Miami Beach Real Estate Search Porn by Realtor.com – October 2011

More positive data about Miami Beach from Realtor.com!

• Miami, FL was the #19 most searched market in the country in October 2011

• Median list prices for homes in Miami, FL hit $249,999 in October 2011, a 25.06% increase from one year ago this month, and 0.00% increase from September 2011.  The national median list price in October 2011 was $189,900, a 2.65% increase compared to October 2010.

• Active for sale inventory of homes in Miami, FL in October 2011 leveled out at 13,457, a -49.23% decrease compared to October 2010.  National inventory counts for October 2011 were 2,116,794, a -20.77% decrease as compared to a year ago.

• The median age of inventory in Miami, FL in October was 90 days, a -5.26% decrease compared to September 2011.  Nationally, the median age of inventory was 110 days, a 2.80% increase compared to September.

I also asked them to break down those numbers by zip code, based on the fact that I don’t like generalized data.  Just look at my housing report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island for October, and you’ll see that the data above does not apply to those areas.

• For zip code 33138 which includes most of Miami Shores, but goes beyond to Miami’s Upper East Side as well as Davis Harbor and Shorecrest, The Median List Price is $289,000 with a 28.44% increase from a year ago, and a 40.03% decrease in inventory from one year ago.

• For zip code 33154 which includes Bay Harbor Islands, Surfside and Bal Harbor, the Median List Price was reported at $520,000 with a 13.29% increase from one year ago, and 43.48% decrease in inventory.

• Zip code 33109, which is Fisher Island, reports a Median list price of $2,290,000 with a 9.05% increase from a year ago, and 30.63% decrease in inventory.

In my opinion, it is crucial to pull areas away from the generalized data if you are scrutinizing the local housing market.  Remember that an appraiser will use comparable properties in the proximity of the subject property and will only go back a certain amount of time and never more than 6 months.

And to know how Realtor.com arrives at its numbers:

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.

And to top off the good news,Dr. Lawrence Yun, chief economist and senior VP of research for the National Association of REALTORS, reported at The NAR Annual Convention that Florida is one of the markets to watch in 2012, with regards to recovery.  No surprise that when you hit rock bottom, the only direction to go is up!

Miami Beach Luxury Real Estate and Privacy

What exactly does buying a Miami Beach Luxury home have to do with privacy? The answer is EVERYTHING!! We are often contacted by high-profile clients that need to maintain anonymity when buying or selling their Miami Beach homes. Sometimes it may not be about keeping a low profile, but protecting expensive private art collections and valuables within your home. Rest assured that we have very solid procedures to guarantee your privacy, starting with confidentiality agreements.

Because we are immersed in Social Media Marketing, and are considered innovators in the real estate industry when it comes to the Internet, we understand the process of anonymity and privacy and know what must be done to protect you and your loved ones.  We will take the necessary steps to protect your privacy during the home buying/selling process and confidentiality will always be at the top of our priorities.

Miami Beach Search Stats by Realtor.com

You should already know, if you are a regular reader of Miamism, that I don’t like to generalize huge metropolitan markets like Miami-Dade County.  The reason is that high-end areas like Fisher Island will be bulked together with lower end areas and the numbers will not be a clear representation of what’s really going on in that real estate market.   But with that in mind, I also know that we have some numbers and data people in our audience who love to scrutinize these stats to death, so these are for you.

As per Realtor.com,

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.

The beauty of these generalized numbers is that we are seeing a positive trend each month and a clear adjustment of the market, evident by changes of these stats from just one year ago.  To our surprise,  Miami, FL was the #18 most searched market in the country in August 2011.

• Median list prices for homes in Miami, FL hit $249,000 in August 2011, a 24.56% increase from one year ago this month, and 0.00% increase from July 2011.  The national median list price in August 2011 was $189,900, a 0.48% increase compared to August 2010.

