Recently, I have had many clients calling to ask about the latest equities market volatility and apparent panic selling that has occurred on Wall Street over the past few week (largely attributed to the troubled US housing sector). While it is true that the credit standards have tightened over the past six months (especially for non-conforming jumbo loans), it is notable that for *well qualified* buyers interest rates have actually declined recently.
Once again, I have found that properties that are priced correctly (2004/2005 closed sales range), ARE selling!!!
Notable Miami Beach sales & pending residential contracts by TheKleerTeam for August, 2007:
- Sunset Harbour South Tower #2411 - Two Bedroom/Two Baths- at $430/S.F. ($490K)
- Sunset Harbour North Tower #1802/#1804 -Three Bedroom/Four Baths- at $468/S.F. ($1,190,000)
- Contract Pending - Palm Island - 275 N. Coconut Lane asking $2,990,000 - Five Bedrooms/Four Baths- Palm Island. This home was purchased in January, 2004 for $2,075,000. Once again proving that even with current market volatility, properties that are priced right do bring traffic and offers. Most notable is that this waterfront home on Palm Island has been shown well over ONE HUNDRED TIMES during the listing period!
- 1199 Bay Drive - Normandy Island, Miami Beach single family home. Four Bedrooms/Four Bath home scheduled to close in two weeks. This property had two bidders recently, with the final contract price falling into the above mentioned sales formula.
It is our experience that by combining targeted local and international marketing campaigns along with a focused and team-oriented sales approach, we CAN get properties sold and closed in relatively short time periods. Our commitment as sales professionals is to communicate regularly and honestly with buyers and sellers as to market conditions (inventory levels, latest closed sales comparables, feedback from colleagues and clients, overall traffic, response to advertising, etc.).
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