real estate: How are we adapting our strategies to this new housing market?
- 02/15/24 01:00 PM
Americans are adjusting their financial priorities due to high interest rates and soaring home prices, causing a 15.4% year-over-year decline in existing home sales in September. Frustrated by the challenging market, potential homebuyers are delaying their searches for years, redirecting their savings towards alternative options. Some are contributing to relative's futures, with a 15% increase in savings accounts. Others are opting in investing in home renovations, as homeowners spent $489 billion on improvements in the past 12 months, contributing to increased overall spending in the U.S.
The unaffordability of the housing market is reshaping people's definitions of success, leading them to focus … (2 comments)
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real estate: The Luxury Real Estate Market Faces New Challenges
- 09/20/23 08:07 AM
The luxury real estate market is navigating a complex and evolving landscape, where both buyers and sellers must adapt to the changing dynamics, including pricing strategies, tax implications, and interest rate considerations.
One example of this shifting landscape is Joan Dangerfield, the wife of the late comedian Rodney Dangerfield, who is struggling to sell her Los Angeles home. The $17.8 million property, which boasts stunning views and amenities, has lingered on the market since February, despite receiving offers. However, these offers come with complicated contingencies, such as requiring the seller to provide financing, reflecting a hesitancy among buyers in the luxury market.
Data … (2 comments)
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real estate: Developers of condo projects in South Florida are facing challenges
- 08/23/23 08:45 AM
New challenges for developers due to shrinking profit margins caused by rising construction costs, inflation, and insurance expenses. Some high-end features like Italian kitchens and marble floors are being reconsidered as developers adjust plans to attract lenders and navigate market volatility. Around 12 out of 46 announced condo buildings with 6,700 units are under construction, while the rest remain in limbo due to financial uncertainties.
Presales are slower compared to previous years, but demand remains strong. However, the increased costs have led developers to struggle with maintaining profitability. Some projects may not be completed in this cycle due to financial constraints. Higher … (0 comments)
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real estate: How can foreign investors avoid U.S. tax exposure
- 04/17/23 08:39 AM
The Florida real estate market has exploded over the past few years. Most investors are foreign, and Florida is one of their favorite destinations, followed by California and Texas.
Foreign investors are attracted to Florida's real estate market due to its favorable climate, attractive beaches, strong rental demand, and potential for capital appreciation. Additionally, Florida's lack of state income tax and relatively low property taxes compared to other states can make it an attractive investment destination for foreign buyers.
It's worth noting that investing in real estate in a foreign country can be complex, and foreign investors should consider consulting with a qualified … (2 comments)
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real estate: Miami condo market update
- 07/04/19 10:32 AM
Miami has shown a rise in home sales this year compared to the same period in 2018. Encouraging advantages of buying in Miami have pushed condo sales up, such as low mortgage rates and the new tax law. The first trimester of 2019 showed a 6.6% increase in home sales and a 3.5% in condo sales (compared to 1.6% statewide).
Firstly, average 30-year conventional mortgage rates decreased to 4.07% in May 2019 compared to 4.54% the same period the previous year. However, there is a lack of mortgage loans where out of 9,307 condos in Miami Dade and Broward counties, only 12 … (1 comments)
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real estate: Never-ending battle between Airbnb and Miami Beach
- 04/05/19 09:36 AM
Miami is one of the top-5 Airbnb destinations in the United States. It sounds like a great deal for everyone... Hosts get a profitable output of their investment and their guests get a more private and wide list of options where to stay. However, this is not the same point of view for the City Commission of Miami-Dade County, which has been enacting fines of $5,000 up to $20,000 when renting on this kind of platforms. Even though it has been a problem all around the city, Miami Beach has suffered the most.
Fines depend on the type of legal breach that … (1 comments)
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real estate: Ever-growing demand in Coconut Grove
- 03/07/19 10:58 AM
According to the analytics company, Neighborhoodscout's data, Coconut Grove is today one out of the 3 hottest areas to buy real estate in Miami!