• Active for sale inventory of homes in Miami, FL in August 2011 leveled out at 14,008, a -47.89% decrease compared to August 2010.  National inventory counts for August 2011 were 2,267,327, a -19.00% decrease as compared to a year ago.

• The median age of inventory in Miami, FL in August was 103 days, a -19.53% decrease compared to July 2011.  Nationally, the median age of inventory was 103 days, a 6.19% increase compared to July.

Thanks to REALTOR.com for providing these stats for us.

Miami Beach Real Estate Expectations

We were in Forbes and The News

If you have not yet read the article written by Gene Marks of Forbes.com about Miamism.com, you should!!  << yes, that would be called a shameless plug, but we’re allowed once in a while, no?

Home Sales Down? Not For This Realtor

After writing the article in Forbes.com, Gene was interviewed by 69News and had additional great information to share because our practices here in Miamism can apply to any small business.

Technology-Driven Success For Business Owners

Gene compares house hunting in 1998 when he bought his home, to house hunting in 2011 and tells the viewers that we “get it”!  Any small business needs to use technology to expand their business, to build a community and keep customers close.  Here’s how we do it and how you can do it too:

• Our website is a blog, not just a regular website
• Miamism is interactive and a community based type of website
• Find a passion within your field and be committed
• write short entries (blog articles), for those that like to scan and write often
• our “passion” entries are a bit longer, like our articles about historic Miami homes
• We write about Miami itself, not just real estate
• Our website is our blog and vice-versa
• We integrate social media sites into our blog

Gene goes on to say that because real estate is a consumer related business, it is key to get involved in Social Media like we do, and link those to our site.

We also use smart phones (iPhone) for real-time interaction with you, the consumer, because we all want a response NOW! (nothing like immediate gratification

And finally, Miamism will be included in Gene Mark’s 2012 update of his book, “In God We Trust: Everyone Else Pays Cash”.

The book is a compilation of Gene’s columns for Forbes, New York Times and Business Week and we are soon to be amongst celebs like Kim Kardashian and Paris Histon … not bad!

Additional Note:  In case you are curious about who interviews us and what media outlet writes about us, check out the “About” page on the top menu bar, where we include a list of Media Articles where we appear.

How To Invest in Miami Beach Properties

Investing in Miami Beach Real Estate is no easy task, especially in a down real estate market.  How can you, as an investor, make sure your purchase venture is sound?  How do you know which areas offer better returns historically in Miami and how to deal with all the intricacies of a Miami real estate transaction?

We deal with a lot of investors, let’s face it – most of our clients are investors from Europe, South America, Canada and other parts of the United States.  Whether you are buying a Miami bank-owned property to fix and flip, a Venetian Island single family home to rent while the market turns around, or a South Beach vacation home to enjoy part of the year – it is crucial that you scrutinize every aspect of the investment and make sure you leave no stone unturned.

Choose the type of Investment

First you must choose the type of property you want to invest in – single family home, commercial property, waterfront condo, etc.  We will help you analyze your needs and study your options to best meet your personal and investment goals.  Some factors involved in making a decision have to do with usage, renting, and price range.

Where should you buy?

Once the type of property is identified – area and location must be chosen.  I can tell you that we are working with French investors buying a single family home in Surfside, Venezuelan investors buying a commercial property in Coral Gables, Italian investors buying a vacation getaway in Fisher Island….the list is endless – it is our job to help you study all the options.

How do you know if the investment is sound?

Finding the property then becomes the easiest part – the job actually begins after a particular property is identified and you are under contract.  I like to write about my forte in the business because being an architect gives me an edge that our clients find extremely useful.  When I visit properties with you, I make sure you see everything I see – I point out defects in construction, materials used, construction methods and pros and cons of buying that particular piece of real estate.  You will feel that you are seeing each and every property with your architect, putting your best interest before anything else.  Our clients will confirm that on many occasions, no matter how much they have liked a property, I have recommended that they walk away.  Emotions are separated from the transaction in order to make sure you are making a good decision.

