This luxury home located in Nocatee’s gated community of Coastal Oaks (MLS #838158) sold in 30 days at 98% of asking price. The other two resales listed over $750,000 were on the market 5 months and 18 months respectively and sold at 91% of asking price.
Issues:
1. In 2016, 9 out of 12 homes that sold in Coastal Oaks listed over $750,000 were new construction. This home was built in 2009.
2. Beautifully landscaped lot, but no swimming pool and limited backyard space.
3. Zillow recorded this house in a different section of Coastal Oaks, which reduced the value by over $100,000.
4. County property appraiser listed 4742 square feet. Actual measurement is 4846 square feet.
Solutions:
1. Documented specific details of the upgrades and features of this home and community that resulted in a 3-page document. Because the owner had saved the original paperwork, we could create a very specific and thorough list that competed favorably to new construction. The cost of putting in the same features and site in new construction would have been astronomical.
2. Added a swimming pool proposal and layout by a local pool company showing that there was enough space to put in a pool.
3. Seller contacted Zillow to change the location of the house on the map. Once it appeared in the “Estates” section, the Zestimate increased by over $100,000.
4. The county used the floor plan measurements as originally designed. The owners bumped out two rooms which added approximately 100 extra square feet. We ordered an appraisal for an accurate measurement. Based on the price per square feet, this created $18,000 greater value.