Category: Selling

Strategies to maximize your sales price and market trends

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Buying Luxury Real Estate Market Summary Pinecrest Selling

Pinecrest Homes For Sale: Market Update

We are already half way through October and almost at the end of the year.  2013 will probably break another record in terms of the number of real estate sales we have had in Miami-Dade County.  A quick snapshot of the Pinecrest real estate market shows the following:

  • 205 single family homes have closed since January 1, 2013.  12 were short sales, 4 were bank-owned
  •  47 of the closed sales were between $1 million and 1.999.999.  25  were over $2 million.  Highest sale to date this year was for $3.8 million.
  •  42  single family homes are under contract, over half are distressed sales.  21 are short sales and 2 are bank-owned
  • out of the 42 pending sales, only 15 are listed for over $1 million, none are listed over $2 million
  • 127 single family homes currently listed for sale, 5 of which are short sales and one is a bank-owned property
  • 90 of the homes that are currently listed are over $1 million, 42 are listed over $2 million

Since October 1, there have been 11 new listings, 2 of which are short sales, and 2 homes have gone under contract.  So far, there have been no closed sales in October.  Going forward, I expect the inventory to increase slightly until Spring, at which point I think we will see more inventory come on the market.  I still expect properties priced from $600,000 – $1 million to move fairly quickly.

If you are a buyer, especially in the luxury price range, you will have a lot to choose from and have more negotiating room.

If you are a seller, you will want to price your property so that it sells before the inventory increases in the Spring.

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Buying Market Summary Selling

Pinecrest Real Estate Market Update

These numbers include all of the listings posted in the MLS through August.  A search of the MLS for September shows 24 new listings in Pinecrest ranging from $599,000 up to $3.9 million, no closed sales, and 8 pending sales.

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Buying Market Summary Selling

Miami Real Estate Is As Hot As Our Summers, But Not Bubbling Yet

An article by Robert Shiller in today’s New York Times concluded that though housing prices have increased by double digits, we are not in a housing bubble yet.  His conclusion was based on the result of a questionnaire he and Professor Case sent out to recent home buyers in four major cities.  Although Miami wasn’t one of cities where buyers were asked the questions, many of the answers apply here.  Most of the people that were asked:

  • did think real estate was going to appreciate more than 5% in the short term
  • did not think real estate was going to increase significantly in the long term
  • thought real estate was the best investment for long-term holders, but the percentage of respondents who believe that was down from the 2004 hype leading up to most recent bubble
  • responded that they bought in order to rent the property

After comparing this year’s answers to 2004’s answers (when we were heading into the bubble),  Professor Shiller does not think we are heading to a bubble yet.  He also does not seem convinced that “irrational exuberance” won’t happen again soon.

Based on the number of new condo projects proposed for downtown Miami (40), the fact that rental activity is starting to level off as rents increase, the U.S. government might shut down, and both hurricane and flood insurance continue to increase, I think the recent price increases are going to level off to a more historic level.

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Brickell/Downtown Miami Buying Coral Gables Miami Beach Neighborhood News Palmetto Bay Pinecrest Selling

Properties Close To Public Transportation Popular During and After The Recession

Brickell Trolley
Brickell Trolley

Properties that were in communities near public transportation with frequent routes did 42% better in maintaining their value than those that were not near public transportation.  As real estate sales in Miami continue to rise, neighborhoods near public transportation are some of the areas with the tightest inventories.

Many communities, such as Brickell and Coral Gables, have added trolleys and many suburban communities, such as Pinecrest and Palmetto Bay, have added People Movers.

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Buying Renting in Miami Selling

Starting and Ending Your Electric Service Just Got Easier

Congratulations!  You have purchased or rented your new home.  Now is a busy time with moving, forwarding mail, and starting utilities but  FPL has automated their connection and disconnection for electrical service to make connecting easier.  Properties that have been unoccupied might not have service when you move in, so be sure to get it connected before your moving day.

You can start your service online at www.FPL.com/startservice or by calling 1-800-226-3545.  For same day service, you must call before 2:oo p.m.  Before having the service connected, turn off inside breakers, electronics, and appliances, and remove items that are on the stove.

When you sell your property or terminate your lease, empty, open and unplug the refrigerator and call or log on to disconnect the service so you do not incur charges .

Learn more online:

www.FPL.com/tenant.

If you are a landlord, consider joining  FPL’s Automatic Connect program to ensure you have power when you

need it in the properties you manage. Visit

http://www.fpl.com/customer/autoconnect.shtml.

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Buying Selling

New Requirements For Listing Short Sales

In order to give short sale properties an opportunity to receive “highest and best” offers, new Fannie Mae guidelines state that each new short sale listing must remain active in our MLS system for a minimum of 5 days and must include at least one weekend.  If you are a buyer making an offer on a short sale, realize it may be a while before you receive an answer from the seller.

 

 

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Buying Luxury Real Estate Pinecrest Selling

$20 Million In Sales In One Week From EWM Coral Gables Office

Even though this close to the start  of the school year sales should be slowing down, nothing could be further from reality.  Our EWM office had over $20 million worth of sales this week, which represents a total of 31 sales.   5 of the sales went for the asking price and 3 went above asking.

The graph below is for single family homes in Pinecrest, a neighborhood known for its luxury homes on large lots community parks and great schools.  Second quarter inventory in Pinecrest is down 12% from the same time last year, and based on both closed and pended sales for the quarter, there is only a 4.7 month supply of inventory.  Although it is only a snapshot of one Miami community, it is indicative of what many communities are going through:  tight inventories, increasing sales, and frustrated buyers.

 

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Selling

Back To School Savings This Weekend With Florida Tax-Free Weekend

 

I know you are enjoying your summer vacation and school is probably the last thing on your mind, but you may want to do your back-to-school shopping this weekend.  It will save you money with several items exempt from Florida’s sales tax from August 2-4.

 

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Selling

Selling Your Home? Remember To Include Your Closing Costs In Your Calculations

So, you have decided to take advantage of the seller’s market to sell your home.  When calculating what your proceeds will be, remember to take into account your closing costs, which will run between 6 and 7 percent of your contracted sales price.

TYPICAL SELLER’S EXPENSES

 

Courier (federal express)

 

Documentary Stamps on the Deed: $.60 per $100.00 of sales price (Miami-Dade County only)

 

$.70 per $100.00 of sales price (all of the other counties in Florida)

 

E-recording fee: $4.00 per instrument to be recorded

 

Flat Fee Commission ($250.00 EWM Realtors)

 

Lien Search

 

Real Estate Commission

 

Recording Fees: $10.00 first page, $8.50 each additional page

 

Settlement Fee

 

Surtax on the Deeed: $.45 per $100.00 of sales price (Commercial Properties and Residential Properties

 

where a Document conveys more than one single-family residence – multi-family building, duplex)

 

Title Search

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Buying Selling

The Summer Doldrums Do Not Apply To Miami Real Estate

As of the time of this post, the Miami real estate market has yet to hit the summer doldrums even though many buyers are taking time off to travel with their out-of-school-children.  This week EWM’s Coral Gables office did over $16 million in sales and last week we did almost $30 million.  Given the lack of inventory, in spite of all of the fact that Florida leads the nation in foreclosures, it is amazing that we are selling that much real estate.

It must be our beautiful views, waterfront properties, international clientele, and numerous outdoor and cultural activities that keeps drawing people here.

 

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