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Archive for February, 2009
“There are diamonds in this current real estate market – you just have to dig for them” says Mike Pappas, President/CEO of The Keyes Company a large South Florida based full service real estate firm.
Sales Units are up:
“Palm Beach strengthened its unit sales earlier in this cycle and Dade and Broward are gaining momentum” observed Mike Pappas.
Dade County is up 32% in units closed January 2009 compared to January of 2008. The six months ending December 2008 saw a 24% increase over the same 2007 numbers for Dade.
Broward had the highest increase at 38% in January 2009 over January of 2008. The 2nd half of 2008 saw close to a 10% increase over 2007 in Broward.
Palm Beach County closed out January with an 11% increase. Palm Beach’s 3rd and 4th quarter of 2008 was 15% greater than the same period of 2007.
“The combination of incredibly low interest rates and aggressive price reductions are pushing the affordability factor to its highest level in decades. Our internet views on Keyes.com, Realtor.com and all our real estate portals along with property showings are up 50% for January”.
Inventory is down:
‘We are seeing motivated sellers stay in the market and those that don’t need to sell today taking their property off of the market”.
Palm Beach residential inventory has dropped from a high of 44 months in July 2007 and is now at a 17 month supply. Broward is down from December 2007 with a 42 months supply and now stands at 15 months. Dade peaked at a whopping 68 month supply in December 2007 and has dropped to a 24 month supply.
“100’s of our Keyes associates are now Distress Sale Certified and speaking the same language with the banks”.
Prices are at 2003 levels:
Palm Beach single family medium home prices dropped 33% to $225,000 in January 2009, down from $340,000 last year.
Broward single family medium prices closed out at $195,000 down from $316,000.
Dade County also broke the $200,000 mark at $185,000 dropping from $345,000.
The Condominium market had similar trends. Palm Beach condominium median sales were at $107,000 down from $165,000. Broward with its great quantity of suburban condos dropped to $81,000 from $150,000 and Dade County saw a $150,000 medium sales price for Condos from last years $275,000.
“All sellers, distressed and non-distressed are realizing to sell their property it has to be priced where the market will buy - basic economics being demonstrated on a daily basis.”
The Broward County Housing Finance Community Development Division has partnered with Broward County Housing Authority to provide financial assistance of up to $9000 for defaulted mortgages. This program targets resident homeowners who are delinquent by providing financial assistance to reinstate mortgage loans.
The property must be owner occupied and the home must meet program qualifications and guidlines. Extensive counseling is provided as it relates to preserving homeownership.
Call Phyllis Brown at 954-739-1114, ext 1114.
Call Courtney Silverman Real Estate Group at The Keyes Company for all your real estate needs 954-315-6925.
We have 1985 homes for sale in Fort Lauderdale FL as of today. Sellers are asking from $28,500,000 to $24,900.
91 buyers got their contracts accepted. The prices the sellers were asking ranged between $1,995,000 and $19,900 when they received their offers. 53% of those contracts were written to purchase bank owned properties and 18% are going to negotiate the purchase with the seller and the seller’s lender(s) as a short sale.
55 properties were sold in Fort Lauderdale. They were priced between $2,700,000 and $28,000. This tells us there is over a 36 month supply of homes for sale in Fort Lauderdale as of February 2009, assuming no more homes are put on the market over that period of time.
Contact Courtney Silverman Real Estate Group to leverage your dollar in this market as a seller and as a buyer!
We have 200 homes for sale in Cooper City FL as of today. Sellers are asking from $1,295,000 to $135,000.
19 buyers got their contracts accepted. The prices the sellers were asking ranged between $529,000 and $108,000 when they received their offers. 36% of those contracts were written to purchase bank owned properties and 5% are going to negotiate the purchase with the seller and the seller’s lender(s) as a short sale.
12 properties were sold in Cooper City. They were priced between $499,000 and $85,000. This tells us there is over a 16 month supply of homes for sale in Cooper City as of February 2009, assuming no more homes are put on the market over that period of time.
Contact Courtney Silverman Real Estate Group to leverage your dollar in this market as a seller and as a buyer!
We have 600 homes for sale in Plantation FL as of today. Sellers are asking from $3,700,000 to $79,000.
47 buyers got their contracts accepted. The prices the sellers were asking ranged between $445,000 and $70,000 when the received their offers. 42% of those contracts were written to purchase bank owned properties and 23% are going to negotiate the purchase with the seller and the seller’s lender(s) as a short sale.
27 properties were sold in Plantation. They were priced between $600,000 and $90,000. This tells us there is over a 22 month supply of homes for sale in Plantation as of February 2009, assuming no more homes are put on the market over that period of time.
Contact Courtney Silverman Real Estate Group to leverage your dollar in this market as a seller and as a buyer!
We have 538 homes for sale in Sunrise FL as of today. Sellers are asking from $519,000 to $47,000.
59 buyers got their contracts accepted. The prices the sellers were asking ranged between $299,000 and $49,900 when they received their offers. 69% of those contracts were written to purchase bank owned properties and 10% are going to negotiate the purchase with the seller and the seller’s lender(s) as a short sale.
12 properties were sold in Sunrise. They were priced between $310,000 and $60,000. This tells us there is over a 44 month supply of homes for sale in Sunrise as of February 2009, assuming no more homes are put on the market over that period of time.
Contact Courtney Silverman Real Estate Group to leverage your dollar in this market as a seller and as a buyer!
We have 605 homes for sale in Davie FL as of today. Sellers are asking from $4,900,000 to $50,000.
35 buyers got their contracts accepted. The prices the sellers were asking ranged between $1,525,000 and $153,900 when they received their offers. 17% of those contracts were written to purchase bank owned properties and 48% are going to negotiate the purchase with the seller and the seller’s lender(s) as a short sale.
24 properties were sold in Davie. They were priced between $1,525,000 and $153,000. This tells us there is over a 25 month supply of homes for sale in Davie as of February 2009, assuming no more homes are put on the market over that period of time.
Contact Courtney Silverman Real Estate Group to leverage your dollar in this market as a seller and as a buyer!
We have 589 homes for sale in Weston FL as of today. Sellers are asking from $13,500,000 to $109,000.
57 buyers got their contracts accepted. The prices the sellers were asking ranged between $599,000 and 209,900 when they received their offers. 20% of those contracts were written to purchase bank owned properties and 29% are going to negotiate the purchase with the seller and the seller’s lender(s) as a short sale.
25 properties were sold in Weston. They were priced between $865,000 and $224,900. This tells us there is over a 23 month supply of homes for sale in Weston as of February 2009, assuming no more homes are put on the market over that period of time.
Contact Courtney Silverman Real Estate Group to leverage your dollar in this market as a seller and as a buyer!




