Donovan also said that although there are signs of a turnaround, it is still too early to say if a full recovery is underway.
What’s your take on this news? Read the whole article now and tell us what you think.
Is a Housing Turnaround Finally Near?
The US housing market is showing some early signs of a turnaround, according to a Reuters article that published last night. The article quotes Housing and Urban Development Secretary Shaun Donovan as saying, "We do have some early signs I think that the market is stabilizing. Since January, what we've seen is both prices and sales volumes moving up and down around a relatively stable number."
Government Offering Incentives to Modify Second Mortgages
According to the Wall Street Journal, the Obama administration yesterday unveiled incentives for mortgage servicers to help troubled homeowners. The government will pay mortgage servicers $500 up front and $250 a year for three years for modifying a second mortgage.
The article states that “Senior administration officials…expect a significant amount of big banks to sign up for the updated federal program to bring relief to troubled homeowners. Once those firms sign necessary contracts, they'll generally be obligated to modify second liens when they've initiated a modification on the first…
Do you anticipate being affected by the administration’s new plan? Read the article now and tell us what you think!
Getting organized before you purchase a home
Have you decided to take advantage of today’s housing market?
Before you make the big purchase, be sure to keep the following tips in mind:
- Pull a credit report on yourself to make sure the information is accurate. If you find any errors, take steps to correct them immediately.
- Browse through real estate advertisements in the newspaper and on FloridaMoves.com. This will give you a good overview of the types of homes that are on the market and what they cost.
- Visit open houses on the weekends. It doesn't cost anything to look, and looking at a few different homes might give you ideas for features and amenities you'd like in a house but haven't considered.
- Start saving money - you'll need to have cash on hand for a down payment and closing costs.
- Don't incur any additional debt. Pay down your credit cards and don't apply for any new ones. Don't make any major purchases on credit - buy the furniture or car later.
- Contact a Coldwell Banker sales associate at one of the offices in your area. Your Realtor can help you determine how much you can afford and provide you with information on homes that may interest you. The sales associate will also help you complete all of the necessary forms when it comes time to make an offer.
Cooper City, Davie, Pembroke Pines: Market Update
By Guest Contributor Dave Weller, Assistant Branch Manager – Cooper City / Pembroke Pines
Here we are in April, and happily the real estate market continues to improve. Although the inventory of unsold homes is still high in our market area, the trend is consistently downward — with sales continuing to grow at an increasing pace. We can expect these trends to create a more balanced climate and an end to the freefall in home values
This good news does come with some continuing market challenges, like foreclosures and short sales that can affect the appraisal values of non foreclosures and short sales in some subdivisions. As a seller, they must be considered when pricing your home to sell. Foreclosures and short sales will be part of our market for the time being. They predominate the lower end of the value scale and of all total sales according to statistics from our local boards of Realtors®.
Source – Southeast Florida MLS, January 2008 – March 2009
As a buyer a foreclosure can offer an amazing value. But be selective. Not all foreclosures are equal, and they may not all be the deals they seem to be. There can be hidden problems such as open permits, illegal additions and unpaid assessments that can fall onto the back of the buyer. Do the research properly and ask questions. If you make an offer on a foreclosure always read the bank’s counter addendum and get advice from your attorney.
The real hidden values are in our mid-range to luxury housing. Anyone wanting to move up from a smaller home to a larger or newer home has a real opportunity. For example; a $260,000 property in 2006 that is now at $160,000 has seen a $100,000 drop in value. But a luxury home at $800,000 in 2006 that is now $550,000 has seen a $250,000 drop. You may not get what you would have at the height of the market on your sale but the savings on the new home is more significant.
Incidentally, in research conducted by AOL on NeighborhoodScout.com, Cooper City was ranked number 11 of 22 of the Highest Value Neighborhoods across the country. This comparison ranks these cities by rating the education levels of the residents, public schools, low crime rates and big, owner-occupied homes. NeighborhoodScout.com search engine has revealed the neighborhoods that best combine these premium qualities, but at prices lower than you would expect for each of America’s 20 largest metropolitan areas.
Coldwell Banker featured on CBS
In case you missed it, take a look at this “Cheap Cribs” segment that CBS4 aired on April 10.
