October was a successful month for sales at Grandview Palace with a total of three units sold. We must highlight that these units took an average of eight months on the market before selling. All these units were either partially or fully remodeled, and with the exception of PH208, they sold through conventional financing. The average close price for October is $257,617.

Four units hit the market for sale last month at Grandview Palace. These units have an average list price of $303,500. Within the new listing, we have two located on line 24, one being a penthouse, one corner unit on line 18, but the best deal is #1916 with unobstructed views to the north and east of the island. Now the total active inventory of units for sale in the building is of 43. With such a high competence, it is not only important that your agent has a marketing strategy in place but also need to have a vast knowledge of the building so he can position your unit ahead of the other 42 options available.

It was a great month of October for the rental activity of the building. Seven units found new tenants. These units lasted an average of 41 days on the market, but some of them lasted for as less as three days only. The average monthly rental price for these units is of $2,071, and most of them rented close of their asking price.

Eight units went available for rent last month. PH208 was recently sold and now offered for rent. That is a trend we have seen a lot lately. Another trend we have seen is owner listing their units for sale and rent, like unit #918.

If you any further questions regarding this report, you may contact            
Nivaldo Soria, P.A. or Claudia Serpa, P.A.
at 305-219-8343 or nivaldosr@SouthFloridaInvestments.com