In doing some research for a listing appointment here in Coconut Grove I noticed some surprising figures. There have been no homes to sell in the price range of $800,000 to $1,000,000 in the past 5 months and only 1 between $700,000 and $1,000,000 in the past 6 months. I remember back during the boom this was the hottest price point here in Coconut Grove. Now the most active price range has come down to the $400,000 to $600,000 range.
Today there are only 30 homes priced between $700,000 and $1,000,000 on the market in Coconut Grove. This low amount of inventory could certainly account for the lack of sales.
If you are one of the 30 homes priced between $700,000 and $1,000,000 the best advice I can give is to price your home as close to market value as possible and take off the large cushion you have on top of the asking price. Buyers are hesitant to submit an offer when they think the seller is out of touch with the market.
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don't hesitate to contact me at 305.342.1623 or send me a note here.
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