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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Have you ever considered that those of use who have a pool home with an outdoor kitchen backing up to a lake and no kissing lanais aren't going anywhere? You can find houses such as these if you look carefully, but most of us who have that and paid $350k for it 15 years ago aren't selling. EVER. And those homes down south aren't any cheaper when you throw in that 50k bond.