South Florida On The Market

HOME STAGING CHECKLIST

2023-06-29T15:59:00.003-07:00

HERE’S A GENERAL HOME STAGING CHECKLIST THAT CAN BE USED

Declutter: Remove any unnecessary items, including personal items, excess furniture, and clutter.

Clean: Deep clean the home, including floors, walls, and surfaces.

Repair: Fix any minor repairs, such as leaky faucets or loose doorknobs.

Paint: Consider painting the home’s walls with a neutral color to make the space feel more inviting.

Stage Furniture: Use furniture to showcase the home’s best features and create a welcoming atmosphere.

Lighting: Make sure that the home is well-lit, with natural light as much as possible.

Curb appeal: Ensure the exterior of the home is attractive by adding landscaping, repainting the front door, and ensuring the exterior is clean and tidy.

Neutralize: Remove any decor or furnishings that could be polarizing or offend potential buyers, such as religious or political items.

Add Finishing Touches: Add finishing touches such as fresh flowers, art, and accent pieces to create a warm and welcoming atmosphere.

Take Photos: Take high-quality photos of the staged home to showcase its best features online and in marketing materials.

By following this checklist, you can help make a home more attractive to potential buyers and increase the likelihood of a successful sale.

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TOP 5 WAYS TO GET THE MOST MONEY WHEN SELLING YOUR HOME

2023-06-29T15:57:00.005-07:00

If you’re looking to get the most money when selling your home, there are several things you can do to increase your home’s value and appeal to potential buyers. Here are a few tips:

Price Your Home Correctly: One of the most important factors in getting the most money for your home is setting the right price. Research comparable homes in your area and work with a real estate agent to determine a competitive and realistic asking price.

Make Necessary Repairs and Improvements: A home in good condition will typically sell for more than one in need of repairs or updates. Consider making necessary repairs and cosmetic improvements, such as painting, landscaping, or updating fixtures, to make your home more appealing to buyers.

Stage Your Home: Staging involves arranging furniture and decor in a way that makes your home look its best and can help potential buyers envision themselves living there. Consider hiring a professional stager or working with your real estate agent to stage your home.

Market Your Home Effectively: Your real estate agent should use a variety of marketing techniques to get your home in front of potential buyers. This may include online listings, open houses, and direct mail campaigns.

Be Flexible with Showings and Negotiations: Make your home available for showings and be willing to negotiate with potential buyers to come to a mutually acceptable agreement.

By following these tips and working with a reputable real estate agent, you can increase your chances of getting the most money when selling your home.

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ST REGIS RESIDENCES MIAMI

2023-06-29T15:56:00.006-07:00

Perched along the stunning South Brickell coastline, the St. Regis Miami Residences redefine the essence of elegant living. These residences effortlessly embody the refined taste of individuals who seek perfection, value tradition, and cherish their unique identity above all else. A harmonious blend of historical significance and forward-thinking design, the St. Regis Miami Residences beckon new generations to create legendary moments in extraordinary homes that seamlessly intertwine with the rich heritage of Miami.

Exquisite Tower Residences:

The East Tower, the crown jewel of luxury living, stands majestically as a direct bay-front tower. Offering the epitome of opulence, this tower features 149 residences ranging from two to seven bedrooms. Every aspect of these homes has been meticulously designed to elevate the resident's lifestyle, promising an unparalleled living experience. Meanwhile, the West Tower, set to be unveiled in the future, will provide 203 residences ranging from one to five bedrooms, further expanding the range of options available.

Unparalleled Building Amenities:

Spanning an impressive 40,000 square feet, the St. Regis Miami Residences boast an extensive array of amenities that redefine the concept of luxury living. The ground floor sets the tone with a fine dining restaurant, tempting residents with exquisite culinary experiences mere steps from their homes. Exclusive access to the beach club ensures that residents can savor the sun-kissed shores of Miami to the fullest. The meticulously manicured park-like grounds and lush terraces create a serene ambiance, inviting residents to unwind and connect with nature.

For those with diverse needs, the property offers a state-of-the-art media room, a business center with a coffee bar and conference rooms, designated spaces for children's entertainment, and a teen video game lounge. Golf enthusiasts can indulge their passion with a programmable golf simulator, while the fully equipped salon caters to all beauty needs. Pet owners can rest easy knowing that a dedicated pet spa, grooming services, and dog walking services are readily available.

1801 BRICKELL AVE, MIAMI, FLORIDA, 33129

Project Type: Condo

Pricing: Starting from $4,000,000

Views: Waterfront/City

Number of Bedrooms: 1- 7

Total Units: 150

Floors: 50

Year Built: 2026

Square Footage: 2,100 sqft to 7,000 sqft

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LOCATION MATTERS: KEY CONSIDERATIONS FOR BUYING A PRE-CONSTRUCTION CONDO IN MIAMI

2023-06-29T15:55:00.004-07:00

When it comes to purchasing a pre-construction condo, the location is a crucial factor that should not be overlooked. Evaluating the neighborhood, proximity to amenities, and transportation accessibility is essential. It is important to consider the level of development in the area, future plans, and the potential for obstructed views. Especially for ultra-luxury condos, the location plays a vital role in attracting luxury buyers and offering desired amenities that cater to their preferences. Certain areas have established themselves as renowned destinations for luxury condos, naturally capturing the attention of potential buyers. Consequently, buyers tend to focus on these areas while disregarding others.

Neighborhood Assessment:

Evaluate the neighborhood surrounding the pre-construction condo.

Consider factors such as safety, infrastructure, nearby schools, and recreational spaces.

Research the overall desirability and development potential of the area.

Proximity to Amenities:

Assess the proximity of essential amenities, including grocery stores, shopping centers, restaurants, and entertainment venues.

Consider the convenience and accessibility of these amenities to enhance the overall living experience.

Transportation Accessibility:

Evaluate the availability and accessibility of transportation options such as highways, public transportation, and airports.

Consider how easily residents can commute to work, travel within the city, and access other destinations.

Development Potential and Views:

Investigate the future plans for the area surrounding the pre-construction condo.

Assess whether there are any upcoming developments that may impact the views or alter the neighborhood's character.

Consider the potential for obstructed views due to future construction.

Attractiveness to Luxury Buyers:

For ultra-luxury condos, the location should have an inherent appeal to luxury buyers.

Look for areas that have a track record of attracting high-end real estate investments and offer the desired amenities and lifestyle.

Research the reputation and exclusivity of the location within the luxury real estate market.

When purchasing a pre-construction condo, evaluating the location is of utmost importance. Factors such as the neighborhood, proximity to amenities, transportation accessibility, future development plans, and views must be carefully considered. For ultra-luxury condos, it becomes crucial to choose a location that not only attracts luxury buyers but also offers the desired amenities and lifestyle. By focusing on established areas known for luxury real estate and conducting thorough research, buyers can make an informed decision that aligns with their preferences and investment goals. Remember, the right location enhances the overall value and enjoyment of a pre-construction condo.

