Good News/Bad News In Coconut Grove Real Estate
March 31st, 2011 | categories: Coconut Grove Real Estate
I’ll give you the good news first. The good news is that the Grove is taking a breather from several of the short sales and foreclosures that were sold during the months of January and February. Of the 15 single family home sales in March, only 3 were distressed. The bad news is that there were so many distressed sales in January and February that our average price per square foot fell significantly to $257.00 psf (down from $280.00 psf last year). When you take out all of these distressed sales the average price per square foot is a solid $287.00.
I continue to see and experience that despite those distressed sales the regular homes are holding their values and not being affected too badly. Most segments of the market have several good comparables to use regardless of some of the lower prices that are out there.
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly. If you are interested in selling your home I would be happy to give you a no pressure home valuation. Call me on my cell at 305.342.1623 or send me a message here.