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Yes, It Really Is About Price!

by Doug & Gwen Campbell at Sun Bay Associates

You have decided to list your house with an experienced realtor.  You see several other houses in the neighborhood that are for sale for $225,000.  Your realtor has shown you lots of data indicating that yes, houses in the area are listed for $225,000, however the houses that are selling are being sold for $185,000.  So of course, not wanting to lose money, you decide to list your house for $225,000 and will allow the realtor to have the listing.

A couple weeks have now gone by and nobody has seen the house.  You are thinking what is wrong with the realtor??  The realtor has asked you to reduce your price to at least $199,000 so the right buyers will find your house.  In the next three weeks, two houses in the area sell, both for less than $185,000.  You are now six weeks into having your house on the market and still nobody has come to look at your house.  You now agree to drop the price to $199,000, even though the market has dropped another 4% in the last 2 months.

This is sort of like trying to catch a ball that is rolling downhill and had a headstart.  The ball already has momentum and you are just getting started.  The long and short of it is that you are not going to catch that ball as it speeds downhill.  This is the same as trying to catch up with a declining real estate market.  Another month goes by and at last you decide to price the house just below market value, which is now at $180,000.  Within a week you get 2 offers - of $170,000 and $174,000 and reject both as too low.  Neither buyer is interested in counter offering your list price.  A few more weeks go by and no one else has offered on your home.  You fire your realtor and go looking for another agent.  All of them tell you that now your house is worth $165,000 and you are furious.  At last, you list for $159,000 just to get rid of this headache and get a full price offer in five days.  At last, success!!

The moral of this little fable is that if you price your house right at the beginning, you will very likely get an offer right away and get nearly what the list prce was.  The higher the house is priced above the market, in the end the less you will get for the house.  This is basic market economics.  When the supply of houses in a given price range exceeds the demand, the price needs to be set accordingly, that is just at or below the market value.  Setting a price far above market value will only cause the commodity, in this case a house, to become stale and ultimately unsellable.  The market sets the price, not the seller or the real estate agent.  If you don't need to sell don't.  The current real estate market is a buyer's market, especially in Florida.  Sellers must understand that the housing prices have fallen to 1999-2001 levels, as reported by the usually optimistic National Association of Realtors. 

Be smart, price your house right.  Do that, and it will sell.

Royal Stewart Arms, Dunedin, a 55+ Community

by Doug & Gwen Campbell at Sun Bay Associates

Royal Stewart Arms, Dunedin, FL is a 55+ community on the Dunedin Causeway and is just before the entrance to Honeymoon Island State Park.  The views of the intracoastal waterway and Gulf of Mexico are incredible.  Watch dolphins play along the seawall just outside your condo's window.

For this 30 day summary of real estate in Royal Stewart Arms Dunedin, there are 22 condos listed for sale in the MLS.  The list prices range from $99,900 and 13 days on market to $219,000 and 564 days on market.  In this waterfront 55+ community, 4 condos have come available for sale in the last month.  The largest is a 2 bedroom with 2 and a half baths and 1151 square feet.  This condo is listed for $219,000 and has 31 days on market.  To monitor the real estate activity in Royal Stewart Arms, or any other community, visit Sun Bay Associates Market Snapshot and enter the specific community to watch.  We will send monthly updates on the real estate market for that neighborhood.

In the past month, two condos in Royal Stewart Arms are listed as under contract.  The list prices for these units are $165,000 with 178 days on market and $219,000 with 73 days on market.  Both are 2 bedroom/2 bath units with 1181 square feet.

In the past month, three condos in the 55+ community of Royal Stewart Arms have been sold.  One was a bank owned condo, listed for $124,950 and sold for $130,000 after only 6 days on market.  The other condos in Royal Stewart Arms that sold were not distressed properties.  One is 5 Gateshead Dr., #205, listed for $139,900 and sold for $138,000 after 98 days on market.  This unit is a 2 bedroom/2 bath condo with 1,181 square feet.  The other sale in the last month in Royal Stewart Arms Dunedin was 9 Forbes Pl, #508, listed for $169,900 and sold for $147,500 after 167 days on market.  This unit is a 2 bedroom/2 bath condo with 975 square feet.

The market may be almost stabilized, however no one can say for sure.  The difference between list price and sold prices tells a story.  The average list price for condos in Royal Stewart Arms Dunedin is $159,614 and the average sold price for Royal Stewart Arms condos is $138,500.  This is a very strong indicator of prices that the current real estate market is accepting.  Good news for buyers, perhaps not so good for sellers.

