Dear Friends,

Welcome to our Miami Beach Real Estate Blog. We are always looking for input so if you have any questions or comments we would welcome them.  We strive to get only to give the best to our community.  Look forward to hearing from you soon.   


Take Care,

Aug. 27, 2015

New Construction is Booming in Miami and Around the Country

 In a recent article by Miami Agent magazine, the latest home sales stats from the US Census Bureau show many things are at work in the new construction marketplace. Three things we can learn about these important trends happening in the new construction market throughout 2015.New Construction is Booming in Miami and Around the Country

#1. Real estate historical gains. New home sales in July showed extremely positive gains up 5.4% from June and 25% from July 2014. However, so far in 2015 there up 20% year to date and historically, year to date readings are the most accurate take on new home sales. July's rate of 507,000 sales marks the third time this year that new home sales have posted their best numbers since 2008.

#2. This is not a rebound. Not only is this a good market for new construction but homebuilders are constructing more affordable properties. Construction of new homes priced under $200,000 has grown dramatically while homes priced over $500,000 and above have seen their market share fall. These affordable new construction properties show just how vigorously new construction has shifted to a top-heavy industry.

#3.  Price moderation. The median sale price for new homes in July, 2015 was $286,000. This was a 2% increase from last July and a 3% increase from June, 2015. The average sale price was up nearly 5% yearly and nearly 14% monthly at $361,000. Prices are still historically high with median prices up 26% from the boom era pricing in 2005.

New construction is on the rise and at the Miami area grows dramatically, we are seeing a great balance between affordable units in homes and luxury high-end properties. With this balance in place, everyone is more likely to find a home that they're looking for in the price range they can afford.

For more information on the Miami new construction real estate market please contact me at any time. [Source]

Aug. 18, 2015

321 Ocean - Brand New Luxury Condo in South Beach

The Aria Development Group has recently finished construction on the new South Beach luxury condominium designed by Enrique Norton. 321 Ocean is the first new luxury construction since 2011 in this location. This ultra luxury condominium project is located in Miami beaches South of Fifth neighborhood and features two towers with a total of 21 units, including two penthouses and to beach villas. Only one remains unsold.321 Ocean Luxury Condos

The average square foot price for the building is about $1650. One of the penthouses recently sold for $3000 per square foot and features five bedrooms and six bathrooms. The final selling price was $20 million.

321 Ocean will feature a variety of amenities including direct beach access, and oceanfront infinity swimming pool and concierge services. Most tenants are expected to be in the building by the end of the year.

 Enrique Norton is a prominent Mexican architect and designer. In 2008 he was presented with the Excellence in Architecture and Design Award as well as the Legacy Award by the Smithsonian Institute for his contributions to the US art and culture. With numerous awards under his belt, he advises on numerous committees such as the World Trade Center Site Memorial Competition in New York City. His world-class architecture and design is now coming to 321 Ocean.

Located at 321 Ocean Drive in Miami Beach, this fantastic collection offers a unique homes with breathtaking views. Residents enjoy 24-hour valet service, concierge and security on-site, management, landscaped urban design by Enzo Enea, the Ocean Library, which is a residence lounge featuring art, architecture and culinary books. Residents also enjoyed beachfront access, the infinity edge heated swimming pool, beach service and attendants. 

The building features 4 oceanfront properties, 2 two-story Beach villas and an oceanfront penthouse. For more information on the fantastic condominiums at 321 Ocean please contact me at any time. I would be happy to let you know if there are any cancellations or buying back outs or for details on similar properties in the area.

Aug. 11, 2015

Florida Home Prices up 7.8 Percent

Florida is rapidly joining the rest of the nation with increased home prices. The average listing price for Miami is $383,000 up 6% over last week. The median sales prices it $250,000, up 12% over last year or $27,000. The median list price is about $360,000, up 14% over last year. There are about 3% distressed properties on the market with a median days on the market at about 84, which is also up 8% over last year. This is for single-family homes, town houses and condominiums across the board.Florida Home Prices up 7.8 Percent

 According to CoreLogic,  the year over year price has increased by nearly 8% not including distressed sales. This is higher than the national average of 6.5%. This current cycle of home appreciation is going strong for nearly 4 years. With higher consumer confidence coupled with a robust labor market, this can feel this jump in home prices the route 2015 and well into 2016.

