Home sales for properties listed at $1,000,000+ did very well this year in Harbor Springs. Here's a recap of what sold, what it sold for, and how much of a discount we're seeing off the list price. Is this a continuing trend for 2012?
1. E. Bluff Drive, Asking $1,350,000 - Sold $1,100,000 - Discount 18.5%
2. E. Bluff Drive, Asking $1,600,000 - Sold $1,150,000 - Discount 28%
3. W. Main Street, Asking $1,990,000 - Sold $1,750,000 - Discount 12%
4. E. Bluff Drive, Asking $2,800,000 - Sold $2,200,000 - Discount 21%
5. Dellwood, Asking $3,300,000 - Sold $2,200,000 - Discount 33%
6. Fern Avenue, Asking $2,900,000 - Sold $2,400,000 - Discount 17%
The average number of days these properties were listed for sale was 385 days ranging from a 60 day quick sale up to 996 days. The largest discounted property was on the market for 611 days, and was most likely overpriced initially resulting in a larger discount in the end and longer time on the market.
Average list price: $2,323,333
Average sale price: $1,800,000
Average discount: 22.5%
My "2 cents:" Price it right for a faster sale saving money in taxes, insurance, interest, and maintenance costs carrying the property with the expectation that buyer's will want to see a discount in the range of 15-25%. Homes priced too high sit longer, demand a larger discount, and ultimetly cost more to hold onto versus pricing it competetively and selling quicker!