Coconut Grove, Coral Gables & South Miami Real Estate
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Miami named as “Most Outrageous and Most Positive” City on the Road to Real Estate Recovery
In a recent interview on CNBC, Ron Peltier, CEO of Homeservices of America, stated that he believes that we are on the road to real estate recovery and expects price stabilization in the second half of the year. He specifically mentioned Miami as having the “most outrageous and most positive” turnaround regarding market stabilization.
Mr. Peltier said that we have reached a “tipping point”. Much of this is due to the increase in rental prices. Many rentals are higher than the cost of owning a home. Additionally, he feels that there are many people that have been sitting on the sidelines for years that are now ready to purchase a home.
All of this is great news for us here in South Florida and frankly, as Realtors, we have been seeing the signs for months now. If you would like to see the entire interview just click on the link below.
Buffet CEO Ron Peltier interview with CNBC
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here.
Today’s Brokers Open – Unique Styles Abound
Today’s Brokers Opens offered quite the diversity in styles here in Coconut Grove and Coral Gables. Normally I would write about my favorite of the day but today I had three, all unique and worth mentioning.
6704 Le Jeune Rd, Coral Gables
First was this Cape Dutch South African style home in Coral Gables. It was designed in the 1920′s as part of the founder of Coral Gables, George Merrick’s grand “City Beautiful” plan. It has been completely updated and renovated adhering to the style in which it was built. This home has a main house with a spacious courtyard leading to the separate guest house. It is listed for $1,250,000. by Coldwell Bankers.
3941 Park Ave, Coconut Grove
If contemporary is your style, and for many people it is, this may be the home for you. This home was recently renovated and updated with amazing outdoor entertainment areas. It offers 5 bedrooms, 5.5 baths with 3,876 sq. ft. of living area on a cul-de-sac in South Grove. It is listed for $1,595,000. by EWM Realtors.
3617 Bayview Road, Coconut Grove
Last but definitely not least is this lovingly renovated historic Old Spanish. Though the style may be old, the updates certainly aren’t. All top of the line appliances with special attention paid to the true character of the home with antique fixtures and details throughout. The main house has 3 bedrooms, 2 baths but there is also a spacious 1 bedroom, 1 bath guest house. This home is listed for $899,000. by One Sotheby’s Int’l Realty.
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here.
2011 A Year in Review – Tri-City areas of Coconut Grove, Coral Gables and South Miami
2011 was a great year for the areas of Coconut Grove, Coral Gables and South Miami. Total gross sales were up significantly over the 2010 numbers with condos sales increasing 13.5% and single family home sales up 29.5% overall.
In most segments of the market, the inventory has been dropping steadily leading us towards a more stable market. The surprise though would be the over $1MM condos. Check it out below. There seems to be a few more for sale each month.
In the below graphs you will find the data regarding home sales, pended homes (under contract) and homes for sale on a month by month basis for all of 2011. I have segmented them by single family homes, condominiums and price range.
Single Family Homes up to $500,000.
Single Family Homes for over $1,000,000.
Condos from $500,000. to $1MM
Condos over $1,000,000.
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here.
Top Ten Reasons to Own Rather than Rent
With all the conversation regarding the real estate market bottoming out and if buyers should buy now or wait, I thought it was important to remember that not all home ownership decisions are financial ones.
The Florida Association of Realtors recently reported the top ten reasons to buy a home, rather than rent. I felt is was worth repeating….
1. You own it: With no landlord, you make the decisions.
2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.
4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.
5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.
6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.
7. You pick it: Choose from different neighborhoods, styles and price ranges.
8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.
9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.
10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here.
Buy vs Rent – Does it Pay to Wait???
Interesting statistics!!
Published by Keeping Current Matters.
Bank of America offering $20,000. to Short Sale home vs Foreclosure
A new program being tested in Florida may offer assistance to struggling homeowners looking at losing their home. If you are a Bank of America customer and possibly considering foreclosure, this may be an option for you.
