Maintaining a Competitive Advantage within the Destin Real Estate Market

Florida’s Emerald Coast is growing and with that new construction is increasing and our main road Highway 98 is undergoing a major widening project over the next several years.  These are great signs for property owners in South Walton and Destin, Florida.

How does a property maintain the competitive advantage in the Destin Real Estate Market with new construction projects being completed almost daily? It is challenging. New construction and recently remodeled properties are seeing a major boost when compared to outdated properties. Newer properties are selling at a higher price point with less days on the market, while outdated properties are selling at a lower price and tend to stay on the market much longer. If you would like to get a better return on your investment, you might want to take a second look at your real estate investment and ask if you’re competitive with what today’s buyers want.

Let’s compare three different types of condos that are in a gated community with resort amenities. 
1. A Gulfside unit that had been remodeled sold in just 16 days at just a little over $500,000, while an outdated unit of comparable size took 345 days to sell at a 23% lower price than the upgraded unit.  

2. A Gulfside condo that had been upgraded took 63 days to sell at over a $1,100,000, while a similar unit that had not been remodeled took 185 days to sell at a 24% lower price.  

3. Among two comparable Hidden Dunes cottages that do not have a Gulf view, but still have the accessibility of the beach and the resort amenities, the remodeled condo sold in one day at $250,000, whereas the outdated unit sold in 41 days at a 21% lower price.  (see image above of Hidden Dunes Cottage 178 on the left vs. Hidden Dunes Cottage 162 on the right) For other comparisons, view Hidden Dunes Cottages available for short-term, vacation rental.

This comparison underscores what buyers are looking for: Smart homes with energy efficient appliances and HVAC systems, updated kitchens and bathrooms, open floor plans, and higher ceilings.  The Florida Realtors recently came out with an article stating that “Energy-efficient upgrades not only shrink your utility bill, they can increase the value of your home.  Homebuyers are becoming increasingly aware of the benefits of energy-efficient homes. In fact, they're often willing to pay more for homes with ‘green’ upgrades”.

Now if this sounds like it may over your budget, there are smaller renovations that you can do to help bolster the value of your home without breaking the bank.  According to the National Association of Realtors, there are “5 Fixes That Can Raise a Home’s Value”, including an open floor plan, brighter light bulbs, an impressive front door, upgraded flooring and updated bathrooms and kitchens. This article is a great reminder that a few upgrades can go a long way improving the appeal and value of your home.

Our real estate team has a diverse background with professionals who can help guide you in today’s marketplace.  If you’re ready to sell and are even a little unsure on how your property will compete with new construction or recently remodeled properties, our team is here to help and can give you a free comparative market analysis today. Meet our Destin Real Estate Team online or call 1-800-225-7652 to chat with one of our experienced Destin real estate agents directly.


 

Published by Tracy Louthain
Thursday, December 8, 2016