Inspections

Do not assume that the only properties that have to be inspected are single family homes because there is no condo-board to protect you from “developer” or “building” flaws.  Although single-family home inspections are more complete than apartments, it is important to also complete building inspections for individual condos to make sure plumbing, electrical, air conditioning and appliances are in good condition.  Even if the condo is brand-new, it is crucial for these inspections to be thorough.

We recently helped an American Investor with a walk-through of a new Miami Beach condo.  He had contacted us 2 weeks before the walk-through asking if there was anything he should look out for during the walk-through and I offered to go with him in order to document any deficiencies.  Here’s what we found in his new condo:  Floor outlets were not property installed, there were missing ceiling fixtures, GFCI outlets were installed incorrectly in kitchen, windows were not sealed, there was evidence of puddling water in the balcony, the kitchen sink was missing a shut-off valve. There was a floor tile that was improperly installed, and a couple of other items – when I was done with the list, our client stood in front of me and said, “Do you realize that if you would not have come with me, all those items would have been missed and it would have meant more out-of-pocket money for me?….thank you!”.

Negotiations

You may be the best negotiator in this earth, but when it comes to buying your own property and dealing with a real estate market you may not be familiar with, it’s important for you to be able to detach emotionally and know that we will always work on your behalf.  There are intricacies in each real estate market, whether you are buying South Beach Real Estate, Miami Shores Real Estate or Coral Gables Real Estate.  There are also cultural and local idiosyncrasies that you may not be familiar with.  We will do the best possible job at negotiating for you and you will walk away a satisfied customer.

Closings

From attorneys to Title Agencies – we will coordinate and communicate with you and will never feel left out of the equation.  Buying a property as an absentee owner is never easy and you need to feel comfortable about the transaction.  Technology is our friend – we scan documents, e-mail, Skype and use other ways to make sure you don’t miss a thing.

Can you Handle the Truth?

There are many steps in buying  Miami Beach Investment Properties.  We will be the first to say that it is not rocket science and you don’t have to be a genius to make a successful purchase but we do ask if it is worth to leave it up to chance.  Whether you are hands on or prefer that someone handles everything for you, it is better to have someone that knows investments by your side, than to take a blind shot at making the right decision, especially if you don’t know the area and the way transactions are handled.  We do warn you that we are brutally honest and you may end up having fun with us….it’s part of who we are and the fact that we love what we do will make the process so much easier.  Don’t take our word for it either….take a look at some of these testimonials.

**originally published on October 27th, 2008**

Emotions and Real Estate

Some people think that adding emotions to real estate could be a formula for disaster but I totally disagree. Emotions are the core of real estate, without them, transactions would be equal to buying a gallon of milk at the grocery store.

How can you ignore those feelings of elation when you walk into a home that you love, the rush of adrenaline and the excitement you feel…and the fact that you can imagine yourself living there?

As Miami Beach Realtors, we deal with customers emotions on a daily basis and we help people identify the reasons they feel good about a property, as well as help them negotiate the right price for that property always keeping those emotions in mind.

One example of this was a couple we were working with not long ago. After 3 weeks of looking at properties they fell in love with a Miami Shores home. I did a price analysis and they decided to place an offer. The sellers were not very flexible and made a ridiculous counter offer and made the experience unpleasant and our customers decided to pull away from the transaction. Two weeks later we received a call from the sellers agent saying the sellers would now consider our customers original offer. The whole experience had been so negative that they decided not to entertain it.

This example teaches us two lessons one lesson is for buyers to let their emotions flow when looking and finding a property, but not to let emotions get in the way when negotiating. The lesson for the seller is to be careful how you counter an offer because you may turn people away and loose out on great opportunities. In today’s buyer’s market is it of the utmost importance to be able to identify serious buyers and to be able to negotiate and make deals happen.

Knowing that people are emotional by nature is critical. Working with the right real estate professional is even more important. One that can guide you and let you know when emotions are appropriate and when they are getting in the way.

