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,

June 20, 2016

Megacenter in Brickell Approved to Move Forward

Beautifully designed by Borges + Associates Architects, the new Brickell Mega Center has recently been approved by the Urban Design Review Board for their 12 story development located at 420 SW. 7th St. and 427 SW. 8th St. in the Brickell neighborhood of Miami. This cleverly design project represents the future of the surrounding neighborhood. It will feature an eye-catching building with beautiful art welcoming people off from the Interstate 95 offramp into the world-class Brickell neighborhood.Megacenter

The review board was swayed by the artfulness of the project and the iconic architecture that it will bring to the neighborhood. It will act as a sort of gateway site into Brickell and Little Havana.

The Megacenter will feature six levels of ministorage, 111 parking spots, street-level commercial and retail space, four levels of boutique office space and eight stories of a multifamily residential tower with 47 units. The land was recently purchased last year for $7.9 million in order to start construction on this unique landmark. With over 45,000 ft.² a residential space, 16,000 ft.² of office space and 9000 ft.² of retail, the architects on the project feel that this will be a welcome addition to this neighborhood.

The mesmerizing art show that will be displayed along the walls of the building is a conceptual design by Miami-based artist ABSTRK however there's no contract yet made with any artist. Reinaldo Borges is the project architect. This building will be a subsidiary of Chile's Red Megacentro. This company offers office, warehouse and self storage space in South America and Miami.

Currently there is a detail hand car wash station, a gas station and abandoned building at the site location. There is currently no word on the start of breaking ground or construction. (Image by Artist Rendering from Curbed Miami)

To stay updated on the progression of this new Megacenter or to get updates with regard to residential listings in this building, contact me now.

Contact Kenny Raymond

 

May 31, 2016

How Miami Cash Buyers are Competing with Other Cash Buyers

How Miami Cash Buyers are Competing with Other Cash Buyers in an All Cash Offer Environment.

It's a jungle out there! The Miami real estate market is booming with new condos and homes popping up practically every week, AND they're getting snatched up too - rapidly - by all cash offers. how to compete when all offers are cash

It can be extremely difficult for first time buyers or those financing to compete with these cash offers but it can happen, and then there's the cash offer that needs to compete with another cash offer.

I believe in both cases, the same type of tactics and strategies can work but it takes skill, knowledge of the market and a great agent and team to get the job done.

Here's How.

BE PERSONAL.

If you're not personal, sellers see you as a number or just a name on an offer. They attach no emotion to the offer and therefore it gets forgotten about and dropped to the bottom of the list. 

Being personal means your agent working closely with the listing agent, talking to them about the sellers needs and wants. Asking why the seller is moving; if there are any time frames they need and if there is anything specific the buyer can do to incentivize the offer. Simply asking and being honest can work wonders. 

I recently talked with a listing agent on a condo my buyers were eyeing. Before even placing an offer I called the agent and spoke to them about the seller. I informed the agent that my buyers were very impressed with the property and if the sellers had done any of the work themselves. (I also knew beforehand that many upgrades were competed before the listing so this was a prompting of more information from the listing agent). I mentioned that the sellers had great taste and that the place would be perfect for my buyers, who made mention that they wouldn't change a thing.

I also asked about the sellers personal life, kids, family, job - without sounding too intrusive. Their lifestyle closely matched my buyers which appealed to the seller and listing agent even more. 

This is not a brown-nosing technique but an honest approach to be personal in the offer and the approach. I stated we would send an offer through with very little contingencies and an escalation clause offering a few thousand over the highest offer to a certain cap. Just mentioning this gave even more incentive for the listing agent to promote our offer over others that may not have mentioned anything about their buyer. 

COMMUNICATION.

Staying in communication is also key. You can't submit an offer and then drop off the planet. I've had some buyers that make an offer then go on vacation. Needless to say those offers either fell apart or were hard to keep together when buyers can't be reached to sign documents. My buyers stayed close to the deal and I stayed on top of the listing agent to ensure our offer was being considered and if there were other offers on the table. 

Once it was accepted, I didn't slack on the communication. I assured the seller throughout the process that this was the deal to take by keeping to projected time lines and being prompt in responses. 

Simply being honest, personal and having good communication can get you light years ahead of the competition, even with multiple solid offers. 

