Riley Smith

My company EWM Realtors, Inc. offers a FREE site specifically focused on providing people with information and access to properties in foreclosure.
Go tohttp:// www.ewmforeclosures.com - Fri May 9 2008, 13:43

That is a tricky question, because quite often the original asking price is inflated and has to be reduced over a period of time. But when you find a property that comes on the market with a correct asking price, the difference between the asking price and selling price is quite often less than 5%. The reason you have not seen a dramatic drop in asking prices and sales prices is that Coconut Grove is a very stable market. The ownership here tends to be more mature and financially sound than other areas in Miami. As far as the townhouse market goes, probably we have not seen the bottom yet. Although inventory levels are starting to stabilize, sellers as a whole are still unrealistic. However, I believe it will not be long before you find several sellers cracking under the pressure. The only difference between many of these listings is the asking price. So many townhouses built in the last few years are very similar. So the sellers can only compete on price.
Good luck in your search.
Riley
Coconut Grove Real Estate Specialist - Fri May 2 2008, 19:22