RSVP by July 30 at miamifoundation.org/
Event: Getting Listings in Today’s Low Inventory Market
Friend of Miami Urbanist, Jacky Teplitzky, has been invited by the Miami Association of Realtors to present on the topic of “Getting Listings in Today’s Low Inventory Market”.
Increased demand and tight supply have pushed up prices, in some cases to record-breaking levels, as seen in Miami’s luxury residential market. But this seemingly hot market has left many realtors out in the cold as they struggle in a climate of pocket listings and private sales, where referrals, networks and creative marketing makes all the difference.
Jacky is a Managing Director for Douglas Elliman with 20+ years in the industry and is the leader of a billion-dollar sales team in NYC and Miami; she is also a rock star when it comes to real estate. She will discuss strategies and tactics that agents need to know to survive in this market.
She will be presenting Thursday, July 25 from 9a.m. – 12:30p.m. at the Association Headquarters in Miami Springs.
Click here to register. Event is open to all members. Reservations required.
Historic Buena Vista
One of my favorite neighborhoods in Miami is historic Buena Vista. Located to the north of the Design District, it happens to be one of Miami’s oldest neighborhoods.
According to Historicpreservationmiami.com
“In the 1890s, Buena Vista was a small village whose founding and growth paralleled Miami’s. During the Land Boom of the 1920s, the area was developed as the Biltmore and Shadowlawn subdivisions. Originally home to many “cracker” immigrants from Georgia and North Carolina, the neighborhood soon became popular with the owners of nearby businesses. The houses reflect their original owners’ rising social status and include fine examples of Mediterranean Revival, Mission, Craftsman, and Art Deco style residences.”
Investing in Buena Vista
Currently there are only 9 properties on the market for sale in Buena Vista according to StreetEasy. The neighborhood is centrally located, with great access to I95 and is just minutes away from downtown Miami, South Beach, and Miami International Airport. Prices will likely continue to rise in Buena Vista with Craig Robins’ massive reconstruction of the Design District. According to exMiami Robins recently submitted expansion plans for his current project:
- Add 1.98 acres of lot area for a total lot combined area 21.06 acres
- Increase commercial space by 422,971 square feet for a total of 1,374,689 square feet
- Increase residential units by 489 units for a total of 561 units
- Decrease hotel keys by one for a total of 52 keys
- Increase parking spaces by 1,181 spaces above ground and below grade for a total of 3,752 spaces
- Increase open space by 1,764 square feet for a total of 41,566 square feet
With all that is happening in the Design District, Buena Vista will likely become an even more desirable neighborhood to live in.
Here are a few of my favorite Buena Vista homes and apartments.
Miami’s Real Estate Market is Hot: Douglas Elliman and StreetEasy Release Q2 Residential Market Reports
Second quarter real estate digits are in and we continue to see strength in the Miami market.
Here are a few highlights according to Douglas Elliman’s report:
Overview
- Highest sales activity in 7 years.
- Market share of distressed sales down sharply.
- Prices up in most segments of the market, average sales price highest in 5 years.
- Inventory dropped, most of decline from distressed listings.
- Overall market seeing larger price increases now than luxury, which began to recover last year.
Key Trend Metrics (compared to same year ago period)
- Median sales price increased 19.1% to $234,000
- Number of sales jumped 15.4% to 6,416
- Listing inventory dropped 18.8% to 9,490 units
- Days on market was 64, down from 68
- Listing discount was 6.1%, down from 7.4%
And here are a few highlights according to StreetEasy’s report:
Overview
- New Developments – This quarter, there was 65% fewer new development sales compared to a year ago. This is a segment of the market that is truly constrained by the low inventory. Two-thirds of new development closings this quarter were under $300K.
- Condo Resales – This segment of the market had a decrease of 11.1% in the number of transactions this quarter compared to a year ago. However, average PPSF jumped 34.3% to $341.
- Single-Family Home Resales – 22% of all single-family homes sold this quarter were over $500K. Average PPSF climbed to $227, a 17% increase from a year ago.
Video: Is Miami the Least Leveraged Real Estate Market in the United States?
It wasn’t too long ago that Miami became synonymous with foreclosures and short sales, a perfect example of real estate excess that made us the laughing stock of the nation.
But thanks to the foreign buyer, with cash in hand, Miami is “probably the most under levered city in the entire country” according to Alicia Cervera Lamadrid, Managing Partner at Cervera Real Estate. StreetEasy spoke with Alicia Cervera to discuss the long-term implications of the last real estate cycle on Miami’s market.
Miami has the following countries to thank for its recovery:
Venezuela & Hugo Chavez. The former president arguably did more for our recovery than any other person. Venezuelans are still scrambling to get money out of their country. I’ve heard several people say that Hugo Chavez was Miami’s #1 real estate agent.
Brazil- When times were good and the Brazilian Real was strong, Brazilians were buying Miami property like hot cakes. Now that the economy is souring, Brazilians continue to buy in order to diversify, hedge against the devaluation of the Brazilian Real and preserve their capital. Miami has benefited from both the boom and now slowing of Brazilian economy.
Spain, Italy and France-due to slow growth and austerity measures. Europeans are also scrambling to diversify and have found real estate to be considerably less expensive than in Europe.
Honorable Mention:
Argentina and President Cristina Fernández de Kirchner
Mexico
Peru