Peg Davant with Premier Sotheby’s International Realty has listed 7712 Sanderling Road, Sarasota, Florida for $7.995 million on Realtor.com for over 199 days.

Each year, Concierge Auctions – the dominant marketplace for buying and selling the world’s finest properties responsible for more than $1 billion in sales – creates the annual “U.S. Luxury Homes Index.” The analysis looks at the 10 highest property sales in 56 high-end markets around the U.S., and according to the research, shows that in every economic condition, days on market are an important consideration for luxury home sellers.

Every Day A Home Sits On Market It Depreciates In Value

“For three years, our research has indicated that the largest factor in determining the price a luxury property will sell for is the number of days that it has been marketed for sale. Every day that a home sits on the market, it depreciates in value,” said Laura Brady, president and founder of Concierge Auctions.“We continue to see that properties either sell quickly for close to their original list price, or they remain on the market for a long period of time and sell for a fraction of this price.”

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oak hill plantation | candysdirt.com

Situated near Tallahassee, Oak Hill Plantation — the home of T. K. Wetherell and his wife, Virginia — just hit the market. In case you are not familiar, T.K. was president of Florida State University from 2003 to 2010 and served in the Florida House of Representatives from 1980 to 1992. Virginia served as secretary of the Florida Department of Environmental Protection from 1991 to 1998 and previously served as a state legislator. The Wetherells are like royalty in Florida, and their Red Hills country home makes for a palace with a Southern drawl. The 1,000-plus acre spread borders on media mogul Ted Turner’s storied Avalon plantation — a 32,000 acre tract Architectural Digest calls “a naturalist’s paradise.” 

The Red Hills region is known for scenic natural beauty, a cause the Wetherells have taken to heart and worked to preserve. Here’s a look at the plantation home of the couple broker Jon Kohler calls “Florida’s First Couple of Conservation.” (more…)