Coconut Grove February Real Estate Market Report (Feb 2009)

Coconut Grove Active Listings - 304
    81 are "luxury listings" (ie over $1,500,000)
    35 are short sales
    15 are foreclosures
    Median List Price - $875,000
 
Coconut Grove Pending Sales - 13
    4 are "luxury listings"
    3 are short sales
    4 are foreclosures

Coconut Grove Closed Sales - 8
    1 were "luxury listings"
    0 were short sales
    4 were foreclsoures
    Average List Price - $696,999
    Average Sold Price - $643,000
    List price to Sold Price Ratio - 92%
    Higest Closed Listing - $1,500,000 -
    Lowest Closed Listing - $189,000 (a foreclosure)

What does this mean to you?  

If you have a listing in the luxury market, there is stiff competition with over 1/4 of all listings in Coconut Grove in the top 10% of Miami-Dades' pricing ("luxury listings").  Listings in the upper price point are selling at a much slower rate than the lower price points and there is over 6 years of inventory on the market (a sellers market is closer to 6 months).  In order to be a viable listing, the price must be correct and the marketing top notch.  Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly.  Most foreclosures sell quickly and close to, or above list price.  In order to have the best chance of snatching one of these deals up, work with an experienced Coconut Grove Broker who is comfortable with foreclosures (like me, hint hint ;-).  They will advise you as soon as a new property comes on the market or drops in price to be within your price range.  They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coral Gables March month in review!

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