Categories
Buying Neighborhood News Pinecrest Selling

Gated Communities in Pinecrest – Red Oaks

Red Oaks Community in North Pinecrest

There are several gated communities in the Village of Pinecrest.  Most of them consist of only a handful of houses.   I will be featuring these communities over the next two months.

The first one is Red Oaks.  Located off of  Red Road, Red Oaks is walking distance to Hirni’s Wayside Garden FloristPinecrest Wayside Market, Pinecrest Elementary School, Pinecrest Gardens, Pinecrest Library and Community Center.

Built between 1999 and 2002, Red Oaks consists of 5 single family homes that are approximately 5,500 square feet and sit on 15,000-20,000 square foot lots.  There has only been one sale in Red Oaks in 2012.  It sold for $1,550,000, which was $284 per square foot.  Maintenance fees are $800 per quarter and include  lawn maintenance.

Categories
Buying Coconut Grove Neighborhood News

Grove At Grand Bay Latest Addition To Coconut Grove

Rotating Design

A new condo project, Grove at Grand Bay, is coming to the center Grove.  Overlooking Sailboat Bay and the Coconut Grove Marina, the stunning architecture will be a nice addition to the Miami skyline.  There have been very few new condos built in the Grove;   there are currently only 49 listed for sale that were built after 2000.

These two towers will have 94 residences, each with spectacular terraces and outdoor kitchens.  The pre-construction pricing starts in the high $800,000s.

 

Categories
Buying Miami Beach

Belle Isle and Morris Lapidus = 5 Island Avenue

Morris Lapidus Building - Modern Lobby
Stylish Lobby

The moment you drive onto the Venetian Causeway, you know you are somewhere special.  Stress melts away as the blue waters of the bay and intracoastal invite you to relax.  Belle Isle is just steps away from all of the restaurants, shopping, nightlife, and beaches of Miami Beach.  Overlooking Belle Isle park and bay, Island Terrace Condo is a Morris Lapidus building located right on the water.

5 Island Ave., 8B is an updated 1 bedroom, 1.5 bath unit, just listed for $260,000.  Come live the south Florida lifestyle!

Categories
Buying Selling

South Florida Real Estate – Sales Continue to Soar

Beautiful Miami Skyline

EWM’s Coral Gables office had another spectacular week, with over $16 million dollars in sales.  The fact that values are off 48 % from the peak is just one reason.  Add to that improvements to urban areas that took place during the boom, the financial problems in Europe, proximity to Central and South America, gorgeous water, established cultural and art venues, our numerous universities and hospitals, and our international flavor.

With views like this, who wouldn’t want to live here!

 

Categories
Buying Investment Real Estate Luxury Real Estate

Buying Real Estate In Miami? Ask If Seller Is A Foreign Investor!

Miami is a very international city with lots of foreign investors.  If you are buying property here, you need to make sure to ask if the seller is a foreign investor or you could be on the hook for money owed to the IRS.

Under FIRPTA, Foreign Investment in Real Property Tax Act, there is a mandatory 10% withoholding of contract sales price at closing for all foreign sellers of real estate.  It is the BUYER’S responsibility to make sure the 10% is withheld EVEN IF THEY ARE WORKING WITH AN ATTORNEY &/OR TITLE COMPANY.  The withholdings must be remitted to the IRS within 20 days of sale along with a special tax return.

There are exceptions to the withholding that your Realtor, title company or attorney can walk you through, but you first must ask the question.

Categories
Buying Neighborhood News Pinecrest Selling

Twelve Homes In Pinecrest Go Under Contract In One Week!

Wow!  If all of the articles in the newspaper haven’t convinced you that the market is changing maybe this will:  12 listings went pending between 6/13 and today, 6/21.  Seven of them had been listed for less than 3 months.  The list prices ranged from a high of $1,695,000 for the home pictured below to a low of $449,000.

