Miamism» Miami Real Estate

Miami Luxury Condos – Carbonell, Brickell Key C

Ines Hegedus-Garcia — Wed, 17 Feb 2010 03:40:49 +0000

Carbonell Condo happens to be one of those striking buildings on Brickell Key. Full Amenity condo with valet parking, 24-hour security, gorgeous gym with racquetball and fitness machines overlooking the water, swimming pool, children’s area and covered parking. The views are unmatched with a combination of Biscayne Bay, Port of Miami, Miami River, Miami Skyline and downtown Miami …. with water and luxury wherever you look. And then you also have Brickell Key’s amenities, including parks, children’s playground, restaurants and market, jogging trail and don’t forget security and proximity to downtown Miami, shopping and business district.

901 Brickell Key Drive – number 706

Listing Price $875,000

Where luxury and comfort meet with no compromises, on exclusive Brickell Key! This large 3 bedroom split-plan residence boasts spectacular water views, sitting at the mouth of the Miami River and overlooking The Port of Miami, Miami Beach and Downtown Miami. Marble floors, large master suite, Miele and Sub-Zero appliances, impact doors and double balconies. Full amenity building includes gym, racquetball, concierge, valet and more.

I’m hoping a certain someone in the South Florida Blogosphere whose name rhymes with “slick” will appreciate the bigger photos I am including in this article.

What I love about the floor plan and distribution of these units is that they are super practical – master bedroom has ample closet space, great big bathroom with separate enclosed room for water closet and bidet; other 2 bedrooms work as a private suite with own bathroom and balcony and the finishes are beautiful.

Here’s the floor plan for the 06 line at Carbonell Condos

As for views, I can’t get enough of them. Every time I visit this condo, my jaw just drops in disbelief. At night you have an unbelievable lit skyline and in the day you can see the sunrise, sunset and water in every direction.

And can’t forget photos of the common areas – this building welcomes you from the time you talk to the security at the guard gate, to the time you hand the keys over to the valet and are later greeted by the concierge inside the lobby doors.

Unit features:

1.944 square feet of living space
built in 2005
3 bedrooms / 2.5 bathrooms
parking for 2 vehicles
Miele and Sub-zero kitchen appliances
washer and dryer inside unit
impact resistant windows and doors
2 private balconies
Master Suite – Jacuzzi Tub, separate shower, separate water-closet and bidet
walk-in closets
marble and tile floors
maintenance fees $1132/month
central air-conditioning
eat-in kitchen

Here’s an informal on-location video done to show the proportions of the residence as well as views.

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Home Sellers Can’t Handle The Truth

Ines Hegedus-Garcia — Thu, 28 Jan 2010 14:45:44 +0000

If you are in the market to sell your Miami Beach home, how do you interview Miami Beach Realtors? What questions do you ask and ultimately, what’s the most important factor when choosing a Realtor?

When we asked random people what qualities are important when choosing a Miami Beach Realtor, the response was: Ethical, Loyal, Truthful, Professional, Aggressive, and Experienced.

But when we ask home sellers how they choose their Realtor, it comes down to one single factor: PRICE.

Here are different scenarios we wanted to present. In the 3 scenarios, sellers interview 3 well known Realtors in their area who appear in local advertising and seem to have a wide array of listings.

FIRST SCENARIO

Agent 1 tells them the truth about miami beach real estate market and how they will sell the home for a lot less than they had planned.
Agent 2 tells them they will list the property at whatever price they think is right and will recommend reductions as time progresses.
Agent 3 tells the buyers that they can get $200,000 more than what Agent 1 said.

What surprises us is that 9 times out of 10, the sellers will choose agent number 3 – even if that agent is not being realistic, even if that agent will NEVER achieve their goal. The house ends up sitting on the market for months, it may have a couple of contracts that fall apart because the house simply will not appraise, and the house will end up selling bellow Agent 1’s price.

We have seen this happen so many times that we just roll our eyes and cannot believe that people can be that naïve. We realize that being ethical and truthful is not important to a lot of sellers.

SECOND SCENARIO

Agent 1 tells them that they should offer a higher commission to cooperating agents to have more exposure and a better chance of selling.
Agent 2 says commission makes no difference and they should list at the standard.
Agent 3 explains how they have tons of buyers, they only show their own listings and if they sell the property themselves, they will give a major discount on the commission.

