One of my buyers who is looking at newer condos around downtown Coral Gables asked about the possible deals he could find by looking at only short sales and foreclosures.
Looking at the recent activity of condos priced no higher than $500,000 there are alot more regular sales on the market, but the bulk of closed and pending sales are distressed properties.
| Status | Regular Sales | Short Sales & Foreclosures |
| On market now | 39 | 18 |
| Closed sales | 7 | 14 |
| Under contract | 0 | 9 |
| List price per sq ft average | $324 | $209 |
| Sale price per sq ft average | $222 | $191 |
The average list price of a regular sale is just over $357,000 and the average sale price for the same is$238,000. The distressed properties average list price of $229,000 is so much closer to what they eventually sell for, $222,000, that it stands to reason more buyers are willing to wait out the oftentimes glacial process of purchasing a short sale or foreclosure.
The regular sales average about 7% more in sale price and sell a month sooner, which could be attributed to their being in better condition and easier to negotiate and close.
See all non distressed condos on the market near downtown Coral Gables here
Check available short sales and foreclosed condos under $500,000 here
Here are 2010 sales in the area of regular sales
Click here to see the closed short sales and foreclosures this year
If you are buying, selling or renting in Coral Gables you need a local specialist. Call me at 305 794.6570 or leave me a note here.
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