Ready to get the home of your dreams? Call me today! Let's do this!

Posted in Real Estate
May 17, 2016

Miami Real Estate is Front and Center at the International Real Estate Show

Each year, the International Real Estate Show emphasizes real estate throughout the world and this year was the show's 27th annual conference held in Cannes France. Numerous Miami Realtors promoted South Florida real estate at the world's leading property show.Miami Real Estate is Front and Center at the International Real Estate Show

Our outdoor lifestyle, multilingual workforce and world-class amenities had an impactful presence at this a global real estate exhibition. Partnering with the National Association of Realtors, Miami leaders and members were front and center at this year show.

Miami has been well known for world-class destination offering top-of-the-line amenities, over 80 miles of coastline and a multicultural population with endless investment opportunities. During the conference, Miami had one of the most popular booths. People are representing the commercial members on the world stage and it was an honor for those that participated in the events.

Miami has a universal appeal so it's only natural that this booth was a key factor at the show. The interest in Miami from numerous real estate professionals around the world only confirmed this universal appeal.

Several Miami leaders attended the show including chairman of the board of the Keyes company, chairman of the board for EWM Realty International, infinity commercial real estate chairman of the board, the 2016 residential president of the Gutierrez Group Miami Real Estate and numerous other partners and real estate professionals.

These Miami leaders made four distinct to 30 minute presentations. A general overview of South Florida was given as well as an update on the area's growing number of international homebuyers and investors in both commercial and residential opportunities. The show alone offered its own opportunities to connect and network with global business professionals in order to showcase the growing demand and interest in the Miami area.

More: Is Miami Set up for Serious Growth?

In Miami alone for real estate buyers made up 36% of the total sales volume in 2015 alone. This is equal to $6.1 billion according to the 2015 Profile of International Home Buyers in Miami Association of Realtors Business Areas.

Over 90 countries participated at the International Real Estate Show with over 21,000 leading real estate executives and more than 4800 investors. This four-day show is a true global real estate industry phenomenon. Investors, developers, architects, development groups, mayors and property associations gathered from around the world. Miami has its own global business hub and to showcase this, the Miami booth produced and distributed a 12 page South Florida real estate informational brochure to participants. The US market also featured a USA Pavilion including several states, one of which being Florida. Other areas included Metro regions of San Diego, Las Vegas, Missouri and Nevada.

More: Miami's home prices could rise 7% on average by next year

Miami is quickly becoming one of the top world-class global cities not only in the states that internationally as well.

For more information on Miami real estate or becoming a part of the real estate industry throughout South Florida contact me today. For more details or to stay abreast of local information as well as global details throughout the Miami real estate market stay tuned to my blog. [Source]

Posted in Miami Realtor
May 3, 2016

Miami Home Prices Up Over 7% By Next Year?

Miami home prices up 7%

According to a recent article in Core Logic, projections show that home prices should be up 5.3% in June 2017. Already there's been a 2.1% gain of the national single-family sales and a 6.7% year-over-year in home prices including all distressed sales. Distressed sales made up .1% of this figure.

Core Logic predicts a forecasted 5.3% year-over-year change including all distressed to sales for March 2016 to 2017. .3% of these are projected to be distressed sales.

According to the graph, in 2007 year-over-year percent change dropped below the 0% and proceeded to fall downward until the beginning of 2009 to an estimated 18%. In 2010 there was a short rise and a drop to get a 2011. But since April 2012, prices have continued to rise with a short dip in 2015. However, prices are increasing dramatically and projections show a favorable housing market over the next 12 months.

Many states have reached new highs in sales including Washington state, Alaska and Colorado just to name a few. There were no states that showed negative home price appreciation.

Even though Miami and Florida in general are still further away from their peak, they're not nearly as bad as they were just five years ago. The Miami, Miami Beach and Kendall Florida Metropolitan division as a 2.1% month over month increase with an 8.4% year-over-year percent change. Market conditions indicate undervalued homes and forecasted month-to-month change of 1.4% and year-over-year percent change of 7.1%.

For single family homes, the Miami area and Florida as a whole projects an 8% increase in home prices as of March 2017 including all distressed homes. 

What does this mean for buyers and sellers?