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MIAMI'S REAL ESTATE BOOM: PRE-CONSTRUCTION CONDOS CATERING TO END-USERS

2023-06-29T15:54:00.003-07:00

Miami has emerged as a hotbed for real estate development, witnessing a remarkable boom in recent years. This surge can be attributed to a thriving economy, favorable tax laws, and an influx of international investments. The city's allure extends beyond its appealing lifestyle and year-round sunshine, as property values continue to appreciate, making it an ideal destination for both investors and second homeowners. In response to the growing demand, Miami now offers a wide array of ultra-luxury condos designed to captivate even the most discerning buyers. Unlike previous waves of development that primarily targeted investors, developers are now focusing on delivering units with end-users in mind.

Thriving Economy and Favorable Tax Laws:

Miami's robust economy has played a significant role in attracting real estate investments.

Favorable tax laws, including no state income tax, make it an appealing destination for investors seeking financial advantages.

Increasing International Investment:

The city's reputation as a global hub has attracted a surge of international investments.

International buyers, drawn to Miami's cultural diversity and business opportunities, have contributed to the demand for new developments.

Ideal Combination of Lifestyle and Appreciating Property Values:

Miami's appealing lifestyle, including its vibrant culture, stunning beaches, and thriving culinary scene, has made it a desirable location for both investors and second homeowners.

The city's property values have shown consistent appreciation over the years, providing a strong investment opportunity for buyers.

Wide Variety of Ultra-Luxury Condos:

Miami's real estate market offers an impressive selection of ultra-luxury condos, catering to the sophisticated tastes of discerning buyers.

These developments boast exceptional amenities, stunning architectural designs, and breathtaking views, creating an unparalleled living experience.

Developers Focusing on End-Users:

In contrast to previous waves of development that primarily targeted investors, developers are now placing a strong emphasis on delivering units with end-users in mind.

This shift ensures that condos are designed to meet the needs and preferences of residents, offering a higher quality of living.

Miami's real estate market has experienced a remarkable boom, driven by a thriving economy, favorable tax laws, and increasing international investments. The city's desirable lifestyle, combined with appreciating property values, presents an ideal opportunity for investors and second homeowners. Furthermore, Miami's real estate market caters to the most discerning buyers, with a wide variety of ultra-luxury condos available. As developers shift their focus to end-users, residents can expect an elevated living experience that aligns with their preferences and desires. With all these factors in play, Miami's pre-construction condos are poised to continue attracting buyers seeking a blend of sophistication, comfort, and investment potential.

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NAVIGATING PRE-CONSTRUCTION CONDOS: KEY CONSIDERATIONS

2023-06-29T15:53:00.002-07:00

Investing in a pre-construction condo can be an exciting opportunity, but it's important to tread carefully due to the associated risks. Unlike a completed condo where you can physically see and experience the property, pre-construction condos come with uncertainties. From potential construction delays to design alterations and even the possibility of the project not being completed, there are several factors that warrant caution. In order to make an informed decision and mitigate risks, it is crucial to work with an experienced realtor who can provide valuable insights beyond glossy renderings. Additionally, researching the developer's track record, reviews, and reputation is essential to ensure a successful investment.

Construction Uncertainties:

Pre-construction condos are susceptible to construction delays, which can extend the timeline for completion.

Design changes may occur throughout the construction process, altering the original plans and potentially impacting the unit's flow and functionality.

There is a risk that the project may not be completed at all, leaving investors empty-handed.

Challenges in Assessing Quality:

Unlike finished condos, it can be difficult to envision the final product in terms of finishes, overall quality, and attention to detail.

The finishes and materials used play a crucial role in determining the overall value and appeal of the condo.

The Importance of an Experienced Realtor:

Working with an experienced realtor is vital when considering a pre-construction condo.

A knowledgeable realtor can help you navigate the complexities and uncertainties associated with pre-construction properties.

They can offer insights into the unit's layout, functionality, and potential resale value based on their expertise in the real estate market.

Researching the Developer:

Before investing in a pre-construction condo, it is essential to thoroughly research the developer responsible for the project.

Review the developer's track record and reputation in the industry. Have they successfully delivered similar projects in the past?

Look for reviews and feedback from previous buyers to gauge the developer's reliability and adherence to their promises.

Investing in a pre-construction condo requires careful consideration and due diligence. While the allure of being part of a brand-new development is enticing, it's important to be aware of the risks involved. By working with an experienced realtor and conducting thorough research on the developer, you can make a more informed decision and minimize potential pitfalls. Remember, not all that glitters is gold, and it's crucial to look beyond glossy renderings to ensure a successful investment in a pre-construction condo.

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KEY BISCAYNE: A LAID-BACK ISLAND COMMUNITY WITH A STRONG SENSE OF SAFETY AND COMMUNITY

2023-06-29T15:43:00.001-07:00

If you've ever wondered about living in Key Biscayne, an island community just off the coast of Miami, you may have asked yourself about its location, safety, and family-friendliness. Known for its exclusive real estate and unique lifestyle, Key Biscayne offers a laid-back atmosphere and a range of activities for all ages.

Location and Lifestyle:

Key Biscayne is an island connected to Miami by a bridge, offering a distinct lifestyle away from the hustle and bustle of the mainland.

Despite its exclusivity, the island exudes a laid-back vibe with residents enjoying activities such as kids cycling on the streets and golf cart transportation.

Family-Friendly Environment:

Key Biscayne is highly regarded as a family-friendly community with a strong sense of safety and a welcoming atmosphere.

The island provides beaches, parks, tennis courts, top-rated schools, golf courses, and a tight-knit community, making it an ideal place for families to thrive.

Sense of Community and Small-Town Vibe:

Key Biscayne encompasses a small, one-square-mile area with its own police force, fire station, shops, and restaurants, creating a sense of exclusivity and security.

The island's amenities, including shops, restaurants, schools, and sports clubs, contribute to a small-town ambiance where residents can connect and build relationships.

Outdoor Activities and Yacht Club:

Key Biscayne offers an array of outdoor activities, including access to beaches, parks, and tennis courts, catering to residents of all ages.

The Yacht Club plays a significant role in the Key Biscayne lifestyle, with many residents owning boats and participating in social activities centered around the club.

Safety and Privacy:

Key Biscayne consistently ranks as one of the safest communities in Florida, offering peace of mind to its residents.

While the island is not gated, it has limited access points, and the presence of police patrols contributes to the overall security.

Paradise for Children and Privacy for Public Figures:

Key Biscayne's safe environment and sense of privacy make it an attractive place for families, as children can enjoy the freedom to roam and cycle to school and friends' houses.

