In a hot Florida real estate market, demand is creating bidding wars and driving prices well over the asking price.
As a prime example, Reese Stigliano, President of Stigliano Commercial Real Estate recently closed on a 13-acre parcel of residential land in Hobe Sound, FL for more than double the asking price.
The sale of the 13-acre parcel located at 8530 SE Dottie Way in Hobe Sound in Martin County closed on February 18th. Stigliano had listed the property for $880,000, but sold it for $1,800,000, nearly a million dollars over asking. The Buyer was Goldstar Properties LLC.
The property has over 300 feet of intra-coastal waterway frontage and is zoned for up to 7 residential lots. Stigliano represented the owner, Hobe Florida, LLC and was hired as a land planning consultant and selling broker for the property. The original marketing plan was to subdivide the parcel into smaller residential lots and sell to a home builder. But as market demand changed during the COVID-19 pandemic, interest grew from buyers looking to develop large single-family estates.
With multiple buyers vying for the property, a bidding war emerged. As the price escalated, the period for inspection and closing date continued to drop.
“This is the shortest period from contract execution to closing I’ve experienced in over 35 years in the business,” said Reese. “To add to the drama, at one point during the negotiations, the Sellers considered taking the property off the market due to the perceived escalating value. Finally, the Buyer, taking a negotiating tactic from the Godfather movie said, ‘I’m going to make him an offer he can’t refuse.'”
The deal closed only 10 days after the contract was signed.
Stigliano is a recognized leader in the South Florida commercial real estate market, with over 35 years of experience. As President of Stigliano Commercial Real Estate, Reese focuses on land sales, investment sales and office leasing for the firm. His talent in bringing complicated commercial transactions to a close has been evident throughout his successful 35-year brokerage career.