Do you see my smiling face plastered in the Coronado Eagle & Journal week after week pedaling old and stale listings or over priced listings? Have you seen my real estate signs all over the area, week after week, month after month? You may wonder who I am. Am I just some new agent without many listings? I have been a licensed real estate broker in Coronado for the past 10 years. I am also President of the Coronado Real Estate Association, and a Director at the state level. But have you heard of me, Gerri-Lynn Fives? Probably not. I am the behind the scenes agent who for the past several years has focused on working with buyers and focusing on building my internet presence in hopes to better serve sellers. It is unfortunate that most people who live in Coronado list their homes for sale with the same top dog who typically doesn’t know anything about 21st century marketing to the out of town buyer. This Coronado agent, and even worse an out of town agent who doesn’t know anything, really, about the local market will talk in generalities about how good he is at selling your Coronado home and how quickly they expect to sell your largest financial asset. Your typical Coronado agent is like many top producing agents: full of himself ~a legend in his own mind! Because you have seen his signs everywhere, and possibly his ads in the various home magazines, you are predisposed to think well of my competitor.
Not only do I own over 200 web domains that are Coronado specific, such as: www.CoronadoBeach.com, www.Coronado4Sale.com, www.CoronadoCays.com and www.CoronadoFerryLanding.com, I have 7 designations from the National Association of REALTORS, education that I have achieved in order to best serve my clients, I know the market data!
Before listing your home for sale in Coronado, you need to know the average markdown, also known as the “to sale ratio”, and the general market climate. If the listing agent that you are signing with can’t tell you these numbers than I suggest you think twice about listing your largest financial asset with them and call me. On a side note, I think it is also important to know, that if the listing agent for your Coronado home agrees to discount their commission, then I would tell you to run. Your Coronado home is most likely one of your largest financial assets. As the seller of real estate in Coronado, you want to net more money and sell your home in less time. If your agent discounts their commission isn’t it obvious that they will discount the sales price of your home? Enough said. Let’s get back to some statistical knowledge for the Coronado housing market that will influence my credibility.
From August 23, 2009 to September 23, 2009, nine (9) homes sold in Coronado and from August 23, 2010 to September 23, 2010 fourteen (14) homes sold. That is a 55.5% increase in the total number of homes sold in Coronado during the same time period as last year. The data also shows that there has been a 25% decrease in the minimum days on market (DOM), the maximum DOM also decreased 6.4% and the average DOM decreased to 33.7% for the same time period.
Statistics as you well know can be skewed. In the past 30 days, 1536 Glorietta Blvd in Coronado sold. If you look at the sold’s you will see that the home was listed for $5.5 million and sold for $4.4 million in 159 days. That Coronado home had an average mark down of 20%. However, if your agent knows the Coronado real estate market, they would quickly point out to you that market time for 1536 Glorietta Blvd was actually 575 days and had an original list price of $6.8 million. With that information, it changes the picture. Not only did the seller endure an enormous amount of time on the market, but he ended up discounting his home 35.29%, an additional 15.29% from what was indicated in the 30 day data!
Continuing on with skewed Coronado statistics, I need to point out another interesting home sale in Coronado; 611 5th Street. When pulling up the data for the past 30 days, it shows that the home sold in 9 days with a .5% markdown. That’s a wow factor unless your Coronado agent is able to tell you that the home was actually on the market for 254 days, fell out of escrow because it didn’t appraise by not one appraiser but two and the sales price was actually a 13.9% mark down.
Another interesting property to look at is 6 Jamaica Village. This Coronado Cays home shows up as having been on the market for 89 days. However, when you check out the SANDICOR MLS data you will see that the home had been previously listed for 669 days. So actually this makes the total days on market 758! Looking at the accurate data, that Coronado Cays property had a market discount of 29.5%, not 3.5% as was indicated in the past 30 day Comparative Market Analysis. However, this same agent sold 1 Spinnaker Way in 90 days with a 34.44% discount from the list price to the sales price.
Looking at the data provided for the past 30 days, the average mark down rate was 11.39%. However, if I pull the data on those three homes, and enter the accurate information the average mark down for the homes sold in Coronado for the past 30 days is actually 15.29%.
The typical discount in the Coronado housing market is 11.39% to 15.29%, depending of which data you choose to use. It is normal in our Coronado market to expect a markdown (or discount). An interesting home sale in Coronado is 17 Bahama Bend. This home sold with market time of 52 days, and a discount of 8.9%. However, this was an REO (bank owned property). Unfortunately the home had been listed three times before the seller lost it to foreclosure, with two different agents for a total of 320 days on the market. The final REO sales price was a market discount of 46.4% of what the original homeowner was attempting to sell their home for when they listed it on July 11, 2008!
Check out these statistics for your self by clicking on my special “Sold’s”link for the homes mentioned above. www.CoronadoSold.com
Expect More Than A Home…..Create A Lifestyle In Coronado!®
Gerri-Lynn Fives ABR, CIPS, CNE, CRS, GRI, RSPS, TRC
REALTOR / Broker Associate
Keller Williams Realty – Coronado