And on that note, Happy House Hunting!!

River Watch Tarpon Springs

by Doug & Gwen Campbell at Sun Bay Associates

Today we are taking a look at the real estate update for River Watch, Tarpon Springs.  This is a community on the banks of the Anclote River in Tarpon Springs boasting numerous views of the beautiful Anclote River, including a community boat ramp for smaller boats and kayaks.

Now for a review of the River Watch Tarpon Springs real estate market for the last 30 days.   There are currently 8 homes listed for sale in River Watch Tarpon Springs.  The list prices range from $189,900 with 331 days on market for a River Watch short sale property to a high of $380,000 and one day on market for this listing.  The average list price for River Watch homes for sale is $246,025 and the average days on market is 95.

For information on the River Watch real estate market, or any other community in the greater Tampa Bay area, visit Sun Bay Associates Market Snapshot to get real time data on what is listed, what has sold and at the real prices.  Do not rely on what the neighbors say.

Of the 8 homes for sale in River Watch Tarpon Springs, two are River Watch short sale homes and one is a bank owned or foreclosed house.

There are 5 houses in River Watch that are currently under contract.  Three of these are River Watch short sale houses.  These River Watch short sale houses range in list price from $199,900 to $229,000.  The houses in River Watch that are under contract and are not short sales are listed for $375,000 and $429,900.

When in a short sale situation, or a potential short sale situation, it is very important to find and use a realtor with knowledge and expertise in the short sale process.  A Certified Distressed Property Expert, CDPE, has extensive training in dealing with the short sale process, including how to properly market a home, how to negotiate with the lenders, and how to best prepare and submit the proper documentation to the bank to get the short sale review started in the most timely manner possible.

No houses sold in the last 30 days in River Watch Tarpon Springs.

at Keller Williams Realty

Eniswood, Palm Harbor Real Estate Update

by Doug & Gwen Campbell at Sun Bay Associates

Today's topic is an Eniswood, Palm Harbor real estate update.  Eniswood, Palm Harbor is a community in Palm Harbor with mature oak trees, mostly pool homes with plenty of space, from just under 2,000 square feet to over 3,600 square feet of living space.  Eniswood, Palm Harbor is also very close to the Pinellas bike trail, and is convenient to historic downtown Palm Harbor, the Gulf of Mexico and the world famous Tarpon Springs Sponge Docks.

For current information on this or any other community in the area, visit Sun Bay Associates Market Snapshot for real time real estate information.  Just tell us what community you want to research and we'll do the rest.

For this 30 day period for the Eniswood, Palm Harbor real estate update, there are currently 3 homes listed for sale.  Two of these just came on the market, showing 3 and 13 days on market.  The newest listing is a 2,464 square foot pool home wtih 4 bedrooms, 3 baths and a 2 car garage and is listed for $265,000.  The largest home that is currently listed has only 13 days on market, is a 3,623 square foot, 5 bedroom home with a pool and is listed for $389,900.  Both houses are listed at $108 per square foot.

There are currently 6 houses in the Eniswood, Palm Harbor real estate market that are under contract.  Of these, 5 are Eniswood short sale houses.  The average days on market for these houses is 139 with the low number of days on market at 7 and the high is 402.  Except for one home on 1300 Eniswood Parkway, all are Palm Harbor distressed property listings. 

A short sale is more a reflection of the real estate market than anything.  People who invested in their homes in the run up to the real estate bubble are now caught since the bubble burst and often through no fault of their own, are living in a house that is worth less than when they purchased it.  People live in these homes, maintain them and because life happens, they need to sell, for whatever reason.

If you are interested in searching for Palm Harbor distressed property, visit Sun Bay Associates home search and design a search for Palm Harbor distressed property, or look in any community you would like to search, enter your requirements and we'll send you the data as it comes available.

at Keller Williams Realty

Patty Ann Acres Palm Harbor Real Estate Update

by Doug & Gwen Campbell at Sun Bay Associates

Patty Ann Acres is a community within Palm Harbor that is near to the Pinellas bike trail, the Clearwater Beaches, the Dunedin Causeway and Honeymoon and Caladesi Island park and their beaches, as well as the world famous Sponge Docks of Tarpon Springs.

And the Patty Ann Acres Palm Harbor real estate update is very encouraging because there are no distressed properties listed for sale or sold in the last 30 days in Patty Ann Acres.  This is very good news for the Palm Harbor real estate market, since not every neighborhood has no active distressed properties.

