Monday, November 22, 2010

Pembroke Falls of Pembroke Pines, FL 180 Day Update

With all of the recent problems in the local real estate market in South Florida, it appears that Pembroke Falls is not as bad as you think. Although not immune to the chaos, it is still Pembroke Pine's premiere community.

In the past 180 days, 21 homes have gone on the market ranging from a $699K 5/5 to a 289.900. 3/2.5. Of those 21, seven are short sales and only one an REO.

In the same time period, 15 homes have closed ranging from $255K on the low end to $450K on the high end. That is slightly troubling, especially given the fact that six of those were REO's and two short sales.

And finally, there are currently 8 pending homes in Pembroke Falls ranging from a $219K 4/3 to a $500K 5/4. Of those eight, three are short sales and only one an REO.

Essentially, almost half of all sales and actives in Pembroke Falls in the last six months have been either a short sale or REO. Even though that sounds bad, given the grand scheme of things today in the area, it could be a lot worse. Prices are still better than they were in 1997 when the project started, which means that we haven't dipped below the mendoza line like a lot of the others in the area. It's still a nice place to live and raise a family at a reasonable price. And the area offers so much to do with it's close proximity to Ft. Lauderdale and Miami, Florida.

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