Miami Real Estate

IN RESEARCHING RECENT HOME SALES  AND MARKET TRENDS IN MIAMI, I FOUND THAT THE PROPERTIES THAT ARE SELLING IN 2010 ARE SELLING WITHIN 10% OF THEIR ASKING PRICE – CONSISTENTLY.  IN SOME MARKET SEGMENTS, PROPERTIES ARE SELLING CLOSER TO 3-5% OF THEIR ASKING PRICE. 

THAT MEANS THAT PRICING HOMES PROPERLY IS KEY TO SELLING THEM … AND SELLERS AND BUYERS BOTH NEED TO KEEP THAT IN MIND.

IN PINECREST, FROM JANUARY 2010 THROUGH JULY 2010, THERE WERE  JUST OVER 200 HOMES FOR SALE  ON AVERAGE- IN ANY ONE GIVEN MONTH – THAT INCLUDES ALL LISTINGS, ACROSS THE BOARD, IN ALL PRICE RANGES.  OF THE 200 PLUS HOMES LISTED FOR SALE,  20 WERE SHORT SALES.  182 WERE REGULAR SALES.

WHAT SOLD?  Read the rest of this entry »

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AFTER SUBMITTING COUNTLESS OFFERS  (ON REGULAR… AND SHORT SALE LISTINGS) ON BEHALF OF TWO VERY DETERMINED AND SPECIAL  BUYERS OF OURS,  I AM TELLING YOU,  IF YOU HAVE THE STOMACH FOR IT, YOUR PERSEVERANCE AND DILIGENCE  COULD PAY OFF  –  BIG.  DOES IT ALWAYS?   NO, OBVIOUSLY NOT.   I AM NOT IMPLYING THAT, BY ANY STRETCH OF THE IMAGINATION.   BUT THIS STORY IS ONE FOR THE BOOKS!  Read the rest of this entry »

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148 ISLA DORADA IN COCOPLUM :  THIS STATELY FRENCH CHATEAU JUST SOLD FOR 30% BELOW  ORIGINAL LIST PRICE  (AND  12%  BELOW THE MOST RECENT ASKING PRICE).  WE CLOSED YESTERDAY, AND ARE HOPING THE WEATHER HOLDS, SO OUR BUYERS CAN MOVE IN WITHOUT HAVING TO DODGE THE  RAINDROPS. 

IT IS A PLEASURE WORKING WITH  BUYERS, SELLERS, REALTORS  AND ATTORNEYS  – WHO COLLECTIVELY MAKE

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Were you one of South Florida’s victims… stuck in a holding pattern…  unable to close on your house or condo?  Floridians can breath a sigh of relief  now -  at least until September 30th!  Home sales in coastal areas and flood zones, came to a screeching halt here in Miami a few weeks back,  when home buyers could no longer obtain flood insurance (hence no financing… no  mortgage … and no keys). Real estate transactions for waterfront property became quite the challenge .

Closings that had to be put on hold in coastal areas of South Florida (and nationally) can now be rescheduled.  The United States Senate  just passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) ,  extending the National Flood Insurance Program until September 30, 2010.   The bill  the Senate just passed is retroactive, covering the lapse period from June 1, 2010 to the date of enactment of the extension. Read the rest of this entry »

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The National Association of Realtors (NAR) indicates that the demand for real estate throughout 2010 will  likely remain fairly flat, although the market is encouraging  -  for buyers.

That announcement, along  with the expected increase in short sale and foreclosure properties in South Florida’s Real Estate Market, will likely tighten the screws on home sale pricing.

It will also pressure sellers into re-evaluating  and correcting their pricing in order to compete with mounting inventory.

Yes, we  can expect home prices to continue to drop…  somewhat.  Why?   Read the rest of this entry »

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The Miami Real Estate Market is extremely value sensitive right now, as we inch close to the half-way mark in 2010.  Unquestionably 2010 remains a buyer’s market.  Buyers are looking for value, and finding it. 

Overpriced real estate languors, stagnant… while properties that offer value are selling like there’s no tomorrow!  Rightfully so.  It’s unlikely that we’ll see another opportunity to buy real estate at these prices again, anytime soon.  

Few buyers are inclined to overpay for real estate these days…  Read the rest of this entry »

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Small wonder that Miami condo sales have skyrocketed!   Miami condo prices dropped 40-50% below what they were at  the height of the Miami Condo Market Boom… back in 2006.  Inventory has dropped considerably, with fewer condos and townhomes available for purchase right now than at any other point in time during the past year and a half.  

Due to a significant drop in inventory (and a parallel price drop)  Miami has seen a notable increase in international acquisitions thanks (in part)  to investors  from Italy, England, Germany, Spain, Venezuela, Brazil, Dubai and the Far East.  Read the rest of this entry »

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For a variety of reasons, villas and townhouses are a plausible answer to ‘what’s next?’ Whether you want to lock-up and take-off for a well-deserved romp around the globe… or  eliminate  entirely the hassle of maintaining a large home ( and grounds!)…  a townhouse can offer  freedom, without catapulting you into  quarters of claustrophobically minimal dimensions.  If you want  independence and elbow room …  and a condo is just too confining…the answer COULD BE  a townhouse.   

In both Coral Gables & South Miami there are several in the works – some in the development stages (having already broken ground, or about to)…   others ready for occupancy.  They run the whole gamut, with some available for under $500,000.  

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We are working with a buyer who wants to buy a Miami Condo  in a building that is on the verge of foreclosure!  So,as a Realtor, I have to ask “With prices  to die for, when does PRICE warrant the RISK?”

The potential pitfalls of buying in an unstable building are numerable.  Downfalls vary from increased assessments (to cover assessments on foreclosed condo units)  to lack of services, maintenance and repair issues …  broken equipment… lack of electricity … no air conditioning…   boarded up windows… and  loss of equity.  

There are condos selling for pennies on the dollar now (in South Florida as well as elsewhere)…  which just dangles the carrot for prospective buyers.  Prices seem appealing.  But how far will the value dip as more condo owners fall short on their maintenance and mortgage payments?  What will happen to the value  if the building (that’s on the verge of foreclosure) actually goes into foreclosure?  Worth the risk, investing in it?   The New York Times wrote an article on the “Hidden Dangers of Buying Condo Foreclosures” pointing out the numerous pitfalls. Food for thought! 

There are plenty of savvy investments to be had.  Solid ones.  But rather than jump  blindly into something ’sketchy’,  you are far better off consulting with a real estate attorney (and ordering a title search)  and working with an experienced Real Estate Professional. If you’re looking for a professional Realtor, I invite you contact me at 305 793-1365 or here and I’ll be happy to assist you with any of your real estate needs – whether in Miami  or internationally. 

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EWM’s CEO, Ron Shuffield, was interviewed by the media for his expert opinion on the Miami Condo Market. Research shows that the condo market is turning around quicker than most expected it to. A recent study concludes that 74% of the 22,000 condos that have been built in the Downtown/Brickell area since 2003 are occupied and that an average of 350 condos are now being sold every month. There are also 295 condos a month being rented. Add the condos sold and rented per month by Realtors and developers, and we have about 700 transactions happening every month in the Brickell / Downtown area. This means that there are about 23 new occupancies a day! Read the rest of this entry »

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