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Rent in Miami is not for skimpy pockets

Brickell Condos for Sale

Brickell Condos for Sale

Rent in Miami:

Miami is among the fifth least affordable markets in the whole country when it comes to renting, according to a Miami New Times’ article. The good news is we are up there together with markets like New York and Philadelphia, even higher than San Francisco! How is this good news? It is a good thermometer of the demand. In a market where investors from all over the world are buying properties to park their money with the expectation of covering their expenses and making some money by renting them, it is reassuring to know that rent in Miami is up. As you know, the strength of any market is a function of demand and supply.  This is also an indication that there is a rationale behind the thousands of condos under construction. Even when you see a crane in every block and you think “who is going to occupy all these units once they are finished?”, reality is we are still underserved when it comes to availability for rent in Miami. 65% of Miami residents are renting, even when the cost of buying and paying a loan is lower.

When you look at the purchase price per square foot in New York, Philadelphia and San Francisco compared to Miami, Miami is still on the cheap side. This means that you are buying at a much lower price range than these cities while rent values are pretty high. No wonder Latin American buyers are flying to multifamily properties, apartment buildings and other rental properties like bees in a flower field. According to MDDA (Miami Downtown Development Authority) Miami’s population doubled since 2000 and some areas like Brickell have increased 159% in less than 5 years while the Arts and Entertainment District increased its population by 167% during that period. With a steady population increase like this it is easy to understand how developers keep paying higher and higher prices for land even when the cost of construction is increasing by 1% every month. Data shows we still have some road to cover before we can meet the demand for housing.

If you are looking to purchase properties for rent in Miami, contact us right away. We’ll be happy to share with you market intel and good data to support your decision. After 20 years in the real estate market in Miami, we can help you.

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Philly steak omelette gives place for first Sunny Isles Beach new construction on West side of Collins

Sunny Isles new construction West side

Philly steak omelette gives place for first Sunny Isles Beach new construction on West side of Collins

For decades, tourists crossed Collins in shorts and sun huts from the beachside motels to Denny’s for breakfast or lunch. But, as the oceanside of Collins Ave has changed into ultra luxury new construction, the new residents are more interested in oysters and other delicacies than in 2000 calorie cheap meals. It was just a matter of time before such a valuable piece of land turned omelettes into 1 million dollar condos.

The Verzasca group will build a 19 story luxury tower with a slightly lower price point considering buyers will have to cross the street to enjoy the ocean so instead of $1,500 a foot, they are planning on selling the 76 units at $1,000 a foot. Architect Luis Revuelta is in charge of wowing us with the design.

It’s a matter of time before the trend extends as a tsunami washing away other sites on the West side to bring more luxury towers and high end retail. Its hard to imagine that the residents of a $5 million condo will be interested in buy one get one free at Payless Shoes.

With the walkable trend growing fast in Miami, the composition of the whole are is destined to change. Sunny Isles is in serious need of fancier office space, high end retail and restaurants to cater to the new high caliber population. Even though Sunny Isles Beach new construction is right between Bal Harbor shops and Aventura Mall, traffic is a nightmare that requires some good relaxation music and deep breathing. Walking across the street for some last minute urgent Louboutin shoes would be a much welcome change for the new crowd.  A new Design District across from the ocean would be a better match, the question is, who will be the visionary starting it?

Want to have a pie de terre in this paradise? Contact us at buymiamirealestate@gmail.com for more info on Sunny Isles Beach new construction

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Aventura Parksquare brings the “City within a City” trend to Aventura

Aventura Parksquare

Aventura Parksquare: A city within a city

Brickell City Center, Midtown, and soon Aventura Parksquare show that the “city within a city” trend in Miami is here to stay. Historically open spaces in Miami where not well received by the public. As a matter of fact, most of them failed miserably. Local people wanted to drive in air conditioned cars even for a few blocks  and the thought of sitting outdoors for coffee, or shopping outside in 90 degree weather was not their idea of fun. But as the number of Latin and European population grew, two things changed in Miami: Diet Coke is ordered with no ice, and being outdoors in Miami is great. Latin Americans and Europeans love the outdoors and enjoy walking. New Yorkers are looking at Miami as a place where they can move their business while enjoying the sunshine rather than a place to retire in old age. The hot weather is not an impediment and a nice dinner outside is an appealing plan. The change in the composition of the population pushed the development of areas like Brickell and Midtown, where the younger generation (and the young at heart) have said yes to the city lifestyle. What can be better than having the excitement of big cities together with the laid back t-shirt and Hawaiian Tropic scent?

These walkable areas are literally mini cities, take for example Aventura Parksquare, with residences, an Aloft Hotel managed by Starwood, offices, luxury retail, bike trails, walking paths. You can live, work, exercise, shop and plan your social life without getting into your car for days. You can even decide not to have a car at all! When the biggest complain in Miami is traffic, this sounds like you could have your cake and eat it too. Bernard Zyskovich who had the vision to create Midtown is the architect behind Aventura Parksquare. Designer Steven G will add the ambiance through his luxurious designs. With prices going from $450,000 to almost $1 million Aventura Parksquare is destined to be a success.

