Tag: Miami Beach Real Estate

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Buying Miami Beach

Belle Isle and Morris Lapidus = 5 Island Avenue

Morris Lapidus Building - Modern Lobby
Stylish Lobby

The moment you drive onto the Venetian Causeway, you know you are somewhere special.  Stress melts away as the blue waters of the bay and intracoastal invite you to relax.  Belle Isle is just steps away from all of the restaurants, shopping, nightlife, and beaches of Miami Beach.  Overlooking Belle Isle park and bay, Island Terrace Condo is a Morris Lapidus building located right on the water.

5 Island Ave., 8B is an updated 1 bedroom, 1.5 bath unit, just listed for $260,000.  Come live the south Florida lifestyle!

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Buying Investment Real Estate Selling

Miami Real Estate: Prices on the Rise

Miami and Phoenix are seeing a rise in asking prices, based on a Trulia Price Monitor Report.  There are still a lot of good buys out there, but many buyers are frustrated when a new property comes on the market and goes under contract almost immediately.  Decreasing inventory and aggressive pricing by listing agents, mean you have to act fast if you are serious about making a purchase.  If the property is priced right, don’t try to negotiate it down too much, if at all.  I listed two properties last week that both had multiple offers within the first two days.  The first property had all offers at asking price and we went to a multiple offer situation where we asked for highest and best.  Total time on market was 6 days.

The second property had several offers on the second day.  One agent had his buyer offer slightly over asking and put down 10% as an initial deposit, upon acceptance.  The seller accepted his offer.  Two days later, a higher offer came in from a buyer who was desperate because she had just lost out on a short sale and needs to move fast.

If you are a buyer, be ready to put your best offer forward early on.  If you are a seller and get multiple offers, don’t second guess your pricing or hold out for something even better.  The reality is that you get the most activity on a listing when it first goes on the market.  The longer you wait, the less you are likely to get.

 

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Buying Marinas, Yacht Clubs and other Boating Information

7601 E Treasure Drive – Bank Approved Short Sale

This bank-approved short sale at The Grandview Palace in North Bay Village has water views from every room.  Other features include:

  • crown molding
  • baseboards
  • updated kitchen with stainless steel appliances, granite counters & a pantry
  • two full baths
  • two good-size balconies

All this for $136 per squar foot!

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Buying Coconut Grove Coral Gables Market Summary Miami Beach Pinecrest

Miami Real Estate: New Single Family Home Listings

New single family homes listed since July 1.

  • 8 in Coral Gables.  Priced from $349,900 to $13,475,000
  • 7 in Pinecrest.  Priced from $585,000 to $2,099,999
  • 5 in Coconut Grove.  Priced from $450,000 to $1,300,000
  • 3 in Miami Beach.  Priced from $399,900 – $8,650,000

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Buying Foreclosures Luxury Real Estate Market Summary Miami Beach Neighborhood News Selling

Miami Beach Real Estate: Market Summary for Single Family Homes

We are half way through the year and the market has been moving.  Sales are up, mostly due to lower prices.    As of June 30, the single family home market in Miami Beach for the year so far is as follows:

Closed sales:  94. Low of $190,000 to a high of $25,500,000.  9 of the closed sales were foreclosures, 6 were short sales.   Only 16% were distressed sales. 49 closed in the second quarter.

  • Pending sales: 57.  Low $200,000 to a high of $14,900,00. 2 of the pending sales are foreclosures, 23 are short sales.  Almost 44% distressed.  21 went pending in the second quarter.
  • Active sales: 282.  Low of $205,900,high of $49,995,000.  16 are short sales, 1 is a foreclosure. Only 6% distressed.  76 of the active sales were listed in the second quarter.

What does this mean if you are a seller?  The good news is that the majority of the closed sales are not distressed sales.  If you are priced right for a buyer’s market, you have a closing window of opportunity to sell at a higher price than you will get later this year.  I think prices of active listings are going to come down as we come closer to the end of the summer buying season.

