Looking at the recent activity of condos priced no higher than $500,000 there are alot more regular sales on the market, but the bulk of closed and pending sales are distressed properties.

The average list price of a regular sale is just over $357,000 and the average sale price for the same is$238,000. The distressed properties average list price of $229,000 is so much closer to what they eventually sell for, $222,000, that it stands to reason more buyers are willing to wait out the oftentimes glacial process of purchasing a short sale or foreclosure.

The regular sales average about 7% more in sale price and sell a month sooner, which could be attributed to their being in better condition and easier to negotiate and close.

See all non distressed condos on the market near downtown Coral Gables here

Check available short sales and foreclosed condos under $500,000 here

Here are 2010 sales in the area of regular sales

Click here to see the closed short sales and foreclosures this year

If you are buying, selling or renting in Coral Gables you need a local specialist. Call me at 305 794.6570 or leave me a note here. 

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In the last 14 days a total of 525 properties have come on the market. Ninety-three are single family homes, 192 are condos and townhouses, and 240 are rental properties. Granted, the total of homes for sale equals 285, but the amount of rentals isn’t far off that number.

Looking at pending properties there are 157 single family and condos or townhouses under contract, compared to 154 rentals.

The real eye-opener is what has actually closed in the last two weeks. Of the 431 closings, 323 of them were rental properties. That’s three times the amount of rental properties closed compared to condos and homes!

Statistics like this clearly point out the need to put the property you are selling at a very compelling price. If buyers aren’t finding a home that shouts “Buy me now!” it’s easy for them to keep looking at other homes or rent for a while.

If you are buying, selling, or renting let a local specialist help you. I’m always available at 305 794.6570 or you can leave me a note and I’ll get back to you immediately.

To stay updated with all local real estate information, receive my blog posts via email by subscribing here.  Once you register, you must activate the subscription in a follow-up email.

Pictured below is a home in the north end of the Grove at 2627 Halissee Street. It’s a 4 bedroom 3 bathroom home with 2043 square feet on a gorgeous lot with a pool. It was listed at $599,000 in January as a regular sale, then as a short sale for $567,000 by Coldwell-Banker in April. Today the asking price is $499,000.  That’s $244 per square foot, not out of line for such a great location, when the average asking price per square foot for all these homes is $226.

Of the forty-four homes on this list, 16 homes are short sales. Because any purchase requiring financing depends on the appraisal price we have finally reached a point where there’s really no striking difference between a regular, traditional sale and a short sale. Savvy sellers know that their properties must be priced similarly to comparable homes, even if that other home is a short sale, and they are much more willing to make the adjustment if it gets their property sold.

To see all the homes listed for $500,000 and less click here.

If you would like to see a list of Coral Gables homes listed under $500,000 refer to my recent post here.

It truly is a great time to buy! Interest rates are lower than ever before and there’s a great selection of homes for sale. If you would like to see 2627 Halissee Street or any of the homes in this price range, please call me at 305 794.6570 or you can leave me a note here .

Vizcaya is the Italian-Renaissance estate built between 1914 and 1923  for the industrialist James Deering which is now owned by Miami-Dade County and open to the public. If you’ve not been there recently it is well worth another visit. If you’ve never been there, make it a priority the next time you can!

Back to Bay Heights, though! This is a community of 185 homes with 24 hour a day, seven days a week patrolling police presence. It can be accessed only through its 2 entryways, one at Tigertail and Alatka and the other where Samana Drive joins South Miami Avenue. The original homes were built during the mid-1950s and over time most have been updated.

One of the best renovations of an original Bay Heights-style home sold in June this year at 62 Bay Heights Drive that was listed by Kimberly and Associates. Pictured below, it has 5 bedrooms and three and a half bathrooms on 3 levels. It’s larger than the typical 1950s homes in the neighborhood with 4339 square feet and a lot over 17000 square feet. It has 10′ ceilings, terrazo floors, impact-glass windows, a truly gourmet kitchen, and complete guest or in-laws quarters (with kitchen) on the lower level. There is a huge wraparound deck in the backyard and plenty of room for a large pool.