Again, 9 out of 10 times, sellers will choose Agent 3. What they don’t realize is that because agent 3 only pushes their listings, other agents are not interested in showing Agent 3’s listings. Because Agent 3 is committed to making both sides of the deal, he is representing neither the seller’s nor the buyer’s best interest, but is only interested in the mighty dollar and volume sales. Those sellers will reduce the chances of selling their house in a buyer’s market, because they are limiting their market.

Because PRICE is once again at the top of the “qualifications list”, sellers fail to see the negative aspect of listing with Agent 3.

THIRD SCENARIO

Agent 1 explains that over 85% of buyers start their search in the Internet and it is important to Google the Realtor’s name to see their search ranking.
Agent 2 sees no advantage in on-line advertising because real estate is “local”.
Agent 3 is in every local publication possible, his face appears in the local chamber of commerce, has a beautiful magazine ad, appears in the local paper and promises that the listing will appear in all those print-ads and local publications…….he has no Internet presence.

9 out of 10 times, sellers will again choose agent 3. Did you know that all those local print ads are good for getting listings? A study was done by the National Association of Realtors that local print ads and publications are recommended because they “expose” the Realtor…..not the listing…….it helps REALTORS!

Take off the blind fold!

So there you have it– a listing agent chosen because he suggests the highest price (not being truthful), he pushes his own listings to his buyers and reduces commission and on top of that produces beautiful print ads that don’t sell listings.

We are seeing buyers educating themselves on the real estate market, on advertising, on local trends. We see buyers going in depth when choosing an agent to represent their best interest, so why aren’t sellers doing the same thing?

If you are a seller, do your homework, check your options, and don’t fall in the PRICE trap. We ALL want to get the most money possible in the least amount of time (that’s a no brainer). Google the Realtor, see what their Internet Presence is like, ask particular questions on marketing your individual property. Ask about latest advertising tools like video and blogging, how many different tools do they use? Make sure your interests are well represented.

You want the truth?….you can’t handle the truth!

**This post was originally published on November 4th, 2007 and works just as well today**

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Historic Designation Quandary

Ines Hegedus-Garcia — Sat, 16 Jan 2010 17:56:18 +0000

After reading a letter to the Editor in the Biscayne Times written by Peter Otto, I have to add my 2 cents. Here’s what Peter writes:

Shorecrest, We Implore You: Don’t Get Historic on Us – After reading Erik Bojnansky’s story about efforts to expand the MiMo/Biscayne Boulevard Historic District (“They Want to Grow MiMo,” December 2009) and Richard Laird’s enthusiasm about having his Shorecrest neighborhood designated an historic district. I feel compelled to offer a few words of caution.

Why would you want to surrender your right to do as you please with your own home regarding the yard, hedges, paint jobs, remodeling, window updates, or any other privileges that come with being a homeowner?

If Shorecrest were to be designated an historic district, residents would receive nothing but rude impositions from a group of Miami bureaucrats who will act as if they own your property.

Mr. Laird, as president of the Shorecrest Homeowners Association, this is not something you should desire.

Take a look at the homes within your neighborhood. My own tour through Shorecrest was a pleasure as it includes creative landscaping and wonderfully updated homes.

That is not the case in my historic district, which suffers from exactly that which you desire. We are prevented from doing any of the creative wonders I see in Shorecrest, so unfortunately we opt for neglect instead.

I suggest you retain your independence and your wonderful neighborhood.

There are 2 sides to the historic preservation coin – one side is the romantic preservation of the original architecture, features and context. The other side is the not so pretty side which includes bureaucracy, as Mr. Otto so well puts it, and a not so well structured method of getting to the pragmatic side of this quandary.

Many of you know that I served on the Miami Shores Historic Preservation Board for over 5 years. This was a purely voluntary role and during most of my sentence term, I was the only architect on that board. The other elected members knew nothing about historic preservation or architecture (except for a few that owned and had restored historic homes), and were learning on the job. I can’t begin to express my frustration with voting and final decisions coming from the board. Tax paying citizens being told how to restore their historic homes from a group of individuals with no real historic preservation training…..(SIGH).

During my term many things got shoved under the rug – a historic house installing the wrong awnings, therefore going against the historic preservation board’s decision, constant mistakes by the permitting department regarding previous board decisions, and council overruling board’s decisions on a regular basis. So why have a historic preservation board at all? The final straw was when the city gave the chairman of the preservation board an order to pressure clean his Historic Cuban Barrel Tile!! Blasphemy!

It wasn’t all bad though, we created an informative brochure about mediterranean revival homes and correct features for restoration. We had several tours of historic homes where we pointed out correct restorations and original features of the homes and also were in direct contact with Dr. George, local historian with The Historical Museum of Southern Florida.

