The first six months of the year saw 69 closed condo sales. Fifty-eight units went under contract in less than 60 days. Of the remaining 11, only one did not take a price reduction. The second half of the year saw a bit of a slowdown with 57 closed sales and just 20 going under contract in less than 60 days.
In Hillcrest North, South and Parkview at Hillcrest there were 23 closed sales in the first 6 months, 11 were single family homes, 12 townhomes and we saw our first million-dollar+ sale. In the last six months of the year, there were 14 closed sales: 10 townhomes and four single family homes, with two selling for over 1 million dollars. The townhome sales prices ranged from 515K to 690 K. All but one sold in less than 90 days.
The party is over for overpriced listings. Inventory is creeping up. However, in any market, properties that are priced right the first time sell quickly. This is not an ascending market like last year where a higher priced listing could sit and wait for the market to catch up to the list price. List prices are a “wish list”, closed sales are reality. If your home or condo is not a completely top-of-the line remodel, and you need to sell withing 90 days, study comparable CLOSED sales and be realistic.
We are South Florida specialists in home and condo sales and a certified distressed property expert. We proudly serve the south Florida cities of Hollywood, Hallandale, Dania, and Ft. Lauderdale. For more information, call us today-844-552-7378.
3850 Washington, Suite #1016, Hollywood Florida 33021