More sales and more listings: Miami Dade Real Estate market is growing

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According to the Miami Association of Realtors, the times are looking good for both potential buyers and those looking to sell their property in Miami- Dade. With more sales and listings, a significant activation period has begun.

Property values for residential homes in Miami on the rise

Doral Real Estate Miami

Both Single-family units as well as condos sale are thriving. The sales continue to go up at an increasing speed when compared to 2012. In addition, the number of homes in financial trouble is going down, including those in foreclosure. This past August was a good month for both property values and sales.

According to both Miami Association of Realtors and MLS, South Florida has seen sales going up, and especially with closing price tags extremely close to initial asking prices. The amount of single-family homes sold went up 15% from 1051 last year to 1210. Moreover, condos sales also went up but at a slower rate, 7.9%

In addition, price tags on single-family homes went up 20.5%, and 2.2% compared to previous months. For the past 26 months condo sales have gone up consistently, achieving today a total 27.5% increase and a 5.5% increase compared to the figures this past summer.

Miami sees a decline in forecloruses

The success in the current market is also proved by the decreasing number is foreclosure homes. Recently in Miami Dade County, the number of homes at financial risk has gone down significantly and surprisingly. This past august only 36% of homes sold were in financial troubles, including foreclosures and short sales, compared to 45% in 2012.

In addition, property values for both single family homes and condos sold in foreclosure also went up, with a 19.7% rise for single family homes and 24.7% for condos.

Miami Real Estate is almost SOLD OUT

The boom in the market causes properties to fly away off the market. Properties are selling quickly at a prices very close to initial asking prices. In the month of August 2013, single-family homes were an average of 35 days on market before selling, and condos came in close at 46 days. Also, selling prices of single-family homes came at 96.2% of initial asking prices, and condos slightly higher at 97.2%
Urban Miami
Most definitely, more listings are needed in order to fulfill demands in the market. Active listings at the end of august went up 3.1% compared to 2012. In spite of the increase in properties listed, the demand is not fulfilled. More new properties on the market are needed to satisfy these new demands.

As the market continues to blossom pre constructions are more prevalent than ever to meet our consumer needs.

One Mansion, many lives: the former Versace Mansion bought to become retail spot.

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Versace mansion david

There aren’t many 23,000-square-foot, 10-bedroom mansions waiting around to be converted into Apple stores or Victoria Secret locations. Thus, the Versace Mansion is a high commodity and may become a spectacular retail spot on Ocean Drive.

The former home of Versace on Ocean Dr. could be the hippest, coolest new retail space on the beach. Possibly, it will house an Apple store and Victoria Secret. In a time where recycling re-vitalizing has become part of many industries (the fashion industry with hipsters and vintage clothing, interior design with 70s vinyl’s, etc.) it might not be surprising that the iconic Versace Mansion on Miami Beach is being discussed as the next Apple fanatic it stop. Imagine the line of people waiting for their new IPhone, IPad or any other Apple product on the steps of the notorious icon of South Beach!

Jordache Jeans’ investment office won the bid at the auction with an offer of over 41 million dollars, saving the estate from bankruptcy. Even though originally the idea was to continue the life of the Versace brand and legacy (converting the place into a boutique hotel), this was prevented by family rights. Nevertheless, the location assures the project to become a spectacular retail location. The competitors at the bid were Donald Trump (who is also on the venture of renovating the Doral golf course) and Glenn Straub (Palm Beach club owner).

The Nakash brothers began the empire in 1969 with a jeans store in New York City. Today they provide denim for Gap, Levi’s, and Abercrombie. Over the decades the empire has expanded. The family has been making ideas into reality with their substantial financial ability. Considered a “billion-dollar empire,” they have purchased the Santa Monica Apply Store for 60 million, the Bond Building in Washington DC. priced fom over 100 million, and the Port of Eilat in Israel for 105 million.

Versace Mansion Store

Why Apple? Perhaps because of their ability to convert spaces and construct homes to their stores that pick up the local flare. As a creative company, there is an expectation that they will add something extra to the real estate. In an attempt to blend the old and the new, Apple might just be the candidate for the job.

Versace Mansion

However, locals have been presenting their case. This retail monster is seen my some as a mockery of south Florida history. Casa Casuarina, the original name of the property, has stood in South Beach long before the time of Versace. It was a 1930s residency of artist part of The Amsterdam Place. Only later, the fashion designer fell in love with the property and renovated it.

Miami Mansions

The property is simply amazing and speaks top the culture and history of the area. The three-story villa has been so far protected from demolition (and alterations in its exterior). The interior of the villa, however, are not protected, implying that the newcomers could potentially tore down the luxury detail added by the designer, mosaic pool, ceiling frescoes, and others.

Jordache’s has promised not to make any structural changes to the landmark and include a plaque in remembrance of the designer’s death in 1997. We have to wait and see…

Why Invest in Brickell Real Estate?

Posted on by gzirealestate in Miami Communities, Miami Real Estate News 1 Comment

Living In Brickell

Brickell is home to the Financial District in Miami, boasting the most international banks than any other city in the United States. Given Brickell’s relation to South America with the Port of Miami many Wallstreet Firms have moved their offices to Brickell to expand their markets into South America. Given the international investment Brickell has boomed in the last ten years. Brickell’s population increased 44% between 2000-2010 according to the US Census, with an average income 38% higher than citywide Miami. This has increased the property values as well as the cost in rent. In addition, most of the the professionals working in Brickell are 20-44. This has led to creating a high-end nightlife in Brickell. Brickell’s nightlife has become exclusive in Miami with hotspots like Segafredo and Blue Martini.

