Archive for the ‘Biscayne Corridor’ Category
Tuesday, March 19th, 2013
As of March 2013, the filings of Foreclosures dropped 25% in comparison to last year according to Realtytrac. Many predict the housing markets may be returning to normalcy.
“At a high level the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years,” said Daren Blomquist, Vice President of RealtyTrac, which released the latest data.
What about Florida? Well, we are still dealing with lots of foreclosures, as statistic released by RealtyTrac shows that our state has the highest foreclosure rates for six consecutive months as of February 2013. Having said this it is important to note that foreclosures in Florida have dropped significantly in the past year specially in Miami in markets like Brickell, Downtown, Midtown, Coral Gables, Coconut Grove, Key Biscayne and Pinecrest. There is still that misconception that there is an abundance of foreclosures especially in Miami and buyers are still looking for that golden deal. In our upcoming blog we will provide you with a market report, which reflects the current inventories in todays market and how price per square foot has been increasing due to low inventory levels. Miami is on the downward slope of the foreclosure train!
No longer do we have the situation were a buyer has multiple opportunities to snatch a great foreclosure deal, there just aren’t that many out there at least not in the select Miami neighborhoods.
If you are in the market for a foreclosure opportunity you may look at states like Nevada, Maryland and Washington, which show surging foreclosures. As stated by Daren Blomquist,”Dangerous foreclosure flare-ups are still popping up in states where foreclosures have been delayed by a lengthy court process or by new legislation making it more difficult to foreclose outside of the court system. Foreclosure starts have been steadily building in those states over the last several months and likely will end up as bank repossessions or short sales later this year.
“These new foreclosure hot spots include states like Washington, where seven straight months of rising foreclosure activity pushed the state’s foreclosure rate to fifth highest nationwide –the highest it’s ever been in our report — and Maryland, where eight straight months of rising foreclosure activity placed the state’s foreclosure rate among the top 10 nationwide for the first time since July 2010.”
Having lived in Miami for over 20 years and selling real estate for the past 10, I have acquired the experience and know how it takes to help Buyers and Sellers achieve their goals and make sound real estate investments. If you are interested in getting more information about the market or have a question about a particular property give me a call at 786 -853-2333 or email me here. The areas that I specialize in include, Coconut Grove, Coral Gables, The Roads, Brickell, Downtown, Midtown, Miami Shores and Miami Beach.
Posted in Bank Owned condos, Biscayne Corridor, Brickell Condos, Brickell Condos Sale, Brickell Lofts, Buyers, Coconut Grove, Coconut Grove lifestyle, Coconut Grove Real Estate, Condo Deals, Deals, Downtown best places, Downtown Condos, Downtown Luxury condos, Family, Foreclosures, Grove Isle Coconut Grove, Home Buyers, Hot Brickell Rentals, Icon Bay, Infinity at Brickell, Investors, Investors buy in Miami, Island living, Miami Real Estate, Offers, Sellers, Time to Buy, Uncategorized | No Comments »
Tuesday, February 12th, 2013
If you have been following the real estate market in the past year you will have noticed how quickly the inventories have been dropping in key areas in Miami-Dade County. As evident in the above chart from 2011 to 2012 we have had a15% increase in Single Family home sales and 27% increase in Condominium Sales (Source: South Florida Regional MLS).
Since 2008 Single Family homes and Condominium sales have gradually taken the upward slope. Another interesting fact is that in 2008 we had on average a 29 month supply of Single family homes on the market and 40 months supply of condos, it was truly a buyers market! Everyone wondered how much lower prices would continue to drop since it seemed absorbing those levels of inventory would take a long time. I remember I had buyers telling me ” the market has not hit bottom yet it will take years and years to recover from this”. In 2009, less than a year later the supply levels had dropped to 10.2 month supply for homes and 18.2 months for condos, less than half!Today’s inventory levels are down to 4 months worth of supply and even less on rental properties. Buyers that decided to wait in 2011 and 2012 can’t believe the opportunity they missed. Today we find buyers facing multiple offers situation or frustrated because properties are going under contract before they can submit their offers.
The market is hot and everyone is realizing that waiting that extra year to buy at a lower price is no longer an option.If you are currently in the market to purchase a property give me a call, together we can find your dream home. If you are considering selling, I can provide you with the latest sales in your area as well as a comprehensive analysis of your property’s value.
Having lived in Miami for over 20 years and selling real estate for the past 10, I have acquired the experience and know how it takes to help Buyers and Sellers achieve their goals and make sound real estate investments. If you are interested in getting more information about the market or have a question about a particular property give me a call at 786 -853-2333 or email me here. The areas that I specialize in include, Coconut Grove, Coral Gables, The Roads, Brickell, Downtown, Midtown, Miami Shores and Miami Beach.
