The Levy Group

Miami Real Estate is on a Collision Course with Itself!!!

Adam L — Tue, 13 Mar 2012 22:31:56 +0000

Miami Real Estate Market is on a collision course with itself! The Active Listing are coming down in huge amounts to reach out for the Pending Sales. Pending Sales have been holding steady along the 20,000 units #, like an up and down kiddie ride. But the current inventory is shedding it’s excess weight at a rapid pace, in a diving trend line. If the Actives were on a diet, it would be starving. We are seeing dwindling inventory in the $500,000-$750,000 price range, even the $800k & 900k’s, especially from the Grove and Gables down through South Miami and Pinecrest to Palmetto Bay. It is almost nil when it comes to new listings.

Art & Condos

Adam L — Wed, 07 Mar 2012 21:17:36 +0000

Martin Margulies, luxury condo developer, secured a large loan to build his new, 24-story tower, on Williams Island in Aventura, called the Bellini, but this was not the usual construction loan. He amazingly secured a personal loan by 59 pieces of his extensive collection. He is incredible. What a guy! This is the last remaining spot on Williams island and it looks like it is going to be a Slam Dunk.
Well, most people want to know what is going on with the condo market. Cash buyers, lots of high end sales, Italians, Britons, South Americans, Chinese, Germans, France… the luxury market is on fire!!! 590 condos valued over 1 million dollars were sold in 2011. In the first few weeks of 2012, well over 100 luxury units are already under contract, in the top buildings such as the Setai, Apogee, Continuum, just to name a few condo buildings. In addition, many new buildings are popping up from Sunny Isles, South to Miami Beach and Key Biscayne.

Rebound? Not the Miami Heat but the Miami Real Estate Market!!!! Yes, we have rebounded!

Adam L — Wed, 25 Jan 2012 17:30:34 +0000

Coming off one of the best quarters in history (3rd qrtr 2011), the Miami Real Estate Market is on track to break records. We have “halved” our inventory levels from one year ago today. We have cut our foreclosures from 1 in every 407 homes (national average) to 1 in every 203, and the pace of foreign buyers entering the market place is unprecedented. Realtor.com just ranked Miami as the #1 turnaround city for all the United States. Inventory in certain price ranges and certain neighborhoods is at healthy levels, meaning there are 6-9 months of inventory. If we drop to below 6 months of supply, prices will go up because of basic supply and demand. On the other extreme, if we get into price points with 20′s, 30′s or 40′s months of supply, we will likely have price reductions and properties will take longer to sell. Where is the right price point to buy in? What is a sound property? Let’s talk real estate.

Hey Miami Real Estate Market!! Where are we now??

Adam L — Sun, 22 Jan 2012 00:20:55 +0000

This chart tells it all. I can tell you first hand that this market is moving along. A well priced house will sell in 2 days!! It is like two separate markets. On one front we have the foreclosure/ short sales that will pop up but in the prime real estate markets from Palmetto Bay, Pinecrest, South Miami, Coral Gables, through Coconut Grove we have a very limited amount of inventory with a good buyer pool just waiting. But getting back to this chart, we are flattening out and the curve is starting to make a plateau at the levels somewhere b/w 2003 and 2005. Interest rates and prices have never been this low together. Now is the time to buy if you have the credit. It is time to go shopping!!!

The chart anchors all three indices from the first quarter of 2000. Real estate got out of hand across the country, with appreciation peaking nationally at 166 percent in 2007. But in Broward, values soared 272 percent. Miami-Dade did even better, up 283 percent. It’s easy to see how quickly values collapsed, but the chart also points out something that tends to be overlooked amid the wreckage of real estate. Home values are still ahead of where they were in 2003. More surprising, local property has actually held its value better than the average home in the United States. According to the FHFA, the average U.S. home is worth about 40 percent more than it was at the start of 2000. In Broward, the average home is worth 49 percent more. In Miami-Dade, it’s 56 percent more valuable.
The Miami Herald’s Economic Time Machine charts South Florida’s recovery from the Great Recession by comparing current conditions to levels set before the downturn.
Read more at: http://www.miamiherald.com/2012/01/18/2595440/south-floridas-real-estate-crisis.html#storylink=cpy

Miami Home Prices (S&P/ Case Schiller Price Index) BOTTOMED!!!!

