This free-standing building with 14 parking space at 3860 SW 8 Street, Coral Gables is a great buy. Located in the popular 
medical district of 8th Street and Ponce de Leon, it is a great buy: 6535 square feet for $1,300,000 is less than $200 per square foot. You can’t build a new building for that price! Hurricane shutters, elevator, open air spaces, offices, conference rooms
I was happy to read this article in the Miami Herald regarding housing for low income seniors. After reading all of the horrible stories about the sorry state of Florida’s assisted living facilities, I think it is extremely important that we find solutions to helping our senior citizens age with dignity and in comfort.
According to floor plans obtained from the City of Coral Gables microfilm, this beautifully updated Old Spanish home was once a parsonage. Built in the 1920’s but recently updated, it is the perfect combination of old world charm w/modern amenities. Marble floors, impact resistant windows, granite kitchen counters & updated bathrooms are the elegant finishes that compliment the Old Spanish design. The 1 bed/1 bath cottage is perfect as an office, guest room or gym.
7925 SW 55 Ave., is a meticulously maintained 3 bedroom 2 bath home in a great location – walking distance to downtown South Miami and close to the University of Miami. An updated kitchen with granite counters and a gas stove, new roof, new septic, hurricane shutters, beautiful hardwood floors, and great natural light make this the perfect home for someone who doesn’t want to have to re-do the house before moving in!
[youtube]http://www.youtube.com/watch?v=vjCc6Ob9sdI[/youtube]
Miami Palmetto High School has long had a reputation of being a great high school and many families move into Pinecrest or Palmetto Bay so their children can attend. There are other areas west of U.S 1 that are often overlooked that also have Miami Palmetto High School as their home school.
This house, at 12150 SW 88 Avenue, is such a house. At 4,747 square feet, there is plenty of room for a large family. The split floor plan has a separate children’s suite complete with their own play/study room. The expansive family room has enough space for sitting and relaxing or playing games. More for your money and still a great school district!
[youtube]http://www.youtube.com/watch?v=8LTPM0acX5w[/youtube]
An article in today’s Wall Street Journal uses Miami as one example as to why 2011 may be the year to buy.
The article does a good job of differentiating between buying a home and investing in real estate. In terms of buying a home, Michael Larson, a real-estate analyst in Florida, is quoted, “Pricing is down so much in some markets that when you analyze renting versus owning it makes much more sense to own”.
If you are planning to buy for investment, the article returns to the old adage of “buy and hold”. They recommend at least a 10-year hold plan for investment real estate or suggest investing in funds that have real estate in the mix if you want to make real estate a part of your portfolio.
Remember to see what the numbers are in the area you are planning to purchase. While the affordability index was high in most areas, it is low in Washington D.C.
Biscayne Boulevard in downtown Miami is still building services to provide conveniences for new residents that have moved into the buildings that were mostly empty during the real estate collapse. Projects under, or soon-to-be-under, construction include Museum Park, the Port of Miami Tunnel, Whole Foods, and a multiplex movie theater.
Two articles in today’s Business Monday add more evidence that South Florida is starting to pull out of the recession and, though we fell farther and therefore have further to go to actually feel that the recession is over, there are positive signs in South Florida’s economy.
The first article, Brazilian buyers put the luxe in real estate, describes the influence that wealthy Brazilians are having on high end real estate as well as on design and furniture stores.
Dophin Mall has gone from bust to boom, the second article, describes how this mall has turned its sales performance around 180 degrees by catering to the luxury consumer and recognizing the importance of the tourist.
These articles emphasize the importance of the wealthy tourist to South Florida’s economy. These tourists are going to help excel our recovery by spending large amounts of money, which will eventually trickle down throughout the economy. The only problem I see with this is that it is the start of another boom cycle that, unless we find industries in addition to real estate and tourism, will eventually bust in Florida’s typical fashion.
With the increasing popularity of living in walkable communities, rents are on the rise in areas such as downtown Brickell and Coral Gables. The fact that there are so many new buildings with great amenities and upgraded finishes, such as granite counter tops and modern kitchens and baths, in these two areas have lead to an increase in demand and rents. An unfurnished 2 bedroom 2 bath condo in a newer building starts at $2000.
According to the Miami Realtors Association, January total pending home sales jumped 28% over January 2010 and increased 2.5% from December. Pending sales were as follows:
Although this jump in pending sales has put a dent in the overall inventory, I expect inventory to inch up a bit now that SuperBowl Sunday is over and people start to focus on the Spring selling season. However, properties that are priced right are definitely selling as first-time homebuyers and investors jump back into the market.
The luxury market still has a way to go in chipping away at the inventory levels. As of today, there are 1143 single family homes listed over $1,000,000. 37 are currently pending (25 went pending in January) and 11 closed in January. Depending on whether you look at pending sales or closed sales per month, based on current numbers we have between 46 (pending sales) and 104 (closed sales) months worth of luxury inventory. Considering 6-9 months represents a stable market, we have a ways to go.