Tips to make your real estate buying experience a smooth one
The inventory for single family homes in Miami-Dade County has inched up in the first few weeks of 2011. There were 971 single family homes that closed in the month of December, but 723 new listings have increased our inventory from 7591 at the end of December to 8314 as of today.
This increase is not unexpected as foreclosures were put on hold while being investigated, and many homeowners don’t want to deal with showing their home during the holidays.
This is not a view that you have to crane your neck to see, but rather the beautiful ocean and beach that is seen from every window in this updated 1 bedroom 1.5 bath at 5601 Collins Ave., in Miami Beach. Walk along the beach during the day, then down the street to Don Shula’s Steakhouse. Plenty of shopping nearby at Bal Harbour or hop in a cab for a short ride to the Fountainebleau
As of December 2010
REO Homes were 12% of Total Inventory and 41% of Total Sales
Single family home Short Sales were 32% of Total Inventory and 19% of Total Sales
REO Condos were 9% of Total Inventory and 46% of Total Sales
Condo Short Sales were 32% of Total Inventory 22% of Total Sales
For single family homes as of December 2010:
For condos as of December 2010:December 2010
Even though several large banks froze their foreclosure process in September, there are still plenty of foreclosures coming on the market in Miami.
There are currently 827 single family homes that are listed as REO on the MLS. 423 of them were listed since October 1.
There are 1116 condos listed as REO. 640 of those have been added since October 1.
October’s median home sale price increased 12% to $199,100 compared to same time last year.
Okay, so the Miami Heat have won two in a row after their disappointing loss in Boston. With so much fanfare around the team, condos in the immediate area have decided to latch on to the Heat as a way to increase sales in buildings that are currently mostly occupied by renters. Other than the Heat, these buildings have a lot to offer location wise. Although there is still infrastructure in the immediate area missing (shopping and restaurants) outside of Bayside Marketplace, there is a lot the area has to offer. It is a quick drive to South Beach, located across from the future Museum Park and a stroll under I-395 to the Arsht Center for Perfoming Arts. So are you enough of a Heat fan to be compelled to buy in one of these new buildings?
There are currently 16 short sales, single family homes, listed on the MLS in Pinecrest. They range in price from $2.5 million down to $349,000.
