"In the Miami-South Dade metropolitan area, a number of oases exist. Close-in communities such as Coral Gables are handling the downturn far better than more distant, lower-cost communities such as Homestead and Florida City, which have seen extensive new construction in recent years."
"Maurice J. Veissi, owner of Veissi & Associates Realtors of Miami, tapped into MLS statistics and found that Coral Gables has seen average sales prices rise from $1.2 million in January to about $1.4 million as of June 30. In Homestead, the average sales price has remained relatively flat - about $320,000 - while prices in Florida City have declined on average. Inventories of unsold homes in the latter two areas exceed three years' worth of sales, according to Veissi."
"'In my 38 years in real estate,' he said, "I have never seen a market where more expensive properties have stayed relatively healthy, while entry-level houses are the toughest to sell.'"
Now, just a few months later Coral Gables homes like this one are seeing significant discounts. This one is priced 30% below its purchase price just one year ago. Is the the Coral Gables market still "relatively healthy" Mr. Veissi?
1524 CECILIA AV, Coral Gables, FL 33146
- 3 Bed, 2 Bath SFH
- Bought in November 2006 for $1,400,000
- On the MLS for $975,000
- Days on the MLS: 37 Days
- Loss before the Realtor® commission: $425,000
- Loss after the Realtor® commission: $483,500
New request: I am looking to add "buyers" that have multiple distressed properties for sale. If you know of any, please provide a link or MLS listing to one of their properties. I want to highlight some of speculators that were caught holding multiple properties.
Stumble It!
11 comments:
I apologize for the sporadic postings lately. Unfortunately, I’ve been absolutely slammed at work these past couple weeks. During those times, I have to put my profession first and put my hobby (this site) temporarily on the backburner.
Things should be getting back to normal at work, which will allow me to once again start posting on a regular, daily basis.
In the mean time, I got caught up with these daily F@cked Buyer posts. I concentrated on Dade County, which, up until these past few months, was not experiencing the significant price drops that we’ve seen for in Palm Beach and Broward Counties. Now, trends seem to have reversed and Dade County seems to be dropping even faster than its sister counties – that’s just my anecdotal observation.
I expect things to get even worse as the Downtown and Brickell high-rise condo market started to implode. With the thousands of new units that will be hitting the markets in the coming months, Dade County will probably roar past the other counties in price drops.
Welcome back fearless leader!
The troops were getting nervous!
LOL
Yes, welcome back, SoFlaHousing.
I've been watching the median asking prices for the Miami-Dade area and notice they are still sticky. I wonder when we will see a more pervasive, across the board, drop. I don't even want to try low balling an unrealistic Seller. Unless the house is in my price range I am ignoring it. I still need to see prices fall by several 100k.
I think we've firmly established that any statistic you read in the paper is B.S. Especially anything involving average or median selling prices.
And you can especially ignore any numbers that come from the government regarding inflation and jobs. 100% BS.
welcome back, i was worried..
140 post some foreclosures in cooper city.
Was at the broward county courthouse this morning, 5 guys took up 5 of the 7 windows with foreclosures. I spoke to one of them and he stated that there seem to be more not less!!!
Send the news papers down there to speak with these guys, they are not the smartest but they r the ones pushing the papers thru
Steve S
http://video.google.com/videoplay?docid=-5310985370758607961&q=south+florida+foreclosures&total=19&start=0&num=10&so=0&type=search&plindex=0
CONDO AUCTIONS IN MIAMI,
EVERYONE MUST LOOK AT THIS!!!
STEVE S - NOW WILL BE $100 PER SQFT
The Sunny Isles Beach listing is less than June 2004 purchase price. Is that where we've fallen to, early 2004 prices? That leaves a whole lot of people f@cked for sure.
Ok here's an interesting one.
This house has been sitting empty for sale as long as I can remember.
They bought it in 5/04 for $545k.
The asking price has steadily dropped to $599k.
They have spent somewhere around $210k to hold this home for the last 42 months!!!
I figure the cost to hold at $1000 per $100,000. per month, of the purchase price. Hence a $500k home costs $5000 per month to hold.
42 months times $5000 per month= $210k. Rounded down.
These people also own 4 other houses, one of which they homestead and three that were purchased during the boom years.
MLS #F 862786
Here's another interesting one.
They bought in 7/2004 for $712k.
They have had several renters in and out in the past year and a half that I have been watching it.
The price was at or over $1mil and now is down to $829k or rent or lease.
I figure they have lost $280k holding costs to date on this house. They have also made numerous improvements, including a new paint job several months ago.
In my opinion, it's worth about $3-400k today.
One of the owners has 3 other high dollar homes in Coral Sp and Parkland. For some reason I cannot bring up any (not even this one) properties for the co-owner.
MLS # F 842850
140,
There's something obvious I must be missing. I'm copying the MLS numbers and pasting them into Realtor.com, but it's not finding the properties. What am I doing wrong?
Try removing the space between the 'F' and the number, it worked for me.
Also these Deerfield numbers will not work with Zip realty, apparently some bug in their software blocks out most of the Deerfield waterfronts.
I just found another deep water Deerfield home today....$675k!!
Nice pool home 80' frontage 2200sq ft. 2 car garage. Excellent street.
Started at $890k last May!!
I'm predicting Deerfield and Lighthouse waterfronts in the $500's next spring/summer.
Who says there's no God!! LOL
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