Miami Beach Real Estate News

Real Estate News

Every day is a different experience in Miami Beach.  Its ever-changing landscape and the diversity of the Miami Beach real estate market present exciting new ventures, opportunities and events that make it one of the most dynamic cities in all of sunny South Florida.

Our Miami Beach real estate blog is always being updated with the latest real estate news about Miami Beach and its neighboring areas, including local events and exciting new happenings.  As part our ongoing efforts to provide you with the most comprehensive information on Miami Beach and its collection of varied property, we will highlight and acquaint you with a new, acclaimed Miami Beach condo each month.

We encourage you to comment on our latest Miami Beach real estate and South Beach real estate news postings and contribute to the discussion.  The eclectic lifestyle and community always presents new perspectives and we’d love for you to share our postings with friends and family through your preferred social networking websites.  Thank you for reading our Miami Beach blog!

Tuesday, April 30, 2013

280 S. Hibiscus Drive on Hibiscus Island in Miami Beach, can only be described as perfect. The lawns are expertly manicured and the home is in the traditional Mediterranean style, that is prevalent in Miami Beach. It is two stories and has 6 bedrooms with 7 and 1 half baths, within 6,201 square feet. The lot is 10,500 square feet and is waterfront with a boat lift and additional dockage. It is a newly completed home, as of 2011, and everything has been customized. Floors are imported Brazilian teak, Italian marble, and imported tile, and all the furnishings are designer. The entertainment and audio systems are top of the line and it has an outdoor kitchen and stunning infinity edge pool. It is listed at $7.9 million.

Hibiscus Island is one of the barrier islands that comprise Miami Beach. Conveniently located equidistant from South Beach and Downtown Miami, this neighborhood is comprised of dry  lots and waterfront homes and it has 24 hour gated security and community features that make it one of the most desirable pocket neighborhoods in South Florida. The Miami International Airport is a 15 minute drive, and all of the attractions in the Design District, Brickell, and South Beach are under 20 minutes away. Homes of this caliber are not staying on the market long in South Florida and if you are interested in this home or others on Hibiscus Island, contact us today.

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Thursday, April 25, 2013

It has just been announced by StreetEasy.com that the first quarter luxury sales in Miami are up 16.3% compared to last year. The definition of a luxury home is the upper 10% of transactions, or above $855,000. This base price is also up by .6% from last year and have increased by 3.6% from the last quarter. Where is the luxury property located in Miami? According to the website, which is based out of New York, South Beach and Fisher Island make up 64.1% of the luxury property in Miami Dade County. This number is likely to continue given the new developments in South Florida that are selling consistently.

More positive numbers reported by the site include the reduction in distressed homes on the market. Distressed sales declined by an enormous 18.8% from a year ago, and 15% from the previous quarter. This reduction in the distressed sales positively effected the median prices of distressed home sales which are up by 17.3% from last year. Lastly, the reduction of distressed properties have created an upward surge in the median sales price of single family homes, which are up 25.1% since March of last year, according to the Miami Association of Realtors. Condominium prices are up by 19.3% as well. Incredible news for Miami real estate, and it means now is the right time to sell. If you are seeking representation from a realtor in listing your property, contact us today!

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Wednesday, April 24, 2013

It is that time of year again when all the beautiful people descend to South Beach for the Miami Beach Polo competition on the beach. Located on the 20-21st block of Miami Beach, behind the incredible Setai Hotel and Residences, the Miami Beach Polo will be taking place starting tomorrow. VIP tickets are available and include top shelf cocktails and hor d’oeurves from Gold and Pepper on Thursday and Friday and Fogo de Chau on Saturday and Sunday. These events are star studded and filled with glamour the afternoon sessions are from 2-5 and it really is one of the most coveted tickets in the social calendar in South Beach. As you exit the event be sure to look at The Setai Residences and Resorts, we specialize in properties in that incredible building. Here is the price sheet for the event.

