PACE OF SALES IN IRONHORSE ARE STRONGER AS PRICES CONTINUE TO DECLINE DURING FIRST QUARTER 2008

Homes are beginning to sell in the West Palm Beach/Palm Beach Gardens community of Ironhorse Country Club. 

There are some great deals for buyers in Ironhorse today.

 Four homes sold during the first three months of the year, putting sales at an expected level of 16 at  Ironhorse,   just a bit higher than the 11 homes sold in Ironhorse last year. 

The four homes sold in Ironhorse averaged $174 per square foot, down from $191 per square foot in 2007, a 9% price decline.  One of the homes sold was a “short sale” meaning the owner accepted a price that was less than the amount owed to the lender.  Short sales and foreclosures tend to cause price declines within a community. 

There is still a large inventory of homes on the market in Ironhorse – a total of 38 properties for sale ranging in price from $360,000 to $2 million.

Many of our clients are asking is now whether the market has bottomed as we see home buying activity increase. While we wish we had that crystal ball and could say “yes,” there may be further erosion in home sale prices as the season ends and more homes come on the market.

Yet it is an outstanding time to buy with prices throughout Palm Beach County declining.

Home prices in January 2008 were 12 percent lower than in January 2007 and prices in February 2008 were 8 percent lower than in February 2007.  While many potential buyers state that they are waiting for the prices to reach the bottom, we encourage them to act now, since it is impossible to “peg” the bottom of the market.

The Weiss-Clawson Team includes a resident experts in  Ironhorse Country Club,  but we serve clients throughout the region, selling property from Ft. Lauderdale to Sebring.  We look forward to working with you, your friends and relatives and deeply appreciate all referrals. Please contact us for all your real estate needs.

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