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,

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.

June 17, 2015

Miami Beach Condo Market Value and Reports

If you're planning on buying or selling a condominium on Miami Beach helps to know the prices, values, days on the market and size in order to compete or to make sure that you're not spending too much.

This condo real estate market report is for June, 2015. Prices and statistics may vary depending on the time of year.Miami Beach condo report

The total inventory for condominiums on Miami Beach are 2110, 41% less than they were just a year ago. This tells sellers that homes are selling in the supply and demand are in favor of the sellers. The median list price is $440,000 up 5% from one year ago. Only one percent of the market is currently distressed, in foreclosure or short sale status. The median days on the market are about 97, up 11% over last year and the median house size is around 900 ft.² with a median price per square foot at $536.

The median list price for Miami Beach in April 2014 was around $470,000. Since then it steadily increased to $500,000 at the beginning of this year. There is a drop in February and March but that has increased back up to its current status.

The median price is the price in the middle of the list of condos for sale, which is dramatically different than the average listing price. The average listing price takes all of the condominiums for sale, adds up to the price and then divides them by the number of condos for sale. The average listing price for Miami Beach is $1,617,000. The South Pointe neighborhood still brings in the highest average listing price at $2.7 million. Fisher Island is one of the top islands in Miami Beach with an average listing price of $8.7 million. But, due to the limited number of condominiums for sale this number could get skewed dramatically.

What sellers really need to know is how much they can get for their condominium and how long it will be on the market. Typically if it's priced correctly anywhere from 30 to 90 days is a reasonable amount of time to be on the market. Anything longer than that needs to be reevaluated for the correct price.

 

For more information on the condo market at Miami Beach or to price your condominium please contact me at any time.

June 10, 2015

Homes on Allison Island

Homes and Condos on Allison Island in Miami Beach

Homes on Allison Island

Allison Island is a nearly 9 acre island located in North Miami Beach Florida primarily consisting of high-end waterfront condominiums and luxury estates. Most of the condominiums are located at the southern end of the island, also known as Aqua. The northern end of the island is primarily luxury residential property. Every home features beautiful water views and an unobstructed water access to Biscayne Bay and the Indian Creek waterway. It is referred to as part of the La Gorce neighborhood and North Beach. 

Commuting from Allison Island is about 20 minutes to downtown Miami and about 10 minutes to Bal Harbour and South Beach.

Most of the lots on Allison Island are at least 16,000 ft.² or larger. These are larger lots then are typically found throughout Miami Beach. At the southern end is the Aqua area consisting of three mid-rise waterfront condominium buildings with 105 units and 46 Island townhomes.

Allison Island is popular due to its security and its close proximity to South Beach and surrounding neighborhoods and communities. It originated around 1950 when Carl Fisher was developing Miami Beach. Fisher dedicated the island to his good friend Jim Allison and in 1926, Allison opened a luxury hospital for Miami Beach owners. In the 1990s, Craig Robins and other prominent architects created the mid-rise condominium buildings that now inhabit the southern end of the island.

Although Allison Island is primarily luxury and exclusive homes it is not currently gated to the south. The north end offers limited gated security to the residential homes. 

 

Home prices start at about $900,000 up to $13 million or more depending on size, condition, amenities and location. All single-family homes have access to the waterway. Condominiums start at about $750,000. For more information on Allison Island or to get a customized list of homes and real estate that match your search criteria and price on Allison Island or similar islands in Biscayne Bay please contact me at any time.

June 1, 2015

Things to Know When Buying Florida Waterfront Property

There are numerous waterfront homes throughout the Miami and Miami Beach area. If you're planning on buying one of these homes is important to be aware that the home inspection is slightly different than a non-waterfront home. Here are some things to look for and surprises you might find in a waterfront home inspection.

Things to Know when Buying Florida Waterfront Property

Pests.

You'll want to make sure that there are no termites or other pests including ones that could be common to waterfront homes that have destroyed any part of the foundation or the woodwork of the property. A home inspector will be able to verify this but may recommend an additional pest inspection. Carpenter bees can also be an issue on any holes in the siding or in the foundation. You'll want to make sure that those are sealed and that any nests are destroyed.

Related: Information on Lakefront Properties

Land survey. 

Does the land extend to the water's edge? You'll want to verify the boundary of your land to determine what you actually own, if you own any part into the water, and any requirements for seawall or construction on the beach or close to the water.

Speak to the neighbors.

The best way to understand your waterfront property and any issues it may have in the future is to speak with existing neighbors. Ask about whether, erosion, saltwater issues, pests or construction issues that may be of concern. Also, speak to neighbors that have been in the neighborhood for several years if not decades if possible.

