Miamism

It’s no news that the Euro is strong and Europeans are buying Miami Real Estate.  I read the other day (but can’t remember the source) that 1 out of 4 real estate sales in Miami are foreign national deals.  Rick and I have been dealing with foreign nationals since we began our real estate careers.

We both speak Spanish fluently (I was born in Venezuela and Rick is of Venezuelan and American descent) and we have family all over Europe - so we have close ties.  Because we have so many foreign national customers, we have come up with a plan to help our clients from abroad and have a complete system in place for when they are ready to buy and/or sell.

If you are a Foreign National buying Real Estate in Miami - ask yourself these questions:

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This is a Miami Real Estate Market Report for the months of January, February, March and April 2008. It is obvious that some real estate markets are seeing more movement but others remain quiet. If you are thinking of buying Miami real estate, make sure you work with a Miami Realtor that knows the area and the market fluctuations. If you are selling, May should be a great month right before the slow Summer months.

Miami Shores Real Estate Market Report

There are currently 239 listings in Miami Shores: (6 more from last month)

• Highest priced listing is $2,999,000
  
• Lowest priced listing is $199,900
  
• Pending Sales (Properties under contract):12
  
• Closed sales in 2008: 25 (5 of these in April as opposed to 12 in March)

14 of those 25 sales were under $500,000 and the highest sale was $860,000 at 490 NE 96th Street. And as I said last month, 'this particular house was purchased for $1,508,000 in September 2005¦.talk about a big OUCH for those sellers!!

Bay Harbor Islands Real Estate Market Report

There are currently 19 single-family home listings in Bay Harbor Islands: (one more from last month)

• Highest priced listing is $5,200,000
  
• Lowest priced listing is $575,000
  
• Pending Sales (properties under contract):1
  
• Closed sales in 2008: 0
  

No sales this year in Bay Harbor Islands. That has to be tough for those people that HAVE to move.

Surfside Real Estate Market Report

There are currently 87 single-family home listings in Surfside:(1 less than last month)

• Highest priced listing is $8,000,000
  
• Lowest priced listing is $349,000
  
• Pending Sales (properties under contract): 4 (3 more than last month)
  
• Closed sales in 2008: 8 (1 of them in April)
  

7 of those sales were under $600,000 and the highest at $3.2 million of a bayfront home (1356 Biscaya Drive) purchased in 2002 for $2.2 million.

There are currently 239 condo listings in Surfside: (as compared to 231 last month)

• Highest priced listing: $2,600,000 a 3/3 at Azure
  
• Lowest priced listing: $153,000 a 1/1 at Seaside Terrace Condo
  
• Pending Sales (properties under contract):10 (1 less than last month)
  
• Closed sales in 2008: 12 ( 6 closed sales in the month of April with highest sale at $1,250,000 for a 3/2 at Champlain Towers East and the lowest sale at $173,000 for a 1/1 at 9140 Collins Ave Condo)
  

I love Surfsides density and the 12 story max allowed on the oceanfront condos. If you dont like high-rises, Surfside may be for you. It also has a great close community with shopping and restaurants as well as Bal Harbour Shops within walking distance.

Fisher Island Real Estate Market Report

There are currently 138 listings in Fisher Island: (4 more than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
  
• Lowest priced listing: $275,000 for a 1/1 at Marina Village
  
• Pending Sales: 1 (as compared to 2 last month)
  
• Closed sales in 2008: 4 (1 closing in April - $750,000 for a 1/1 at Seaside Villas)
  

Fisher Island is Fisher Island…no explanation needed.

Aventura Real Estate Market Report

There are currently 2237 condo listings in Aventura: (88 less than last month)

• Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
  
• Lowest priced listing: $81,888 for a 1/1 at Biscayne Lake Gardens
  
• Pending sales: 182 (compared to 134 last month)
  
• Closed sales in 2008: 195 (55 closings in April alone)
  

The highest closed sale this year in Aventura was at Porto Vita for $3,600,000 and the lowest was $59,000 at Commodore Plaza which is a 55 and over community.