Through the years I have seen historic homes destroyed because of lack of education or just plain ignorance from owners. I’ve also seen gorgeous restorations from people that took the time to learn historic appropriateness. When I hear the words “creative wonders”, as Mr. Otto points out above, my stomach starts turning because this can either be really great or really, REALLY BAD. (and unfortunately, most of the time it fits into the really bad category)

So there is a conflict – the 2 sides of the historic preservation coin cannot get along. Some cities have achieved this better than others, and some kid themselves about how well they do (like Miami Shores….hate to say it, but it’s true). Most homeowners don’t want to designate their homes historic and I don’t blame them one bit. Historic Districts tend to address preservation as despotism instead of going out of their way to educate home owners about what they have.

It always goes back to education – so what if cities sent historic home owners resources about their homes and their restoration? Start with The Secretary of The Interior’s Standards for Rehabilitation, have workshops from local historians, tours to enlighten residents about their local gems. The problem is that it takes time and dedicated people who have to go through a lot of hurdles to get anything achieved (like yours truly).

So what do we choose? free reign and creative destruction of our historic districts? or bureaucratic despotism? [sensible regulations would be a nice compromise...in my dreams]

**if you are curious about the Coppertone Girl’s history – read THIS**

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Miamism Fridays – Fog over Miami

Ines Hegedus-Garcia — Fri, 11 Dec 2009 05:01:00 +0000

This photo by Miami_jj on Flickr totally blows my mind – it’s like a scene from a dream. Here you have Brickell Avenue South of Downtown Miami with recognizable Brickell Condos like Arquitectonica’s The Palace, Villa Regina and Atlantis or Ugo Colombo’s Santa Maria and Bristol Tower….it’s as if the buildings were floating in a fantasy world, protected by the heavens, suspended by time.

I wish Miami_jj would give us more information about the capture, but maybe it’s better to leave it to our imaginations.

….another Miamism !!

** Here at Miamism we love to post your Miami Photos. If you have a shot you want to share please join the Miamism Group at Flickr.com – or you can e-mail the photos directly to us at info@miamism.com *

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Family Day in The Miami Design District

Ines Hegedus-Garcia — Tue, 08 Dec 2009 12:41:21 +0000

Mark your calendars! Family Day in The Miami Design District is scheduled for Saturday, December 12th from 12:00 PM to 4:00 PM!

“Come join us Saturday the 12th for an afternoon of family fun in the Miami Design District. Activities and adventures for children, fabulous shopping for parents with Limited Edition Experiences created by top brands like Cynthia Rowley, Duncan Quinn, Fendi, Maison Martin Margiela & Neon Monster”

Take a look at the flyer to see who will partaking in the event including my all time fave, Genius Jones!

We have certainly come a long way! Still remember the first time a girlfriend and I decided to visit some galleries with our toddlers and were given a dirty look by one of the gallery’s attendants and were called “breeding urbanites” – thought it was PRICELESS!

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October 09 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

Ines Hegedus-Garcia — Mon, 02 Nov 2009 16:39:27 +0000

This is a Miami Real Estate Market Report for October 2009 – There is not a place Rick and I go that we don’t get the infamous question: “How is real estate? – is it picking up?”

The answer is YES, it is picking up, we are working with more buyers and closing more deals – our Majestic Properties office alone is up 28% in sales from this time last year. But if you are a seller, you still need to be patient because there is still a lot of inventory which means a lot of choices for ready and willing buyers. Please make sure your home is in tip-top showing condition if you want to be in the running though – and make sure you have aggressive on-line marketing since we are seeing a lot of foreign nationals and investors making a move and that’s where most buyers begin searching.

Miami Shores Real Estate Market Report

There are currently 118 listings in Miami Shores:
(7 less than last month)

Highest priced listing is $2.699 million (bayfront home located at 1430 NE 101 Street –listed since September 2007 for $3.9 million )
Lowest priced listing is $126,000 (short-sale at 9021 N Miami Av)
Pending Sales (Properties under contract):52 (9 more than last month)
Closed sales in October: 8 (4 more than previous month)

The 4 closed sales in Miami Shores last month were the following:

10331 NE 6th Ave – listed for $699,000 and selling for $657,000 (golf-front – $222/sq.ft)
665 NE 97th Street– listed for $579,000 and selling for $538,500 ($193/sq.ft.)
601 Grand Concourse– listed for $545,000 and selling for $473,500 (historic – $195/sq.ft.)
550 NE 102nd Street – listed for $449,000 and selling for $400,000 ($170/sq.ft.)
440 NE 105th Street – listed for $399,900 and selling for $380,000 (foreclosure $137/sq.ft.)
9701 NE 4th Ave – listed for $350,000 and selling for $350,000 ($175/sq.ft.)
189 NW 105th Street – listed for $249,000 and selling for $227,000 ($172/sq.ft.)
52 NW 111th Street – listed for $94,900 and selling for $99,777 (foreclosure $53/sq.ft.)

