IN RESEARCHING RECENT HOME SALES AND MARKET TRENDS IN MIAMI, I FOUND THAT THE PROPERTIES THAT ARE SELLING IN 2010 ARE SELLING WITHIN 10% OF THEIR ASKING PRICE – CONSISTENTLY. IN SOME MARKET SEGMENTS, PROPERTIES ARE SELLING CLOSER TO 3-5% OF THEIR ASKING PRICE.
THAT MEANS THAT PRICING HOMES PROPERLY IS KEY TO SELLING THEM … AND SELLERS AND BUYERS BOTH NEED TO KEEP THAT IN MIND.
IN PINECREST, FROM JANUARY 2010 THROUGH JULY 2010, THERE WERE JUST OVER 200 HOMES FOR SALE ON AVERAGE- IN ANY ONE GIVEN MONTH – THAT INCLUDES ALL LISTINGS, ACROSS THE BOARD, IN ALL PRICE RANGES. OF THE 200 PLUS HOMES LISTED FOR SALE, 20 WERE SHORT SALES. 182 WERE REGULAR SALES.
WHAT SOLD? TWO SHORT SALES PER MONTH AND TEN REGULAR SALES PER MONTH SOLD.
THE ASKING PRICE ON NON FORECLOSURE/NON SHORT SALE PROPERTIES AVERAGED $1,555,000 IN PINECREST THROUGHOUT THE FIRST HALF OF 2010. INTERESTINGLY $1,148.71 WAS THE AVERAGE SALES PRICE, WHICH EQUATES TO A PRICE PER SQUARE FOOT OF $252.43 IN PINECREST IN 2010.
WHILE NATIONAL NEWS REPORTS OVERWHELMINGLY INCREASES IN FORECLOSURES (REO’S) AND SHORT SALES FLOODING THE HOUSING MARKET, THAT DOESN’T SEEM TO ACCURATELY PINPOINT WHAT’S HAPPENING IN PINECREST. SALES IN PINECREST REMAIN PREDOMINANTLY WELL-PRICED SINGLE FAMILY HOMES, SELLING AT AN AVERAGE OF $252 A SQUARE FOOT.
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AS ALWAYS, IF YOU OR SOMEONE YOU KNOW IS WANTING TO BUY OR SELL PROPERTY IN THE MIAMI AREA (MIAMI BEACH, PINECREST, CORAL GABLES, COCONUT GROVE, MIAMI, KENDALL, SOUTH MIAMI OR HIGH PINES) PLEASE DON’T HESITATE TO CALL ME ANYTIME ON MY CELLULAR AT 305-793-1365 OR SEND ME A MESSAGE HERE.
