Single family home values in the Palm Beach Gardens community of Montecito are beginning to stabilize, even increase as short sales and foreclosures continue to dominate the market.
Nine single family homes have sold in Montecito through early October 2010 averaging $109 per square foot. That is more than 10 percent higher than 2009 sales of single family homes which averaged $98 per square foot.
Townhomes in Montecito have slipped slightly in value going from $107 per square foot in 2009 down to $104 per square foot through early October 2010.
There are currently 14 properties on the market in Montecito, 10 of which are short sales or foreclosures. There are some very good deals for savvy buyers in this community.
Montecito is a realtively new community, built in 2005 and 2006 at the height of the housing price boom. Investors bought many of the units in the pre-construction period and were able to flip for higher prices. But shortly after that round of sales prices began declining leaving owners with mortgages higher than the value of their property.
The Weiss-Clawson Team researches market trends in communities throughout Palm Beach Gardens and Palm Beach County to provide the most up to date information for our clients. If you are interested in buying or selling a home in Palm Beach County, we would like to help you. Please contact The Weiss-Clawson Team directly. We look forward to hearing from you.
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