You may remember us telling you back in May of last year, that Anna Kournikova’s Sunset Island home was for sale.

Yes, sexy tennis star Anna Kournikova is selling her Miami Beach home for $9.4 Million.  The home is not open bay and is located on Sunset Island number 3 in Miami Beach and unlike what you may think, it doesn’t have a tennis court either.  We love to get the scoop on Miami Celebrities and their crash pads and I have to add that Anna seems to have great taste, based on her choice of finishes, decor, and boyfriend. (cough….Enrique Iglesias….cough).

The Wall Street Journal just published that,

Russian tennis player Anna Kournikova has sold her 6,630-square-foot home on Miami Beach’s exclusive guard-gated Sunset Island for $7.4 million.

The property does not appear as closed or even under contract on the multiple listing service, but we will take the WSJ’s word for it.  Anna Kournikova bought back in 2000 for $5 Million…and sold at $2 Million under asking price.  What does that tell you?  It’s not about the low ball offer, it’s about getting comps and paying what the home is worth!  We told you in our yearly real estate analysis for Miami Beach waterfront homes, that the average price per square foot in The Sunset Islands was $924 and this celebrity home sold at $1,116 …. which means the home sold at comparable market value and the $2 Million discount just means the house was overpriced.

Congratulations to Kournikova and the new lucky home owners!

Related Articles:

Anna Kournikova sells her Miami Beach Home originally appeared on Miamism on February 3, 2012.

Not a typo, you read correctly!

Realtor.com’s Top 10 Turnaround Town Report, based on third quarter 2011 data, includes six Florida markets: Miami, Orlando, Fort Myers-Cape Coral, Fort Lauderdale, Sarasota-Bradenton, and Lakeland-Winter Haven.

And out of those 6 Florida markets, Miami is number one!

Miami, FL: The number one town on the report, Miami has gone from being one of the first victims of the subprime crash to having a healthy inventory that is only half the size from a year ago. Today, Miami is only reporting one foreclosure for every 407 homes, compared to the national rate of one per every 213. And, condo sales have increased 79 percent in the first five months of this year, largely due to an influx of foreign investors.

We do expect you to be suspicious about these stats, after years of  hearing the worst about Florida, why would you not question our market?  All we can ask is that you request proof from us.   We have been providing evidence here on a regular basis, to show that desirable areas in Miami are not just seeing a price increase already, many areas don’t even  have distressed inventory available, and in many cases we are seeing proof of a seller’s market.

Every neighborhood is different and has its quirks, so depending on the type of property you are selling or buying, its condition and location within the neighborhood, things can vary quite a bit.  Don’t be afraid to ask us, that’s what we’re here for.

Realtor.com’s Top Ten Turnaround Town Report is compiled using a formula based on price appreciation, changes in inventory, median age of inventory, searches by Realtor.com visitors, and unemployment data.

New REALTOR.com Post with quote by yours truly  Miami, FL Tops REALTOR.com’s Top Ten Turnaround Town List | REALTOR.com® Blogs

MORE STATS from Realtor.com

December 2011 real estate search results are in and Miami, FL was the #18 most searched market in the country in December 2011, based on data released today by Realtor.com

Median list prices for homes in Miami, FL hit $265,000 in December 2011, a 32.50% increase from one year ago this month, and 2.32% increase from November 2011.  The national median list price in December 2011 was $188,000, a 5.03% increase compared to December 2010.

Each month, Realtor.com surveys up to 250 Metro Service Areas (MSA) throughout the nation and monitors real estate trends including consumer search behavior, median list prices on for sale homes, active inventory counts and median age of inventory. The information is released to local markets to help consumers and real estate professionals as they work together to successfully navigate their local market.

Related Articles:

Miami Dominates REALTOR.com Top Ten Turnaround Report originally appeared on Miamism on January 17, 2012.

There were 50 Surfside homes sold in 2011, only 4 of those being waterfront.  Out of the 46 Surfside homes sold on dry lots, 30% were distressed (short sales and foreclosures) – compared to 36% in 2010 and 45% in the last half of 2009.  The average price per square foot dropping from $199 in 2010 to $193 in 2011 but if we take the last 6 months of 2011, the price per square foot goes up to $204.

The overall drop in price per square foot may give you the impression that the market is not improving, but you need to understand that there is lingering distressed inventory that is taking months to close because they require bank approval (short sales).  What’s important to notice is that of the current 42 homes now listed for sale in Surfside, only 2 are short sales and there are no foreclosures. That’s less than 5% of the inventory!!  And the lowest priced property is $498,750 on Harding Avenue.

