Take a look at the above graph. Anything jump out at you? Hmmm, perhaps the Jolly Green Giant? What is that you ask? It's the number of single family homes in the $100,000 to $250,000 that have sold in 2009 which were REOS (bank owned foreclosures). This is the overwhelming largest property type that has sold so far in 2009. Nearly 2/3 of all of the properties closed in 2009 have been foreclosure and of those, the largest majority by far closed for $100,000 to $250,000 sold price range. Although a few of these properties had Dade County appraised market values of up to $600,000, most had a Dade County market value of +- $250,000, still good deals, but not overwhelming steals.
This also shows that "regular" sellers in any of the price ranges up to $500,000 have to compete head to head with foreclosures and short sales, but those over $500,000, especially at the higher price points, do not. They do, however, still have buyers out there with the "I have to get a deal" mindset, but at least there are banks willing to feed them what they want (REOs) as readily as in the lower price brackets.
If you would like to further discuss how Miami's real estate market might affect your purchase or sale of a home, please contact us today, we'd love to meet you!
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