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Miami Real Estate Is Moving!!!
Still doubt the Miami real estate market is rebounding? EWM’s Coral Gables/South Miami office did over $21,000,000 in sales this week. We had 12 new listings and 21 sales. Inventory is decreasing and buyers are still out there in droves.
More Signs The Economy Is Improving
There was a great Viva Miami MediaPlanet insert in today’s Miami Herald titled: Miami Grows followed by, “Industries unite in the expansion of PortMiami, as the city sets sights on becoming an economic engine for South Florida and the nation”.
Though obviously a promo piece, it spews out some positive numbers:
- PortMiami contributes more than $18 billion annually to South Florida’s economy
- Cruise industry up over 2010
- MIA’s air cargo trade is worth more than $50 billion
Construction projects in and around the airport and port are currently underway to maximize additional cargo and improve the related transportation and logistics involved with moving it on to it’s final destination.
The insert also mentions new residential construction projects that are planning to break ground, since only 4,000 of the 23,000 condo untis built during the boom are still waiting for buyers.
Mortgage Rates Drop to Tie All-Time Low
Money magazine reports that 30 year mortgage rates dropped to 3.94% to tie rates last hit in October. 15 year rates hit new record low. I might have refinanced a bit too early, but changing my last interest rate to a lower one saved me over $300 per month on my mortgage payment even though I went from a 30 year to a 15 year fixed!
If you haven’t done so already, refinance. If you are considering buying, historically low mortgage rates are definitely one reason why you should. Low Miami prices are another.
Thinking of Buying Real Estate For Your Children?
I started receiving graduation announcements from friends’ children and my own son will be graduating in May. With all that is going on in the economy, I started thinking that maybe my husband and I should buy real estate that one of our three children could eventually live in. If you consider how much properties, salaries, job opportunities and the stock market has dropped and how much rents have risen, it kind of makes sense doesn’t it? Would you purchase property that your children could live in once they graduate? Or have you already?
Is Renting a Temporary, Short Term Trend or Part of the New Normal?
Rents are tight in most markets and, due to the numbers of foreclosures, short sales, and number of people who have lost their jobs or have had their work hours decreased, the trend is expected to continue at least for the short term. However, Jim Woodard predicts this is a temporary trend.
If you are a renter, you may want to consider the affordability index in the city you live and work in and calculate the cost of renting vs. buying. If you are a landlord, you may want to look at Money Magazine’s Best Cities to Be a Landlord list
Miami Real Estate: The Market Continues to Improve
Still don’t think it is time to get into the real estate market? Our Coral Gables EWM office had another phenomenal week, posting over $14 million in sales. We only took five new listings yet had 23 properties go under contract. Although prices are bouncing along the bottom, as inventories decrease we expect to start seeing prices start to head up. These increases will be neighborhood and building specific.
Miami Real Estate: More Signs Market Is Improving
Technology jobs tend to be higher paying jobs and according to Bloomberg BusinessWeek, three of the ten cities leading the nation in tech jobs are in Florida. Miami ranked seventh, Jacksonville ranked fourth and Tampa ranked 8th. High paying jobs + buyer’s market + high affordability index = real estate sales. The challenge for these three cities will be providing the skilled workers required for these jobs because although the tech jobs are increasing, if the companies providing the jobs can’t find employees in-state, the will hire them from elsewhere. That will still improve our real estate market, but won’t help lower our unemployment rate.
Miami: Smart Growth Results in 9% Population Increase
According to the National Association of Realtors, 56% of Americans prefer smart growth neighborhoods. These neighborhoods are defined by having retail,restaurant,and businesses within walking distance of home. During the building boom, all of these were added in the downtown Miami area, which is a large reason why the area has seen a 9% increase in population in 2011, as reported in today’s Miami Herald.
Although many may argue that people moved to downtown Miami because of the low rents, if the area hadn’t added a lot of the social infrastructure at the same time that condos were being built, people would not have moved to the area as quickly as they did.
More Construction…Signs Of An Improving Market
Ponce/Davis Lot Under Construction
More Proof Miami-Dade’s Housing Market is Turning Around
The new building is not limited to the affluent Ponce/Davis area either. Drive around just about any where and you will see signs of new construction. Real estate prices have plunged and buyers who can’t find what they are looking for, or builders trying to meet new demand, have gotten back into the market. Another sign the real estate market is starting to turn.
Buying Real Estate in Miami? You Need A Realtor.
I received two phone calls from buyers last week. They were calling me on a sign in front of a South Miami townhouse I have listed for sale. Both of them wanted to see it, neither was working with a Realtor. I explained to them that the townhouse was under contract but that I would be happy to show it. One of them wanted to see it. When I asked her how she found it, she said “driving around”. After I showed it to her, she said it was exactly what she had been looking for, too bad it was under contract and could I let her know if the deal fell through. I told her I would be happy to and asked her if she wanted me to help her find a home. She said no, she would rather continue to drive around and use her Trulia app.
The second buyer was also a “drive by”. He said he had been looking in the area for over a year (!) and still hadn’t found anything. I tried to explain to him that by driving around, he is missing opportunities and will probably always be late to the good deals. The South Miami townhouse had seven offers on it in the first week. I told him Realtors have applications on their phones that notify them as soon as a property comes on the market, which allows their buyers to get a jump start on seeing and presenting offers. He said he would rather keep driving around…. Now these “buyers” may just be habitual real estate shoppers who just like to drive around and look at real estate. If you are a serious buyer, you really need to be working with a Realtor. In addition to being notified as soon as a property that meets your criteria comes on the market, you will be saving a lot of time and gas!
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