Category: Neighborhood News

Information on real estate, schools, events and establishments in your area

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Neighborhood News Pinecrest

Miami Palmetto Senior High School To Add Environmental and Science Masters Academy

Miami Palmetto Senior High School will be adding an Environmental and Science Masters Academy to their curriculum this Fall.

The proposed curriculum is as follows:

  • 9th grade – Honors or Gifted Biology, Honors Geometry or Honors Algebra II
  • 10th grade – Honors or Gifted Chemistry, AP Environmental Science, Honors Algebra II or Pre-calculus or Analysis of Functions
  • 11th grade – Two of the following science courses – AP Chemistry, AP Biology, AP Physics, Honors Marine Biology, Honors Anatomy/Phisiology or Honors Solar Energy and Pre-Calculus, AP Calculus AB or BC or AP Statistics
  • 12th grade – Research 4 or Honors Solar Energy and AP Chemistry, AP Biology, AP Physics, Honors Marine Biology, or Honors Anatomy/Physiology; AP Calculus AB or BC, AP Statistics or Multivariable Calculus/Differential Equations.

Considering that MPSH’s  AP Environmental Science passing rate last year was 90%, compared to about a 40% national average, and that MPSH won the  Lexus Eco Challenge and moves on to the Final Challenge, the new Masters Academy should prove to be a challenging yet fun program for students who want to excel in the environmental science field.

No wonder MPSH is one of the top rated schools in Miami-Dade County.

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Buying Coconut Grove Foreclosures Market Summary Selling

Coconut Grove, FL Real Estate – Market Summary

Market information from the Multiple Listing Service for single family homes for the month of January are as follows:

  1. Closed sales:  8.  None were short sales, 7 were REOs. 5 were cash sales.
  2. Price range of closed sales: $565,000 – $48,000
  3. Pending sales: 12.  2 short sales, 1 REO
  4. Price range of pending sales: $2.39 million – $57,900
  5. Active listings: 176.  18 short sales, 5 REOs
  6. Price range of active listings: $16.9 million – $49,900 (no, I didn’t forget a zero!)

Distressed sales made up less of the sales going to contract in January, but made up the majority of closed sales.  the actual closings for the month are of regular sales.  Based on the number of active listings, distressed sales make up 13% of the market.

What does this mean if you are a buyer? Based on the number of active listings to closed sales, there is still a lot of inventory to work through, so it is still a buyers market.  Once you narrow down your price range and specifications however, there won’t be as much to choose from, so use the statistics and market information to negotiate your price.  If the house you like is a regular sale and it is priced right, you won’t have as much room to negotiate as you will on one that is overpriced.  Cash was king in the distressed sales for January, so if you are going in with financing, make sure you have a very tight offer, including your pre-approval letter for a mortgage, a realistic deposit, and good timing for inspections and other due diligence.

What does this mean if you are a seller? You have a lot of competition so price really does matter, especially in the higher price ranges (84 of the current active listings are over $1,000,000, but the highest closed sale for January was under $600,000).  Look at the active sales that most closely match your home in terms of size, location, updates, lot size, amenities.  Consider pricing it 10-15% below your closest competition, make sure it has great curb appeal, and de-clutter and freshen up the inside with some elbow grease and a fresh coat of neutral paint.  The good news is that if your house is priced right compared to your competition, it will sell.

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Commercial Real Estate Foreclosures Market Summary Neighborhood News

Still Doubt An Economic Recovery Is Taking Place In Miami?

There was so much good news about economic activity in the Miami Today, today that I had to share some of the ones that popped out at me.  In addition to the one about all of the economic growth numbers from November (see tomorrow’s post), the following things jumped out at me as a good sign that Miami, despite the economic downturn, has continued pursuing projects that focus on long term growth

I point all this out because it is easy to focus on the negatives of unemployment, short sales, and foreclosures, all of which are very real and very painful.  The fact that companies are investing here, tourists are visiting, inventories are getting absorbed, and developers are getting ready to start building again, all tell me that we are bouncing along the bottom, but the end is in sight.  Since unemployment is a lagging indicator, it will be one of the last economic indicators to pick up.  All of the items listed above will help the unemployment rate, which in turn will further help stabilize our battered housing market.

