No question about it, it is a Buyer’s market. If you’re been waiting on the sideline waiting for the market to hit bottom, I am here to tell you, you’re missing out. This is the point in time where we’re all going to look back and wished we had acted on it. “I wished I would have” time is here again. You watch, as much as the real estate market overshot on appreciation, it will do the same on the downswing. Most of the Buyers I have been working with of late have had a real hard time to commit to a purchase, but the real good deals are starting to surface. My latest survey of the Coral Gables Real Estate market substantiates my reading on current market conditions. Take for instance this house listed as a foreclosure for $548,900. The listing agent solicited any and all offers; it sold and closed for $350,000. Another transaction with a motivated seller listed at $510,000 sold and closed for $280,000. Interestingly in my picking 32 properties sold in Coral Gables for the month of September and October, more than 50% of the properties sold surveyed were sold above $800,000 .A total of 582 homes are currently for sale in Coral Gables. The least expensive home for sale is listed for $339,000, the most expensive is for $25,000,000. The average asking price per square foot is $431 for a non-waterfront home and $952 for a waterfront single-family home. We’re starting to see some really good values out there. Now is the time to take a careful look as to what is available in the market place, you might be in for a pleasant surprise.
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