Quote:
Originally Posted by jimhoward
Here is one concrete example illustrating why I think existing homes sit on the market a relatively long time.
Three beautiful new Veranda homes were sold in Water's Edge last week in a lottery. They had greatly oversized lots, overlooked a pond, and had pools and big bird cages. Absolutely gorgeous. They sold the homes for $690K, $763K and $786K. A Maybury and 2 Jacksons.
Now look on thevillages.com and on Zillow for pool homes with large lots, overlooking water or some spectacular view. You will find a few but none with an asking price less than $1M and typical is about $1.1M. I am sure the owners put money into them, but even so I think it is little wonder that people clamor to buy new homes.
The only new houses that sit on the market for a long time are on interior lots.
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It has always been that way, there are a ton of interior homes for sale, take your pick both new and pre-owned however the new ones are cheaper. Now go try to find a designer on a view lot without a pool, very, very few in either pre-owned or new and those are the homes that are sold quickly, 4- bedrooms even more scarce.