The Roads – Market UpdateWith 5 homes sold in January 2011 in The Roads neighborhood and vicinity, the year is off to a good start. Most of these sales were foreclosures or short sales, the important fact is that inventory is moving.
In 2010 34 homes were sold in this area. Only 11 of these homes were regular sales and closed at an average of $159 per SF. 13 of the closed sales were foreclosures which sold at an average of $115 per SF and the remaining 10 properties were shortsales that closed at an average of $135 per SF.
The market is slowly recovering but it will be a long time before we see the peak prices of 2006 again (average for The Roads was approximately $299 x SF).
I cover this market closely and give my buyers and sellers update information so they can make the best decisions. If you are considering buying or selling property in this neighborhood please call me, I can help you.
119 SW 32 Rd, Miami FL