Miami real estate news and information

Archive for the 'REAL ESTATE NEWS' Category

Closing in October? Get Flood Insurance Before September 30th EXPIRATION

If you are buying property in Florida …  and closing any time in October … we recommend you order (and pay for) flood insurance now …. especially if you are buying in a high risk area. 

Florida Realtors strongly recommend  home-buyers get  flood insurance prior to midnight September 30th  … if the property is scheduled to close in October (so the closing won’t be delayed)

As of September 30th,  FEMA will be unable to issue new flood insurance policies, (until Washington gives them the green light…)  The bill has to go to the House and to the Senate  for approval …. and any delays in that approval could potentially play havoc with closings.  

Buyers who secure  Flood Insurance prior to September 30th though will be covered, and can close after that date.

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Top Advices for International Investors … Buying Miami

Whether you want investment property (a condo or a single family home)  to buy (and rent out as income producing property), or  whether you’re looking for vacation property for your own enjoyment,  there are several things to keep in mind … 

1) Pick a neighborhood that has the right amount of infrastructure for your needs (supermarkets, drycleaners, gas stations) ….  Some areas have good potential for the long term investor (depending on expectations) … and others already have an infrastructure in place: Read the rest of this entry »

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Public Access to Court Electronic Records

 

We have been working on closing a very drawn-out and convoluted short sale, involving bankruptcy  (actually more than one bankruptcy!).  In the process, we came across a helpful resource for following the proceedings – which allowed us access to information that wasn’t yet available through the various attorneys, title company, foreclosing lender or underwriters.

The site is  public, and one that we were unaware of prior to this particular real estate transaction.  Read the rest of this entry »

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Who’s Buying Miami?

Miami has long been the focal point for international buyers.  Russians and South Americans have had their eye on Miami and their pocketbook in hand for a long time now… And with the  favorable euro-dollar exchange rate,  so have the Europeans…   But it’s the Brazilians who have become the new onslought of  investors in Miami Real Estate. 

Whether cash buyers … or  taking advantage of the low interest rates international investors can get here…  Brazilians are finding real estate opportunities too good to pass up in Miami… Read the rest of this entry »

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ForSaleByOwner founder, Sambrotto, hires a Realtor!

From the Wall Street Journal article:

“Looking to move his family to the suburbs, [Mr. Sambrotto] said he carefully staged his apartment for sale himself, and put it on the market. But after using a mix of websites to publicize his apartment, he said he had only ‘middling success’ and switched to a broker because many buyers were so reliant on brokers.”

Click here for the full article FSBO a No Go!.    Restivo Realtors  …. Vicki and Alexandra  305 793-1365

 

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Talking about Miami … or Europe? Miami Ranks #8 as a WALKABLE CITY …

Of the top 50 cities in the US, in terms of size, The Miami Herald reports that MIAMI ranks #8 in terms of walkability, per the latest survey by Walk Score.

Brickell, Miami Beach, Downtown, the South Grove (in Coconut Grove), and the Heart of Coral Gables lend themselves to strolling, biking, meandering …   and we are seeing increased interest from home-buyers, attracted to Miami by the opportunity to ditch their cars (and avoid the soaring gas prices)…. living within easy access of amenities in walker-friendly neighborhoods

Walkable neighborhoods, that offer dining, shopping, dry-cleaning, bookstores, and cafes with easy access are drawing in home-buyers who are looking for that more European lifestyle.

If you are interested in relocating to Miami, or buying or selling property here, Alexandra and I would welcome the opportunity to work with you.  Call any time at 305 793-1365  or connect with us directly here.

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Upsurge in Sales in Deering Bay

Although there are over a dozen condos currently listed for sale in Deering Bay,  very few homes (or condos) actually  SOLD in the golf resort/marina/ gated community in the past year.   The most recent sale in there,  Alexandra and Vicki Restivo sold and closed on in May 2011 –  That three bedroom penthouse unit in Siena  sold for $1,500,000.  There have been  three other sales in Deering Bay in the span of 6 months … each ranging from $709,000 to $1,260,000.   To see what’s listed now in Deering Bay, as well as the closed sales and the one currently pending listing, you can use the link here.

