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Developers Are Betting On Miami Real Estate
With two new extremely large developments announced within the last couple of months, I would venture to bet that Miami-Dade County is on a rebound, though price appreciation may take a while.
Genting Malaysia Berhadresort and Swire Properties Brickell CitiCentre are sure to bring much needed amenities to the Biscayne Boulevard corridor and the area west of Brickell Avenue.
Miami Real Estate: Inventory At Lowest Level Since 2008
Have you been frustrated in your search for a home? That may be because, despite what you read about the housing market being in the slumps and high inventories, a lot of those stories are talking about the national housing market. The local Miami real estate market is different. Because prices have dropped so low, buyers have been snapping up properties, mostly in cash transactions. If you are looking in a specific neighborhood and price range, the inventory will probably be even tighter.
Office Building For Sale Coral Gables, FL
This free-standing building with 14 parking space at 3860 SW 8 Street, Coral Gables is a great buy. Located in the popular 
medical district of 8th Street and Ponce de Leon, it is a great buy: 6535 square feet for $1,300,000 is less than $200 per square foot. You can’t build a new building for that price! Hurricane shutters, elevator, open air spaces, offices, conference rooms
Housing For Low Income Seniors
I was happy to read this article in the Miami Herald regarding housing for low income seniors. After reading all of the horrible stories about the sorry state of Florida’s assisted living facilities, I think it is extremely important that we find solutions to helping our senior citizens age with dignity and in comfort.
605 Alcazar, Coral Gables, FL
Arches Enhance Entrance to Kitchen
According to floor plans obtained from the City of Coral Gables microfilm, this beautifully updated Old Spanish home was once a parsonage. Built in the 1920′s but recently updated, it is the perfect combination of old world charm w/modern amenities. Marble floors, impact resistant windows, granite kitchen counters & updated bathrooms are the elegant finishes that compliment the Old Spanish design. The 1 bed/1 bath cottage is perfect as an office, guest room or gym.
7925 SW 55 Ave., Miami, FL – High Pines Charmer
7925 SW 55 Ave., is a meticulously maintained 3 bedroom 2 bath home in a great location – walking distance to downtown South Miami and close to the University of Miami. An updated kitchen with granite counters and a gas stove, new roof, new septic, hurricane shutters, beautiful hardwood floors, and great natural light make this the perfect home for someone who doesn’t want to have to re-do the house before moving in!
California Contemporary in Palmetto High School District
Miami Palmetto High School has long had a reputation of being a great high school and many families move into Pinecrest or Palmetto Bay so their children can attend. There are other areas west of U.S 1 that are often overlooked that also have Miami Palmetto High School as their home school.
This house, at 12150 SW 88 Avenue, is such a house. At 4,747 square feet, there is plenty of room for a large family. The split floor plan has a separate children’s suite complete with their own play/study room. The expansive family room has enough space for sitting and relaxing or playing games. More for your money and still a great school district!
Miami Real Estate: High Affordability + Low Prices = Buy
An article in today’s Wall Street Journal uses Miami as one example as to why 2011 may be the year to buy.
- Affordability, which looks at how many months of income an average family would take to pay for a home, is at the lowest level in 35 years
- Pricing is believed to be at or close to bottom
- Investors are getting back in the market
The article does a good job of differentiating between buying a home and investing in real estate. In terms of buying a home, Michael Larson, a real-estate analyst in Florida, is quoted, “Pricing is down so much in some markets that when you analyze renting versus owning it makes much more sense to own”.
If you are planning to buy for investment, the article returns to the old adage of “buy and hold”. They recommend at least a 10-year hold plan for investment real estate or suggest investing in funds that have real estate in the mix if you want to make real estate a part of your portfolio.
Remember to see what the numbers are in the area you are planning to purchase. While the affordability index was high in most areas, it is low in Washington D.C.
Miami Real Estate: Downtown Miami Continues Growing
Biscayne Boulevard in downtown Miami is still building services to provide conveniences for new residents that have moved into the buildings that were mostly empty during the real estate collapse. Projects under, or soon-to-be-under, construction include Museum Park, the Port of Miami Tunnel, Whole Foods, and a multiplex movie theater.
Miami Real Estate – Good News, The Wealthy Are Spending Again!
Two articles in today’s Business Monday add more evidence that South Florida is starting to pull out of the recession and, though we fell farther and therefore have further to go to actually feel that the recession is over, there are positive signs in South Florida’s economy.
The first article, Brazilian buyers put the luxe in real estate, describes the influence that wealthy Brazilians are having on high end real estate as well as on design and furniture stores.
Dophin Mall has gone from bust to boom, the second article, describes how this mall has turned its sales performance around 180 degrees by catering to the luxury consumer and recognizing the importance of the tourist.
These articles emphasize the importance of the wealthy tourist to South Florida’s economy. These tourists are going to help excel our recovery by spending large amounts of money, which will eventually trickle down throughout the economy. The only problem I see with this is that it is the start of another boom cycle that, unless we find industries in addition to real estate and tourism, will eventually bust in Florida’s typical fashion.
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