To have a little background, Neighborhoodscout is a company that analyses the micro-economics of the different neighborhoods for each area throughout the United States. It gathers information such as house pricing, property taxes, housing stocks, vacancy rates, and other metrics to understand the neighborhood's behavior. After analyzing the evolution of Coconut Grove for the past years, the conclusion was that the prices for the residential properties have increased against any projection. The average price /sqft has been growing from … (0 comments)
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real estate: Miami welcomes tax refugees
- 02/14/19 11:50 AM
Everyone has been talking about the Tax Cut and Jobs acted signed by Trump at the end of 2017. A growing list of wealthy buyers are now moving and investing in South Florida because of this new law, looking for a tax break.
That’s right! South Florida, especially Miami, is not just a paradise with endless sunshine… It is also a refuge for residents living in high tax areas such as New York or California. But why are Northers trying to run away from taxes now, as we know they have always been high? Mainly because after the approval of the “TCJA”, … (2 comments)
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real estate: Taking the I-95 to work? Be ready for delays ...
- 01/16/19 08:42 AM
Big changes are coming to Miami's transportation. The Florida Department of Transportation (FDOT) has now started working on an $800 million project that will transform Miami's skyline.
The crossway between the Mc Arthur, the I-95 and the 836, will face a major road project that started this week. This construction will completely renovate the current interstate highway.
This 4 years project, will push Miami's drivers to seat tight and wait for its completion. This means, that if you are a daily user of the I-395, I-95 and 836 highway, you will need to wake up earlier and prepare yourself for a longer ride.
What will be the … (0 comments)
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real estate: Do you want to know Miami's most expensive Airbnbs?
- 11/29/18 11:00 AM
We all know Miami is a city of luxury and comfort, and some short term rentals are a clear proof of it!
Visitors come to Miami expecting more. More than what they are used to. In other words they are looking for extravagance. Everything starts with a short term rental. For short term rentals, the market has expanded into a bunch of new platforms that broke the monopoly of the hotels. The first one that tops our mind is obviously Airbnb.
According to the Upgrade Points analysis, Miami has an average price for the most expensive Airbnbs of $10.000 per night, putting the city … (2 comments)
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real estate: Should you buy waterfront or non-waterfront condos?
- 05/04/18 02:30 PM
There is a strong appeal to buy waterfront condos especially when you are buying in Miami. However, non-waterfront condos might be a better choice of investment in certain cases. In this article, we will analyze three popular neighborhoods in Miami which are Brickell, Downtown and South Beach.
BrickellBrickell’s glorious days were back in 2014 where all the condos saw an increase on sales and price per square foot. However, the sales has been dwindling these past few years. In this area, the waterfront condos are faring well compared to non-waterfront condos. Granted, waterfront condos in Brickell decreased by 4% … (0 comments)
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real estate: The Most Expensive Condos Sold In The Past 6 Months in Miami
- 04/20/18 10:13 AM
Miami is an exciting place for the real estate industry. Cash is king and properties are sold to foreign and local buyers like hot cakes. There are many new pre-constructions coming up in the area and they are many more that has just been completed. Miami is a place where people come together because its culture and unique identity as well as its lack of state income tax. It is a place where people believe in increasing value of property and they are right so especially when condos such as The Murano at Portofino has a price value increase years over … (0 comments)
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real estate: Downtown Miami Real Estate Report 2016 - 2017
- 03/23/18 08:55 AM
It’s time to evaluate the real estate market in one of the most popular neighborhood in Miami, the Downtown. Condoideas took 8 different condos (900 Biscayne condo, Marina Blue condo, Paramount Bay condo, Marquis condo, One Miami condo, Ten Museum Park condo, Quantum condo and 1800 Club condo) and evaluated their statistics from the year 2016 to the year 2017. Two things are taken into consideration which is the sales of units inside the building and their price.
Based on the graph, we can see that there is a slight decrease of sales in the Downtown Miami area. For example, Marina Blue condo which is located right in front of Bay Park … (0 comments)
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real estate: Guess who are the prominent buyers in the USA ?
- 08/18/17 09:40 AM
The U.S. real estate market is picking up from last year and it continues to attract buyers from all over the world. According to the National Association of Realtors, foreign buyers purchased over $102.6 billion worth of residential properties in 2016. It comes as no surprise that a large majority is Chinese, however who would have expected the Canadians to come in the second place? Canadians purchased over $19 billion in real estate despite not being exempted from tax implications such as the homestead tax and withholding tax. Granted, U.S. buyers are also in the same boat since they have to … (2 comments)
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real estate: From Russia to Miami !
