NOVEMBER 2022 Edition
www.LIVEIN MiraL a go.com 11555 Heron Bay Blvd. Suite 200 Coral Springs FL, 33076
Permit # 3018
954.609.0591 Michael@ParklandParrot.com
#1 MIRAL AG O REAL ESTATE TE AM IN 2021
MIRAL AG O
t
REAL ESTATE MARKET REPORT
ATTENTION HOMEBUYERS:
KNOW YOUR
OPTIONS! Don’t Be Intimidated By The Mortgage Rates. If You’re A Buyer, It’s Time To Get Informed!
3 2 1 3-2-1 Buydown
Permanent Buydown
5-Year Arm
A type of loan that starts out with a low interest rate and rises over the next several years until it reaches its permanent rate where the buyer can then refinance for a new rate.
By financing the discount points up front, the interest rate can be up to 75 basis points lower than prevailing market rates.
A loan with a fixed interest rate for the first 5 years. Afterward, the 5/1 ARM switches to an adjustable interest rate for the remainder of its term or the buyer can refinance.
10593 N LAGO VISTA CIRCLE
SOLD FOR $1,300,000 REPRESENTED SELLER
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NOVEMBER 2022 Edition
Michael Citron
Prepared Exclusively for
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From Your Real Estate Expert
Michael Citron
The Holiday Season is upon us and that means that the seller market tends to slow down. This is obvious as most sellers and buyers are trying to plan their vacations and decorating their homes. If you are a buyer it is time to strategize and prepare for what is to come especially with the recent dip in mortgage rates into the 6% range.
MiraLago has 9 Homes available and 2 under contract, of which 73% of the homes have had price reductions. With overall inventory reaching pre-Covid numbers we may see the Parkland Real Estate Market turn into a Buyer’s Market within the first 2 quarters of 2023. Our current supply of inventory is around 4 months leaving us 2 months shy of that 6 month mark. If you’re selling your home you should align yourself with an agent on our team who has their pulse on the market and can get you the best price. Please be on the lookout for our market update in the Parklander every month for an in-depth look into the market and past sales in Parkland & Coral Springs as well as my Personal Insight as to what we can expect in the4th quarter of 2022.
9
ACTIVE LISTINGS
MEDIAN SALES PRICE*
NUMBER OF HOMES SOLD*
2021-2022 Comparison
PENDING SALES
2021-2022 Comparison
$1,500,000
8/11
SOLD IN PAST 90 DAYS
55
$900,000
4 Full Baths
Putting Green
Pool
Custom Finishes
CASCATA
10593 N Lago Vista Circle
10955 Vista Terrace
SOLD FOR $1,300,000 | REPRESENTED SELLER
SOLD FOR $1,300,000 | REPRESENTED SELLER
3
PRICE REDUCTIONS
8
$750,000
6
$600,000 $450,000
5
4
$300,000 2
$150,000
SOLD IN PAST 180 DAYS
9820 S MiraLago Way $20,000 OVER ASKING SOLD FOR $820,000
29
AVERAGE DAYS ON MARKET
0 JULY
MEDIAN SALES PRICE
Waterfront
Waterfront
PENDING SALES
5/7
10
$1,050,000
0
$1,005,000
4
ACTIVE LISTINGS
12
$1,200,000
AVERAGE DAYS ON MARKET
4 Full Baths
5 Beds
14
$1,350,000
PRICE REDUCTIONS
5
TOWN PARC MARKET REPORT
NOVEMBER 2022 MARKET REPORT
2
Pool
CASCATA
M I R A L A G O
SINGLE FAMILY MARKET REPORT
5 Beds
AUG
SEPT
OCT
JULY
AUG
* Data shown for the sales in MiraLago is based on the MLS as of November 7, 2022 and is deemed to be reliable but should be verified.
SEPT
OCT
2021 2022
$629,900 MEDIAN SALES PRICE
9735 Blue Isle Bay $30,000 OVER ASKING SOLD FOR $1,230,000
8670 Lakeside Bend $120,000 OVER ASKING | SOLD FOR $1,320,000