As I was reading this article in the South Florida Business Journal Biz I started to play with numbers assuming two What if? scenarios… The article is based on a report prepared by IHS Global Insight and PNC Financial services Group released in March 2010 up to the 4th Quarter of 2009. The study comprises 330 Metro areas including Miami and Fort Lauderdale Metro Areas.
In the Summary they conclude:

• “Two years of relentless house price depreciation finally ended in the Summer of 2009. (…)”
• “We ended 2009 with no extremely overvalued metros, (…)”
• “For the Country as a whole, the housing market is now slightly undervalued. (…)”

Miami Metro Area:
2005 Q4       Price: $ 281,300  Overvaluation 49.4
2009 Q4       Price; $ 180,500  Overvaluation -15.6 (undervalued)
Fort Lauderdale Metro Area:
2005 Q4       Price: $ 259,400 Overvaluation 41.9
2009 Q4       Price; $ 146.600  Overvaluation -24.0 (undervalued)

Average Sold Price* for Miami and Fort Lauderdale Metro Areas: What if?

Based on average sold price I made calculations assuming the potential price increase that could have occurred if the real estate market had performed as expected (approx. 5% annual increases) or assuming properties would increase in price based on the average Inflation rate of the last 10 years (approx. 2.57%). If we take into consideration the projection based on a 5% annual increase in both Metro Areas the actual median price is below the projected price. If we compare it with a projected 2.57% annual increase in Dade the values are very close and in Broward the actual Average sold Price is significantly below the projection.

If we compare the data provided by the IHS Report and the data obtained from the MLS (trendgraphix), we can conclude that even though at some point prices in Dade were more overvalued than in Broward today we may say that Broward’s properties could be a better deal!

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Thinking of selling your home? Now might be a good time to put it on the market when the inventory of great properties for sale is low. For a FREE market analysis of your property call me at (954) 588-7260 or contact me.

Great 4 Bedrooms and 2 1/2 Baths one story home for Sale nestled in the heart of Weston. The house is surrounded by trees in a quiet street. You will start relaxing as you approach your new home! Living Area: SF 2,106 and Lot Size SF 7,700

Screened Pool Area overlooking a very private backyard. Enjoy pool views from the moment you open the door.

Stainless Steel Appliances, Kitchen with Snackbar and pass through window to pool area.

If you are interested in buying or selling Real Estate in WESTON, please call me at (954) 588-7260 or contact me.

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In my personal Facebook account I have no idea how many of my friends are fellow Real Estate agents, but I can tell you that MANY. Yesterday the following Video kept coming and I couldn’t resist the temptation to share it with you. At the beginning I had second thoughts if I should post it. That is the perception among many Real Estate agents and Buyer; sadly in certain way it is not far from the truth in our every day dealings.

Since I am believer that numbers don’t lie I researched what happened in the West Broward Market regarding Foreclosure Sales in the last 6 months.

Click here to view the embedded video.

I counted 201 Sales of Bank Owned-Foreclosed Properties in the area in the last 6 months.
93 Sold below Asking price.
Min. -0.04%
Max. -27.97%
Median -4.71%
Average -6.19%
15 Sold at Asking Price
93 Sold above Asking price.
Min. +.16%
Max. + 23.94%
Median +4.04%
Average +5.62%

How were they paid?
CASH    26.86%
CONVENTIONAL   46.76%
FHA   24.38%
OTHER   2%

Average Days on Market
Min.   0
Max.   435
Median   18
Average   48.1

The interesting part of this Myth-Reality Conundrum is that Perception always prevails over Reality.  When we call to make appointments half of the properties are already under contract. In certain Price ranges we have to present 2,4,6 or even 9 offers to get one signed contract. As frustrating as it is for both Buyers and Agents there is no way around for now.
Please share your experience!

List Price: $ 269,900.00

4 Bedrooms

2 Full Baths

1 Half Bath

SF Living Area: 2,116   ( $ 127,55 Per SF)

Development: Savanna, Weston FL

Last Saturday I showed this property.  The property looked well maintained and had all the appliances. The backyard was very small and the 4th Bedroom is actually a Den. When the Builder ARVIDA sold in pre-construction this model had the option of having that space built out as a Bedroom or a Den.

There a just a few of  Foreclosed Single Family Homes in Weston and this one was priced very aggressively. I expected there would be competing offers.As much as I know that Weston’s Real Estate Market has changed a lot in the last few weeks, when I received this message from the listing agent on Tuesday I was shocked!

LISTING ANNOUNCEMENT : 928 SUNFLOWER CIR WESTON

Thank all for showing this property. This email is to confirm that an offer has been accepted on this property. If you did not receive a call than your offer was not accepted. Again thank you to the 101 agents who showed the property and the 20 or so who put in offers. Thanks again and have a great day.

About this Listing Announcement
You have received this listing announcement because you have shown this property previously.

More details on 928 Sunflower Cr (Multiple Listing Service-MLS Detailed View)

Foreclosure Information:
As per Broward County Records:
Mortgage Balance: $ 540,921.00
Judgement Amount: $ 570,681.00
Posted Date: 6/15/08
Previous sale date: 10/09/00 for $ 220,200.00 – Most probably the owners refinanced at the peak of the market.

Compared to the same period 12 months ago the number of sales have increased almost 50% and inventories have been decreasing  steadily.

In Weston the Market is Changing Very Fast!

The Inventories have decreased and pending sales are increasing at a rapid pace.

As the Real Estate Market changes it’s very interesting to look at the comparison between the price properties were listed at and the actual price they sold.

When looking in detail at the List-to-Sale ratio I found an interesting difference between the ratio for regular sales, short sales and foreclosures. Motivation seems to be the key to pricing!

“92.53% Average List-to-Sale Ratio for Regular Sales

“95.19% Average List-to-Sale Ratio for Short Sales

“94.91% Average List-to-Sale Ratio for Foreclosure Sales

I can conclude that as we have been experiencing in the last months…Buyers are looking for bargains and apparently they feel prices are as low as they are going to get and the properties priced appropriately are getting those buyers.

]]> http://mywestonblog.com/2009/04/10/weston-fl-single-family-homes-sales-1st-quarter-2009/feed/ 2 http://mywestonblog.com/2009/02/10/bank-owned-single-family-homes-in-weston-fl-under-300k/ http://mywestonblog.com/2009/02/10/bank-owned-single-family-homes-in-weston-fl-under-300k/#comments Wed, 11 Feb 2009 03:50:27 +0000 Ines Garcia http://mywestonblog.com/?p=122 Get your Pre-Qualification Now or Have Your Check Book Ready!

Knowing how much you want to pay every month for housing or how much you can afford is a must. Please forget the old times of “no docs”, “stated income”, “I don’t need to see any paperwork”… You will know what you can expect, it will save you a lot of time and when you fall in love with your new home the offer will be taken seriously.

Before you present an offer on Bank owned properties you must be pre-qualified or be ready to provide proof of funds to close if it is a cash transaction.

Click on the Image to enlarge and see more details.