Savitri Richardson, Serving Buyers and Sellers since 2003 (Savitri Lela Richardson Real Estate LLC)

Spam prevention
Rainmaker
908,303
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

If this sale is now recorded and part of the statistical data, data which an appraiser will use, it can only be good news for the SELLER.

However, for the agents of existing sellers, there may be a "RAISE THE PRICE" argument about to ensue.

Now, be aware, an appraiser WILL call the listing agent for an explanation regarding the sold price. Hopefully the listing agent makes no mention of gold plated toilets or professional grade kitchen. Everyone, except buyers, wants it attributed to market latency.

Nov 06, 2015 01:43 AM
Ambassador
3,724,022
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Let's just say it sounds like better news for sellers than someone trying to buy a place!

Nov 06, 2015 01:25 AM
Rainmaker
4,333,652
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

As far as I'm concerned this can only be good for other units in the building as it sets a new benchmark for market value. But you would need to find out if there were any special circumstances not applicable to neighbors that caused the high value.

Nov 06, 2015 10:31 PM
Rainmaker
664,259
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Without reading the other answers I would have to say if only one it can be throw out of the mix of comparables.  If it starts a trend good for the sellers tough on the buyers.  Mark

Nov 06, 2015 11:19 AM
Rainmaker
634,332
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Bad if your seller now expects the same! Otherwise probably not much impact unless it proves to be the beginning of a trend.

Nov 06, 2015 08:37 AM
Rainmaker
2,668,933
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Shows life...supply and demand and forward movement...Now to repeat it

Nov 06, 2015 07:41 AM
Rainmaker
923,770
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Maybe a bit of both. Depends on why it sold for so much more, what the terms were, etc. We sold a building to a tenant and tacked on a fairly good amount that he owed the landlord for something else . . . that sale didn't reflect a fair market price but it was still a sale.  If it was just one condo in an area where there are many more, maybe not much impact. I'm sure an appraiser will want to know the 'why'.

Nov 06, 2015 01:35 AM
Rainmaker
1,597,930
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Great question and answers.

Nov 02, 2019 03:58 PM
Ambassador
5,611,043
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Nice when the demand is high.

Jan 25, 2019 09:23 PM
Rainmaker
1,525,355
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I would think this is great for your listings unless they are way overpriced.

Nov 09, 2015 03:15 AM
Rainmaker
3,070,584
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Good

Nov 07, 2015 02:17 AM
Rainmaker
4,212,195
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It is what it is,,,until it isn't.  More information is necessary for me.  Special building.  Special unit.   Special buyer.   All kinds of different factors can and often do come into play in these types of situtations.   

Nov 07, 2015 12:42 AM
Rainer
86,195
Gail Gladstone
Gladstone Group & Long Island Business Brokerage - Huntington, NY
Brokering Success

If the sale is comparable to your listing and you go to contract within a relatively short time period, it can be good or bad.  

If your listing sells for less, the higher comp is a guarantee that the mortgage should move forward.  

Of course, if the comp is lower than your sale, watch out.

The most important thing to do to safeguard from these issues, is to know how to appraise.  Educate your seller about the affects of the appraisal and price the property in line to begin with.

Nov 06, 2015 07:27 AM
Rainmaker
1,126,296
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I would venture to guess that if you follow the money you'll soon find it leading to a desperate investor who likely owns 9 other units there. This tactic, if used properly, will feed the market values to a new profitable margin which should benefit all listings in that location. It's what we used to call (f)risky business and not for the faint of heart!   

Nov 06, 2015 04:17 AM
Rainmaker
4,799,651
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Probably a good thing for your listings as it raises all the comps values.

Nov 06, 2015 03:33 AM
Ambassador
4,315,625
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Savitri Richardson - well, market is what it is! It will go up and down.

We have to work in EVERY market!

Nov 06, 2015 02:53 AM
Rainer
60,641
Renee Paray
Coldwell Banker Preferred - Blue Bell, PA
REALTOR

It could be good, but depending on why the value for the property was so high. Did the buyer need to close on the home in a short timeframe? Did the home offer upgrades not found in other condo's? 

Nov 06, 2015 02:04 AM