THE CHERRY GROUP SAYS REAL ESTATE FORMULA HAS CHANGED

Coconut Grove's Expert Realtors, The Cherry Group, attended a speech this morning at the Real Estate Board, given by Coldwell Banker's Regional Senior VP, Michael Murray. He corroborated what The Cherry Group and other leading Realtors have known for a few years; LOCATION, LOCATION, LOCATION has been supplanted by PRICE, PRICE, PRICE. The number#1 factor driving buyers to the closing table is price. There are 10,000 homes listed in Miami-Dade County and many have been sitting there for years because none of us can really come to grips with 10 years of lost equity in our homes. On the other hand, we can either get out with clean credit and small gains or for some, let the house slip into foreclosure and sold short. People who have owned for 10 years or more will still pull money out.