The obvious question is why was this house originally listed for over 1M and is so drastically reduced? What is the problem with it?

Asked by Andrewcoutant, Stuart, FL Thu Jan 24, 2013

This question was asked from http://www.trulia.com/property/3100729458-14-Herons-Nest-Stu…

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5
Jerry Miller, Agent, Fort Pierce, FL
Thu Jan 24, 2013
This is a great buy at this price , but check out all bills due and taxes , probably foreclosure , BOA
Make sure you get a good Realtor to protect at every move, and a goods title company! Be smart!!! Jerry Miller Real Lic ving Realty 772-618-0240
0 votes
Tom Priester, Agent, Tequesta, FL
Thu Jan 24, 2013
Andrew,

No doubt that Trulia picked up some bad information from one of the sites they syndicate some of their feeds from. The home you are inquiring about is located at 14 Herons Nest in Sewell's Point in a small neighborhood known as Rio Vista and was listed on November 3rd for $1,650,000. There have been no reductions to the list price since that time. I might point out that the home was purchased by the current owner as a new home back in March of 2006 for $1,600,000 which was very near the height of the bubble.

While there are a whole host of factors that play into a properties current market value keep in mind that over the past 6 months there have been 19 single family homes sold south of Ocean Boulevard with a median sales price of $500,000. Two of those homes sold for near what the property at 14 Heron is listed at. The home at 25 Island has 3,852 square feet and sold for $1,600,000 or 134% of the 2011 county assessed value. The home at 3 Timor has 6,670 square feet and sold for $1,800,000 or 73% or it's 2011 county assessed value.

The median priced sale south of Ocean Boulevard in the 6 months preceding the last sale of the home at 14 Herons Nest was $1,200,000. Couple that with the fact the home is listed at 208% of it's 2011 county assessed value tells me one would need to do a very thorough analysis before pulling the trigger on this one.

The best thing you can do is locate a qualified Realtor who can assist you in showing you the ideal neighborhoods that meet your needs and properly assist you in locating the best new opportunities. In this market you have to be ready to act quickly when the right opportunities present themselves. I would enjoy the opportunity to be on the list of Realtors® you interview be very happy to work with you towards meeting your goals. The current market is really a perfect storm and in my opinion Florida real estate in the right location is one of the absolute best investment opportunities we will see in our lifetimes.

Best of luck and if I can offer anything additional please let me know.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Jan 24, 2013
LISTING PRICE
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
0 votes
Annette Law…, Agent, Palm Harbor, FL
Thu Jan 24, 2013
Andrew,
Are you wanting to make a purchase offer on this house?
It could be a fantistic deal!

Unfortunately, you are looking at homes for sale on an aggregate real estate website. On sites such as these, there is no accountability for the data displayed. Data is changed, suppressed, replaced, modified, substituted, spindled, folded, mutilated and fabricated at the pleasure of the website owner. If you are a serious buyer, you need to promote yourself to serious tools such as getting access to the local MLS. That where the REAL data resides.

If you are serious, contact a Stuart Fl REALTOR to get a personal gateway to the MLS.
There direct phone numbers should appear in their profile.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl
727.420.4041
http://RealEstateMadeEZ.us
0 votes
Shelley McGl…, Agent, Stuart, FL
Thu Jan 24, 2013
The asking price on this home has not been reduced. It's listed on the market for $1,650,000. Somehow, there is a mistake with Trulia.
0 votes
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