| From |
To |
|
|
| $300,000 |
$350,000 |
|
7 |
| $350,000 |
$400,000 |
|
12 |
| $4000,000 |
$450,000 |
|
15 |
| $450,000 |
$500,000 |
|
6 |
| $500,000 |
$550,000 |
|
4 |
| $550,000 |
$600,000 |
|
4 |
| $600,000 |
$700,000 |
|
3 |
| $700,000 |
$800,000 |
|
7 |
| $800,000 |
$900,000 |
|
2 |
| $900,000 |
$1 M |
|
1 |
| + |
|
|
|
* single homes data only
| Selling your property? |
Make sure to hire the right agent ... Experience in a down market is critical ( most agents have none ) |
| The decline of home prices has been made worse as a result of agents listing property when sellers had no reason to be selling at all ... except for panic. |
| Most agents missed the signs of the market and allowed these listings to saturate the inventory to the point of Weston now having about 5 times the number of property for sale as we had in 2005, while the sales have dropped only to about one half the numbers in july of same year. |
| If you owe more than what your home is worth and have to sell because you cannot make the payments any longer please call us, we can assit you in a short sale
|
call us to evaluate your home
(954) 531-8100 |
| HOMES |
 |
 |
|
|
| Think about how our buyers and sellers are currently being influenced as they read today's headlines. It would be easy today for buyers to believe that our real estate values are going to plummet to the 1920s big Depression levels, while others... sellers, may still believe that they are entitled to double-digit returns from purchases made just a few months ago. Here's a look at where we are today looking at the available market data not speculation or 'hear say'. |
| Single Family Homes |
The median price of a single-family home in Miami-Dade County, for example, on August 31,2007 was $385,000, a decrease of only 1 % from January 31, 2007, however overall the median price of a single-family home has increased 148% since January 2002, when the median value was only $155,000 . The median price of a condo has increased to 117% since January 2002, when the median value was $115,000. Try that in the stock market.
From the latest figures coming from the Multiple boards accross major markets sales were up in March and will probably continue to increase as buyers have realized the bargains may not last forever and that the interest rates are at the lowest in years. This window of opportunity is being taken by investors looking at a strong valuation over a period of 5 to 10 years. Many foreigners, unlike what the media reports, are quietly purchasing second homes or investment rentals before the local buyers get smart and start doing the same. South Florida is still the area of choice for many venezuelans as well as any other groups from unstable South America. For europeans our real estate is a total bargain as the euro has about double in value over our dollar in recent years.
At this time the market is starting to bottom out in many areas specially in the more desirable neighborhoods where great deals are everywhere! The most activity is now in the bottom half of the market, under $500,000 for South Florida. Soon the bottom of the market will lift up the more expensive homes as people are able to sell their homes and move up when buyers purchase their property. Supply and demand is king and once the available inventory goes down those bargain prices we see know will be history !
|
| 2008 Market Outlook |
| We know that an inventory supply of 6 to 12 months provides a balanced exchange among buyers and sellers. Needless to say, we have far surpassed those levels ... now reaching upwards of 24-36 months of supply. But, we are encouraged over the long-term that the world views South Florida as a destination that will continue to grow in value over time. Neighborhoods and/or buildings with high concentrations of investors and speculators will have greater declines in values. |
Reductions will not be uniform across all markets, or across all product types. The most desirable properties will maintain their values, while some may even experience modest increases. By 2011, Florida is projected to bypass New York as the third most populated state in the nation behind California and Texas ...
Florida Association of Realtors.- As of end of Feb. 2008 City of Westn, Florida |
| |
INVENTORY |
|
NEW ON MRKT |
|
New Contracts |
|
Expired Listings |
Average Sales Price |
|
* Median
Sale Price |
last Month's |
% Change * |
Average Days to Sell |
|
| Houses |
1004 |
 |
219 |
 |
45 |
|
62 |
$646,558 |
|
$425,000 |
$410,000 |
|
89 |
|
| Condo/Thses |
587 |
|
89 |
|
10 |
|
50 |
$210,423 |
|
$200,000 |
$257,000 |
|
104 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Month Totals |
1,591 |
|
308 |
|
55 |
|
|
|
|
|
|
|
|
|
| (last month) |
(1,544) |
|
(342) |
|
(27) |
|
|
|
|
|
|
|
|
|
|
|