The properties currently available in Deering are 15 condos and 1 villa…. located in Milano, Venice, Siena, and Padua.    A handful were  listed within just the past month,  (some for sale and for lease – simultaneously) …  There are several units  in Deering that have been on the market for over two years now… with very little movement …  until recently. 

At the start of 2011 there were  several of homes listed for sale in Deering Bay … a few of which were leased out.  As of today, there are only a couple homes available for sale  (one estate home/ and one patio home)  that are listed for sale through the MLS.  Most are condos…  and there are a few pocket listings.   Considering buying, selling or leasing?  We would love to hear from you.  The Restivo Team  305 793-1365.

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Deering Bay Condo Sales Continue To Rise

Interest in  Deering Bay is on the rise …  buyers … sellers … purchases … leases … .

Prime example … There is a three bedroom waterfront condo  currently listed for sale in Deering Bay’s Venice building, an estate sale.   It was just recently listed for $900,000.00  and  had prospective parties lined up and hoping for a chance to  make an offer on it, whether to buy or lease.   Yes, you had to be able to see past the walls colorfully plastered with printed wall-paper!   But the location and that wraparound balcony with views over the water to the east and north, and that bonus room (additional den/study)  off of the master suite (and the 3140 square feet of living space)  increase  the appeal  and  the value.   13645 Deering Bay Drive #144 is listed by Sonia Weisz of Coldwell Banker.   Read the rest of this entry »

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The Problem with an Appraisal to determine VALUE

Value is subjective.  Among other things property value depends on one’s vantage point …   (Buyer, Seller, Realtor, Appraiser,Lender).  What a property is worth to anyone is about as subjective as a piece of artwork  … and will vary according to who the observer is.

The amount an appraiser determines a property to be worth  though is the amount a lender will base their loan amount on. So that’s key if you need financing.  By determining value (based on relevant comparable sales) we can get rough ballpark idea  (a range).  But you really have to look closely at the comps to know where the value lies… for you.   What’s behind the front door (finishes, quality of workmanship, and view) are what add value.  

We are working with buyers who are wanting to purchase a condo in one of Miami’s top luxury condo buildings …  The Gables Club, The Governor House, The Santa Maria, Deering Bay, Grove Isle, or Beacon Harbour.  In each of those buildings, sales prices for 2-3 bedroom units (2,500 – 3,500 square feet) can span from just under $400 a square foot to almost $700 a square foot.    Recent condo sales in Area 41 (Brickell, Coconut Grove, and Coral Gables) of luxury condo sales vary enormously… especially if you expand your search to include units that face a parking lot or butt up to an adjacent building…   Instead of a $1.5 million price tag for a water view , there are units you can find one for half that price … although they may overlook parked cars (as opposed to having waterviews and terraces overlooking the marina).  Read the rest of this entry »

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Miami’s one-time icon of crisis becomes an icon of the city’s condo turn-around

Alexandra and I have been showing property this past week on Brickell to foreign buyers as well as to a  handful of corporate relocations, relocating to Miami  … and I must say that I am impressed with the dramatic turn-around at the Icon Brickell…  The Icon has gone from virtually empty (and of concern I might add) to  quite a hot commodity.  One of the three towers is inching near selling out.  And with prices below the cost of replacement now,  that translates into a window of opportunity for buyers that won’t be here long.  

Interestingly enough, despite the glut of condos on the market in Miami over the past several years, there has been an increase in the number of condo sales over recent months that has gotten even the attention of the Miami Herald:

Miami’s one-time icon of crisis becomes an icon of the city’s condo turn-around – Real Estate News – MiamiHerald.com#storylink=fbuser#storylink=fbuser.

http://www.miamiherald.com/2011/06/09/v-fullstory/2270819/miamis-one-time-icon-of-crisis.html

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