$5 MILLION REDUCTION IN ADMIRALS COVE
September 23, 2017 | Richard Sites
Selling estate homes can take time, the higher the price the longer it may take to sell. Often the best way to help price these large estate homes is by using a “high-end” appraiser to help get the price right. When these big homes don’t sell, often the only thing to do is lower the price…just like in any real estate transaction.
Value is on the opposite end of the see-saw from price so when the price goes down, the perceived value goes up. In Admirals Cove the highest priced listing has lowered the asking price by $5 million or 25% since it originally came on the market.
Admirals Cove is Jupiter’s premier waterfront community. Nearly 900 estate homes and Harbour Homes line 6 miles of waterways and 45 holes of golf.
Mariner Drive is one of the newer streets and subsequently it has some of the larger and more expensive homes. Homes on the older streets, like Commodore Drive, were built in the late 1980’s & early 1990’s when a million dollar home was a big one.
Today’s homes are much larger than those on Commodore so these older homes are “tear downs” as mega-mansions take their places along the water.
The price on the most expensive listing in Admirals Cove has been reduced 25% or $5 million in the six months it has been on the market.
Either the seller has decided they really need to get out now or the house was overpriced when it was listed.
The location is fantastic, the club and amenities are first class, so it must be that the owner really wants to sell.
What is interesting is that the original price of near $20 million was twice what the next highest priced listing was asking and the current price is still double what the next six highest priced homes are asking.
Even though the house is located directly on the Intracoastal Waterway, the house is still priced at over $1,300 per square foot, a price higher that other sales in Admirals Cove have been able to command.
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