miami beach real estate: Miami Beach Waterfront Homes-Sunset Island IV - 09/20/08 04:47 PM
Miami Beach Waterfront Homes-Sunset Island IV
This home feels like an estate with over 4,500 square feet of interior living space on a 13,000 sf+ lot. The home consists of 4 bedrooms and 5 full baths on 75 feet of waterfront. The price is $3.75 million.
This totally renovated waterfront home on gated Sunset Island IV boasts amazing finishes throughout, arched mahogany doors, vaulted ceilings, Saturnia floors w/inlaid mosaic, combined formal living & dining area with spectacular view, gourmet kitchen w/granite countertops. The 2nd level incl. an intimate guest suite w/terrace and luxurious master suite. Great pool area surrounded by an … (0 comments)

miami beach real estate: Miami Beach Homes Real Estate Report and Analysis -A Sellers and Buyers Guide - 09/11/08 12:38 AM
Miami Beach Homes Real Estate Report and Analysis -A Sellers and Buyers Guide to buying and selling homes in Miami Beach.
Year to date there have been 94 closed sales of single family homes in Miami Beach so far in 2008.  This report will give you some perspective on what those prices really mean in terms of price per square foot in each price range and how that compares with those currently listed for sale in the Miami Beach area.
Right now there are 452 homes listed for sale in Miami Beach.

There is a distinctive difference between the listing … (11 comments)

miami beach real estate: Canyon Ranch named one of top 10 spas in the world - 06/21/08 01:14 PM
TripAdvisor, the online travel site, named the Lenox, Massachusetts Canyon Ranch Spa as one of the top 10 spas in the world. Canyon Ranch is about to open its 3rd spa in Miami Beach in the next few months. The other is located in Tuscon, Arizona.
Canyon Ranch has developed a world famous reputation by providing healthy active vacations that offer wellness as its central theme. This includes everything from healthy eating to fitness to healing and health facilities.
Canyon Ranch Miami Beach sits on 6 acres of oceanfront real estate on Collins Avenue between 67th and 69th Streets in the North … (0 comments)

miami beach real estate: Miami Beach Houses-18 Good Values Under $1 Million - 06/21/08 01:25 AM

Here are some of the best values in single-family houses under $1 million in Miami Beach. The selections are a combination of best price per square foot, neighborhood and appearance of the house. Note that some of the houses I like because the way they are decorated, however, there are some included here that simply offer a very good value in a good neighborhood but may not be very appealing decor-wise. Please note that this information was extracted from the local southeast Florida MLS, so prices and availability may have changed due to market conditions.
There are a few houses … (0 comments)

miami beach real estate: Miami Real Estate-Developer Closeouts and Bulk Sales - 06/19/08 12:14 AM
Many of the big developers appear to be holding firm and not selling their remaining inventory at deep discounts choosing to wait out the market. Others are renting out their units for cash flow. The developers in the most trouble are the small to mid-sized developers who were caught by surprise by the current market. Typically, they had most or all of their units sold, and subsequently, many unit owners walked away from their deposits and these units did not close. In some cases, the developers have most of their units unsold. Overall, the Miami Beach market is in better shape than … (2 comments)

miami beach real estate: Miami & Fort Lauderdale Real Estate Improving Since January - 06/13/08 11:51 PM
The real estate numbers have been improving for both Miami-Dade County and Broward County (which includes Fort Lauderdale) since the beginning of the year in both closed sales as well as pending sales (the number of transactions in contract).
I always find it humorous that the media seems to be consistently late when it comes to reporting good real estate news, especially in South Florida, however, they are very quick to report the bad news and often exaggerate things, which really does not help our market.
Case in point is the Miami Herald stating that the month of March was the … (2 comments)

miami beach real estate: MiMo King Cole Condo in Miami Beach Becoming More Modern - 06/08/08 10:01 AM
The King Cole Condo is one of those architecturally unique buildings that you cannot help noticing. It was designed by a protégé of Morris Lapidus, who designed the Fontainebleau and Eden Roc, and is considered one of the originators of MiMo or Miami Modern Architecture, which began in the 1950's and 1960's. The King Cole is 11 stories tall with over 280 units that include a few studios, mostly one and two bedroom units, several penthouses and a 32 slip private marina.

