Weekly Report for Pinecrest, Palmetto Bay and Cutler Bay

Another week flew by. Seems like the days are going by faster the closer we get to the holiday season. The days are shorter, it's getting dark earlier, and buyers that want to take a look at houses after work are ending up seeing one or two after dark. I had a 5:30 appointment last Saturday to show a property on E-Lake listed by Vicki and Alexandra Restivo and ended up outside just in time for the sun to set. The colors made a spectacular backdrop for the dock and beach area. Impressive. Sometimes work doesn't feel like work at all.

Here's the sales activity from our local MLS from last Wednesday, November 11, 2009 through tonight, Tuesday, November 17, 2009.


Village of Pinecrest
As of tonight Pinecrest has a total of 191 single family homes for sale. Only one is a foreclosure, 22 are short sales. 5 of the total available were added since last Wednesday; none of the 5 added to the market are bank owned or short sales.

There are currently 32 total under contract. 1 is bank owned, 14 are short sales. 104 closed in the last 6 months. 13 were bank owned, 5 were short sales. 1 home went under contract since last Wednesday. It was a short sale. 2 properties closed since last Wednesday, neither were bank owned or a short sale.

Pinecrest currently has 168 homes for sale, 17 under contract, and 86 that closed in the last 6 months that were neither bank owned or short sales. In one week 5 entered the market and 2 closed that weren't bank owned or short sales. One was a 4/3 with 3904 sf on a 35,109 sf lot that sold for $1,245,500. The other house was larger; a 7/6 with 6941 sf on a 40,120 sf lot that sold for $2,150,000.

Village of Palmetto Bay
Palmetto Bay has a total of 141 single family homes for sale tonight. 3 are bank owned; 29 are short sales. 7 of the total were added since last Wednesday; 0 bank owned and 3 short sales.

There are currently 51 properties under contract. 7 are bank owned, 25 are short sales. 4 homes went under contract since last Wednesday. 1 is bank owned, 2 are short sales. 106 properties closed in the last 6 months. 17 were bank owned, 11 were short sales. 1 property closed since last Wednesday. It was a short sale with 3 bedrooms, 2 baths, 1697 sf on a 10,000 sf lot that sold for $235,000.

Palmetto Bay has 109 for sale, 19 under contract and 78 sales in the last 6 months that weren't bank owned or a short sale. 5 homes entered the market and 1 went under contract last week that weren't bank owned or short sales.

Cutler Bay
Cutler Bay has a total of 102 single family homes for sale. 5 are bank owned, 51 are short sales. 8 of the total were added last week; none are bank owned, 3 are short sales.

Tonight there are a total of 91 homes under contract. 13 are bank owned, 65 are short sales. 3 went under contract since last Wednesday. 1 is a foreclosure sale, 2 are short sales.

There have been 120 single family home closings in Cutler Bay in the last 6 months. 44 were bank owned, 26 were short sales. 1 sale closed since last Wednesday. It wasn't bank owned or a short sale - a 2/2 with 1030 sf on a 5658 sf lot that sold for $95,000.

Cutler Bay has 46 homes for sale, 13 under contract and 50 that closed in the last 6 months that aren't bank owned or short sales. 5 entered the market last week and 1 sold that were regular resales by the owners.

The real estate market normally slows down between Thanksgiving and the end of the year, but what's normal? Last year wasn't "normal." This year between the extended and expanded tax credit, low interest rates and those wanting to purchase in time to file for their homestead exemption, the activity for this last quarter may show an increase instead of slowing down.