Miami real estate news and information

Archive for the 'IN THE NEWS' Category

First Quarter 2015 – EWM Ranks #1

Selling a million dollar plus listing every 15 hours in South Florida …. EWM Realty International Ranks #1 in Sales – Q1 – 2015 in Business Monday.

The Restivo Hechtman Team is proud to be part of EWM and among the experienced experts in Million Dollar sales.We are dedicated to helping you buy or sell your home in South Florida.

Don’t wait, let’s get started today!

 

million dollar listings

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Christie’s names 3 top cities attracting globally affluent buyers

Miami – along with New York and London – are “three of the most vibrant world cities currently attracting the globally affluent buyer”  according to Bonnie Stone Sellers, CEO of Christie’s International Real Estate, in Christie’s annual research report Luxury Defined.

As the exclusive affiliates of Christie’s in Miami,  EWM Realty International will be pleased to provide you with market insights, and expertise whether you are buying or selling.

“Buyers continue to view London, New York and Miami as strong markets to invest in and great places to live.  All three cities are unusual in offering what luxury buyers are looking for: economic stability, ease of doing business, transportation options, cultural and lifestyle services, and attractions that make them desirable places to buy homes.”

If you are considering buying a home or condo in Miami, we at the Restivo-Hechtman Group at EWM Realty International will be pleased to work with you.   305 793-1365  [email protected]

 

 

 

 

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Miami Real Estate Market Overview & Projection 2014

“The median price of a single-family home in Miami-Dade increased 19% during 2013, while the median price of a condo in Miami-Dade increased 12%.  We have had double-digit annual median price increases for over 24 months for both single-family homes and condos in both Miami-Dade and Broward counties.  With the increasing inventories and new construction underway, median price increases will likely temper back in 2014 to single-digit levels.  With the large numbers of new condos being offered at pre-construction (primarily in Miami-Dade), the number of available units will be increasing fairly rapidly over the next 24 months; therefore we will be keeping a close watch on the number of newly constructed units, as well”  Managing Broker of EWM Realty International, Ron Shufffield  indicates in his “Focus on 2014 South Florida Market Report”.

Great time to buy or sell …  Call us today, but don’t wait.  Restivo/Hechtman Team at EWM Realty Int’l  305 793-1365  … 305 632-0164

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Coconut Grove Project Includes Waterfront Restaurants and Pedestrian Promenade

The Miami Herald reported November 5th that Coconut Grove is soon slated to have 3 snazzy new waterfront eateries (with soaring glass walls and views of Biscayne Bay …  in glass and steel bay front structures designed by Arquitectonica).  There are plans to create an pedestrian promenade as well as a new park…. turning the Grove into something Miami desperately needs:  waterfront land that the public can access and enjoy.

The Grove Bay Investment Group is apparently ready to sign a 50 year lease  with the city for the site just north of Miami City Hall all along the water, paying a minimum of $1.4 million a year for that …  and spending an additional $18 million to refurbish the marina,  add three new waterfront eateries, and create a pedestrian promenade extending from South Bayshore Drive all the way up to the new public pier over Biscayne Bay.  This, combined with creating a 3 story parking garage with retail shopping at ground level, and green open spaces for the public to enjoy, will transform the Grove and the historic village bay front. Read the rest of this entry »

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Old Miami Herald Building Multi Agency Emergency Training Exercise October 23, 2013

Tomorrow  (Wednesday  October 23, 2013)  a  multi agency training exercise  is scheduled  for in and around the Old Miami Herald Building. 

Emergency vehicles and officers from multiple police departments will be involved.  This is just a training exercise. 

 

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Government Shutdown Ends

After a 16 day federal government shutdown (which caused National Parks to close, passports not be issued, and real estate closings to be postponed … to name but a few of the repercussions) as of  late last night the shutdown is apparently over. 

The National Association of Realtors reported today that yesterday’s resolution calls for funding  government operations through January 15, 2014  and  it raises the debt ceiling to a projected date of  February 7, 2014.