What does this mean if you are a buyer?  Many buyers are still looking for a “deal” without realizing that they are already looking at one.  Just because a property is not a foreclosure or a short sale, does not mean it is not a good deal.  A lot of sellers have come down significantly in their pricing, in large part due to the pressure of distressed properties on the market.  As the distressed properties listed for sale decrease, they become less of a factor on the overall market.  If you are financing your property and only looking at distressed sales, you are going to have even more frustration as you are competing with cash buyers.

Note:  These numbers are going to change a bit due to fluctuations at the end of the month when a lot of properties status changes, but those changes don’t get recorded in the MLS until the following month.

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Buying Foreclosures Market Summary Miami Beach Selling

Miami Beach, FL Real Estate – Market Summary

1835 W 27 Street
1835 W 27 Street

Market information from the Multiple Listing Service for single family homes for the month of January are as follows:

  1. Closed sales: 16.  2 short sales 2 REOs.  7 were cash sales, including the one for $3.86 million.
  2. Price range of closed sales: $3.86 million – $375,000
  3. Pending sales: 20. 3 short sales, 4 REOs
  4. Price range of pending sales: $2.950 million – $230,000
  5. Active listings: 316, 42 of which were listed in February.  18 short sales, 1 REO.  164 are waterfront
  6. Price range of active listings: $50 million – $199,000

Distressed sales are still making up the larger part of the market in terms of listings going to contract.  Based on the number of active listings, distressed sales make up about 8% of the market, but half of the closed sales.

What does this mean if you are a buyer? Based on the number of active listings to closed sales, there is still a lot of inventory to work through, so it is still a buyers market.  Once you narrow down your price range and specifications however, there won’t be as much to choose from, so use the statistics and market information to negotiate your price.  If the house you like is a regular sale and it is priced right, you won’t have as much room to negotiate as you will on one that is overpriced.  If you are going to make an offer on a short sale bring patience and realize that when the bank finally does answer, they may ask for more than what you offered, even if what you offered was the full asking price.

What does this mean if you are a seller? You have a lot of competition so price really does matter.  Look at the active sales that most closely match your home in terms of size, location, updates, lot size, amenities.  Consider pricing it 10-15% below your closest competition, make sure it has great curb appeal, and de-clutter and freshen up the inside with some elbow grease and a fresh coat of neutral paint.  The good news is that if your house is priced right compared to your competition, it will sell.

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Market Summary Miami Beach

Miami Beach, FL Real Estate – Market Summary

5 Star Island Dr., Miami Beach
5 Star Island Dr., Miami Beach

Market information from the Multiple Listing Service for single family homes for the month of January are as follows:

  1. Closed sales:  8.  Two were short sales, two were  REOs. 4, including the $2.7 million sale, were cash sales.
  2. Price range of closed sales: $2.7 million – $370,000
  3. Pending sales: 58.  27 short sales, 8 REOs
  4. Price range of pending sales: $6.8 million – $195,000
  5. Active listings: 353.  26 short sales, 4 REOs
  6. Price range of active listings: $50 million – $199,000

Distressed sales are still making up the larger part of the market in terms of listings going to contract.  Based on the number of active listings, distressed sales make up about 8% of the market, but half of the closed sales.

What does this mean if you are a buyer? Based on the number of active listings to closed sales, there is still a lot of inventory to work through, so it is still a buyers market.  Once you narrow down your price range and specifications however, there won’t be as much to choose from, so use the statistics and market information to negotiate your price.  If the house you like is a regular sale and it is priced right, you won’t have as much room to negotiate as you will on one that is overpriced.  If you are going to make an offer on a short sale bring patience and realize that when the bank finally does answer, they may ask for more than what you offered, even if what you offered was the full asking price.

