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.
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.
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.
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.
Today’s Brokers Opens in Coconut Grove, Coral Gables and South Miami
As I have mentioned in previous blogs, Wednesdays are Brokers Open day here in sunny South Florida. Here is a short video of the lovely properties I visited today.
A big part of my job as a local specialist is to know the inventory of homes available so when the agents open their listings for us, I take full advantage. I love it when I get a call from one of my clients asking me what I know about a house and I not only know the house but have been in it and can tell them details that are not common knowledge. Some things you just can’t tell by looking at a photo or virtual tour.
If you are interested in seeing any of these homes please give me a call at 305-987-2644 or send me a note here.
The 1st Quarter 2011 numbers are in and things are looking great!
The year is off to an amazing start in the tri-city area of Coconut Grove, Coral Gables and South Miami. As reported in the Miami Herald earlier this month, “Home sales hit five year high in South Florida”. Since I am a visual person and like my information in a succinct format, I thought you might too. 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.
The big winners so far are the condos under $500,000. The sales for condos are up 64.6% over last year this time. The contracts pending are up 60.3% and the inventory of condos for sale is down 15.7%. This is great news for all those condos that have been sitting on the market for literally years.
The single family market is showing significant changes also and all are in the right direction. Compared to last year’s first quarter, sales are up 3.1%, pended homes (under contract) are up 17.6% and the inventory of homes is down almost 16% . This translates to less homes for sale and more homes being purchased. The perfect scenario for movement towards a balanced market.
Single Family Homes up to $500K
Sales – ↑ 10.5%
Pending contracts - ↑ 13.8%
Inventory - ↓ 19.4%
Single Family Homes from $500,000. to $1MM
Sales – 0% change
Pending contracts ↑ 40%
Inventory – ↓ 18%
Single Family Homes for over $1,000,000. 
Condos for under $500,000
Sales – ↑ 64.6% Pending contracts – ↑ 60.3% Inventory - ↓ 15.7%
Condos from $500,000 to $1MM
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
EWM Realtors – South Florida’s Luxury Real Estate Leader
Need I say more?
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
Brokers Open Top Pick – 411 Majorca Avenue, Coral Gables
As many of you know, Wednesday is one of my very favorite days. Here in Coconut Grove, Coral Gables and South Miami, it is Brokers Open day. This is the day when local agents get to show off their listings by making them available for other agents to preview. It is a very effective marketing tool as it give the agents the opportunity see many homes at one time, with all of them thinking ”Will this house work for my client?”
Today’s top pick is this charming Spanish style home located at 411 Majorca Avenue in Coral Gables. It has been impeccably maintained but still has all the original charm and detail you would expect from a home of this era.
Majorca Avenue is one of the most desirable locations in Coral Gables and with 3 bedrooms, 2 baths and almost 1,500 sq ft, at an asking price of $399,000., I think this home is a great deal.
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
Tri-City Market Update – July 2010 – Coconut Grove, Coral Gables & South Miami
Under $500,000.
$500,000. to $1,000,000.
Over $1,000,000.
Condominium and Townhomes
Coconut Grove (Miami) to the Florida Keys – Short Trip, Big Vacation
For those of you that follow my blog, you may have noticed a little break in blogging this last week. I was on a much needed and truly valued vacation. The best part for me is that I didn’t have to go too far. One of the many benefits of living here in Coconut Grove (Miami) is it’s location to many coveted vacation spots. None more frequented by this native Miamian than the Florida Keys.
Within 1 hour’s drive you are in this vacation paradise. As a native, I have been going to the Keys all my life and for some reason, the minute I hit the infamous Card Sound Road I feel the stresses and tensions of everyday life just slip away. It is almost magical how it happens every time.
On this trip, we spent the entire time in Key West, the southernmost point in the continental U.S. The Florida Keys are known for their sunny days, spectacular sunsets and many water sports including boating, scuba diving, snorkeling and fishing. In addition to the above, Key West also boasts of a lively nightlife, a variety of eateries and a sunset celebration every evening on Mallory Square.
I couldn’t have asked for more. It was perfect. I feel rested, refreshed and have a tan to boot.
Well now I am back and ready to get back to work so, if you are looking for a real estate professional who specializes in Miami, Coconut Grove, Coral Gables or South Miami real estate, give me a call at 305-987-2644 or send me a note here.
