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Pinecrest, Florida Real Estate Update January 2009
Single Family Homes
- Total single family sales in January 2009: 10
- Highest price: $1,750,000
- Lowest price: $261,000 for a bank owned foreclosure
Pending Sales: 23
Active: 294 Highest price: $6,499,000 Lowest price: $299,900 bank owned foreclosure
Condos – Closed Sales
- Total condos sales in January 2009: 0
Pending Sales: 23
Active: 33 Price range: $1,150,000 – $99,000
Why Homeownership is Like Drinking Red Wine
Both are good for your health! According to a recent U.S. News & World Report article there are more than just economic benefits in owning your own home. "People have more extensive social support systems, and that has a potential positive impact on health," according to William Rohe, professor of city and regional planning at the University of North Carolina. Although the individual health benefits of homeownership are unclear and other factors such as education and income level may come into play, there is proof that homeownership is good for children, because it provides stability, and the community because homeowners have a reason to invest in their community through voting, philanthropy, and volunteering.
Like the health benefits of wine, however, the benefits of homeownership can turn into liabilities if you overindulge. Too much wine on a short-term basis can cause a nasty hangover and in the long run can lead to liver damage. Kind of feels like today’s real estate market.
Coral Gables, Florida Real Estate – Annual Market Summary 2008
Single Family Homes
- 2% increase in sales of single family homes from 2007 to 2008.
- Total sales of single family homes increased from 318 in 2007 to 325 in 2008.
- If you average the number of homes sold in the last quarter of 2008, there is still a 23 month supply of single family homes for sale in Coral Gables.
Condos
- The number of sales of condos decreased 19% from 2007 to 2008 from 141 to 114.
- There is 37 month inventory of condos.
- The median price in December 2008 was $250,000 down from $1,005,000 in December 2007.
8 Reasons Why Now is the Perfect Time to Buy Real Estate
Okay, so things are scary out there. You can’t open a paper, turn on the t.v. or listen to the radio without hearing doom and gloom news. Layoffs, no one is shopping, increasing unemployment, the stock market fluctuates wildly. But, since people are scared and aren’t buying much of anything, it is the perfect time to buy real estate. As Warren Buffet once said, “…attempt to be fearful when others are greedy and to be greedy only when others are fearful.” Reasons now is the time to be greedy: Read the rest of this entry »
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