There’s a huge amount of pending sales in Miami Shores at this time which, as I mentioned last month, are a representation of short sales that take forever to close – hopefully we will begin to see some of those properties actually close.

The average price per square foot from last month was $188 and that’s not taking into consideration the 2 foreclosure properties since they are distress sales and the homes were in total disarray and not comps at all to the other properties. We are seeing the +/- $500k range moving at this time in Miami Shores – the Miami Shores Luxury Market is at a stand still.

Bay Harbor Islands Real Estate Market Report

There are currently 27 single-family home listings in Bay Harbor Islands: (1 more than last month)

Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
Pending Sales (properties under contract):3 (2 more than last month)
Closed sales in October: 0 (same as last month)

Another month of no movement for Bay Harbor Islands real Estate. I have to admit I’m a bit disappointed, I though the 5 sales this Summer meant their market had a bright future….but not quite. One thing to keep in mind is that Bay Harbor Islands is a sought out market and little inventory and no sales is not always a bad sign, especially for those that call the island home.

Surfside Real Estate Market Report

There are currently 64 single-family home listings in Surfside: (3 more than last month)

Highest priced listing is $7,900,000 (for flawless 6 bedroom / 7.5 bathroom modern bay front home located at 1236 Biscaya with 6,723 square feet of living space and 75? of bay frontage).
Lowest priced listing is $250,000 for the home located at 9132 Abbott Ave
Pending Sales (properties under contract): 4 (3 less than last month)
Closed sales in October: 5 (1 more than previous month)

The closed Surfside Real Estate sales in the month of October were the following:

9116 Byron Ave – listed for $695,000 and selling for $635,000
400 92 Street – listed for $499,000 and selling for $495,000
9433 Bay Drive– listed for $369,000 and selling for $340,000
8811 Hawthorne Ave – listed for $325,000 and selling for $325,000
9157 Emerson Ave – listed for $274,900 and selling for $200,000

Surfside used to have great fixer-upper inventory at $250 and under, but that no longer is the case. There are a few lower priced listings left, but remember the lots will be small and they will need a lot of work – you can’t beat proximity to the ocean though.

There are currently 150 condo listings in Surfside: (1 less than last month)

Highest priced listing: $2,500,000 a 3/3 at Azure Condo

Lowest priced listing: $99,000 a 1/1 at Regent Palace

Pending Sales (properties under contract):24 (1 more than last month)

Closed sales in October: 4 (3 more than last month)

The 4 closed Surfside condo sale in October were the following:

8777 Collins Ave #911 – Champlain Towers South – listed at $599,000 and selling for $537,000
8855 Collins Ave #12B – Champlain Towers East – listed at $585,000 and selling for $530,000
9225 Collins Ave #601 – Four Winds Condo – listed for $380,000 and selling for $365,000
877 Collins Ave #404 – Champlain Towers South – listed for $365,000 and selling for $310,000

The Champlain Towers were hot in October – nice for the rest of the units in the building that will have comps when they go under contract. I still love Surfside, its beach, location and density – perfect for those that want quiet but still want to be close to South Beach and Bal Harbour.

Fisher Island Real Estate Market Report

There are currently 139 listings in Fisher Island: (same as last month)

Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
Lowest priced listing: $190,000 for a studio at Marina Village
Pending Sales: 3 (6 less than last month)
Closed sales in October: 4 (3 more than last month)

Fisher Island Real Estate’s October closings were the following:

Palazo del Mare at Fisher Island – 7161 Fisher Island Dr – listed at $4,890,000 and selling at $3,700,000
Seaside Village – 19232 Fisher Island Dr – listed at $2,390,000 and selling at $1,100,000
Seaside Village – 19143 Fisher Island Dr – listed at $1,250,000 and selling at $1,050,000
Bayside Village – 2411 Fisher Island Dr – listed at $1,100,000 and selling at $900,000

Fisher Island is no longer regarded at “untouchable miami real estate” – on the contrary, prices seem to be very reasonable and you can’t beat security and amenities. Perfect for those that like to get away and not be disturbed but still close enough to the ACTION.

