April 2016
Dolphin Cay includes a unique community of 46 single-family homes. Until the past 12 months, turnover of Dolphin Cay homes had been slow for a number of years. However, four single family homes have sold in the past 9 months while only one additional home being sold during the 15 months prior.
Single Family Home sales since 4/1/14
| 4656 DOLPHIN CAY LN S | 2,583 | $640,000 | 12/30/2015 | $247.77 |
| 4609 SKIMMER WAY S | 3,141 | $650,000 | 9/30/2015 | $206.94 |
| 4545 DOLPHIN CAY LN S | 4,078 | $1,040,000 | 6/29/2015 | $255.03 |
| 4653 SKIMMER WAY S | 3,790 | $799,000 | 6/22/2015 | $210.82 |
| 4691 SKIMMER WAY S | 5,955 | $1,211,530 | 6/16/2014 | $203.45 |
Currently, there are five Dolphin Cay residents listed for sale
| 4635 DOLPHIN CAY LN S | 3,419 | $1,350,000 | $394.85 |
| 4603 DOLPHIN CAY LN S | 2,768 | $955,000 | $359.47 |
| 4675 DOLPHIN CAY LN S | 3,262 | $999,900 | $306.53 |
| 5122 SANDPIPER LNS | 3,297 | $825,000 | $250.23 |
| 4700 DOLPHIN CAY LN S | 2,966 | $635,000 | $214.09 |
I believe that the competition for the Single Family Homes in Dolphin Cay includes the developments of Bayway Isles and Tierra Verde which have a total of 166 and 616 homes, respectively. While some of the homes in these two developments do not match the characteristics of Dolphin Cay homes, it is important to note that there are over 800 single family homes of various sizes and ages in our market.
I recently completed an analysis of the comparable sales for Single Family homes for Dolphin Cay, Bayway Isles and Tierra Verde areas. These are the neighborhoods that I consider to be Dolphin Cay’s competition. For the study, I selected Single Family Home sales that took place in the past 24 months for properties in the same age (1992 – 2005), the same square footage (2,500 – 6,000), and same price range ($500,000 - $1,500,000) as in Dolphin Cay. I analyzed a total of 31 homes broken down as follows:
| TOTAL | WATERFRONT | |
| DOLPHIN CAY | 5 | 1 |
| BAYWAY ISLES | 4 | 2 |
| TIERRA VERDE | 22 | 12 |
| TOTAL | 31 | 15 |
he two features that stand out when comparing these sales are: (1) waterfront homes and (2) homes with updated interiors. Both attributes create much higher demand and pricing than homes off the water and home that have not been updated. In order to achieve a sales price of over $300 per square foot, the home must be waterfront and have a spectacular appointed interior. In the sample I analyzed, only 11 single family homes sold over $300 / per sq. ft. 10 of the 11 homes were waterfront property and 9 of the 11 were in Tierra Verde. The other 2 waterfront homes were in Bayway Isles.
While none of the single family home sales in Dolphin Cay were over the $300 per sq. ft. benchmark, only one was on the water and that sale was the second highest price per square foot ($255.03) of the remaining 20 homes in the study. From the 31 homes in the study there appears a chasm between the ultra-high end waterfront properties and where the remainder of waterfront properties ultimately sell. This gap is approximately $30 - $50 per square foot and is created in part by homes that lack:
- New multi-pane windows
- Updated kitchens and bathrooms
- Well-appointed interiors
- A home that was not maintained or painted
- A modern dock, or
- Location
Even if your home does not have all of these attributes or if you home is not on the water, there are still a number of steps that can be taken to reduce the pricing gap and increase the value of your home.
Of the five home sales in Dolphin Cay during the past 24 months, I have had the opportunity to be a part of two of the transactions, once on the sales side and the other on the buyer’s side. I am honored every time one of my neighbors puts their faith in me to help them sell or purchase a property and I use my firsthand knowledge of Dolphin Cay to our advantage. I have a tremendous record of achievement for my clients and for the past two years I have been the #1 Agent in sales volume for zip code 33711 selling both single family homes and condominiums. It would be my privilege to help you with your housing needs. Please contact me for a confidential analysis of your Dolphin Cay home and how we can maximize the value of your property.
