Edgewater of Gulf Harbour – What’s Going On?

The Edgewater neighborhood is independently gated within the Gulf Harbour gates and consists of roughly 200 individual homes Constructed from 1995 to present.  It is Gulf Harbour's largest estate neighborhood and is appealing to well-done retirees, entrepreneurs, and the rich and famous.  I'm a past resident of the community, built my own house there, and loved every minute of my stay.

Recently, there is local chatter as to why Edgewater has so many homes on the market for sale, so we looked at the data and I've discussed the community with current residents and members of my team who specialize in home sales here.  Inventory levels in Edgewater have hit 20 active listings, and there are others who remain on watch to see what can happen to their home if they put it on the market.  On the flip side, there are plenty of prospective buyers looking for the right deal, so if you are a seller, it is critical that you have a solid and realistic plan.

In the last 120 days, only 2 homes have sold and one of the last vacant lots available in the community have sold as well to a local builder who intends on building a spec home.

Our opinion of the Edgewater community is that most of the homes for sale are overpriced.  If they aren't overpriced, then buyers are becoming more cautious.  Two friends of mine bought in Edgewater in the last 2 years.  One is a well-known real estate developer.  He bought a very dated 3,731 square foot home on Dory Lane for $800,000 ($214 PSF) and invested in a $350,000 renovation to the home.  The home looks brand new and has every upgrade feature you can think of.  In the end, the owner has $1,135,000 ($304 PSF) into a lakefront home.  If you were to build that home from scratch, you would pay $550,000 minimum just for the lot.  To rebuild his remodeled house from scratch would cost at least $245 PSF or $915,000.  Combined, that home would cost at the very least $1,465,000 from scratch.  The owner did this the right way put himself into an immediate and significant equity position.

The main issue with some of the dated homes on the market is that some of these sophisticated buyers don't have sophisticated knowledge of remodeling costs.  This is an area we can help you if you are looking for some thoughts and ideas.

If you want to see the golden standard for how remodel sales should be done in Edgewater, take a look at 14620 Highland Harbour Court.  If this home were dated, today's value would be $275 PSF or less.  The home is 3,891 SF with 3 bedrooms, an office, and 4.5 baths.  Today's dated value would be about $1,100,000.  While we don't know what the owner spent on remodeling, we will guess around $225,000.  In the end, this owner has $1,325,000 invested in his home which shows like a brand new model.  The home ended up selling for $1,915,875 in 13 days with a square foot value of $456.  WOW.  Now that's how it's done.  Seller made off well on his investment, and the buyer is the new owner of one of the nicest, cleanest, and most updated homes in what is one of the most premiere communities in Southwest Florida.

Have a look at the pictures.  Sellers:  if you are looking for top dollar, you'll want to have a look.  If you are open to ideas on how to get premium pricing for your home, call me.  Let's talk about it.  Maybe your safest position is selling the home as-is.  Maybe not.  We know what today's buyers are looking for in Gulf Harbour, and we want to share that intel with you.  (239) 872-5107.

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