13500 SW 66 Ave Listed for $1,695,000 by Jo-Ann Forster EWM

Categories
Buying Florida Life Hurricanes

Hurricane Insurance: Will It Be The Next Shoe To Drop In The Recovering Real Estate Market

I attended a Citizens Property Insurance Round Table sponsored by State Representative Frank Artiles and Senator Oscar Braynon to discuss the proposed changes to Citizens’ current 10% rate increase cap.  In an attempt to decrease the State of Florida’s financial exposure in the event of a major hurricane, Citizens has already removed some 17,000 policies from their coverage, eliminated or modified the amounts that will be deducted from a homeowners premium for mitigation upgrades, tightened their requirements on insurance based on useful life of the roof, and raised premiums.  They no longer insure properties over $1 million.

Although I understand that the State of Florida does not, and probably should not, want to be in the insurance business, there are no other viable alternatives for windstorm protection in this state.  If Citizens is allowed to remove the current cap on increases, premiums for coverage in South Florida could jump between 50 and 95%.  Buyers who recently purchased their homes or investment properties could be in a situation where their insurance premiums go up to the point where their planned housing budgets get thrown completely out the window.  I have several buyers who, after qualifying for Citizens for their purchase, were contacted a couple of months after they closed to be told that they need another inspection or were dropped when their policy came up for renewal.

For the 31.4% of homeowners in Florida with mortgages under water, and the 10.1% of those who are 90 days behind on their mortgages, the current and proposed changes, are just one more huge financial hurdle for them to overcome.

Several issues were raised during the round table that need addressing:

1) Currently, Citizens offers more than just windstorm insurance.  Why the state should be insuring against a home’s plumbing leaks and other non-nature related claims, which happen more frequently than “the big one” is beyond me.  Citizens should only be for windstorm and maybe sinkhole insurance.

2) Although there have been way more storms in northern Florida counties, and all 67 counties in the state are prone to a direct hit,  the southern counties would be paying much higher premiums for same priced properties.

3)  Citizens got rid of the appraisal value for another mechanism of figuring out replacement value, even though their mechanism results in significantly higher replacement costs and therefore higher premiums.

4) Citizens has spent a huge amount of money in legal fees fighting claims.  If the claims are fraudulent, I am all for it, but it appears these are claims that they are supposed to be paying.

5) The need for national disaster insurance coverage that covers all natural disasters from flooding to tornadoes, hurricanes and earthquakes.  If you look at the map from NOAA below, most states along the Gulf and east Coast have been hit by hurricanes.  I wonder what their states’ insurance looks like?

 

If you are looking for reliable insurance agents who are well informed on the current and proposed changes to Citizens and who have other insurers available, contact Phil Lyons at Insource or Alvaro Murillo at Macpherson Insurance Agency.  Please share your comments and concerns regarding Citizens insurance.  The Miami and Florida Association of Realtors are following this issue very closely.  You can also send your suggestions to Citizens at [email protected].

Categories
Buying Investment Real Estate Pinecrest

Pinecrest Homes For Sale Under $500,000

At the height of the typical summer selling season, there are only 10 homes, out of 147 currently listed, for less than $500,000 in the Village of Pinecrest.  None are foreclosures, two are short sales.

Pinecrest, long coveted by families because of great schools, large lots, and plenty of parks and family activities, has an average list price of over $1.6 million for 2012.  The average sales price through May of this year is $882,000.

The house pictured below is listed for $360,000 and is the only one under $500,000 in the Pinecrest Elementary School District.

7121 SW 92 Street

Categories
Buying Palmetto Bay

Best Open House I Saw Today

Today I toured homes for sale in a variety of price ranges in Pinecrest and Palmetto Bay.  This 4 bedroom 3.5 bath pool home at 6822 SW 144 Terrace gets my “Best Open” vote for today.

It is on a quiet street in Palmetto Bay and the clean lines and tastefully, understated decorating throughout the house made it a pleasure to view.  The kitchen and family room, separated by the wet bar below, were my favorite aspects of the house.

It is listed by Ashley Cusack with EWM’s Coral Gables office.

Categories
Buying Pinecrest

Pinecrest Real Estate: 6342 SW 109 Street

This beautiful bar is one of the many fine details in this 11,533 square foot home by Portoundo PerottiThe home is currently listed for $5.3 million by Lourdes Alatriste with Engel & Voelkers.