With a population of 71,600 in Downtown Miami and the 200,000 work-day population, Brickell has attracted many restaurants and retailers.

Restaurants in Brickell

Brickell Restaurant industry is up to par with Miami Beach, bringing in 8-10 million a year for high end restaurants. In 2012 we saw Brickell’s fine dining industry grow with the openings of Toscana Divino, PM Miami, Mint Leaf Indian Brasserie, and Doraku Sushi. If you are a fan of Japanese Sake then I suggest you try Doraku Sushi’s expansive Sake options along with house Sakes and quaffing flavored Sakes -the apple sake is my personal favorite.

Looking into the future, Brickell’s restaurant industry means business with China Grill, Meat Market, and Cipriani opening later this year. Meat Market has become a toothsome steakhouse in Lincoln Road attracting steak connoisseurs.

Buying in Brickell today would be a great investment, whether you are looking to live, vacation or rent out. In addition, Brickell has built an economic foundation gathered from many different markets.

In addition, Brickell restaurants have developed a relationship with locals with their weekly specials. My personal favorites are Happy Hour at Piolas and $10 Pasta Thursdays at Perricones. Brickell’s hospitality industry saw the demand by locals for a place to eat, drink, relax, and maybe even shop. Thus, in 2006 was the opening of Mary Brickell Village.

Demand for Brickell Real Estate Continues to Rise

Brickell’s Financial District is comprised by young professionals who have lived in New York or abroad; thus, many prefer the city life where you can easily walk anywhere. With a supermarket close by, Publix, and a gym, LA Fitness. These young professionals rather use public transportation, which Brickell offers with Downtown Miami’s metromover or the trolleys. Both of which are free services.
In addition Downtown Miami has seen an average increase of 2,600 residents per year according to the 2010 Census. This has resulted in all 62 Condos built since 2005 in Downtown Miami and Brickell to be 96% sold-out. Only 794 units remain as current inventory from the last eight years. That may seem like a lot of empty condos, but with the 2,600 residents moving in early in Downtown Miami the real estate prices will continue to climb. In addition, total inventory since 2005 is 17,502. That means that there is only 4.5% remaining inventory as of now. The average listing price right now (June 2013) has increased 27% since December 2012. In addition retail prices are also climbing in Brickell as available inventory of homes continues to shrink.

If you want to sell in Brickell now is the time, with Pre Construction not yet Move-In Ready, and the current price-per-square foot at $428. That is a 21% price increase per square foor in the last 12 months. In 2011 the average DOM for Brickell and Downtown Miami Real Estate was 180 days, today it is averaging 35 days.

Miami Real Estate Prices Continue to Rise as Demand Surpasses Supply

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High Demand for Miami Real Estate

Miami’s Real Estate has always been an exclusive investment, due to our beautiful beaches and sunny weather. Over the last year Miami’s Real Estate market has rebounded as demand for Miami properties has risen. Local Properties are being sold quickly due to the scarcity of properties available. The scarcity of supply has led to an increase of Real Estate prices over the last year.
According to MLS and Miami Association of Realtors, single family homes and condos have been increasing over the last 16 months. For instance, the median price for single family homes rose 25.1% to $225,000 compared to last year, with a 16% price increase in March alone. This has been the biggest price increase of single family homes since the boom of 2005.
Due to the high demand of Real Estate, we have seen an increase in Property Values. With the recent increase in your property value, now is an ideal time to sell. According to MLS 40.85% of homes sold within 30 days from January 1st to May 31 of 2013, with a median of 45 days in the market.

Rising Property Values in Miami-Dade County

Due to the high demand for Miami Real Estate the median asking prices for single family homes in March was $225,000, that is a 25.1% increased compared to last year, and a 16% increase compared to the month of February.
The median listing prices for Condos has been increasing steadily for the last 21 months. In march the median price for a Condo was $167,000; that is a 19.3 increase from last year, and a 1.2% increase from February.
In addition due to high demand homes sold within 30 days are sold at 98% of asking price, or 96% if sold within 90 days.

Strong Sales Continue in Miami

In 2013 we have seen an increase in property sales in Miami. Residential Sales in Miami-Dade County increased 2.7% in march, compared to record sales of last year. Single Family Residential sales in Miami-Dade increased 6.1% from 963 to 1022 homes. Condo sales increased 0.5% from 1451 to 1458.

Good time to Sell

The number of houses in the market at the end of March decreased 5% from 13760 to 13607 compared to March 2012, when there was already a scarcity of homes in the market. The inventory of single family homes decreased 9.7% whereas the inventory of Condos decreased 1.7%. At this rate there is a supply of 5.1 months for family homes and 5.9 months for condos in Miami-Dade. This present increases 19.1 and 6.6% respectively, compared to last year.

Decrease in ROE and Foreclose Sales

We are seeing an increase of prices in ROE and foreclosed homes, thus the demand for them is falling. In March 41% of closed sales were ROE, short sales and foreclosures, this is a decreased of last year in which closed sales for march were 49%.
Median prices of Condos and Residential Homes in mortgage rose 10.1% 144,000 and 23.6% to 105,000 respectively.