Miami-Dade Real Estate Overview
By Guest Contributor Amit Bhuta, Sales Associate – Kendall Town & Country Office
It seems like every day I get asked about foreclosures and short sales. Many times people are curious just what percentage of properties sold belong to these two categories. So instead of giving you my educated guess, I did some research and found out the true numbers for the homes that sold last month, March 2009, in Dade and Broward County.
According to the Southeast Florida MLS (Multiple Listing Service), between March 1 and March 31, 2009 there were 663 single family homes sold in Dade County and 804 homes sold in Broward County. In Dade, 402 homes that were sold, or 60.6 percent, were foreclosures — also known as REOs (Real Estate Owned). In Broward, 330 sold or 41.4 percent were foreclosures. As far as short sales are concerned, 70 homes, or 10.6 percent, were sold in Dade County compared to 131 homes or 16.3 percent sold in Broward County. Even though we hear so much about short sales and foreclosures, there were many sales that were just regular, non-distressed properties. In Dade County, there were 191 sold or 28.8 percent that were not distressed sales, compared to 343 sold or 42.7 percent in Broward County.
There were 678 condos and townhomes sold in Dade County and 886 sold in Broward County between March 1, 2009 and March 31, 2009. In Dade, 327 sold or 48.2 percent were foreclosures, compared to 366 sold or 41.3 percent in Broward. There were 95 short sales sold or 14.0 percent in Dade County compared to 77 sold or 8.7 percent in Broward County. The percentage of non-distressed condos and townhouses sold in Dade and Broward were much higher than compared to single family homes. There were 256 sold or 37.8 percent in Dade County compared to 443 sold or 50.0 percent in Broward County.
Home sales this year have gone up tremendously compared to last year. That’s because of low interest rates, prices that are many times less than half of what they were two years ago, and the $8000 check that so many people qualify for. So it seems like now is definitely a great time to invest in real estate!
Bay Harbor Islands-Miami Beach
By Guest Contributor Ellen Mitchell, Branch Manager, Bay Harbor Islands – Miami Beach office
9101 E Bay Harbor Dr, Unit #402
Bay Harbor Islands is an oasis of pampering and privilege — with oceanfront resorts, fine dining and shopping. Bay Harbor Islands is home to the Bal Harbour Shops and the world’s most complete collection of luxury fashion and wonderful views. Coldwell Banker is strategically located to service the local and international clients searching for waterfront homes and condominiums in the prestigious communities of Bay Harbor, Bal Harbour and Miami Beach. Our many top producing agents also market and sell homes and condominiums in the surrounding areas of Surfside, Sunny Isles, Keystone Point, Sans Souci, Golden Beach, Bay Point, and Fisher Island, just to name a few.
Bay Harbor Islands, located in Miami-Dade County, is a growing and vibrant community. It's hard to imagine it now, but what is a lovely community of homes, apartments and a business district was once a sand bar in Biscayne Bay.
With an array of foreign investors coming into our area and first-time home buyers taking advantage of the lower prices and interest rates, coupled with the proximity of our area to the beach, we are now seeing an upward turn in the amount of sales from 2008 to 2009.
Bay Harbor is surrounded by water and has plenty of water views from a vast selection of condo units. In the first three months of this year, 436 properties have sold with a medium price of $181,400 compared to the first three months of 2008 where the number of units sold was 400 and the medium price range was $359,900.
Prices both in single family homes and condos have dropped dramatically over the past year to nearly 50 percent.
There are currently 4,653 condominiums on the market for sale and 978 single family homes as of March 26, 2009.
Source: MLS on 3/26/09
Short sales can help eliminate foreclosure
According to the Atlanta Journal-Constitution, one step lenders are taking to help stem the tide of bank-owned homes is to accept short sales.
Short sales are different from traditional foreclosure, the article explains, because in a typical short sale, the borrower (home owner) tries to sell the home before the foreclosure auction. The goal is to then find a buyer willing to buy the house as is for well below the amount owed to the lender. The bank usually loses less by accepting a short sale than it would if it foreclosed and tried to sell it in a tough market.
Read the article now to learn more about short sales
Key Biscayne — Not Just a Day at the Beach!