The 4 Surfside waterfront homes sold in 2011 were the following:

• 908 88 St – a 2,630 sf home with 3 bedrooms and 3 bathrooms, on a 15,075 sf lot, with 75′ of water frontage.  Listed for $1.9 Million and selling for $1,710,000.

• 700 95 St – a 3,332 sf foreclosure with 3 bedrooms and 4/5 bathrooms, on a 10,010 sf lot, with 55′ of water frontage.  Listed for $774,200 and selling for $760,710.

• 8950 Irving Av – a 2,293 sf home with 3 bedrooms and 2 bathrooms, on a 7,500 sf lot, with 50′ of canal frontage.  Listed for $695,000 and selling for $633,500.

• 9705 Carlyle Av – a 1,294 sf foreclosure with 2 bedroms and 2 bathrooms, on a 5,726 sf lot.  Listed for $224,900 and selling for $331,000.  (taking 6 months to close from time in went under contract).

Surfise remains a desirable community because its proximity to the ocean and because of its density.  The city is small with condos only on the ocean side and urban planning unparalleled around South Florida (but not to say it won’t change with the help of clueless city officials).

The 3 highest Surfside homes sold in 2011 on dry lots were the following:

• 9557 Bay Dr – 2,305 sf with 4 bedrooms and 2 bathrooms – listed for $549,900 and selling for $520,000.

• 9180 Byron Av – 1,933 sf with 4 bedrooms and 3 bathrooms – listed for $539,000 and selling for $515,000.

• 411 88 St – 1,938 sf with 3 bedrooms and 3 bathrooms – listed for $545,000 and selling for $500,000.

**Data obtained from SEF MLS**

Related Articles:

Surfside Homes Real Estate Market Report for 2011 originally appeared on Miamism on January 10, 2012.

Last year we pointed out that Miami Shores was one of the recuperating real estate markets in South Florida.  This year the evidence shows even better news, Miami Shores is not just recuperating, but already in an upward bound direction.  Mass media may paint a grim picture, but there are many desirable neighborhoods in Miami that are beyond recuperating and seeing price increases. Average price per square foot has increased from $153 in 2009, $159 in 2010, to $166 in 2011.

The best improvement evidenced in Miami Shores in 2011 was the luxury homes market with 6 sales above $1 Million, compared to one in 2010 and none in 2009.  Miami Shores home owners wanting to sell their luxury or waterfront properties can now rest assured that they will not just sit unsold for 2 years like seen in the past.

Here are the general figures for the Miami  Shores real estate market in 2011 (click HERE to see 2010 figures):

• There were 154 Miami Shores homes sold in 2011.  The median listing price was $334,000 and the median sale price was $310,000.

• The highest sale in Miami Shores in 2011 was $1,700,000 for the short sale at 9215 N. Bayshore Drive – which is a totally remodeled contemporary bay-front home.  This home was originally listed in 2006 for $4.6 Million with several reductions and finally sold as a short sale to some lucky buyer.

• The lowest sale in Miami Shores in 2011 was $45,000 for a foreclosure at 180 NW 103rd St.  Description of home read:  “Code violations may or may not exist: buyer to assume all code violations if they exist”.

• In 2009, 60% of the properties sold were under $200,000 – In 2010, only 28% of the properties sold were under $200,000. And  in 2011, 16% of the properties sold were under $200,000.  In 2010, 18% of the properties sold were above $500,000 compared to 20% in 2011.  This is proof, yet again, of the decreasing distressed inventory and normalizing housing market.

• 32 out of the 154 Miami Shores homes sold in 2011 (21%), sold above $200/sq.ft. with the highest sale for a dry-lot home (non-waterfront) at $265/sq.ft.

To see all Miami Shores homes sold in 2011, click image:

*Data obtained from SEF MLS*

Related Articles:

Miami Shores Real Estate Market Report for 2011 originally appeared on Miamism on January 7, 2012.

