Agent, Jacksonville, FL
Wed May 21, 2008
D Nicholas

I sounds like you are referring to Pier Point.

If some one referenced $100 a square foot, I am sure that was for building the unit alone. The developer paid $3,000,000 for the land. You also have the expense of the common areas, parking lot, pool, cabana, etc.

Location of the unit also affects the price. Depending upon location, price of sold units ranged from $370,000 for just over 1300SF to over $600,000 for units 2200+SF. No one can really advise you without knowing more about the unit you want and they really should not attempt to. Too many factors.

I understand that only a couple of the pre-sale buyers walked away from these condos early on. Not the case with some of the other projects around. I haven't heard anything negative about Pier Point.

Sounds like you need the services of a good and knowledgable Buyer's Agent. Interview Buyer's Agents, find a good one and let them advise you. It doesn't cost you anything more and you may save in many ways in addition to saving on the sales price

If I can assit in any way, please contact me.

Cathy Sloan
RE/MAX Specialists
Jacksonville, Florida

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3 votes
JEFFREY NOOT…, Agent, Jacksonville, FL
Tue May 22, 2012
Good advice so far, the market is in flux. Buyers still have the upper hand, use an experienced Licensed Real Estate Professional that is a current member of the NEFMLS and they can bombard you with enough information to make an informed starting offer price.

Good Luck,
Jeff Nootens
Florida Realty Corp
1 vote
Terry Willia…, , Jacksonville, FL
Mon Jun 8, 2009
First off, I'd get with a Realtor and determine a price based on real numbers. I would only consider homes based on the "sold" prices. I would disregard the expired and listing prices, as they really do not give the buyer a ball park price for a particular area anyway.

Terry Williams
EXIT Real Estate Gallery
Jacksonville Beach, FL
1 vote
Bill Eckler, Agent, Venice, FL
Sat Jun 28, 2008

Builders like to see you without gives them the opportunity to work with someone that does not know the market.

Our advice is to find an agent to support your interests. They will know the market and have access to information that will save you considerable money.

Call an agent today....

Good luck,

The "Eckler Team"
1 vote
Patricia Byrd, Agent, Crestwood, KY
Thu May 8, 2008
I would advise you to get the most recent comparable sales in the surrounding area. You could contact a local Realtor and they would help you with this.
The market in most areas recently has been on the decline and I know Florida has been hard hit by this.
I own a condo in Sarasota and have seen the downturn there. I live primarily in Louisville,Ky and we have been less affected by the slow market here.
Pat Byrd
Coldwell Banker McMahan Co.
1 vote
Dee Koeger, Agent, Eagle, ID
Thu Jun 20, 2013
You need a Realtor to do a comparative market analysis. That is the only way to find out how much other units have sold for, and also what a fair price would be. Good Luck!
0 votes
Rosina Eisen…, , Jacksonville, FL
Sun Aug 26, 2012
Hi, my first question to you is what does your Realtor say? If you are not working with a Realtor, then I must ask why? Even a surgeon would not do surgery on himself. A full time Realtor spends time researching the market, they are educated and are in the trenches on a daily basis. Today's real estate market is volatile and you need a professional to navigate this territory. If you do. Ot have a Realtor, give me a call or email for a quick response.
0 votes
Dena Atkins,…, Agent, Jacksonville, FL
Thu Jun 26, 2008
I am experienced with buyers and sellers in Jacksonville Beach, FL primarily in condos. An agent can give you a snapshot of the market to help you determine what is closing in that building. You could then submit an offer and see what the response is. Occasionally a builder/developer will let a unit go to generate cash flow, so your offer may not be all that unreasonable.
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