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South Florida Real Estate
Which Florida Cities Will Rank As Most Expensive in 2009?
Last year, Forbes’ 500 most expensive zip codes list included 11 in Florida, including the number 1 most expensive zip, 33109 in Miami Beach, with a median sales price of $3,850,000! Miami Beach also ranked #369 with zip code 33154 which had a median home price of $745,900. The list was based on sales between July of 2007 and June 2008, so it will be interesting to see what changes this year’s list holds for Florida cities. Stay tuned, the list should be out in the next couple of months and I will post the results with a more detailed analysis.
Miami Real Estate Market May Be Turning
Could it be? While it is too early to say for sure, there are definitely signs that real estate market in Miami-Dade County may be turning. As I have said before, this recovery is going to be location and building specific, meaning some are going to recover faster and with less overall price decreases than others.
On a county-wide level, there are a number of positive signs, including:
- Inventory is starting to move. For single family homes it has decreased 30% over same time last year and for condos it is down 18%
- Median prices are significantly lower. Single family homes have plunged from their peak of $381,000 in July, 2007 to $177,000 at the end of April, 2009. Condos are down from their peak of $269,000 in April of 2008 to $139,000 in April of 2009.
- Sales are up. Single family sales increased 77% and condo sales increased 60% over same time last year.
Related articles:
Pinecrest, FL Real Estate – Market Trends First Quarter 2009
Miami Real Estate – Quarterly Update For Miami-Dade County
Wow, EWM’s Coral Gables office alone had over $24,000,000 worth of transactions this week! Does this mean the market has finally reached bottom? Not necessarily, but if we are not there yet in terms of prices, I think we are in terms of the decrease in sales. Put in perspective, the lowest level of inventory for all single homes in Miami-Dade County listed on the MLS was in April of 2005: 2,973. Based on the number of sales for the first quarter of 2009, our inventory peaked in July of 2008 with 17,070 single family homes. The inventory at the end of April stands at 11,936. As you can see the from the graph below, inventory is starting to move. Summer is the peak of purchasing season, especially for single family homes, so we should see significantly more movement over the n
ext several months.
South Florida is a Boater’s Paradise
South Florida is a boater’s paradise. Whether you prefer to sail or motor boat, the ocean, Intracoastal, or B
ay, boater’s are bound to find plenty to do. Be warned, Biscayne Bay has many flats that can pop up literally out of the blue, so read your charts to avoid running aground and damaging our fragile sea grass. Here is a partial list of both public and private marinas in Miami-Dade County.
North Miami Dade Marinas
Mystic Point Marina
Turnberry Isle Marina up to 180 feet
Waterways Marina up to 120′
Sunny Isles Marina
Bill Bird Marina at Haulover Park up to 90 feet
Pelican Harbor Marina up to 50 feet
Sunset Harbor Marina up to 150 feet
Free Trees Help Beautify Your Yard and Conserve Energy
The right landscaping can help you save money. Properly positioned, plants will shade your home and 
lower cooling costs. Using plants that don’t require a lot of water can minimize water usage while still allowing you to have a beautiful yard.
Miami-Dade County wants to encourage tree planting and offers the popular “Adopt-a-Tree” program several times a year throughout the County.
Achieving and maintaining a Florida-friendly yard, one that requires minimum watering and maintenance, is a great way to improve your home.
Other home improvement articles:
Free High Efficiency Shower Heads
Unbelievable Land Value in Pinecrest, FL – 7935 SW 134 Street- Builder’s Acre Under $550,000
This beautiful builder’s acre is located on a quiet, low-traffic street in South Pinecrest. A house sits on the property, 
waiting for you to continue the updates or tear it down and build new. Take advantage of the current market; it has been a while since land value in Pinecrest was this low. The Village of Pinecrest is a highly desirable neighborhood with may parks, great schools, a community center and library.
Free and Fun First Fridays Gallery Walk in Coral Gables, FL
What does a Friday night with free music, wine, cheese and art gallery visits mean? It must be Gallery Walk Night in Coral Gables! Visit with the artists and discuss their work or just look at the art, nibble and sip the goodies, and enjoy the evening. From 7-10 pm the first Friday of every month.
Miami Beach, Florida Real Estate Update January 2009
Single Family Homes
- Total single family sales in January 2009: 4
- Highest Sales Price: $825,000 for a 2,514 square foot home built in 1936 on a 7,700 square foot lot
- Lowest Sales Price: $413,126 for a 1,776 square foot duplex on a 8,580 square foot lot.
- 1 of the sales was a water front property
Pending Sales: 33 total, 9 of which are water front
Active: 467 of which 209 are water front
Price Range for Active: Non-Water: $9,950,000 – $174,900 Water front: $25,000,000 – $499,900
Condos – Closed Sales
- Total condos sales in January 2009: 83
- Highest Sales Price: $7,600,000 for a 4,784 square foot unit in the Murano Portofino
- Lowest Sales Price: $37,700 for a 701 square foot bank-owned foreclosure
- 60 of the sales were in water front buildings
Pending Sales: 312 total, 196 of which are in water front buildings.
Active: 3,661 of which 2,584 are in water front buildings
Coral Gables, Florida Real Estate – Annual Market Summary 2008
Single Family Homes
- 2% increase in sales of single family homes from 2007 to 2008.
- Total sales of single family homes increased from 318 in 2007 to 325 in 2008.
- If you average the number of homes sold in the last quarter of 2008, there is still a 23 month supply of single family homes for sale in Coral Gables.
Condos
- The number of sales of condos decreased 19% from 2007 to 2008 from 141 to 114.
- There is 37 month inventory of condos.
- The median price in December 2008 was $250,000 down from $1,005,000 in December 2007.
8 Reasons Why Now is the Perfect Time to Buy Real Estate
Okay, so things are scary out there. You can’t open a paper, turn on the t.v. or listen to the radio without hearing doom and gloom news. Layoffs, no one is shopping, increasing unemployment, the stock market fluctuates wildly. But, since people are scared and aren’t buying much of anything, it is the perfect time to buy real estate. As Warren Buffet once said, “…attempt to be fearful when others are greedy and to be greedy only when others are fearful.” Reasons now is the time to be greedy: Read the rest of this entry »
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