Sold. Tampa Bay’s Hayslett Team Bucks Luxury Sales Decline with the Sale of 26 Sunset Bay

The Hayslett Team reports selling new luxury properties despite the softened Pinellas County luxury real estate market.

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Tampa Bay's top selling real estate team.

Quote startWe will continue to see downward pressure on pricing in the Tampa Bay luxury real estate market for the months to come due to the disproportionally high level of inventory and defaultsQuote end

Tampa Bay, FL (PRWEB) August 4, 2010

With the Tampa Bay real estate market making a slow return, The Hayslett Team, covering the Tampa Bay market, has sold $2 million property 26 Sunset Bay in Belleair, Florida. The luxury property sold in just 5 days and is the highest sale in Belleair in the past 18 months. The quick sale is credited to the Hayslett Team’s experience and sound business practices combined with aggressive internet based marketing tactics.

“We will continue to see downward pressure on pricing in the Tampa Bay luxury real estate market for the months to come due to the disproportionally high level of inventory and defaults,” said Realtor Kenny Hayslett. However this does not mean a luxury home cannot sell – it just takes aggressive marketing, accurate pricing and appropriate positioning.

The Hayslett Team has continued to defy the odds, reporting over 100 real estate sales in 2009; many of which were priced in excess of $500,000. In 2009, The Hayslett Team also sold 810 Eldorado Ave in Clearwater Beach, FL in less than a week on the market for $2,767,500. The team represented both the buyer and seller; this sale was the highest dollar sale by any agent in 2009 in all of Clearwater, Dunedin, Largo, Belleair, Belleair Beach, Palm Harbor and Tarpon Springs. This is just one representation of the Hayslett Team’s strong and growing presence in the Tampa Bay luxury real estate market.

The Hayslett Team of Re/Max recently released their analysis for the Pinellas County luxury real estate sector. Some of the key findings include:

  •     An overall decrease of 15% in luxury real estate transactions in 2009 vs. 2008
  •     The sharpest decline was in the 750K-1M price range, where sales fell close to 40%
  •     The high end luxury market ($3M+) fell by 60%

Although it is a bit early to fully gauge how the rest of 2010 will fair in the Tampa Bay luxury real estate market, some interesting trends are emerging. In Q1 and Q2 combined, there were 211 total residential sales over $500,000 which is comparable to 219 for the same period of 2009. There has been only 1 sale over $3,000,000 or higher in these first two quarters and the average days on the market are 148; down from 176 for 2009. These are promising trends showing that homes are selling faster but still at lower prices.

The luxury real estate market in Pinellas County is clearly experiencing significant challenges. Fewer lenders are loaning jumbo and super jumbo loans which makes it more difficult to obtain conventional financing. That is why the Hayslett Team is seeing more cash transactions and owner financing deals.

About The Hayslett Team

The Hayslett Team of Re/Max is Tampa Bay’s top selling real estate team and has been serving the real estate needs of the Tampa Bay community since 1984. They are an authority in luxury real estate in the Tampa Bay area. Led by Kenny Hayslett, The Hayslett Team is comprised of a highly experienced staff of 5 Realtors with over 50 years of combined experience who support the marketing, operations and processes associated with dozens of successful real estate transactions per month. Learn more at http://www.hayslettteam.com

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