Buyers - Get in now. Home prices are rising and inventory for single family homes are dropping. More and more condos in the downtown area are going up and prices will continue to rise.

Sellers - Consider a sale now if you have to. Waiting, especially on a single family home could net you more in a year but it's not a guarantee. Condo sales should consider selling now as the market may be saturated in the next 5 years. 

Need more answers? Talk to me anytime about selling or buying in Miami. For accurate, honest answers, tips and mortgage advice, contact my office today.

 

Posted in Miami Real Estate
April 26, 2016

The Best Features That Really Help Sell a Home the Fastest

Nobody wants to sit on the market longer than they have to so sellers are looking at doing everything possible to get the highest price for their home. Turns out, there are a lot of features that buyers are really like and they've helped sell homes a lot faster and for top price. Here are 10 features that really help sell a home fast and for top price.

#1. Outdoor kitchen.Best Features that help sell a house

This is really easy to do in Miami since a lot of homes already are set out for an outdoor living space. The outdoor kitchen is more than simply a barbecue; it's usually a barbecue space, outdoor refrigerator, sink, counter space and then of course the dining area. These homes tend to sell 19 days faster than homes without outdoor kitchens and 3.7% of homes sell for about their expected value.

#2. Tankless water heater.

This easy to install, convenient and more efficient water heater is one of the more popular features that many buyers are looking for today. 4% of homes sell about their expected values and they sell 43 days sooner than homes without them.

#3. A great backsplash.

A unique backsplash is all the rage now and whether it's white subway tiles or miniature tiles in a variety of colors, this backsplash in your kitchen and bathrooms can really pop. Homes sell 46 days sooner on average with a 4.1% higher value.

#4. Granite or quartz counters.

Yes, we are out of the granite and stainless steel air up at homes that have older countertops are just not selling as fast. 4.1% of homes sell about their expected value 38 days sooner than homes that do not have granite or high-end quartz counters. This alone might be worth installing it before you sell.

#5. Heated floors.

This type of benefit is really heating up, no pun intended in places like Seattle and Portland but it's still a unique feature that makes 4.3 homes sell about their expected value that have heated in-line floors.

#6. Frameless shower.

A frameless shower enclosure is made up of 3/8 inch to 1/2 inch tempered and polished safety glass. It has a greater strength and does not require heavy metal framing around it. Apparently this is all the rage because 4.6% of homes sell about expected value 38 days sooner than homes without it.

#7. Pendant lighting.

Gorgeous pendant lighting hanging down on islands, on buffets or even dining room tables are creating quite a buzz. These unique pendant lighting can really pinpoint the light where you need it most. 4.6% of homes sell about expected values 48 days faster than homes without it.

Best Features that help sell a house#8. Farmhouse sink.

Farmhouse sinks are all the rage and many homes can sell quicker simply by having this style of sink in the kitchen or even in the bathroom. It creates a unique look and something that's not common in a lot of homes. It really stands out and makes 7.9% of homes sell about expected value 58 days faster.

#9. Shaker cabinetry.

This is one of the most popular style of kitchen That which is characterized by a five piece door with a recessed center panel. Some cabinet lines differ in the drawer or from different cabinet doors but this style makes 9.6 homes sell above expected values and  45 days sooner.

#10. Barn door.

A barn door installed in a bathroom or even through a bedroom is becoming quite popular. These barn doors swing back and forth and slide on tracks making it easy to save extra room from a door not swinging in or out of the room. However, you do need the space above the door for the door to completely roll over to one side. It's pretty much the modern pocket door. However, homes sell 13.4% above expected value, 57 days faster.

Now while this list is not true for every home throughout the Miami area, simply installing or renovating your home to include a few of these items could really help sell it faster and for more money. Miami is a hot real estate market now and to get the very most from the sale of your home, it's best to appeal to a wide range of homebuyers. For details on how to stage your particular Miami home for sale contact my office today.

 

Posted in Selling
April 20, 2016

Is Miami Really Set Up For Serious Growth?

Miami's Hottest real estate market

Did you know that the Miami-Dade County is growing three times faster than the rest of the nation? According to an article in the Real Deal, regardless of a slight slowdown in the Miami area, reports show that it is one of the country's biggest boom towns in regards to household growth.