The island's safety and privacy also make it a preferred choice for public figures and business leaders who appreciate the low-key community and respect for privacy.

Key Biscayne, located just off Miami's coast, offers a unique island lifestyle characterized by a laid-back atmosphere, a strong sense of safety, and a tight-knit community. Families are drawn to the island for its family-friendly environment, top-rated schools, and abundance of outdoor activities. With its own police force and limited access points, Key Biscayne provides a secure and private setting. Whether it's the paradise for children, the allure of the Yacht Club, the Beach Club, or the desire for privacy, Key Biscayne offers an idyllic retreat within the bustling city of Miami.

Visit our Key Biscayne Community Guide for stats and information

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MAXIMIZING PASSIVE INCOME IN MIAMI: EXPLORING THE PROS AND CONS OF AIRBNB INVESTMENT

2023-06-29T15:38:00.005-07:00

Investing in Airbnb properties can offer a unique opportunity to generate passive income while enjoying flexibility for personal use. This is especially true in popular tourist destinations like Miami, where the demand for short-term rentals is high. However, it's important to consider the potential drawbacks, including startup costs, irregular income, and the occasional unruly guest. In this blog post, we will explore the benefits of Airbnb investment in Miami, discuss the risks involved, and help you make an informed decision about this form of real estate investment.

Benefits of Airbnb Investment in Miami:

Diversification of investment portfolio: Investing in Airbnb properties allows investors to diversify their portfolios, providing an alternative to traditional real estate investments. This diversification can help balance risk and potentially enhance overall returns.

Passive income generation: With the increasing popularity of Airbnb and vacation rental platforms, investors have the opportunity to generate a steady stream of passive income. By appointing a caretaker to manage the property while handling bookings and payments, investors can enjoy the benefits of a hands-off investment.

Easy property maintenance: Maintaining an Airbnb property in Miami is often easier compared to traditional long-term rentals. Guests are charged a cleaning fee, ensuring routine cleaning and upkeep. Moreover, guest reviews provide valuable feedback for identifying areas that may need improvement. The responsibility of maintaining the grounds and surrounding areas can also be delegated to the caretaker.

Guest attraction and recommendations: Positive reviews and ratings from guests can attract more visitors to book the property. The Airbnb platform also screens guests and recommends the property to potential guests based on their preferences. This exposure can help increase occupancy rates and rental income.

Flexibility in rental periods and pricing: Miami, being a resort area, offers the advantage of flexibility in rental periods. Investors can capitalize on peak holiday seasons and choose to rent out their property only during those lucrative periods. Additionally, Airbnb hosts have the flexibility to adjust rental prices based on property valuation and any improvements made.

Risks of Airbnb Investment in Miami:

Irregular income and seasonal fluctuations: While short-term rentals can yield higher profits, income can vary depending on the number of days booked per month and seasonal demand. Investors should anticipate fluctuations in cash flow and plan accordingly.

Higher startup costs: Investors should be prepared for upfront expenses to make their property attractive to guests. This may involve investments in refurbishments, furniture, and other amenities that enhance the overall guest experience.

Guest liability and legal responsibility: As an Airbnb host in Miami, there is a concern about potential guest injuries or incidents on the property. Even if the investor is not present at the time of an incident, they can still be held legally responsible. Features like swimming pools may attract guests but also pose potential risks, leading to potential liabilities such as medical bills or legal fees.

Risk of theft or damage: With a high turnover of guests, the risk of theft or property damage increases. Hosts may face challenges in maintaining control over guest behavior and the security of the property, especially if they live elsewhere. This risk can be mitigated by implementing security measures and working closely with caretakers.

Investing in Airbnb properties in Miami can be a lucrative source of passive income, offering flexibility and the opportunity to diversify your investment portfolio. However, it's essential to carefully consider the risks involved, including startup costs, irregular income, and potential liabilities. By conducting thorough research, implementing risk management strategies, and maintaining open communication with guests and caretakers, investors can maximize the benefits and minimize the risks associated with Airbnb investment in Miami.

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THE IMPORTANCE OF A COMPARATIVE REAL ESTATE MARKET ANALYSIS FOR DETERMINING PROPERTY VALUE

2023-06-29T15:37:00.005-07:00

When homeowners consider determining the value of their property, many opt for a comparative real estate market analysis. However, it's important to understand that this analysis goes beyond a simple assessment of market value. By gaining insight into the true worth of your residence and staying informed about market trends, you can make well-informed decisions that align with your financial goals and take into account changing economic and environmental impacts.

Accurate Assessment of Property Value

A comparative real estate market analysis provides an accurate assessment of your property's worth by considering various factors. It goes beyond current market conditions and takes into account the direction in which the market is heading. This analysis considers factors such as current inventory levels, historical patterns, and potential market fluctuations. Unlike relying on nationwide websites that provide generic value estimates, a local expert with extensive experience in the market can provide you with precise and comprehensive information about your property's true value.

Informed Decision-Making

Through an in-depth analysis of market conditions and an understanding of today's buyers, a comparative real estate market analysis helps you make informed decisions about your home's value. Whether selling your property is the optimal choice at the present time or holding onto it for a few more years might be more advantageous, a reliable expert will provide guidance tailored to your specific circumstances. Their objective is to build enduring relationships based on trust and mutual success, prioritizing long-term collaboration over a one-time commission.

Exploring Possibilities

Armed with the information obtained through a comparative real estate market analysis, you can explore various possibilities. This includes considering purchasing a new property or exploring investment opportunities. It's crucial to go beyond nationwide websites and rely on the expertise of a local professional who is deeply engaged in the market and has extensive experience working with buyers and sellers. Their insights and knowledge will help you make well-informed decisions about your property and future investments.

Considering Economic Impacts

Beyond personal financial considerations, a comprehensive comparative real estate market analysis takes into account changing economic impacts. Understanding how certain factors influence the value of your property is essential for making strategic decisions that align with your long-term goals and values. By working with an expert who is attuned to the local market and familiar with these influences, you can navigate potential risks and opportunities. This ensures that your investments align with your broader objectives and contribute to long-term success.

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HOW TO MAXIMIZE YOUR HOME'S VALUE AND GET THE MOST MONEY WHEN SELLING

2023-06-29T15:36:00.004-07:00

Selling your home is a significant financial transaction, and if you're looking to maximize your profit, it's crucial to take the right steps to increase your home's value and appeal to potential buyers. By following these tips, you can position your home in the best possible light and increase your chances of getting the most money when selling.

Set the Right Price: Pricing your home correctly is essential for attracting buyers and getting the most money. Research comparable homes in your area and work closely with a trusted real estate agent to determine a competitive and realistic asking price. An experienced agent will have a deep understanding of the local market and can guide you in setting the optimal price for your home.

