This year there were two homes in Coral Gables that sold significantly above their asking price. First, 7711 Mindello Street sold for $800,000 while the asking price was only $675,000. Second, 5705 Riviera Drive sold for $900,000 while the asking price was just $775,000. I had a reader ask me the other day in reference to these sales, is the market THAT good? I told him to beware of just looking at the raw figures, many times in real estate things aren’t always what they seem.
As it turns out, both of these homes were short sale properties which typically means that they were priced slightly lower than market value in order to attract offers. Once they received an offer and submitted it to the bank, the bank counter-offered with a value that was more in line with the local comparable sales. At that point, the buyer was free to accept or reject the counter-offer. Here, it appears that both buyers accepted and the transactions moved to the closing table.
Be careful when trying to evaluate the market on your own, often times an atypical sale price has a good explanation behind it.
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