There is a house on Kumquat Avenue (click to view details) in South Coconut Grove that I always keep an eye on because it was one of my first transactions as a Realtor. Now that the home is listed as a short sale, I feel that its’ history is the perfect example of the roller coaster ride we have been on in the real estate market here in Coconut Grove.
- The home was purchased by my friends for the full asking price of $349,000 in 2002.
- They got married, had a baby and resold the house with me for $500,000 in 2005.
- It was quickly put back on the market by the new owners and sold 1 month later for $595,000 in 2005.
- Put back on the market by the subsequent owners at $700,000 in 2007.
- Reduced to $690,000, $630,000, $610,000, $449,999, $424,999 and finally $399,999 where it is listed as a short sale. Update: As of 5/2009, this house was still on the market and priced at $325,000.
This video is a great illustration of the real estate market as a whole since 1890. Keep an eye on the bottom right hand corner for the year that coincides with the ups and downs of our real estate market. The last minute is an unbelievable ride to the top compared to the rest of the years. Make sure your volume is turned on. Enjoy.