That was tucked away on page 3 of the Business Section in the Miami Herald today (had it been bad news it would have been plastered across the front page!). That 10.5% increase is reflective of the Miami real estate market since August 2013.
I have been selling residential real estate in Miami for 20 years: specializing in Coral Gables, Coconut Grove, South Miami, Pinecrest, and Palmetto Bay. I know that real estate statistics should be looked at neighborhood by neighborhood; it is neither possible nor fair to ‘blanket’ a percentage across an entire town, especially one as diverse as ours. In some areas the prices have far exceeded a 10.5% increase!
Let’s look at the single family home markets from August 2013 through August 2014 in the wonderful communities I spend most of my time in. Although Coral Gables had a small slip in sales price this past August, it has generally seen more than a 30% increase over the year, and the sales prices in Pinecrest have had a similar increase! The sales prices in Coconut Grove look like they have been taking steroids (wait until the most expensive luxury/waterfront home listed in Miami sells).
There have been months with really strong price increases in Palmetto Bay, but over the year the prices averaged about a 10% gain. In South Miami, where I live, love, and have sold over 100 homes it looks like we’ve had significant decreases in sales prices but the truth is South Miami has such disparity in the price ranges of the properties and neighborhoods that the numbers can look very skewed. In the more expensive neighborhoods there is hardly any inventory, but over the next 6-12 months there will be so many newly constructed homes coming on the market and closing in the $2mil+ market that we will see a very strong price increase.
I put my Halloween wares out last night. Actually, we carved a pumpkin about 10 days ago but with all the rain and heat it didn’t fare so well – it had a melt-down so to speak. Our house on “Happy Street” is ready for the Halloween Parade, which is the unofficial name for Halloween night on SW 85th Street in South Miami. “Happy Street” is the unofficial name given to our little stretch of SW 85th Street by Mitchell Kaplan (of Books & Books fame) when he described our cool neighborhood, where his boys often visited friends.
“Our” Halloweens are extraordinary. Hundreds of kids will pass up and down the street between 6pm and 9pm (and then the crazy teenagers come out). I can only compare it to a children’s Mardi Gras with lots of parents in tow. I’m not sure who has more fun, the big people or the little people! At just about every door you can grab some candy, a beer, and a slice of pizza.
One of my greatest decisions was buying a home in charming South Miami, the fact that we landed on “Happy Street” was pure luck!
In 1997 I sold this home in South Miami to very good friends (seems like a lifetime ago). It wasn’t the ‘dream house’ we had been looking for but it had all the makings for it: a beautiful half-acre on a quiet winding street, good floor plan, a giant detached garage that could someday be converted into a guest quarter, and bar none the greatest neighborhood in South Miami, near Epiphany School and Dante Fascell Park, and just behind my own home. For purely selfish reasons I talked them into this jewel, and nearly 20 years and many good times later that house has seen a new kitchen, new pool, glorious family room and master suite additions, impact glass, and a complete exterior transformation.
I took the ‘After’ picture this morning, and while I was there I thought about our birthday parties, incredible Halloween events, outdoor movie nights, and really fun post-hurricane gatherings. Made me want the old house back!
It has been an absolute pleasure to market and sell Villa 1137 at Cloisters on the Bay in Coconut Grove. I’ve sold many properties in and near the heart-of-the-Grove, but none so close to my favorite restaurants, Green Street Café and the Bombay Darbar Indian Restaurant. Anytime a prospective Buyer was late, I walked over to Green Street’s for a snack; when I had early evening showings I had dinner at Darbar after.
Those aren’t the only reasons though – I can’t say enough about that community. The people who live AND work there are wonderful (the guards are the best I have seen in my 20+ year real estate career), the grounds are beautiful and spectacularly kept; of course the tennis courts, club house, and pool are first class, and being nestled between the Barnacle Historic Park, Peacock Park, and Biscayne National Park is heavenly. Cloisters on the Bay is the best kept secret in Coconut Grove, although I guess not such a secret anymore – three of them sold there this month! Congratulations to the lucky Buyers!
List Price: $1,699,000.00
3 Bedrooms | 4 Baths
Welcome to 515 San Antonio Avenue, the most prominent and beautiful home on the street! Built in 1990 with a mix of traditional Florida Vernacular and modernism, this 2-story gem is an architectural breath of fresh air, and functionally a home run!