Another request granted to our loyal readers and one of the areas in The Miami Real Estate Market that has kept us busy this year.  Miami’s Design District boundaries are not at all big and often confused by appraisers.  Within the boundaries, you will find the previously known Biltmore and Shadowland Districts, currently known as Buena Vista East Historic District, as well as designer showrooms and restaurants that include Christian Louboutin, Kartell, Casa Fendi and Luminaire, to mention a few.  For clarity’s sake, here’s a map of the boundaries we use:

There are currently 4 Design District homes for sale in the Multiple Listing Service (MLS):

• The highest priced listing is the historic home at 111 NE 43 Street, priced at $625,000.
• The lowest priced listing is the foreclosure at 80 NE 50th Street, priced at $184,900.
• Pending sales (properties under contract):  7
• Closed sales in November 2011:  0

Miami’s Design District is still considered a neighborhood in “transition”, and this has nothing to do with race or minorities, since that would be a complete violation of Fair Housing Laws coming from us.  It has to do with pricing as well as amount of renovated homes in the area.  You can find a magnificent and completely restored 2-story historic home next to a dilapidated non-descript tear down.  This obviously affects the property values in general.

On a positive note, it’s a great neighborhood to buy into NOW, knowing that property prices will not be this low forever.   We have found that it’s a great place for first time home buyers that cannot afford areas like Miami Shores, Belle Meade or Morningside in Miami’s Upper East Side.

In 2011, there have been 15 Design District homes sold with a median sales price of $176,500 and an average price per square foot of $123.  I can tell you that a lot of these homes are selling for cash, at much higher prices than appraisal value, since pricing is so reasonable compared to other desirable residential areas in Miami.  We know this from personal experience, being on both the listing side as well as buying side of transactions.  Prices in the Design District will not be this low forever and the lack of inventory is proof of that.

Related Articles:

November 2011 – Miami Design District Housing Report originally appeared on Miamism on December 20, 2011.

Before you decide to chew my ear off and tell me what the real boundaries for downtown Miami are, let’s just say I picked anything South of I-395 and East of I-95, only for our real estate market reports. This will include Brickell’s Financial District, Brickell Key, The Miami River on both sides, the real downtown Miami as well as The Miami Heat Condos. It’s a big area to cover and includes zip codes 33128, 33129, 33130, 33131, part of 33132 and part of 33136. If you don’t like the boundaries, give us a good reason for your objection on the comments section of this article and we may modify these.

There are currently 1074 downtown Miami condos for sale in The Multiple Listing Service (MLS):

• The highest priced condo is in Brickell Key at Asia.  A 4 bedroom / 5 and a half bathroom, 5,359 sf penthouse listed for $8,830,000.
• The lowest priced condo is at Madison Downtown – a 2 bedroom / 2 bath short sale with 903 sf of living space, listed for $94,000.  Madison Downtown is located at 800 N Miami Avenue in zip code 33136
• Pending Sales (properties under contract):  385
• Closed Sales in November 2011:  96

The 96 Downtown Miami Condos sold in November range from a $1.95 Million Condo at 900 Biscayne Bay, to $58,000 1 bedroom short sale at Madison Downtown.  Out of the 96 condos sold, 33 were distressed sales (short sales and foreclosures), that’s 34% of the sales.  The Median sale price for November Downtown Miami Condos was $259,000.

Of course you’ve heard me say not to generalize real estate areas.  There’s no way you can compare sales at 50 Biscayne to Ten Museum Park, for example.  So here’s the breakdown by condo building.

BRICKELL AREA CONDOS

• The Sail Condo – 3 sales:  $220,000, $185,000 and $155,000
• The Plaza on Brickell – 3 sales:  $272,052,  $283,000 and $375,000
• The Palace Condo – 2 sales:  $504,000 and $372,000
• The Metropolitan – 1 sale at $$230,000
• The Mark on Brickell – 2 sales at $275,000 and $300,000
• The Club at Brickell Bay – 2 sales at $168,000 and $180,000
• Skyline on Brickell – 2 sales at $348,000 and $500,000
• Plaza on Brickell – 2 sales at $300,000 and $400,000
• Mayfield Espirito – 1 sale at $295,000
• Jade Residences – 4 sales:  $950,000 $1.25 Million $1.265 Million and $1 Million
• Imperial at Brickell – 1 sale at $329,000
• Icon Brickell – 6 sales:  $330,000 $276,000 $498,000 $562,600 $740,000 and $637,000
• Four Ambassadors – 1 sale at $70,000
• Bristol Towers – 1 sale at $415,000
• Brickell Place Condo – 2 sales at $250,000 and $185,000
• Brickell Park Condo – 4 sales at $110,000 $149,000 $160,000 and $210,000
• Brickell Harbour – 1 sale at $105,000
• Brickell East Condo – 1 sale at $244,000
• Brickell Condo Forest – 1 sale at $225,000
• Brickell Bay Tower Condo – 1 sale at $235,000
• Brickell Bay Club – 1 sale at $205,000
• Bayshores Co Op – 1 sale at $95,000
• Axis on Brickell – 1 sale at $315,000
• 500 Brickell – 2 sales at $345,000 and $520,000
• 25 Bay Tower Condo – 1 sale at $130,000
• 1060 Brickell Condo – 3 sales:  $215,900 $240,000 and $402,800

