September Newsletter

August 2009 sets new records

Earlier this year, we reported that the million dollar-plus market was beginning to show signs of life as buyers’ expressed a renewed interest in luxury properties. In August, however, that interest became a reality as pended sales in the $1 million and up category were up 29% over August 2008. This is the first month in 2009 to report such an increase. And while this is positive news, it remains to be seen if this trend will continue. If showings and buyer interest continues at the current pace, similar results could be expected throughout the remainder of the year.

Another encouraging sign that the market is recovering is the decreasing inventory. All price segments in both single-family homes and condominiums showed decreases with the exception of condos in the $2 million to $5 million range, where product actually increased over last year by 10%. Overall, August 2009 turned out to be a record-setting month, particularly with regard to pended sales which were the highest for any August on record since 2000. Pended sales units year-to-date are up 71% over the same period for 2008, and new sales pended during the month of August were up 69% over August 2008.
See full report here.

http://www.johnrwood.com/documents/MarketReportAugust2009.pdf

Florida first in price haggling

CNNMoney.com recently reported that Florida is one of the “easiest” states in the nation to haggle over the price of a home. Vero Beach topped the list with buyers negotiating prices down by 10.2%, which resulted in a savings of $23,500. Rounding out the top spots were Sarasota with an 8.2% discount, Naples with a 7.8% discount, and Daytona Beach with a 7.5% discount.
Throughout the country, the dollar size of the discount between last listing price and final sales price was the biggest in Stamford, Conn., where the median discount of 5.9% resulted in $32,099. In Naples, Fla. that median discount of 7.8% translated into $27,233 in savings.
Read the entire article here.

http://cnnmoney.printthis.clickability.com/pt/cpt?action=cpt&title=Best+place+to+haggle+your+home+price%3F+Florida+-+Sep.+10%2C+2009&expire=-1&urlID=410319950&fb=Y&url=http%3A%2F%2Fmoney.cnn.com%2F2009%2F09%2F10%2Freal_estate%2Fnegotiating_home_prices%2Findex.htm&partnerID=2200


Don’t forget about the $8,000 tax credit
Time is running out to take advantage of the $8,000 tax credit incentive available to first-time homebuyers. December 1, 2009 will be here before you know it and then it will be too late.

Published by John R Wood September 1, 2009