June 21, 2016 | In the News
$6 Million Week for Coldwell Banker Residential Real Estate’s Lynne Koy
Koy Sells Most Expensive Condo in Water Club for $3.5 Million, $1.45 Million in Corey’s Landing and $1.34 Million on St. Armand’s Circle
SARASOTA (June 8, 2016)— Coldwell Banker Residential Real Estate’s Lynne Koy of the company’s Longboat Key office has sold 1281 Gulf of Mexico Drive #1002 for $3.5 million, 3542 Mistletoe Lane on Longboat Key for $1.45 million and 454 N. Washington Drive in Pansy’s Bayou for $1.34 million. Unit #1002 is the highest priced sale in Water Club this year and Koy was the listing associate for all three properties.
“I believe that we are reaching equilibrium in the market with demand slightly less than a year ago, and price appreciation is stabilizing. The A+ properties, both condominium and single-family, that are in mint condition and properly priced will sell this summer,” said Koy.
The sale at 1281 Gulf of Mexico Drive went under contract in 20 days. Koy believes the strong sales of the new construction residences at Aria and Infinity have highlighted the desire for new or upgraded residences on Longboat Key.
“Although this Water Club residence is 17 years old, it has recently undergone significant renovations and was sold with designer furnishings. If buyers can’t find ‘new’, they at least want renovated. In the luxury market, most buyers are not willing to do the work themselves and are willing to pay a premium for ‘move-in’ condition,” added Koy. “Buyers are sophisticated shoppers. They will not be fooled into over-paying for properties, no matter how beautiful the view may be.”
The sale at Corey’s Landing reflects the effect of price positioning in relation to days on market. Koy was actively watching this listing and reached out to the sellers and persuaded them to relist with her at a lower price. The sellers gave the listing to Koy and agreed on a significantly lower list price, which brought a buyer to the table in just 13 days. The property was first listed for $1.795 million, then relisted with Koy for $1.495 million and sold for $1.45 million.
Koy stated, “Buyers are sophisticated shoppers. The will not be fooled into over-paying for properties, no matter how beautiful the view may be.”
The St. Armand’s Circle sale at 454 N. Washington Drive went under contract in only 14 days. This property was also waterfront, something all three of the sold listings have in common. Koy believes waterfront, whether it is Bayfront, on the gulf or a canal, is still a strong driver in luxury sales.
Koy completed more than $45 million in sales last year, and she is on pace for another strong year.
Coldwell Banker Residential Real Estate is a leading full-service residential real estate brokerage company with more than 85 offices and 5,100 sales associates serving the communities of Central Florida, Flagler, Brevard, Palm Beach, Southeast Florida, Southwest Florida, Tampa Bay and the Panhandle. Worldwide, the Coldwell Banker network includes 3,000 offices with nearly 86,000 sales associates. Every day, Coldwell Banker Residential Real Estate properties are exposed to 16 million buyers on more than 725 high-traffic websites. For more information or to view local listings, visit ColdwellBankerHomes.com. To learn more about a career in real estate or affiliating with Coldwell Banker, visit CareersCB.com. Coldwell Banker Residential Real Estate is a subsidiary of NRT LLC, the nation’s largest residential real estate brokerage company.