Enhance Curb Appeal: First impressions matter, and improving your home's curb appeal can significantly impact its perceived value. Consider making necessary repairs and investing in small cosmetic improvements to make your home more attractive from the outside. This might include freshening up the paint, enhancing the landscaping, or updating fixtures. These relatively simple upgrades can make a big difference and entice potential buyers to take a closer look.

Stage Your Home: Staging is a powerful technique that can make your home shine and help potential buyers envision themselves living there. Consider hiring a professional stager who can strategically arrange furniture and decor to highlight the best features of your home. If you prefer a more budget-friendly option, work closely with your real estate agent to declutter, rearrange furniture, and add tasteful touches that create a welcoming and appealing atmosphere.

Implement Effective Marketing: Your real estate agent should employ a comprehensive marketing strategy to expose your home to the widest possible pool of potential buyers. This may include professional photography for online listings, virtual tours, open houses, targeted social media campaigns, and even direct mail campaigns. The goal is to showcase your home's unique selling points and generate interest among qualified buyers.

Work with a Reputable Real Estate Agent: Partnering with an experienced and reputable real estate agent is crucial for navigating the selling process successfully. Choose an agent who has a proven track record and extensive knowledge of your local market. They will provide expert guidance, handle negotiations on your behalf, and ensure that you maximize your home's value when closing the deal.

By following these tips and working closely with a trusted real estate professional, you can enhance your home's value, attract motivated buyers, and increase your chances of getting the most money when selling. Remember, selling a home is a significant undertaking, and with the right approach, you can achieve a successful and profitable sale.

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Property Taxes in Fla. Metros Cheaper than Most

2022-04-05T07:53:00.002-07:00

LendingTree ranked 50 U.S. metro areas. At No. 24, Miami was solidly average, but property taxes in three other state metro areas ranked from No. 11 to No. 14.

NEW YORK – Property taxes vary significantly across the nation’s 50 largest metros. How much homeowners pay in property taxes largely depends on where they live and what their home is worth.

Homeowners in the lowest property tax metro, Birmingham, Ala., pay about $7,700 less than their counterparts in the New York metro area, which has the highest property taxes in the U.S. Property taxes in Birmingham average $753 (homes without a mortgage); property taxes in New York City average $8,180.

Of four Florida metros included in the rankings, Miami has the highest property taxes ($2,481), but it still only ranked No. 24 with 26 other U.S. metros more expensive.

Tampa came in at No. 11 ($1,406), Jacksonville at No. 12 ($1,575), and Orlando at No. 14 ($1,744).

Birmingham is the only metro where median property taxes are less than $1,000 a year. On the other hand, in New York, San Jose, Calif., and San Francisco, property taxes are among the highest in the country, at $8,602 in New York (homes with a mortgage), $7,471 in San Jose, and $6,508 in San Francisco, according to the study.

Homeowners overburdened by property taxes or who believe they’re paying too much can challenge their assessment, says Jacob Channel, LendingTree’s senior economic analyst, and the report’s author.

“While this doesn’t guarantee that your bill will go down, it can help shed some light on why the government is saying you owe what you do,” he says. “And, in the best-case scenario, you could end up paying less in taxes.”

Source: LendingTree

Miami-Dade County posts best November sales month in history

2022-01-06T13:50:00.000-08:00

Miami-Dade County real estate posted its best November sales month in history as existing condo sales surged double digits year-over-year for the 14th consecutive month, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system. The red-hot market, fueled by domestic and global homebuyers, has now established all-time annual records for total home sales (set in 10 months), all-time annual condo sales (set in nine months), and the all-time annual single-family home sales (set in 11 months).

Miami-Dade County total home sales rose 22.9% year-over-year in November 2021, from 2,459 sales to 3,021. Miami single-family home transactions increased 1.2%, from 1,154 to 1,168. Miami existing condo sales increased 42%, from 1,305 to 1,853.

“The demand for Miami real estate is so high that not even November, a time usually known for a slower pace of deals because of the holidays, can slow down this historic market,” MIAMI Chairman of the Board Jennifer Wollmann said. “Domestic buyers from high-tax, high-density states have migrated here as the availability of remote work has expanded exponentially with the pandemic. Vaccinated global buyers were allowed to resume travel to the U.S. in November and are only adding to the number of buyers interested in Miami properties.”

Year-to-date, Miami has registered 35,961 existing total homes sales in 11 months, which surpasses the previous annual record of 30,041 transactions in the entire year of 2013, an increase of 19.7%.

Best November Sales Month in Miami History

Of the top-10 best home sales months in Miami history, nine have happened this year. June 2021 (with its 4,057 total transactions) remains the No. 1 overall sales month in Miami history. November 2021 (with its 3,021 sales) ranks as the eighth-best sales month overall since MIAMI began tracking stats in 1993.

Miami home sales are also significantly higher vs. November 2019. Miami's total home sales are up 48.6% in November 2021 vs. November 2019, from 2,033 to 3,021. Miami single-family home sales (20.2% increase) and condo transactions (74.6% jump) are higher than November 2019.

Miami Luxury Sales Jump as Northeast and West Coast Buyers Move to Mega Region
Miami single-family luxury ($1-million-and-up) transactions rose 28.2% year-over-year to 209 sales in November 2021. Miami's existing condo luxury ($1-million-and-up) sales surged 115.6% year-over-year to 207 transactions.

There are only 3.6 months of supply in luxury single-family homes and 8.4 months of supply in luxury condos. Luxury months of supply continue to trend downward for all property types, month-over-month, and year-over-year.

Low-interest rates, a robust S&P 500, the appeal of stable assets in a volatile economy, homebuyers leaving tax-burdened Northeastern states to purchase in Florida (no state income tax), and work-from-home and remote-learning policies have all combined to create a robust market for luxury single-family properties.

With global vaccinations rising and unstable political situations around the world, South Florida is seeing an increase in foreign homebuyers. Global buyers are coming here for the vaccine and purchasing a property.

Vaccinated foreigners were allowed to resume travel to the U.S. back on Nov. 8 and that is leading to more international investment in South Florida – the No. 1 destination for foreign buyers. Global buyers purchase in Miami because Miami is a world-class global city with better real estate prices than other similar global cities. Foreign buyers feel at home with our incredible diversity and acceptance of all cultures.

Miami single-family homes priced between $400K to $600K increased 15.1% year-over-year to 405 transactions in November 2021. Miami's existing condo sales priced between $400K to $600K increased 132.6% to 321 transactions.

New Listings Rise; More Inventory Arriving for Low-Supply/High-Demand Market Next Year

There is always a seasonal fade in inventory in the fall and winter. More inventory is expected to come to the market by spring 2022 as potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory. The expectation that interest rates will rise should continue to drive demand in the first quarter of 2022.