The real estate market is going through a rough patch (this should not be news to anyone), which means understanding the process and the ins and outs of emotions involved is crucial for a successful transaction.  Make sure you work with a Miami Beach Realtor that has your best interest in mind and understands the emotional side of Real Estate.

Why pick THAT Miami Beach Realtor?

You are interviewing Miami Beach REALTORS and have no idea who to hire because they all have something that impresses you, good track record, good communication skills, good client testimonials, good Internet presence…..so how can you make up your mind?

The key is to be able to identify how they market themselves as opposed to how they market properties.  At first this may seem like easy task, but once you start thinking about it you realize that most REALTORS spend more money branding themselves that promoting their properties.  Not that there’s anything wrong with that, it’s only wrong when they want to sell you their branding efforts as property marketing.

In addition to identifying the type of marketing an agent does, it’s good to know where marketing efforts need to be more aggressive and where buyers will ultimately find your home.  The National Association of Realtors (NAR) just published a 2010 profile of home buyers and sellers which includes this graph that details where buyers found the home they purchased from 2001 through 2010.

Interestingly enough, in 2010, 75% of buyers bound their home with the help of another REALTOR or on-line! (and the Internet is half of that number).  Which just means that yard signs, open houses, newspaper and magazine ads and brochures are a minuscule part of the equation!  Seriously??  But those property brochures are so pretty!!  And what have we been telling you?  The brochures are part of an agent’s branding efforts, it gets them more listings….not necessarily sell homes.

Brand Marketing vs. Product Marketing

A good REALTOR will use both types of marketing not only to attract more clients but to ultimately sell real estate.  Furthermore, Brand and Product will often be combined because in real estate, you really can’t separate one from the other.  A good example of this will be direct mailers with “just listed” information – the property will be shown and described and the agent brand will be emphasized – but do you see these in the list above? Yet one overly used home selling pitch is that “neighbors will tell friends and family about the home, which is the best type of word-of-mouth marketing” << can you say “MEANINGLESS SCRIPT”?

Tracey Drake from Suite101.com gives us a great analogy to differentiate the two:

Ford telling consumers that “Quality is Job 1″ – this is Brand Marketing

Selling that consumer a Ford Mustang – this is Product Marketing

So what am I telling you here?  In a customer service driven society, how can we not know when we are buying something for the brand, not necessarily the quality?  How can we not realize that the pretty magazine ad will not sell our home?  or the ingenious TV ad or the catchy yard sign?

So sit down with your Miami Beach Realtor and ask how they are using The Internet to reach the end buyer, what will they do differently to make your home stand out from the thousands of properties on the web and how is their business relationship with other Realtors since ultimately it will be their competition who will bring your home’s buyer.

For additional marketing insights, read Seth Godin’s What do you know? - a great list that manages to separate egos from achievers with some of my favorite points:

• Anticipated, personal and relevant advertising always does better than unsolicited junk.
• You can’t fool all the people, not even most of the time. And people, once unfooled, talk about the experience.
• Traditional ways of interrupting consumers (TV ads, trade show booths, junk mail) are losing their cost-effectiveness. At the same time, new ways of spreading ideas (blogs, permission-based RSS information, consumer fan clubs) are quickly proving how well they work.
• Good marketers tell a story.
• Living and breathing an authentic story is the best way to survive in an conversation-rich world.
• In the googleworld, the best in the world wins more often, and wins more.

Top 3 Most Expensive Miami Beach Condo Sales – October 2010

There were 131 Miami Beach condos sold in the month of October of 2010 ranging from a $4.95 Million Continuum South Beach condo, to a $43,000 7315 Byron Ave Condo in foreclosure in North Beach.  Price per square foot ranging from $49 to $4,350 – talk about a disparity! But that just shows how different the real estate market can be in the same city!  Out of the 131 sales, 11 of them were Miami Beach Condos over a million and 49% of October sales were distressed (short sales or foreclosures) – that’s a 9 point drop from last month.  All 3 top sales this month were at Continuum South Beach – which makes me sound like a broken record when I tell you that you can’t go wrong when buying at The Continuum Towers.

