Category: Selling

Strategies to maximize your sales price and market trends

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Selling

7225 SW 130 ST Pinecrest Florida Home For Sale

7255 SW130 Street is a tastefully updated, sophisticated home located in the beautiful Village of Pinecrest.  This tropically landscaped home is a private get away right in the middle of the best public and private schools in Miami-Dade County.  $899,000

  • 4 bedrooms, 3 baths
  • 3,758 square feet of living area
  • impact resistant doors and windows
  • crown moldings and baseboards throughout the house
  • amazing kitchen for entertaining with daily eating area
  • formal dining room
  • covered patio with built-in bar-b-que
  • pool

Well, they say a picture is worth a thousand words, so take a tour for yourself.

[youtube]http://www.youtube.com/watch?v=GU7mY9lN11Y[/youtube]

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Buying Investment Real Estate Selling

3 Reasons Miami-Dade’s Housing Market Will Take Longer to Recover Than Broward’s

The Miami Herald posted an article that Broward’s housing market is close to bottoming out, even though prices in both Broward and Miami-Dade counties continue to slide.  The article was correct in predicting that Broward will rebound faster mainly because:

1) Miami’s inventory was higher than Broward’s to begin with.  Last year at this time, Broward’s single family home inventory was 28 months and is currently 13.  Miami-Dade had a 42 month supply last year and a 17 month supply now.  Condos in Broward were at 31 months and are now at 17 month.  Dade condos were at a 53 month supply and there is currently a 27 month supply.  These supplies are only based on MLS numbers.  There are many more units being held by developers that aren’t listed on the MLS

2) Miami still has a lot of projects that are just now coming on line, especially in the condo market, which is already saturated.

3) Miami built more in outlying areas, especially in the southern part of the county and along the Biscayne corridor.

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Buying Investment Real Estate Selling

3 Reasons Miami-Dade's Housing Market Will Take Longer to Recover Than Broward's

The Miami Herald posted an article that Broward’s housing market is close to bottoming out, even though prices in both Broward and Miami-Dade counties continue to slide.  The article was correct in predicting that Broward will rebound faster mainly because:

1) Miami’s inventory was higher than Broward’s to begin with.  Last year at this time, Broward’s single family home inventory was 28 months and is currently 13.  Miami-Dade had a 42 month supply last year and a 17 month supply now.  Condos in Broward were at 31 months and are now at 17 month.  Dade condos were at a 53 month supply and there is currently a 27 month supply.  These supplies are only based on MLS numbers.  There are many more units being held by developers that aren’t listed on the MLS

2) Miami still has a lot of projects that are just now coming on line, especially in the condo market, which is already saturated.

3) Miami built more in outlying areas, especially in the southern part of the county and along the Biscayne corridor.

Categories
Buying Market Summary Selling

Miami Real Estate Market May Be Turning

moving-on-upCould it be?  While it is too early to say for sure, there are definitely signs that real estate market in Miami-Dade County may be turning.   As I have said before, this recovery is going to be location and building specific, meaning some are going to recover faster and with less overall price decreases than others.

On a county-wide level, there are a number of positive signs, including:

  • Inventory is starting to move.  For single family homes it has decreased 30% over same time last year and for condos it is down 18%
  • Median prices are significantly lower.  Single family homes have plunged from their peak  of $381,000 in July, 2007 to $177,000 at the end of April, 2009.  Condos are down from their peak of $269,000 in April of 2008 to $139,000 in April of 2009.
  • Sales are up.  Single family sales increased 77%  and condo sales increased 60% over same time last year.

Related articles:

Pinecrest, FL Real Estate – Market Trends First Quarter 2009

Categories
Buying Neighborhood News Pinecrest Selling

Pinecrest FL Rated the 10th Most Expensive Suburb to Live In 2009

The Village of Pinecrest was just rated the 10th most expensive suburb to live by Business Week.

The most expensive suburb in each of the 52 states were chosen based on:

  • cost of living
  • median home price
  • property taxes
  • mortgage and utilities

The article acknowledges that what contributes to the popularity and expense of these areas are:

  1. excellent public schools
  2. low crime rate
  3. gorgeous neighborhoods
  4. parks and recreational facilites.

Pinecrest has all 4 of the above and additional benefits that were not mentioned such as:

  • large lot sizes
  • small local government
  • tree canopy
  • proximity to marinas
  • variety of homes and sizes
  • international population

For more information on Pinecrest read:

Pinecrest FL Real Estate  – Market Trends First Quarter 2009

7645 SW 117 Pinecrest FL Is In A Great Location

Unbelievable Land Value in Pinecrest, FL – 7935 SW 134 Street- Builder’s Acre Under $550,000

Food Tasting and Entertainment at 7th Annual Taste of Pinecrest at Pinecrest Gardens

Looking for Something to Do? Head to Pinecrest!