The same research shows that only four states saw home price depreciation, Massachusetts, Connecticut, Louisiana and Mississippi.

The number of sales for the Miami area has actually dropped over the last year at 2.7%. The total number of sales was 3339 over one year. This proves the trend that supply and demand is playing a large factor in the increase in home prices. Fewer sales naturally drives up the price.

The hottest markets throughout the Miami real estate area include Coral Way, Wynwood, Edgewater,  Coconut Grove and West Little Havana.

 For the townhouse and condominium market the median list price is $350,000 with a median days on the market at 95, up 12% over last year. Total inventory has dropped a 44% from last year at this time. This makes condominiums and town houses a hot commodity.

 Miami's average rent rose by $80 in just three months this summer. In May, Miami's average rent was $1800 a month and now is at $1880 a month. This increase comes during Miami's traditional slow season, which is actually the hot sticky summer. We've seen rents actually drop in the summer in increase in the winter.

To stay up-to-date with the Miami real estate market or to view any homes or real estate in Miami, Miami Beach and surrounding neighborhoods please view my website or contact me at any time.

Read More: Financing a Second Home in Miami

Property Values Increase in Miami

Chinese Buyers Set Their Sights on Miami Condos

How to Sell (and Buy) in a Hot Miami Real Estate Market

Aug. 5, 2015

Financing a Second Home in Miami

You don't have to have all cash order to buy a second home or vacation property in the Miami area. Yes, it certainly helps and makes the process much easier but if you don't have the cash outright in order to buy a home but still have the means for a monthly budget, financing is quite doable. You may have been toying with the idea of buying a second home and because rates are so low and home prices are starting to rise in many markets across the US, now is a great time to consider a vacation property or second home. Those that are well-qualified and want to purchase a second home have great interest rates and options available to them.

The first thing you'll want to do is to understand the current market. The Miami real estate market is growing rapidly at this time. Home buying during the summer and the spring is an interesting time because even have more homes on the market but the home prices might be a little out of your budget. Make sure you understand the market and the micro markets of the different neighborhoods that you are considering. This can be extremely helpful with the use and knowledge of a Miami real estate agent.  Because I specialize in helping people buy second homes, vacation homes and primary residences, I can help you find the right property for your needs and your budget, taking into account everything you want out of a second home.

Tips on getting a loan.Financing a Second Home in Miami

According to the National Association of Realtors, nearly half of all vacation home buyers pay cash, but this doesn't necessarily mean that you have to in order to qualify. Two thirds of those homebuyers made a down payment of more than 20%, which can be easily drawn upon by a home equity loan or line of credit if you don't already have the liquid cash.

Lenders want to understand what type of risk you are when financing property. They will check out your credit score, credit history, report, liquid funds, assets and all liabilities to determine your level of risk when it comes to buying a second home. If all of these factors add up in your favor you are more likely to be approved for that loan. 

 You'll also want to take a look at your rate of return. While you might not be renting out the property, it might be something to consider in your off-season. While everybody wants a property that will appreciate over time, speeding up that process by renting the home out for vacation rentals might be a good way to increase your monthly income and pay off the home even faster.

Another thing to consider is insurance. If you own a home on the beach you must factor in flood insurance and different types of homeowners insurance that you'll need to pay. If you choose a condominium or a home in an association, you may have additional homeowners fees and dues monthly, quarterly or annually that could cut into your monthly housing budget.

The bottom line is financing a second home, especially in the Miami area, should mean that you have at least 20% down payment in order to get the best rate and loan. These down payment funds can be pulled from a variety of sources so be sure to check with your lender on the different options that you might have in order to finance and afford second home.

Ready to get started looking at the micro markets throughout the Miami real estate area? Please give me a call at any time or begin your online search right here on my website.