- 02/10/17 01:36 PM
Since Trump has been elected, the ties between the US and Russia have tightened. Putin and Trump had an exchange of opinions last week on the position of the United States in regards to previous sanctions against Russia.
For the past 3 months Russian buyers have Miami real estate in the back of their mind. They are on the top of the list for foreign countries looking online for a house in Miami. It’s the first time since 2013 that this country is number one ahead of Columbia, Venezuela, Argentina and Brazil.
The relationship with Russia had declined during Obama’s presidency … (0 comments)
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real estate: How to buy a home
- 06/09/16 11:55 PM
1. You need to have an established credit score. The reports are handled by the main credit agencies known as TransUnion, Equifax and Experian. They act as a proof as to whether you are a late payer or not. They calculate your credit score which is your access key to the best interest rates or even to financing.
2. Your budget has to be set. It is important to be aware of what you can afford. Online calculators do exist for that purpose. You can also ask a lender who will look into details at your debt , credit and income, thus … (2 comments)
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real estate: Real estate purchases in NYC and Miami under scrutiny
- 03/04/16 06:33 AM
It has been announced that the Treasury Department’s Financial Crimes Enforcement Network will look for the individuals behind limited-liability companies' identity if they actually pay cash for their premium residential real estate. This measure will be effective in both Miami-Dade and Manhattan. Such measure is an attempt to stop money laundering, hence the request to name the true “beneficial owner” of the company. The risk is that it may discourage legitimate purchases or lower the interest in high-end sales on those markets.
However, most people tend to buy under LLCs for privacy purposes, not for illegal reasons. The concern is that it wouldn’t help … (0 comments)
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real estate: Are Venezuelans still investing in South Florida’s real estate?
- 02/24/16 12:03 AM
The talk of the town, here in South Florida, is all about the political and economic in Venezuela. Does it really have an impact on Venezuelan investment in the condo market?
As a reminder, Venezuela is an oil-rich Latin-American country, said to be unstable as ever these days. It originated the 21st Century Socialism under Chavez and is now undergoing dramatic decreases in oil prices – their key asset. Hence some social, political and economic downfalls such as an average 68% annual inflation and an incredibly high murder rates. On top, critics towards the government are often sent to jail.
Moreover, … (0 comments)
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real estate: Miami real estate, not quitting any soon
- 02/18/16 01:48 AM
When you thought New York had it all, please consider that Miami at least has the weather and the standard of living that goes along with it. Developers have well understood such asset and work harder everyday towards creating the most beautiful and comfortable pads you could wish for. Who said slowdown?
Here are our favorite picks for you to invest in Magic City!
Renzo Piano is designing Eighty Seven Park, a 70-unit beachfront condo at 8701 Collins Ave. in North Beach. Apartments will measure roughly 1,400 to 7,000 sqft. American oak, Italian stone and glass walls are just some touches included in the pads’ … (2 comments)
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real estate: Miami, the global magnet
- 02/03/16 06:10 AM
The infamous condo market of Miami keeps on being a strong magnet for foreign investment, but it’s becoming harder and harder to differentiate investors and residents.
Condo buyers purchasing as their own residence today represent 1/3 of the investors, 1/3 use it for a second home and 1/3 as an investment to rent out. It is a very sought-after alternative in response to a very low rental inventory for the past 2 years. Overall, investors are prevalent in Miami Beach, Downtown and Brickell.
Those who purchase under $1 million tend to look for a return of 5% to 8%. High-end buyers focus on … (0 comments)
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Americans are adjusting their financial priorities due to high interest rates and soaring home prices, causing a 15.4% year-over-year decline in existing home sales in September. Frustrated by the challenging market, potential homebuyers are delaying their searches for years, redirecting their savings towards alternative options. Some are contributing to relative's futures, with a 15% increase in savings accounts. Others are opting in investing in home renovations, as homeowners spent $489 billion on improvements in the past 12 months, contributing to increased overall spending in the U.S.
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