October’s Most Expensive Miami Beach Condo Sale

Continuum South Beach – North Tower: 50 S Pointe Dr #1101/8– Miami Beach, FL 33139

Listed for $4,950,000 and sold for $4,350,000 on 10/08/2010

Amazing remodeled residence at Continuum South Beach.  This 11th floor NE corner unit in the North Tower is nothing short of WOW.  The condo had been listed for $5,490,000 in June of 2010 and then re-listed for higher when furnished by interior designer.  It’s common for these South Beach condos to sell fully furnished and ready to go and most are cash deals!  The description reads:

Back on market following a complete remodeling with beautiful furnishings by Sharron Lewis Design. Spectacular NE Corner unit “Best Line” in the building at the Continuum II North Tower with incredible direct ocean front views! 4 bedroom 4 1/2 bath with 10′ ceilings, new construction, 2 garage parking spaces plus 2 valet. Spa-like amenities include: 20,000 sf world-class spa & gym, 3 pools, private beach club, restaurant & 3 clay tennis courts.

Features:

• 3,500 square feet of living space
• 650 square feet of exterior terrace
• built in 2008
• Continuum South Beach location – North Tower
• 4 bedrooms / 4.5 bathrooms
• 2 valet spaces
• full-amenity building
• ocean-front condo
• ocean views
• Interior Designer furnishings
• Monthly maintenance – $3,500

October’s Second Most Expensive Miami Beach Condo Sale

Continuum South Beach: South Tower – 100 S Pointe Dr #2805 – Miami Beach, FL 33139

Listed for $3,800,000 and sold for $3,150,000 on 10/08/2010

Continuum South Beach residence on a high floor with custom furnishings and endless ocean, Government Cut and Fisher Island Views!  This property had been listed for $4.1 Million back in April of 2009, with a $300,000 price reduction and finally selling at almost $1 million under list price!  It just shows that no offer is a crazy one!  The MLS reads:

Stunning residence! Much sought after 05 line with unobstructed views straight down the beach and out to the Atlantic Ocean. Watch the ships parade by! Property boasts amazing finishes, custom furnishings, his/her bath suites and huge closets.

Features:

• 2,847 square feet of living space
• built in 2002
• Continuum South Beach Location – South Tower
• 3 bedrooms / 3.5 bathrooms
• oceanfront building
• direct ocean views
• custom furnishings and finishes
• Monthly maintenance = $1,597

October’s Third Most Expensive Miami Beach Condo Sale

Continuum South Beach: South Tower – 100 S Pointe Dr #2006 – Miami Beach, FL 33139

Listed for $3,850,000 and sold for $2,900,000 on 10/12/2010

Not much information given for this property other than it being a short sale approved at the listing price of $3.85 Million, but selling at almost $1 Million less.  The MLS provides no interior shots and the photo of the view may be a canned one (meaning “borrowed” from another listing).  It’s amazing, but happens all the time.  The only info provided is:

Most desirable unit with direct Ocean and Intracoastal Views.  Private elevator lobby a true three bedroom unit.

The history of this residence does show that it was on the market for one year.

Features:

• 2,508 square feet of living space
• built in 2002
• 3 bedrooms / 3.5 bathrooms
• corner unit
• Continuum South Beach location – South Tower
• Marble floors and carpeting
• Monthly maintenance fees = (not disclosed)

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

Top 3 Most Expensive Miami Beach Home Sales – October 2010

There were 14 Miami Beach homes sold in the month of October of 2010.   The highest sale was $3.25 Million and the lowest sale was a foreclosure in Normandy Island for $239,900.  October’s top sales come from Palm Island, Venetian Islands and Sunset Islands – although all of them under $5 Million (no mega luxury homes sold this month).   The rumor is that the top 3 Miami Beach home sales in October have something in common, they were all sellers in distress who HAD to get rid of their homes.  This should prove to be interesting in the months to come, since they are legitimate comps for many active listings out there.  These are instruments that buyers will not hesitate to hold on to, and sellers will try to justify or just ignore.