By Guest Contributor Susie Abell, Branch Manager of Coldwell Banker’s Key Biscayne office.
“We must educate people today for a future in which the choices to be faced cannot be anticipated by even the wisest now among us.” – John Fitzgerald Kennedy
Education plays a huge role in the lifestyle of Key Biscayne residents. The island is home to one public school and five private schools, giving families a wide variety of top-notch educational choices.
There is also a Miami-Dade County magnet high school — the Maritime and Science Technology School, MAST Academy — on Virginia Key. It accepts students from all over the county using a lottery system.
The Village of Key Biscayne is also studying the possibility of opening a municipal charter high school. Currently, Coral Gables High School is the assigned public high school for Key Biscayne students. There are a number of private high schools off the island as well.
Key Biscayne also is home to the world-renowned L. D. Pankey Institute for Advanced Dental Health Education. The University of Miami Rosenstiel School of Marine and Atmospheric Sciences is located on the Rickenbacker Causeway.
Key Biscayne K-8 Center
150 West McIntyre St.
305.361.5418
www.keybiscayne.dadeschools.net
Pre-K through eighth grade; 1,000+ students; “A” school for the past eight years; after-school programs and after-school care available
St. Agnes Academy
122 Harbor Dr.
305.361.3245
www.st-agnes-academy.com
Pre-K through sixth grade; operated under the auspices of St. Agnes Parish and the Archdiocese of Miami; accredited by the Florida Catholic Council
St. Christopher’s By-the-Sea Episcopal Montessori School
95 Harbor Dr.
305.361.5080
Pre-K through sixth grade; 150 students; fully-certified Montessori teachers; before- and after-school care.
Key Biscayne Community Church Day School
355 Glenridge Rd
305.361.7501
Eighteen months through five years; after-school care is available
Key Biscayne Presbyterian Church Christian School
160 Harbor Dr.
305.361.2058
Two years through kindergarten
Champs
180 Crandon Blvd., Suite 222
305.365.7888
Twenty months through four years; preschool program from 9:00 a.m. to 1:00 p.m.
(Information provided by the Key Biscayne Chamber of Commerce.)
The following three properties, currently on the market, are conveniently located to all of the above schools:
Home Sales Keep Increasing in Florida
According to a Florida Association of Realtor® press release, Florida's existing home sales increased in March. That’s the seventh month in a row that sales increased in the year-to-year comparison, the release states.
It also says, “Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.”
We want to hear form you. Read the press release now and tell us what you think!
Federal Housing Tax Credit Explained
Have questions about the Federal Housing Tax Credit and what it means to you? Check out this video for some answers. What do you think about this government program? Will it help stimulate our economy?
South Florida Boating
Coral Gables Waterfront Real Estate and the Life Style Offered By Such Residences
By Guest Contributor Jose Rodriguez, Sales Associate – Coral Gables San Remo office
Coral Gables waterfront homes and their immediate access to Biscayne National Park offer a residential and recreational experience that is second to none. Biscayne National Park, the Gulf and the Atlantic Ocean provide a rare combination of aquamarine waters, emerald islands and fish-bejeweled coral reefs. Outdoor enthusiasts can boat, snorkel, dive, camp and watch wildlife such manatees, dolphins and seagulls. Or, they can simply relax while picnicking on one of the many islands that make up Biscayne National Park.
Coral Gables’ waterfront properties make boating the perfect way to explore Biscayne National Park and waters beyond. With your boat and its proximity to the open bay waters offered by the various Coral Gables waterfront communities, you can consider Biscayne National Park your back yard for you and your family to enjoy year round. Your access to all of these magnificent resources is limited only by your available time and skills as a boater.
All of the following waterfront communities are situated in Dade County's most prized and unique natural setting. All communities are within blocks of the famed Fairchild Tropical Gardens and Matheson Hammock Park & Marina. This unique setting includes ancient oaks, towering palms, Banyan shaded tree-lined streets, forever greenery and twisting waterways. This area is prized by bicyclists, joggers and nature lovers. These secluded neighborhoods are conveniently located near Miami's finest private and public schools and minutes away from all major business and retails centers.
Sunrise HarborCocoplum
Cocoplum also offers a community club house with swimming pool, lighted tennis court and a children’s play area.
