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Coconut Grove Market Update

February 15th, 2012 Written By Carol Pawley

 1715 ESPANOLA DR Espanola Drive
Sold for $881,000 on January 12, 2012 after being on the market for 215 days.
It was initially listed for $1,100,000.

Slowing down from previous months, January only saw five closed sales in the Coconut Grove area after multiple price drops. The trend appears to be the same for houses currently on the market, many of which have already gone through several price drops in the last few months. That just goes to show that home prices in the Grove are slowing down and in order to sell a house must be priced correctly. To see what sold in the Grove in the month of January, click here. On the flip side, the market hasn’t seen many new listings either. In February alone, only four new houses have come onto the market. To see new listings in February, click here.

Last week I went on a listing presentation in the North Grove area that involved a RELO company. I didn’t get the listing when I gave my honest opinion and decided not to inflate the price.  I gave them my professional evaluation based on the market and current trends, but the reality of an effective pricing strategy for a quick sale was too harsh for the sellers. Sometimes Realtors are forced to artificially inflate prices in order to win listings, but listing and pricing is an art that is important to do correctly. The state of the market is dependent on closed sales, which means new inventory listed at the right price.

 

If you would like more information on a marketing strategy that works or a professional market evaluation, please contact me at (305) 992 6188 or email me at carolapawley@gmail.com

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