Despite the shortage of inventory, some homes stay unsold for months — even years. “I have a house now, it’s a fantastic property but it needs to be completely updated,’’ says Mauricio Barba, an agent with Coldwell Banker and member of the Master Brokers Forum. “Even though it may be priced reasonably, it will still sit longer on the market. The buyer will pay a premium to turn the key.’’ Once a house goes unsold for many months, agents and buyers begin to think something is wrong with it — even if it’s simply a matter of pricing, says Carole Smith, a top Realtor with EWM. Here’s a sampling of houses with months on the market, and an idea about why they haven’t moved:• Three-bedroom, two-bath house with 1/1 cottage in southwest Miami, $599,000 (8400 SW 68th St.): With nearly an acre of land featuring fruit trees and a pool, this 3,440 square-foot house has a lot going for it: smartly updated kitchen, spacious living room, two-car garage and a sizeable one/one cottage suitable for a tenant. So why has it been on the market for 11 months? The oversized cottage brings a tradeoff in size in the primary house. And until recently, the cottage occupant has been reluctant to let the broker show the space. • House in North Coral Gables, four bedroom, three baths, on the market for 11 months. With a high beamed ceiling and open flow, this 2,400-square-foot house lives up to its “charming’’ description. Baths and kitchen are beautifully updated and the house is in immaculate condition. The drawback: the $669,000 price. With a tiny yard and poor views, it can’t compete with houses in the area that go for far less. • House in Plantation’s Waterway Estates neighborhood just south of Peters Road, 4/2 with pool, 2,344 square feet at first glance sounds well-priced at $200,000 for the neighborhood within walking distance of schools. But that price is too high for the foreclosure that has been on the market since August 2011 and not maintained. The listing was as low as $164,000, but the bank raised the price back up last month. The house backs up to Peters Road and the entire property is in disastrous condition.• House in Cooper City’s Cooper Colony Estates neighborhood just south of Griffin Road, 4/2 with pool, 2,084 square feet. This house is in walking distance to top A-rated schools and the Cooper City community center. But despite those pluses, it has been on the market since October 2010 — largely due to a dysfunctional layout — set on multiple levels — that lacks a true master suite and traditional living room / dining room area. The price was as low as $224,422 but the owners raised the price in March likely because of the low inventory in this school district.
Coral Gables
Coral Gables