We all know that the number of listings in Coconut Grove is down. Part of it is due to the time of the year (i.e. the holidays) but as I talk to residents in the Grove and go on my listing presentations it seems that most people are just STUCK and cannot sell.
In general, if you purchased a home in the last 5 years (even if you put down 20%) you are upside down on your mortgage. Meaning you currently owe more than your home is worth and you cannot sell unless you are willing to bring money to the table or negotiate a short sale with the bank. I believe this is the number one reason why our inventory levels are so low right now, and unfortunately I don't see an end in sight.
The good news is that for those of you who can afford to sell, this should help push prices up slightly as there is such a lack of quality homes for sale in the Grove today.
To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here.
If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.
This post can be read in its original form by clicking here.
Comments(0)