In 2010, five of the homes that sold in the Coronado Cays were REO’s (Real Estate Owned), more commonly known as foreclosures. Although only one of the sales thus far was a short sale, two of the pending sales are “contingent.” What that means is that these two homes, 44 Port Royale and 31 Sandpiper Strand are waiting bank approval to move forward with the short sale process.
Have you heard the joke “what is the sign of insanity? It is doing the same thing over and over again, expecting different results.” Sadly the owner of 17 Bahama Bend had to have been insane because he listed his Coronado Cays home for sale seven times, with three different agents, before it went to foreclosure. It was first listed for sale on 11/22/2005 for $1,575,000. Unfortunately, at that point the seller or the listing agent over shot the market with their pricing and they were constantly chasing the market down. Over the span of four years (a total of 646 days on the market) starting with a list price of $1,575,000 and ending with a list price of $1,149,000 the seller lost his Coronado Cays home to foreclosure. On May 25, 2010 the Real Estate Owned (bank) property came on the market for $940,000 and sold in 52 days for $727,500. In the end, the overall markdown rate of this Coronado Cays home was 53.8%.
23 Delaport Court in the Coronado Cays makes for another interesting case study. This home had been listed twice by the same agent for a total of 482 days prior to the property going into foreclosure. Again, was it the seller or the listing agent that missed the mark in pricing this home for sale? When first listed for sale on August 14, 2007 the home was priced at $1,199,000. On October 13, 2009 when the bank listed this Coronado Cays patio home with an ocean view from the upstairs bedrooms for sale, it was listed at $744,800. When the proverbial dust settled, this home sold for 39.1% less than its original list price in 2009. What I find extremely interesting is that a member of the original listing agent’s team sold the property. Again, it begs the question to be asked, was this home priced correctly in the beginning?
28 South Cays Court, in the Coronado Cays was another Real Estate Owned (REO) property that sold on April 13, 2010. Oddly enough, this home had no prior listings. The seller for some reason didn’t even try to sell his home prior to foreclosure. This home sold for $730,000, which was $22,1000 above list price.
33 Catspaw Cape in the Coronado Cays is another example of what happens when you price your home above market value! This home was listed four times, by two different agents before it went to foreclosure. It was originally listed on May 10, 2006 for $1,500,000. The seller wasted 201 days on the market and missed out on a sale because his home was overpriced. On May 12, 2007 this Coronado Cays waterfront home was relisted with a more realistic price of $1,195,000. This Coronado Cays home was on the market for a total of 965 days before it went to foreclosure. Is it insanity or greed that keeps a seller from pricing his home right? Or is it the REALTOR that is just listing the home for sale, at whatever the cost? This Real Estate Owned home sold for $807,000 with only 11 days on the market , which was a markdown of 46% off the original list price.
41 The Point, a home with a 60 foot boat slip in the Coronado Cays is another home that had fallen victim to foreclosure. This is another home that interestingly had not been listed for sale prior to foreclosure. It was only on the market for 21 days before it sold for $1,759,000, which was $10,000 above asking price.
10 Saint Christopher’s Lane in the Coronado Cays, is presumed to have been a short sale. Congratulations to this listing agent who priced the home aggressively right out of the gate. The home was listed for $959,000 and sold in 50 days for $855,000, which was only a 10.8% markdown from the list price.
The moral of the story, yes real estate in the Coronado Cays is selling, but it is still very much a buyer’s market. Sellers really need to stop and ask themselves, “Do I want to sell my home or learn a costly lesson?”
Check out these statistics for your self by clicking on my special “Foreclosures”link for the homes mentioned above. www.CoronadoSold.com
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