TOP LUXURY SALES IN FEBRUARY OF 2012

Circa 1878 Historic District gem sells @ 88% of list price

327 Tattnall Street

Beds/Bath:           3 Bed / 2.5 Bath  

Square Feet:         3,900+ 

Market Debut:     3/2007 @ $1,800,000

Days on Market:  1,790 (important to price right at the start!)

Price Changes:  6 

Final List Price: $975,000  

    

Sale Price: $860,000 (conventional financing terms)

Circa 1855 Historic District property sells @ 88% of list price

128 E Taylor Street

Beds/Bath:           5 Bed / 5 Bath  / 2 half baths
Square Feet:         6,900+
Market Debut:     10/2010 @ $925,000
Days on Market:  485 
Price Changes:  1


Final List Price: $895,000  
    
Sale Price: $790,000 (Cash)

Ben Bowne is the Luxury Sales & Marketing Specialist with Savannah's leading luxury Real Estate firm Seabolt Brokers.   

Contact Ben: 

benbowne@seaboltbrokers.com

912.856.9867

You Want to See What Savannah Lux Properties Have SOLD so far in 2012?

The Savannah Luxury market is off to a promising start for 2012.  With five transactions and a week or so to go before we move deeper into the the 1st quarter of 2012, we are already two transactions ahead of where we were a year ago at this time - let's take a look:


2011 Total Volume Sold January: $4,365,000


2012 Total Volume Sold January: $5,834,500


Further positive indication, the Average Days on Market (ADOM) has started to trend down.


$1,000,000+ priced properties experienced a slightly faster time to sell from a high of 682 days in January of 2011 to an ADOM of 542 days in January 2012.


It took 1082 days to sell THIS property!  A perfect example of what happens when you do not price to market and there is a minimal marketing strategy in place.


Of course, Price to Market and marketing strategy are only part of what leads to the sale of a Luxury home.  Purchasing a luxury property is as much an emotional and factor of taste as it is financial.  What appeals to some buyers may be the exact same feature of a luxury property that turns other buyers off - it's subjective by nature.  That said, one thing holds true regardless of taste - the more you "neutralize" or "depersonalize" the space the greater the likelihood that when your property is shown, buyers have an easier time envisioning themselves and their family in the space.


THIS property in the popular West Chatham gated golf course community Westbrook @ Savannah Quarters only spent 58 days on the market but sold @ 82% of the list price. 


Of the 5 sales, two transactions were all cash transactions. 


These two properties are the only two of the five Jan. 2012 sales that rang in the new year above 90% of the list price. 


Lastly, HERE is a view of all five sales in comparative analysis format.

Ben Bowne is the Luxury Sales & Marketing Specialist with Savannah's leading luxury Real Estate firm Seabolt Brokers.   An expert SEO & SMO strategist, Ben provides his clients with a comprehensive and dynamic marketing strategy blending all available mediums and outlets. 

Contact Ben: 

benbowne@seaboltbrokers.com

912.856.9867

A Look Back at the 2011 Performance of Savannah's Luxury Market

By Ben Bowne, Cora Bett Thomas Realty & Assoc.


The Savannah Luxury Market (SLM), priced at $750,000 and above, is starting to thaw out and trend back up ever so slightly.


At its most recent peak in 2007,  the SLM saw 119 sales with the highest overall sale ringing in at $5,800,000 located in the Historic District overlooking Forsyth Park. 


The following year saw SLM sales fall by 36% to a total of 77 sales.  The market, like most markets everywhere at that time, continued on downward slope.  However, Savannah fell somewhat gracefully compared to others and leveled off at a low of 43 sales in 2009.  


In 2010, we began to see the sales figures trend back up ever so slightly with 46 sales over the $750,000 luxury benchmark.


2011 continued this positive trend and we have seen healthy activity in the beginning of 2012 with three sales over the $1M mark. 


For a more in-depth sense of Savannah's 2011 Luxury Market, let's look at the numbers:


48 Luxury Sales in 2011 - 2 more than 2010


3 Sales over $2,000,000  - 1 more than 2010




Highest Sale Price: $3,500,000 / List Price: $4.7M


This property was also the largest property sold "weighing" in @ almost 10,000 Square Feet with 12 bedrooms and 12 bathrooms. 




16 or 33% of those sales were all cash transactions


31 or 64% of those sales used conventional financing


1 sale utilized Owner/Seller financing 


Only 1 sale was a Bank Owned (REO) Transaction down from 6 REO sales in 2010


2011 saw only 3 REO Active listings that did not sell. 1 out of 4 total REO listings sold in 2011. 


Most days on the market (DOM): 1,177
*Interestingly, the property with the highest selling price spent the most time on the market


8 Listings sold in 30 Days or less whereas 60% of the listings took 120 days or more to sell. 


The 8 listings that sold in 30 days or less had an average 90% ratio of list price to sale price


The overall average sale price rang in @ $1,162,000
with an average of almost a year (355 days) on the market. 


The average size home sold was just under 5,000 Square Feet with 4 bedrooms and 4 full baths. 


Remember: The key to getting a luxury property sold in a timely fashion and at the right value, is to provide maximum marketing exposure to potential buyers. With 90% of the buying audience online, it is important, no, it's imperative to have a very potent online marketing strategy as well as a flexible print advertising campaign.  Additionally, word-of-mouth marketing is still a great tool to have in your arsenal. 


There is no one single solution. That is why it is best to cover ALL of the bases. 


That said, it ALL starts with GREAT professional photography - here's an example: 


1 Little Comfort Road @ The Landings


If you are thinking of listing your luxury property for sale or changing your marketing strategy for the better, please contact me to perform a market evaluation of your property and discuss providing you with a world-class marketing platform to get your property SOLD in 2012!

Ben Bowne is the Luxury Sales & Marketing Specialist with Savannah's leading luxury Real Estate firm Seabolt Brokers.   An expert SEO & SMO strategist, Ben provides his clients with a comprehensive and dynamic marketing strategy blending all available mediums and outlets. 

Contact Ben: 

benbowne@seaboltbrokers.com

912.856.9867

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