Archive for the 'Market Update' Category
Weston Homes Sold on December 2011
January 11th, 2012 categories: Bonaventure, Country Isles, Emerald Estates, Isles at Weston, Market Update, San Remo, Savanna, The Falls, The Islands, The Lakes, The Meadows, The Ridges, The Springs, Weston Hills Country Club
The Market Seems to Have Stabilized
201 1 December’s activity in Weston’s Real Estate Market was very similar to 2010. The number of homes sold went down in only one unit and the percentage of distressed sales remained in the low %30’s, which even though is a very large number it’s still lower than in many other communities.
See below the list of properties sold during 2011 by Subdivision.
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Weston Ranks No. 1 Performing Real Estate Market
October 25th, 2011 categories: Market Update
It’s all over the News Today!
And we were quoted in the BusinessWeek-Bloomberg article!!!
We have said all along that despite all we hear in the news the Weston Market has some hyper local trends that are different from most of the country. Even though Weston’s Real housing market has suffered as all the country, it has been slowly but surely recovering.
Weston’s as we have always referred to as Broward’s Cul-de-Sac was very well planned … all the services that are not local in nature are located surrounding the city along I-75 and the Residential areas are well separated from the Commercial Areas. Great Schools, Beautiful Landscape and a perfect city to live in have made of Weston the #1 housing market in the country.
One of the key factors that have contributed to Weston’s recovery is the fact that inventories have been absorbed and in the market under $800,000 we have had a seller’s market (less than 6 months of inventory based on closed sales) most of the time in the last year with multiple offers in most cases. If we go even further down in price range, properties listed under $400,000 remind us of the crazy real estate market times.
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Weston Single Family Homes Sold on August 2011
September 12th, 2011 categories: Bonaventure, Country Isles, Emerald Estates, Emerald Isles, Isles at Weston, Market Update, San Remo, Savanna, Tequesta, The Falls, The Islands, The Lakes, The Meadows, The Ridges, The Springs, Weston Hills Country Club, Windmill Ranch Estates
Weston’s Real Estate Market Stays Very Active:
The Market has been very active and we have less than 6 months of Inventory based on Closed Sales for all prices in Weston. In certain price ranges we have less that 4 months of Inventory based on Closed Sales. Under 6 months of Inventory shows a Seller’s Market and we have experience in both our listings and with our Buyers a trend to receive multiple offers.
There were an unusual number (TEN) of transactions with seller’s contribution which represent almost 15% of the total transactions. Seller’s Contributions ranged from $700 to $ 12,451.
Homes Sold By Development:
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Information obtained through the Multiple Listing Service
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Luxury Real Estate in Weston Florida
August 9th, 2011 categories: Market Update, Weston Hills Country Club, Windmill Lakes Estates, Windmill Ranch Estates, Windmill Reserve
Price to Sell Ratios
The more we hear about the housing crisis the higher the expectation of Buyers to buy “a steal”. The high end market in Weston (properties listed $800,000 and above) are not an exception. We have buyers who think they can offer 20% and 30% below asking price. As an exercise, we took all MLS closed sales in the last 6 months for Windmill Reserve, Windmill Ranch Estates, Windmill Lake Estates and Weston Hills Country Club.
As a Rule-of-Thumb we can say the average is 90%, in Windmill Ranch Estate there was one that closed at 63.16% (a short sale) that skews all the data for that development. Of course the price to sell ratio if affected if the property was listed originally at an unrealistic asking price.
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Weston Homes Sold on June 2011
July 9th, 2011 categories: Bonaventure, Country Isles, Emerald Estates, Isles at Weston, Market Update, Savanna, Sunrise, Tequesta, The Falls, The Islands, The Lakes, The Meadows, The Ridges, The Springs, Weston Hills Country Club, Windmill Lakes Estates, Windmill Ranch Estates
We had a very active month of home sales during June 2011. The Summer is the “hot” season for Weston since many people wants to move before the new school year starts.
We can notice a decrease in the proportion of distress sales compared with the same period last year. On May 2010 distress sales (short sales and foreclosures) represented 46% of all sales and this year only 22%.
For a Detailed list of Single Family Homes Sold In Weston on May 2011 click here
For detailed information of single family homes sold during the month of May by neighborhood read more… Read the rest of this entry »
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Better Times for Sellers in South Florida!
