Real Estate Déjá Vu
1996 History Repeats Itself in 2007
Good news! I just sold two Coconut Grove homes.
Now price ranges are distinctly different. Today a home I had sold in 1997 at 4171 Pomona for $160,000 has just resold for $599,000. It had been maintained, but had no significant updates. The same is true in the upper price ranges. In a gated community in South Grove I had had a home listed in 1997 on and off for two years in the $600,000 range. It finally sold in 1999 for $575,000. After a year on the market in 2006 and 2007 in the 2.2 million range I hear that it now has an offer working. Again it is essentially the same house. No changes or updates.
of 1996 there were 24 single family homes over one million dollars for
sale and none pending. Today there 143 homes on the market over one
million and fifteen are pending.
The average price for a single family home in North Coconut Grove in 2007 is $1,104,333.
interesting key here is that the real estate market conditions are so
similar to 1996 when I wrote the article. I would say the exact same
thing to a seller today. Many buyers are echoing the sentiment they
expressed in 1996.
Both North and South Grove homes are selling quickly if well priced. There are tremendous selections in the Gables and County and the taxes are less. In a price sensitive market where the days of "play money" and "quick profits" are gone buyers sharpen their pencil. All buyers today face higher insurance premiums which dramatically affect their monthly payments. Every nickel counts! Most important the homes must be in superb condition! Busy professionals in this market do not want to be bothered with repairs and remodeling. "Handy man Specials" are still in demand, but at drastically reduced prices. Permits and zoning are much stricter and good workmen are harder to find!
I believe that
we live on our Biscayne Bay with our marvelous trees in one of the best
of the world. BUYERS STILL WANT TO LIVE HERE TOO! In the last month we
sold to buyers from the Far East, Europe, Latin America, Kansas, and
Excerpts from the Coconut Grove Times 1996
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