It is primarily the robust rate of sales, and not a lack of new listings coming on to the market, that has kept inventories low. New listings of Miami single-family homes increased 2.9% to 1,434 from 1,393. New listings of condominiums increased 0.8%, from 2,094 to 2,111.

Inventory of single-family homes decreased 27.9% year-over-year in November 2021 from 3,889 active listings last year to 2,805 last month. Condominium inventory decreased 48.1% year-over-year to 7,179 from 13,820 listings during the same period in 2020.

Months’ supply of inventory is down since July 2019 for single-family, reflecting strong demand. Months’ supply of inventory for single-family homes decreased 41.7% to 2.1 months, which indicates a seller’s market. Inventory for existing condominiums decreased 71.5% to 3.7 months, which indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Total active listings at the end of November 2021 decreased 43.6% year-over-year, from 17,709 to 9,984.

Nationally, total housing inventory at the end of November amounted to 1.11 million units, down 9.8% from October and down 13.3% from one year ago (1.28 million). Unsold inventory sits at a 2.1-month supply at the current sales pace, a decline from both the prior month and from one year ago.

Fed’s Decision for More Rate Hikes in 2022 Should Slow Growth of Median Prices

The Fed’s announcement last week that it will be raising rates and end bond buying in 2022, will accelerate demand for housing in the short term and eventually put downward pressure on median prices.

Miami-Dade County single-family median prices increased 11.7% year-over-year in November 2021, increasing from $450,000 to $502,750. Miami single-family median prices have risen for 120 consecutive months, a streak of 10 years. Existing condo median prices increased 28.1% year-over-year, from $270,000 to $346,000. Condo median prices have increased in most of the 122 of the last 126 months.

The greater share of Miami luxury sales in 2021 compared to a year ago is part of the reason for the large year-over-year increase in median prices.

Rising median prices are a trend nationwide as record-low mortgages rates and the increased availability of remote work and education have accelerated the demand for housing. Low inventory relative to high demand leads to prices rising.

Lower mortgage rates are making home purchases more affordable. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.07 in November, equal to October’s rate. The average commitment rate across all of 2020 was 3.11%.

NAR Chief Economist Lawrence Yun expects the 30-year fixed mortgage rate to increase to 3.7% by the end of 2022. It would be still lower than the pre-pandemic rate of 4%.

With interest rates still at record lows, many South Florida homeowners have refinanced their home loans. So not only are many homeowners paying lower mortgage payments today; they are doing so while their wealth (home equity) has significantly increased. Home equity can be tapped for renovations, college loans, and more.

Should mortgage rates resume their upward climb, home price growth is likely to slow in response. As more sellers list properties in 2021 and 2022, the increased inventory should ease the growth of median prices.

Miami remains a bargain compared to other global cities. In Miami, $1 million can net homebuyers 85 square meters of prime property, according to Knight Frank’s 2021 The Wealth Report. Monaco (15 square meters), Hong Kong (23), London (31), New York (34), and Geneva (35), and others offer significantly less prime land for $1 million.

Miami Dollar Volume Totals $2.2 Billion, Showcasing Impact Housing Plays in Local Economy
While other industries struggled over the past year, housing lifted the economy nationally and locally. For every two homes sold in the U.S., one job is created. Miami dollar volume showcases the impact housing plays in the local economy.

Miami total dollar volume totaled $2.2 billion in November 2021. Single-family home dollar volume increased 14.9% year-over-year, from $932.6 million to $1.07 billion. Condo dollar volume increased 92.8% year-over-year, from $586 million to $1.1 billion.

Miami Distressed Sales Keep Dropping, Reflecting Healthy Market
Only 0.5% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 1.9% in November 2020. In 2009, distressed sales comprised 70% of Miami sales.

Total Miami distressed sales decreased 69.6% year-over-year in November 2021, from 46 to 14. Short sales and REOs accounted for 0.3% and 0.5% year-over-year, respectively, of total Miami sales in November 2021. Short sale transactions decreased 9.1% year-over-year while REOs decreased 57.1%.

Miami’s percentage of distressed sales is on par with the national figure. Nationally, distressed sales represented less than 1% of sales in November 2021, equal to the percentage in November 2020.

National, State Housing Demand Robust as More Inventory Expected to Arrive
Miami’s percentage of sales increases continue to be higher than the nation and state.

Nationally, total existing-home sales transactions completed transactions that include single-family homes, townhomes, condominiums, and co-ops, grew 1.9% from October to a seasonally adjusted annual rate of 6.46 million in November. Sales fell 2.0% from a year ago (6.59 million in November 2020).

Statewide, closed of sales single-family homes statewide last month totaled 27,541, up 4.3% year-over-year, while existing condo-townhouse sales totaled 11,598, down 5.4% from November 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Nationally, the median existing-home price for all housing types in November was $353,900, up 13.9% from November 2020 ($310,800), as prices increased in each region, with the highest pace of appreciation in the South region. This marks 117 straight months of year-over-year increases, the longest-running streak on record.

The statewide median sales price for single-family existing homes in November was $364,900, up 19.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $273,270, up 19.9% over November 2020. The median is the midpoint; half the homes sold for more, half for less.

Miami Real Estate Attracting Multiple Bids, Buyers Going Over-List Price
The median percent of the original list price received for single-family homes was 98.4% in November 2021, up 1.3% from 97.1% last year. The median percent of original list price received for existing condominiums was 97.1%, up 2.8% from 94.5% last year.

The median number of days between listing and contract dates for Miami single-family home sales was 20 days, a 13% decrease from 23 days last year. The median time to sell for single-family homes was 66 days, a 10.8% decrease from 74 days last year.

The median number of days between the listing date and contract date for condos was 36 days, down 28% from 50 days. The median number of days to sell for condos was 80 days, a 16.7% decrease from 96 days.

Miami Cash Sales 60% More than National Figure in November 2021
Cash sales represented 38.4% of Miami's closed sales in November 2021, compared to 28.9% in November 2020. About 24% of U.S. home sales are made in cash, according to the latest NAR statistics.

The high percentage of cash buyers reflects Miami’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.

Cash sales accounted for 46.9% of all Miami's existing condo sales and 24.9% of single-family transactions.

by Chris Umpierre

Mortgage Rates End 2021 Slightly Higher: 3.11%

2022-01-05T13:13:00.004-08:00

One week earlier, a 30-year, fixed-rate mortgage averaged 3.05%; a year ago, it averaged 2.67%. Most economists predict more slight rises in 2022.

Average long-term U.S. mortgage rates moved slightly higher in the final week of 2021.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark, 30-year home loan ticked up to 3.11% this week from 3.05% last week. A year ago, the 30-year rate stood at 2.67%.

