Pretty much everyone shares the same question when it comes to the real estate market: when will it be over? In a perfect world such a question would not exist and we’d all be able to pinpoint the problem and fix it but realistically speaking, there’s no surefire solution to determine when the downturn that has affected Miami Beach real estate and beyond will cease. The good news is that small positive signs continue to appear every so often, ranging from modest existing home sales increases to buyers becoming less hesitant about seizing upon the record low prices for South Beach luxury condos. As all this occurs in small doses, most people are keeping a close eye on when the Miami Beach real estate market will finally bottom out, signaling a potential market rebirth. It appears that th... 09/15/2008

Miami Beach Homes Real Estate Report and Analysis -A Sellers and Buyers Guide to buying and selling homes in Miami Beach. Year to date there have been 94 closed sales of single family homes in Miami Beach so far in 2008.  This report will give you some perspective on what those prices really mean in terms of price per square foot in each price range and how that compares with those currently listed for sale in the Miami Beach area. Right now there are 452 homes listed for sale in Miami Beach. There is a distinctive difference between the listing prices in general and the homes that are listed to sell, or in other words priced right. The current average listing price in Miami Beach for all price ranges is $2,717,135, which is $629 per square foot. The average selling price for all homes ... 09/11/2008

The uncertain real estate market situation continues on a very shaky path. As the government passed laws that did little to ease foreclosures, they continued to keep close tabs on Freddie Mac and Fannie Mae, two of the country’s major mortgage lenders. Chances are you’re probably aware that the government has now stepped in and chosen to bailout these two mortgage giants before things get any worse. Miami real estate happens to be among the markets where things are a bit more difficult to say the least and this news of a bailout probably does very little for struggling owners of South Florida homes doing their best to contribute to the unusually high foreclosure inventory. Only time will tell what kind of effect this will have for them. Potential first time homeowners on the other hand... 09/09/2008

Tough times in real estate equal great buying opportunities for people who can (and are willing) to buy South Florida homes. Countless real estate sites have discussed useful tips for buying property in Miami Beach yet they often discuss obtaining the bargains during the negotiation phase as opposed to providing tips on finding property for sale at a discounted price during the initial property search. Here are a few tips to finding a discount before having to discuss price with the seller. Opt for older listings. Property with the biggest price cuts are often homes that have been sitting idly on the market for three months or more with no buyers. In these cases the sellers have had to bring down their initial price in order to try and attract buyers or remain competitive with newer lis... 09/09/2008

Continuum II North Tower - Miami Beach Luxury Condos Report Continuum II North Tower currently has 47 condos listed for saleand is located at 50 South Pointe Drive in the South Beach area of Miami Beach. They range in price from $650,000 for a 650 sf (SqFt) 1 bedroom/1 bath condo to $7.9 million for a 4 bedroom/5 bath condo with 5,248 sf of interior living space. The average list price is $2,945,445 at $1,261/sf.   Year-to-date there have been 10 closed sales at Continuum II North Tower. Sales ranged from $1.2 million for a 2 bedroom/2 bath (1,486 sf) to $3.7 million for a 4 bedroom/4 bath (2,264 sf) condo at an average selling price of $2,074,500 at $859/sf, which averaged 95% of the list price with average days on market of 90 days, which seems kind of short.   Note that this building... 09/08/2008

Continuum 1 South Tower - Miami Beach Luxury Condos Report Continuum 1 South Tower currently has 28 condos listed for saleand is located at 100 South Pointe Drive in the South Beach area of Miami Beach. They range in price from $990,000 for a 1,201 sf (SqFt) 1 bedroom/1 bath condo to $7.9 million for a 5 bedroom/5 bath condo with 4,973 sf of interior living space. The average list price is $2,619,321 at $1,224/sf.   Year-to-date there have been 17 closed sales at Continuum 1 South Tower. Sales ranged from $1,325,000 for a 2 bedroom/2 bath (1,591 sf) to $6.025 million for a 4 bedroom/4 bath (4,378 sf) condo at an average selling price of $2,741,471 at $1,127/sf, which averaged 90% of the list price with average days on market of 188 days.   The current absorption rate is 14 months based ... 09/08/2008

1500 Ocean Drive South Beach- Miami Beach Luxury Condos Report 1500 Ocean Drive currently has 13 condos listed for sale and is located at 1500 Ocean Drive in the South Beach area of Miami Beach. They range in price from $725,000 for a 940 sf (SqFt) 1 bedroom/2 bath condo to $3 million for a 3 bedroom/3 bath condo with 2,320 sf of interior living space. The average list price is $1,456,538 at $1,015/sf.   Year-to-date there have been 4 closed sales at 1500 Ocean Drive. Sales ranged from $1,160,000 for a 2 bedroom/2 bath (1,170 sf) to $2.75 million for a 3 bedroom/3 bath (2,320 sf) condo at an average selling price of $1,692,500 at $969/sf, which averaged 92% of the list price with average days on market of 104 days.   The current absorption rate is 27 months based on the supply and deman... 09/08/2008

