Isn't It Overpriced?

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Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

My clients came to see this three-bedroom/three baths direct oceanfront unit in Bella Vista in Daytona Beach Shores.Bella Vista in Daytona Beach Shores

The view is excellent, view east to the ocean and north, making it a panoramic spectacular view.

Unit is in perfect condition.

They liked the unit. The question is: «Isn't it overpriced?»

I know why the question came. Just yesterday another unit, just next to it (not direct oceanfront) was closed for just under $400K.Units in Bella Vista in Daytona Beach Shores

So, is it overpriced?

There are 7 units for sale in Bella Vista and this particular unit for $421 is the least expensive unit. Next unit just one floor higher is $488,900.

No, it is not overpriced. When there are several units for sale in Bella Vista, and this one is the  least expensive, it is not overpriced.

What "overpriced" means? Only that in this market it can't be sold for the  asking price. The lowest priced unit, which is also the lowest in comparable buildings like Palma Bella, Ocean Vistas and Ocean Villas, is not overpriced.

It is not what other units were sold there for. It is what you can sell here today. And the Seller can be pretty comfortable with the price... For as long as it is the lowest price, it is not overpriced...

image of Jon Zolsky, FunCoast RealtyLooking for the best deal in Daytona Beach Area? Prices are higher, but still good... for now. Call me at 386-405-4408.

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Rainmaker
246,836
Marge Draper
Keller Williams Realty Palo Alto - Menlo Park, CA
REALTOR, Keller Williams Realty, Menlo Park CA

I think I could go along with your judgment.  But if I were the buyer, I would want to offer somewhat less than the asking price.  Is the view worth a bit more than $21,000?  Intangibles like that are hard to quantify. 

Aug 08, 2011 12:06 AM #1
Rainmaker
1,133,872
Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Jon , so interesting how the prices have rebounded here as compared to other parts of FL...it truly surprises me...you are so right that it is the present worth of a home based upon inventory that commands the price on a highly desirable unit...

Aug 08, 2011 06:37 AM #2
Rainmaker
1,967,920
Gabe Sanders
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Jon, just about every buyer today feels the properties are overpriced and all the sellers feel they are 'giving it away'.

Aug 08, 2011 07:38 AM #3
Rainmaker
149,755
Michael J. Gallo
Florida Luxury Realty - New Port Richey, FL
Florida Luxury Realty - Gulf Home Sales Team

I am intrigued by this. The unit is not overpriced because it is the lowest price unit in a building where other units are overpriced? If they were not, they would be sold.  @Ginny if it was so desireable it would have sold. A property is only worth what a buyer is willing to pay for it.  Granted these are Luxury Units in a wonderful area but if it isnt delling and the BUYER TELLS YOU is is overpriced....IT IS! 

Aug 08, 2011 09:55 AM #4
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Marge- on these units the difference in price usually $50K +. The change in view is quite dramatic

Aug 08, 2011 10:11 AM #5
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Ginny - prices are weird. In St. Maarten, which is not as luxury and classy as Bella Vista, but built by the same developer, the prices are higher.

Aug 08, 2011 10:17 AM #6
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Gabe - funny but true (LOL)

Aug 08, 2011 10:17 AM #7
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Mike - the are being sold, and with the lowest price sold, the next is a bit more expensive, and at $421K if my customers think another week, it will be sold.

It is priced too low in comparison to prices in other buildings.

Give me a motivation for a seller, when he knows that his unit is the lowest priced direct oceanfront unit, and the difference between the next direct oceanfront unit is $55K. Whoever is in live with Bella Vista, that would be their first choice.

If I were to represent the Seller in this transaction, I would have it at $450K, and the funny thing is that it would be sold whether for $421K or $450K, no difference.

Aug 08, 2011 10:22 AM #8
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Donna Bigda
RE/MAX Alliance - Branford, CT
Greater New Haven CT Real Estate

Jon - It is still amazing to me how buyers even in this market want to continue to low-ball properties.  I can understand this sometimes when a property is definitely over priced but when a property is listed at or near market value and comps can bear it out buyers think they can get a bargain deal.

Aug 08, 2011 02:24 PM #9
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Donna - often times they keep doing it when the market has already changed. There is inertia, and it takes a long time for the Seller to accept that the prices are falling, and by the same token it takes a long time for Buyers to understand that the yesterday price is yesterday.

Aug 08, 2011 03:02 PM #10
Rainmaker
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Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Actually, if unit 309 has an ocean view, that is the best priced condo in that building, not unit 203.

Aug 08, 2011 04:39 PM #11
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Elizabeth - 309 is on the south side a middle unit on that side. 210 is west corner, and 308 a direct oceanfront/corner unit. There is a 3-story small hotel next to it, and it is partially blocking the view.

203 is direct oceanfront with an excellent panoramic view. But it is smaller...I know

Aug 08, 2011 05:21 PM #12
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Debe Maxwell
www.AtHomesCharlotte.com | Savvy + Company Real Estate - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I'm finding that even when you're the lowest priced, they still hit you with low-ball offers!  It's maddening at times just how much the media has 'convinced' buyers that all listings are overpriced!  Those days are GONE!

Aug 08, 2011 11:52 PM #13
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Debe Maxwell
www.AtHomesCharlotte.com | Savvy + Company Real Estate - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

OH, and Papa Jon, I LOVE your photo--what kind of camera do you use?  It's incredibly crisp and clear.

Aug 08, 2011 11:52 PM #14
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