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Market Summary Miami Beach

Miami Beach, FL Real Estate – Market Summary

5 Star Island Dr., Miami Beach
5 Star Island Dr., Miami Beach

Market information from the Multiple Listing Service for single family homes for the month of January are as follows:

  1. Closed sales:  8.  Two were short sales, two were  REOs. 4, including the $2.7 million sale, were cash sales.
  2. Price range of closed sales: $2.7 million – $370,000
  3. Pending sales: 58.  27 short sales, 8 REOs
  4. Price range of pending sales: $6.8 million – $195,000
  5. Active listings: 353.  26 short sales, 4 REOs
  6. Price range of active listings: $50 million – $199,000

Distressed sales are still making up the larger part of the market in terms of listings going to contract.  Based on the number of active listings, distressed sales make up about 8% of the market, but half of the closed sales.

What does this mean if you are a buyer? Based on the number of active listings to closed sales, there is still a lot of inventory to work through, so it is still a buyers market.  Once you narrow down your price range and specifications however, there won’t be as much to choose from, so use the statistics and market information to negotiate your price.  If the house you like is a regular sale and it is priced right, you won’t have as much room to negotiate as you will on one that is overpriced.  If you are going to make an offer on a short sale bring patience and realize that when the bank finally does answer, they may ask for more than what you offered, even if what you offered was the full asking price.

What does this mean if you are a seller? You have a lot of competition so price really does matter.  Look at the active sales that most closely match your home in terms of size, location, updates, lot size, amenities.  Consider pricing it 10-15% below your closest competition, make sure it has great curb appeal, and de-clutter and freshen up the inside with some elbow grease and a fresh coat of neutral paint.  The good news is that if your house is priced right compared to your competition, it will sell.

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Buying Market Summary Pinecrest Selling

Pinecrest, FL Real Estate – Market Summary

Market information from the Multiple Listing Service for single family homes for the month of January are as follows:

  1. Closed sales:  7.  None were short sales or REOs. 2, including the $2.1 million, were cash sales.
  2. Price range of closed sales: $2.1 million – $570,000
  3. Pending sales: 29.  16 short sales, 3 REOs
  4. Price range of pending sales: $2.75 million – $265,000
  5. Active listings: 184.  20 short sales, 4 REOs
  6. Price range of active listings: $5.7 million – $300,000

Distressed sales are still making up the larger, 65%, part of the market in terms of listings going to contract, but the actual closings for the month are of regular sales.  Based on the number of active listings, distressed sales make up 13% of the market.

What does this mean if you are a buyer? Based on the number of active listings to closed sales, there is still a lot of inventory to work through, so it is still a buyers market.  Once you narrow down your price range and specifications however, there won’t be as much to choose from, so use the statistics and market information to negotiate your price.  If the house you like is a regular sale and it is priced right, you won’t have as much room to negotiate as you will on one that is overpriced.  If you are going to make an offer on a short sale bring patience and realize that when the bank finally does answer, they may ask for more than what you offered, even if what you offered was the full asking price.

What does this mean if you are a seller? You have a lot of competition so price really does matter.  Look at the active sales that most closely match your home in terms of size, location, updates, lot size, amenities.  Consider pricing it 10-15% below your closest competition, make sure it has great curb appeal, and de-clutter and freshen up the inside with some elbow grease and a fresh coat of neutral paint.  The good news is that if your house is priced right compared to your competition, it will sell.

Categories
Buying Florida Life Miami Beach

5601 Collins Avenue #810, Miami Beach, FL

IMG_0886According to AccuWeather.com, it was 29 degrees in New York and Boston yesterday, and 74 degrees on Miami Beach.   This is the view from every room in this beautiful one bedroom apartment, smack dab on the beach.  Instead of shoveling snow, you could be frolicking in the surf, playing volleyball or taking a leisurely stroll down the beach.

