Biltmore at Bay Colony Past Sales
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Historical Sales In Biltmore at Bay Colony
The Most Notable Sales
As of August 2, 2022, the most notable sale in Biltmore occurred when 8473 Bay Colony Drive #2202 sold turnkey furnished for $8,250,000or $650,000 less than the full list price. Most prospective buyers would have considered this condo to be in original condition. Some aesthetic features like an ample amount of faux finishing are detrimental to the aesthetic value. Special features included a one-bedroom, one-bath guest house apartment, grill, and spa on the rooftop terrace. This condo also included a poolside cabana. A conventional loan was obtained to purchase this property.
The most notable normal-sized unit sale in Biltmore occurred in September 2021 when #2004 closed for $5,165,000. This unit would have been considered in original condition, was offered partially furnished (not an attribute), and pended contract the first day on the market. It closed just $35,000 short of full price. The property listed on May 7th, 2021, did not hit the open market until June 4th. It pended contract the same day. A conventional loan was obtained to purchase this property.
While the two record-breakers were financed, most Biltmore at Bay Colony owners purchased with cash. Historical records indicate roughly 85% of the historical sales were not financed.
Breaking The Record
To break the all-time Biltmore at Bay Colony sales record would likely take a remodeled unit on a high floor with similar square footage as #2202. The unit would likely require some upgrades, a recent remodel, or at least appeal to a larger percentage of Biltmore at Bay Colony buyer prospects.
Breaking the record with a normal-sized condo would likely take a higher floor but would not be required. Recent updating with high-end finishes and maybe an attractive furniture package should be enough to accomplish this goal, provided the sale took place during favorable market conditions.
The Best Deal In Biltmore at Bay Colony
The lowest-priced unit in Biltmore closed in 1997. #502 sold in decorator-ready condition while the building was nearing completion for $910,000 after 288 days on the market.
Biltmore at Bay Colony is a building where properties come on the market more often during peak market conditions than down economies. An overwhelming majority of owners maintain their ability to hold as opposed to selling during poor market conditions. For example, no sales took place in 2008, and only one sale took place in 2009, a time when the Naples market overall was depreciating. There have been no distressed sales in terms of a short sale or foreclosure activity in the history of the Biltmore at Bay Colony.
Wise buyers who intend to purchase Biltmore at Bay Colony know to purchase during better market conditions than wait for the market to drop when there is little or no available inventory.
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