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The Price of Real Estate Experience – WSJ says $25,000

“Can you put a price on experience? In real estate, you can. It is about $25,000 for the average house” according to one Wall Street Journal article.

The price of real estate experience  … and  the difference between a rookie and a seasoned real estate professional …  can mean a 12% higher home sales price on average.  

If you’re contemplating moving or relocating, we would be delighted to assist you … The Restivo Hechtman team will help you sell for the best terms possible … and we can refer you to other  top real estate experts elsewhere throughout  the world … whether you’re moving across country or internationally.

The Restivo Hechtman Team at EWM Realty, International

Vicki Restivo 305 793-1365 [email protected]

Alexandra Hechtman 305 632-0164 [email protected]

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Restivo Hechtman Report – Real Estate Market Update – Pinecrest – Second Quarter 2013

BASED ON CURRENT INVENTORY and CLOSED SALES IN PINECREST,   WE ARE IN LIMBO.  WE ARE NOT IN A BUYER’S  MARKET … NOR ARE WE IN  A SELLER’S MARKET )… We in what’s called a “NEUTRAL REAL ESTATE MARKET” … meaning that we  now have between 3-6 months of available inventory for sale:

Less than 3 months of inventory would put us in a seller’s market.

More than 6 months of inventory would move us into a buyer’s market.

And having 3-6 months of inventory places us in a neutral market.

PINECREST LISTINGS FOR SALE – PRICED UNDER $1 MILLION:

In January 2013:    There were 6.3 months of available single family homes listed

By mid-August 2013:    Inventory was down to 2 months worth. Read the rest of this entry »

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The Restivo Report: Miami Real Estate – Coral Gables – Price per Square Foot – 2013

The Restivo Report – Second quarter 2013 – Coral Gables:

“Single family homes  in Coral Gables are selling for $366.87 per square foot  (Average Sold Price) over the first and second quarters of 2013.

Most are selling within 5-10% of the original list price.

Homes valued below $1 million,  sold (on average)  for $242 per square foot as of January 2013 … The average sold price jumped to $297 per square foot in August 2013.

For homes priced between $1 – $2 million,  they sold (on average) for $323  per square foot back  in January.  As of August 2013 the average sold price reached $380 a square foot.

With inventory declining, Miami is seeing an upturn in competitive bidding.

Coral Gables had 5 months of available inventory (in August 2013)  …  7.5 months of available inventory in January 2013.”

If you are considering  buying or selling property in Miami, please give The Restivo Hechtman Team at EWM Realty Int’l a call 305 632-0164 or  305 793-1365   … We are ready to help you make the most of this market.

Alexandra Hechtman … [email protected]           –         Vicki Restivo …  [email protected]

 

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Homeowner Equity on the Rise

Many homeowners across the nation have been underwater in their mortgage. In fact, 10.7 million of them owe at least 25%  more than their properties are worth, according to Realty Trac’s US Home Equity & Underwater Rpoert for 2013. Still, 8.3 million homeowners are slightly underwater or just overwater in their mortgages, meaning that the homeowners could sell in the next 15 months and not need to resort to a short sale.

In Florida, Realty Trac reported that 40% of homeowners with a mortgage are significantly underwater, placing Florida third in the Nation behind Nevada and Illinois. However, according to Realty Trac, 13% of Florida homeowners are slowly coming out from under and now have, or will soon have, equity. The numbers also show that 12% are “equity rich,” or above water. Realty Trac also reported that 15% of Floridians going through foreclosure have equity in their houses.

According to Darren Blomquist, the Vice President of Realty Trac,  “Homeowners who already have ample equity are quickly building on that equity, while the 8.3 million homeowners on the fence with little or no equity are on track to regain enough equity to sell before 2015 if home prices continue to increase at the rate of 1.33 percent per month that they have since bottoming out in March 2012.”

This is all good news, as the housing market is showing growth and recovery. The Restivo Hechtman Team is here to help you buy or sell when you are ready. Call us today and let’s talk about the best plan for you.

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