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This property sold for $1,200,000 or 8% less than the asking price. This is in line with the other closed sales this year, except for one sale at 105 W. Shore Drive which sold for 20% less than asking. Check out all the closed sales here.

There are currently 7 homes on the market in Bay Heights, none of which is a short sale or foreclosure. This is a stable and desirable place to live, literally as close as you can live to downtown and still be in Coconut Grove! See all listed homes here.

 General statistics for the area are as follows:

• Average square footage of homes: 3120
• Average list price: $733,615 or $235 per square foot
• Average sale price: $668,000 or $209 per square foot
• Sale price to listed price average: 90.5%

I’ve lived in the north Grove for over 30 years. If you want a real specialist in the area give me a call at 305 794.6570 or leave me a note here. To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here.  Once you register, you must activate the subscription in a follow-up email.

The other piece of good news is that flood insurance is again available by the Senate’s extension of the National Flood Insurance Program. The bill is retroactive and covers the lapse period from June 1 to the date of enactment. It’s been impossible to close on some properties because this critical form of coverage wasn’t available anywhere and lending institutions were naturally reluctant to close on loans where properties that require flood insurance couldn’t be insured.

I wrote in an earlier post that it had been erroneously reported to have been passed, but this time it is official.

To read more about the extensions, click to be directed to Inman News’ coverage. To discuss your real estate needs give me a call at 305 794.6570 or leave me a note. You can also get my posts directly in your email.

Reverse mortgages can be a useful vehicle for people over 62 who have good equity in their home. Seniors can get funds based upon their age and amount of equity.  Until now, sufficient equity has been pretty much the only requirement to qualify, and there has been minimal or no attention given to credit scores or applicant’s incomes. The typical borrower is not required to make any monthly payments, and no escrows for property taxes or insurance are collected.

The Federal Housing Administration, which runs the dominant reverse mortgage program, reported its first-ever budget shortfall of $798 million for the program during the last fiscal year, in part because of wide-spread declines in the values of the homes that secure its insured loans.

Mortgage experts say that insurance and tax defaults are rising in part because of the housing recession, but also by borrowers who may not be adequately counciled that foreclosure could be the outcome of non-payment. Tax liens take precedence over mortgages, and with no escrows collected seniors may not keep track of property tax and insurance premium notices.

Until recently the FHA and Fannie Mae were pretty lenient when senior borrowers fell behind or stopped paying, not wanting to appear to be ”throwing them out into the street” instead of waiting for full repayment upon the sale of the property. Although neither entity provided statistics on the defaults, they say they no longer have the means to look the other way.

Both say they are looking into solutions that will create a mandatory step-by-step system to contact borrowers who are delinquent, determine the cause, and if necessary refer them to charitable groups who can assist them and prevent foreclosure.

I can direct you to the best person for your mortgage needs. You can call me at 305 794.6570 or leave me a note here.

To stay updated with all local real estate information, receive my blog posts via email by subscribing here.  Once you register, you must activate the subscription in a follow-up email.

Florida News Alert from Florida Realtors

A USA Today story published in yesterday’s Florida Realtors News inaccurately reported that the U.S. Senate passed a bill extending the closing deadline under the homebuyer tax credit for three months. That is incorrect. The Senate did vote to add that extension as an amendment to a larger bill, but that bill is struggling to find support – a bill that also includes an extension of the expired National Flood Insurance Program.

The U.S. Senate voted on Wednesday to give homebuyers another three months to settle on their contracts and take advantage of a popular tax credit that sparked a rush of activity in the housing market. The measure has been offered as an amendment to a bill that would extend popular tax breaks and unemployment insurance benefits for jobless workers.

The current deadline requires buyers to close by June 30 to get the $8000 tax credit for first-time homebuyers. Existing homeowners buying a new primary residence are eligible for a $6500 credit.

It is not expected that the proposal would have a significant impact on future home sales as the extension covers only those buyers who had valid sales contracts in effect on April 30. As home prices continue to go down and interest rates for mortgages stay at record lows, however, sales should remain brisk.

If you need to speak to a local specialist about this call me at 305 94.6570 or leave me a note.

To stay updated with all local real estate information, receive my blog posts via email by subscribing here.  Once you register, you must activate the subscription in a follow-up email.