Category: Selling

Strategies to maximize your sales price and market trends

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Buying Luxury Real Estate Selling

Miami Real Estate: Another New Construction Project Coming

Miami Skyline Is Going To Get More Crowded

I just received yet another e-mail on a new construction project; this one is coming to Coral Gables.  It seems hard to believe that we went through a MAJOR real estate crash, with many of our prominent developers themselves involved in foreclosures of their projects, just a few years ago.  It also seems hard to believe that there are so many new developments selling their projects, when foreclosure activity in Florida is leading the nation.  Is this a contradiction in the real estate market, setting us up for another dip?  Not necessarily.

New projects extend from the Gables all the way north to the Broward county line.  They cover Coconut Grove, Brickell/Downtown, Midtown, South Beach, Mid Beach, North Miami Beach, and Aventura.  Pricing starts  from the low $200,000’s in the Gables to the several million for those projects in the Grove, Miami Beach and Aventura.  Based on what I am seeing, buyers are definitely leaning toward newer, more modern buildings and inventory in newer buildings is extremely tight.  Builders are using a formula more commonly used in South America, where there is no financing, and the buyer pays a significant amount of money down at various stages of the construction process.  The range in starting prices, demand for new buildings and the new purchasing requirements make for a bit more stability than the previous building boom.

What does all of this new construction mean if you are a buyer?  It means that you will have more options in a given price range.  You will be able to choose between existing units where you know exactly what you are getting and one that is under construction that you can finish to your specifications.  Check to see how many new projects are going up in the area you are looking in and what the price ranges in the different development are.  Too much supply of the same type of property could point to price decreases or stagnation.

If you are a seller of an older property in an area where new projects are going up, it means you will be competing with projects that are newer and offer more amenities than yours.  Make sure you know your competition and highlight your property’s positive attributes.  Many older units tend to be larger or offer more closet space than many of the newer construction projects.

 

Categories
Buying Coconut Grove Foreclosures Neighborhood News Selling

What Is Going To Happen To The Miami Real Estate Market In January?

I have had several long-time customers ask me what I think is going to happen to the Miami real estate market come January.  Although I don’t have a crystal ball, and the real estate market in Miami in general has been doing well with inventories down and prices up,  with bidding wars happening as multiple offers come in, I decided to use a building that I am currently working on to throw a bit of a reality check into the current market euphoria.

2734 Bird Ave., Coconut Grove

In October of 2011, one bedroom units in this building were selling for between $45,000-$50,000.  The last sale this year was for $90,000 and there are multiple offers on a foreclosure listed for $99,900.  According to property tax rolls, nine out of the 39 total units in the building are in some stage of foreclosure.  Whether or not any or all of them will go into foreclosure, short sale, or have a loan modification worked out, is yet to be seen, but if you look at the iMapp, Inc.  snapshot of what is going on around this building, I have to believe that there are still going to be buying opportunities out there next year and that prices could go down.  All of those little hammers are properties that are in the foreclosure process.  Since the process takes over a year, where these all are in that process and how fast they come on the market will all come into play in the supply and demand cycle of 2013.

Foreclosure Around Bird Ave in the Grove

Not all markets look like this.  Brickell has a lot less hammers.  If you are a buyer, find out what the foreclosure map in the area you are considering purchasing looks like.  Don’t be discouraged, just be realistic in your offer and your expectations as to where the market really is.  If you are a seller, you also need to look at the map in your area.  The map, along with relevant sales in your area, will help you set your list price in a range where your property will sell.  Whether you are looking short term or long term, your perspective on where the real estate market is headed in 2013 depends on whether you are a glass half full or half empty person.  Oh, and then there is the fiscal cliff…. Where do you think Miami’s real estate market is headed?

 

 

 

 

 

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Selling

My Favorites From Art Miami

I finally made it to Art Miami today and had a great time.  There was a lot of wonderful art by Miro, Picasso, Wifredo Lam, and many others.  There was also a lot of silly art, such as a ball that consisted of a variety of dish sponges all glued together.  Although I thoroughly enjoyed the classic contemporary art and got a chuckle from the silly stuff, some of the ones I found especially creative because of their social commentary are below.

Michele Pred Miss Conception - Made From Birth Control Pills
Federico Uribe made from bullet casings

 

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Selling

Ready To Sell? Fight The Urge To Wait Until Spring And List Now.

Contrary to popular belief that listing a property over the holidays is a bad idea because people don’t buy during the holiday season, now is a great time to list if you want to sell.  There are several reasons this is true:

  1. Only serious buyers are looking for properties during this time
  2. Low inventories mean buyers have less to choose from and sellers have less competition
  3. Pent up demand resulting from the financial and real estate crisis means more buyers are looking
  4. Increasing rents means properties are in high demand
  5. It is a busy time in South Florida and there are plenty of out of town buyers visiting
  6. Your home is probably decorated for the holiday season and will show beautifully!