Visit Sun Bay Associates Market Snapshot to get real time information on any neighborhood that interests you, whether it is Patty Ann Acres, Baywood Village, Indian Trails or any other community in the Palm Harbor real estate market.

For this 30 day period, there are three homes for sale in Patty Ann Acres Palm Harbor.  The list prices range from $145,900 to $237,900, with an average list price of $186,233.  Two houses were listed in the last 30 days.  Both are pool homes and have only have 25 days on market.  All three of the active listings in Patty Ann Acres are three bedroom homes with 2 car garages.

One house in Patty Ann Acres Palm Harbor is currently under contract.  It is at 70 Plover Pl. and was listed for $169,900.  It had only 16 days on market before going under contract.  This is a 1,747 square foot home with 3 bedrooms, 2 bathss and a 2 car garage.

One house sold in Patty Ann Acres Palm Harbor in the last 30 days.  This is on 130 Laughing Gull Ln., was listed for $139,900 and sold for $130,000 after 97 days on market.  This is a 1,686 square foot home with 2 bedrooms and 2 baths and 2 car garage.  It has no pool, and was NOT a distressed sale.

Happy House Hunting!

at Keller Williams Realty

East Lake Woodlands Real Estate Update

by Doug & Gwen Campbell at Sun Bay Associates

The East Lake Woodlands real estate market is moving along just fine.  There are currently 10 homes for sale in East Lake Woodlands and 5 homes under contract.  East Lake Woodlands is surrounded by golf courses, conservation areas with deer and other creatures, as well as being centrally located between the beaches of Clearwater, the attractions of Tarpon Springs, and the Tampa airport and the culture of the City of Tampa.

Visit Sun Bay Associates Market Snapshot to get real time real estate information on the East Lake Woodlands real estate market or any other specific neighborhood you may have interest in.

Of the ten homes listed for sale in the East Lake Woodlands real estate market, only two are East Lake Woodlands short sale houses.  One, on Ivy Terrace, is on a cul de sac and is listed for $235,000 with 232 days on market.  This East Lake Woodlands short sale is a 1,908 square foot home with 3 bedrooms and 2 baths.  The other East Lake Woodlands short sale house is on Palmdale Drive and is a large 4,510 square foot pool home with 4 bedrooms and 190 days on market.

The other 8 homes listed for sale are NOT distressed properties.  The list prices range from $145,000 to $399,900 with the days on market ranging from 14 to 333, with the average list price of $254,820 and an average of 163 days on market.

There are five houses under contract in East Lake Woodlands and all are distressed properties.  There are two bank owned foreclosures home in East Lake Woodlands.  One is on Arbor Lane with a list price of $239,999 and 7 days on market and is a 2,318 square foot pool home with 4 bedrooms.  The other foreclosed house is on Forest Park Rd., is listed for $299,000 with 124 days on market.  This is a 2,840 square foot ome wiht 4 bedrooms and 3 baths. 

The other three houses under contract are East Lake Woodlands short sale houses with list prices of $89,900, $210,000 and $201,500 respectively.  The days on market for these East Lake Woodlands short sale homes are 367, 15 and 670 respectively.

The average list price for these distressed houses under contract is $207,880.  The average days on market is 237.  In general a house that is on the market for over 90 days is priced too high, however with distressed properties this is not always the case. 

If you would like to build a real estate search for short sales, visit Sun Bay Associates free home search site and create your own unique distressed property or short sale search.

Happy House Hunting!

Waterford Crossing Palm Harbor

by Doug & Gwen Campbell at Sun Bay Associates

Today we are looking at Waterford Crossing Palm Harbor real estate activity for the last 30 days.  There are two houses in Waterford Crossing Palm Harbor listed for sale and neither one is a short sale or foreclosure. 

For information on the area, visit Sun Bay Associates recommended links to gather information on schools, activities, events, restaurants, county administrator sites, and much, much more.

One on Jarvis Circle is listed for $244,900 with 140 days on market.  This is a 1,903 square foot pool home with 4 bedrooms.

The other active listing in Waterford Crossing is on McNair Drive and is listed for $299,737 with 92 days on market.  This is a 2,606 square foot pool home with 4 bedrooms and a 2 car garage.

The one house in Waterford Crossing that is under contract is on Resnik Circle and is listed for $249,900 with 179 days on market.  This is a Palm Harbor short sale.  It is a 2,062 square foot pool home with 3 bedrooms.

No houses were reported sold in the MLS in the last 30 days in Waterford Crossing Palm Harbor.

