Mentone Market Update
The market is stabilizing. The average price per square foot of the homes sold in June 2009 was $120 and now it is $123. This area is in demand and that has caused a slight increase in prices for the second half of the year.
The market is stabilizing. The average price per square foot of the homes sold in June 2009 was $120 and now it is $123. This area is in demand and that has caused a slight increase in prices for the second half of the year.
Turnberry Lake just west of Gainesville Florida is one of the luxury subdivisions that have seen the brunt of the slowing real estate market. The last sale closed at $134/sqft.
Because buyers are focusing on southwest Gainesville there have been fewer sales in Blues Creek and demand is lower than normal. As a result prices in Blues Creek are restrained. This provides an excellent opportunity for buyers to take advantage of the market.
November saw a lot of contracts closing, and a steady stream of activity for future sales (like new contracts and new listings). There was a 2% increase in residential sale prices and we have seen an overall stabilization there for several months now.