Portofino Tower South Beach- South Beach Luxury Condos Report The Portofino Tower currently has 27 condos listed for saleand is located at 300 South Pointe Drive in the South Beach area of Miami Beach. They range in price from $578,845 for a 1,090 sf (SqFt) 1 bedroom/1 bath to $12.5 million for a 5 bedroom/6 bath condo with 5,450 sf of interior living space. The average list price is $2,451,000 at $894/sf.   Year-to-date there have been 8 closed sales at the Portofino Tower South Beach. Sales ranged from $1.136 million for a 2 bedroom/2 bath (2,040 sf) to $2.3 million for a 3 bedroom/3 bath (2,550 sf) condo at an average selling price of $1,517,625 at $691/sf, which averaged 88% of the list price with average days on market of 217 days. Note the highest sale was on the market for 917 da... 09/07/2008

Murano Grande South Beach- South Beach Luxury Condos Report The Murano Grande currently has 48 condos listed for sale and is located at 400 Alton Road in the South Beach area of Miami Beach. They range in price from $677,000 for a 1,206 sf (SqFt) 1 bedroom/1 bath to $6.9 million for a 5 bedroom/5 bath condo with 6,000 sf of interior living space. The average list price is $1,719,000 at $787/sf. Currently there are 5 pending sales. Year-to-date there have been 16 closed sales at Murano Grande South Beach. Sales ranged from $650,000 to $3.1 million for a 4 bedrom/5 bath condo at an average selling price of $1.6 million or $646/sf, which averaged 87% of the list price with average days on market of 132 days. The current absorption rate is 17 months based on the supply and demand as indicat... 09/06/2008

Il Villaggio Miami Beach- South Beach Luxury Condos Report Il Villaggio currently has 15 condos listed for saleand is located at 1455 Ocean Drive in the South Beach area of Miami Beach. They range in price from $1.125 million for a 1,210 sf (SqFt) 1 bedroom/1 bath to $17.75 million for a 6 bedroom/6 bath condo with 5,700 sf of interior living space. The average list price is $4,903,000 at $1,722/sf. Year-to-date there have been 4 closed sales at Il Villaggio.Sales ranged from $890,000 for a 1/1 to $5.05 million for a 3 bedroom/4 bath condo at an average selling price of $2.69 million or $1,736/sf, which averaged 95% of the list price with average days on market of 91 days. The current absorption rate is 31 months based on the supply and demand as indicated above. Note that the informati... 09/06/2008

Selling South Beach Condos -Part 2- Price Analysis of the South Beach Luxury Market First, let's look at the available inventory by price range. These are the current condos available for sale in South Beach.  Under $500,000 - 1,313 condos $500K-$699K - 248 condos $700K-$999K - 152 condos $1 Million or over - 349 condos Before we get deeper into the numbers, let's take a deep breath and relax and look at the scenery... Okay now here is the breakdown of closed sales by price range year-to-date.  Price Range                     #Sold                     Average DOM $500K-$699K                         79                     170 $700K-$999K                         14                     184 $1,000,000 or over               105                      160  Absorption Rates are:  $500K-$699K = 2... 09/06/2008

Apogee Condos Miami Beach- South Beach Luxury Condos Report Apogee South Beach currently has 15 condos listed for sale and is located at 800 South Pointe Drive in the South Beach area of Miami Beach. They range in price from $3.99 million for a 3 bedroom/3 bath condo with 3,100 SqFt plus over 1,000 SqFt of terrace to $22 million for the 7 bedroom/7 bath penthouse with 7,254 SqFt plus over 11,000 SqFt of terrace. The average list price is $7,682,600 at $1,792/SqFt. Year-to-date there have been 6 closed sales at Apogee. Sales ranged from $3.4 million to $7.4 million at an average selling price of $4.74 million or $1,361/SqFt, which averaged 92% of the list price with average days on market of 79 days. Note that the information here is based on recent information and data from the southeas... 09/06/2008

Portofino Tower was completed in 1996, it was the first of a trio of luxury high-rises that helped define a hot new emerging neighborhood in South Beach now called South of Fifth Street. Located on the southern most tip of Miami’s South Beach, the 44-story tower has floor to ceiling windows which provide breathtaking views of the Atlantic Ocean, Downtown Miami and the Bay. The tower provides world class amenities to its residents. The health spa and gymnasium are on the 29th floor. There is full-time concierge service available. The Portofino Tower offers 1, 2, 3 and 4 bedroom residences and penthouses.   Portofino Tower in South Beach Unit 906 1/2 $578,845 BANK-OWNED FORECLOSURE Portofino Tower in South Beach Unit 404 2/2 $1,275,000 Portofino Tower in South Beach Unit 703 3/2 $1,799,00... 09/02/2008

