Wow, the Spring Selling Season is definitely here in Miami! Our office alone has had three consecutive weeks with over $30 million in real estate transactions and two of those weeks we were over $35 million. Sales continue to outpace listings and 30% of our sales were at or over asking.
Coral Gables had a phenomenal 2014 for real estate sales. There were 520 closed sales from January 1, 2014 through December 31, 2014 and 218 of those were cash sales. The highest priced sale for the year was for a 21,000 square foot, waterfront home in Tahiti Beach, listed by One Sotheby’s Saddy Delgado and sold by Irina Artemova of Luxe Living Realty for $18,000,000. Both the number of closed sales and the number of cash sales were down from 2013, which reported 607 closed sales, 224 of which were cash, but the percentage of cash sales was higher in 2014 at almost 42% of all transactions.
Now that we are in the second week of 2015, almost all of the Pinecrest real estate sales for 2014 have been recorded in the MLS. There were 246 closed sales reported with a high sales price of $5.5 million for a stunning 12,000 square foot home on 60 Avenue, listed and sold by One Sotheby’s Saddy Delgado. Though slightly down from 2013’s level of 253 closed sales, 2014 was a great year to be a seller in Pinecrest! Almost 39 percent of the homes sold this year were cash sales compared to 30.4 percent of 2013’s sales.
As we start to get into the busy winter buying season, EWM Realty International has gotten off to a strong start. The company had a $70 million week between our offices in Miami-Dade and Broward Counties. The breakdown for our Miami-Dade offices are:
The highest sale in our Coral Gables office was for a unit at the Faena House, pictured above, for $5.5 million .
I usually save my market updates until the end of the quarter, but with so much activity going on I figured I should write a quick snapshot in case you are thinking of buying or selling a home in the next couple of months.
Since January first of this year, there have been 58 new listings of single family homes for sale in Pinecrest. Out of those new listings, 13 are already under contract, two are short sales and one is a foreclosure. A total of 17 homes have gone under contract since January first and there has been one closing, which is pictured above. The majority of the pending sales were for homes under $1,000,000. Six of them are short sales and one is a foreclosure.
If you are thinking of selling, now is the time. There are buyers out there looking and if your property is priced right, it will go under contract quickly. If you are a buyer who has been looking for a while, don’t hesitate in making a solid offer when you see the house you like.
Today during our open house tour, I was pleasantly surprised with a series of new single family homes for sale in North Coral Gables. With the exception of 1220 Capri, which is beautifully updated, these are all Old Spanish homes that have been modernized without losing the character that buyers of Old Spanish homes look for.
All listings are courtesy of EWM International Realty.
Total sales (24) still outnumbered total new listings (11), which is to be expected in the middle of the holiday season. Buyers are still out in full force and are purchasing in all price ranges. The highest sale in our office was the home pictured below. It sold for $7,030,000 and was listed by EWM.
Total sales (24) still outnumbered total new listings (11), which is to be expected in the middle of the holiday season. Buyers are still out in full force and are purchasing in all price ranges. The highest sale in our office was the home pictured below. It sold for $7,030,000 and was listed by EWM.
Realty Trac’s November Foreclosure Market Report shows that foreclosure start in Florida dropped 18.02% from the previous month and a whopping 45.9% drop year-over-year; completions were down 2.72% month-to-month and 15.59% from previous year; and overall foreclosure activity was down 15% and 23% respectively.
These decreases show that the foreclosure crisis is almost over, but the Florida still leads the nation in foreclosures, with one in every 392 homes getting a foreclosure filing and Miami is one of the highest cities with foreclosures in Florida. There are currently 617 Miami-Dade foreclosed homes listed on the MLS.
