Market Trends

South Miami Home Market Analysis

May 21st, 2010 Categories: Market Trends, South Miami

Nothing gives you a clear picture of the South Florida real estate market as aptly as looking at the numbers.  And nothing gives a better understanding of the numbers as well as a visual aid.

Here’s what’s going on in South Miami. Please note that these numbers do not include the High Pines and Ponce Davis area.  While folks like to think of each of them as part of South Miami, they really aren’t officially part of the city of South Miami.  I ran these reports by city.  I’ll devote separate market reports to High Pines and Ponce Davis homes.  Below is a breakdown of the homes presently available for sale in South Miami:

There are 56 single family homes available for sale in South Miami. The lowest priced one at $29,900 (no, that isn’t a typo) and all the way at the other end of the spectrum is the highest priced at $1,899,000 (a beautifully appointed newer construction with 6 bedrooms and centrally located just minutes from U.S. 1).

In comparison, below is what is Pending Sale in South Miami.  That means that the home seller and buyer have come to an agreement on price and terms, escrow has been opened, and the transaction is on its way to closing sometime in the near future.  Considering the number of closed sales in the last 3 months (noted below), this number of pending sales is a very healthy number.  Keep in mind that not all sales that go under contract get to closing.  Sometimes the transaction falters and the reasons are many.  Of the 22 homes pending sale in South Miami, 12 are short sales and 2 are foreclosures.  So more than half of the pending home sales are distressed sales:

The final graphic shows what has actually closed in the last 30 days.  There were 3 closed sales in South Miami in the last 30 days.  There were 9 closed sales in the last 3 months, so last month’s activity is pretty much the average for the area lately: 3 sales a month:

When you think about the fact that there are 56 homes for sale and they are selling at a rate of 3 per month (we do not count pendings when calculating this), there are 18.66 months of inventory available for sale in South Miami. A normal market has about 6 months of inventory.  This means it is crucial that you price your property well to be one of those closed sales.

Spoken by Maggie Dokic | Discussion: No Comments »

$8,000 Homebuyer Credit Extension Update

October 30th, 2009 Categories: For Buyers, Market Trends

Almost daily I am asked by Miami home buyers if “the credit” has been extended. The deadline for the current credit is fast approaching (Nov. 30th) and if you’re not in contract already to buy a house, it is unlikely that you will be able to take advantage of the present credit.

BUT today we have news of being closer to a decision on whether the credit will be extended and/or expanded.  The Senate has come up with the following:

• Keep the amount capped at $8,000
• Extend the close date to June 30, 2010 (must be under contract by April 30)
• Raise the qualifying income limits to $125K for singles & $250K for joint taxpayers (limits are presently $75K & $150K respectively)
• Add a separate credit (up to $6,500) available to existing homeowners who have been in their home 5 of the previous 8 years before closing

The Senate still has to vote on the above and the House of Representatives could come up with it’s own version.  But this step brings us closer to a decision.

If you’ve been looking for a Miami home and hoping to qualify for the credit, you still may be able to.  Stay tuned.

Spoken by Maggie Dokic | Discussion: No Comments »

Bulk Sales Of Condos Being Tested In Florida

July 31st, 2009 Categories: Market Trends

Over 23,000 condos were built in Miami since 2003 and their prices have fallen by half since December 2006!

The glut of condos has not gone unnoticed!!  Opportunities to make money in this sector of the economy has created the Bulk Purchase Of Condos  as a new concept that is being tried first in Miami and if this proves successful, it will spread to cities like Las Vegas and San Diego where many condos are standing empty.

In Aventura, the Artech development of condos at 3131 N.E. 188th Street was completed with 235 units.  41 of these units were bought in bulk and at greatly reduced prices from the developer and are now on the market with 15 having been sold, so far.

At Bal Harbor One, a luxury highrise overlooking the gorgeous Government cut oceanfront, sold off 51 condo hotel units for 14.6 million dollars, to a bulk investor.