In the midst of a four million dollar renovation, we insiders believe that the King Cole is one of the … (0 comments)

miami beach real estate: Fisher Island Real Estate Sales Statistics for April 2008 - 06/08/08 07:09 AM

There were 2 closed sales at Fisher Island for the month of April, which brings the total to 5 closed sales for the first four months of 2008. Average days on market for the 5 sales was 319 days. Last year there were 4 closed sales in April 2007 and 15 sales in the first four months of 2007.
Currently, Fisher Island has 140 residential properties for sale. Based on the first four months of this year, it will take 9 years to sell the remaining inventory. Of course, we expect things to pick up, however, this is one of … (0 comments)

miami beach real estate: Short Sales or "Long Sales" in Miami - 06/08/08 06:35 AM

Many of the best priced properties for sale these days are either short sales or bank owned foreclosures. More often than not these short sales are taking a long time to close. Many take a few months; some much longer. There have been a number of cases where a short sale will take over 6 months to close. The length of time it takes to go from contract to closing can vary depending on the individual situation and the parties involved (lenders, seller, buyer, etc.). Of course, there are those welcome instances when they take less a few months, however, … (2 comments)

miami beach real estate: Drive and Learn about Miami Beach and Fort Lauderdale Oceanfront Real Estate - 06/08/08 12:44 AM
Since I typically recommend waterfront real estate as the best and most stable purchase, I advise my clients to learn about the different areas that might interest them by driving through the areas and neighborhoods and spending some time familiarizing themselves with each of their favorite areas and neighborhoods.
For oceanfront property, one of the best ways to familiarize yourself with an area is to take a leisurely drive during a non-peak time of day meaning not during rush hour. If it is your first time in any of these areas, take A1A along the beach. I recommend starting at either South Pointein … (1 comments)

miami beach real estate: Miami and Florida Statistics for Distressed Properties and Foreclosures - 06/06/08 12:35 AM

As of May 11, 2008, the following statistics were found relating to distressed properties.
Miami-Dade County currently has 113,127 Preforeclosures, 38,786 Auctions and 10,122 REOs, which totals over 162,000 distressed properties. The Miami area is believed to be #4 in number of distressed properties.
There were an estimated 2,537,260 Pre-foreclosures, 1,518,436 properties in Auctions and 1,829,992 REOs, which total 5.885 million distressed properties nationally. This does not take into account homeowners who are late with mortgage payments or have not been reported.
Florida accounts for approximately 15% of all the distressed properties in the U.S.; California accounts for about 20%. In … (0 comments)

miami beach real estate: Miami Beach Homes- Largest Price Declines - 06/03/08 11:49 PM
After I researched the condos, I became curious about the single family homes in the area. Here is what I found. Note that this information is based on the southeast MLS and is from May 2008, so some data may have changed.
Currently, there are 467 single-family houses for sale in Miami Beach. Of those currently listed, here are the 10 listings that have experienced the largest price declines on a percentage basis.
1100 Bay Drive -56% 4618 Post Ave -55% 1551 Stillwater Dr -50% 5850 Alton Rd -46% 1234 13 St -44% 1255 West Ave -44% 4365 N Michigan Ave … (1 comments)

miami beach real estate: South Beach Condos-Largest Price Declines - 06/03/08 11:39 PM
Out of curiosity the other day, I wanted to see which currently listed condos in South Beach have adjusted their prices down the most from the original list price. Keep in mind that this information has been extracted from the Southeast MLS and is based on the information provided there, so if the property was previously listed under a different MLS number, then the statistics provided here would be changed.
As of May, 2008, the ten condos in South Beach currently listed at $500,000 or more that declined the most percentage-wise are as follows:
400 Alton Road #411 -49% 3801 Collins Ave … (0 comments)

