Trouble Ahead For High End Homes In Coral Gables?
August 30th, 2010 Categories:Coral Gables Real Estate
This year there have been only 2 foreclosures sold over $1,000,000 in Coral Gables and there is currently only 1 on the market. But information from the Federal Reserve shows that things are about to change. There is a large amount of shadow inventory looming in the distance.
Check out these numbers for Miami-Dade: Only 61.2% of the homeowners with a jumbo-mortgage (mortgage over $423,750) are current with their payments. Of the other 38.8% here is the breakdown:
These numbers mean that if you are a luxury home seller you need to get your property sold before this inventory has a chance to bring values down.
How? List your home with a local agent who knows the price to get it sold while not selling for less than market value. You need to show buyers that you are serious about selling your house and not just testing the market.
If you are interested in buying, selling, building or renting in Coral Gables and are looking for a real estate agent who specializes in the area, please feel free to contact me at 305.342.1623 or send me a note here.
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Riley, I’d like to add to these chilling numbers that if a seller is serious, he or she might want to fix evidence of leaks before listing. A dozen burning candles don’t hide a water problem from any potential buyer who tears her gaze from marble floors to glance up.
Apartment Dweller Linda
(who just viewed a 1.3 soon to be listed in South Gables gut job)