For today’s final installment in the Old Northeast Market Analysis series, we’re looking at the quadrant that contains Historic Granada Terrace, from 22nd Avenue N north to 30th Avenue N and from 1st Street east to Coffee Pot Bayou. It’s a very small sample, to be sure, and very distinctive in style. Many of the homes are of the Mediterranean style, and historic guidelines ensure that new homes and additions/remodels stay true to the character of the neighborhood. The eastern border of the quadrant has sidewalks running alongside the water, ideal for jogging, walking and just enjoying the views, including lots of birds and sometimes a manatee.
In addition to being a very small data sample, there’s also a big disparity in the homes – you’ll find some blocks with the large, distinctive Spanish homes we referenced above, and some blocks with small 1950’s block homes. This makes the data very hard to interpret, especially averages. For example, in 2008, the average price of 4 closed sales was $701,250, compared with the average price of 2 closed sales in 2009 at $192,500. There are only a few clear pictures we can glean.
The total number of sales in 2011 and 2012 were the highest by far, showing when the inventory started to move. Length of time from listing to contract is at an extreme low of 50 days, reflective of the lack of inventory. There are too few sales to interpret trends in cash versus financing, but we did find it interesting that in five and a half years, there hasn’t been a single FHA loan used to purchase in this quadrant!
So, as we wrap up our analysis of the Old Northeast for the week, it’s clear that “the bottom” is long gone, and the neighborhood is experiencing a continued, but reasonable, appreciation. Supply is low and demand is high, so those homes that come on the market priced well, in good condition and in good locations can expect to have lots of showing activity and offers that result in a contract quickly.
We’ve enjoyed sharing this information with you, and hope that you’ve enjoyed reading it! If you have questions, would like more information, or are interested in discussing selling your home, please contact us.