Tomorrow night at 7:30, the New World Symphony Wallcast is Ever After. Bring a blanket and picnic dinner for a wonderful evening of culture and music on Miami Beach.
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Beaux Arts Festival This Weekend
The 61 annual Beaux Arts Festival takes place this Saturday and Sunday at the main entrance to the University of Miami.
View over 250 exhibitors and take advantage of free admission to the Lowe Art Museum.
The King Mango Strut is today at 2:00 p.m. In downtown Coconut Grove. An irreverent parade with themes plucked out of the year’s headlines, the Strut is sure to make you laugh. I have been a faithful attendee since I saw the “Bobbit Brigade” years ago…I still get a chuckle out of that one.
There was a great Viva Miami MediaPlanet insert in today’s Miami Herald titled: Miami Grows followed by, “Industries unite in the expansion of PortMiami, as the city sets sights on becoming an economic engine for South Florida and the nation”.
Though obviously a promo piece, it spews out some positive numbers:
– PortMiami contributes more than $18 billion annually to South Florida’s economy
– Cruise industry up over 2010
– MIA’s air cargo trade is worth more than $50 billion
Construction projects in and around the airport and port are currently underway to maximize additional cargo and improve the related transportation and logistics involved with moving it on to it’s final destination.
The insert also mentions new residential construction projects that are planning to break ground, since only 4,000 of the 23,000 condo untis built during the boom are still waiting for buyers.
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Feliz Nochebuena!
If you are new to South Florida you may not know of Nochebuena, which is a celebration that takes place on Christmas Eve. In Miami, Nochebuena means the smell of roast pig, mojo, and beans waft through the air.
On 102 Street, Nochebuena is accompanied by luminarias, that run from 67 Ave to 57 Ave
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Mortgage Rates Drop to Tie All-Time Low
Money magazine reports that 30 year mortgage rates dropped to 3.94% to tie rates last hit in October. 15 year rates hit new record low. I might have refinanced a bit too early, but changing my last interest rate to a lower one saved me over $300 per month on my mortgage payment even though I went from a 30 year to a 15 year fixed!
If you haven’t done so already, refinance. If you are considering buying, historically low mortgage rates are definitely one reason why you should. Low Miami prices are another.
I started receiving graduation announcements from friends’ children and my own son will be graduating in May. With all that is going on in the economy, I started thinking that maybe my husband and I should buy real estate that one of our three children could eventually live in. If you consider how much properties, salaries, job opportunities and the stock market has dropped and how much rents have risen, it kind of makes sense doesn’t it? Would you purchase property that your children could live in once they graduate? Or have you already?
I love living in Miami because it is so easy to travel to just about any where in the world. I have mentioned 20 minute flights to Bimini Bay. I went to my brother’s wedding in Costa Rica and felt like I had been on a two week vacation. Panama City, Panama is also a short flight away and offers lots of options for a short, or long, vacation. The city itself is extremely modern and during the building boom in Miami several local developers also developed projects in Panama city. Punta Pacifica features several buildings with names and Miamian would recognize including Trump Ocean Club, the Venetian, Aquamare and the Dupont are just a few.
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Rents are tight in most markets and, due to the numbers of foreclosures, short sales, and number of people who have lost their jobs or have had their work hours decreased, the trend is expected to continue at least for the short term. However, Jim Woodard predicts this is a temporary trend.
If you are a renter, you may want to consider the affordability index in the city you live and work in and calculate the cost of renting vs. buying. If you are a landlord, you may want to look at Money Magazine’s Best Cities to Be a Landlord list
Still don’t think it is time to get into the real estate market? Our Coral Gables EWM office had another phenomenal week, posting over $14 million in sales. We only took five new listings yet had 23 properties go under contract. Although prices are bouncing along the bottom, as inventories decrease we expect to start seeing prices start to head up. These increases will be neighborhood and building specific.