FOR COCONUT GROVE HOMES AND OTHERS THE "BUBBLE" STILL LURKS

In the Cherry Group's never-ending quest to stay on top of the Coconut Grove real estate market in particular, the immediate future for home sales might not be as bright as some pundits profess. Although 2011 first quarter sales show a staggering increase by 38 percent in Miami, home values continue to drop, now down 55% since the height of the market in 2006. So, while more homes are being sold, they're being sold for less while still under pressure from foreclosure which represent about 60% of all homes sold. In an on-line newsletter, Capital Notes, published by Bentwood Capital Partners (residential and commercial lenders), it was reported their expectations among other expert opinions, are that prices will fall another 14 percent through the end of this year before bottoming out. The Cherry Group's expert advice is to sell now and buy now! For buyer's, don't play Russian roulette with forecasts and wait it out. Another 10% savings or so on a purchase price means little against a 30 year year fixed mortgage at these interest rates. And who knows where they'll be going with the onset of an inflationary spiral. Contact Sylvia Cherry or Gary Hecht at The Cherry Group, your Coconut Grove Experts for more information at 305.607.8360