BRICKELL KEY CONDOS

• One Tequesta in Brickell Key – 1 sale at $750,000
• Two Tequesta in Brickell Key – 2 sales each at $595,000
• Three Tequesta in Brickell Key – 1 sale at $1.9 Million
• St Louis Condo – 2 sales at $325,000 and $750,000
• Isola – 1 sale at $215,000
• Brickell Key II Condo – 1 sale at $299,000
• Brickell Key I Condo – 1 sale at $265,000
• Asia Condo – 1 sale at $1.4 Million

DOWNTOWN AREA CONDOS

• The Loft Downtown – 3 sales:  $125,000, $107,500 and $140,000
• The Ivy – 1 sale at $209,000
• One Miami – 3 sales:  $225,000, $320,000 and $199,000
• Met 1 – 1 sale at $205,000
• Madison Downtown Condo – 5 sales:  $65,000, $78,000, $58,000, $60,000 and $113,000
• 50 Biscayne – 3 sales:  $210,000 $220,000 and $866,000

MIAMI RIVER CONDOS

• Neo Vertika – 2 sales at $235,000 and $115,000
• Mint – 1 sale at $230,000
• Latitude on The River – 2 sales at $173,200 and $210,000
• Brickell on The River – 5 sales:  $225,000 $180,000 $245,500 $199,000 and $230,000

MIAMI HEAT CONDOS

• Marquis Residences – 2 sales at $1.85 Million and $360,000
• Marina Blue Condo – 4 sales at $360,000, $252,000, $297,000 and $316,500
• 900 Biscayne Bay – 2 sales at $670,000 and $1,925,000

It’s always good to know how the distressed market is doing overall, it’s a sure indicator of how buildings are performing and how different areas are improving.  Out of the 1074 condos currently listed for sale, 90 are short sales and 15 are foreclosures, that’s a total of 105 condos and equivalent to less than 10% distressed inventory in such a large area.  This percentage was above 40% just one year ago and in some cases over 50% of the inventory was distressed.  It doesn’t take a genius economist to tell you that there is a major improvement in our downtown Miami housing market.

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

Related Articles:

November 2011 Downtown Miami Housing Report originally appeared on Miamism on December 14, 2011.

You request it and here you have it!  Truth is that we are fans of Midtown Miami and everything that’s happening there.  The one thing we are not fond of are the huge FOR RENT signs on Midtown 4 … but I’m guessing there’s not much to do about it.

There are currently 11 Midtown Condos for Sale in The Multiple-Listing Servie (MLS):

• The highest priced one is at 2 Midtown and it’s a short sale of PH103, listed for $649,000 (That’s a 3,138 sf residence with 3 bedrooms / 3 bathrooms and 1 half-bath and rooftop pool)
• The least expensive is also at 2 Midtown, a 1 bedroom / 1 bathroom short sale for $199,000 (unit H1902 with 735 sf and Design District and Bay views).
• 10 of the units are at Two Midtown and one at Four Midtown
• Pending Contracts (condos under contract):  10
• Closed Sales in November 2011:  5

The 5 Midtown Miami condos sold in November were the following:

• Two Midtown unit H1004 (2 bed/2 bath) listed for $270,000 and selling for $255,000
• Four Midtown unit H1510 (2 bed/2 bath)short sale listed for $250,000 and selling for $195,000
• Four Midtown unit M0505 (2 bed/2 bath) foreclosure listed for $182,900 and selling for $182,900
• Two Midtown unit M0302 (1 bed/2 bath) short sale listed for $149,000 and selling for $123,500
• Two Midtown unit M0907 (studio) short sale listed for $94,000 and selling for $94,000

The good news that everyone has been waiting for all over Miami and specially in Midtown is that the distressed inventory (that’s short sales and foreclosures) is decreasing.  Of the 11 condos listed for sale, only 2 are short sales and none are foreclosures – that’s only 18% of the inventory.  Of the 10 condos currently under contract, 8 are short sales and 1 is a foreclosure – once those close…we should start seeing a slight increase in prices and decrease in inventory.

The median sale price in Midtown for the month of November was $182,900 with an average price per square foot of $161.4.  Remember that these are just guide lines.  Prices will vary depending on floor height, unit finishes, as well as unit views.