The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, rose to 2.33% from 2.3% last week. It was 2.17% a year ago.

Many economists expect rates to rise next year after the Federal Reserve announced earlier this month that it would begin dialing back its monthly bond purchases – which are intended to lower long-term rates – to combat accelerating inflation. But even with the expected three rate increases next year, the Fed’s benchmark rate would still be below 1%.

Despite historically low interest rates, many would-be home buyers have missed out due to a low supply of available homes that are seemingly getting more expensive by the day. Median home prices are nearly 20% higher than they were a year ago, with no signs of relief for frustrated house hunters seeking more space since the pandemic erupted almost two year ago.

Compounding the lack of supply and skyrocketing prices, virus-related supply chain breakdowns have builders delaying projects and struggling to keep up with demand.

Wharf Miami

2021-12-21T10:11:00.007-08:00

As Miami continues to grow, the same can now be said for its historically underutilized riverside district.
Developers Driftwood Capital and MV Real Estate Holdings have announced plans to develop the Riverside Wharf Miami. Two towers rising 10 stories have been proposed, which will include the Dream Miami luxury hotel with 165 rooms, along with restaurant and entertainment spaces. A private marina and public riverwalk are also in the works. Architecture and landscape design will be by Jon Cardello of Cube3 architects and Savino-Miller Design Studio. Construction is planned to begin in 2022, with completion in 2025.

More information to come as it becomes available.

Click the link to view properties for sale in the area: Condos For Sale

St Regis Residences Brickell

2021-12-17T06:20:00.003-08:00

St Regis Residences are set to launch sales in January 2022.

Located at 1809 Brickell Ave. The two towers will continue to build on Miami’s global reputation. With units ranging from one-bedrooms to 7,000 square-foot duplexes and pricing starting at $2 Million, the luxurious buildings will remain true to the St. Regis’ historic five-star service.

Brought to us by the Related Group and Integra Investments, the 354 unit, 48-story Brickell development will be designed by Robert A.M Stern Architects.

More information to come as it becomes available.

Click the link to see other properties for sale in the area: Brickell Condos For Sale

Spacious one-bedroom unit in Surfside, Florida. Featuring water and city views from the oversized balcony.

2021-02-18T09:37:00.008-08:00

Oceanfront living in Surfside blocks from Bal Harbour Shops. Spacious one-bedroom unit with an open floor plan and two full bathrooms. Featuring water and city views from the oversized balcony and a stunning panoramic sunset scenery in the evenings. Easy access to the beach, lounge chairs, jogging path, pool, spa, gym, BBQ area with seating, valet, in-house management, and 24hr lobby attendant. Tennis courts across the street and minutes from shopping, restaurants, grocery store, and entertainment. Located next to the ultra-luxurious Eighty Seven Park by Renzo Piano.

U.S. Mortgage Rates Fall to a Record Low for 13th Time This Year

2020-11-20T06:34:00.003-08:00

Mortgage rates in the U.S. have hit another record low.

The average for a 30-year, fixed loan tumbled to 2.72%, down from 2.84% last week and the lowest in data going back almost 50 years, Freddie Mac said in a statement Thursday. It was the 13th record low this year. The previous one, 2.78%, held for two weeks.

Americans are racing to scoop up homes, taking advantage of 30-year loan costs that have been below 3% since July. While the boom is a key source of strength for the pandemic economy, demand is far outstripping supply, sparking bidding wars and pricing many would-be buyers out of the market.

Weaker retail sales data released this week helped push down yields for the Treasury bonds that guide mortgages, suggesting consumers are becoming more hesitant amid a resurgence of Covid-19 cases and lack of a fresh federal stimulus package.

Read the full story here

Start your South Florida home here

Park Grove Coconut Grove Miami Unit 20C

2020-10-27T10:16:00.002-07:00

Though it’s located just a few miles from downtown Miami, One Park Grove feels like a peaceful world unto itself. And in addition to its unmatched bayside location, residents here have access to a wealth of services and amenities that rival those at any of the area’s high end hotels or members clubs. Here, residents’ needs are anticipated, their desires fulfilled, and their expectations exceeded. From its rooftop pool to its on-call butler service, One Park Grove represents the absolute pinnacle of luxury living. When it comes to services, all residents have access to a 24-hour concierge, valet, and butler, so no need will go unmet. At One Park Grove, every facet of life is attended to with assiduous attention to detail and the highest level of discretion. For more information: http://www.malenyshernandez.com/project-details/161/park-grove

3,679 sq.ft. / 340 sq.m. total 3 bedrooms 4 bathrooms 1 powder room 5th bedroom option 12 foot floor-to-ceiling glass overlooking Biscayne Bay Private oversized waterfront terraces Private master bedroom with walk-in closets Expansive dining and entertaining area Bedrooms with ensuite bathrooms Walk-in Laundry Walk-in Storage / Pantry Kitchens and baths designed by William Sofield

House Not Selling? Try These Easy Fixes

2020-10-16T10:24:00.005-07:00

Having a hard time attracting buyers? Consider these ideas to revive your home's potential.

1. Check Off the basics. If you haven't done so already, eliminate clutter and family photos, repair obvious flaws and have the home professionally cleaned.


2. Rethink room staging. Can you shift around furniture to make small rooms look more spacious, or to create focal points in large spaces?


3. Amp up the color. With the right color combinations, you can make rooms look larger, or extra cozy, or more visually interesting, changing the entire feel of your home.

4. Boost curb appeal. Even simple steps like putting down new mulch, planting bright-colored flowers and painting your front can make your home look more inviting.


5. Update Your Photos. Consider new listing photos that play up your improvements and give the home a new look online.


6. Change Your Property Description. The best descriptions stage a home with words, helping buyers visualize how they'll enjoy the features.


7. Adjust the Price. If you're not getting any interest, it might be time to ask your Realtor to review your competitive market analysis and then re-price the home. 

Sources: Realtor Magazine, realtor.com, trulia.com, homeinformative.com, inman.com, dcrealtorguru.com

7 Summer Design Trends for Your Home

2020-08-13T20:48:00.002-07:00

With summer in full swing, and so many of us still working from home, we thought it would be the perfect time to explore the latest interior design trends. Elliman Insider sat down with Jade McNeil, Senior Interior Designer for luxury designated real estate marketing firm, Interior Marketing Group (IMG), to get the scoop. Here are Jade’s top picks for how to spruce up your interior decorating this summer:

1. Plant life and fresh flowers

Plants make us feel more happy and optimistic. In addition to cleaning the air and reducing stress—two extremely important benefits as we all continue to work from home—greenery adds texture and life to enhance your space.

