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Thursday, June 23, 2011

Sometimes it is obvious why a house will not sell at its listed price...

Pride in ownership is a good thing.  Being able to make improvements to your home to retain value is a good thing.  Being able to add the touches that make your life more enjoyable is a good thing.

But… improvements to your home will not likely be recouped dollar for dollar when selling.  There is no need to add 100% of the cost of the new AC to your listing price or the cost of the "newer" roof.  Sure those improvements or maintenance items add some value.

I saw a newer listing this morning that caught my eye because of its high price.  Upon a bit of research I found it to be priced about 36% higher than anything sold in its Rockledge neighborhood during the previous eight months.

Why will this house not sell for this high price?  It has lots of positive characteristics. Like a pool addition,  privacy fence,  newer AC and hot water heater, an updated kitchen and is obviously a well maintained frame construction. 

  • Because…. for $30K less a home with 500 sq.ft. more, concrete block construction, built in 2006,  for sale in Phillips Landing in Rockledge.
  • Because….for $40K less a home with 200 sq.ft. more, built in 1999, concrete block construction, fenced yard, for sale in Ashwood Lakes.
  • Because…for $40K less a 2003 built concrete block home with 400 sq.ft. more, located on a pond in Viera, listed for sale in Auburn Lakes.
  • Because… for $35K less a 2007, larger, concrete home is listed in Viera’s Indigo Crossing.

None of the above  have a private pool but they do have community pools, parks, playgrounds that the first neighborhood lacks.

So why will the older house not sell? 

It is called competitionSellers must look beyond the local street or neighborhood. 

Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

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