Midtown Miami Condos For Sale

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

Related Articles:

November 2011 Midtown Miami Housing Report originally appeared on Miamism on December 12, 2011.

One of the fun things about Miami Beach real estate is the fact that celebrity ownership adds an extra “oomph” to a home’s price tag.  Nothing like buying a Miami Beach home that was previously owned by a megastar.

Wether it’s Anna Kournikova’s home, J’Lo’s home, Oprah’s Fisher Island Condo or even Chris Bosh’s pad – we all like to know how our favorite celebrities live.  Putting all that aside, imagine the intangible value of a home that was owned by 3 different celebs?

The examiner published today that Beyonce and Jay-Z may buy Ricky Martin’s home in Miami Beach.  We’ve told you about this home before and the fact that it has been lowered from its 2007 original ticket price of $16.9 Million to $12.5 Million.  We really can’t confirm if this is true or not, but are super excited to hear that Beyonce and Jay-Z are looking to live in Miami.

Well…one thing is for sure, Ricky Martin has been known to give great discounts when it comes to his South Florida homes, so this may be Beyonce and Jay-Z’s lucky day (not that they need it).  Ricky recently sold his Golden Beach home at a 30% discount – that would lower his Miami Beach home to $8.75 Million.  Not bad for a North Bay Road mansion with open bay views.

Related Articles:

Miami Celebrity Homes – What do Beyonce, Jay-Z and Ricky Martin have in common? originally appeared on Miamism on December 10, 2011.

This is a Miami Real Estate Market Report for November 2011.  Although November was still a slow month for these neighborhoods, it showed an improvement from the exceptionally low sales in October.  Each neighborhood is showing great signs including reduced number of houses and condos for sale, reduced number of distressed inventory, higher number of sales, increasing median sales and price per square foot.  Some sellers are getting a false sense of security and are overpricing homes, but thankfully, we are not seeing a lot of this.  The great news is that buyers with “low ball offers” are getting no where, time to realize that they need to pay market value to get into great neighborhoods.

Miami Shores Real Estate Market Report

There are currently 76 Miami Shores homes for sale (15 less than last month):

• Highest priced listing is $2,990,000 (totally remodelled bay front home located at 1480 NE 103 St)
• Lowest priced listing is $99,000 (Short Sale at 169 NW 97th St) with 1 bad image and still no description by listing agent.
• Pending Sales (Properties under contract):39  (2 less than last month)
• Closed sales in November: 17 (9 more than last month)

The 17 Miami Shores homes sold in November ranged from a $85,000 foreclosure with a long list of of violations (listed in the MLS in excess of $200,000 in fees and fines) to a $1.4 Million bay front.  The median sale being $299,000 and average price of $429,000.   Five of the 17 sales were above $500,000 and shows that October was a low month, but November made up for it.

Bay Harbor Islands Real Estate Market Report

There are currently 13 Bay Harbor Island Homes for sale: (3 more than last month)

• Highest priced listings is for $3,290,000 (9520 W Broadview Dr)
• Lowest priced listing is $805,000 (1230 96 St)
• Pending Sales (properties under contract): 1 (same as last month)
• Closed sales in November: 0 (same as last month)

There were no Bay Harbor Island Homes sold in the month of November either, but the inventory is still low and Bay Harbor Islands already did its part this year to show major improvement in its housing market.

Surfside Real Estate Market Report

There are currently 46 Surfside homes for sale: (3 less than last month)

• Highest priced listing is $5,500,000 (1332 Biscaya Dr)
• Lowest priced listing is $329,000 (9432 Abbott Av)
• Pending Sales (properties under contract): 9 (2 less than last month)
• Closed sales in November: 4 (3 more than last month)

The Surfside homes sold in November were the following:

• 9216 Byron Av – listed for $499,000 and selling for $480,000
• 9249 Dickens Av – listed for $458,000 and selling for $390,000
• 8827 Emerson Av – Short Sale listed for $449,000 and selling for $350,000 (MLS shows a few contracts falling through).
• 9141 Harding Av – Short Sale listed for $260,000 and selling for $260,000 (listed in August 2011, sold in 8 days and got bank approval in 3 months).

Surfside shows a similar trend as Miami Shores with a slow month of October and sales picking up again in November.  It’s similar to life, we’re allowed a bad day, the housing market is allowed a bad month (as long as numbers back it up).  The median sales price was $370,000 with an average sales price of $370,000 as well.