Adam L — Thu, 12 Jan 2012 15:16:56 +0000

I have been saying for months now that the prime neighborhoods (South of Downtown Miami such as Coral Gables, South Miami, Pinecrest, & Palmetto Bay have seen a dramatic decrease of inventory come on the market and a considerable amount of demand just waiting to pounch on those new listings!! Economics 101 says if Demand exceeds Supply, prices will go up. We have seen it firsthand. I have had had multiple bids situations over the past few months and on another occasion, had a buyer make an offer on the first day a home came on the market (in fear of losing it). We got it, but the point is, a well priced home will generate instant activity right away. Price it wrong and you will have to make a re-adjustment within the first 2 weeks. Take a look at this S&P/ Case Schiller Price Index report, which states Miami has bottomed (in first paragraph).

http://tinyurl.com/78qjfwt

Miami is a hot market, any way you look at it!!!

Adam L — Wed, 04 Jan 2012 00:00:15 +0000

Miami Real Estate is truly unique. Don’t be fooled by general market condition reports that you get on the 6:30 pm Nightly News or what you read in The New York Times. Miami is crawling with buyers from all over the planet. Just last night I showed a house to a buyer from Peru. Today we opened up one of our listings to a myriad of buyers from all over incl: New Jersey, Pennsylvania, Canada, Mexico and a few locals too! Miami is on sale. Most neighborhoods are back to prices of 5 and 6 years ago. Not all though. My latest research shows my waterfront homes have not taken any beating at all. They are at an all time high. The Chinese are here, the Russians too!!!! When buyers see a property has lots of activity, offer prices go up and bidding war situations take effect. Our recent sales, those not yet closed, aka Pending Sales, are way up (actually a 25% increase from last November 2010). Those are big numbers!! I have attached a link so you can read the whole article for yourself. Enjoy… http://www.digitaljournal.com/pr/535627

Showing properties 1 - 10 of 180. See more city of Pinecrest real estate. (all data current as of 5/18/2012)




	
		
			$4,600
			: 
				7101 SW 108 TE, Pinecrest
		
		
			
				
			
		
			4 beds, 2 full baths
			Home size: 2,683 sq ft
			Lot size: 20,067 sqft
			
		
		
		
	
	
		
			$829,000
			: 
				MLS # A1642062 in Pinecrest
		
		
			
				
			
		
			3 beds, 2 full, 1 part baths
			Home size: 3,628 sq ft
			Lot size: 22,021 sqft
			
		
		
		
	
	
		
			$1,375
			: 
				8601 SW 68 CT 24, Pinecrest
		
		
			
				
			
		
			2 beds, 1 full bath
			Home size: 812 sq ft
			
		
		
		
	
	
		
			$1,299
			: 
				8650 SW 67 AVE 1015, Pinecrest
		
		
			
				
			
		
			1 bed, 1 full, 1 part baths
			Home size: 760 sq ft
			
		
		
		
	
	
		
			$190,000
			: 
				8601 SW 68 CT 24, Pinecrest
		
		
			
				
			
		
			2 beds, 1 full bath
			Home size: 812 sq ft
			
		
		
		
	
	
		
			$3,916,000
			: 
				MLS # A1642030 in Pinecrest
		
		
			
				
			
		
			6 beds, 6 full, 1 part baths
			Home size: 7,461 sq ft
			Lot size: 40,946 sqft
			
		
		
		
	
	
		
			$189,500
			: 
				6709 N KENDALL DR 230, Pinecrest
		
		
			
				
			
		
			2 beds, 1 full, 1 part baths
			Home size: 900 sq ft
			
		
		
		
	
	
		
			$3,195
			: 
				7582 SW 102 ST 102, Pinecrest
		
		
			
				
			
		
			2 beds, 2 full baths
			Home size: 1,705 sq ft
			
		
		
		
	
	
		
			$950,000
			: 
				13575 SW 72 AV, Pinecrest
		
		
			
				
			
		
			4 beds, 3 full baths
			Home size: 3,370 sq ft
			Lot size: 19,200 sqft
			
		
		
		
	
	
		
			$699,000
			: 
				7550 SW 132 ST, Pinecrest
		
		
			
				
			
		
			4 beds, 3 full baths
			Home size: 3,929 sq ft
			Lot size: 22,266 sqft
			
		
		
		
	



Listing information deemed reliable but not guaranteed. Read full disclaimer.