June 21st, 2011 categories: General RE Info, Market Update, Tips For Buyers, Tips for Sellers
One of the Best Headlines I have Read in a Long Time:
Decline in South Florida homes for sale giving sellers an edge.
We as Real Estate Agents selling property in South Florida have been noticing it for many months. I am glad finally the media is helping us convey this information to buyers looking for steals. Even though there are still very good deals out there, the real estate market specially in the lowest price points and in desirable areas as Weston moves very fast and at reasonable prices.
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact us.
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Weston Homes Sold on May 2011
June 5th, 2011 categories: Bonaventure, Country Isles, Isles at Weston, Market Update, San Messina, San Sebastian, Savanna, The Islands, The Lakes, The Landings, The Meadows, The Ridges, The Springs, Weston Hills Country Club, Windmill Ranch Estates
For detailed in formation a list of single family homes sold during the month of May read more… Read the rest of this entry »
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Number of Units Sold Keeps Increasing In South Florida
May 14th, 2011 categories: General RE Info, Market Update, Tips For Buyers
South Florida Market Update as of May 2011
Ron Shuffield is EWM Realtors President and South Florida Real Estate Numbers’ Guru.
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact me.
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Weston Homes Sold in April 2011
May 11th, 2011 categories: Bonaventure, Country Isles, Emerald Isles, Isles at Weston, Market Update, Savanna, Sunrise, The Falls, The Islands, The Lakes, The Meadows, The Ridges, The Springs, Weston Hills Country Club, Windmill Ranch Estates, Windmill Reserve
Weston’s Real Estate Market remains very active!
64 Single Family Homes Sold in Weston
April 2011
For detailed in formation a list of single family homes sold during the month of April read more… Read the rest of this entry »
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Real Estate Pricing Conundrum…
April 25th, 2011 categories: General RE Info, Market Update, Tips For Buyers, Tips for Sellers
How Much is a Property Really Worth?
Is it the most buyers are willing to pay?
Is It the least sellers are willing to get for the property?
Is what and appraiser thinks it is worth?
Fortunately we have this dilemma since the market has been moving very fast. In the Single Family Homes Market in Weston for all price ranges we have been very close to 6 months of inventory which is the threshold between a Sellers Market and a Balanced Market*; if we look at the same market of properties priced under $ 400,000.00 the trend for the last year has leaned over being a sellers market with an average of 4.68 months in the last 15 months.
Now what is the problem then???
The sellers have high expectations based on the fact that they get many showings and in most cases competing offers.
The buyers can be divided in two groups: the ones that look in detail at closed sales and their offers are not competitive and those very aggressive willing to offer way above comparable sales expecting the appraisal to take care of the “real” value of the property.
Now we have the appraiser who if we are lucky know the area and pick reasonable comps and those who value regular sales taking more than 50% of comparable properties to be short sales (deducting 10% off the listing price if they are pending) an foreclosures when the market’s trend is a price to sell ratio of 95% and distressed sales only represent 30% of the closed sales. The appraisals tend to be below the negotiated purchase price and in most cases the sellers are willing to reduce the price to reflect the appraised value and in fewer cases the buyers are willing to bring extra cash and pay above appraised value.
The spread of prices is unbelievable in both active listings and closed sales. It’s hard to determine an exact price and we look at best and worst case scenarios to determine how to price either when we have a listing (making sure it is competitive based on whatever else is in the market) or when we suggest a price to use when presenting offers. Sellers and Buyers have the last word!
We don’t want the market to look like the earlier 2000’s where people overpaid just to be able to grab a property, but in a market where supply is short and demand is high the gaps will always exist and the most aggressive buyers end.
Have you experienced problems being able to secure a property to purchase?
What would be your advice to someone who has presented several offers and has always been outbid by other buyers?
*Months of Inventory based in Closed Sales
Less than 6 months=Sellers Market
Between 6 and 9 months=Balanced Market
More than 9 months=Buyer’s Market
To stay updated with what’s going on in the Real Estate Market and receive my blog posts directly to your inbox subscribe here.
If you are interested in buying or selling, please call me at (954) 588-7260 or contact me.
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