Aventura Real Estate Market Report

There are currently 1482 condo listings in Aventura: (14 less than last month)

Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
Lowest priced listing: $50,000 for a 1/1 short sale at Biscayne Lake Gardens
Pending sales: 281 (7 less than last month)
Closed sales in September: 69 (6 more than last month)

Aventura is seeing the light at the end of the tunnel – with progressively less inventory, more pending sales and more closings – The highest closed sale in October was Bella Mare, 6000 Island Blvd, unit 1701 for $1,800,000 and the lowest was for $68,000 for a 2 bedroom / 2 bathroom residence at Bravura II.

Biscayne Park Real Estate Market Report

There are currently 30 single-family listings in Biscayne Park: (5 less than last month)

Highest priced listing $449,900 (1112 NE 117th Street)
Lowest priced listing $145,000 (11320 NE 10 Ave – short sale)
Pending sales (properties under contract):12 (1 more than last month)
Closed sales in October: 4 (4 more than last month)

Here are the 4 sales in Biscayne Park for the month of October:

1100 NE 116th Street – listed for $373,000 and selling at $350,000
1060 NE 120th Street – listed for $289,000 and selling at $275,000
11800 NE 10th Ave – listed for $270,000 and selling at $253,000
1055 NE 119th Street – $269,000 and selling at $260,000

I keep saying that Biscayne Park is perfect for first time home buyers – the sales in October are a great representation of homes selling close to asking price. If you are a buyer in this area, keep that in mind, placing low-ball offers in this area may not get you anywhere.

El Portal Real Estate Market Report

There are 26 listings in El Portal: (2 less than last month)

Highest priced listing is $1,200,000 (300 NE 89th St – this one is a bit off for the neighborhood…..white elephant?)
Lowest priced listing $140,000 (short sale at 435 NW 90th Street)
Pending sales (properties under contract):12 (2 more than last month)
Closed sales in October: 0 (1 less than previous month)

El Portal Real Estate remains one of those hidden treasures – you can’t beat the location and the architecture of most of the homes is early century with charm. It’s a great chance to get in there if you are a first time home buyer.

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

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September 09 Real Estate Market Reports for Miami Shores, Bay Harbor Islands, Surfside, Fisher Island, Aventura, Biscayne Park and El Portal

Ines Hegedus-Garcia — Sun, 04 Oct 2009 15:51:26 +0000

This is a Miami Real Estate Market Report for September 2009 – There’s always some finger pointing when things don’t keep progressing the way we expect them to. This time I blame appraisals for artificially driving down prices and killing real estate deals. Yes you heard me correctly, appraisals are killing deals and something needs to happen. If appraisers are supposed to be so objective about their valuation, how come they ask for executed contracts to arrive at their number? I’m tapping my foot until something happens and it needs to be soon – bad enough that regular sales get compared to desperation sales, but now it seems like appraisers are afraid and do their job while walking on hot coals.

Miami Shores Real Estate Market Report

There are currently 125 listings in Miami Shores:
(4 more than last month)

Highest priced listing is $2.699 million (bayfront home located at 1430 NE 101 Street –listed since September 2007 for $3.9 million )
Lowest priced listing is $91,900 (foreclosure at 58 NW 104th Street)
Pending Sales (Properties under contract):43 (3 more than last month)
Closed sales in September: 4 (8 less than previous month)

The 4 closed sales in Miami Shores last month were the following:

700 NE 101 Street – listed for $550,000 and selling for $495,000
1113 NE 98th Street – listed for $417,000 and selling for $355,000
1160 NE 91 Terrace – listed for $329,900 and selling for $275,000 (foreclosure)
117 NE 103 Street – listed for $220,000 and selling for $115,000 (short sale pending since May, 2009 – took over 4 months to close)

The large number of pending sales in Miami Shores we see each month are a clear representation of short sale properties under contract. Some of these take months to close – so expect to see these show up for a few months in our reports. Miami Shores is seeing a lot of buyers and movement, but the market is still slow and buyers are pickier than ever with really bizarre requests in addition to getting great deals. We will see what the end of the year has in store.