Gables EstatesOld Cutler Bay
Gables By The Sea
Real Estate Buying & Selling Insight Seminars
Attend a FREE Coldwell Banker seminar to learn more about buying and selling with confidence in today’s real estate market. Free, no obligation educational forums are being offered throughout Florida in the Orlando, Tampa Bay, Sarasota, Naples/Ft. Myers, Palm Beach and Miami-Dade, Broward areas. Coldwell Banker sales associates and specialists (who represent preferred services such as mortgage, title and home warranty), will share their insight and professional knowledge about current market conditions, the Federal Housing Tax Credit Program, foreclosure or short sale options, available loan programs and moving up or downsizing. Click here, to find a seminar in your community and to register.
Fort Lauderdale, East Side Market Comments
Guest Contributor Mike Mangold, Managing Broker, Coldwell Banker SE Ft Lauderdale and Las Olas offices
In Fort Lauderdale, the single family home that has water frontage, and, ocean front high-rise condominiums have always been the cornerstone of the east side real estate market. While prices range somewhat, depending on size, location on the water, and condition, they have always commanded a value reflecting their access to the beautiful views. In doing a comparison of first quarter closed sales as reported by the Realtor Association of Greater Fort Lauderdale, we find that the market appears to be stabilizing around pricing that will probably be the basis of the next cycle.
We will watch over the next few months as the various stimulus and incentive programs continue to help market demand, and the continuing effect of extremely affordable interest rates help drive the market. Sales associates are reporting a high level of showings, a first indicator of a market turn. Every level and price range is important, since people tend to move “up” in price range whenever they go back into the market. In addition, as the economy improves, the second home buyer will return to try and capitalize on the values of recreational property, which historically out performs all others. In future posts we will continue to segment the marketplace to offer specific marketplace information.
The attached reports are closed sales reported during the first quarter for single family water front homes east of Federal Highway from The Landings through Coral Ridge, and, ocean front condominiums with at least two bedrooms and two baths from Sea Ranch to Sunrise Boulevard.
| 1st Quarter Condo Sales | |
| 2+ bedroom 2+ bath from Sea Ranch to Sunrise | |
| 2008 | 2009 |
| Highest Priced Sale: $1,060,000 (3200 N Ocean Blvd, PH 1902) Lowest Priced Sale: $179,000 (3233 NE 34 Street, #1607) Average Sales Price: $486,159 # of Sales: 38 |
Highest Priced Sale: $1,350,000 (3100 N Ocean Blvd, #2109) Lowest Priced Sale: $230,000 (4010 Galt Ocean Dr, #711) Average Sales Price: $459,208 # of Sales: 30 |
| 1st Quarter Single Family Home Sales | |
| Waterfront Homes from Cypress Creek to Sunrise | |
| 2008 | 2009 |
| Highest Priced Sale: $2,750,000 (2740 NE 17 Street) Lowest Priced Sale: $925,000 (3015 NE 58 Street) Average Sales Price: $1,497,059 # of Sales: 17 |
Highest Priced Sale: $7,000,000 (2890 NE 28 Street) Lowest Priced Sale: $530,000 (2930 NE 55 Place) Average Sales Price: $1,588,467 # of Sales: 15 |
Pinecrest and Palmetto Bay, Florida: Market Update
By Guest Contributor Judy Wolf-Seigel, Sales Associate – Coldwell Banker Pinecrest North office
The Village of Pinecrest, Florida was incorporated in 1996. It’s located between S.W. 88th St. (Kendall Drive) and S.W. 136th St., east of U.S. 1 in Miami-Dade County. It is adjacent to the southern parts of Coral Gables and south of South Miami. It is only 20 minutes from the Miami airport and 25 minutes from Downtown Miami.
Jeb Bush, the former governor of Florida, was one of the many distinguished residents of Pinecrest. What makes Pinecrest unique, in addition to its great schools and prominent citizens, is that the home sites are very large — ranging from half an acre to over one acre. Within the boundaries of the village is Pinecrest Gardens, which is the former site of the Parrot Jungle.
