The War Room
March 20th, 2009 categories: Selling Real Estate in Coconut Grove
I keep track of all of the sales in Coconut Grove on these boards in my office. I admit it is kind of antiquated, but I prefer to look at the information all at once as opposed to flipping through a bunch of spreadsheets on the computer. It also helps when someone calls to get a valuation of their home, this way I have all the comps right at my fingertips.
Looking at the numbers today, I noticed that Coconut Grove has the same number of sales so far this year as we did last year at this time. In both 2008 and 2009 we saw 13 homes closed January through March. The major difference? The price per square foot of homes sold to date in 2009 has been $312.00 while the average price per square foot of homes sold during the same time period in 2008 was $387.00. Hypothetically speaking, if you bought a 2,500 square foot house in 2008 you would have paid $967,500 whereas if you bought it now you would pay $780,000.
Also interesting is that of the 9 homes that have gone under contract this year, 7 are distressed sales and the other 2 were priced at land value only.
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