Bay Harbor Islands Real Estate Market Report

There are currently 26 single-family home listings in Bay Harbor Islands: (4 more than last month)

Highest priced listings is for $4,950,000 (10200 W Broadview Drive – listed since December of 2008 for $5,200,000)
Lowest priced listing is $499,000 (9970 E. Bay Harbor Drive – Villa – listed since Feb. 07 – starting price of $659,000)
Pending Sales (properties under contract):2 (1 less than last month)
Closed sales in September: 0 (2 less than last month)

Back to no movement for Bay Harbor Islands real Estate. No sales last month – but it has a chance to make up for it before December when the market historically picks up a bit.

Surfside Real Estate Market Report

There are currently 61 single-family home listings in Surfside: (4 less than last month)

Highest priced listing is $7,900,000 (for flawless 6 bedroom / 7.5 bathroom modern bay front home located at 1236 Biscaya with 6,723 square feet of living space and 75? of bay frontage).
Lowest priced listing is $275,000 for the home located at 8942 Carlyle Ave
Pending Sales (properties under contract): 7 (same as last month)
Closed sales in September: 4 (3 more than previous month)

The closed Surfside Real Estate sale in the month of September were the following:

9048 Emerson Ave – listed for $399,000 and selling for $390,000
9425 Byron Ave – listed for $390,000 and selling for $350,000
8842 Dickens Ave – listed for $385,000 and selling for $385,000
9165 Froude Ave – listed for $269,000 and selling for $269,000

It’s evident that the price range moving in Surfside is the $400,000 and under – that inventory is decreasing, so it gives some hope to the higher priced properties that are usually bigger and in much better condition.

There are currently 151 condo listings in Surfside: (1 more than last month)

Highest priced listing: $2,500,000 a 3/3 at Azure Condo

Lowest priced listing: $84,800 a 230 sq. ft. studio at Seaside Terrace

Pending Sales (properties under contract):23 (5 more than last month)

Closed sales in September: 1 (5 less than last month)

The one Surfside condo sale in September was a 3 bedroom / 2 bathroom oceanfront unit at The Waverly. Listed as a short sale for $420,000 and selling for $420,000. This unit had been listed since May of 2005 for $875,000 – obviously a speculator’s investment going south.

Fisher Island Real Estate Market Report

There are currently 139 listings in Fisher Island: (one 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: $295,000 for a 1/1 at Marina Village
Pending Sales: 9 (2 more than last month)
Closed sales in September: 1 (1 more than last month)

Fisher Island Real Estate’s single September closing was for the Oceanside Residence at 7945 Fisher Island – listed for $2,750,000 and selling for $1,749,950 (I love when I see crazy numbers like this – reminds me of pulling numbers out of a hat – maybe they are superstitious)

Aventura Real Estate Market Report

There are currently 1496 condo listings in Aventura: (80 less than last month)

Highest priced listing: $6,000,000 for a 4/6 at Porto Vita
Lowest priced listing: $50,000 for a 1/1 short sale at Biscayne Lake Gardens
Pending sales: 288 (27 more than last month)
Closed sales in September: 63 (5 less than last month)

The highest closed sale in August was Bella Mare, 6000 Island Blvd, unit 2806 for $1,320,000 and the lowest was for $56,000 for a 1 bedroom / 1 bathroom residence at Point East.

Biscayne Park Real Estate Market Report

There are currently 35 single-family listings in Biscayne Park: (5 more than last month)

Highest priced listing $449,900 (1112 NE 117th Street)
Lowest priced listing $145,000 (11320 NE 10 Ave – short sale)
Pending sales (properties under contract):11 (2 less than last month)
Closed sales in September: 1 (2 less than last month)

The one sale for Biscayne Park Real Estate for the month of September was the property located at 728 NE 112th Street – listed for $259,000 and selling for $205,000 (short sale also taking over 4 months to close)

El Portal Real Estate Market Report

There are 28 listings in El Portal: (one more than last month)

Highest priced listing is $1,200,000 (300 NE 89th St – this one is a bit off for the neighborhood…..white elephant?)
Lowest priced listing $140,000 (short sale at 435 NW 90th Street)
Pending sales (properties under contract):10 (2 more than last month)
Closed sales in September: 1 (1 more than previous month)

The single sale in El Portal Real Estate was the property located at 69 NE 90th Street – a short sale starting at $379,000 in January 2008 and showing pending for 2 months before closing. El portal still has some great opportunities, especially if you are a first time home buyer looking for your $8,000 tax credit.

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

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Miami – safe or unsafe

Ines Hegedus-Garcia — Wed, 05 Aug 2009 20:44:53 +0000

Some of you have commented about “Miami’s safety” and it is a subject I would have never come up with on my own. I remember living in Tallahasse, Florida my first year of college and people asking me with a look of shock and surprise “You are from Miami? Wow, that must be scary!”, or “The furthest South I have been in Florida has been Orlando, I would never go to Miami”.

