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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