Real Estate Feast

Archive for March, 2010

New High Pines Sale–the Real Story

7420 SW 53rd Place closed yesterday for $600,000.  This was on the market for just eight days at an asking price of $699,000.  At $600,000 this translates to just under $300 per square foot for this 2015 sq ft 3-bedroom, 3-bath 1947 High Pines classic home.  It was not improved, but was very nicely appointed, complete with working fireplace and a 12,500 square foot lot.  But here’s the real story.  Three years ago the owner tried to sell it herself and was asking over $800,000.  At the time I talked to her and suggested that she could realistically expect no more than $750,000, if that.   She thought very little of that and subsequently watched the prices decline all around.  And now got much less than she could have had she priced her property correctly three years ago.  But make no mistake, this is a good price for a property in High Pines in this market.  I’m sure the neighbors will be glad to see that 7420 SW 53rd Place went for this price.  If you’d like to find out about easy-living High Pines/South Miami, you can reach me at 305-401-8058 or bishopric.r@ewm.com.