We even had a customer call us from our website, looking for waterfront property with Marina for his 60′ yacht ask us if the buildings we were recommending were in a “safe neighborhood“. (oh…with 60′ slips you’re safe…..you really need to worry about those prime waterfront condos with slips 40′ and under).

I have to admit that I always found those remarks not only funny, but quite strange. I used to even think that anyone saying things like that must lead very sheltered lives.

Here’s the scoop. Like any major Metropolitan city, there is crime. I’ve lived in Miami for 26 years and have never been held at gun point (THANK GOD FOR THAT), have never seen a gun pointed at anyone (AGAIN…THAT’S GOOD NEWS), and have never been in a hostage situation (THAT’S A RELIEF!).

We have such a bad reputation because of all those Miami Beach TV shows and movies- Miami Vice, CSI Miami, Bad Boys, Scarface….(you get the picture….well the wrong one at that).

My kids play out in front of our house, they even walk to the recreation fields and to the boardwalk by themselves. I have left my car open overnight and woke up to find it untouched, I have even slept with my front door unlocked and nothing has happened. The Miami Shores Police Department is fantastic, with a quick response time and regular patrolling. The same can be said about many other areas in Miami.

With a big city comes some responsible crime prevention that small towns might not even consider. A lot of homes have alarms; when leaving a mall or shopping center it is smart to walk out with keys in hand instead of rummaging through a purse while talking on your cell phone. Leaving an unlocked car with the keys in the ignition while stopping to buy milk in a convenience store is not a good idea. Making sure the suited valet parking attendant taking your keys in front of a restaurant is really a “valet” (don’t laugh, that happened to some friends of ours). Don’t forget to check out visitor safety tips on the Dade-County website. But most importantly, common sense and awareness are key to staying safe.

So there you go, a glimpse of Miami’s safety – something important when buying or selling Miami Beach Real Estate. On a serious note, it’s always good to contact the local police department and ask them for crime rates per capita…one thing I LOVE to do is chat with the local postal workers, they know the ins and outs of all communities.

(This post was originally written on April 26th 2007 – republished because it is so relevant)

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IOS on the Bay – Miami Real Estate Condos

Ines Hegedus-Garcia — Wed, 29 Jul 2009 13:30:17 +0000

What a great building! I’m a sucker for austere white, contemporary buildings against the blue Miami skyline. Ios on the Bay is one of those buildings that doesn’t need to be ostentatious, it’s simplicity speaks for itself and pricing is out of this world. This building is located in Miami’s Upper East Side directly on Biscayne Bay with panoramic water views. The floor plans are simple, the finishes are excellent and did I mention the prices are out of this world (with one bedroom units starting in the low $200,000’s).

Here’s the Project’s Description:

Ios is Miami’s best kept secret, a modern boutique masterpiece set on the best part of Biscayne Bay. Only 45 residences in this five story architectural gem. Cutting end design from double high entry lobby featuring Moooi chandeliers to dark wood kitchens with aluminum brick backsplashes and Lieberher refrigerators to glass walled baths featuring huge rain showers with pebble floors and walls. On-site gym and spectacular 3rd level bay front pool are the icing on this beautiful cake. 1,2 and 3 bedroom residences from the low $200’s. Financing available!

Miami’s ios on the Bay, like the Greek island that inspired its name, is a place where residents can exult in the charm of its clean architecture and breathe in the quiet beauty of Biscayne Bay.

Features and Amenities:

Fiber cable and wiring systems integrated into building’s high-tech core (customizable according to buyers’ specifications
Optional touch-screen computers control lighting, temperature and home entertainment system
Second-floor fitness area
Social Room
40-foot swimming pool on third level
175 feet of bay frontage
24-hour security
Full-height windows
Translucent room dividers
8 feet deep balconies
Glass walled baths featuring over-sized rain showers with pebble floors and walls
Dark wood kitchens with aluminum brick backsplashes and Lieberher refrigerators

Ios on the Bay was designed by Pedro Bravo with assistance from Majestic Properties‘ own Jeff Morr – and the details are obvious – from clean straight door casings and baseboards to translucent room dividers and slider closet doors, over-sized glass walled bathrooms, wide balconies, lanais, (it’s the little things that impress me).

The scoop on Ios is that it was 95% sold in pre-construction but only 2 units closed. The entire left over inventory is back on the market with major reductions and some of the original buyers trying to work out financing. Financing is being offered for primary home owners, vacation homes as well as foreign nationals.

