Home loan rates increased by .125% last week, in reaction to good economic news. As interest rates increase your purchasing power decreases, so why wait for interest rates to go up further? They are still at historically low rates.
Category: Buying
Tips to make your real estate buying experience a smooth one
Although national foreclosures in November were down 8% from October, they are still up 18% over last November. With Florida in second place behind Nevada in having the highest number of foreclosures, we are still a long way off from being able to say the market has recovered. Recent decreases in inventory and increases in sales are all good signs that we have turned the corner, but a recent article in Forbes highlights some of the issues we still face and lists the 10 markets where they believe the market is turning around. Not surprisingly, none are in Florida.
This gorgeous oceanfront development on 12 acres is a true vacation destination, even if you live here year round! The Continuum, in Miami Beach’s South of Fifth neighborhood, currently consists of two condo towers and several lofts. The North Tower is 50 S Pointe Drive and the South Tower is 100 S Pointe drive.
The market information as of today for 2 bedroom units in each of the two towers is as follows:
- The average price per square foot for 2 bedrooms sold this year in 50 S Pointe is $ 716. At 100 S Pointe the average is $652.
- 36 2-bedroom units currently for sale in Continuum (both towers)
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17 in 50 S Pointe (2008)
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19 in 100 S Pointe (2002)
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4 are townhomes/lofts
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Highest list price is $3.299 million for a townhouse
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Lowest list price is $1,150,000 for unit 1901 at 100 S Pointe
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9 2-bedroom units have sold this year in 50 S Pointe. Highest sales price was for Loft-1. It sold for $1,700,000, $732 per square foot, on 9/29. The lowest sale was unit 805. It sold on Sept. 25 for $900,000 or $452 per square foot. Highest per square foot price $838 for unit 1404. Lowest price per square foot was unit 805 at $452. There are currently no pending sales in 50 S Pointe.
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10 2-bedroom units have sold this year in 100 S Pointe. Highest price was unit 804 at $2,325,000 or $1014 per square foot. Lowest was unit 605 at $940,000 or $502 per square foot. Those are also the highest and lowest prices on a square foot basis. There are two pending sales. One is listed at $1034 per square foot the other at $931.
This chart shows all of the single-family homes and condos that are currently on the market for sale, are under contract and pending, or that have sold. The most telling one is the For Sale bars as it shows a steady decrease in inventory as properties are either pended, sold, or taken off of the market. The number of homes pended and sold in November is down slightly from those in October, but the overall direction of the inventory is still heading downward. Granted, based on November’s inventory and sales, we still have approximately 18 months of inventory to plow through, but as long as inventory keeps going down, the market is moving in the right direction.
Remember that this is a county-wide snapshot and each neighborhood or even building is going to have it’s own unique market. What are you seeing in your neighborhood or building?
Thanksgiving week is normally the start of a slow time for real estate sales. Not for EWM, however. Our Miami-Dade EWM offices totaled almost $23,000,000 in sales and leases.
Pending home sales from March through November are up 46% in Miami-Dade County. The number of homes pending is important because there is normally a one to two month lag between the time a property goes under contract and when it actually closes. Once a home is pended in the Multiple Listing Service it does not show up as available inventory. Although not all pending sales actually close, it is a pretty good indicator of future home sales.
There are currently 23 one to 3 bedroom units on the market in the South of Fifth area of Miami Beach. This is a great area of Miami Beach to be near every thing without being too close to the night clubs and heavy tourist area. Your neighbors include Joe’s Stone Crab, The Big Pink, Nemos, Prime 112, Nikki Beach, Smith and Wollensky, DeVitos, Opa, and many more restaurants. The shopping along 5th street, including the new Publix, make leaving your car at home easy. Plus you have miles of beach for walking, jogging, or just soaking up the sun, and great parks nearby.
Even though the week of Thanksgiving normally kicks off the “slow” time for most real estate sales, in Miami it often kicks up the second high season. With the opening of Art Basel, Miami this week and the start of winter up North, traffic increases again, especially for condos on the beach. Here is a run down of some of the best buys for one and two bedroom condos on Miami Beach, all in waterfront buildings. Since most of the current sales are under $300,000, I started there. The listings from 1980 – current include all waterfront buildings whereas those from 1979 and older are only oceanfront and direct ocean views. The bulk of the condos are from 1960-1979. To view additional pages, click on the arrows at the top left hand corner. To view additional pictures for any particular listing, click on the number box inside the first picture.
Under $300,000 built after 2000
Under $300,000 built 1990-1999
Under $300,000 built 1970-1979
Under $300,000 built 1960-1969
Under $300,000 built up to 1959
Go to Property Search to look for properties in other price ranges.
There are so many different styles of architecture on Miami Beach, it is no wonder that just about anyone can find their ideal building or home on the Beach. From the Art Deco and post war buildings of passed decades to the current luxurious high rises, there are plenty of options in all price ranges for condo buyers.
48.5% of the increase in sales reported by NAR were under $250,000. In the South, 51.6% of the sales were under $250,000. The increase in sales was largely due to the expiration of the first-time homebuyers credit, which President Obama ended up extending and expanding. Most experts expect the next couple of months sales to slide back a bit.