If you would like to set up your own real estate search, visit Sun Bay Associates free home search site and design your personal real estate search for the greater Tampa Bay real estate market or refine it to a specific city or even neighborhood or price range.  It is free and there is no obligation.

Westlake Village Real Estate

by Doug & Gwen Campbell at Sun Bay Associates

Westlake Village in Palm Harbor is a community with its own community pool and park.  It is a beautiful neighborhood with mature oak trees and the location is very convenient to the Pinellas bike trail, beaches in Clearwater, Dunedin and Tarpon Springs.  This community is zoned for the Palm Harbor University High School, too.

Currently there are 9 homes listed for sale in Westlake Village and two of these are Westlake Village short sale houses.  One Westlake Village short sale is at 560 Hollow Ridge Rd, is a pool home with 1,823 square feet and is listed for $169,000 with 335 days on market.  The other Westlake Village short sale is on 835 Hillside Dr., is a pool home, with 1,799 square feet and is listed for $229,000 with 32 days on market.  The other seven active listings in Westlake Village are not distressed sales.

Visit Sun Bay Associates Market Snapshot site to get real time real estate information on any specific neighborhood of your choosing, whether it be Westlake Village, Baywood Village or any other community in the greater Tampa Bay area.

There are currently 6 houses in Westlake Village that are under contract.  Two are Westlake Village short sale homes and one is a Westlake Village foreclosure home.  The Westlake Village foreclosure is listed for $165,000 and was only on the market for 19 days.  The two short sale houses are listed for $197,000 and $208,240.  The Westlake Village short sale listed for $197,000 is a 2,602 square foot pool home with 4 bedrooms and 2 and 1/2 baths.  It was only on the market for 30 days.  The other Westlake Village short sale is listed for $208,240, is a 2,192 square foot home with 3 bedrooms and 2 baths.  It had only 0 days on market when it went under contract.

Two houses sold in Westlake Village in the last 30 days.  One, at 30 Knollwood Ct. was listed for $169,000 and sold for $170,000 after only 67 days on market.  This house was a Westlake Village foreclosure and if you will notice, as often happens with bank owned houses, the sold price was above the list price.  The other house that sold was on 535 Hollow Ridge Rd., and was a Westlake Village short sale.  This house was listed for $194,916 and sold for $198,000 after 60 days on market.  Again, this house sold for more than the list price because the market recognized that this is a very good buy in Westlake Village.

If you would like to create your own personalized search for real estate in the Greater Tampa Bay area, visit Sun Bay Associates Free Home Search link, build your search to your exact specifications and get real time infomation on listings and sales in the area.

The prices for Westlake Village are being held down somewhat by the distressed sales and listings in the community.  As they are cleared out, it is quite possible that the pressure to keep prices so low will abate and those who are considering selling may get more for their homes, after the distressed properties are sold or greatly reduced.  As it stands now, of the 8 houses under contract of sold in this 30 day period, 5 are distressed properties.  Only 2 of the active listings are distressed, leaving 7 "traditional" real estate sales.  Eventually the distressed properties will be sold ad the real estate market will stabilize and start to recover.  The big question is how long before the recovery actually starts, and the answer to that is anyone's guess.

Happy House Hunting!

at Keller Williams Realty, Palm Harbor, FL

Dunedin Isles a Real Estate Update

by Doug & Gwen Campbell at Sun Bay Associates

Dunedin Isles is a wonderful reflection of the variety of Dunedin real estate on the Gulf Coast of Florida.  Homes for sale in Dunedin Isles range from $47,500 for a Dunedin Isles foreclosure property to almost $4 million for a 5,700 square foot Gulf front estate home.

For this last 30 day period, there are 24 homes for sale in Dunedin Isles.  Of these, there are 4 that are Dunedin Isles short sale houses and two others are Dunedin Isles foreclosure houses. 

The list prices for all homes for sale range from a low of $47,500 for a foreclosure to a high of $3,995,000 for a spectacular Gulf front estate with a dock large enough to accomodate a 60 foot yacht.  For information this neighborhood, or any other specific neighborhood, visit Sun Bay Associates Market Snapshot, enter the name of the neighborhood and get real time information on the Dunedin real estate market for that area.  For this 30 day Dunedin real estate update, there have been 4 new homes listed for sale.  Two are waterfront homes for over $1 million, one is a 1,537 square foot home with 2 bedrooms and one is a Dunedin Isles foreclosure listed for $47,500.