This is not just over the last couple of years but projected to be the case for the next five years. A report by Realtor.com states that there will be over 13,000 new homes to begin construction in the county this year alone. This will create about 44,000 new jobs. This roughly translates to the county's households are being projected to grow by nearly 15% over the next five years.

Miami has several rapidly redeveloping neighborhoods such as the downtown area and Edgewater. New large projects like the Brickell City Center, Miami World Center and the All Aboard Florida's MiamiCenter Station are all expected to create numerous jobs.

Miami's downtown scene is rapidly becoming one of the more popular places in the county. In a recent article by Miami curbed, "Miami is hot: hot weather, hot nightlife, hot housing. But compared with South Beach and its legendary party scene, Miami's downtown, Midtown and Port areas used to be far less exciting at night, or just about any time really. But in recent years, urban development with projects such as Miami World Center of brought tens of thousands of new residents into the area. Millennial professionals are attracted to the nightlife, restaurants, and shopping, as well as the ability to walk to work."

Of the 10 boom towns across America downtown Miami comes in at #4. Seattle's Belltown neighborhood, Gilbert Arizona, parts of Los Angeles, Las Vegas, Dallas, Brooklyn, Chicago, Atlanta and Village of Rolesville North Carolina all made the top 10 list.

These areas represent some of the strongest job growth, household information and housing starts across the country. Each of these markets has experience between one and five times the average job growth of the typical top 100 counties in the country. New home starts are also another growing statistic and are between one and six times the average growth. These individual ZIP Codes are projected to see a growth in households between 9 and 19% over the next five years according to Realtor.com.[Source]

To get on board Miami's hot real estate scene or for a complete list of homes that meet your search criteria and price in any one of the most popular neighborhoods and surrounding districts contact my office today.

 

Posted in Miami Real Estate
April 13, 2016

Cypress Tavern Made List of Best Florida Restaurant

Miami's own Cyprus Tavern made the list by Spoon University is the best restaurant in the state of Florida. Of course, this is all subject to interpretation an opinion but according to the study, Cyprus Tavern was listed as the best in the state. It's known for its fantastic food, welcoming employees and for its procedures chef Michael Schwartz.

Located at 3620 N. E 2nd Avenue in Miami's Design District, Cyprus Tavern comes in at one of the top reviewed restaurants on Yelp and Trip Advisor. This award-winning chef offers delicious traditional American dishes and custom, handcrafted cocktails. You're likely to find unusual dishes such as frog legs, red shrimp and coconut and smoked beets with robiola cheese.

The Food!

Cypress Tavern Short RibCyprus Tavern has been known around the area for exquisite catering, parties, Tavern Tastemakers and unique events. Miami's top tastemakers cultivate culture and bring people together and have done numerous interviews with chef Michael Schwartz. One of the most recent conversations just published this month was Setting the Schwartz Table, or chef Schwartz demonstrated the Cyprus Burger with dry aged beef and fatty Chuck, onion marmalade and three cooked fries. He also demonstrated the Irish Whiskey Sour with Yellow Spot Whiskey, lemon, egg whites and Trockenbeerenauslese. 

Cyprus Tavern has been known to have a fantastic brunch with oysters on the half shell, would grill giant prawns, spit roasted leg of lamb, lobster omelettes, bucatini carbonara, and Meyer lemon curd tart with blueberries and lemon confit.

Dinner menus include fantastic pigs such as wood roasted short rib with farro risotto,  apricots, Marcona almonds and mint, wood grilled local whole fish with roasted Chile salsa and fantastic sides such as whipped potatoes, leeks gratin, and thrice cooked fries.

But the luxurious tasting menu doesn't stop at the food. Michael Schwartz prides Cyprus Tavern on fantastic handmade cocktails such as the US1 & 75th, with Borgoluce Prosecco, Michter's US-1 Broubon and lemon, or the Doctor's Orders with Noble Dame Calvados, Solerno Blood Orange Liqueur, lemon and a cinnamon sugar rim. 

Whiskey SourDesserts alone are great reason to stop in for a late-night sweet treat with sweet wines, coffee cocktails and fabulous desserts such as espresso semifreddo with caraway rye crumble, crushed hazelnuts and caramel sauce, or the chocolate Pot de Creme with toasted brioche and whipped cream.