The Palm Beach Post reported today that B of A is offering a $20,000. incentive to their homeowners that try to sell their homes in a short sale rather than just allow it to fall into foreclosure. This is a time sensitive offer. Only homeowners whose short sales are submitted for approval to Bank of America prior to Nov. 30 will qualify. The homes must have no offers on them already and the closing must occur before Aug. 31, 2012.
Click here to read the entire article.
Summer 2011 Market Update for Tri-City Areas – Coconut Grove, Coral Gables and South Miami Real Estate
Well, the summer numbers are in and for the most part, sales in the tri-city areas of Coconut Grove, Coral Gables and South Miami are up over last year this time.
The inventory of homes is consistently dropping, which in turn, has created quite the demand. The recent conversations among realtors is that they have the buyers but they are having difficulty finding homes. The nice, well priced homes are few and far between. And when one comes on the market, it goes rather quickly.
The most significant change so far this year are the condos from $300,000. to $500,000. The sales are up 158.3% over last year this time. The contracts pending are up 68.2% and the inventory of condos for sale is down 65.4%. This is great news for all those condos that have been sitting on the market for literally years.
The below graphs provide 15 months of data regarding home sales, pended (under contract) and inventory of homes currently for sale. I have segmented them by single family homes, condominiums and price range.
Single Family Homes up to $500,000.
Sales – ↑ 22%
Pending contracts - ↓ 25.7%
Inventory – ↓ 39.3%
Single Family Homes from $500,000. to $1MM
Sales – ↑ 50% change
Pending contracts ↑ 33.3%
Inventory – ↓ 50.3%
Single Family Homes for over $1,000,000.
Condos for under $300,000. 
Sales – ↑158.3%
Pending contracts – ↑68.2%
Inventory – ↓65.4%
Condos from $500,000. to $1MM
Sales – ↑22.2%
Pending contracts – ↑90.9%
Inventory – ↓35%
Condos over $1,000,000.
Sales – ↓14.3%
Pending contracts – ↓28.6%
Inventory – ↓23.3%
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here.
Number 1 in Luxury Home Sales – EWM Realtors
So far this year, EWM is ranked as the #1 Realtor in Miami-Dade & Broward combined for sales in excess of $1,000,000.
For the past four months, EWM has averaged selling a million-dollar-plus property every 24 hours… averaging 33 sales per month.
When thinking of selling your home, choose a specialist with a proven record!!
If you or someone you know are looking for a real estate professional, give me a call at 305-987-2644 or send me a note here.
More Good News!! Mortgage Interest Rates Down Again – 7th Week in a Row (Update 8th week)
Recently the news reported that the average mortgage rates have fallen for the 7th 8th straight week. Amazing. With the stabilization of the prices and low inventory here in the tri-city areas of Coconut Grove, Coral Gables and South Miami, now is definitely the time to buy.
Basically, the average rate on a 30-year loan fell to 4.55% and 15-year dropped to 3.74%. Both were the lowest of the year.
What does this mean to you? Well, if you are a seller, more buyers will find your home affordable. If you’re a buyer, your monthly costs will be significantly less than with the higher rates. Plus, if you will end up paying less for your home over the years.
Click here to read the full article…
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here.
Move-in ready homes are moving
Fixer-uppers are no longer the rage. A recent article by the Florida Realtors Association stated that 87% of first-time homebuyers prefer a move-in ready home. I think that one of the main reasons may be the initial costs of purchasing a home. Many lenders are now requiring 25% or more for the down payment and that’s not including the closing costs. All of this adds up to alot of money up front and after all that, who wants to fork up the cash to renovate a bathroom.
So Sellers that are willing to do what it takes to make their homes free of clutter, address maintenance and cosmetic repairs are going to get their homes sold and at a better price. I have even noticed that even some of the banks are fixing up foreclosures prior to putting them on the market. I was recently in a foreclosure that the lender had not only maintained the yard but they painted the walls and even re-finished the wood floors. I was so surprised that I called the agent to confirm it was a foreclosure. The banks must be realizing that if they want to get more of their money back, they need to put in a bit of work.
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here
