Why price alone doesn’t determine which homes sell fastest.
By Lisa Khorey, REALTOR® | J. Pavich Real Estate, Realty World
Some of our more expensive single-family homes have been selling surprisingly quickly, while a number of our lower-priced attached homes (condos and other homes that share walls) have taken much longer to find a buyer.
At a glance
- Single-family homes in Grandezza: a median of about 29 days to sell
- Grandezza condos: a median of about 145 days, but 8 of 23 sold within about five weeks
- Condo listings: down from 23 to 13 since last October
- The takeaway: when price and condition are right, homes in every part of Grandezza sell
That seems backwards, doesn’t it?
You would think a home at $350,000 would have more potential buyers than one at $800,000 or $900,000, and therefore be easier to sell.
But that isn’t what the recent numbers are showing.
Over the last 12 months (per MLS data), 23 attached homes sold in Grandezza, with a median of roughly 145 days on the market (nearly five months). During the same period, 33 single-family homes sold, with a median of just 29 days (about four weeks).
But that condo median hides a split. Eight of the 23 condos sold in about five weeks or less, several within two weeks. Most of the others took three to ten months. There was very little in between.
Both patterns are striking, and I wanted to understand them.
It Isn’t a Shortage of Houses
My first thought was that perhaps there just weren’t many single-family homes available.
But compared with last October, Grandezza has fewer homes for sale overall: 20 active listings now versus 32 then. Most of that decline is in attached homes, which fell from 23 listings to 13. Single-family inventory has barely changed, from 9 homes last October to 7 today.
I also looked at Estero overall to see if single-family homes were selling faster there, too. They aren’t. Recent Estero data shows attached and single-family homes taking roughly 100 and 116 days to sell, respectively. That’s a much closer result than what we’re seeing in Grandezza, so this seems to be something happening within our community.
Buyers Often Know What They Want
Price matters, but it isn’t the only way buyers shop.
Many buyers already know the kind of home, or even the neighborhood, they want. They may be waiting for a certain floor plan, a pool, a view or the right home in Savona, Cypress Cove or another part of Grandezza.
When that home comes on the market, they may move quickly because they’ve already narrowed their search.
Think about a buyer looking for a larger single-family home in Grandezza with a pool, a beautiful view, outdoor living and the right floor plan. There may not be many homes that check those boxes.
The more expensive home may have fewer people who can buy it.
But it may also have far fewer homes competing with it.
And that makes a difference.
Sometimes the Lifestyle Is the Product
The same idea applies to attached homes.
For some buyers, the appeal isn’t just a lower price. It’s the lifestyle.
A condo in Sabal Palm offers the lock-and-leave simplicity many seasonal residents want, along with the Grandezza amenities and community they enjoy when they’re here.
That lifestyle should be part of how these homes are marketed.
When buyers have several similar choices, bedrooms, bathrooms and square footage aren’t enough. Buyers need to see why this home fits the life they came to Southwest Florida to enjoy.
Can you finance a condo? Yes. Some buyers assume condos are hard to finance. A condo loan can require a larger down payment, and lenders review the association’s finances, insurance and approval status. But condos in well-run communities are financed every day. A local lender can tell you exactly what a specific building requires.
What Else Can My Buyer Buy?
This may be the most useful question for any Grandezza homeowner thinking about selling.
If you own a Grandezza condo, your competition isn’t an $850,000 home in Savona just because both are in Grandezza.
Your competition is whatever else your buyer might choose.
That could be another Grandezza condo. It could also be a property in another Estero or Bonita Springs community, such as Pelican Sound, Shadow Wood or West Bay.
That helps explain why fewer condo listings inside Grandezza haven’t made them sell faster. Condo buyers are comparing ours with options across Estero and Bonita Springs.
It works the other way for many single-family homes. If your home has a rare mix of location, size, view and condition, there may be only a few others like it for sale. That gives you an edge. It’s also why there really isn’t just one “Grandezza market.”
Price Still Matters
Strong demand for a certain kind of home doesn’t mean buyers will pay anything for it.
The condo numbers make this point clearly. Over the past year, 13 Grandezza condos came off the market without selling. Meanwhile, two of the quickest condo sales were units that had already sat for months at a higher price. Once the price was adjusted, they sold within weeks. Another condo sat for more than 14 months and is now back on the market about 20% below its original asking price.
Condition mattered too, but not in the way many people assume. The condos that sold quickest weren’t necessarily the most updated. They were the best cared for: clean, well maintained and ready to enjoy, even when a buyer might still want to update them someday. As I wrote last month in Five Things Buyers Notice in the First 30 Seconds, a home doesn’t need a major renovation to feel move-in ready. It needs to feel cared for.
As we head into season, that’s worth remembering:
A desirable home, a well-priced home and a well-cared-for home are not the same thing. The strongest position is all three.
If Your Home Is in the Slower Part of the Market
More competition doesn’t mean your home won’t sell. It means buyers have more choices, so the details count for more.
Start with the right price. Buyers who have plenty of alternatives can quickly eliminate a home that feels overpriced. Pricing correctly from the beginning is usually more effective than chasing the market later with reductions.
Remove the reasons to say no. Fresh paint, clean windows, bright rooms, small repairs, uncluttered spaces and an inviting lanai help buyers see the home instead of the work.
Show buyers what makes your home different. If the view is exceptional, show it. If the location is particularly convenient, explain why. If the home offers true lock-and-leave simplicity, sell that lifestyle. If it has meaningful updates, make sure buyers know about them.
When buyers have choices, the goal isn’t to be just another home they consider.
It’s to be the one they don’t want to lose.
Final Thought
There isn’t one easy answer to the question, “How is the Grandezza real estate market?”
Different parts of our community are behaving very differently.
The numbers can tell us what buyers are doing. They can’t always tell us why.
But they do give homeowners a better question to ask. Instead of asking only what homes in Grandezza are selling for, ask:
What else can my buyer choose?
In today’s Grandezza market, value isn’t just about price. It’s about giving the right buyer a reason to choose your home over every other option.
Curious which part of the market your home falls into? I’m happy to pull the recent numbers for your neighborhood or floor plan, no obligation. Reach me at 412-719-7687 or visit lisakhorey.com.
About the Author
Lisa Khorey, REALTOR®
J. Pavich Real Estate, Realty World
Lisa is a REALTOR®, a Trusted Advisor for Southwest Florida living and a Grandezza resident. She helps homeowners understand options, navigate details and make confident real estate decisions based on their goals.
Web: http://www.LisaKhorey.com
Market data from the MLS, believed reliable but not guaranteed.
Next Month in Homeowner’s Corner
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Next month, we’ll visit a beautifully updated Grandezza home dressed for the holidays and look at how one homeowner brings warmth, tradition and a little Florida style to the season, indoors and out.
