If you are looking for some great spots to visit in Southwest Dade, whether you are a local or a visitor, you will be sure to find some great locations on the Redland Tropical Trail and The Redland Riot.
Orchids, Alligators, Wine, Fruit, Monkeys, Stickie Buns and Tea are just a few things you might expect on your trip. Keep an eye out for such oddities as pythons, peacoks and more as you drive through the scenic and lovely rural agricultural area of Southwest Dade known as Redland (or The Redland or Redlands depending on who you speak to).
Coral Gables Active Listings - 561 (similar to last month) 236 are "luxury listings" (ie over $1,500,000) (same as last month) 52 are short sales (same as last month) 10 are foreclosures (less than last month) Median List Price - $1,175,000 (up from last month)
Coral Gables Pending Sales - 80 (Way Up from 40 last month) 6 are "luxury listings" (same as last month) 19 are short sales (up from 15 last month) 14 are foreclosures (up from 8 last month)
Coral Gables Closed Sales - 10 (down almost 66% from last month) 3 were "luxury listings" 1 was a short sale (down from 4 last month) 0 were foreclsoures Average List Price - $2,388,000 (three times as high as last month) Average Sold Price - $2,082,000 (three times as high as last month) List price to Sold Price Ratio - 89% (same as last month) Higest Closed Listing - $12,900,000, a short sale (up from $2,500,000 last month) Lowest Closed Listing - $440,900 (up from $123,000 last month)
What does this mean to you?
If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coral Gables in the top 10% of Miami-Dades' pricing ("luxury listings"). Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.
If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coral Gables Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.
Check back next month for the Coral Gables May month in review!
Redland Active Listings -369 (similar to last month) 36 are NEW listings 10 are "luxury listings" (ie over $1,500,000) - 102 are short sales 29 are foreclosures Median List Price - $399,000
Redland Pending Sales - 74 0 are "luxury listings" 21 are short sales 35 are foreclosures
Redland Closed Sales - 10 0 were "luxury listings" 3 were short sales 5 were foreclsoures Average List Price - $264,838 Average Sold Price - $240,000 List price to Sold Price Ratio - 95% Higest Closed Listing - $750,000 Lowest Closed Listing - $177,500; a foreclosure
What does this mean to you?
If you have a listing in the market, there is stiff competition with over 1/3 of all listings in the Redlands being "distressed" properties, ie short sales or foreclosures. Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.
If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Redland Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.
Check back next month for the Redland, FL May month in review!
Coconut Grove Active Listings -278 (similar to last month) 34 are NEW listings 87 are "luxury listings" (ie over $1,500,000) - (similar to last month) 31 are short sales (similar to last month) 9 are foreclosures (fewer than last month) Median List Price - $812,500 (down from $899,000 last month)
Coconut Grove Pending Sales - 28 (up from 17 last month) 3 are "luxury listings" (same as last month) 7 are short sales (double to last month) 8 are foreclosures (up from last month)
Coconut Grove Closed Sales - 5 (half as many as last month) 1 was "luxury listings" (down from 4 last month) 0 were short sales (down from 1 last month) 2 were foreclsoures (same as last month) Average List Price - $2,309,000 (down from $1,850,000 last month) Average Sold Price - $1,720,000 (up from $1,311,000 last month) List price to Sold Price Ratio - 87% (same as last month) Higest Closed Listing - $6,000,000 (up from $3,700,000 last month) Lowest Closed Listing - $465,000; a foreclosure
What does this mean to you?
If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coconut Grove in the top 10% of Miami-Dades' pricing ("luxury listings"), Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.
If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coconut Grove Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.
Check back next month for the Coconut Grove May month in review!
If short sales are popping up in your area or even dominate it, you don't have to show too many buyers before you realize that, as much as you have wanted to avoid them, it might no longer be possible. Working with buyers on a short sale can be extremely frustrating for both agent and buyer if you are not familiar and comfortable with the special nuances of a short sale, and especially those that effect the buyer.
Short Sale seminar for Realtors
Listen to the sessionhere!
The age old adage "buyer beware" has been turned upside down in South Florida. These days it's "seller beware". For the many thousands of homeowners who find themselves upside down in their mortgages and unable to either keep up their payments or sell their homes, the scammers have come out en mass as "loan modification specialists", "home savers" and more creative terms to try and trick you out of your money and, in the worst cases, your home!