2. Earth tones and natural materials:

Natural materials and colors help to bring a sense of serenity and relaxation into any room. Wood tones but with added texture, like rattan, bring in the light, beachy feel for a more casual summer space.

3. Large geometric prints:

Bold patterns reflect the equally bold colors and flavors of summer. Have fun with pillows, wallpaper and area rugs in contrasting colors, like black and white.

4. Retreat spaces:

No TVs allowed! A quiet room or secluded area to decompress and relax from the turbulent world is a must for our clients these days.

5. Hide the clutter:

Many of our clients are looking to reorganized and declutter their homes this summer. Clutter in your space leads to clutter in your head, so put it away. Look for furniture with organic materials and textures that also offer closed storage.

6. Curves:

Our clients are really leaning towards a softer, more relaxed home and that means addressing both furniture and architecture. Before, the focus was on having a lot of linear shapes, but now, our clients have been leaning towards curved seating and archways.

7. Scents:

Like plant life, scents really set the tone for a space. Add a new scented candle or diffuser to your home like Diptyque Miami for a fresh summer scent.

Elliman Insider

Find your next home to decorate.

Mr. C Residences Groundbreaking

2020-07-29T08:26:00.001-07:00

Mr. C Residences Coconut Grove is a contemporary take on classic European living. It is Old World sophistication and modern comfort infused with the maritime tradition of Coconut Grove, Florida, and four generations of the Cipriani family’s perfectly serviced lifestyle experience. Located on South Bayshore Drive and featuring panoramic views spanning from Peacock Park across Biscayne Bay to Key Biscayne and beyond, Mr. C Residences Coconut Grove offers the ultimate South Florida lifestyle.

For more information visit: http://www.malenyshernandez.com/project-details/967/mr-c-residences

Email: malenys.hernandez@elliman.com

Miami-Dade County Prices Rise in April 2020 as COVID-19 Temporarily Impacts Sales; Surging Pending Sales to Result in Sales Increases in the Next Couple of Months

2020-05-25T07:45:00.001-07:00

MIAMI — Miami-Dade County median prices increased year-over-year in April 2020 as home sales saw expected declines as a result of the global COVID-19 situation, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

“Despite the expected COVID-19 impact on April sales, we are already seeing a surge in pending sales that will result in a significant increase in closed sales in the next couple of months,” MIAMI Chairman of the Board Jorge L. Guerra Jr. said. “With stay-at-home orders ending and South Florida slowly reopening, listings and buying activity has definitely rebounded. Pent-up demand, historically low mortgage rates and the robust fundamentals of the South Florida housing market is already leading to increased buying activity.”

The market bottomed in mid-April and surging pending sales should result in sales increases in the next couple of months. South Florida Realtors are seeing a rise in mortgage applications and additional homebuying interest from the Northeast. Nationally, mortgage applications to purchase a home rose 6% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The COVID-19 situation has accelerated the trend of homebuyers from New York and other tax-burdened Northeastern states searching and purchasing homes in South Florida.

Before the COVID-19 situation, the Miami-Dade market was exceptionally strong. Miami real estate had record low delinquencies, no subprime mortgage crisis, strong demand/low supply, low interest rates, strong population growth, demand from foreign buyers and tax refugees from tax burdened states, high consumer confidence and a strong job market.

101 Consecutive Months of Price Appreciation in Miami

Miami-Dade County single-family home prices increased 7.3% year-over-year in April 2020, increasing from $356,000 to $382,000. Miami single-family home prices have risen for 101 consecutive months, a streak of 8-plus years. Existing condo prices increased 6.9% year-over-year, from $248,000 to $265,000. Condo prices have increased or stayed even in 103 of the last 107 months.

Despite the price increase, Miami, where the median price is still comparable to 2007 figures, remains a bargain compared to other global cities. In Miami, $1 million can net homebuyers 93 square meters of prime property, according to Knight Frank’s 2019 The Wealth Report. Monaco (16 square meters), Hong Kong (22), New York (31), Los Angeles (36) and others offer significantly less prime land for $1 million.

Miami Total Home Sales Decrease

Miami total home sales decreased 40.1% year-over-year in April 2020, from 2,629 to 1,576. Miami single-family home sales decreased 31.6% year-over-year in April 2020, from 1,265 to 865. Miami existing condo transactions declined 47.9% year-over-year in April 2020, from 1,364 to 711.

Real estate was deemed essential in Florida, but COVID-19-induced shutdowns in South Florida eliminated the traditional open house, one of the most valuable tools in selling a property. Realtors pivoted to using virtual open houses and tours. MIAMI REALTORS hosted a South Florida Virtual Open House Showcase from May 1-10 where Realtors added more than 2,000 virtual open houses and virtual tours. SouthFloridaOpenHouseSearch.com attracted more than 28,000 visitors and 90,000-page views during the Showcase. The Virtual Open House Showcase relaunches MIAMI’s South Florida Virtual Open House Program virtually.

MIAMI is hosting its second South Florida Virtual Open House Showcase (SouthFloridaOpenHouseSearch.com) event on May 22-25 to provide consumers virtual access to property tours, open houses, and direct interaction with Realtors and other industry experts.

Dollar Volume Decreases

Single-family home dollar volume decreased 24.2% year-over-year, from $671 million to $508.6 million. Condo dollar volume decreased 46.8% year-over-year, from $557.8 million to $296.9 million.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.31% in April, down from 3.45% in March. The average commitment rate across all of 2019 was 3.94%.

Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 13 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.

A new condo approval process is expected to increase sales. The new guidance, which went into effect in October 2019, extends certifications from two years to three, allows for single-unit mortgage approvals, provides more flexibility with owner/occupancy ratios, and increases the allowable number of FHA loans in a single project. The changes, many of which MIAMI and NAR has championed, are expected to generate increased homeownership opportunities.

Miami Distressed Sales Stay Low, Reflecting Healthy Market

Only 4.2% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 6.1% in April 2020. In 2009, distressed sales comprised 70% of Miami sales.

Total Miami distressed sales decreased 58.8%, from 160 to 66.

Short sales and REOs accounted for 0.9% and 3.2% year-over-year, respectively, of total Miami sales in April 2020. Short sale transactions decreased 55.9% year-over-year while REOs decreased 59.5%.

Nationally, distressed sales represented 3% of sales in x, up from x% in April, about even with both March 2020 and April 2019.

Miami Real Estate Selling Close to List Price

The median percent of original list price received for single-family homes was 96% in April, up 0.5% from 95.5% last year. The median percent of original list price received for existing condominiums was 94.4%, up 1.1% from 93.4% last year.

The median number of days between listing and contract dates for Miami single-family home sales was 39 days, a 32.8% decrease from 58 days last year. The median number of days between the listing date and closing date for single-family homes was 83 days, a 17.8% decrease from 101 days.

