PRICING YOUR CORAL RIDGE COUNTRY CLUB HOME – PART 1
FORT LAUDERDALE REALTOR ON PRICING CORAL RIDGE COUNTRY CLUB HOMES
You’ve owned your home in Coral Ridge Country Club for a generation or longer. It might even have been in the family since it was first built in the 1960s. Whether on the golf course or the waterfront or an interior lot, as one of Fort Lauderdale’s more timeless and desirable luxury communities, you know it’s likely to command an impressive price at sale. But just what is the right price?
In this first of four articles on how skilled Realtors can effectively price your Coral Ridge Country Club home, discover how Gary Lanham Group at Coldwell Banker Fort Lauderdale Beach Office team members >Danny Shears, Richard Rogowski, and Eileen Mulkey, a senior forensic Fannie Mae appraiser who has handled difficult reviews and comparables for more than three decades, explore the process of home pricing.
Click below to see the entire video now, then read on!
Pricing can be complicated and complex. Sellers may ask what the right price may be. But same can be asked by a prospective buyer. Whether selling or buying a home in Coral Ridge Country Club, or any community for that matter, it helps to know the ideal price - and what factors can affect that figure.
THE RIGHT REALTOR, THE RIGHT PRICE
The right Greater Fort Lauderdale Realtor can help price, market and position your Coral Ridge Country Club home for sale - and discover the right price to pay if you’re the buyer.
In all of Fort Lauderdale, from Pompano Beach and Deerfield Beach to Victoria Park and Las Olas Isles, Coral Ridge Country Club is a unique community with attributes and amenities highly differentiated in the greater Broward County marketplace. Centrally located, it resides along U.S. 1 / Federal Highway and the Intracoastal Waterway between Commercial Boulevard and Oakland Park Boulevard.
Most of the more than 3,000 home sites feature South Florida “ranch-style” or single-story homes originally built in the 1960s and ‘70s. It’s a luxury residential gem from a bygone era of Florida development.
Throughout the years, some of those homes have been bought and renovated. Some have been torn down and replaced by newer, more modern and contemporary designs and architecture. Many of these custom rebuilds are multi-story homes designed to get the most livable area out of the available lot size.
To add a unique twist on this community, in 2004, Fort Lauderdale mega-developer Terry Stiles and automobile dealer magnate Phil Smith acquired the country club and the adjacent 75-acre golf course that at the time was known as the American Golfers Club. In place of some of the golf course, the developers created a 36-homesite development called Enclave at Coral Ridge Country Club.
With lots ranging from 17,000 square feet to impressive one-acre lots, and new-built homes there priced from around $800,000 to $1.8 million or more, it’s a magnificent new community in a part of Greater Fort Lauderdale where no new luxury communities have been built in a generation or more.
Therefore, when looking to value a home for resale, sellers must understand several key details, or work with a seasoned Realtor who does.
THE THREE RULES OF REAL ESTATE
Realtors, home buyers, and even real estate developers know the “three rules” of successful real estate: Location, location, location. This maxim is not lost in Coral Ridge Country Club. In fact, it is one of the most important – and wholly unique – factors affecting this neighborhood. For those new to the area, Coral Ridge Country Club is blessed with a wide range of lot types. But the two that draw buyers’ attention are the waterfront and golf course parcels.
Key factors to consider include whether the home is on the golf course, on the Intracoastal Waterway, or is an interior lot. Each is priced according to different variables. Boaters are different from golfers, as are those who want the aesthetics and amenities associated with each. Therefore, pricing can vary accordingly. Additionally, the “deep-water access” the waterfront homes enjoy means boaters who dock their boats behind their homes have unmitigated access to the Intracoastal Waterway and can be on the Atlantic Ocean in minutes.
It’s been said that no new waterfront parcels with ocean access are being created in Fort Lauderdale. That makes these lots rare indeed.
Homes fronting the golf course are different by buyer and pricing as well. Morning coffee or evening cocktails overlooking the tranquility of a fairway or green is unmatched – to those who appreciate that vista and moment.
Interior lots might not have the obvious allure of the waterfront or golf course. But they still fetch comparatively healthy sales prices. In fact, at the time the accompanying video was produced, 24 homes in Coral Ridge Country Club were on the market, ranging in price from $1 million for an interior home to $16 million for a home on a waterfront point lot.
REAL ESTATE BUYERS BEWARE
If ever the principle of caveat emptor, Latin for “buyer beware,” applied, it would be at any community with such a wide variety of home styles and dates of original construction.
That’s where a competitive market analysis, or CMA, can prove highly beneficial and arguably most critical to getting or paying the right price for the property in question. With so many houses in the community, and few identical to another, it’s vital to narrow the calculation down to the simplest comparable form.
For many Realtors, lenders, and buyers, comparable home values - or “comps” - attach a price to like-styled homes. Using plans either from the homeowner or city building permit office or county tax assessor’s office, write down the square feet under air conditioning. This means the portion of the home served by air conditioning, which would exclude the garage, patio or porch.
Next, the Realtor will look at sales in the past year or so. By dividing the sale price by the square footage under air, you can ascertain the sale price per square foot, or PSF.
In the Coral Ridge Country Club and surrounding neighborhood, for example, from January 2, 2018, through early October, 18 sales closed for a total of $30 million. As a macro calculation with total combined square footage, the price per square footage of all those sales calculated to $440.
TANGIBLES VERSUS INTANGIBLES
Again, when calculating PSF, only compare similar properties or amenities. Tangibles include a pool, size of the property, waterfront, upgrades, or the age of the home. More subjective, “intangibles,” like unique interior touches or upgrades, the presence of a custom patio area, or other features, cannot be captured on paper.
Intangibles can also include how close and quickly an owner can reach the Lighthouse at Hillsborugh Inlet or Port Everglades. Proximity to area schools, like Pinecrest School, Westminster Abby, and Cardinal Gibbons, and Churches like John The Baptist , Coral Ridge Presbyterian, First Baptist Church, Downtown Jewish Center Chabad, can certainly affect buyer – and seller – desires.
Ultimately, how a home is priced is part art, part science, and part psychology. But it’s all about maximizing available information to arrive at the best figure. Here at Gary Lanham Group at Coldwell Banker Fort Lauderdale Beach, we use big data and a host of other information to help right-price every home we list or negotiate to purchase. It’s how we turn information and experience into powerful knowledge to price, list, promote and sell – or buy – your Fort Lauderdale home.