This is a market report for Black Diamond in Wellington, Florida, brought to you by Mark Baker and BuyingPalmBeachHomes.com. This article will cover the current market and the types of listings that are available in the single family housing community of Black Diamond located in Wellington Florida, the current market prices and also the metrics on the 90 day sold properties including property type and financing terms. This information will provide an overview of the market for Black Diamond in Wellington, Florida.
Let’s start with the properties currently available. Currently there are fourteen properties that are on the market in Black Diamond, Wellington. Of those properties, one property is under contract, marked contingent and five properties are marked under contract pending. I often get the question: “What’s the difference between the two?” and the difference is this: if the property is still under contract marked contingent means that there are still some contingencies left in the contract that need to be fulfilled, common types are inspections and appraisals. Once those items are fulfilled, the listing should then become pending in the MLS. That leaves eight properties that are currently active and available to be purchased in Black Diamond.
Of the eight remaining properties there are four traditional sales, two short sales and two Bank Owned properties. The lowest asking prices is $249,000 for a three bedroom, two bath single family home with a little over 2500 sq. ft. under air. The highest asking price is $424,000 for a six bedrooms, 3 bath single family home with a little over 4000 sq. ft. under air. The median price of the homes in Black Diamond is $373,000 dollars.
In the last 3 months, eight properties have sold in Black Diamond. The average sales price was $549,000 with a sales price per square foot range of $101 to $137. The wide range in prices is often attributed to the number of bank foreclosures and traditional sales that are in a development. Bank foreclosures are typically discounted because of deferred maintenance and repairs that are required, so just naturally the price per square foot is going to be lower than a traditional sale where the owners have maintained the property up until the day of sale.
So, if you are bidding on a bank foreclosure in Black Diamond, you have to take into account the square foot range and adjust the price accordingly. This is part of the service that I offer my customers: my experience and the knowledge of the marked dynamics within that community.
In review of the eight sold properties, six were traditional sales, no short sales and two were REO properties that have sold within the last 90 days. As far as the financing terms of the deals that have closed, 2 were cash, 5 were conventional mortgages and one was FHA/VA.
The average days the homes for sale have been on the market is 85 days and with bank foreclosures it would be less than the average and normally on the traditional sales a little bit more. Traditional homes are asking for a premium and it takes a little bit longer to get them under contract and you know some flexibility upon a closing whereas a bank normally wants to close quicker. Bank foreclosures are typically on the market for 10 days before the bank starts to collect the bids, and then go immediately under contract if it’s a sought after aggressively priced property. Typically 45 to 65 days on market is good estimate for a bank foreclosure.
If you are looking to buy or sell a home, let me put my experience in Black Diamond to work for you. I have extensive knowledge of the homes for sale within Black Diamond and video tours of different models within Black Diamond. I only work with experience agents that know the current market and can help you assess your options. Thank you for watching this market report for Black Diamond in Wellington, Florida. You can contact me at 561-768-7968 or you can visit me online at BuyingPalmBeachHomes.com.
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