There currently are 5 houses under contract in Dunedin Isles.  Two are Dunedin Isles short sale houses, listed for $99,000 and $109,900 with 151 and 60 days on market respectively.  The other three houses under contract were listed for $139,000 and 101 days on market; $184,000 and 123 days on market; and $375,000 and only 36 days on market.  This last home is a pool home with 1,804 square feet and the 36 days on market is a strong indicator that the list price was just right.

Two houses sold in Dunedin Isles in this 30 day Dunedin real estate update.  One was a Dunedin Isles short sale, listed for $75,000 and sold for $61,700 with only 10 days on market.  The other is a Dunedin foreclosure listed for $94,900 and sold for $90,000 after only 60 days on market.  Both are 2 bedroom homes with one car garages.

Fifteen of the houses in Dunedin Isles that are for sale are less than $200,000, four are between $250,000 and $600,000 and five homes are listed for more than $1,000,000.  To perform your own unique search of Dunedin real estate, or any other area in the greater Tampa Bay real estate market, visit Sun Bay Associates FREE home search link.  At this site you will get real time price information on what is for sale and more importantly what has sold and for how much, so you can see for yourself what the market values really are.

Happy House Hunting!

Cobbs Landing, Palm Harbor a Real Estate Update

by Doug & Gwen Campbell at Sun Bay Associates

Today's 30 day report is for the Cobbs Landing, Palm Harbor real estate update.  There are two groups of properties within Cobbs Landing, Palm Harbor. 

There are currently 6 condos listed for sale and 2 condos are under contract in Cobbs Landing, Palm Harbor.  Of these, there are 3 Cobbs Landing short sale properties, and 2 bank owned condos.  The list prices for the condos in Cobbs Landing range from $78,000 to $179,900 with an average of $114,933.  The days on market for the listed condos range from 78 to 208 days on market, with an average of 143 days on market.  Except for one condo that is a one bedroom unit, which is a Cobbs Landing short sale condo, the other condos are 2 bedrooms units.  The two condos that have the greatest days on market are also the two highests priced condos in Cobbs Landing, Palm Harbor.  Both have been on the market for more than 200 days and neither is a Cobbs Landing short sale property.  Thus, one can guess the prices are set too high for the current market.

For specific information on homes for sale in Cobbs Landing, visit Sun Bay Associates Market Snapshot page and enter a specific neighborhood, including the one where you live to see real time real estate activity, and actual prices of what is for sale and what has sold.

There are two condos in Cobbs Landing under contract.  The list prices for these, which are both 3 bedroom units, are $80,000 and $89,000 with 90 and 92 days on market.  Both of these Cobbs Landing condos are bank owned property.

Now on to the single family Cobbs Landing, Palm Harbor real estate.  There are currently 12 single family homes listed for sale in Cobbs Landing.  Of these twelve houses, there are 4 Palm Harbor short sale houses.  The list prices for these Palm Harbor single family homes range from $229,000 to $599,900.  For this 30 day reporting period for Cobbs Landing, Palm Harbor, three new single family listings have come on the market.  The average square footage for single family homes in Cobbs Landing that are for sale is 2,614 and the average list price for these houses is $335,017 with an average of 131 days on market.

There are 4 single family houses in Cobbs Landing that are under contract.  One is a Palm Harbor short sale property, listed for $189,900 with 153 days on market.  This is a 2,087 square foot home with 3 bedrooms and 2 1/2 baths.  Another is a bank owned house, with a pool, 3,429 square feet, 3 bedrooms and 2 1/2 baths and a list price of $279,900 and 350 days on market.  The other two houses under contract are 3,239 and 3,387 square foot homes and are listed for $399,900 and $330,000 respectively.  Neither of these are distressed property.

There are two houses for this 30 day Cobbs Landing, Palm Harbor real estate update that sold.  One at 2956 Landing Way was a Palm Harbor short sale house that was listed for $189,900 and sold for $185,000 after 169 days on market.  This is a 4 bedroom house.  The other sale in Cobbs Landing for this 30 day real estate period is at 3049 Windridge Oaks Dr., was listed for $225,000 and sold for $215,000.  This is not a Palm Harbor short sale home.  It is a pool home, 1,958 square feet with 4 bedrooms and 2 baths.  It had 109 days on market.

You can find more information on any greater Tampa Bay community by visiting Sun Bay Associates FREE home search site and creating your own personalized real estate search.  There is no cost or obligation for this and you just might find the perfect home or investment.

Happy House Hunting!

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Photo of Gwen and  Doug Campbell - Sun Bay Realty Group Real Estate
Gwen and Doug Campbell - Sun Bay Realty Group
at Keller Williams Realty
30522 US Hwy 19N, Suite 107 S
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908