Siesta Key Real Estate

Another Canal Front Home Sold by John Woodward

John Woodward recently sold 940 Siesta Key Place located in Siesta Key.  John was working with the buyers on this successful sale.  This home is situated on a quiet cul-de-sac with the canal to Roberts Bay on two sides.  It is the ideal boating water with deep water access to the inter-coastal waterway without any bridges to contend with.

This 3,451 square foot home sold for $965,000 back in December of 2002. Knowing this helped us to benchmark where today’s pricing should be.  The home, being a foreclosure, suffered from having all the appliances taken out, much of the pool equipment was removed, and there was the expected general lack of maintenance.  There were also some issues of minor water intrusion.  The home has great bones and we based our valuation accordingly.

940 Siesta Key sold by John Woodward

Fifth Third placed the home on the market July 2012 at $1,150,000 and the property went under contract later that month.   Those buyers did not go through with the purchase and the home came back on the market at $999,000 in August.  Price reductions to $984,900 and $969,900 followed where we found it and where we began a rather length negotiation on it and ultimately settled on an $850,000 sales price.

What was working against us

Multiple offers were presented on the property and buyer interest was very high at this price point.  There is also a rule of thumb that offers outside a 10% window of list price generally won’t be considered by banks.

What was working for us

The buyers were cash purchasers with money in hand to close fast which banks generally like.  This was probably a key in that we felt the bank would not want to carry this home on their books into 2013.  The competing offers, if financing was involved, would be at a disadvantage as long as our number was not too far out of the box.  We also felt that having one deal collapse prior might compel the bank to accept a slightly lower offer that would close by year’s end.  After all, carrying a home, which they priced at over $900,000 is a big asset to hold over into the New Year.

At the time of the negotiation, Sarasota County valuations had not been published into the tax database connected to the MLS.   John took the time to see what the property appraiser’s office was saying and noticed for the first time in many years, land values on Siesta Key were up.  In this case, the land value was up 55.4% as of January 2012 vs. 2011 from $493,700 to $767,400.  The improvement value was down just about $10,000.  That is a rather significant jump that a buyer (or seller) would probably like to know prior to coming to terms on a negotiated contract.  We reassessed our position which reflected this change and went in with our final “take it or leave it” offer.

Siesta Bayside Entry

Speed was Key

We received a verbal acceptance of our offer with a home inspection being the only contingency which is always recommended for any home purchase.  The bank signed the contract and it came back on 11/13/2012.  We completed the home inspection that week and closed the sale on 11/21/2012, all in 9 days.  How is that for getting the job done!

John's Success Benchmark

Siesta Key homes sell for an average of 92% of their asking price.  This sale ended up being 87.6% of asking or 4.4% better than the average sale.  Remember, John was working with the buyers so this counts as better than average sale for the buyer.  When working with sellers, we would look to selling for better than average as well but of course, that means better than 92%.  A large reason why a sale goes off the average has to do with negotiating skills and knowing the market.  The initial pricing a seller places on a property has a lot to do with the final price as well as motivation.

Siesta Key Canal View

Every sale and situation is different but what John feels is important is to take advantage of what the market gives you and knowing the motivation of the parties involved.   That is what skillful negotiation is all about.

Looking Forward to Helping You

There is no guarantee of outcome when it comes to negotiating a real estate transaction.  Each home and party to a contract is different.  John is aware of market changes and what is possible.  His track record consistently shows results, based on the current market, that are better than the average sales.  You can expect is a full time dedicated professional who is willing to get “all the juice” out of the negotiations for your benefit.  Market knowledge is a key and John provides that to the buyers and sellers he works with.

John Woodward has been selling real estate since 1991 and is eager to help motivated buyers and sellers achieve success.  If you are in the market, you may reach him on his direct line at 941-922-8400 or email him at john@johnwoodward.com


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