Sorry, I had to remove the video because the unit rented in one day!
Category: Selling
Strategies to maximize your sales price and market trends
Many of my clients have been calling me, shocked at how rapidly home prices have risen over the last year and questioning whether the South Florida real estate market is entering a new bubble. Although this graph confirms that prices have gone up, we are a long way off from the peak. Given that we arrived at inflated pricing due to speculation, easy and bad mortgages, and fraud, I think we will stay off the peak for quite a while.
The reason for our current rise in prices is due to a lack of inventory. Many homeowners who bought at the peak are still under water and will be for quite some time; foreclosures and short sales have been slow to work through the backlog; there are investors with large amounts of cash looking at real estate; mortgages are still difficult to get; and appraisals have been off of what buyers with mortgages are offering thereby keeping owner/occupiers out of the housing market. Now that builders have started to construct new homes and buildings, inventory should start to creep up again.
Based on the Miami Herald’s Economic Time Machine in the July 1 Business Monday, at the current pace of value increases, we won’t hit a new peak until July of 2018.
I love that the Miami Heat are winning games and setting records, but I love what they do for our community when they are off the court even more!
Another spectacular week for real estate in Miami. We had 29 residential sales this week in my EWM office. Many properties are going under contract within a couple of days of being listed. If you are buying, be ready to move as soon as a property is listed. If you are selling, price realistically. Six of the sales we had went for list price and six went above asking.
Another spectacular week for real estate in Miami. We had 29 residential sales this week in my EWM office. Many properties are going under contract within a couple of days of being listed. If you are buying, be ready to move as soon as a property is listed. If you are selling, price realistically. Six of the sales we had went for list price and six went above asking.
San Francisco is famous for its Old Victorian’s, Coral Gables is known for its Old Spanish, and Miami Beach for its Art Deco. No matter where you live or travel, architectural styles play an important role in the fabric of a community. Some other popular styles in Florida in the last 100 years include:
Georgian Colonial
Victorian
Tudor
Prairie
Craftsman bungalow
Ranch
Mid-century modern
Contemporary
New urban
Which style is the most prevalent in your community? Is there a style you would pay a premium for?
Phil says Spring is right around the corner because he did not see his shadow. In Miami’s real estate market it has been Spring for a while. Traditionally, Spring is the busiest season with sales peaking in April and May. Our local market has been extremely busy since last year. As a result, inventories are low and sellers are usually receiving offers as soon as their properties are listed. If you are thinking of selling your home this Spring. Now is a great time to list!
EWM continues to sell an enormous amount of real estate despite low inventory. Our Coral Gables office alone did over $20 million this week. We had 23 sales and only 14 new listings so if you are ready to list, give me a call. Rentals are in short supply as well.
All I can say is “wow”. Our Coral Gables EWM office had an AMAZING week, with a grand total of $39,733,888 in sales and leases. There were 25 sales, 8 of which sold at asking price and 3 of which sold over asking, and 21 leases. Still doubt that Miami is a place where people want to move and invest? Doubt no more. With all of the cultural activities, port expansion, addition of more cruise ships, technology start ups, and the relatively low prices, Miami real estate is in high demand.
All I can say is “wow”. Our Coral Gables EWM office had an AMAZING week, with a grand total of $39,733,888 in sales and leases. There were 25 sales, 8 of which sold at asking price and 3 of which sold over asking, and 21 leases. Still doubt that Miami is a place where people want to move and invest? Doubt no more. With all of the cultural activities, port expansion, addition of more cruise ships, technology start ups, and the relatively low prices, Miami real estate is in high demand.