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Investors Taking Advantage of Strong Rental Market
Over the last several months I have written about different signs, see blog links below, that the real estate market is changing. Today’s Miami Herald article, Rents rise as overseas buyers invest, talks about some of the reasons why.
More Proof Miami-Dade’s Housing Market is Turning Around
Investors Are Taking A Bite Out Of Inventory
Miami Real Estate – Commercial Construction Also Picking Up
Miami Real Estate: More Signs the Market is Improving
Miami Real Estate: The Market is Changing
Miami Real Estate: Waterfront Homes
Whether you have a mega yacht or a dingy, Miami is a great place to own a boat. In addition to the many marinas, the ultimate in boat ownership is to be able to pull up right to your own dock. There are many waterfront homes in Miami that have ocean access.
How Walker Friendly is Your Home?
Miami just ranked 8, with a score of 72.5, in a walkability scoring of the 50 largest cities in the U.S. Having moved from San Francisco, ranked 2 with a walkability score of 84.9, I decided to check out my home’s walk score. I live in Pinecrest, a suburb, so I wasn’t too surprised to find out that my walk score was pretty dismal at 22. Not all areas of Pinecrest would score that low. If your home is in the western portion of Pinecrest, which is a lot closer to shops and U.S. 1, your home would score much higher.
Recent studies throughout the country have shown that more people want to give up commuting, and the accompanying high gas bills, and live in more walker friendly neighborhoods. So, what is your home’s walk score?
Miami Real Estate: More Signs the Market is Improving
New Construction
As I drive around town, I am seeing a lot more new construction. This new single family home is going up in north Gables. I have seen other ones being built in South Miami and Pinecrest as well.
In addition to the new construction I have been seeing many remodeling projects. Significant additions are being added on to many existing homes.
All of this bodes well for the overall market. Are you remodeling or adding on to your house?
Miami Real Estate: The Market is Changing
If this week’s sales vs listings in just one of EWM’s offices is any indication, the market is changing. Our Coral Gables office had 37 residential sales versus 10 new listings and 27 leases vs 8 new rentals. Our total for this week, which include the sale of a commercial property was almost $35,000,000. This market change doesn’t mean that prices are going up yet, but it does mean we are clearing our inventory. We are seeing an increase in rental rates, however, as more people decide to rent and the inventory decreases.
If you need to sell, now is the time to do it since inventory is decreasing and there is demand. Remember to price it right, however, since pricing is everything in this market. If you don’t need to sell, but want to take advantage of the current market, use it to move up, downsize, while you rent out your current home. Alternatively, stay in your home and buy a rental property.
If you are planning to buy, now is definitely the time to buy due to a combination of low interest rates and low prices. If you don’t buy soon, you may find yourself priced out of the market or with even more limited choices.
Miami Real Estate: Do You Want To List Your Home Or Sell It?
Okay, sellers. It is time to get real and face today’s Buyer’s real estate market. If you want to LIST your house, hoping you find an all cash buyer willing to over pay for your home, you don’t need to read any further. However if you want to SELL your home, please read on.
Today I took a cash buyer to see a very nice home in north Coral Gables. It is a 3 bedroom 2.5 bath, 1985 square foot home on a 7,000 square foot lot. It has an above ground pool (can’t believe that got permitted in Coral Gables, but that is the subject for another blog) and has been very nicely updated. The garage was converted into a playroom. As we were walking through the house, the agent kept pointing out all of the items that would not be staying: curtains, washer, dryer, some lighting fixtures. After we were done seeing the house, the agent told us what we already knew, “The house is overpriced”. When we asked her if what the sellers were thinking, she responded “They think their house is so nice and updated that it is worth more than anything in the neighborhood”. I told her it would never appraise. She said she knew, but to make an offer anyway, the sellers were motivated, they were buying another house and already had a contract on one. Here is the problem: the unrealistic sellers have the house priced at $690,000, down from $712,000. The absolute highest comp, based on tax rolls and the MLS put this house at $498,000. Even stretching, the highest price for a 3/2.5 in that area, but with larger square footage sold for $540,000. How does a buyer even begin to make an offer? They don’t. They go on to a more realistic seller.
The moral of the story is: If you don’t need to sell your house at today’s prices, then don’t. Wait for the time to come when the properties will appreciate. If you need or want to sell your house now, price it realistically.
Miami Real Estate: The Market is Moving
EWM’s Coral Gables Office had a $32,000,000 week.
Our Miami Beach Office had a $37,000,000 week. So the answer to “Are Properties Selling?” is a resounding “Yes!”
Will Association Fees and Hurricane Insurance Derail Housing Recovery in Florida?
Two recent articles in the Miami Herald have me wondering if our fragile South Florida housing recovery is going to hit the skids. The one in Monday’s business section talks about condo association fees and the one in today’s paper discusses the increase in windstorm insurance. if you are getting ready to buy, make sure you keep both of these articles in mind and allow an extra cushion for increases. If you already own, have either of these costs gone up for you yet?
5 Steps To Take If You Are Buying In Today’s Miami Real Estate Market
If you are trying to purchase your first home or investment property and take advantage of the low interest rates and prices, congratulations! A couple of things you may want to do to avoid frustration:
1)If you are financing, prequalify for a mortgage. It will make your offer that much stronger.
2)Do your homework-find out what properties are listing & selling for in the area you are looking in. If they are selling for more than you qualify for, you are looking in the wrong area.
3)Be realistic with your expectations-if you are only looking at foreclosures and short sales, realize that with the former you will be competing with cash buyers, be in a multiple bid situation where the property will probably go for more than asking, and you will most likely need to do some work. With a short sale you are looking at a long closing process.
4) If you are planning on working with a Realtor, work exclusively with one and have him/her set up all appointments, even if you are searching on-line on your own. If you go to open houses let the person holding it open know you are working with a Realtor.
5) If you submit offers and consistently lose them for any reason other than you were competing with a cash buyer, find out what the reason is and address it so you won’t make the same mistake next time. If it is consistently due to price, stop lowballing if you really want to get in the market or, go back to #2 above
7925 SW 55 Ave., Miami, FL
Price decrease on this High Pines home for sale! Walking distance to South Miami and all of the activities it offers, private lot with mature shade trees, updated kitchen with gas stove, one car garage, three bedrooms, two baths, ample closet space. Screened patio overlooking back yard with room for a pool. Great value in an even better location!
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