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I’ve been seeing an increasing number of luxury properties come on the market and not sell as fast or for as much money as sellers had hoped for. In fact, in the past six months, only 28 properties have sold in Manatee County over $2 million. Nearly 23 out of those 28 properties were in Longboat Key.
In our area, anything from $750,000 on up is considered a luxury property. I’ve been seeing a lot of homes ask for luxury prices, but I’ve seen few actually get them.
Here’s a quick breakdown of the surrounding area. Lakewood Ranch has the highest concentration of luxury homes, with 60 sold properties over $750,000. Holmes Beach and Anna Maria Island also combined for 60 sold luxury properties. Longboat Key had 33, but the rest of the surrounding zip codes had less than 10 a piece.
There are about 248 luxury properties in the surrounding areas, but most of them are concentrated in a few different areas.
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Your luxury property should
match the luxury price.
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match the luxury price.
When buying or selling luxury property, keep in mind that you’re not always going to get the price you expect right off the bat. You’ve got to do your due diligence, especially when selling, to make sure you have a luxury product to fetch that luxury price. People want high ceilings, new appliances, and more.
If you have any questions about our luxury market or if you’re looking to buy or sell in the area, give us a call or send us an email. We look forward to hearing from you!
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