In 2010 there were 16 short sale properties sold in Coconut Grove which made up approximately 6% of the total volume ($8,303,000 out of $127,606,000) that year. So far this year there has been a total of 8 short sales closed making up approximately 11% of our total volume ($6,900,000 out of $60,597,000).
The average “sales price/sq. ft.” for a short sale is significantly lower than a non-short sale property (about $234.00 vs. $287.00), but keep in mind when making an offer that the list price to sale price ratio is the same as a typical sale – approximately 90%. All above figures include only north and south Coconut Grove and exclude west Grove.
The increase in the amount of short sales this year tells me that the short sale process is getting smoother and quicker for sellers and buyers. Every day that goes by the banks are figuring out how to push these sales through faster without having them fall into foreclosure.
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 Coconut Grove 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.