Here's what others are saying about the Cyprus Tavern.

"The restaurant start you off with a loaf of freshly baked bread from that the Baker and they pair it with their own homemade whipped butter seasoned with a touch of salt. For the appetizers we ordered the bone marrow. It was deliciously rich and fatty. We also ordered the giant prawn, which was clean and fresh. We shared the 32 ounce porterhouse and all I can say about that is it was seasoned and cooked to perfection and presliced for us to share. Our side dish was the thrice cooked fries which were everything fries should be, crispy on the outside with a soft, potato texture on the inside. For dessert we had the lemon curd. It was the right amount of balance between sweet and tart and a great finish to such a decadent meal." [Yelp]

"Food was off the scale!"

 

Have a review of Cypress Tavern? Let us know below and we'll add it to the post! For more on Miami, nightlife, and lifestyle, stay tuned to our blog.

Images by stu_plivack & Krista

Posted in Miami Real Estate
Feb. 25, 2016

Is Now the Best Time to Sell in Miami?

It's no secret that Miami real estate is currently booming. It's in all the newspapers, all across the Internet and consistently article after article talks about how hot the Miami real estate market is. But some sellers are still on the fence about whether it's a good time to sell or if they should hold out for longer. I've had a lot of homeowners approach me with this question on whether or not now is a good time to sell and how much they're likely to get out of their property now versus a year from now or even longer. While I cannot predict exactly how the market will go, I do know that now is one of the best times to sell looking over the last 10 years. 2005 to 2007 were great times to sell, right before the market tanked and even though were not quite near the housing bubble as we were 10 years ago, prices have definitely inflated to peak prices and in some locations beyond those peak prices. Each neighborhood is different and should be compared accordingly rather than Miami as a whole. Because Miami has several different neighborhoods, communities and districts, it really depends on the micro-market of the area on whether or not the home will sell and for how much.Miami home sellers

Many homeowners are considering selling now but are also holding out for where the market may go. While it's hard to project the exact figures, a nationwide panel of over 100 economists, real estate experts and market strategists compose a projected outlook of where real estate may go in the next five years. The average these projections of all 100 experts into a single number.

The basics of this research shows that homes will appreciate by about 3.7% over the course of 2016. This will slow down as we had over the next five years and appreciate to about 3.1% by 2020. All cumulative house appreciation by 2020 show that an increase of about 17.7%.

Now, this is simply what home surveys show for the entire Miami area including communities are neighborhood that are appreciating much lower and those that are dramatically appreciating such as those in Miami Beach, Brickell and Coral Gables. Averaging these out gives a good sense of where were projected to go however, as each neighborhood has its own micromarkets, it really depends on the research of similar properties in a smaller area to determine home appreciation based on past performance.

All in all, homes will continue to appreciate and it doesn't look as though we are set for housing bubble burst anytime soon. Homes are valued higher now than they were five years ago so if you purchased your home at that time, chances are it has certainly increased in value however, if you purchased your home in 2006 or 2007, the inflated rates at the time may not have caught up depending on your particular neighborhood.

It really comes down to doing the research and having a qualified real estate agent run the numbers to find out how much your home is currently worth and how fast it might sell. For more information please contact my office today for a comprehensive analysis on your home and your particular neighborhood.

Posted in Miami Real Estate
Jan. 27, 2016

It is Now Cheaper to Buy Than Rent in Miami

Yes, surprisingly enough, Miami. Why is that? Well, rents have gone through the roof so much that a mortgage for similar property is less than rent. I recently came across an article that stated that Miami was one of the 10 biggest cities in the US that it costs less to rent than buy. According to the statistic, the average monthly rent was $1722 while the average monthly mortgage payment was $1013. The Average home price was $249,952 with a break even figure of 4 years. [Source]Is it now cheaper to buy than rent in Miami

Now, that's not to say that some high-rise luxury condominiums are going to be in this average amount. But this takes figures from all different communities surrounding the Miami-Dade area and Miami Beach. I and condominiums are still to be well over $500,000 or more making a mortgage payment of at least $2500. Rent for similar properties may actually be more however. So the average across the board states that for the same or similar type of property would cost less to have a mortgage then rent the property. However, these figures are not taking into account homeowners association fees, closing costs and down payments. Some HOA fees can run hundreds of dollars a month adding quite a chunk to your monthly housing payment.

