Tag: Real Estate

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Buying Market Summary Selling

Miami Real Estate, Its All in the Numbers

numbersUnlike the television show, Numb3rs, I am not going to get into any fancy or complicated formulas.  I am just going to state the real estate numbers for Miami-Dade County as of the end of the first quarter of 2009.  You can use them to make your purchasing or selling decisions, to get a glimpse of what is going on in our market, or to fill in awkward silences at cocktail parties.

Overall Numbers

  • 35% of all listings on the MLS are either short sales or REO
  • 59% of all sales on the MLS are either short sales or REO
  • 82% of all residential sales are under $300,000

Single Family Home Numbers

  • 20% of single family home sales are under $100,000 (yes there are homes under $100k in Miami but hurry, they are only 6% of the inventory and going fast!)
  • 3% of single family home sales and 14% of the inventory are over $1,000,000.  Inventory in this price range is at 83 months, up from 55 months this time last year
  • 17 month supply of single family homes down from a 42 months supply 1 year ago (Wow, that was fast!)

Condo Numbers

  • 36% of all condo sales are under $100,000 and they make up 15% of the inventory
  • 3% of condo sales and 9% of inventory are over $1,000,000.  Inventory in this price range is at 88 months up from 41 months last year.
  • 24,835 condos at peak of inventory July 2008.  21,134 condos as of April 2009 (many more available that aren’t on the MLS)

Stay tuned for future episodes!

Other articles by the numbers:

Miami Real Estate – Quarterly Update for Miami-Dade County

Pinecrest, FL Real Estate – Market Trends First Quarter 2009

Key Biscayne, Florida Real Estate Update January 2009

Miami Beach, Florida Real Estate Update January 2009

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Environmental Freebies Home Improvement

Free High-Efficiency Shower Heads and Rebates to Conserve Water and Save $$

Water conservation is extremely important in Florida.  Even though we are surrounded by water, we are in the middle stop-signof a several-year drought and we all need to do our part to save water.  In addition to complying with current watering restrictions, there are steps you can take around your home to cut down water use.

Miami-Dade County has a program to exchange your old shower head and get a free, high-efficiency shower head.  They also offer rebates to homeowners who replace an old toilet with a high-efficiency one.

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Buying

Buying a Home? Know What You are Looking For

I know it sounds obvious, but knowing what you are looking for isn’t always as simple as it sounds.  Once you are pre-approved for a mortgage, decide what your ideal neighborhood and home would be.  Are schools important or is it more important that you be close to work?  Determine what the “must haves” are.  These are the specifics of the property or neighborhood that you are not willing to give up but would be willing to sacrifice a “nice, but not necessary” for.  This could be an extra bedroom, pool, specific school district, waterfront criteria etc.  Knowing what you are looking for both in a neighborhood and home  is extremely important as it will help keep you focused.  Once you narrow down your wants, you will realize you don’t have to look at everything on the market, only those specific properties that meet your criteria.

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Key Biscayne Market Summary

Key Biscayne, Florida Real Estate Update January 2009

Single Family Homes

  • Total single family sales in January 2009: 0

Pending Sales: 3 total, none of which are water front

Active: 140 of which 27 are water front

Price Range for Active:  Non-Water: $5,450,000 – $950,000  Water front: $19,900,000 – $2,925,000

Condos – Closed Sales

  • Total condos sales in January 2009: 7
  • Highest Sales Price: $1,835,000 for a 3,120 square foot unit in Casa del Mar
  • Lowest Sales Price: $460,000 for a 1,600 square foot unit in Key Colony
  • 5 of the sales were in water front buildings

Pending Sales: 16 total, 12 of which are in water front buildings.

Active: 378 of which 261 are in water front buildings

Price Range for Active:  Non-Water: $2,900,000 – $90,000 (to be sold at auction) Water front: $7,800,000 – $245,000

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Market Summary Pinecrest

Pinecrest, Florida Real Estate Update January 2009

Single Family Homes

  • Total single family sales in January 2009: 10
  • Highest price: $1,750,000
  • Lowest price: $261,000 for a bank owned foreclosure

Pending Sales: 23

Active: 294 Highest price: $6,499,000  Lowest price: $299,900 bank owned foreclosure

Condos – Closed Sales

  • Total condos sales in January 2009: 0

Pending Sales: 23

Active: 33  Price range: $1,150,000 – $99,000

Categories
Buying

Why Homeownership is Like Drinking Red Wine

Both are good for your health! According to a recent U.S. News & World Report article there are more than just economic benefits in owning your own home. "People have more extensive social support systems, and that has a potential positive impact on health," according to William Rohe, professor of city and regional planning at the University of North Carolina. Although the individual health benefits of homeownership are unclear and other factors such as education and income level may come into play, there is proof that homeownership is good for children, because it provides stability, and the community because homeowners have a reason to invest in their community through voting, philanthropy, and volunteering.

Like the health benefits of wine, however, the benefits of homeownership can turn into liabilities if you overindulge. Too much wine on a short-term basis can cause a nasty hangover and in the long run can lead to liver damage. Kind of feels like today’s real estate market.

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Buying Coral Gables Neighborhood News

Coral Gables, Florida Real Estate – Annual Market Summary 2008

Single Family Homes

  • 2% increase in sales of single family homes from 2007 to 2008.
  • Total sales of single family homes increased from 318 in 2007 to 325 in 2008.
  • If you average the number of homes sold in the last quarter of 2008, there is still a 23 month supply of single family homes for sale in Coral Gables.

The median price for a single family home in December was $542,000, down from $788,000 in December 2007.

Condos

  • The number of sales of condos decreased 19% from 2007 to 2008 from 141 to 114.
  • There is 37 month inventory of condos.
  • The median price in December 2008 was $250,000 down from $1,005,000 in December 2007.

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Buying Investment Real Estate

8 Reasons Why Now is the Perfect Time to Buy Real Estate

Okay, so things are scary out there. You can’t open a paper, turn on the t.v. or listen to the radio without hearing doom and gloom news. Layoffs, no one is shopping, increasing unemployment, the stock market fluctuates wildly. But, since people are scared and aren’t buying much of anything, it is the perfect time to buy real estate. As Warren Buffet once said, “…attempt to be fearful when others are greedy and to be greedy only when others are fearful.” Reasons now is the time to be greedy:

Continue reading “8 Reasons Why Now is the Perfect Time to Buy Real Estate”

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Buying Investment Real Estate

8 Reasons Why Now is the Perfect Time to Buy Real Estate

Okay, so things are scary out there. You can’t open a paper, turn on the t.v. or listen to the radio without hearing doom and gloom news. Layoffs, no one is shopping, increasing unemployment, the stock market fluctuates wildly. But, since people are scared and aren’t buying much of anything, it is the perfect time to buy real estate. As Warren Buffet once said, “…attempt to be fearful when others are greedy and to be greedy only when others are fearful.” Reasons now is the time to be greedy:

Continue reading “8 Reasons Why Now is the Perfect Time to Buy Real Estate”