Here are just a sampling of things our short sale seller clients were told by other "professionals" before they selected Papillon Real Estate, LLC to help them market, sell and CLOSE their short sale property(s):
"Just let me collect the rent for you as an "advance" on the expenses I will have selling your short sale". (Umm, excuse me, but what expenses would the Realtor have that they wouldn't have with a regular sale and isn't that what the commission is for?)
"Just pay me $X (insert $1,500 to $10,000) to procure a loan modification for you" (and bye bye money and many wasted months as foreclosure creeps ever closer.)
"I have an investor for your property, take it off the market and I will take care of everything" (this seller actually lost their home to foreclosure after the "investor" never materialized and the "professional" disappeared)
"Sure, I know how to market short sales!" (as the "professional" put absolutely ZERO photos or description in the MLS, just a bunch of disclaimers, yeah, that's going to entice a buyer to select your home out of 13,000 others on the market!
Don't let yourself fall prey to these South Florida scam artists. Remember, if it sounds too good to be true, it may well be. If the professional wants a large sum of money upfront, investigate them; see how long they have been in business by using www.Sunbiz.org and check the status of their license and make sure there are no complaints (www.MyFlorida.com is good for this). Are they an attorney? A Real Estate Professional? What did they do to earn their living before the this outbreak of Short Sales and Foreclosures? Hint: if it wasn't Real Estate Law or Real Estate Brokerage, that smells like an Opportunist, not a Professional.
If your property is even ONE payment behind, you do not have time to spend on snake -oil salesman, you need to find a professional who is truly out to help you navigate this tough time. If you intend to KEEP the home, you can likely try and work out a modification on your own, but if you choose to hire someone to help, interview THREE and really be comfortable with what they are telling you. If you just can't keep the home, give us a call, we are here to help you market, sell and CLOSE your South Florida Short Sale Property. We don't charge you a penny and we only get paid when the property SELLS, and that comes out of the proceeds to the lender from the sale, not your pocket! We are the Owners and Brokers of our real estate firm and we have the experience and knowledge to work on your behalf to sell your property and let you get on with your life!
Coral Gables Active Listings - 601 (same as last month) 238 are "luxury listings" (ie over $1,500,000) (same as last month) 48 are short sales (same as last month) 15 are foreclosures (same as last month) Median List Price - $996,000 (same as last month)
Coral Gables Pending Sales - 47 (same as last month) 6 are "luxury listings"; one is a short sale (same as last month) 15 are short sales (same as last month) 8 are foreclosures (down from 1/4 from last month)
Coral Gables Closed Sales - 28 (up almost 50% from last month) 5 were "luxury listings" (up nearly 50% from last month, 1 short sale) 4 were short sale (up from 1 last month) 9 were foreclsoures (up from 6 last month) Average List Price - $887,000 (up $100,000 from last month) Average Sold Price - $750,000 (up $75,000 from last month) List price to Sold Price Ratio - 90% (same as last month) Higest Closed Listing - $2,500,000, a short sale (up from $1,900,000 last month) Lowest Closed Listing - $123,900 (a foreclosure) (down from $189,000)
What does this mean to you?
If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coral Gables in the top 10% of Miami-Dades' pricing ("luxury listings"). Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.
If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coral Gables Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.
Check back next month for the Coral Gables March month in review!
Coconut Grove Active Listings -287 (same as last month) 86 are "luxury listings" (ie over $1,500,000) - (same as last month) 36 are short sales (same as last month) 14 are foreclosures (same as last month) Median List Price - $899,500 (same as last month)
Coconut Grove Pending Sales - 17 (up from 13 last month) 3 are "luxury listings" (down from 4 last month) 3 are short sales (similar to last month) 6 are foreclosures (up from last month)
Coconut Grove Closed Sales - 11 (up from 8 last month) 4 were "luxury listings" (up from 1 last month) 2 were short sales (up from 1 last month) 2 were foreclsoures (down from 4 last month) Average List Price - $1,580,000 (up from $650,000 last month) Average Sold Price - $1,311,000 (up from $623,000 last month) List price to Sold Price Ratio - 86% (down from 92% last month) Higest Closed Listing - $3,700,000; a Short Sale (up from $1,500,000 last month) Lowest Closed Listing - $123,000; a foreclosure
What does this mean to you?
If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coconut Grove in the top 10% of Miami-Dades' pricing ("luxury listings"), This is UP from 1/4 in February. Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.
If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coconut Grove Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.
Check back next month for the Coral Gables March month in review!
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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