Prices of luxury homes in Palm Beach Gardens executive community of San Michele dropped about 14 percent in the first eight months of 2009 compared with the same period in 2008.
And sales are sluggish in the community with just one home sold through August in 2009 compared with four homes sold through August in 2008.
The single home that sold in San Michele during 2009 was priced at $198 per square foot, while the four homes that sold in the community during 2008 averaged $231 per square foot. And while it is difficult to compare sales between the two years since only one home sold in 2009, the numbers do reflect the market value of homes in the community.
While only one home sold in San Michele this year, there are two more under contract, one of which is a short sale. There is no indication of when the homes under contract will close.
There are currently 11 active listings in San Michele, priced from $850,000 up to $2,295,000.
San Michele is an upscale executive community in the northern part of Palm Beach County just south of Abacoa. It is convenient to major roadways, shopping and restaurants.
If you are interested in buying or selling a home in San Michele or in any community within Palm Beach Gardens, West Palm Beach, Jupiter, Juno Beach or North Palm Beach, please contact The Weiss-Clawson Team directly. We conduct research on sales and real estate market trends throughout Palm Beach County and share our insights with our clients.
We look forward to hearing from you and to working with you.
Comments (0)Subscribe to CommentsComment