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Buying Investment Real Estate Market Summary Selling

Miami Real Estate – Quarterly Update For Miami-Dade County

Wow, EWM’s Coral Gables office alone had over $24,000,000 worth of transactions this week!  Does this mean the market has finally reached bottom?  Not necessarily, but if we are not there yet in terms of prices,  I think we are in terms of the decrease in sales.  Put in perspective, the lowest level of inventory for all single homes in Miami-Dade County listed on the MLS was in April of 2005:  2,973.  Based on the number of sales for the first quarter of 2009, our inventory peaked in July of 2008 with 17,070 single family homes.  The  inventory at the end of April stands at 11,936.  As you can see the from the graph below, inventory is starting to move.  Summer is the peak of purchasing season, especially for single family homes, so we should see significantly more movement over the nMiami Real Estate Market Trends ext several months.

Categories
Buying Market Summary Pinecrest Selling

Pinecrest FL Real Estate – Market Trends First Quarter 2009

During the first quarter of 2009 there has been very little change in the inventory of single family homes in Pinecrest listed on the MLS.  Sales also seem to be moving to closing slowly, but the trending increase in pending sales gives me hope that Pinecrest’s real estate market will start moving the way of Miami-Dade County, decreasing inventory and increased sales.  One of the reasons this market is going to turn more slowly than the County’s is due to the pricing.  The median sales price of all single family homes in the County at the end of April was $165,000 whereas in Pinecrest it was $475,000.  78% of  sales in the County were under $300,000.

What has been selling in Pinecrest in the first quarter are the single family homes listed for between $216 and $298 per square foot.  Based on the inventory and number of closed sales in April, there is currently 53 months worth of inventory in Pinecrest. However, based on current inventory and the number of pending sales there is an 11.5 month inventory.  This illustrates how rapidly the market can turn.  Since summer is the most active time for single family home sales, I am feeling cautiously optimistic that the market is starting to change and is at least stopping its downward free-fall.

pinecrest-market-1st-quarter-2009

Related Posts:

Miami Real Estate – Quarterly Update for Miami-Dade County

8 Reasons Why Now is the Perfect Time to Buy Real Estate

Unbelievable Value In Pinecrest

Pinecrest, FL Real Estate Update January, 2009

Categories
Buying Market Summary Selling

Miami Real Estate, Its All in the Numbers

numbersUnlike the television show, Numb3rs, I am not going to get into any fancy or complicated formulas.  I am just going to state the real estate numbers for Miami-Dade County as of the end of the first quarter of 2009.  You can use them to make your purchasing or selling decisions, to get a glimpse of what is going on in our market, or to fill in awkward silences at cocktail parties.

Overall Numbers

  • 35% of all listings on the MLS are either short sales or REO
  • 59% of all sales on the MLS are either short sales or REO
  • 82% of all residential sales are under $300,000

Single Family Home Numbers

  • 20% of single family home sales are under $100,000 (yes there are homes under $100k in Miami but hurry, they are only 6% of the inventory and going fast!)
  • 3% of single family home sales and 14% of the inventory are over $1,000,000.  Inventory in this price range is at 83 months, up from 55 months this time last year
  • 17 month supply of single family homes down from a 42 months supply 1 year ago (Wow, that was fast!)

Condo Numbers

  • 36% of all condo sales are under $100,000 and they make up 15% of the inventory
  • 3% of condo sales and 9% of inventory are over $1,000,000.  Inventory in this price range is at 88 months up from 41 months last year.
  • 24,835 condos at peak of inventory July 2008.  21,134 condos as of April 2009 (many more available that aren’t on the MLS)

Stay tuned for future episodes!

Other articles by the numbers:

Miami Real Estate – Quarterly Update for Miami-Dade County

Pinecrest, FL Real Estate – Market Trends First Quarter 2009

Key Biscayne, Florida Real Estate Update January 2009

Miami Beach, Florida Real Estate Update January 2009

Categories
Coral Gables Neighborhood News Selling

St. Patrick’s Day Celebration in Coral Gables, FL

Head over to the John Martin’s Irish Pub and Restaurant for the St. Patrick’s Day Celebration, a huge block party with live bands and several food stations. The fun starts at 5 p.m. until midnight at Salzedo Street between Miracle Mile and Giralda Avenue.  REMEMBER to wear green!

Categories
Coral Gables Neighborhood News Selling

St. Patrick's Day Celebration in Coral Gables, FL

Head over to the John Martin’s Irish Pub and Restaurant for the St. Patrick’s Day Celebration, a huge block party with live bands and several food stations. The fun starts at 5 p.m. until midnight at Salzedo Street between Miracle Mile and Giralda Avenue.  REMEMBER to wear green!