I pride myself on telling it like it is when it comes to discussing the real estate market. I think that clients and blog readers appreciate my straightforward, honest approach. That being said, you have likely read in the news how great the market is in Miami and about skyrocketing home values. While these facts are true in many regards, there are certain segments of the market that are really struggling.
Here are a few of my observations:
- The $1,000,000 – $2,000,000 homes are taking longer to sell. Check out the most recent 4 sales listed between $1,000,000 – $2,000,000. They have an average “Months On The Market” of 9.
- 2592 Overbrook Street | Sale Price: $1,090,000 | Months On The Market: 4
- 4066 El Prado Boulevard | Sale Price: $1,010,000 | Months On The Market: 9
- 3745 Solana Road | Sale Price: $1,425,000 | Months On The Market: 14
- 2600 Hilola Street | Sale Price: $1,393,000 | Months On The Market: 9
- The $2,000,000 – $3,000,000 price point in Coconut Grove has stalled. This segment is not moving at all. Although there are 28 homes listed in this price range, there has not been one pending sale between $2,000,000 – $3,000,000 since June of 2015, and not one closed sale since July of 2015.
What is the strongest segment? In my opinion the $1,000,000 and below homes have increased the most in value during the past 12 months, and continue to sell in the quickest amount of time – typically 45 days or less.
It is essential for buyers and sellers to work with a real estate agent who tracks the numbers and follows the market. If you are interested in selling your Coconut Grove home and would like a no pressure home valuation, please click here to schedule an appointment. I would be happy to sit down with you and review the recent comparables.