July 29, 2015

Condos for Sale on Biscayne Island

Condos on Biscayne Island

Biscayne Island is located in Miami Beach with the Venetian Causeway running east and west from Miami to Miami Beach across and Marco Island, San Marino Island, the Venetian Islands and Rivo Alto Island. Biscayne Island is the first island on the west.  While most of the homes and real estate on these islands are single-family properties, Biscayne island features numerous condominium buildings in town houses.

 Several of these condominium complexes offer numerous amenities such as tennis courts, spa, swimming pools and of course, waterfront property. On the south side of the island at 1000 Venetian Way are numerous luxury condominiums with spectacular views of the water, the ocean and Miami Beach. These properties range in price from $1 million to over $3 million with up to 5000 ft.² of living space, beautiful terraces, parking garage, and spacious design. This complex features a barbecue and patio area, doorman, fitness center, swimming pool, sauna, gated entry, spa, and intercom system.

 At 1110 Venetian Way, just east of the previous complex are a little more affordable one bedroom and one bath condos between 660 ft.² and 800 ft.². These homes have sold for around $450,000.

 At the northwest corner of Biscayne Island at 801 North Venetian Dr. is a condominium complex that features two and three bedroom floor plans priced from $850,000. These condominiums are between 1400 and 2500 ft.² in size. The building offers storage space, swimming pool, lighted tennis courts, fitness center and free parking.

 One drawback to these condominiums is that most buildings do not allow for pets. However, there are a couple duplexes and multifamily units on the island that may have separate rules and restrictions. Beside these, the majority of properties on the north side of the Venetian Causeway are all single-family homes ranging in price from $1.5 million to $5.5 million.

If you're interested in viewing any of the condominiums or multifamily properties for sale on Biscayne Island please contact me today. These homes it rotate quite frequently so for the most accurate list feel free to give me a call or email me through my website with your specifics and price range and I would be happy to send you a customized list of homes on Biscayne Island or similar islands in the area.

July 22, 2015

Miami Beach Marinas

 There are two major Marina in Miami Beach; the Miami Beach Marina and the Sunset Harbour yacht club.Miami Beach Marinas

 The Miami Beach Marina features 400 boat slips servicing vehicles up to 250 feet. Slips come complete with fresh water, electricity, telephone and cable hookups. The Miami Beach Marina is just minutes from downtown across interstate I-95 and 20 minutes from the airport. From the dog, boaters are just five minutes to the Atlantic Ocean or the intercoastal waterway giving access to Biscayne Bay and the Florida Keys. It's located at 300 Alton Rd. just south of the MacArthur Causeway. Within the same location is the Golden yacht charters and rentals as well as charter deep-sea fishing trips and other boat rentals. The marina stretches the full-length of Alton Road from the highway south to Southpointe Drive. It provides easy access to those along the waterfront or homes from the Venetian Islands, Hibiscus, Palm and Star Island.

 The Miami Beach Marina offers a water taxi, American water sports, a dive center, salons and dining facilities and numerous annual and special events.

The Sunset Harbour yacht club is located just off of 20th St. north of the Venetian Causeway and offers a unique membership program providing waterfront real estate, wet slips, dated covered parking spaces and membership privileges including a Private Fitness Ctr., Olympic size swimming pool, high-power electrical services, freshwater and a personal dock box. This marina accommodates vessels from 45 to 150 feet long and offers 125 boat slips. Of the Sunset Harbour yacht club offers a holding tank pumped out of Marina with wireless wireless and high-end Internet access to stop.

 These are the primary marinas located actually on Miami Beach but over on jungle Island is the Miami yacht club, originally founded in 1927 as the southern Florida boat racing Association. Today, this climb offers dining, dockage, membership events, classes and regattas. Full memberships are only $130 per month plus an initiation fee. There are junior and spousal memberships as well as non-resident and business privileges as well.

 From here, the closest marinas will be in downtown Miami such as the Sea Isle Marina and Yachting Ctr., Marina Blue, the Epic Marina, the Sea Dream yacht club and Miamarina.  All of these are accessible by this came day and Miami Beach.

