Where Are The Deals In Coral Gables?

If you are looking to buy a single family home in Coral Gables and like most buyers out there are wondering where the deals are, here is an overview of just what has been happening in terms of foreclosures, short sales and non-distressed sales in the area.

REO / FORECLOSURE

For the month of January 2010, for example, the average price per square foot of REO single family homes sold in Coral Gables was $207, versus $277 for short sales and $281 for non-distressed properties.

The numbers seem to say it all, but there a few factors to keep in mind as you look at these statistics. Number one: The supply of distressed properties is limited. Number two: Short sales are not for everyone.

SHORT SALE (NO CLOSINGS APRIL-NOV)

It is a great time to buy a home in Coral Gables and the majority of buyers are purchasing non-distressed properties. If we look at the month of January 2010, we can see that 6 REO properties went into contract and 1 closed. Only 5 short sales went pending and 3 closed. The numbers for non REO/ non short sale properties were 20 and 17 respectively.

If you are a buyer looking for a deal, my advise is that you do not limit yourself to short sales and foreclosures but instead find a great realtors that understands the area and can help you make the best out of current market conditions.

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Looking to buy or sell a property in Coral Gables? Please contact me at 786-301-1054 or send me a note here.