Located in Pinecrest is Palmetto Senior High School which boasts, as one of its alumni, Jeff Bezos — the founder of Amazon.com. Palmetto Senior High is frequently featured as one of the top high schools in America by U.S. News and World Report.
The homes in Pinecrest range in price from approximately $500,000 - $6,500,000. Here is a snapshot of the sales in the last 90 days:
| Beds | Baths | SqFt | Listing Price | LP/SqFt | Selling Price | SP/SqFt | SP/LP | DOM | |
| High | 7 | 8 | 8,874 | $3,980,000 | $522 | $3,275,000 | $415 | 106.57% | 526 |
| Low | 3 | 2 | 1,260 | $259,900 | $150 | $250,000 | $138 | 64.29% | 12 |
| Average | 4.33 | 3.52 | 3,598.81 | $1,041,985 | $271 | $889,013 | $231 | 86.42% | 138 |
| Median | 4 | 3 | 3,330 | $849,000 | $242 | $700,000 | $224 | 85.73% | 97 |
South of the Village of Pinecrest is the Village of Palmetto Bay. The Village of Palmetto Bay was incorporated in 2002 and is located between S.W. 136th St. and S.W. 184th St., east of U.S. 1.
What makes Palmetto Bay unique is that it has many beautiful parks, some of which are right on Biscayne Bay. The Deering Estate is located within the Village boundaries. A new library is being dedicated next month on Old Cutler Road and S.W. 176th St.
The public schools in Palmetto Bay are all “A” rated. Palmetto Senior High is the high school for Palmetto Bay as well as for Pinecrest. There are many fine private schools also located within the Palmetto Bay Village boundaries.
Homes in Palmetto Bay range in price from approximately $275,000 - $2,700,000. Here is a snapshot of the sales in Palmetto Bay in the last year:
| Beds | Baths | SqFt | Listing Price | LP/SqFt | Selling Price | SP/SqFt | SP/LP | DOM | |
| High | 6 | 5 | 5,272 | $1,100,000 | $359 | $986,000 | $310 | 119.24% | 623 |
| Low | 1 | 1 | 788 | $74,290 | $79 | $55,000 | $59 | 56.67% | 2 |
| Average | 3.78 | 2.53 | 2,770.4 | $504,033 | $181 | $461,036 | $166 | 91.64% | 129 |
| Median | 4 | 2 | 2,708 | $478,900 | $181 | $430,000 | $165 | 92.47% | 100 |
In the current market environment, buyers can be confident that they are buying at a time of historic low prices and interest rates. It is a great time to buy a home in one of the two premiere villages in Miami.
Judy is currently marketing the following property in this area. Click on the image below for additional information.
Pricing your home correctly
Created by Yuri Flores, Sales Associate in the Coldwell Banker Aventura office
Yuri Flores is currently marketing the following exceptional value. For additional information on this property, click on the photo
Weston, Florida – Inventory shortage?
By Guest Contributor Mercedes G. Henriksson – Sales Associate, Coldwell Banker Weston Office.
The Weston single-family market is showing signs of improvement. Listings like the property in this post have had over 10 showings during the first four days listed. This type of showing activity is not what one would expect in today's so-called "buyer's market." Its location, size, and rare offering as one of the largest models in the Ridges give us an indication of the type of property that is attracting buyers to Weston.
According to MLS data*, there are 841 active listings in Weston today compared to 950 in April 2008 — accounting for a 12 percent reduction. However, listings like this one that offer both a pool and are located on a waterfront lot are not as common. In fact, there are only three such properties in the Weston market that offer both features. Even more interesting is that this is the only one located within the desirable Ridges community. This example clearly demonstrates that inventory shortage can be experienced in the midst of what is believed to be an abundant listing market. (*SEF MLS, data pulled on 4/6/09)
Coral Gables Market Report, March 2009
By Guest Contributor Lynn Cromer, Sales Associate - Coldwell Banker Pinecrest office
According to the Realtor Association of Greater Miami and the Beaches, the Miami real estate market is showing signs of recovery. Sales of single family homes in Miami were up 47% in January 2009 compared to a year ago.
Coral Gables Real Estate Report
The Coral Gables Real Estate Report that I will be supplying monthly, will contain home statistics for the area of Coral Gables East of US1. This will then in turn be divided into homes that are on the water and homes that are not on the water.
