ILoveSoFla.com
South Florida Real Estate
Subscribe
Categories
- Luxury Real Estate
- Commercial Real Estate
- Investment Real Estate
- Market Summary
- Mortgage information
- Home Improvement
- Neighborhood News
- Renting in Miami
- Florida Life
- Things To Do
- Freebies
- Restaurants
- Resources
Archives
Translate This Blog
Miami Beach Ocean Front Condo
Direct Ocean View
This is not a view that you have to crane your neck to see, but rather the beautiful ocean and beach that is seen from every window in this updated 1 bedroom 1.5 bath at 5601 Collins Ave., in Miami Beach. Walk along the beach during the day, then down the street to Don Shula’s Steakhouse. Plenty of shopping nearby at Bal Harbour or hop in a cab for a short ride to the Fountainebleau
Miami Real Estate – Foreclosures and Shortsales
As of December 2010
REO Homes were 12% of Total Inventory and 41% of Total Sales
Single family home Short Sales were 32% of Total Inventory and 19% of Total Sales
REO Condos were 9% of Total Inventory and 46% of Total Sales
Condo Short Sales were 32% of Total Inventory 22% of Total Sales
Miami Real Estate – 2010 Snapshot
For single family homes as of December 2010:
- Median Price $172,000 vs $400,000 peak in May of 2007
- 8156 single family homes listed on the MLS vs a peak inventory of 17,070 in July of 2008
- Currently there is a 10 month supply. A 6-9 month supply is a stable market, so we are getting closer.
For condos as of December 2010:December 2010
- Median Price $101,000 vs $215,000 peak in January of 2008
- 15,116 condos listed on MLS vs 24,905 at peak in May of 2008
- Currently there is a 12 month supply, so we still have a ways to go to stabilize the condo market.
Miami Real Estate Foreclosures: They Are Still Coming On The Market
Even though several large banks froze their foreclosure process in September, there are still plenty of foreclosures coming on the market in Miami.
There are currently 827 single family homes that are listed as REO on the MLS. 423 of them were listed since October 1.
There are 1116 condos listed as REO. 640 of those have been added since October 1.
Miami Real Estate: Median Prices in Miami Jump 12%
October’s median home sale price increased 12% to $199,100 compared to same time last year.
Miami Real Estate – Will the Miami Heat Lead to an Increase in Sales?
Okay, so the Miami Heat have won two in a row after their disappointing loss in Boston. With so much fanfare around the team, condos in the immediate area have decided to latch on to the Heat as a way to increase sales in buildings that are currently mostly occupied by renters. Other than the Heat, these buildings have a lot to offer location wise. Although there is still infrastructure in the immediate area missing (shopping and restaurants) outside of Bayside Marketplace, there is a lot the area has to offer. It is a quick drive to South Beach, located across from the future Museum Park and a stroll under I-395 to the Arsht Center for Perfoming Arts. So are you enough of a Heat fan to be compelled to buy in one of these new buildings?
Pinecrest, FL Real Estate – Short Sales Currently Available
There are currently 16 short sales, single family homes, listed on the MLS in Pinecrest. They range in price from $2.5 million down to $349,000.
Foreclosures in South Florida Are Here For A While
According to RealtyTrac, foreclosure activity in South Florida will continue at high levels through 2010 and there will be a glut of inventory through 2013.
In the current market, 60% of active buyers interested in distressed propertys and 40-50% of sales involve a foreclosure or shortsale.
When is the Best Time to Sell Your Home?
I read a blog today that seems to defy the thought that Fall is not a great time to list your home for sale. Conventional wisdom says that once a new school year starts, the sale of single family homes slows significantly. Students are settled into school, parents into their work schedules, and holidays are right around the corner. As such, most sellers wait until Spring to list their homes for sale.
Since the time a house sits on the market affects its sale, timing the market right is extremely important and is probably second only to price. The fact that inventories decrease in the Fall and Winter, is one of the reasons the KCM blog recommends listing your home now. It also suggests that buyers are more serious now and, that with interest rates at historic lows, more motivated.
What do you think? Would you be more likely to sell or buy in the Fall or late Spring/early Summer?
When Looking At Comparables, Make Sure You Are Comparing Apples to Apples
Compare Apples to Apples Not Apples to Oranges
I received a list of comparables from an agent that was making an offer on one of my commercial listings. The comps resulted in a significantly lower price than what the sellers were looking for and my knowledge of the market told me something was wrong with his research. I went through the table he had prepared and compared his square footage to the square footage in the tax rolls and realized that the program that he was using did not always have the same square footage as that in the tax rolls. Since the discrepancy between the square footage of the subject property between one program and the tax rolls was almost 12,000 square feet, I recalculated the average price per square foot, which he was using to come up with his price, based on the tax rolls. The average was $30 per square foot higher than the one he had used, which resulted in a $400,000 difference in price in the sellers favor.
Now the tax rolls don’t always have the correct square footage, but if square footage is being used to arrive at a price, make sure all of the square footages come from the same source. If he had used his original average price per square foot but multiplied it by the subject property’s square footage from the program that had the higher square footage, the price difference would have been $700,000 in the seller’s favor. That is why it is important to compare apples to apples.
Find Me On…
