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Debra Wellins

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Real Estate Information Category

********* Palmetto Bay 2012 Year in Review *********

Debra Wellins   Residential home sales in Palmetto Bay in 2012 were strong with 290 closed  sales  for a total volume of $118,073,513. The most expensive house sold for $1,00,000.00 at $285 per square foot while the least expensive home sold for $70,000.00 at $94 per square foot.  The average house in Palmetto Bay was a 4 bedroom, 2.5 bath, 2,828 square foot house that sold for $407,150.00 at $141 per square foot.   On the average, houses sold for 95% of the asking price.  Of... Continue Reading >

Update on Pinecrest Homes for Sale

Debra Wellins Market reports say there is little inventory to sell these days. Well, its true.  Pinecrest  has 128 homes currently on the market. They range in price from a 3 bedroom, 2 bath, short sale in SW Pinecrest for $395,000.00 on a 3/4 acre lot to an 8 bedroom 9 bath new Italianate estate on over an acre in NE Pinecrest for $5,500,000.00. Currently, the average listing is a 5 bedroom 4 bath home, 5,146 square feet, with an asking price... Continue Reading >

Pinecrest Market Analysis 2012 – The Year in Review

Debra Wellins The Village of Pinecrest had a very good year with 223 homes sold for  just under $217,000,000.00 in total sales.  Sales ranged from $220,000.00 to $4,500,000.00 with an average sale price of $972,821.00 and an average square foot (SF) price of $232.00. In the chart below, Pinecrest is divided into approximate quadrants to evaluate the statistical differences within the community. NE Pinecrest (NE: 88th St. to 112th St. / 57th Ave. to 67th Ave.) had the highest sale of $4,500,000.00 ($458/SF).  Average and median prices and prices... Continue Reading >

Bidding Wars in Coconut Grove, Coral Gables and Pinecrest

Debra Wellins Overbidding the Appraised Value The highest offers on a property, if contingent on an appraisal, are not necessarily the best.  We are seeing some overbidding on properties that allow the buyer to clinch the deal, only to manipulate the sale to a lower price with the appraisal. Sellers have options when receiving multiple offers. Countering with an appraisal waiver can be effective in determining if the high offer is legitimate.  Also, sellers can include an  appraisal addendum stating that the buyer will pay the... Continue Reading >

Five Real Estate Provisions in “Fiscal Cliff” Bill

Debra Wellins Tax Breaks Extended through 2013 in Cliffhangar President Obama signed into law the real estate-related provisions of the so-called "Fiscal Cliff" Bill.  It's more of a slippery slope in that the House and Senate extended most provisions through 2013 and made them retroactive for 2012. Here's the gist of it. The Mortgage Forgiveness Debt Relief Act of 2007 has been extended to January 1, 2014.  Homeowners who receive debt reduction through mortgage principle foregiveness or a short sale of their primary residence may exclude... Continue Reading >

Miami Palmetto Senior High School is an “A” School

Debra Wellins Pinecrest's High School Earns "A" Grade Miami Palmetto Sr. High School in Pinecrest is once again an A school.  Palmetto, who has earned this distinction for eight out of the last 12 years, will be eligible for school recognition funds which reward schools that have sustained high student performance or have shown substantial student performance improvement. I have been a Pinecrest resident for over 20 years and originally moved to Pinecrest because of the quality of the schools.  I'd be happy to discuss buying and selling real... Continue Reading >

Citizens Property Insurance Has Lions Share of Policies in Florida

Debra Wellins The latest report from the Florida Office of Insurance Regulation places Citizens Property Insurance as the number one carrier of residential homeowner insurance policies. In  report by Florida Realtors, as of December, 2012, Citizens  Property has 1,423,160, Universal Property & Casualty 578,825 and State Farm Florida 453,997. Continue Reading >

Sales Stalled in Snapper Creek Lakes

Debra Wellins What is Going on in Snapper Creek Lakes? Sales have slumped in this Coral Gables enclave off Old Cultler Road.  There are currently 12 properties for sale listed between $1,999,000 and $10,850,000, but the last property to close was in September, 2012 and there are no pending sales.  These luxury properties with acreage, in a beautiful location, have had no buyers for three months. And only two of the homes for sale have dropped their price, one of which has been on the market for over two years.  It seems... Continue Reading >

Opportunity Knocks – Home Prices May Jump in 2013

Debra Wellins Home Prices On The Rise For 2013 In Miami Home prices are expected to rise between 3.4 and 5 % in 2013. This is due, in part, to the net demand of homes in a market where the inventory of homes for sale remains low. Without the fear of further pricing declines, homeowners able to sell, should be motivated to list their homes in this strong sellers market. If you would like to meet with me to discuss buying or selling a... Continue Reading >