miami beach real estate: Miami Beach Real Estate Sales Statistics for April 2008 - 06/03/08 11:24 PM
In the month of April 2008, there were 117 closed sales in Miami Beach, which includes both condos and single family homes. The average sales price was $949,578 at $455 per square foot and was on the market an average of 171 days before it went into contract. The median price was $425,000 - meaning 55 properties sold for less and 55 sold for more. Compared to April 2007, sales are down 27%, however they are up 5% from the prior month. Note that 80 of the 117 closed sales occurred in South Beach, the most expensive and exclusive area of … (0 comments)

miami beach real estate: Adventures of a Miami Realtor on the Road - 06/02/08 10:46 AM
I had several experiences last month, which were truly entertaining. Most of the events involve traffic and parking. What a surprise. To protect the innocent, or in some of these cases, the not so innocent, the names have been changed.
I was leaving one condo in Bal Harbour (near Miami Beach), and I had to take Collins Avenue north to the end and go under the bridge in order to turn around and head south. If you are familiar with that area, it is in essence a dead end that ends up as the Haulover Cut, the wide canal that separates … (1 comments)

miami beach real estate: Advantages of a Miami Short Sale - 06/01/08 03:51 PM
Here is the short version. Going into foreclosure can stay on your credit record for more than the 7 years they say, and your credit score typically goes down over 300 points, whereas, a short sale may cause a reduction of your credit score by 50-100 points and does not stay on your credit report for nearly as long a time. Usually, it is on your credit report for about 2 years, and the consequences are a lot better, whereas, a foreclosure makes it very difficult to buy another home for a while. A short sale enables a person who is … (1 comments)

miami beach real estate: Miami Real Estate Stalemate - 05/29/08 02:59 PM
We are in the midst of a stalemate where the sellers are not lowering their prices enough to sell, and the buyers are firm in their belief that the prices are not low enough. Also contributing to this is the perception that the market still has not bottomed out. With dire predictions of the market declining 10% to 30% from a variety of experts, buyers are still hesitant to pull the trigger. Of course, it does not help that Miami-Dade County foreclosures in the first quarter of 2008 are up 15% compared to the previous quarter and up 126% from the … (0 comments)

miami beach real estate: Sunny Isles Beach Real Estate Statistics for April 2008 - 05/29/08 12:32 AM
During the month of April, there were 42 residential sales in Sunny Isles that sold for an average of $477,386 and were on the market for an average of 171 days before going to contract. In March 2008 there were 33 closed sales. One year ago,  there were 35 closed sales during April 2007.
Currently, there are 1,621 residential properties for sale in Sunny Isles Beach. Based on last month's sales, approximately one out of every 40 homes is selling per month, which means there is over 3 years of inventory available in Sunny Isles.
For more information on real estate in Sunny … (0 comments)

miami beach real estate: Aventura Real Estate Statistics for April 2008 - 05/28/08 01:18 AM
41 condos and houses sold in April with sales prices that were 85% of asking price. The average sales price was $556,000 and the median price was $340,000 and stayed on the market for 137 days. Call 1-800-639-3520 Ext. 9049 for Free Reports on Aventura (our 24-hour recorded info line).
There are currently 2,078 homes and condos for sale in Aventura. Although sales are down about 30% from the March and down about 35% since last year, pending sales (units in contract) are up significantly. There are 99 pending sales up over 135% from December 2007 (42 pending). Due to some … (1 comments)

miami beach real estate: A Great Idea To Inspire Buying In Miami - 05/26/08 01:24 PM
A friend of mine mentioned to me a good idea worth mentioning here. He was watching Cramer's Mad Money a couple of weeks ago and heard Cramer interviewing Robert Toll of Toll Brothers, one of the largest housing companies in the country. They both agreed that the housing prices are the key to fixing the economy. Toll suggested a plan similar to the one instituted by President Gerald Ford back in 1975 when Ford offered home buyers a $15,000 tax credit if they bought a home before the end of the year. Consequently, the market took off almost immediately.
I do … (0 comments)

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Michael Sahlman

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Miami Beach, FL

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