 

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Brickell/Downtown Miami Buying Coconut Grove Coral Gables Foreclosures Investment Real Estate Pinecrest Selling

Black Friday Buyers Are In Miami To Shop For Investment Real Estate

Black Friday brings out buyers looking for bargains and buyers looking for Miami real estate investment properties are here in droves.  While most people are enjoying time with family and friends, Realtors are busy selling properties.  Driven by news reports of increasing prices, decreased inventories, and increasing rents both local and foreign buyers continue to purchase Miami real estate for investment.

The top places where my buyers are looking, not in any particular order:

  1. Brickell:  Currently there are 526 condos for sale in the Brickell area.  They range from $146, 900 for 580 square feet to $16.8 million for 9080 square feet.
  2. Downtown Miami:  There are 567 condos for sale in Dowtown Miami.  Prices start at $124,900 for 400 square feet up to $4.4 million for 5650 square feet.
  3. Midtown, Wynwood:  The new “in” place to be does not have a lot of residential units.  There are currently 112 condos for sale in the Midtown/Wynwood area ranging in price from $82,000 for 872 square feet to $2.4 million for 3988 square feet.
  4. Downtown Dadeland:  There are 30 condos for sale in Downtown Dadeland with prices starting at $177,000 for 700 square feet and going up to $400,000 for 1,429 square feet.
  5. Coconut Grove:  Coconut Grove does not have a lot of condos and few were built during the boom.  There are currently 120 condos for sale in Coconut Grove that are either condos are town homes.  They range in price from $60,000 for 409 square feet up to $14.5 million for a 9110 square foot unit at the Grovenor House.
  6. Coral Gables:  There are only 100 condos for sale in Coral Gables.  They range in price from $91, 500 for a 994 square foot foreclosure with extensive fire damage to another foreclosure at $7.9 million for 11,402 square feet at the Gables Club.
  7. Pinecrest:  There are very few condos and town houses in Pinecrest, an area mostly comprised of single family homes, so it is not surprising that there are 13 condos for sale in Pinecrest.  The lowest price is $99,900 for a 574 square foot short sale at Monterey Gardens to a 2, 226 square foot unit at the Reserve at Pinecrest for $599,000.

These neighborhoods are all located near public transportation, restaurants, entertainment and shopping, and all of them are in demand with people looking to rent.

View Of Brickell From Coconut Grove

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Selling

Happy Thanksgiving!

I love Thanksgiving!  It is probably my favorite holiday of the year because it is the only one that does not entail buying gifts.  It is about giving thanks for all that we have, for sharing special time with friends and family, and for reflecting on the year that is rapidly coming to an end.  I hope you have plenty to be grateful for this Thanksgiving.  I am grateful for my family and friends and their health, for living in beautiful and exciting Miami, for my career and clients, and for all of the wonderful experiences I have already have and that are yet to come!

Carving the Turkey

I am especially grateful that our dear friends invited us over this year, so I don’t have to cook!

Categories
Buying Investment Real Estate Selling

Can This Happen To Your Vacant Property?

Tuesday night, CBS 4 reported on a homeowner whose house has been taken over by squatters.  According to the story, the house was sold and when the Realtor went to the final walk through before closing, she found people living in the house.  The people living there claim they were duped and rented the property.

During the height of foreclosures, many properties had sqatters move in.  This house, however, was not in foreclosure, was actively listed with a real estate agent and had probably had activity with showings and, most likely, inspections.  The owner had to hire an attorney.  The “tenants” have 40 days to move out.

Watch the video and let me know what you think.

 

 

Categories
Buying Selling

9 Factors That Influence A Buyer’s Choice In Neighborhoods

The 2012 National Association of Realtors Profile of Home Buyers and Sellers the 8 factors are as follows:

  • neighborhood quality – 61%
  • convenience to jobs – 43%
  • overall affordability of homes – 39%
  • convenience to family and friends -35%
  • neighborhood design – 26%
  • convenience to shopping – 26%
  • quality of school district – 25%
  • convenience to schools – 22%
  • convenience to entertainment or leisure activities – 19%

Many of our South Florida neighborhoods meet most or all of these!

 

Categories
Buying Selling

9 Factors That Influence A Buyer's Choice In Neighborhoods

The 2012 National Association of Realtors Profile of Home Buyers and Sellers the 8 factors are as follows:

  • neighborhood quality – 61%
  • convenience to jobs – 43%
  • overall affordability of homes – 39%
  • convenience to family and friends -35%
  • neighborhood design – 26%
  • convenience to shopping – 26%
  • quality of school district – 25%
  • convenience to schools – 22%
  • convenience to entertainment or leisure activities – 19%

Many of our South Florida neighborhoods meet most or all of these!

 

Categories
Selling

How To Track Your Absentee Ballot

Many voters in Miami-Dade County are voting by absentee ballot due to the long (9+ pages!) ballot and resulting long waits at the polls.  If you want to track your absentee ballot, go to http://www.miamidade.gov/elections/regist-status.asp.