• 4 Bedrooms + Office | 3 Baths
• 3,819 Adj. Square Feet / 14,700 Square Foot Lot
• List Price: $1,449,000
Learn more about real estate in South Miami, Coral Gables, Coconut Grove, Pinecrest and Palmetto Bay, by contacting Val Byrne at email@example.com or at 305-323-6231. Val Byrne – Working For You!
Word is out that LeBron is officially clearing out of Miami, although he will remain in the hearts of locals and his spirit will forever remain at the American Airlines arena. The King’s Palace, very unassumingly located on a quiet side street in Coconut Grove, has been listed for $17,000,000.
There will be no snooping or gawking at 3590 Crystal View Court because it will only be shown to the most qualified Buyers, but I will tell you that it was beautiful when I saw it back in 2010 when EWM Realty International | Christies International Real Estate had the property listed for sale; and like the Miami Heat, once it was Lebronitized, it could only get better (LeBron purchased it for $9mil back then).
At nearly $1,400 per square foot some lucky Buyer is going to get gorgeous walls of glass with a hell of a view of Biscayne Bay, not to mention a theater, wine cellar, guest house, and more than enough dock space. No matter who buys it or where they are from, it will always be LeBron’s house.
I read last week in the Miami Herald that Citizens Property Insurance Corporation is ending the 1% surcharge they imposed on most homeowner’s policies in 2007 because of the damage from the last of the hurricanes we had in 2005 (Dennis, Rita, & God-awful Katrina and Wilma). That “storm tax” (as some have called it) began as a 1.4% charge but was reduced to 1% in 2011, and will be ending July 1, 2015.
There are some private insurance alternatives to Citizens Insurance, two of them being Tower Hill Insurance and Universal Property and Casualty Insurance. I did some research and recently switched to Tower Hill for coverage on my home in South Miami and couldn’t be happier, although that is a relative thought. Homeowners and Flood Insurance are still ridiculously expensive, but I’ve come to believe that is the price we pay to live in paradise, and we do live in paradise. Knock on wood and cross your fingers because we may have escaped another hurricane season unscathed.
Well this was a dramatic change, especially in South Miami! The original house was built in 1961 and occupied by the most wonderful family for over 50 years. Bettie and Frank may have been my very favorite neighbors, and when we sold this sweet house on the Snapper Creek Canal in South Miami in 2012 I was really sad to see them go. We had multiple offers and sold the house very quickly. All Go Construction built a beautiful new home and it was sold while still in the design stage!
That little slice of paradise in South Miami behind Dante Fascell Park is a very special place to live; and I know for a fact that address has good Karma, because Frank and Bettie left it behind.
I quote that from this week’s Miami Herald Business Monday, and I can vouch for it! I have been out this month searching for the ‘perfect’ condo in Coral Gables for 3 different Buyers and 2 different Renters, and in both markets condos are moving like hot cakes; especially in the $300,000-$750,000 range. Special writer Peter Zalewski says Coral Gables is statistically outpacing – on a per capita basis – nearly every coastal condo market east of I-95 in Dade, Broward, and Palm Beach Counties.
All of my clients are looking for a newer building with the bells and whistles like luxurious lobbies, 24-hour security, gym (or two!), club & party rooms, business rooms, and resort style pools. Of course all of that needs to be within walking distance to downtown Coral Gables and its wonderful restaurants, boutiques, and farmer’s market!
There are so many wonderful developments that fit that bill, and they are not only great to buy to live in, but they are wonderful to rent until you’re ready to buy. My new favs are 55 Merrick Place, the Andalusia (although there’s no pool), 1300 Ponce, and 50 Alhambra. I’m so glad Peter Zalewski found the time to write about Coral Gables; it was refreshing to hear about something other than Brickell City Centre for a change!
A home sweet home with charm galore on one of George Merrick’s most quiet, beautiful, tree-lined streets in historical north Coral Gables. It’s one of the very few homes with three bedrooms and two baths under $500,000 in Coral Gables! An impressive double door entry opens to a warm, sunny home with wood floors, an updated kitchen, recent baths, and a one-car garage.
• 3 Bedrooms / 2 Baths
• 1,422 Adj. Square Feet / 5,000 Square Foot Lot
• List Price: $495,000