Miami real estate news and information

The Restivo Report – Miami Luxury Real Estate Market Snapshot: 2008-2010

 

recession

With the barrage of information and news headlines on the Real Estate Market and where we’re headed,  we thought we’d share a few relevant insights with you, specific to the Miami Real Estate Market, and to luxury property:

RESTIVO’S REVIEW:  REAL ESTATE REPORT for CORAL GABLES AND PINECREST:

CORAL GABLES LUXURY HOME SALES:

Average SOLD price in 2008:  $1,677,000  –  $342 square foot

Average SOLD price in 2010:  $1,720,000  –  $375 square foot  (Summer of 2010)

PINECREST LUXURY HOME SALES:

Average SOLD price in 2008:  $1,502,000  –  $290 square foot

Average SOLD price in 2010:   $1,749,000 –  $286 square foot.   (Summer  of 2010)

These figures show that actual  AVERAGE SALES PRICE in parts of South Florida is up … in contrast with the  real estate market news plastered across the media.

 The AVERAGE PRICE PER SQUARE FOOT increased somewhat in Coral Gables from 2008 until now.  In Pinecrest it remained virtually flat (ie. identical). 

These figures, interestingly enough, take into consideration short sales and foreclosures, both of which have risen over the past three years.  Experts are forecasting a continued increase in SHORT SALES AND FORECLOSURES as shadow inventory creeps onto the market.

Information is key to making the best choices.  Buying a home is one of the biggest investments you’ll likely make, and while besides the sizeable emotional component there is with  buying a home, it should also be a wise investment.  We know the market, the stats, and the numbers … and will be more than happy to list and sell your house …  find you the right property… or both. Our clients have the tools they need,  to make informed choices.  Whenever you are in the market to buy or sell real estate, we look forward to working with you.   Please call me at   305-793-1365 or 305 632-0164.   You can also reach me and my team here anytime as well.

To receive my blog posts directly to your inbox, click here to subscribe.