Read More: Boating and Dockage on Miami Beach

If you're looking for home close to a Marina or you're looking to buy real estate on Miami Beach but need a close marina in order to house and board your boat, consider one of these marinas on Miami Beach. Feel free to give me a call or contact me through my website for a personalized list of all homes and real estate that match your search criteria and price close to the marina of your choice.

July 13, 2015

Property Values Increase in Miami

Property Values Increase in Miami - What Does it Mean For Your Home?

Taxable values release by the Miami-Dade property appraiser's office on July 1 show a 9.4% increase in property values countywide. Sunny Isles Beach came in at the highest at 16.7% increase over 2014. The lowest was Virginia Gardens which came in at just 2.7% increase.Property Values increase in miami

The mayor of Sunny Isles Beach proposes a lower tax rate for residents throughout the next fiscal year. This past year, the city adopted a tax rate of $2.60 per $1000 of assessed property value. If the mayor can get this reduced, it will be the fourth straight year that the city has lowered their rate. The mayor credits new development with helping the city continue that trend.

The top three cities over 15% increase were as forementioned Sunny Isles Beach, El Portal and Key Biscayne. Just under the 14% increase were Normandy Shores, Miami Beach and Miami. Key Biscayne have the largest increase in new construction of any of the cities valued at $564 million. The Council passed a resolution to keep the tax rate at three dollars per $1000 of assessed property value.

Miami Beach's administration and city Council sees this increase is a chance to cut property taxes while still pursuing new projects and construction. Basically it's a good year for taxpayers and the Miami Beach area. Several suburban cities saw a range of growth over property values. At some point, the property values will level off in the have a steady growth over a longer period of time, but for now, cities like Coral Gables in Miami Beach are increasing rapidly.

In August, Miami-Dade homeowners will receive a letter giving them their proposed tax rates and budget hearing dates. This letter will also include proposed tax rates for the county, the school board and other local agencies. [Source]

 

Curious to know what your home value is? Feel free to give us a call at any time.

July 8, 2015

Chinese Buyers Set Their Sights on Miami Condos

Chinese Buyers Set Their Sights on Miami CondosChinese Buyers Set Their Sights on Miami Condos

Three years it's been wealthy buyers from Brazil and South America that have fueled the real estate frenzy in Miami. This causes luxury condominium prices to increase rapidly but now Miami developers and real estate agents are looking towards China for more condominium owners and investors. Many large real estate investors and brokers are traveling to China to attract wealthy Chinese to look at these international properties in Miami.

South American buyers, who have made up the majority of foreign buyers in Miami, are simply not buying as often as they used to. The Miami Downtown Development Authority states that condo unit still under construction have slowed in their sales because many South American investors have less buying power due to the increase of the US dollar.

However, Chinese buyers are beginning to take a closer look at Miami and Miami looks relatively inexpensive compared to some of the other cities like San Francisco and New York. According to the China-based website Juwai.com, the average budget for Chinese buyers is $2.3 million. Many of these buyers are looking for one-bedroom condominiums in the US as an investment property. A downtown Miami condominium could cost between $500,000 and $750,000. With the Chinese average budget of $2.3 million, you can do the math to figure out exactly how many a buyer could purchase.

Currently only 2% of international buyers in Miami are from China but just 2 to 3 years ago prices in Manhattan and New York were affordable and now they're simply being priced out. According to the Wall Street Journal, the "Chinese government is expected to begin raising annual limits on how much an individual can invest overseas. Currently it's a $50,000, a rule often skirted." [Source]

According to the National Association of Realtors, Chinese buyers have surpassed Canadian buyers as the top foreign buyers of homes in the US. In Miami the OneWorld Properties was one of the top attractive developments in Miami with over 500 units priced from about $650,000. This appeals to Chinese buyers as does Miami's luxurious image of their thriving cultural scene.

For more information on Chinese buying Miami condos please contact me at any time. I would be happy to help you find the right condo for your investment needs.

