The real estate market in the Coronado Cays is experiencing many similarities in 2009 and 2010. As I mentioned in a previous blog, the same number of homes in Coronado Cays SOLD for the entire year of 2009, as it did up to September 23, 2010. My latest bit of Coronado Cays trivia is the fact that two homes sold in the Coronado Cays for September 2009 as did in 2010. The obvious question would be is the sales price increasing or decreasing and are the number of days on the market increasing or decreasing?
Interestingly, there is a direct correlation to the list price and number of days on the market. Let’s look at the four Coronado Cays homes that sold between 2009 and 2010. 78 Kingston Court, a waterfront condo was on the market for 132 days in 2009 and sold for $760,000 which was a 13.4% markdown from its original list price. The other home that sold did not fair quite as well. The seller of 31 Tunapuna listed this bay front home with an out of area real estate agent who was obviously not familiar with the Coronado Cays market. The agent listed the home for sale at $1,735,000 which was about $500,000 more than any comparable home sold for. This home sat on the market for 478 days before it sold for $1,241,000, which was a 28.47% markdown, but right on for comparable sales. I remember this Coronado Cays home as being a gorgeous remodel. Unfortunately, it was priced much higher than what the market could bear.
Once again in September 2010 the two homes that sold had a similar listing story as the previous year’s two sales. 6 Jamaica Village in the Coronado Cays was on the market for 758 days! It was originally listed with a sales price of $1,095,000 sold for $771,000, which was a 29.58% markdown. More of a success story would 28 Buccaneer Way which was listed for $2,350,000. This Coronado Cays custom home sold in 227 days for $2,000,000 which was only a 17.5% markdown rate.
The moral of the story, Coronado Cays homes sell if they are priced right! As a home seller, you do not do yourself any favors by overpricing your home and then having it sit on the market for well over a year. Again, as a seller you need to ask yourself, “do you want to sell your home or learn a valuable lesson as you chase the market down?” It is still a buyer’s market and there are buyers out there and they are looking for value.
Expect More Than A Home…..Create A Lifestyle In Coronado!®
Gerri-Lynn Fives, ABR, CIPS, CNE, CRS, GRI, RSPS, TRC
REALTOR / Broker Associate
Keller Williams Realty – Coronado