4 Day Pass: $450

3 Day Pass: $375

South Beach Women’s Polo Cup: $100 , Thursday April 25, 2013

Miami Beach Polo World Cup: Day 1- $130, Friday April 26, 2013

Miami Beach Polo World Cup: Day 2- $150, Saturday April 27, 2013

Miami Beach Polo World Cup: Day 3- $150, Sunday April 28, 2013

 

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Tuesday, April 23, 2013

Acting Director of the Federal Housing Finance Agency, Edward DeMarco, testified last week before the Senate committee on Banking, Housing, and Urban Affairs. His testimony reiterated the prevailing news in real estate, that a recovery is in fact underway. The subject of the testimony and the questions that lawmakers face, is how the federal government plans to move forward in terms of loan modifications, credit to borrowers, and consumer protections. The following statement was made by DeMarco on these merits, “While is it ultimately up to lawmakers to provide an answer, in my opinion the main purpose in addressing housing finance reform should be to promote the efficient provision of credit to finance mortgagees for single family and multifamily housing. An efficient market system for providing mortgage credit to people who want to buyer a house should have certain core characteristics: it should provide consumer choice, it should provide consumer protections, it should allow for innovations by market participants, and it should facilitate transparency.”

Last year, government sponsored enterprises helped an estimated 2.2 million families who were struggling to repay loans. In the luxury market, this number is important because when there are less foreclosures and short sales, the market is more stable and home prices increase. DeMarco pointed to a number of elements in his testimony from records from Freddie Mac, Fannie Mae, and the National Association of Realtors. According to the National Association of Realtors, the current supply in the US is at 4.7 months which is decreased from last year when it was 6.4 months, this constriction in homes has led to an increase in home prices by 6.5%. FHFA stated that Freddie Mac and Fannie Mae combined granted 1.3 loan modifications, 665,000 repayment plans, and 150,000 forebearance plans. A recovery is definitely underway, and we will report the federal response as it emerges.

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Friday, April 19, 2013

When you list a home, you expect that it will sell within 6 months, conservatively. In this market, we are seeing homes sell as quickly as 4 days. New sellers hear these stories and expect when they list their home, it will sell immediately, if it does not, they are in disbelief. The short answer is there are a number of deterrents and solutions when your home does not sell quickly in a market with so little inventory, which is the prevalent climate in  Miami. We are offering you and inside look at the mechanisms that may be underlying why your home is not selling, and some solutions. If you are considering listing your home on the market, you will find these points useful as well, contact us for private consultation, as we are always available. Happy Selling!

  1. Priced Too High: This is a no brainer in real estate. If your home is priced significantly higher than homes listed in your neighborhood, in terms of square feet, and amenities, chances are it will not sell. One indicator of a home being priced to high, is the reaction of other realtors to the listing. Your listing realtor should be able to provide you with an accurate comparative market analysis that will put your home in a price point that will allow it to sell quickly and also be fair.
  2. Something just isn’t right: If your home has undesirable features such as a small yard, a poor view, or bad location, there is a good chance that has something to do with it not selling.  There is little you can do in this instance save a price reduction.
  3. Not Exposed Enough: Your realtor should at the very very least list the home on a multiple listing server, craigslist, realtor.com, Zillow, and Trulia. Further, they should advertise the home across their social media, blog, and newspaper for maximum exposure to buyers. One tip would be to pay attention to their listing presentation and see how they access channels to buyers.
  4. Too Personal: If your home has too many personal affects a buyer will likely step away because of their inability to see themselves in the home. Home paint colors may affect this and pictures too. Stick to neutral colors and no bricka brack.
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Thursday, April 18, 2013

According to first quarter market reports conducted by firm Douglas Elliman, waterfront properties are increasingly sales prices of homes in the Miami area. With inventory tight, and demand high, comparable homes on the market are getting harder to come by. Distressed homes in the Miami area have fallen by 24.7% since one year ago, which also compounds the hikes in prices, according to the report. Distressed properties have been a source of property value declines since 2008, and with fewer released on the market, due to favorable refinancing and the banks releasing fewer foreclosures, the amount of distressed homes on the market has decreased by an enormous amount.

To give you an idea of the phenomenon, the demand for distressed properties, most especially distressed luxury properties, is unchanged and has witnessed cash buyers entering in bidding wars for distressed properties. Thus the final price comes in closer to the actual value. The proof is in the numbers. The median price of short sales and foreclosed condominiums in Miami has increased by 17.4%, from $95,000 to $111,500. This in turn has affected the non-distressed median sales price to increase by 7.4% .  Miami used to be considered ground zero for the crisis, but no longer. International investors are still snapping up property and the luxury market, and lack of distressed inventory, are making Miami one of the strongest markets in the country. If you are looking to invest in Miami, contact us today.

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Updated: Wednesday, November 22, 2017

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