Biscayne Park Real Estate Market Report

There are currently 54 single-family listings in Biscayne Park: (4 less than last month)

• Highest priced listing $975,000
  
• Lowest priced listing $190,000
  
• Pending sales (properties under contract):2
  
• Closed sales in 2008: 4 (3 sales in April)
  

The closed sales in Biscayne Park have been $275,000, $300,000, $310,000, $353,000

El Portal Real Estate Market Report

There are 62 listings in El Portal: (1 more than last month)

• Highest priced listing is $925,000
  
• Lowest priced listing $215,000
  
• Pending sales (properties under contract):0 (compared to 2 last month)
  
• Closed sales in 2008: 1
  

The only closed sale this year in El Portal was for $259,000 for a 2 bedroom / 2 bathroom house located at 465 NE 89th Street.

**all information obtained from the SouthEast Florida Multiple Listing Service**

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Real Estate is about relationships and emotions. It may be a little hard to swallow since there are plenty of people that buy and sell real estate as often as they change underwear. But the truth is that those people are not the norm and most real estate transactions are intricate because of the emotions involved.

As real estate professionals we just dont sell Miami homes by volume and hope to make our 'quota at the end of the year, we assess your needs as our clients in order to help you identify properties to buy or sell.

It is our job to ask the right questions and spend some time with you to help you make key decisions. It is important for you to feel comfortable with us and to trust us. I think you would agree that strong relationships are based on trust. The more you are willing to share with us about your lifestyle and your expectations, the better equipped we will be to help you.

We are currently working with some awesome Miami condo buyer clients from Massachusetts and after communicating back and forth by e-mail and meeting them for the first time, this is what they had to say,

Thank you, Ines, for your time, advice, and patience. It was truly a pleasure to meet you, hang with you, and explore possibilities with you…You did a great job of matching us with a potential property. Thats a real talent. Thank you

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Ines.Hegedus-Garcia 10 feedbacks »

A few years ago the word “staging” became a trend in the Miami Real Estate Market as well as elsewhere around the country. Realtors went out and got staging designations and people with decorating skills created staging businesses. Known local Interior Designers even found a niche within the Miami Real Estate Industry. Everyone talked about the importance of staging your home for it to sell quicker and for more money.

It seems that the industry liked the concept of staging but not all home sellers were convinced. Many of our clients even told us that staging was a waste of time and they would possibly consider it once the house was listed but only after they prepared their home by:

• decluttering and packing away collections and personal items
• repaired leaky faucets
• changing all light bulbs
• painting and cleaning
  
• planting new flowers at entrance of the home
• making sure the house smelled clean and fresh for every showing

With all that work, who had time to stage??

Well…..the news is that all of what they were doing was part of staging! The mere act of preparing your home for sale is exactly that. Craig Schiller, a dear friend and stager extraordinaire (I know he is getting tired of the title, but its true), wrote an excellent article about why Realtors are not ‘getting it’. In ‘You Can Stage It! Even if THEY Still Dont Get It’, he writes:

So dont let the words ‘staging’ or ‘Stager” trip you up. While these words are relatively new, what we advise has been given as advice in real estate sales for year. All that has really changed is that there is an entire INDUSTRY now committed to understanding the intricacies of how a home can be best merchandised and marketed as a product so that it entices them to buy.

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Ines.Hegedus-Garcia 5 feedbacks »

Every so often, when dealing with other Miami Realtors, I am reminded of the reason why Rick and I got into Real Estate.  To think that we are surrounded by a lack of professionalism, total disrespect and disregard for people's time is disheartening, to say the least.

Rick and I recognized this flaw in the Miami Real Estate Industry years ago and because we both have professional backgrounds and experience in the corporate world, we thought it would make a huge difference when dealing with people - since real estate IS a people business.

Take a look at one of our first marketing pieces.....yes, you are allowed to laugh.

So yes I have a bachelors of Architecture and Rick has a BS in Business Administration and a Masters in Accounting -

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Ines.Hegedus-Garcia 15 feedbacks »