This type of purchase, allows new prices for these condos to be set at current rates and buyers will be able to take great advantage of severely reduced prices of well built, luxury properties.  Truely, a great chance to really get a deal.

This also allows condos to get filled up and collect maintenance fees.  These private investors are acting stragically, pricing the properties at the market, offering incentives, and sometimes renting those that don’t sell.  They are filling a need in the market place.

This is good old fashioned American ingenuity!  Please call me for more details and information if you are considering a bulk purchase…

Spoken by Lee Heuer | Discussion: No Comments »

Miami Real Estate Is Hot, Hot, Hot

June 16th, 2009 Categories: Market Trends

I’ve not been writing a lot in the blog lately.  I’m swamped with work.  (no complaints here).  Not only is the exclusive listing at Graceland Estates keeping me super busy, I’ve got my buyers keeping me busy too.

The real estate market has definitely gotten hot around here. Everyone I speak to is just as busy as I selling Miami homes.  In fact, there are so many buyers out there that each time we prepare an offer on a property we are competing with other buyers and find ourselves in multiple offer scenarios.

This means we’re losing out on homes and having to keep looking.  It also means that homes are selling for more than asking price, when priced right to begin with.  I’m referring mostly to REO’s (bank-owned real estate).  Right now, foreclosures are what most buyers want. Although I’ve definitely seen a trend away from that in the homes we’re selling at Graceland.  Buyers are so fed up of presenting offer after offer, only to be told that another offer was accepted that the option of buying a well-priced new construction home is looking better and better each day.

Still wondering if it’s time to jump back in the market and buy that home? Don’t wait any longer.  Mortgage rates are trending back up, but still low.  Getting in now makes perfect sense.

Spoken by Maggie Dokic | Discussion: No Comments »

Home Prices That Shock Even Us

February 8th, 2009 Categories: Market Trends

Have you been sitting on the fence waiting for the right time to jump in and buy a home in the Miami area? If you answered yes, you’re probably in the minority right now.  Most fence sitters have jumped off and are actively looking at properties.  Our phones are ringing constantly with folks wanting to look at foreclosures.  The deals are just too good to pass up.

Some prices that have shocked even me lately:

• A 3 year old, 3 bedroom, 2.5 bath townhouse for $45,000 in Homestead. No, that isn’t a typo.  And no, you don’t have to wield your way home with a machete.  And heck, if you wanted to spring for another $3,900, you could have opted for the waterfront version.  Yes, I saw these deals.  And yes, they were scooped up quickly.
• A 4 year old, 3 bed, 2.5 bath, 1-car garage, 3-story (yes, 3!) townhome in excellent condition priced at $79,000. The kitchen had granite countertops and stainless steel appliances.  There was light streaming in through all the windows.  The 3rd floor had an extra loft space with a balcony that wrapped around the corner of the unit.  It really was gorgeous.  And it really was sold.  Cash.  All in escrow.  Sold in mere days.
• A 2 year old, 2 bed, 2 bath condo with a wide lake view for $29,900. Yes, the Honda truck that passed you on the Palmetto cost more than that.

The very best deals sell quickly.  And right now more are popping up.  But what happens when the last of the foreclosures gets sold?  No more rock bottom prices.  That won’t happen for a bit yet.  But rest assured that it will happen.  Don’t get left behind.  Get off that fence.

Spoken by Maggie Dokic | Discussion: 1 Comment »

Miami Home List Prices – Why The Disparity?

December 26th, 2008 Categories: Market Trends

The other day I was reading a Homestead community blog and was taken aback by a comment I saw there. It seems one of the readers had a problem with “so called realtors” and the list prices they (we?) use on the homes that are up for sale.

His complaint is that in the same community there are homes listed in the 90’s and all the way up to the high 200’s. It doesn’t make sense. My fingers sometimes respond faster than my brain and I started typing out a response. Then my brain caught up with me. I thought…well, he does have a point. I myself have often been doing research for a client and find such a disparity in list prices that they are of no use to me.

Read the rest of this entry »

Spoken by Maggie Dokic | Discussion: 2 Comments »

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