July 1, 2015

4th of July Events in Miami and Miami Beach 2015

Where to Watch Fireworks in Miami and Miami Beach 2015

If you're looking to enjoy the fireworks this Fourth of July there are several locations throughout Miami and Miami Beach. We always recommend that people enjoy citywide fireworks instead of letting them off themselves to prevent injury, fire and damage to homes, yards and neighborhoods. A small spark from even just a sparkler can set off a large fire that could be very damaging. It's best to leave this to the professionals and enjoy a fantastic warm day either on the beach or throughout the city and then finish it off with a fantastic firework display by Miami or Miami Beach.fireworks in Miami

On Miami Beach you can enjoy Fire on the Fourth Festival.

Beginning at North Shore Park Bandshell at Collins Avenue and 73 Street, starting at 9:00 AM enjoy live music, tons of food trucks, free entertainment and of course, fireworks at 9:00 PM. The entire event kicks off at 9:00 AM with yoga on the beach and then at 11:00 AM the food trucks open. Enjoy fantastic bands, entertainment, and there's even free shuttles to and from the park from 11:00 AM until 10:00 PM.

In Miami you can enjoy America's Birthday Bash at Bayfront Park.

The festival begins at 2:00 PM with fireworks at 9:00 PM. Enjoy multicultural music, delicious food, entertainment, a beer garden and kids fun zone.

Click here to find the best place to watch the fireworks in our area

 

Key Biscayne is celebrating the Fourth of July with the parade beginning at 11:00 AM along Crandon Boulevard. Enjoy an old-fashioned Fourth of July at the Barnacle.  Although there are no fireworks at this event, there will be dozens of children's activities and fun for the whole family. You can bring a picnic lunch or purchase food on-site.

 

Just a reminder, the state of Florida does not allow the sale or the use of any consumer fireworks by the general public. Just the approved a list of sparklers are allowed

June 24, 2015

How to Sell (and Buy) in a Hot Miami Real Estate Market

How to Sell in a Hot Miami Real Estate Market

Selling might not seem like an issue in a hot real estate market, especially a sellers market, but if you're planning on buying as well as selling, it might be hard to compete against cutthroat buyers. There are ways to compete but it can be stressful when you need to sell and buy at the same time. Having the right real estate agent that understands the micro markets of the communities and neighborhoods around Miami and Miami Beach as well as unique selling strategies can really help bridge the gap between when you're home sells and when you purchase the new one.Miami real estate market

A sellers market is a real estate market in which sellers are more likely to sell their home for close to their asking price and at a faster rate than if it were a buyers market. A buyers market is where there are plenty of homes to go around and not enough buyers.

Miami is certainly hitting a hot seller's market these days but if you're planning on buying in the same area as you are selling, meaning you're not moving out of state or several counties away, you'll want to start planning early. Seek professional advice early on and meet with your real estate agent and lender if necessary far in advance to plan the strategy for selling and buying at the same time.

There are a couple different options when it comes to buying and selling. You can buy first and then sell your home or you can sell first and then buy secondly.

If you're planning on buying first and then selling understand that you'll likely need to prove to your lender that you have enough money to make not only the down payment but to pay closing costs and cover any mortgage payments for two homes should your existing home not sell in time. This can be extremely stressful but it also can mean that you find the home of your dreams first before even listing.

The second option is to sell first and then buy home, which is primarily the most common way of doing things. Homeowners list their home and once they receive an offer that looks decent then they start looking for homes to buy. The tricky part is closing around the same time. If you communicate with your buyers and the sellers that you're trying to coordinate things around the same time it might be easier to get the job done.

There is a third option in which you can include a rent back clause in your sales agreement, in which the buyer allows you to rent your home back for a given amount of time after closing so that you can find a new place. This is a little tricky and if the homeowners really want to move into the new property, you may find yourself literally without a home.

It really comes down to planning. If you do your research ahead of time, have a great real estate agent understands the market and how to negotiate for a fast sale and a quick closing on your new property, plan ahead with financing and communicate with your lender your needs, you can make this transition as smooth as possible.

 

For more information on getting your home listed and sold were finding the right home or perhaps both please give me a call at any time.