By Dan Reichard, Realtor®, Smith and Associates Real Estate
On Tierra Verde we have approximately 463 on-water one-level condominiums. Total square footage of heated and cooled living space in those homes ranges from 665 square feet to 3,986 square feet. The top quartile of waterfront condominiums represents the largest waterfront condos with 2,201 square feet and greater.
The following charts illustrate the sales history of Tierra Verde’s on-water one-level condos of that top quartile with living space equal to or larger than 2,201 square feet. Sunset Pointe is new construction and is excluded from the data because it is likely an appraiser would be discouraged from using newly constructed condos as comparable to resale of existing condos.
After all, your home’s value is determined largely by the price at which similar properties have sold recently. Of course all real estate is unique, so a closer analysis would be required to accurately estimate current value of your home. But the enclosed data indicates values are headed in the right direction.
In the run-up to the financial crisis last decade we saw some spectacular prices for large on-water condominiums. Conversely, after the peak of the financial crisis prices for on-water condominiums hit bottom. Volume of sales activity since then has been a roller coaster, but average prices have been on a steady climb.
Today, the data indicates we are in a more stable and balanced real estate market for homes comparable to yours. If throughout this year you consider buying or selling real estate I hope you will consider contacting me to discuss how we can work together to achieve your goals.