I've noticed a shift in the sands inÂ Mt. LebanonÂ this year after the 1st time homebuyer taxÂ credit expired. It seems there's aÂ shortage of Million Dollar homes in Mt. Lebanon for cash heavy Buyers. For anyone still looking for one, there are 3 Active between $995,000 - $1,399,000.
These 3Â distinguished homes sold in the midst of an otherwise sluggishÂ 2010 residential home sales time period; obviously these buyersÂ know a good investment opportunity when they find it:
1.) 924 Washington Road sold in April for $1,100,000.00
2.) Â 41 Spalding Circle sold in July for $1,175,000.00
3.) 119 Rock Haven Lane sold in September for $1,150,000.00 to a CASH Buyer
Runner up: 93 Hoodridge Drive sold in late January for $720,000.00 also to a CASH Buyer
Meanwhile, there'sÂ 40 Half-Million dollar homesÂ listed in theÂ MLXchange today, on 11/12/10.Â OfÂ listings between $400,000 - $750,000, 24 SOLD this year to date. IfÂ sales continue at this rate,Â we have 18 months of this inventory sitting at this time. If these sellers are truly motivated, then buyers have a strong advantage for getting a great property, andÂ with historically low rates.
Average homes' sale priceÂ (374 SOLD)Â is hovering @ $226,546, with 96% sale/list price ratio.
"Happy Thanksgiving & Best wishes for 2011!"