We have fewer and fewer clients who are interested in buying foreclousres these days. In my opinion, the negatives outweigh the positives for a typical buyer. First, you usually have to pay with cash. Second, foreclosures are poorly maintained and are missing appliances which can be discouraging. Finally, if the house is priced below market value you must be willing to put in an offer on the spot which makes buyers nervous.
Lets take a look at the Coral Gables foreclosure market in 2010:
- There have been 17 foreclosures sold.
- Only 4 have sold above list price.
- Average selling price: $442,000
- Average Sale/List Price Ratio: 93%
- Average Sale Price Per Square Foot: $177.00 (The rest of Coral Gables is at $280.00)
- Sales Prices range from $615,000 to $63,500
There are currently only 7 foreclosures for sale in Coral Gables and they have all come on the market within the past few months. To view a list of these Coral Gables foreclosures, please click here. The average list price per square foot of these properties is $307.00. It has been my experience that if a foreclosure doesn't sell within the first few weeks of coming on the market then it was not priced correctly. Buyers should be aware that not all foreclosures are priced below market value.
If you are interested in buying or selling in Coral Gables and are looking for a local realtor, don't hesitate to contact me at 305.342.1623.
To view this post in its original form, plesae visit my Coral Gables Real Estate blog.
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