For more detailed info on Aventura Parksquare click here

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How to avoid a nervous breakdown over traffic in Aventura, Miami

Aventura circle biking

How to avoid traffic in Aventura:

If you live in my area you probably find yourself trapped in traffic in Aventura, desperately searching for a way out, and saying some not very ladylike words. Getting past the Aventura Mall and towards Ives Dairy Road can be pleasant as a kidney stone at certain times of the day, which lately are pretty much from 8 am to 8 pm. You are sitting in your car, fantasizing with moving far away, knowing deep down you won’t do it because, let’s face it, you love the Latin flare, the mall, being “half way to everywhere”. There are a few traffic hacks that can keep your blood pressure in place and your mental health intact:

  1. If you are going North on Biscayne and want to go to Hallandale turn East on Lehman’s Causeway, get off midway (when you see Parc Central and Mystic Pointe 600) and go around and underneath the causeway towards the circle, keep going till the traffic light at Del Prado, turn North, then West on 207th, North again on 30th Ave and you will appear at the shopping plaza where Whole Foods and Target are located. Go across this plaza, cross the street and you are in Gulfstream. On the opposite side of Gulfstream…voila, you have reached Hallandale!
  2. If you want to go West of Biscayne, don’t you dare go under the bridge to take Ives Dairy Road, especially if you just drank a large Frappuccino and it’s 5 PM. Instead, take Biscayne and go North past Ives Dairy, go a few blocks and turn West (left) till you can’t go any further then turn North (right) until 215th St where you have the cross over the rail track to the West side (and since you are there and you saved so much time you may want to check  Aventura Place on 213th 😉
  3. If you are just running errands, you are better off walking, or riding a bicycle. Why are you willing to walk when you go to New York or Buenos Aires but you can’t get yourself to do it here? I know it’s hot, but NY in the summer is too and at least Miami allows for more casual clothing.
  4. If you are going South, take the back road between former Loehmann’s Plaza and Harbor Center, go around it and keep going South till you hit William’s Island street then turn right, get into the Fresh Market Plaza and go all the way to the other end. You have avoided some heavy traffic so now you can stop at Starbucks or get an ice-cream.
  5. Have some good music in your car, bluetooth for your cell with speed dial or voice recognition and catch up with your friends, call your parents and make them happy and no matter how bored or late you are, stop the urge to text or read email while driving even in the midst of slow traffic in Aventura. Better to arrive late than never!

And if you love the area in spite of the traffic in Aventura and want to buy a condo call us, after 20 years in the area, we can definitely help.

 

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Do you really need me? no…but if you are smart, you want me

Oceana Bal Harbour pool

Do you really need me? no…but if you are smart, you want me

You probably have asked yourself many times if you really need a Realtor. Through the magic of internet you now have access to so many websites and portals that “do it yourself real estate” is a possibility. But why wouldn’t you want to work with a savvy professional that can advise you, do the search with you, help you analyze the pros and cons and even find information you maybe didn’t even know you needed to make an informed decision? If you are a buyer, the professional service of a Realtor costs you nothing, so you can have someone represent you, do research, negotiate, and follow up on every step of the transaction for no cost to you at all, zero, nada. If you ever met someone online and then found that in person he or she was 20 years older and 20 pounds heavier you have an idea of the picture…no difference with a property. Real estate is a serious thing, probably the largest investment you will ever make so why not use all the help you have available? Have you ever thought of checking the financial stability of a building? Do you know who to call for an inspection or who should pay for what in a transaction? How about checking the history of the property, past sales, taxes, etc?

If you are a seller, there are many sites where you can list your property online by yourself. But as the story of the CEO of “For Sale by Owner” clearly showed a few years ago, a Realtor can make you more money and sell it faster. He had his own condo for sale for months and finally listed it with a realtor who made him a few hundred thousand more even after commission. Can you cut your own hair, pull your own teeth or fix your roof? Of course, but why would you, especially if you want to look good, smile and stay dry. Selling your property is more than opening the door and showing it, and even if you are good at marketing and negotiating, what is the cost of the time you are taking away from your own job? Do you have the power to access the amount of people necessary to get a buyer?

You may have bought or sold a few properties in your lifetime, but twenty years of experience in real estate in Miami mean a lot of transactions closed and problems solved. So, do you really need me? no…but if you are smart, you want me.