What does this mean if you are a seller? You have a lot of competition so price really does matter.  Look at the active sales that most closely match your home in terms of size, location, updates, lot size, amenities.  Consider pricing it 10-15% below your closest competition, make sure it has great curb appeal, and de-clutter and freshen up the inside with some elbow grease and a fresh coat of neutral paint.  The good news is that if your house is priced right compared to your competition, it will sell.

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Buying Florida Life Miami Beach

5601 Collins Avenue #810, Miami Beach, FL

IMG_0886According to AccuWeather.com, it was 29 degrees in New York and Boston yesterday, and 74 degrees on Miami Beach.   This is the view from every room in this beautiful one bedroom apartment, smack dab on the beach.  Instead of shoveling snow, you could be frolicking in the surf, playing volleyball or taking a leisurely stroll down the beach.

Wish you were here?

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Buying

Miami Beach Ocean Front Condo

Direct Ocean View
Direct Ocean View

This is not a view that you have to crane your neck to see, but rather the beautiful ocean and beach that is seen from every window in this updated 1 bedroom 1.5 bath at 5601 Collins Ave., in Miami Beach.  Walk along the beach during the day, then down the street to Don Shula’s Steakhouse.  Plenty of shopping nearby at Bal Harbour or hop in a cab for a short ride to the Fountainebleau

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Buying Market Summary Selling

Miami Real Estate – Single Family Homes 4th Quarter Market Update

Below is a quick snap shot of what the real estate market for single family homes looked like for the fourth quarter of 2009.  These numbers are derived from the Multiple Listing Service and though they do not include For Sale By Owners and anything not listed on the MLS, they are indicative of what is going on in our local markets.  The closed sales may be slightly underestimated due to the lag time in posting the sale in the MLS.

Coconut Grove

  • Closed Sales: 23.  5 short sales, 3 REO. None of the closings in December were Short Sales or REO.  Highest Sales Price: $2.2 million. Highest Price/Square Foot:  $437.98. Lowest Sales Price: $154,900.  Lowest Price/Square Foot: $82.97
  • Pending Sales: 22, 14 of which went pending in the fourth quarter.
  • Active Listings: 165,  down from 217 at end of Sept.   Highest List Price: $18 million. Lowest List Price: $65,900.

Coral Gables

  • Closed Sales: 101.  6 short sales, 10 REOs.   Highest Sales Price: $5.15 million.  Lowest Sales Price: $250,000.
  • Pending Sales: 74
  • Active Listings: 421, down from 450 at the end of the third quarter.  Highest List Price: $49.5 million.  Lowest List Price: $89,500

Key Biscayne

  • Closed Sales: 13.  0 short sales, 1 REO.   Highest Sales Price: $6.15 million.   Lowest Sales Price: $820,000.
  • Pending Sales: 3.
  • Active Listings: 122.   Highest List Price: $24.950 million.   Lowest List Price: $985,000.

Miami Beach

  • Closed Sales: 41.  5 short sales, 7 REOs.  Highest Sales Price: $9.75 million.  Lowest Sales Price: $240,000
  • Pending Sales: 53
  • Active Listings: 380.  Highest List Price: $29.9 million.  Lowest List Price: $181,000.

Palmetto Bay

  • Closed Sales: 42. 8 short sale, 4 REO.   Highest Sales Price: $1.45 million. Lowest Sales Price: $140,000.
  • Pending Sales: 63
  • Active Listings: 139.  Highest List Price: $2.85 million. Lowest List Price: $165,000.

Pinecrest

  • Closed Sales: 45.  4 short sale and 5 REOs.  Highest Sales Price: $3.5 million.  Lowest Sales Price: $236,000.
  • Pending Sales: 29
  • Active Listings: 199.  Highest List Price: $5.9 million. Lowest List Price: $265,000.

South Miami

  • Closed Sales: 24. 3 short sales, 9 REO.   Highest Sales Price: $870,000. Lowest Sales Price: $87,500.
  • Pending Sales: 21
  • Active Listings: 71.  Highest List Price: $1.899 million. Lowest List Price: $57,270.