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Miami Real Estate – New Year Update
The inventory for single family homes in Miami-Dade County has inched up in the first few weeks of 2011. There were 971 single family homes that closed in the month of December, but 723 new listings have increased our inventory from 7591 at the end of December to 8314 as of today.
This increase is not unexpected as foreclosures were put on hold while being investigated, and many homeowners don’t want to deal with showing their home during the holidays.
Miami Commercial Real Estate – Retail and Shopping Centers
Miami Real Estate – 2010 Snapshot
For single family homes as of December 2010:
- Median Price $172,000 vs $400,000 peak in May of 2007
- 8156 single family homes listed on the MLS vs a peak inventory of 17,070 in July of 2008
- Currently there is a 10 month supply. A 6-9 month supply is a stable market, so we are getting closer.
For condos as of December 2010:December 2010
- Median Price $101,000 vs $215,000 peak in January of 2008
- 15,116 condos listed on MLS vs 24,905 at peak in May of 2008
- Currently there is a 12 month supply, so we still have a ways to go to stabilize the condo market.
Florida Real Estate: No Cities Ranked Least Affordable in Latest CNN Ranking
CNN came out with their most recent ranking of most (and least) affordable cities to buy a home. The good news is that no city in Florida made the least affordable list. The bad news is that no city in Florida made the most affordable either.
Pinecrest, FL Real Estate – Short Sales Currently Available
There are currently 16 short sales, single family homes, listed on the MLS in Pinecrest. They range in price from $2.5 million down to $349,000.
Foreclosures in South Florida Are Here For A While
According to RealtyTrac, foreclosure activity in South Florida will continue at high levels through 2010 and there will be a glut of inventory through 2013.
In the current market, 60% of active buyers interested in distressed propertys and 40-50% of sales involve a foreclosure or shortsale.
When is the Best Time to Sell Your Home?
I read a blog today that seems to defy the thought that Fall is not a great time to list your home for sale. Conventional wisdom says that once a new school year starts, the sale of single family homes slows significantly. Students are settled into school, parents into their work schedules, and holidays are right around the corner. As such, most sellers wait until Spring to list their homes for sale.
Since the time a house sits on the market affects its sale, timing the market right is extremely important and is probably second only to price. The fact that inventories decrease in the Fall and Winter, is one of the reasons the KCM blog recommends listing your home now. It also suggests that buyers are more serious now and, that with interest rates at historic lows, more motivated.
What do you think? Would you be more likely to sell or buy in the Fall or late Spring/early Summer?
When Looking At Comparables, Make Sure You Are Comparing Apples to Apples
Compare Apples to Apples Not Apples to Oranges
I received a list of comparables from an agent that was making an offer on one of my commercial listings. The comps resulted in a significantly lower price than what the sellers were looking for and my knowledge of the market told me something was wrong with his research. I went through the table he had prepared and compared his square footage to the square footage in the tax rolls and realized that the program that he was using did not always have the same square footage as that in the tax rolls. Since the discrepancy between the square footage of the subject property between one program and the tax rolls was almost 12,000 square feet, I recalculated the average price per square foot, which he was using to come up with his price, based on the tax rolls. The average was $30 per square foot higher than the one he had used, which resulted in a $400,000 difference in price in the sellers favor.
Now the tax rolls don’t always have the correct square footage, but if square footage is being used to arrive at a price, make sure all of the square footages come from the same source. If he had used his original average price per square foot but multiplied it by the subject property’s square footage from the program that had the higher square footage, the price difference would have been $700,000 in the seller’s favor. That is why it is important to compare apples to apples.
Coral Gables Real Estate – Short Sales
There are currently 36 short sales, single family homes, listed on the MLS in Coral Gables. They range in price from $3.95 million to $250,000
Foreclosure Freeze Already Having an Effect on South Florida
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