Archive for April, 2009

The “A” Word

April 10, 2009

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Back in February, we sent comparables to our sellers to make sure that we were still on target with all of our prices, because as we know, price is the name of the game in this market.

Since then, we put one of our listings under contract. The contract price fell between our high price per square foot and average price per square foot on those comps we did.

We just learned that the property did not appraise at the contract price, so we have gone back to reflect on the comparables that we were using. The reality is that when you do comps today, you lose some of the stronger sales that we had on those February comps – those that took place 8 months ago. The sales prices that we’ve had since then are bringing prices down a little bit and affecting our appraisals.

We have since talked to the appraiser and he has agreed to remove one of the houses he used as it isn’t a real comp – we are finding one more apropos for this property. And hopefully we can get this appraisal up…

We are running into this a lot these days – appraisals are not an exact science and they are very subjective, so more and more we have to work with the appraisers to help them get us the results we need.

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Opportunity Knocks…

April 8, 2009

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We just got a great new listing in Pelican Bay, which is down in South Dade. The home is a foreclosure and was built in 2005. It has 5 bedrooms, 3 baths and is in really great condition. This house is definitely not what comes to mind when you hear the word foreclosure!

The two story house is very clean and has a formal living and dining room, a 2-car garage, separate laundry room, awesome built-out closets in every room, and is in great shape. It’s also located right on a pretty lake! You can enjoy views of the lake from the kitchen, dining room and family room – and it is listed at $295,000. What an incredible opportunity!

Contact me if you’d like to see it. 305-798-8685 or ashleymia@aol.com

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What a day!

April 2, 2009

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We hosted a Broker’s Open House at my new listing yesterday – 2495 S. Bayshore Drive in Coconut Grove – and what a turnout we had! We served a delicious lunch and were thrilled with the incredible turnout. We had about 50 agents through the house to see this remarkable new home. Thank you!