Gables by the Sea

Today's tasks included checking up on a property we currently have under contract in Gables by the Sea.

Gorgeous day... just had to take a short detour once I finshed.

The end of Lugo Ave., the main road through the Coral Bay subdivision, offers a spectacular view.

Downtown Miami off in the distance, a world away accross the water.

A warm day, a light breeze, just enough to carry salt in the air.

A moment on the one fixed bridge to take it all in before heading back to the office.

These homes are on the north side of the bridge.

While they did take a good picture with the sun behind me, the homes on the south side of the bridge have direct ocean access.

Direct ocean access, when you want it.

There are 14 homes available. 11 have direct ocean access with no bridges between you and gorgeous open water anytime you want.

Exclusive gated community with a voluntary association.

Priced between $1,595,000 and $3,900,000.

Weekly Report for Pinecrest, Palmetto Bay and Cutler Bay

Sales activity data from our local MLS for the week of 10/18/09 - 10/26/09.

Village of Pinecrest

As of this morning Pinecrest has a total of 188 single family homes for sale. Only one is a foreclosure, 25 are short sales. 5 of the total available were added last week; none of the 5 are bank owned. 1 is a short sale.

4 homes went under contract last week. None of those were bank owned properties; 2 are short sales. There were no closings reported last week.

Village of Palmetto Bay

Palmetto Bay has a total of 143 single family homes for sale this morning. 4 are bank owned; 32 are short sales. 6 of the total were added last week; 1 bank owned and 1 short sale.

2 homes went under contract last week. 0 bank owned, 1 short sale. No closings reported last week.

Cutler Bay

Cutler Bay has a total of 91 single family homes for sale. 7 are bank owned, 41 are short sales. 5 of the total were added last week; 1 is bank owned and 3 are short sales.

9 went under contract last week. 2 are bank owned, 7 are short sales. 2 sales closed last week; neither were bank owned or a short sale.

Now is a good time to sell if you've been waiting and live in any of these areas. There's a small window of opportunity while there's little competition from bank owned properties and before things slow for the holiday season.

It's also still a good time to buy, but the "good deals" are dissappearing fast at this point. Better make you're move... Call us.

September data for Pinecrest, Palmetto Bay and Cutler Bay

September numbers are in. Here’s a quick comparison of how September 2009 compared to September 2008.

In Miami-Dade County, there were 46.2% fewer single family homes for sale at the end of September 2009 than there were at the end of September 2008, and there were 33.7% more sales recorded in September 2009 than there were in September 2008. The condo and townhouse market was similar with inventory levels down 29.4% and sales up 39%.

The Village of Pinecrest: 18.1% fewer homes on the market and sales up 171.4% from the same month a year ago. Available condos and TH’s went down 49.5% while sales remained steady with no increase or decrease.

The Village of Palmetto Bay: Inventory levels went down 47.9% while sales went up 47.1%. Condo and TH’s , quantities for sale decreased 41.7, sales went up 100%.
Cutler Bay: 61% fewer homes for sale in Sept. 09 than there was in Sept. 08. Sales shot up 52.2% Condos and townhouses numbers went down 43.2% while sales increased 400% from the same month last year.

Still not convinced the market is shifting? Take a look at the 5 year graph for Miami-Dade County real estate activity.

So what does this mean?

If you’re a buyer, your options to choose from are a great deal fewer today than they were last year. Fewer homes to choose from means competition with other buyers. Multiple offers are already occurring. As competition grows, so will the odds of you paying a higher price. Higher prices turn into higher appraised values for similar homes. Property values stop decreasing, level off, and start to rise again.

Bottom line… if you plan to buy, it really is time to get serious.

Victor Mills - 786-205-4207