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There was one closing in July, 9433 (1,698sf) sold for $419,000, but there were no new pendings. That sale at $247 per square foot is positioned fairly closely to the averages for both Boca ($225psf) and Bella ($254psf). There were three new listings, 9442 (1,915sf) was listed at $425,000 ($222psf), 9925 (1,698sf) at $435,000 ($256psf) and 9041 (1,875sf) at $450,000 ($240psf). It seems to me that pricing of new listings is displaying some recognition of where we should be today. There are 21 active listings, 13 in Boca and 8 in Bella. Activity in our market still remains very sluggish. As you can see from the Review, the average asking prices generally are substantially ahead of recent sales, although there have been only six in the trailing twelve months, so comparatives are hardly definitive and several current listings are clearly out of sync with reality. Thirteen listings, 62% of the total, have already been reduced and those listings have seen 22 price reductions. Patience continues to be a necessity, not only in our insurance battle but also with ourselves as the physical recovery itself progresses slowly. One positive thought, if, and yes, it’s a big if at the moment, we succeed in our Citizens litigation, even partially, I think we can expect list prices to recover and the number of new listings also to climb into revitalised demand.
One more thing, the rule changes that all MLSs must apply in August may lead to a hardening of commission levels as the workload and risks on both sellers’ and buyers’ agents will increase.
