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Luxury Florida Real Estate Sales Finally Breaking Out

Posted by Benjamin Dona on Tuesday, May 25th, 2010 at 3:35pm.

Luxury Florida Real Estate for SaleI wrote a post prior to season this year in Southwest Florida about how the Luxury Florida real estate market appeared to finally be ready to burst its bubble too. Well, it seems like many high end sellers also came to the realization they would have to give in on price in order to sell their properties.

Let's take a look at how things have shaken out.

 

All Property Sales $1 Million - $2 Million

Luxury Home and Condominium Sales:
  • 198 Closed Sales (133 in 2009)
  • Average Sales Price - $1,389,617
  • Median Sales Price - $1,350,000
  • Average Days on Market - 231
  • Average Sales Price/Square Foot - $448.81
  • Average List to Sales Price - 87%

In comparison with 2009 sales data, we saw a 49% increase in the number of luxury property sales. The average price fell by 3% and the median price dropped 2%. Average days on market decreased 9% and the list to sales price ratio climbed 2.5%.

All Property Sales $2 Million Plus

Luxury Home and Condominium Sales:
  • 110 Closed Sales (75 in 2009)
  • Average Sales Price - $3,607,157
  • Median Sales Price - $2,875,000
  • Average Days on Market - 300
  • Average Sales Price/Square Foot - $618.27
  • Average List to Sales Price - 86%

In comparison with 2009 sales data, we saw a 47% increase in the number of luxury property sales. The average price fell by 5% and the median price dropped 8%. Average days on market decreased 3% and the list to sales price ratio climbed 2.3%.

While the numbers are encouraging, it's still important to understand most luxury real estate in Florida is located on some of the most prized property available. You don't just give away oceanfront estates, island getaways or high rise condominiums with views to die for just because the rest of the market has hit hard times. In addition, folks who are wealthy enough to afford such properties in the first place are also wealthy enough to carry them as they weather the market downturn.

So, if you're thinking about purchasing a little piece of paradise, now may be the time to do it. The fact that we're starting to see the high end move might just get you a really good buy on a really desirable property.

*Sales Data Statistics from SWFL & Nabor MLS.

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About the Author

Gulf Coast Associates, RealtorsBenjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.

Contact Benjamin Dona at 239-948-3955


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6 Responses to "Luxury Florida Real Estate Sales Finally Breaking Out"

Moraira wrote:
This is a really up beat report and is good to see. The property market in a reasonable number of areas seems to be picking up but I have not seen one as positive as this. Our market is in Spain and is still faced with considerable problems particularly as a small Spanish Bank went to the wall this week. Nevertheless it is good to see positive property sales news.

Posted on Wednesday, May 26th, 2010 at 7:42am.

Andalucia wrote:
You have a fantastic looking blog and posts with great information and luxury real estate in Florida isnt expensive. In Spain, your looking at least 3000 euros a square meter and up to 8000 psm for beach front luxury.

Posted on Thursday, May 27th, 2010 at 11:20am.

Marc Knight wrote:
A great report, very informative. The market is definitely improving and that is great news.

Posted on Friday, May 28th, 2010 at 11:44am.

Ryan in Phoenix wrote:
This is a great thing to hear. Glad to see the numbers are moving in the right direction. Really like your website!

Posted on Wednesday, June 2nd, 2010 at 1:25pm.

Alan from Brownsburg Indiana wrote:
You say that sellers realized they would have to give in on their price to sell their properties. If sellers would only reach the conclusion that they should hold off on selling their homes entirely, the problem would soon correct itself. I realize that some sellers don't have the option of waiting, but for those who do, it would just makes sense.

Posted on Wednesday, July 28th, 2010 at 4:02pm.

Benjamin wrote:
The thing is, when you look at the numbers, with just a few exceptions most sellers are still making an above average ROI. It's pretty hard to bitch when you are averaging above a 5% annual increase in value.

Posted on Thursday, July 29th, 2010 at 10:08am.



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