What Yesterday’s Home Says About Tomorrow’s Listing
The Coral Ridge Country Club home was the quintessential Fort Lauderdale luxury residence. A luxury estate home if ever there was one, it featured 100 feet of concrete seawall and prime dock on the water leading to the Intracoastal Waterway and the Atlantic Ocean. It recently had been completely remodeled and modernized. This transformed a home from a 1960s and '70s neighborhood into a gem among already stellar homes.
The home sold in August 2016 for $1,220,000. It not only fetched a tidy sum for the owners, it served as a measure for future sales in the exclusive community. For 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, it becomes another source of the big data that we use every day to price, list, market, and sell the next home in Coral Ridge Country Club.
This article, the fourth of four articles profiling Coral Ridge Country Club, explores how yesterday’s sales become invaluable information for tomorrow’s listing. Beyond MLS data and county tax records, actual sales provide among the most important data available. These are data stores that any experienced Fort Lauderdale real estate agent will use to price a client’s home, or compare listed homes for their buyer clients. With 3,000 other homes in the east-side neighborhood, knowledge is power.
Power in Savvy Hands
In the hands of seasoned Realtors, big data is powerful information indeed. No realtors are savvier than Shears, Rogowski, and Mulkey. Shears’ family had a brokerage for over 40 years. Rogowski specializes in home valuation. Mulkey has been an agent for 34 years and a broker fo 17. Reviewing its original listing, the three realized that the home’s amenities and upgrades added significant value to its listing price. Each component that made it attractive on the MLS listing added significantly to its eventual sale price.
For example, 100 feet of waterfront three lots from the Intracoastal Waterway, with a full concrete dock some 15 feet longer than the typical 85 feet of canal frontage, easily was worth $100,000 on the listing. The home’s remodel and other significant upgrades were worth another $100,000. The home also had “a huge, very well laid-out space,” they said, and a fifth bedroom.
Additionally, its beautiful outdoor space elevated its value to those who seek such a tropical amenity. As noted previously, each bedroom may be valued at $15,000; because of their utility, bathrooms are valued at $10,000.
Shears, Rogowski, and Mulkey knew a number of homes in the community were in the price range of between $1.4 million and $2.3 million, based on calculations that place homes in Coral Ridge Country Club fetching some $440 per square foot.
(As a side note, this video was filmed in the home as the agents were actively marketing it for sale. It SOLD on November 21, 2018, for $1,414,000)
Preparing Sales for the South Florida Season
When the trio compared this competitive set across seven listed homes, they realized that comparable models would only rise in value once the South Florida winter season came in full force. When it arrives, typically after Thanksgiving and lasting through the Easter holiday, new prospective buyers will arrive, either looking for new homes or scouting greater Fort Lauderdale as a potential relocation destination.
Whether relocating, moving up in your greater Fort Lauderdale home, or scouting the market for a potential future purchase or sale, working with a trusted Fort Lauderdale Realtor can help sellers and buyers alike simplify and streamline the acquisition and disposition process by bringing experience to the negotiation and sale – today and tomorrow.
Gary Lanham Group at Coldwell Banker Fort Lauderdale Beach Office is a boutique real estate organization offering sales, leasing, and brokerage services to the Greater Fort Lauderdale area. A listings agent matches home sellers with buyers and tenants with landlords. While Broward County is our universe, we focus on Coral Ridge Country Club, Oakland Park, Wilton Manors, Pompano Beach, and the surrounding areas. Call us today at (954) 695-6518 or visit www.GaryLanhamGroup.com.