[youtube]http://www.youtube.com/watch?v=UMdFQogX7JM[/youtube]
This years Fairchild’s International Mango Festival features the mangos of Hawaii.
New single family homes listed since July 1.
- 8 in Coral Gables. Priced from $349,900 to $13,475,000
- 7 in Pinecrest. Priced from $585,000 to $2,099,999
- 5 in Coconut Grove. Priced from $450,000 to $1,300,000
- 3 in Miami Beach. Priced from $399,900 – $8,650,000
The National Association of Realtors released their 2011 National Housing Pulse Survey, which concluded that 72% of renters still want to own a home in the future.
How does the housing market look in Pinecrest half way through 2011? Below are the numbers for single family homes. Note that all of these are going to change a little due to status changes that happen at the end of the month, but are not updated in the MLS until the following month. As of 6/30/2011:
- Closed sales: 90. Low of $270,000, high of $4,000,000. 7 were bankowned (REO), 10 are short sales or approximately 19% distressed sales. 57 closed in the second quarter.
- Pending sales: 48. Low of $265,000, high of $2,150,000. 3 are REO, 17 are short sales. Almost 42% are distressed sales.
- Active sales: 160. Low of $269,900, high of $5,000,000 ($4,999,999 to be exact!). 3 are REOs. 14 are short sales. Only 11% distressed listings. 64 were listed in the second quarter.
What does this mean if you are a seller? If you want to sell your home during the end of the summer buying season, drop your price now. Homes are selling and people are still looking to buy in Pinecrest because of the quality of the public and private schools, parks, and good size lots. If your home needs a lot of work, you are going to have to drop the price even further. Buyers are looking for homes that need minimal updates. If you don’t drop your price now, you are going to have to drop it even further come the beginning of the school year.
If you are a buyer, the numbers mean there aren’t as many “deals” in terms of short sales and foreclosures. Those that are on the market, are priced well, and in reasonably good shape are going to have multiple offers, because there are fewer of them. If you are financing your purchase, you are better off using the numbers to make an offer on a well priced, non-distressed listing.
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Happy 4th of July!
The Dolphin Mall Free Summer Kids Movies
We are half way through the year and the market has been moving. Sales are up, mostly due to lower prices. As of June 30, the single family home market in Miami Beach for the year so far is as follows:
Closed sales: 94. Low of $190,000 to a high of $25,500,000. 9 of the closed sales were foreclosures, 6 were short sales. Only 16% were distressed sales. 49 closed in the second quarter.
- Pending sales: 57. Low $200,000 to a high of $14,900,00. 2 of the pending sales are foreclosures, 23 are short sales. Almost 44% distressed. 21 went pending in the second quarter.
- Active sales: 282. Low of $205,900,high of $49,995,000. 16 are short sales, 1 is a foreclosure. Only 6% distressed. 76 of the active sales were listed in the second quarter.
What does this mean if you are a seller? The good news is that the majority of the closed sales are not distressed sales. If you are priced right for a buyer’s market, you have a closing window of opportunity to sell at a higher price than you will get later this year. I think prices of active listings are going to come down as we come closer to the end of the summer buying season.
What does this mean if you are a buyer? Many buyers are still looking for a “deal” without realizing that they are already looking at one. Just because a property is not a foreclosure or a short sale, does not mean it is not a good deal. A lot of sellers have come down significantly in their pricing, in large part due to the pressure of distressed properties on the market. As the distressed properties listed for sale decrease, they become less of a factor on the overall market. If you are financing your property and only looking at distressed sales, you are going to have even more frustration as you are competing with cash buyers.
Note: These numbers are going to change a bit due to fluctuations at the end of the month when a lot of properties status changes, but those changes don’t get recorded in the MLS until the following month.
FRIDAY’S Wine Tasting at L’Atelier Gourment
SWEET VS DRY
July 1st 6pm to 9 pm
** L’Escloupey – Cadillac 2003
Type: White Wine Origin: France
** Château Nacaze – Gaillac 2008
Type: Red Wine Origin : France
** Chamarré – Jurançon 2003 (92 pts Wine Spectator)
Type: White Wine Origin: France
Fournier – Sauvignon Blanc 2008
Type: White Wine Origin: France
Château Grand Lartigue – St Emilion 2005
Type: Red Wine Origin: France
Baron de Hoen -Gewurztraminer 2009
Type: White Wine Origin: France
SPECIAL DEAL only during the wine tasting : ** BUY 3 GET 1 FREE of same wine
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Miami Spa Month Starts Now!
Miami Spa Month is actually two months, July 1- August 31, of discounts and specials to treat yourself during the hot, humid months of summer.