Posted in 500 Brickell, Bank Owned condos, Best places to buy real estate, Best places to live, Biscayne Corridor, Brickell Condos, Brickell Condos Sale, Brickell Lofts, Brickell new construction, Brickell Rentals, Buyers, Coconut Grove, Coconut Grove lifestyle, Coconut Grove Real Estate, Condo Deals, Deals, Developer closeout Brickell, Developer units, Downtown best places, Downtown Condos, Downtown life, Downtown Luxury condos, Downtown Restaurants, Family, Foreclosures, Grove Isle Coconut Grove, Home Buyers, Hot Brickell Rentals, Hot Brickell Rentals, Icon Bay, Infinity at Brickell, Investors, Investors buy in Miami, Island living, Miami Real Estate, Neo Vertika Condos, Offers, Property Taxes, Relationships, Resorts, Sellers, Time to Buy | No Comments »
Monday, February 4th, 2013
If this question has been going back and forth in your head for a while now, you should read this! At this moment, the market is undergoing a phenomenon called “Inventory Shortage”, which basically is the result of strong demand and a very tight supply. Thanks to this inventory shortage, the prices of the properties that are on the market continue to rise. This is the most desirable time for sellers to put their properties on the market, once demand diminishes and inventory start to increase it will become a buyer’s market. In order for inventory to build there are a couple of factors that can occur, prices get out of control, investors leave the market or interest rates go up- with any one of these situations you will see a change in the inventory. This has not been the case in the past year nor does it seem like it will be happening anytime soon. In November 2012, the average sales price for Condominiums in Miami- Dade County increased 22.9% to $285,512 and the average sales price for single-family homes increased 17.4% to $377,918 as reported by the Multiple Listing Service (MLS). Obviously these numbers reflect all of Miami Dade, if we concentrate on areas like Coconut Grove, Brickell, Downtown, Midtown and Miami Beach you will find that the increase in these sought after locations is even higher.
So it’s clear that with low inventories and so many eager buyers in the market, now IS the time to SELL! Your next question may be, So how long will it take to sell my property ? Well, the properties are selling much more rapidly in the current market than they did a year ago. The current median days on the market are only 43 days for single-family homes and 51 for condominiums. Want more great news? 63% of total closed sales in November 2012 were all-cash sales as indicated by. Foreign buyers account for the highest number of cash sales in Miami as much as 90% of them are making cash purchases both on investment and second home properties.
Are you still insecure whether this is a good time to sell or not? Stop thinking, start acting!!! Get your property out there in the market now. Call me for a free property valuation and to get up to date information of recent sales in your neighborhood.
Posted in 500 Brickell, Best places to live, Biscayne Corridor, Brickell Condos, Brickell Condos Sale, Brickell Lofts, Brickell Rentals, Buyers, Coconut Grove, Coconut Grove lifestyle, Coconut Grove Real Estate, Downtown best places, Downtown Condos, Downtown life, Downtown Luxury condos, Family, Grove Isle Coconut Grove, Hot Brickell Rentals, Hot Brickell Rentals, Icon Bay, Infinity at Brickell, Investors, Investors buy in Miami, Island living, Miami Real Estate, Neo Vertika Condos, Sellers, Time to Buy | No Comments »
Tuesday, March 29th, 2011
In the past couple of months the condo sales activity has been everything but slow in Brickell. Condos priced at market or just below are going under contract in days a tremendous change from just month’s back. It seems that Investors have flooded the market in an effort to grab the deals before they are gone and prices start to stabilize. With short-sale’s taking up a large portion of the condos for sale in Brickell and Foreclosures or REO’s become more scarce buyers are now more willing to wait out for the Short-sales to be approved knowing this is the next best thing when it comes to grabbing a condo in Brickell at an amazing price.
If you are looking for a foreclosure deal keep in mind that the list price will usually be your starting point , specially in Brickell, the competition is fierce and Investors are ready to make cash offers many times above list price. If bank has priced the foreclosure property way below market the intention is to get multiple buyers interested and create a situation were multiple offers are submitted thereby driving the price up to were it should be. There are still opportunities out there it’s just a matter of looking for them….the question is how long will it last?
Tags: bank owned condos, best time to buy, brickell condo deals, brickell condos, brickell deals, brickell foreclosures, buy brickell condos, buy condos, Foreclosures in Brickell, great prices in brickell, reo, short sale properties, Time to buy
Posted in Bank Owned condos, Best places to buy real estate, Best places to live, Biscayne Corridor, Brickell Condos, Brickell Condos Sale, Brickell Lofts, Buyers, Condo Deals, Developer closeout Brickell, Downtown best places, Downtown Condos, Foreclosures, Home Buyers, Miami Real Estate, Time to Buy | No Comments »
Monday, October 4th, 2010
Even though most of these condo buildings in the Downtown/Biscayne corridor were finished in 2008 it seemed a bit like a ghost town back then….but things are slowly changing. With some Developers taking aggressive approach to sell-out the towers and new renters flocking to live in brand new luxury condos the area is showing signs of life and vitality. Although still many ground retails spaces remained unoccupied there are new leases coming in the works for next year. With heightened attention on this upcoming basketball season and the all star Miami Heat team, things are stirring up in Downtown. Fine dinning can now be found in Downtown, award winning Zuma restaurant open at Epic Hotel, and Amuse Restaurant and Lounge in Marquis and soon to open @ Marquis will be Miss Yip Restaurant. All the buzz is bringing new commercial investors to the area and soon the last few retail spaces available will most probably be rented to similar first class tenants. Although many are still skeptic about the Downtown transformation others believe the change is coming and will get here faster than imagined.
Some of the areas new Luxury High Rises include:
Click on the links to get additional information on sales and rentals in each of these buildings.
Tags: 900 biscayne condos, 900 biscayne sales, amuse restaurant and lounge, biscayne corridor, downtown epic hotel, downtown miami, downtown miami condos, downtown miami lifestyle, downtown miami restaurants, Downtown Miami venues, everglades on the bay, living in downtown miami, marquis condo downtown, marquis condo sales, marquis condos, marquis rentals, Miami buldings, Miami Heat, Miss Yip Restaurant, ten museum condos
Posted in Biscayne Corridor, Condo Deals, Downtown best places, Downtown Condos, Downtown Luxury condos, Downtown Restaurants, Foreclosures | No Comments »
