Plant City, Florida - 2012 Commercial & Industrial Real Estate Transaction Synopsisby Michael Cliggitt, MAI, MRICS on 12/11/13
2012 Transaction Information and Analysis
(Data Extracted from MLS Only – Does not include additional transaction information from Non-MLS Listings/Sales)
18 Commercial & Industrial Property Sales in the Plant City Market
· 12 Property Sales labeled as No Special Sale Conditions
o 66.66% No Special Sale Condition Property Sales
· 6 Property Sales labeled as REO/Bank-Owned Transactions
o 33.33% REO/Bank-Owned Property Sales
· 0 Property Sales labeled as Short-Sale Transactions
o 0% Short Sale Property Sales
Property Pricing Analysis
· Sale Prices Ranging from a low of $70,000 to a high of $1,000,000
o Sale Price Average was $251,417
o Sale Price Median was $190,000
o There were more property sales in the lower tier price segments or more sales that were less than the average sale price indicated above.
o More Specifically 12 of the 18 Plant City Commercial & Industrial Property Sales (67%) were below the average price of $251,417.
Sale Price/SF Analysis
· Sale Price/SF Ranging from a low of $15.07/SF to a high of $182.38/SF
o Sale Price/SF Average was $65.42
o Sale Price/SF Median was $51.91
o There were slightly more property sales in the lower tier price/SF segment meaning there more sales with a Price/SF less than the average Price/SF.
o More Specifically 10 of the 18 Plant City Property Sales (62%) were below the average price of $65.42.
Sale Price to List Price Analysis
· Sale Price Compared Lowest Listing Price Comparison revealed a range:
o The Low was 64.24% Sale Price to Listing Price
o The High was 100% Sale Price to Listing Price (1 Sold for 100% of Listing)
o Average Sale Price to List Price was 80.41%
o Median Sale Price to List Price was 79.69%
o Most properties are selling near 80% range of their final listing price or to put it another way a 20% discount from the final/last listing price for a property is being realized by sellers in this market.
Note – The above sales included a range of property types such as: Warehouse, Office-Warehouse, Office, Medical Office, Motel/Hotel, Vehicle Related, Day Care, Church, Retail, General Commercial, etc.
The above information helps display the state of the commercial and industrial sales market in Plant City, as represented by the sold properties that were listed in MLS. Two-thirds of these sales were typical transactions, but approximately 1/3 of the sales were bank-owned inventory. Bank-owned and/or distressed type sales continued to be part of the local commercial and industrial real estate sales market but made up less the ½ the sales within the MLS data for Plant City.
For more detailed information regarding the Plant City market or to have us perform an analysis or appraisal of your property please feel free to contact us.
Mike Cliggitt, MAI, MRICS
Cliggitt Valuation, Inc.
Real Estate Analysts, Advisors, & AppraisersPlant City Land Appraisals