Coral Gables Non-Waterfront Homes:
There are currently 107 homes on the market in the Coral Gables area.
- Highest priced listing: $4,200,000 (located at 8015 Los Pinos Blvd.)
- Lowest priced listing: $450,000 (short sale located at 5620 Alhambra Circle)
- Pending Sales: 5
- Closed Sales 01/09-03/09: 6
10 homes are short sales (selling a home for less than its mortgage value), while presently no bank-owned properties are currently on the market in this part of Coral Gables. Coral Gables median home price has dropped 30.9% from the same time last year, making this perhaps a very good time to purchase. This drop in price has also reflected a small surge of buyers entering into the marketplace.
The average list square foot price is $380 while the average sold square foot price was $324. The average days on the market were 262. The current rate of absorption for Coral Gables, meaning the current supply of inventory is 21 months. The formula for the supply of inventory is:
Number of homes sold ÷12 months = monthly sales
Number of homes on the market ÷number of monthly sales = supply of inventory
Coral Gables Waterfront Homes:
There are currently 57 waterfront homes on the market:
- Highest priced listing: $22,000,000 (located at 181 Leucadendra Dr)
- Highest priced listing: $22,000,000 (located at 181 Leucadendra Dr)
- Pending Sales: 2
- Closed Sales 01/09-03/09: 1 (a short sale at 5711 Granada Blvd for $1,900,000)
The average square foot list price is $842 and the average square foot sale price is $622. The current supply of inventory for waterfront homes in Coral Gables is 42 months.
Data sources: SEFMLS, March 2009
Southeast Commercial Market Update
By Guest Contributor Duff Rubin, Coldwell Banker’s South Florida Commercial Director
The commercial real estate market in South Florida has been contracting for the past 12 months. With the credit-crunch issues developing in 2008, many banks decided to stop lending to commercial real estate investors and every category (multi-family, retail, industrial and office) has seen considerable declines.
The positive outcome from this lack of available financing was a rise in CAP rates and better opportunities for “cash” buyers. It also made institutional owners motivated sellers as they attempted to shore up their balance sheets and raise cash. This change in the market also gave smaller investors a better chance at buying quality properties, as they no longer needed to compete with Wall Street buyers.
Obviously, the greatest concern to our market has been the rise in vacancy. Retail and office landlords have seen a spike in tenant defaults. With the failure of many large office and retail tenants such as Linens ‘n Things, Circuit City, Northern Telecom, Lehman Brothers and Wamu, landlords are scrambling to find replacement tenants. The net result has been huge concessions in rent. There has never been a better time to be a tenant.
The opportunity for commercial agents is leasing. No matter what the credit climate, leases expire. Businesses, whether retail or office, need space to operate and significant deals are getting executed daily. Typically, when the sales market is decreasing, the leasing market activity increases as business owners decide to delay purchases and rent instead. With lease rates at historical lows and leasing commissions at all-time highs, sales associates are finding tremendous opportunities to “cash in.”
Tenant Representation is a growing specialty in commercial real estate companies. Sales associates working with national and local companies are finding large commissions being offered by highly-motivated landlords. The other benefit of Tenant Representation is that the deal is executed nearly 95 percent of the time, compared to investment buyer agents who work with clients for months only to realize they cannot find what the buyers are looking for. The net outcome is a loss of time.
Whatever the overall market conditions, South Florida will always be one of the strongest commercial real estate markets in the country. Low taxes, strong population growth and a great climate will always drive investors, businesses and tenants to migrate to our area!
It’s a Great Time to Buy
By Guest Contributor Jo-Ann Forster, Broker Associate – Coral Gables San Remo Office
I’m often asked, “When would be the right time buy?” No time is better than now to buy real estate, and this is especially true in the Village of Pinecrest. The spacious, rural atmosphere in Pinecrest makes this neighborhood extremely desirable and is one of the 36 municipalities in Miami-Dade County, Florida. There are approximately 20,000 residents living in the Village of Pinecrest, located 15 miles south of downtown Miami and five miles from the Miami International Airport. The homes in Pinecrest range in prices starting at $350,000 to over $6,000,000. Pinecrest is also recognized for the five highly-regarded public schools and private academies attracting professional families to the area. Pinecrest is a unique community with a hometown suburban atmosphere and an urban Miami lifestyle.