October’s Most Expensive Miami Beach Home Sale

1 Palm Av, Miami Beach, FL  33140

Listed for $3,650,000 and sold for $3,250,000 on October 14th, 2010

This home had quite a listing history with original listing price of $5.9 Million back in August of 2006 – selling for $3.695 Million in November of 07, listed again in December of 07 for $4.495 Million – then increased and decreased several times, as well as various Realtor changes.  It does show as a Trust Sale in the county records, which explains all the changes.

The home sits on the Eastern tip of Palm Island, overlooking Star Island and MacArthur Causeway/Government Cut and the description given is:

Perfect cottage by the sea! Best value! 110ft of open bay water frontage with magnificent views of Miami Beach in the distance. 2 bedrooms/2 baths main house with open floor plan, recently renovated and tastefully furnished. 1 bedrooms/1 bathroom detached guest house, 2 car garage. Exceptional lot affords best opportunity to expand or build new.

Features:

• 3,449 square feet of living space
• built in 1957
• 2 bedrooms / 2 bathrooms in main house
• 1 bedroom / 1 bathroom detached guest house
• 2-car garage
• 17,674 square foot lot
• 110 feet of water frontage
• Palm Island location
• renovated

October’s second Most Expensive Miami Beach Home Sale

441 E Rivo Alto Dr – Miami Beach, FL 33139

Listed for $3,800,000 and sold for $1,800,000 on October 12th, 2010

Talk about an amazing buy for a beautiful location with direct Northern open bay views!  According to the Multiple Listing Service (MLS), this home had been originally listed for $4.45 Million since November of 2007, with several price reductions and brokerage changes.  The property was immediately placed on the market for $3,349,000 just days after closing with no updates or changes – a perfect “FLIP JOB”.

According to the new listing agent, the purchase was a foreclosure (which doesn’t show on the MLS).  The sale price was at $627/square foot and the new listing price is $1,166/square foot.  The sold description read as follows:

This modern, tastefully renovated Venetian Island home is now available. The property sits on a huge 13,300+/- sf waterfront lot and boasts over 100 ft of waterfront and unobstructed wide bay views. The home features a great pool and includes a boat dock. The interior has a very well designed layout and the house overall is in excellent condition.

Features:

• 2,871 square feet of living space
• built in 1947
• 3 bedrooms / 3 bathrooms
• 13,382 square foot lot
• bayfront property
• Venetian Islands location
• private dock
• 100 feet of water frontage

October’s Third Most Expensive Miami Beach Home Sale

1440 W 21 St, Miami Beach, FL 33140

Listed for $1,950,000 and sold for $1,600,000 on October 22nd, 2010

This Sunset Islands IV home had been listed for $2,350,000 since April of 2009 and sold for $710 per square foot.  Many of you may know that the Southern view of this island is the least desirable from all of the Sunset Islands and has to do with condos and commercial properties across the canal.  You should keep this in mind when using W 21 street sales as comparables.

The home description read:

This original 4 BD / 3 BA home was gutted and converted into a fabulous 2 BD + den / 4 BA home, with permits.  This waterfront pied a terre on gated Sunset Island close to Lincoln Rd is the ultimate modern design and luxury. Great entertaining areas, new 40 FT pool, seawall and 20′X8′ dock to watch the sunsets with no bridges to Biscayne Bay. Philippe Starck fixtures, 36″X36″ limestone flooring, impact windows, new roof, electrical, plumbing, Miele, Wolf, Sub Zero, Duravit, Jacuzzi Tub in master.

Features:

• 2,255 square feet of living space
• Built in 1956 but completely renovated
• 3 bedrooms / 4 bathrooms
• 9,500 square foot lot
• 60′ of canal frontage
• pool
• Sunset Island 4 location

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

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