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South Florida Real Estate
Deering Bay Rentals Are A Great Way to Spend the Winter
This was today’s weather report for the Midwest. While they were shoveling snow and trying to stay warm, I was planting more tomatoes, cleaning my pool, and getting surf updates from my son, who was surfing at Sebastian Inlet. Want to get away for the winter? Check out these rentals at Deering Bay.
Mortgage Rates Increase But Still Under 5%
Home loan rates increased by .125% last week, in reaction to good economic news. As interest rates increase your purchasing power decreases, so why wait for interest rates to go up further? They are still at historically low rates.
Miami Beach Real Estate – North Shore Makes National Register of Historic Places
Miami Beach’s North Shore District boundaries are 73 street to the south, 87 street to the north, the Atlantic Ocean, and Crespi Boulevard to the west. This funky area of Miami Beach has long been in the shadows of South Beach and did not enjoy much improvement during the building boom. That is actually good news because it means many of the area’s Miami Modern, or MiMo, buildings were saved from the wrecking ball.
Now that North Shore is on the National Register of Historic Places, city officials hope that interest in the area will increase and that the MiMo buildings will be rehabilitated and restored.
What is your favorite MiMo building in Miami Beach?
Happy Hannukah!
Wishing you a Happy
Foreclosure Numbers Show We Still Have A Long Road to Recovery
Although national foreclosures in November were down 8% from October, they are still up 18% over last November. With Florida in second place behind Nevada in having the highest number of foreclosures, we are still a long way off from being able to say the market has recovered. Recent decreases in inventory and increases in sales are all good signs that we have turned the corner, but a recent article in Forbes highlights some of the issues we still face and lists the 10 markets where they believe the market is turning around. Not surprisingly, none are in Florida.
Winter in Miami = Butterflies?
I planted a butterfly garden in August and it has been a huge success. We have watched caterpillars munch on the milkweed then cocoon and finally morph into beautiful Monarchs. Didn’t quite expect to see so much activity in December, but it is in the high 80’s today!
Butterfly coming out of the chrysallis
Selling Your Home? You Need To Price it Right.
We are starting to hear positive news regarding residential real estate. Sales are up significantly from last year, inventories are starting to decrease, the Government is urging more short sales and banks are complying. HOWEVER, if you are selling your home that does not mean you are in the driver’s seat. It is still a buyer’s market. Based on November’s sales and inventory numbers, Miami still has an 18 month supply of single-family homes and condos. Although that is a significant improvement over November of last year when there was an almost 37 month supply, it is still far from the 6-9 month inventory required in a buyers market. With less short sale and foreclosure properties on the MLS, the properties that are selling are those that are priced right.
South Beach Real Estate – Continuum Condo Market Update
This gorgeous oceanfront development on 12 acres is a true vacation destination, even if you live here year round! The Continuum, in Miami Beach’s South of Fifth neighborhood, currently consists of two condo towers and several lofts. The North Tower is 50 S Pointe Drive and the South Tower is 100 S Pointe drive.
The market information as of today for 2 bedroom units in each of the two towers is as follows:
- The average price per square foot for 2 bedrooms sold this year in 50 S Pointe is $ 716. At 100 S Pointe the average is $652.
- 36 2-bedroom units currently for sale in Continuum (both towers)
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17 in 50 S Pointe (2008)
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19 in 100 S Pointe (2002)
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4 are townhomes/lofts
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Highest list price is $3.299 million for a townhouse
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Lowest list price is $1,150,000 for unit 1901 at 100 S Pointe
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9 2-bedroom units have sold this year in 50 S Pointe. Highest sales price was for Loft-1. It sold for $1,700,000, $732 per square foot, on 9/29. The lowest sale was unit 805. It sold on Sept. 25 for $900,000 or $452 per square foot. Highest per square foot price $838 for unit 1404. Lowest price per square foot was unit 805 at $452. There are currently no pending sales in 50 S Pointe.
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10 2-bedroom units have sold this year in 100 S Pointe. Highest price was unit 804 at $2,325,000 or $1014 per square foot. Lowest was unit 605 at $940,000 or $502 per square foot. Those are also the highest and lowest prices on a square foot basis. There are two pending sales. One is listed at $1034 per square foot the other at $931.
Miami Real Estate – Market Update November, 2009
This chart shows all of the single-family homes and condos that are currently on the market for sale, are under contract and pending, or that have sold. The most telling one is the For Sale bars as it shows a steady decrease in inventory as properties are either pended, sold, or taken off of the market. The number of homes pended and sold in November is down slightly from those in October, but the overall direction of the inventory is still heading downward. Granted, based on November’s inventory and sales, we still have approximately 18 months of inventory to plow through, but as long as inventory keeps going down, the market is moving in the right direction.
Remember that this is a county-wide snapshot and each neighborhood or even building is going to have it’s own unique market. What are you seeing in your neighborhood or building?
Race Car Driving Course – An Unforgettable Gift
If someone you know is a wannabe race car driver, a great holiday gift is to give them a one or two day racing school experience. Offered at the Palm Beach International Raceway or Homestead Miami Speedway, these courses are sure to get the adrenaline going! If the course wets your appetite, consider joining the Palm Beach Driving Club to keep your race car/course fan entertained all year.
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