The median time to contract for condos was 52 days, a 29.7% decrease from 74 days last year. The median number of days between the listing date and closing date for condos was 96 days, a 16.5% decrease from 115 days.

National and State Statistics

Nationally, total existing-home sales transactions dropped 17.8% from March to a seasonally-adjusted annual rate of 4.33 million in April. Overall, sales decreased year-over-year, down 17.2% from a year ago (5.23 million in April 2019).

In April, statewide closed sales of existing single-family homes dropped 20.7% year-over-year, totaling 21,403 while condo-townhouse sales declined 36.5%, for a total of 7,506. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

The national median existing-home price for all housing types in April was $286,800, up 7.4% from April 2019 ($267,000), as prices increased in every region. April’s national price increase marks 98 straight months of year-over-year gains.

In April, the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 100 months in a row. The statewide median sales price for single-family existing homes was $275,000, up 6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $209,000, up 7.7% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Miami’s Cash Buyers Top National Figure

Miami cash transactions comprised 22.1% of April 2020 total closed sales, compared to 34.8% last year. The national figure for cash buyers is 15%.

Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international homebuyers, who tend to purchase properties in all cash.

Condominiums comprise a large portion of Miami’s cash purchases as 34.2% of condo closings were made in cash in April 2020 compared to 12.3% of single-family home sales.

Seller’s Market for Single-Family Homes, Buyer’s Market for Condos

Inventory of single-family homes decreased 12.4% in April from 6,935 active listings last year to 6,076 last month. Condominium inventory decreased 9% to 16,049 from 14,599 listings during the same period in 2019.

Months supply of inventory for single-family homes decreased 13.8% to 5.6 months, which indicates a seller’s market. Inventory for existing condominiums decreased 7.9% to 12.8 months, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Months supply of inventory is down since July 2019 for single-family and since March 2019 for condos, reflecting strong demand.

Total active listings at the end of April decreased 10% year-over-year, from 22,984 to 20,675. Active listings remain about 60% below 2008 levels when sales bottomed.

New listings of Miami single-family homes decreased 42.5% to 1,097 from 1,909. New listings of condominiums decreased 44.9%, from 2,297 to 1,266.

Inventory of active listings has decreased the last eight months for condos and the last nine months for single-family.

Nationally, total housing inventory at the end of April totaled 1.47 million units, down 1.3% from March, and down 19.7% from one year ago (1.83 million). Unsold inventory sits at a 4.1-month supply at the current sales pace, up from 3.4-months in March and down from the 4.2-month figure recorded in April 2019.

To access April 2020 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com

Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

About the MIAMI Association of Realtors

The MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 100 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 52,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 223 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com

By: Chris Umpierre

Una Residences Brickell Pre Construction

2020-04-22T11:29:00.001-07:00

PROPERTY DETAILS

Designed by Adrian Smith + Gordon Gill Architecture, Una takes its inspiration from the elegant shapes and materials of classic yacht design. Instantly recognizable by the sweeping curve of its dramatic silhouette, the building’s glass surface brilliantly reflects the dazzling sunlight, while the floor-to-ceiling windows take advantage of a coveted setting on Biscayne Bay. With lush gardens designed by Enzo Enea, extensive amenities such as the spa and gym, elegantly envisioned by the chairman of Aman, private boat slips, and easy access to Coconut Grove, Downtown, Brickell, Miami International Airport and the beaches of Key Biscayne, Una is an exemplar for Miami living.

BUILDING AMENITIES

135 luxury condominium residences

Iconic 45-story waterfront condominium

2- t0 5-bedroom residences ranging from

1,100 to 4,786 sq ft

Unobstructed views of the Atlantic Ocean, Biscayne Bay, and the city skyline

High-efficiency and noise-reducing floor-to-ceiling exterior glass

Three levels of underground parking

RESIDENCE AMENITIES

Private elevator entries into each residence

Expansive terraces with effortless “lift-and-glide”floor-to-ceiling doors and glass balcony railings

10'8" ceiling heights, above Miami standard

Chef ’s kitchens with Gaggenau ovens, electric induction cooktops, microwaves, dishwashers, and refrigerators/freezers

Master suites with separate his and her closets and bathrooms

Utility rooms with full-sized washers and dryers

Flow-through residences with east-to-west ocean and city exposures on the top floors

Two penthouses, each with a private pool and 11'7" to 12'4" ceilings

For more information visit: http://malenyshernandez.com/project-details/758/una-residences

Top 5 Mistakes to Avoid when Selling your House

2020-03-06T08:55:00.000-08:00

Selling your home is often an emotional decision. Homeowners can feel an attachment to their home because of the memories they’ve created there, the lessons they learned as a homeowner, the pride they feel in owning. But when the time comes to move out, whatever the reason—upsizing, downsizing, relocating—you’ll want to know these top 5 common mistakes that sellers make so you can avoid them.

1. Letting Emotional Attachment Influence the Asking Price

Your home might be your most prized possession, but it’s also an asset and the market determines it’s value. Allow an objective and knowledgeable real estate agent to value your home to ensure a reasonable listing price that will result in a sale.

2. Overpricing your Home

We know you love your home, but don’t worry, others will too if it’s priced fairly. Overpricing your home will only result in a stale listing and further price reductions.

3. Not Making Necessary Repairs and Removing Clutter

Improve your property’s value by making both cosmetic improvements and mechanical repairs before it hits the market. A nominal investment often leads to an increased selling price.

4. Not Providing Easy Access for Showings

In order to sell your home, your real estate agent needs to show it, so make it easy for them with few restrictions. Remember, the best way to get the highest price for your home is to have the most people to view it.

5. Not Doing Enough Research on your Real Estate Agent

Sellers often trust friends, family, and people within their network to handle the sale of their home. Make sure to choose an agent that is professional, honest, licensed, knows how to negotiate, specializes in your neighborhood, has access to the right audience and has positive reviews.

Elliman Editors

If you or someone you know is interested in purchasing real estate in South Florida or simply would like more information, please feel free to contact Malenys Hernandez, realtor at Douglas Elliman Real Estate at 786-302-5343 or email malenys.hernandez@elliman.com

98-story Waldorf Astoria coming to Downtown Miami

2020-02-21T16:38:00.002-08:00

The $1 Billion skyrise Waldorf Astoria Hotel and Residences in Downtown Miami by renowned architects Sieger Suarez and Carlos Ott, has secured a pre-construction loan and now prepares to launch sales by late 2020.

The building will be centrally located in 300 Biscayne Blvd and will feature 140 hotel rooms and 400 condo units.

The hotel and condo building will reach approximately 1,040 sqft and be 98 stories tall, making it the new tallest residential building south of New York. The current tallest residential tower in Miami is Panorama at 868 sqft with 81 floors.

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