There are currently 70 Surfside Condos for sale: (4 more than last month)

• Highest priced listing:  $2,500,000 for a 3/3/1 at Solimar, unit N10A
  

• Lowest priced listing: $180,000 for a 1/1 foreclosure at Ocean 91 Condo

• Pending Sales (properties under contract): 19 (1 less than last month)

• Closed sales in November: 5 (2 less than last month)

The Surfside condos sold in November were the following:

• Champlain Towers at 8855 Collins Av #12J – a 3/2/1 PH listed for $950,000 and selling for $875,000.
• Marbella Condo at 9341 Collins Av #208 – a 3/2/1 listed for $439,000 and selling for $380,000.
• The Waverly at Surfside located at 9201 Collins Ave #924 – a 2/2 listed for $435,999 and selling for $400,000.
• Spiaggia Condo at 9499 Collins Av #806 – a 2/2 short sale listed for $280,000 and selling for $300,000.
• The Waverly at Surfside located at 9201 Collins Av #421 – a 2/2 short sale listed for $250,000 and selling for $220,000.

The Median sales price for a Surfside Condo in November was $400,000 and the average sales price was $435,000.  The Surfside housing market is showing a real improvement with only 5 short sales and 1 foreclosure in its current for sale inventory – that’s less than 9% of distressed inventory left in Surfside Condos!

Fisher Island Real Estate Market Report

There are currently 105 Fisher Island Condos for sale: (1 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $180,000 for a 1 bedroom / 1 bathroom residence at Marina Village (short sale)
• Pending Sales: 4 (1 less than last month)
• Closed sales in November: 2  (same as last month)

The 2 Fisher Island Condos sold in November were:

• Seaside – 19223 Fisher Island Dr – listed for $1,699,000 and selling for $950,000.
• Bay View – 5211 Fisher Island Dr – Foreclosure listed for $1,663,600 and selling for $1,810,000.

Many will say that Fisher Island is back but most will agree that it was never gone.  Of course the luxury real estate market gets hit, but it doesn’t ever get hit as badly as the rest.  We will continue seeing some fluctuation in sales on the island since there’s still a 12% distressed inventory with 8 short sales and 4 foreclosures.

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

Related Articles:

November 2011 Housing Market Report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island originally appeared on Miamism on December 5, 2011.

If you are a Miami Beach home buyer you know you can be picky, you can demand more and you have every right to be a pain, since this is YOUR market.    If you have been looking for a while, you may find the search frustrating and never ending and may even wonder if you will ever buy a property.

With the daily gloom of the media, you may have a tendency to forget what your goal is.  You may even start doubting what it is that you really want.  So here’s what Rick and I recommend.  (Yeah, we’re giving you homework, but you will thank us for it….or not)

Sit down either by yourself or with your significant other and write a list.  Write down what it is that you want (not taking price into consideration yet).  Number of bedrooms and baths, single-family or condo, square footage, location, size of property, layout, close to a particular school, gated neighborhood, remodeled or not, preferred finishes, charm/no charm, modern or traditional, pool/no pool.  Brainstorm away until you have everything down on paper.

If you are making a purchasing decision with a significant other, we recommend that you consolidate your lists and come to a consensus on what is most important.  Then go ahead and organize those items in order of significance – please realize that it is almost impossible to find the perfect home with everything you want and it is essential to be flexible and let some of those “wants” go.

After you are done with the “real estate wants list”, go back to your Realtor and discuss price – this will most likely be the only factor that has remained constant since you began, and you may notice that you will be able to afford more items on that list than when you began (so the search time is not all that bad).

Review Miami Beach homes on the market that you have seen and make sure you are not discarding any good opportunities because you were not as “open minded”.  Go back and look at them again and make sure you are not missing a great deal that could turn out to be your dream home.

I will repeat again and again that buying real estate is an emotional process and looking at properties for an extended period of time can be draining and frustrating.  By studying your needs and indentifying your goals, you may find yourself with a different outlook and willing to make a decision (even if the decision is to stop looking).

We work with real estate buyers on a daily basis that confuse wants with needs. This simple exercise helps them clear up their goals and look at properties with a different mindset. Remember that your Miami Beach Realtor is there to help you with your decision (even if it means knocking sense into you!)

If the exercise doesn’t work – call us and we’ll make you a mojito to make up for your troubles!

*originally published on June 29th, 2008*

Related Articles:

Miami Real Estate Buyers – Listen up! originally appeared on Miamism on December 3, 2011.