SOLD | 1578 Outrigger Circle | Rockledge
I first met with the owners of 1578 Outrigger back in April to discuss the possibility of selling their property. During that time, there were only 2 other active listings in their neighborhood and some pretty decent comparable properties.
They lived in Turtle Creek, a gated community in the heart of Rockledge consisting of 48 homes and at the time, showcased some pretty impressive RE stats:
‣ Median DOM – 27
‣ Median Sold Price – $450k
‣ Sold Price/SqFt – $180
‣ DOM Less than 60 Days – 85.8%
The sellers decided to list on 5/17/18 and shortly after, 5 other properties followed suit. At one point, there were 7 active listings, totaling 14.5% of the entire subdivision for sale. (A typical subdivision’s active inventory is less than 7%.) To most prospective buyers, this creates a negative effect and they begin contemplating that there is something is ‘going on’ in the community.
The first 60 days of their listing there were 2 closings; both properties were listed prior and sat on the market for 27 and 92 days.
Over the next 90 days, there was not a single sale. This resulted in:
‣ 4 Expired Listings (some re-listed)
‣ 3 Canceled Listings (some re-listed)
‣ 2 New Listings (Most surprising)
Due to an excessive amount of inventory in a smaller subdivision, sales abruptly halted, DOM increased, and overall the community RE stats plummeted.
After 143 days on the market, 52 showings, 5 open houses, and 1 MEGA OPEN HOUSE event, we were finally able to represent the most recent sale in Turtle Creek, bringing the current community stats to the following:
The combination of relentless effort, creative marketing, superb teamwork, and the luxury of knowledge allowed the Carpenter / Kessel Homeselling Team at DSRE Inc to successfully represent the most recent sale in a community that had all the stats working against us.
There are still 5 active listings for sale in Turtle Creek, which poses an uphill battle for each of the sellers in there.
If you’re in a similar situation, please feel free to reach out for some guidance.