I was just checking our Naples Area Board of Realtors Multiple Listings for a downtown, waterfront destination called Bayfront. It's a mixed use, "work, live, play" community that consists of 156 condominiums. One of the owners had emailed me about the current market because she was thinking of listing her condominium. In establishing pricing in a buyer's market, one thing that seller's need to seriously consider is their competition, and, believe me, there is plenty of competition. Until the amount of inventory shrinks, the basic law of economics will prevail. Supply and Demand. My college economics professor, taught us that when there is an oversupply of a particular product, pricing must come down until the demand is equal to the supply. Once supply depletes to below the demand level, prices can then go up. This has been a hard pill for sellers to swallow.
Whether a buyer or seller, look at the price per square foot for comparable sales. When deciding to buy or sell, base your target price at, or slightly below, the last comparable sale. If a seller is willing to price their product at "market", a savvy buyer will recognize this and make an offer knowing they will not overpay.
If you are not willing to work within this economic model, it is probably best to take your property off the market until it stablizes.
