It's certainly been a tough year and I can't say that I'm sorry to see the year over. Although we are experiencing gorgeous 70 degree weather, which is what has always tempted folks to flock to Miami, we have had our share of foreclosures and big box store closings.
Prices are way down, which should be a positive for buying in the new year. Even in the luxury markets of Pinecrest & Coral Gables, once thought recession proof, prices are down...some as far as 30% from their peak. But the foreclosures in this market are fewer than other Miami area.
The median sales price for a 4 bedroom home in Pinecrest hovers close to $900,000.
The median sales price for a 4 bedroom home in Coral Gables hovers around $775,000 , down 19% from 3 months (trends from Trulia.com). FYI: The median price range in Coral Gables right now is 5% higher than it was 5 years ago.
I'm cautiously optimistic about the coming year. Our neighborhoods of Pinecrest, Palmetto Bay, Coconut Grove and Coral Gables, still deliver a wonderful quality of life uncompared in many large cities. Sellers and their agents will need patience and empathy, and I plan on delivering both.
I've been selling real estate in South Florida for 22 years, so I've seen my share of up and down markets. We'll get through this. I'll be there for you every step of the way.
Subscribe to my blog to keep updated as to our market trends and conditions and please comment or email at lynn@lynncromer.com me whenever you want.
Happy New Year and hang in there!
Don't miss this Utube from "Uncle Jay" (shared).
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