  If you've ever felt trapped in your career, there is a good chance that you have considered relocation.  The thought of a new city and a fresh start feels like just the thing to jumpstart your stalled professional life.  When searching for a home in a new area, you'll research the schools, analyze the taxes and crunch those crime rate numbers.  But an often overlooked point of research is the "culture" of the neighborhood. From sporting events to street fairs, performing arts to comedy clubs, identifying these events will not only ensure entertainment for the entire family, but they can also reveal hidden traits such as traffic volume and socio-economic hints.  It’s a snapshot into who is living in a town and who is potentially conducting business there.  A great tool to learn about l... 08/27/2008

Today while searching the Net I've found an extremely interesting post. the author compares the costs of buying a boat and  living on a boat with a traditional living in a house. Here are some quotes: Now let me say this before you say it, because I know you are thinking it … yes, the boat is much smaller than a house. I know it, believe me I know it! However, my backyard is bigger than yours I likely have a better view, and if I don’t like my neighbours, I just move. Can you say that? There are trade offs - some people may not be willing to live in a smaller place to be able to live more cheaply and to have more freedom. For us, the trade off is more than worth it. I’ve commented on Living on a Boat vs A House before. Other Living Costs No Hydro bill. No Water bill. No gas bill (althou... 08/26/2008

There are currently 27 waterfront homes for sale in Miami Beach on Star Island, Palm Island and Hibiscus Island. They range in price from $1.999 million on Palm Island for a 2,300 sf house on a 7,000 sf lot to $29 million for Shaquille O'Neal's previous home, which is 19,440 sf of living space on a 106,888 sf lot. On Star Island there are 4 waterfront homes for sale; 10 homes for sale on Palm Island; and 13 homes for sale on Hibiscus Island. The homes on Star Island are on much larger lots usually starting at almost an acre. Many homes on Palm Island are situated on smaller lots of 7,000 square feet, however, there are several houses on larger lots and a few on lots of 14,000 square feet up to 30,000 square feet. On Hibiscus Island the homes are typically on lots of 10,500 square feet. ... 08/23/2008

  Cameras are revolutionizing the way we sell our homes. It's only customary for home sellers to offer photos of properties put up for grabs. But adding video clips could boost credibility and add detail to your real estate listings - and you may reap a nice reward from your efforts.   Using Webcam to Sell a House   Home owners can also use a Webcam to sell their home’s features on For sale by owner website Fizber.com. Webcam is the easiest way to create a property video because there is no need to transfer it to a computer for upload because it is already on the computer. Just remember to save it on your computer in an easy-to-find location – such as your desktop – when prompted to save your recording.   How to create a property video with a webcam?   Install your webcam and plug it on... 08/22/2008

Several times recently clients have asked me how the monthly maintenance in one condominium compares to others in Miami Beach. Most full amenity buildings have monthly maintenance costs that vary between 50 to 70 cents per square foot of living space. Always be sure ask is what the monthly maintenance includes. Some condos include electricity and air conditioning, so you want to be sure to subtract that out of the maintenance cost to arrive at the true monthly maintenance, which typically includes insurance for the common areas of the building and the amenities of the condo building (pool service, valet, property management, pest control, meeting rooms, gym/fitness room, spa, etc.). Obviously it differs from building to building depending on the amenities and services available. In the ... 08/22/2008

  Information is power, and that couldn’t be more true when it comes to real estate. Catering to savvy buyers and sellers who crave Web 2.0 tools, Fizber, a for-sale-by-owner Website, aims to connect buyers and sellers. Despite pricing uncertainty in the current market, the site’s traffic continues its upward trend, landing the site at 41,318 on the WebReport 100k - up almost 84% over the past 60 days. What sets this “homes for sale by owner site” apart are a myriad of helpful tools. Some are available on similar sites, but it’s nice to have them all assembled under one tent. Among the offerings: Drive Score - Find the perfect neighborhood with a Google map mashup that displays regional events. All you do is put in an address and local events will populate. As a seller, this tool is use... 08/22/2008

Below are some highlights of closed condominium sales for the past 90 days for the more prominent South of Fifth Street buildings such as The Murano at Portofino, Murano Grande, Continuum North and South Towers, Apogee, The Portofino Tower and Icon South Beach. A total of thirty one (31) condominiums sold and closed during this period with an average sales price of $2,185,000. The median price per Sq.Ft. was $908, with an average marketing period of 149 days. In EVERY case, these waterfront luxury condominiums were significantly price reduced. ARE YOU SERIOUS ABOUT SELLING? - If you own a condo in South Beach (especially South of Fifth Street), and have had trouble selling, please call us for a free market analysis. I believe in telling it “straight” to clients (or potential clients), a... 08/21/2008