Category: Selling

Strategies to maximize your sales price and market trends

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Buying Foreclosures Luxury Real Estate Market Summary Miami Beach Neighborhood News Selling

Miami Beach Real Estate: Market Summary for Single Family Homes

We are half way through the year and the market has been moving.  Sales are up, mostly due to lower prices.    As of June 30, the single family home market in Miami Beach for the year so far is as follows:

Closed sales:  94. Low of $190,000 to a high of $25,500,000.  9 of the closed sales were foreclosures, 6 were short sales.   Only 16% were distressed sales. 49 closed in the second quarter.

  • Pending sales: 57.  Low $200,000 to a high of $14,900,00. 2 of the pending sales are foreclosures, 23 are short sales.  Almost 44% distressed.  21 went pending in the second quarter.
  • Active sales: 282.  Low of $205,900,high of $49,995,000.  16 are short sales, 1 is a foreclosure. Only 6% distressed.  76 of the active sales were listed in the second quarter.

What does this mean if you are a seller?  The good news is that the majority of the closed sales are not distressed sales.  If you are priced right for a buyer’s market, you have a closing window of opportunity to sell at a higher price than you will get later this year.  I think prices of active listings are going to come down as we come closer to the end of the summer buying season.

What does this mean if you are a buyer?  Many buyers are still looking for a “deal” without realizing that they are already looking at one.  Just because a property is not a foreclosure or a short sale, does not mean it is not a good deal.  A lot of sellers have come down significantly in their pricing, in large part due to the pressure of distressed properties on the market.  As the distressed properties listed for sale decrease, they become less of a factor on the overall market.  If you are financing your property and only looking at distressed sales, you are going to have even more frustration as you are competing with cash buyers.

Note:  These numbers are going to change a bit due to fluctuations at the end of the month when a lot of properties status changes, but those changes don’t get recorded in the MLS until the following month.

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Selling

Miami Real Estate: The Market is Moving

EWM’s Coral Gables Office had a $32,000,000 week.
Our Miami Beach Office had a $37,000,000 week. So the answer to “Are Properties Selling?” is a resounding “Yes!”

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Selling

Do The Pictures of Your Home Do It Justice?

The two pictures below are for a house listed for $400,000.  If a picture is worth a thousand words, what do these say about the house?

These two are for a house listed at $2,300,000.

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Selling

Mini-Concerts at New World Center – Almost Free at $2.50 Per Show

mini concert series NWCThis Friday and Saturday there are three half-hour mini concerts at 7:30, 8:30, and 9:30 p.m. at the New World Center.  Experience this amazing concert hall for a very affordable price before or after dinner.  Several restaurants on Lincoln Road offer dinner deals in conjunction with your ticket.

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Buying Foreclosures Market Summary Miami Beach Selling

Miami Beach, FL Real Estate – Market Summary

1835 W 27 Street
1835 W 27 Street

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

  1. Closed sales: 16.  2 short sales 2 REOs.  7 were cash sales, including the one for $3.86 million.
  2. Price range of closed sales: $3.86 million – $375,000
  3. Pending sales: 20. 3 short sales, 4 REOs
  4. Price range of pending sales: $2.950 million – $230,000
  5. Active listings: 316, 42 of which were listed in February.  18 short sales, 1 REO.  164 are waterfront
  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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Selling

Pinecrest, FL Real Estate – Market Summary

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

  1. Closed sales:  5.  None were short sales.  1 REO. 3 were cash sales.
  2. Price range of closed sales: $670,000 – $340,000
  3. Pending sales: 19.  3 short sales, 2 REOs
  4. Price range of pending sales: $3.1 million – $369,000
  5. Active listings: 183, 36 of which were listed in February.  23 short sales, 2 REOs
  6. Price range of active listings: $5 million – $300,000

February was a slow month for closings, but cash was king with 3 out of the 5 closings being cash deals.  Only 19 homes out of 183 on the market went under contract and new listings were almost double the number of homes going under contract.  Strictly looking at the numbers, if you base inventory on the number of closed sales, we have 36.6 months of inventory.  If you look at pending sales, then you have a much healthier 9.6 months.

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, especially if you are looking at more expensive homes.  57% of the inventory for February is over $1,000,000 but none of the closed sales were that high.  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.  Inventories will start increasing as we get closer to the summer moving season and time is of the essence once you list your property.  The longer it sits on the market, the more likely it is to get a lower price.

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Buying Mortgage information Selling

Mortgage Interest Deductions: Should They Be Eliminated?

Since before I owned or started selling real estate, the mortgage interest deduction has existed and been one of the main benefits espoused for buying a home.  In addition to building up equity, it has been argued that this is one of the deductions that is helpful for lowering taxes due, especially for individuals and couples with few other tax deductions.

The mortgage interest deduction was one of the items recommended be trimmed, to help control the national debt, by President Obama’s deficit-reduction commission last December.  The panel addressed the interest deduction for first and second mortgages and equity lines of credit.  Other real estate targets included in the were tax write-offs for property taxes paid and the capital gains exclusions ($250,000 and $500,000) for individual and married taxpayers who make a profit when they sell their residence.

As a homeowner, Realtor, and real estate investor, I want to keep all of these deductions.  However, there are some I would be willing to live without in exchange for decreasing the national debt.  I would be willing to forgo the mortgage interest on second homes and on equity lines of credit to keep the deduction on primary home interest, capital gains exclusion and property tax write off?  What do you think?  Are there any you would be willing to give up?  If so, which ones?

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Selling

Happy Valentine's Day!!

I love:heart

  • my family
  • my friends
  • living in South Florida
  • my clients
  • referrals!
  • red wine
  • dark chocolate
  • traveling
  • the beach

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Selling

Happy Valentine’s Day!!

I love:heart

  • my family
  • my friends
  • living in South Florida
  • my clients
  • referrals!
  • red wine
  • dark chocolate
  • traveling
  • the beach

Categories
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.