PCB | 30A Coffee at the Beach - Feb 18, 2022
Is Florida ALREADY the NEW California?
Our market is still incredibly intense...in many ways, our pricing doesn't make sense.
Just this week, I put a 1BR/2BA on the market in a building where the highest recent sale was $390K and the only other recent activity is on a unit that is ASKING $419K and has a sale pending. We offered our listing, FOR THE SAME LAYOUT, for sale at $449,500 and in two days have 8 offers.
The highest unit so far is $465K from a CASH BUYER!
In another building, the highest recent sale on the same floor plan was $865K and closed on 12/31/21.
We offered an upgraded unit at $998,000 and landed a contract at $950,000.
In ANOTHER project, the highest recent sale was $900K from just LAST WEEK. We offered ours at $1,095,000 and landed a deal at $1,020,000.
Now if you look backwards at pricing, this might seem a little nuts. But if you consider the bigger picture, it isn't so crazy.
We still have UNPRECEDENTED, RECORD demand for real estate in our area with many experts suggesting that Florida has ALREADY taken over California as America's hottest real estate market. Think about the pricing and stories you have heard out of California over the years, understand that a lot of the REST of Florida is "old" and overdeveloped, then consider just how "new" our area is with all of the infrastructure and development projects to come.
Now you can see why the buyers I mentioned above might just be out in front of what could be an incredible shift happening in real estate.
One last point: if you are thinking of selling, PLEASE take a lesson from the prices above and don't be afraid to be bold with pricing.
Have a great weekend!
It's a busy week for me. I wrote contracts for over $13,000,000 worth of real estate. Frankly, I am a little zapped and after today, going to rest a little.
I'll have the normal 7-day recap back up for you next week...
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