Contact us at buymiamirealestate@gmail.com or call 786-251-9513 and 305-788-2878

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Condo sales in Miami level while homes go up

the bond 4

Condo Sales in Miami level while homes go up:

Condo sales in Miami and the tri- county area (Miami, Fort Lauderdale and Palm Beach) are leveling and that is a good thing. We have all suffered “the morning after” crash to reality after the hipe of the real estate party years ago when the market collapsed. What seemed an unstoppable train of rising prices and flipping frenzy turned into a panicky stop. Now, after the painful recovery, it seems we have all learned a thing or two. At least the market is saying so with numbers and stats. We have come a long way in the recovery and prices are getting to pre-bubble times but this time around catching the breath and slowing into a normal healthy level. Healthy enough to allow appreciation and avoid flipping madness.

There were 3,371 condo sales in Miami and tri-county area in February, up from 3,142 sales in January and up 0.1 percent compared to same period in 2014. The median price, however, was up 4 percent year-over-year to $145,750. Now remember these figures encompass all of the tri-county area from hot Brickell to areas like Homestead or Lantana so don’t expect to find an oceanfront condo in Sunny Isles Beach at this price (though we can find you some pretty good deals).

Single family home sales in the tri-county area went up 17.9% from last year and median price in January was $260,000 which means homes are catching up to condo sales in Miami. This is an indication of organic growth of the local market (condo sales in Miami are a mix of vacation, investment and permanent use while homes tend to be mostly permanent).

If you are a runner, you know that you can train your endurance and run a little further every week, but if you don’t level at some point you will eventually hurt yourself and come to a painful stop. It looks like condo sales in Miami have finally learned the proper care for a healthy long run.

If you are interested in learning more about condo sales in Miami and buying a property contact us right away, we know the market, we can help: call 786-251-9513 or email buymiamirealestate@gmail.com

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Median price of new construction in Miami is $860 per ft

 

 

Brickell Condos for Sale

 

Median Price of New Construction in Miami:

The median price of new construction in Miami is $860 per ft, according to real estate journalist Peter Zalewski in his presentation at the Tower Club this week. Although prices have gone up considerably they are still way below the level of other large cities in the US and there is still room for increase. Construction cost is going up 1% per month. This time around most experts and analysts do not foresee a bubble because buyers are putting 50% deposits. The majority of buyers in Miami come from Latin America (according to Miami Downtown Development Authority 85% of new construction in Miami buyers are foreigners, most from Latin America). They are looking for preservation of their capital, trying to protect themselves from the volatile situation in their countries.

There is a total of 334 towers in new construction in Miami. Of those, 89 are proposed (meaning they have not been approved yet), 124 are planned (already approved and ready to start), 99 are under construction and 22 are finished.

Even when the median price of new construction in Miami is $860 per ft you can still find opportunities which escape this general panorama. In Fort Lauderdale the median is below $500 per ft and even in Miami where prices and demand are so much higher you can find great deals. Take for example Aventura Place, a new development in the Aventura area where you can buy a brand new townhouse or condo for $250 to $290 per ft, completely finished with porcelain floors, stainless steel appliances, high ceilings and 2 car garage. Hard to believe, but true! Right across from Aventura and one block away from new Waterways school. It does not have all the amenities of other new construction in Miami like gym, or meeting rooms but the fact that maintenance will be below $200 a month including insurance makes it an amazing option considering that it does have a pool and sundeck and most people never use the gym at their building. Even if you do, you can always get a membership at a nearby gym and save a lot of money. Want more info? Contact us now, we’ll be happy to help you find the right property for your personal goals.

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Downtown Miami condos blossom like mushroom in the rain

Brickell Condos for Sale

Downtown Miami condos blossom like mushroom in the rain: watch the 3D video and then put your jaw back in neutral

The Miami DDA Research/GIS team has recently published a 3D model of the core of Downtown Miami from Brickell through the CBD into the Arts & Entertainment District.  The model showcases the current skyline and adds in the projects from the development pipeline.  Under construction buildings appear in blue, followed by planned projects in green, and then the full complement of proposed projects in purple.  The 3D model  delivers a vision  of the short, medium, and long term dynamic changes that will reshape Downtown Miami.  It is a compendium to the recently released interactive development map.  The model is accurate to 6” in vertical height for the existing buildings.  They did a great job to remain true to published information on the developments in the pipeline in respect to their height, lot area, FLR, and tower configuration. After you see this video you will ask yourself if this is Miami or Manhattan (they need to add some beach umbrellas and tiny bikinis to establish the difference). With so many options and buildings to choose when you want to buy Downtown Miami condos you might find yourself wondering what to do, is it too late, will there be enough demand to rent in case you are looking for investment, will it maintain and increase value? That is why you need to talk first with someone that knows the market and can support you through the process. Feel free to contact us, with 20 years selling condos in Miami and working with international buyers we can help you and why not take advantage of our experience when you don’t have to pay us? Be our guest, call us now 786-251-9513 or email buymiamirealestate@gmail.com

Be prepared to wowwwwww:  Downtown Miami condos 3D video