There are pockets of Miami that are growing faster than others such as the waterfront, downtown, Brickell and Coral Gables. But, these are primarily high-rise apartments and condominiums. Once all is said and done and the new waterfront is designed will the figures be similar? I spoke to a couple just this last week that were on the fence about continuing to rent or buy. Since the market is turned around and prices are increasing and so are interest rates, I urge them to buy at this point. If they plan on hanging onto the condominium for at least 4 to 5 years they can almost assuredly expect an increase in value and appreciation. Currently they were paying about $2000 a month for rent for small single-family house in the Coral Way neighborhood and they were looking for a condominium in Coconut Grove or Coral Gables. They were able to find a very similarly sized home for about $1800, which did not include $300 a month in homeowners association fees. This is only $100 more than they were paying in housing costs previously and they didn't have the responsibilities or maintenance of a single-family house.

There certainly are benefits to buying over renting but the opposite has its benefits as well. The compromise or combination of the two is buying a condominium were all the external and exterior components are taken care of by the homeowners association. Of course, you do of the downside of paying additional for that but many condominium buildings throughout the Miami area have a lot of additional amenities including swimming pools, tennis courts and fitness centers. There are pros and cons to each and you have to decide if you're planning on staying in the home for a while or looking at the low maintenance and low responsibilities of renting.

Regardless of which direction you plan on going give me a call today and we can discuss the numbers, find out what is a good budget for your finances and find out exactly how much you would be paying in a mortgage over renting.

Read More: 10 years of Miami Real Estate Performance

Posted in Miami Real Estate
Jan. 21, 2016

Miami's Best Beach - South Beach Made the List

Yes, Hawaii did make the list of some of the countries best beaches but coming in at number three was our own little South Beach. Located on Miami Beach, obviously the southern side of it, South Beach is full of Art Deco hotels, oversized sidewalks and oceanview cafés. This is the ultimate mecca for the international jet set crew. Whether you're visiting or looking for a home in South Beach, this culture rich community provides a wealth of entertainment, eclectic nightlife and fabulous food. Whether you love art, architecture, or simply the beach, South Beach is known as one of the sexiest areas in America. South Beach Miami

Real Estate

If you're looking to live in this area, there will be many oceanfront properties in South Beach since the majority of buildings are nightclubs, restaurants and boutiques. Most of the residential properties are found between Alton Road and Washington Avenue in there are several single-family homes the primarily condominiums and townhouses. At any given time there are roughly 100 properties for sale typically priced from about $150,000 to over $15 million. The wide range of pricing makes South Beach an excellent option because you can buy a high-end, luxury penthouse condominium in the same neighborhood that you can buy a simple, studio condominium perfect for renting out or having is your second home to enjoy South Beach in all its glory. The median house price is about $300,000 for a condominium and single-family homes start at about $420,000. Most of these condominium buildings have swimming pools, fitness rooms, tennis courts and more.

Search all South Beach Condos for Sale

Best Things to Do in South BeachSouth Beach Condos for Sale

Whether you're just visiting or looking for a second home to vacation, South Beach is packed with events, festivals and a wealth of things to do. Here are just some of the favorites:

Rent a convertible, fancy car and cruise the strip! Rent a lounge chair on the beach and people-watch like crazy! Enjoy pressed juices and Cuban Coladas. Gallery hop in the Wynwood Arts District. Rent a tandem bike and tour the city. Eat Dinner in the Versace Mansion at Gianni's. Go on an Art Deco tour. Browse the orchids at the Fairchild Botanical Gardens. While these are not all in South Beach, there are some fabulous things to do around Miami. 

Miami Beach Schools

Residents of Miami Beach and specifically South Beach utilize the Feinberg/Fisher K-8 center, the Miami Beach Senior high school and South Pointe elementary school. The South Pointe elementary school has a 9 out of 10 by great schools.org and is less than a half a mile from South Beach. The area has about a 93 to a 98 walk score as shops, restaurants and markets are all close by and within easy walking distance.

Yes, South Beach not only has one of the best beaches in the country but one of the most eclectic and unique communities in the state. For more information on South Beach homes, real estate and vacation properties please contact my office or browse my website for free.