Random Thoughts On A Recovering Market

Just as every bursting dam starts by springing a leak, the good news out of our real estate market continued to trickle forth last week. It wasn’t necessarily screaming at us from front page headlines, but the ever-increasing volume of positive activity unquestionably speaks to the return of buyer confidence.

Largest Siesta
Sale In 18 Months

Here at Michael Saunders & Company, the news that we closed the largest residential transaction on Siesta Key in 18 months was bested only by the fact that precision teamwork from within the company brought both the buyer and the seller to the closing table. Listed through our Longboat Key office, the well-priced property found its new owners through our Main Street office and sold for $5,150,000—proving yet again that savvy buyers are more than willing to quit the waiting game whenever an exceptional opportunity comes knocking.

As if to bolster that point, just down the road in the Sanderling Club another waterfront listing sold last week for $3.4 million; while on Longboat Key a condominium in En Provence sold for $3.3 million—both to buyers working through our St. Armands office.

Meticulous interoffice teamwork also paved the way for another recent sale in which the buyer, also working through our St. Armands office, purchased a home listed by our Main Street office. In what proved to be a classic case of love at first sight, the buyer—browsing the Internet from his home in Hong Kong—viewed the property on michaelsaunders.com, contacted his sales associate immediately and flew here without delay to place it under contract for $3.5 million.

Other noteworthy sales last week included a $3.3 million residence in Positano, the imposing new waterfront condominium on Longboat Key. It was the second such sale in 10 days, leaving only one Positano condominium unsold.

Tip Of The Iceberg

As impressive as these sales were, they proved to be only the tip of the iceberg in a week of banner sales across all price ranges. For the week ending Friday, April 4th, Michael Saunders & Company closed on sales volume totaling $40,990,855, or just under $8.2 million each business day. This was 73.5% higher than an average week in March; 78.6% higher than an average week in February; and 123% higher than an average week in January.

The closed properties represent the widest possible spectrum of the market—from less than $100,000 to $5.15 million. There was a $1.575 million sale in our Siesta Key office; a $1.425 million sale in our Longboat South office; a $1.3 million sale in our Bradenton office; a $1.5 million sale and a $1.1 million sale—both from our Palmer Ranch office.

From Bradenton to Venice, the middle of the market exhibited potency as well. Among many others, there was a $375,000 sale in our Bradenton office; a $425,000 sale in our Lakewood Ranch office and a $292,000 sale in our Venice office.

Neal Sells 33 Homes
In A Single Month

We were delighted to read in the Sarasota Herald-Tribune that Neal Communities sold 33 new homes in March. According to the paper, Neal got a major boost from an aggressive new pricing strategy for Key West-style homes at Forest Creek, causing more than 1,000 people to show up on the first weekend following the launch of the new strategy. The company sold twenty-four homes in Forest Creek in March, and since introducing the new pricing strategy has generated a total of 34 sales, including four in a single weekend.”

Be it old or new, condominium or single-family home, wherever exceptional opportunities exist buyers are demonstrating a renewed willingness to act swiftly. As a result, the most competitively priced homes are selling with relative speed. Clearly for confident buyers in today’s market, it’s as much about “price-price-price” as it is about “location-location-location.”

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