Why Hasn't This Sarasota Home Sold?

Take a look at this golf course home in Sarasota, Florida. It sold November 10, 2008 for $495,300. I showed the home to some clients who purchased something else. The home was dated but had a fantastic view. The floor plan was a bit peculiar because all 4 bedrooms were on the same side of the house. Overall, I think the house was great.

3800 Prairie Dunes Drive, Sarasota, FL

Property Description: This most generous floor plan exudes elegance and panache from one of Sarasota's premiere addresses.  Located on one of the best lots in Palmer Ranch, this beautiful home will stun you with views of t he 7th fairway of the TPC Club Course and the water. Enjoy the open floor plan which features plenty of storage space and natural lighting.  The master bedroom features a separate reading room with a view.  Serendipity Racquet club and TPC Prestancia are both located in this secure and quiet neighborhood - a home of distinction that you will not want to miss.  

Below is a home I have listed in the Country Club of Sarasota.  The home above is located in the same neighborhood.

3786 Torrey Pines Way, Sarasota, FL

Property Description: Enjoy Florida living in this 3 bedroom, 3.5 bathroom golf course home in the gated community of The Country Club of Sarasota. Golf course views from both the front and rear of the home. This lovely home wraps around the swimmng pool that overlooks the golf course. The master bedroom, den and living room flow out to the pool area and screen in patio offering the ultimate in enjoying the Florida lifestyle. The home is spacious at over 3,200 square feet so it can accommodate a family or retirees very nicely. The Country Club of Sarasota is a gated community with easy access to Siesta Key beach, I-75, countless restaurants, great shopping and several golf courses. Sellers will finance this home to a qualified buyer.

Here are the stats on the two homes: 

You will notice that both homes are in the same neighborhood, are about the same size, have similar views and both have swimming pools. I know from showing the sold home that it was in similar condition as my listing. Now notice the big difference in asking price. My listing is listed about $130,000 less than the home that sold and roughly $95,000 less than what it sold for. My listing seems like a pretty good deal doesn't it?

There is a reason appraisers pull three comparable properties to value a property. My listing seems like a no brainer when comparing to the home that just sold. But that is not the whole story. When taking a listing it is important to look at both sold properties as well as properties under contract and the ones currently for sale. There are two homes currently under contract that compare to my listing. Both homes are in the same neighborhood, on the golf course, similar sizes and have swimming pools.  Except, the pending homes are listed for $375,000 and $355,000. That changes things a bit doesn't it? The sold property is a similar home that sold for about $95,000 more than the asking price of my listing while the 2 pending homes are $25,000 and $45,000 less. I have not physically seen the two pending homes but from the photos they appear to be in fair condition.

So here is the predicament for the seller. He has a very good sold comparable property at $495,000 and then two pendings that are listed for less than his price. Should he assume that the high sale was a fluke and adjust his price or wait it out and pray for a similar buyer?

I am sure all of you have encountered a similar situation. Unfortunately, a lot of sellers will hang their hat on the highest comparable sale in their area. I don't blame them. We all want to get the most we can for our homes. However, it is important for sellers to realize that these types of sales are exceptions. You do see them from time to time but you can't rely on it happening to you. Another reason why it is best to have three or four good comparable sales for a valuation.

As far as my listing goes there really is no need to make a price change at this point. We have only had it listed for 15 days and have had 7 showings. I have a great seller and am confident that the home will sell.

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