Follow up from March 6th Miami Appraisal post…

March 22, 2012

You may recall the March 6th post disucssing appraisal challenges in today’s Miami market…

March 6th post…

“Now we wait for the appraiser’s verdict in the coming days.  Despite the fact that there was a bidding war on this property (thereby determining true market value for the home), the deal rests firmly in the hands of the appraiser that this Buyer’s lender chose.  Four different appraisers will arrive at four different market values because appraising is an art an not a science.  The appraiser won’t be assigning value based on true market value but instead they’ll base it on past sales.  This, in my opinion, is not an accurate way of determining value since the closed sales over the past 6 months were distressed sales in our market’s rear view mirror.  Today, there is 40% less available Dade County inventory than there was just 14 months ago.  Demand remains strong while supply continues to tighten.

We will see the appraisal outcome in the coming days…

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Today’s update of the March 6th post…

Good News!

The property mentioned above  at 3800 SW 68 Avenue appraised without incident.   In addition, 2025 Brickell #1502 (Atlantis on Brickell) also appraised and will close in the next 2 weeks.

Observation…

As the Coral Gables, Coconut Grove and Brickell markets continue their rebound, there are more non-distressed  closed sales for appraisers to justify today’s agreed upon purchase prices between buyers and sellers.

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

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