Control

Double checked any local ordinances that may restrict the use of the waterfront. If you're unfamiliar with how mortgage, dockage or boating traffic works, contact the city and check the ordinances on requirements for Miami Florida waterfront property.

Read more: Dockage and Boat Traffic in Miami

Insurance

Waterfront property may require different insurance so double check with your homeowners insurance so that your property is covered. Waterfront homeowners in Florida must by three distinct policies including a wind policy, a flood policy and a general hazard policy, typically not alter the same insurer.

Boatlifts, Docks and Seawalls

A seawall is also common in Florida waterfront homes. They can be made of vinyl, aluminum, concrete or steel. These are an important part of your property as they can be a successful way to control coastal and water erosion. They need to be constructed well and out of particular materials that can withstand force of ongoing waves and water but they also need to be maintained on a regular basis.

Many of these waterfront homes will feature a dock and depending on the size of boat it can accompany, they can be just a few feet to 20 or 30 feet. This provides a safe and easily accessible place to park your boat and allow access for swimmers, jet skiers and other water activities. You want to clean your boat dock with a three to one blend of olive oil and white vinegar for stains and mineral salts. For oil stained areas you can scrub a paste of baking soda and water and rinse it off. You want to inspect your boat dock at the start and end of every season for sound structure. Replace any splintered or rotted wood and check the nuts and bolts and other metal fasteners for their integrity.

 

Miami Beach and Miami waterfront homes may also offer a boatlift. To ensure longevity you want to grease all the inserts on the lift and the gear plate, check the cables for wear spots and replace them every 2 to 3 years and you'll want to spray the lift down all your washing the boat because of the saltwater. Make sure to get the proper weight distribution on the left and ask the previous homeowner for any care tips if this is your first time owning a boat lift.

Understand the HOA

Homeowners associations for waterfront properties may be different than in a typical association. Talk with the management about any changes, requirements or details you'll need to know about owning a waterfront property in a particular subdivision.

Related: Checklist for home inspections

 

Waterfront homes don't have to be difficult but with a little bit of research you can feel more comfortable owning and maintaining your waterfront home. For more information feel free to give me a call at any time or browse all waterfront properties here on my website throughout Miami and Miami Beach Florida.

May 29, 2015

News You Can Use in the Miami Real Estate Market

The Miami real estate market is booming with new construction, high-rise complexes and increased housing values. Here are the top three stories in the Miami and Miami Beach real estate market you need to know about.

Miami home prices continue to increase according to Case-Schiller.News You Can Use in the Miami Real Estate Market

According to the Case-Shiller analysis home prices in Miami were a .6% from January to February and up nearly 10% over February 2014. This is the third strongest increase in the nation. Home prices are increasing all across the nation and 17 cities saw their yearly increases increase with the Denver and San Francisco showing the strongest increases. Month-to-month prices were a bit more modest on the national  index.

 Should we be worried that this rapid price gain could ultimately come at the expense of other economic trends? We assume that home prices will continue to rise and outpace both inflation and wage gains. However, in many markets across the country prices still have a ways to go before truly recovering. The Case-Shiller National index has seen 34 consecutive months with positive year-over-year gains.

Miami's new construction is on the rise in 2015.

2015 is proving to be a very big year for new construction. According to recent analysis, residential construction spending in Miami totaled roughly $576 million in March. However, this is not the nation's highest residential construction spending. That top billing belongs to Houston followed closely by Dallas and Atlanta with Miami coming in at number four. In March 2014, Miami's new construction spending was just at 275 million, so you can really see the difference that it is almost doubled over last year.

 Even more encouraging is that the residential spending has increased substantially totaling $1.5 billion, a 30% increase from the same period in 2014.

 Foreclosures could be extending past their statute of limitations.

And finally in real estate news, Florida's 3.7% foreclosure inventory has more than double that of the national average. But, regardless of our foreclosure rankings, the Florida Supreme Court ruling could alter rules surrounding the life of the foreclosure suit, prolonging a bank's authority to seek payments on a past foreclosure, even after the existing five-year statute of limitations has passed. Up until recently, the statute of limitations gable under five years to obtain past payments after the promissory note but this decision could alter that ruling allowing banks to go after previous homeowners long after the statute of limitations has expired. This is something we definitely should pay attention to and watch as we are unsure what the  final ruling will be.

For more information on the Miami real estate market stay tuned to our blog or contact us for details on buying or selling in the Miami area.