Wish you were here?

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Brickell/Downtown Miami Coconut Grove Florida Life Miami Beach Neighborhood News Things To Do

Miami ING Marathon Route – Plan Your Driving Accordingly

The ING Miami Marathon is this Sunday and, with a projected 20,000 runners, there will be traffic disruptions along the route.  Please plan accordingly or bring plenty of patience and courtesy.  This is a pretty big event that showcases our beautiful city and we want to roll out the welcome mat.  Traffic disruptions will probably start around 5:30 a.m. and last unit noon.

If you are a runner, consider joining the fun in either the 5K, 1/2 marathon or full marathon.

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Neighborhood News Things To Do

To Really Appreciate Miami, Slow Down and Walk A Neighborhood

Today I was reminiscing over some things my nephew said last Sunday as we were walking home from the Fairchild

Enjoying Strawberry S'mores
Enjoying Strawberry S'mores

Chocolate Festival.  The whole walk, which according to mapmywalk.com was a little over a mile, he kept saying, “walking to your house is beautiful” and “this is so relaxing” and singing “it’s a beautiful day in the neighborhood”.  It was so much fun to see my neighborhood through the eyes of a 5 year old and his 3 year old brother.

The talk may have been sugar induced or the chocolate may have released a whole bunch of feel-good-endorphins, but the boys took enormous amounts of pleasure in watching a squirrel race down a tree, grab an acorn, hold it in his two little paws and nibble away; pointing out royal poincianas which aren’t even in bloom yet; and looking for Peacocks, lizards, turtles and fish in the canals.  It didn’t matter that the only animal we spotted that day was the squirrel.  Just knowing that they may have spotted different wildlife kept them interested.

They never once complained about being tired, asked how much longer, or said they hated walking.  This coming weekend, slow down, and enjoy your neighborhood.  If you are stressed and having a hard time being positive, take your children with you.  If you don’t have any, do what I did and borrow them from a family member or friend.  I guarantee that seeing South Florida through the eyes of a child will bring you a new-found appreciation of the wonderful place that we are lucky enough to call home.

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Brickell/Downtown Miami Florida Life Neighborhood News Restaurants Things To Do

Crazy About Crazy About You

Crazy About You Waterfront Dining
Crazy About You Waterfront Dining

Crazy About You is in a great location and one of the few places you can get a good meal with a waterfront view.

The staff is attentive, they have a decent wine list that is reasonably priced, and their menu is affordable.  I like the Serrano Croquettas, Calamari Flatbread, and Mikey’s Slow Braised Steak with Creamy Arborio Rice.

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Coral Gables Market Summary Pinecrest

Housing Reports Expected Next Week

While the local real estate news has been giving us a snapshot of what has been happening in Miami’s real estate housing market, several housing reports are due out next week, which will give us a national picture of how the housing recovery is fairing.

  • Tuesday –  S&P Case Shiller home price index:  this index tracks changes in the value of residential real estate at both a national level as well as in 20 metropolitan regions (Miami is one them).  Although it is calculated monthly and is released on the last Tuesday of every month, it is published with a two month lag.  Tuesday’s report will include values through December 2010.
  • Wednesday – new home sales :  this report is based on a survey conducted by the U.S. Census Bureau that starts with the number of building permits authorized for single family homes .
  • Thursday  – pending home sales :  this index is prepared by the National Association of Realtors (NAR).  Because this report looks a homes that are currently under contract, it gives a good picture of where the housing market is headed in the next couple of months.  Although many of the pending sales fall through due to a variety of reasons (buyer’s don’t qualify or they get impatient waiting for a bank to approve a short sale are the main reasons in today’s market), many of the sales will close thereby absorbing inventory.

As of today, pending home sales in Coral Gables currently stand at 72 (24 since 1/1/11) versus an inventory of 410 active listings (45 new listings since 1/1/11).

Pinecrest pending home sales are 30 (7 since 1/1/11) and active homes for sale are 196  (17 added since 1/1/11).