60 La Gorce Circle On Miami Beach's La Gorce Island Sold For $3,200,000
A large lot on exclusive La Gorce Island was finally sold on Monday, after sitting idle on the market for well over two years. The property, located at 60 La Gorce Circle, on Miami Beach, was listed for $4,999,000, but closed for a much lower price of $3,200,000, a discount of approximately 36%.
The previous sale of the vacant lot was for $4,700,000 in August 2004, at the height of the Miami real estate boom. Eight months later, the property was again listed for sale, this time, for an incredible $6,800,000. When the seller failed to bring in a buyer, due to the inflated price, he was forced to reduce it 3 times, as the empty lot remained stagnant on the market for almost 2 years and 5 months, before Monday’s closing took place.
The sale is very interesting, in that it exemplifies just how much prices have dropped in the Miami area. Notwithstanding, if one takes a look around at asking prices of luxury homes and condos in Miami and Miami Beach, it becomes increasingly clear that asking prices are much higher than they should be. Sellers have evidently been somewhat oblivious to this fact, and it is becoming painfully obvious that if they want to compete in the present market place, they are going to have to become much more realistic.
Things have changed dramatically, and change is sometimes very difficult to accept. It is a buyer’s market, and it will be a buyer’s market, for the foreseeable future.
The previous sale of the vacant lot was for $4,700,000 in August 2004, at the height of the Miami real estate boom. Eight months later, the property was again listed for sale, this time, for an incredible $6,800,000. When the seller failed to bring in a buyer, due to the inflated price, he was forced to reduce it 3 times, as the empty lot remained stagnant on the market for almost 2 years and 5 months, before Monday’s closing took place.
The sale is very interesting, in that it exemplifies just how much prices have dropped in the Miami area. Notwithstanding, if one takes a look around at asking prices of luxury homes and condos in Miami and Miami Beach, it becomes increasingly clear that asking prices are much higher than they should be. Sellers have evidently been somewhat oblivious to this fact, and it is becoming painfully obvious that if they want to compete in the present market place, they are going to have to become much more realistic.
Things have changed dramatically, and change is sometimes very difficult to accept. It is a buyer’s market, and it will be a buyer’s market, for the foreseeable future.
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