Lagoon Townhomes - Frisco condo market report
Today a Lagoon homeowner contacted me, asking for information about what her condo might be worth in today’s market. She has a large, two bedroom unit and she wondered about the feasibility of turning her dining area into a bedroom as some other owners have done. A three bedroom condo is always worth more than a two bedroom if there is sufficient space to add the third bedroom, assuming enough bathrooms or the ability to add one. As I researched the sales, I was struck by how few condos have actually sold, and how the prices have come down. The easiest way to see the trend is in the sales of two bedroom condos of around 1100 sq ft. In February, 2008, an 1100 sq ft unit sold for $442,000. The next similar sale was September, 2008 for $392,000. 708A sold in February, 2009 for $337,000 and then finally, 722E in August, 2009 for $355,000. Only a one bedroom condo has sold since August, about six months ago.
Larger units are more difficult to evaluate as there have been few sales, so pricing is mostly guesswork at this point. 754B, a three bedroom unit, sold for $625,000 in June 2008. Today there is a four bedroom Lagoon townhome listed at $565,000, but it has been listed for almost three months and is still available. Where should it be priced? When it happens, this sale will probably set the market for the larger units for the next year or so. Click the link below for history of the last two years and current available listings as of February 1, 2010.
Lagoon sales and current listings.
February 2nd, 2010 at 9:55 am
I notice some properties have been on the market a long time…I follow the Vail market closely since I have a condo over their. They have alot of properties that have been on the market +365 day. Seems like if people have the money, they won’t sell and just keep the properties on the market. Not sure if it’s lack of offers or they just cant get what they think the property is worth. Whats your thoughts.
February 2nd, 2010 at 4:50 pm
Hi Charles, my thoughts exactly, and we see it at Copper Mountain all the time. If they are not anxious to sell, they will reject offers and wait until a better one comes along. Sometimes they have to wait a while though!