Inventory of properties for sale is high in Pinecrest. There is a lot of new construction available, and sellers are negotiating great deals. Every market creates opportunities, and this market creates an opportunity for savvy buyers and investors to upsize and purchase more property in fabulous locations at an affordable price.
During the last six months the average price per square foot sold in Pinecrest has been on the decline as shown on the graph below.
Source: Trendgraphix SEFMLS Last 6 Months
The average sale to list price has been approximately 86 percent, a sign that buyers and sellers are negotiating great deals.
Source: Trendgraphix SEFMLS Last 6 Months
You may download a spreadsheet of the last six month closed sales in Pinecrest by clicking here.
In addition to market conditions, favorable interest rates and first-time buyer incentives make this a great time to buy. Speaking of great buys, I recently reduced the price on a 2007 renovated 5 bedroom/3 bath pool home on ¾ of an acre. The home has fine details everywhere and is ready to move right in. The rooms are extremely generous in size and have expansive views to the outside and a large covered patio.
6450 SW 120 Street
Pinecrest, Fl - Click Here For More Info:
5 Bedroom/3 Bathrooms
3,878 Adj Sq. Ft.
32,670 Sq. Ft. Lot
Just Reduced! $929,000
Feel free to contact me with any questions on these properties or the market conditions in Pinecrest.
Real Estate Guidance 101
Contributed by Ray & Lucy Miccio, Sales Associates in the Coldwell Banker Hollywood Office
Should I sell now? Should I wait? When will be the best time? Obviously, if you need to sell your home now, you don't have the luxury of being able to make these decisions.
As you are probably aware, home inventories are at an all time high. But what types of homes are on the market? Many homes that make up this unusually high inventory are short sales. A short sale is when a homeowner owes more money to a lender than the home's current market value. Due to a number of factors, these short sales can take much longer, in some cases as long as six months or more to close than a traditionally listed home.
Some of the other homes listed for sale are a result of foreclosures. Of those homes, a large number are described as, "as is with right to inspect". This can be a scary proposition for a homebuyer. Taking the proper steps to ensure that your home outshines all of those available on the market can make a world of difference.
One way that will give a buyer peace of mind is to include a home warranty in the sale of your home. Curb appeal is extremely important as the first thing a prospective buyer will see is the exterior of your home. Having well-groomed and attractive landscaping is greatly beneficial.
Selling a home in the current market can be tricky, but with the guidance of a qualified Realtor® familiar with your area, it can be achieved. It is always our pleasure to answer any questions and to work with you to help reach your goal!
Call or click here to find out how you or a colleague can get an $8,000 Federal income tax credit. And remember, we're busy, but never too busy for YOUR referrals
Ray and Lucy are currently marketing the following exceptional property at 1470 Sheridan in Hollywood, Florida.
Please click on the photo for additional information.
Appoint an Equity Guardian
Contributed by Mike & Lynda Morgan
Sales Associates in the Coldwell Banker Pinecrest North Office
Planning to sell your home soon? Do you know how much equity you have? When preparing to sell, determine the amount of equity received from the sale — before marketing your home.
Equity is calculated by deducting the amount you currently owe from the present value of property. The first step is to make a determination of present value. This can be done in two ways.
Ask your sales associate to perform a “comparative market analysis,” showing the recent sales prices of other homes similar to yours. The purpose is to help you arrive at a reasonable sales price for your property. Another way to establish the current value of your home is to order a certified appraisal — an unbiased evaluation of the “fair market value” of your home.
Now subtract your current loan balance from the present value. What remains is called “equity,” the part you get to keep upon the sale of your home. It should be carefully guarded from low offers and bargain hunters.
Your best protection against loss of equity is the representative that you choose. It is the sales associate’s responsibility to attract qualified buyers and negotiate the highest possible sale price. As your representative, the sales associate has a fiduciary obligation to represent your best interests. The benefit to you is the enjoyment of the highest possible amount of equity.
The Morgan team is currently marketing the following exceptional Property,
please click on the photo for additional information.
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