I was impressed with a 3,324 square foot penthouse priced at only $1,200,000 with a 3,300 square foot terrace (with private elevator, splash pool, coy pond and reflection pool), as well as summer kitchen and 4 parking spaces. All 5th floor residences have their own private roof top terrace, and the scale of the building is just how I like them, low density in the middle of a residential area but close to the MiMO District with great shopping and restaurants. There’s definitely something for everyone at Ios.

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Miami real estate sellers have plenty of options

Ines Hegedus-Garcia — Wed, 08 Jul 2009 11:00:53 +0000

If you are a Miami Beach Real Estate Seller, you must have realized that being flexible is the key. If you have not, then I’m sure the time will come. The real estate market currently favors buyers and although this doesn’t mean you have to give your property away, it does mean you have to be open to different scenarios that will ultimately get your property sold. Today’s real estate buyers are being creative when presenting offers and being open to different options could be the key to selling your property.

We recently prepared a purchase contract for some Miami Shores buyer clients and the deal never materialized because the sellers were being stubborn and wanted things done their way. It was a very strong offer and I personally thought the sellers were making a bad call. Needless to say, those same sellers had 2 other offers which they also turned down and their property is now priced below those original offers. OUCH!!

As a seller, you should consider all offers; you should carefully study them and make sure you don’t turn anything down without first giving it good consideration. If you get an offer with a contingency based on a buyer selling their own property, don’t discard it. It may be the perfect scenario for you. There are many ways of accepting contingencies without harming the sale of a property. It could mean adding a kick-out clause and/or stipulating a closing date.

Other scenarios you should not discard are options. We are seeing a lot of sellers placing their properties on the market for rent as well. Having an option may mean a sale by the end of the lease term. Elizabeth Weintraub does a great job explaining the basic differences of options.

Basics of an Option

Buyer pays the seller option money for the right to later purchase the property. This option money may be substantial or as little as $1.

Buyer and seller may agree to a purchase price now or the buyer may agree to pay market value at the time the option is exercised. It is negotiable. However, most buyers want to lock in the future purchase price upon inception of the option.

The term of the option agreement is negotiable, but the common length is generally from one year to three years.

Option money is rarely refundable.

Nobody else can buy the property during the option period.

The buyer can sell the option to somebody else.

If the buyer does not exercise the option and purchase the property at the end of the option, the option expires.

The buyer is not obligated to buy the property.

Basics of a Lease Option

Buyer pays the seller option money for the right to later purchase the property. The lease option money may be substantial.

Buyer and seller may agree to a purchase price now or the buyer may agree to pay market value at the time the option is exercised. It is negotiable. However, most buyers want to lock in the future purchase price upon inception of the lease option.

During the term of the lease option, the buyer agrees to lease the property from the seller for a predetermined rental amount.

The term of the lease option agreement is negotiable, but the common length is generally from one year to three years.

The option money generally does not apply toward the down payment.

A portion of the monthly rental payment typically applies toward the purchase price.

Option money is rarely refundable.

Nobody else can buy the property during the lease option period.

The buyer generally cannot assign the lease option without seller approval.

If the buyer does not exercise the lease option and purchase the property at the end of the lease option, the option expires.

The buyer is not obligated to buy the property.

Basics of a Lease Purchase

Buyer pays the seller option money for the right to later purchase the property. This option money may be substantial.

Buyer and seller agree on a purchase price, often at or a bit higher than market value.

During the term of the option, the buyer agrees to lease the property from the seller for a predetermined rental amount.

The term of the lease purchase agreement is negotiable, but the common length is generally from one year to three years, at which time the buyer applies for bank financing and pays the seller in full.

The option money generally does not apply towar the down payment.

A portion of the monthly lease payment typically applies toward the purchase price.

Option money is nonrefundable.

Nobody else can buy the property unless the buyer defaults.

The buyer typically cannot assign the lease purchase agreement without seller approval.

Buyers are often responsible for maintaining the property and paying all expenses associated with its upkeep, including taxes and insurance.

The buyer is obligated to buy the property.

Being a “firm seller” in a buyer’s market is not a good strategy, especially considering the seller incentives that are being offered all over Miami, from closing costs to money back, to maintenance fees, free pool installations, and even cars!!

By working with a good, creative and knowledgeable Realtor, you will improve the odds of selling your property in a real estate market where competition is fierce. This post was originally written on November 2007 and applies even more to today’s real estate market.

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