Get to know your neighbors

Adam L — Sun, 01 Jan 2012 05:34:50 +0000

Have you always said you were going to get out and meet your neighbors or maybe organize a get together around your house BUT never knew a good resource to get the job done. Well I have it here for you! Check out this website… http://neighbors.whitepages.com. You will love it!! Now you can know your neighbors, phone numbers, etc… Go out and meet/talk to your neighbors, keep them posted on what is happening on the block, use it as a crime fighter option, hosting a block party, gather a group for a multi-house garage sale or anything else. Let me know what you think and how you think you might be using it.

Latest Houses On the Market 12/26/11 – 1/1/12

Adam L — Wed, 28 Dec 2011 03:38:51 +0000

Here are the latest listings in Pinecrest this week:

Showing properties 1 - 5 of 50. See more city of Pinecrest real estate.
(all data current as of 5/18/2012)

$829,000 : MLS # A1642062 in Pinecrest

3 beds, 2 full, 1 part baths

Home size: 3,628 sq ft

Lot size: 22,021 sqft

Year built: 1972

Parking spots: 2

Days on market: 2
$950,000 : 13575 SW 72 AV, Pinecrest

4 beds, 3 full baths

Home size: 3,370 sq ft

Lot size: 19,200 sqft

Year built: 1975

Days on market: 4
$699,000 : 7550 SW 132 ST, Pinecrest

4 beds, 3 full baths

Home size: 3,929 sq ft

Lot size: 22,266 sqft

Year built: 1962

Parking spots: 2

Days on market: 7
$675,000 : 7901 SW 125 ST, Pinecrest

3 beds, 2 full baths

Home size: 1,702 sq ft

Lot size: 38,332 sqft

Year built: 1953

Parking spots: 2

Days on market: 9
$949,000 : 7425 SW 122 ST, Pinecrest

4 beds, 2 full baths

Home size: 2,604 sq ft

Lot size: 42,253 sqft

Year built: 1958

Days on market: 10

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Walk the neighborhood FIRST!

Adam L — Sun, 18 Dec 2011 14:49:30 +0000

I want to make a suggestion to anyone thinking about buying a property. Visit the house both morning and night, plus weekends. Get out of your car and walk around the block. Get familiar with area. Take a look at the surrounding houses. Are they in good shape? Do you see any kids, hear any loud noises (garage bands, dogs barking), or see any odd structures/add-ons-especially on the property you are going to buy? One other important thing, stand on the center of the street (a.k.a. the crown of the road) and look at the slope back to the house. Is the crown higher then the front door? If so you may have a problem! If so, are there other forms of drainage nearby, like city grates or drains? You always want to buy a house that has a slope from front door out towards the street. If you feel that a heavy rain would pitch back up to the front door, STAY AWAY! Please contact me if you have further questions about this issue. I can tell you a few things to look out for.

Miami Beach Penthouse Sells for Record Breaking $21.5 Million

Adam L — Sun, 18 Dec 2011 03:12:16 +0000

Miami-based luxury real estate brokerage firm Zilbert Realty Group has set a new Miami Beach sales record this week with its recent sale of the top-floor penthouse at Miami Beach’s uber-luxe Setai Resort and Residences.

The $21.5 million sale of the penthouse is Miami’s most-expensive condo ever sold, and has Miami’s highest-ever condo selling price per-square-foot.

The Setai Penthouse is a 5803 square-foot, multi-story residence that sits at the top of luxury tower overlooking South Beach and the Atlantic Ocean. It also features a spacious, outdoor rooftop terrace with private pool, the only one of its kind.

The previous Miami real estate sales record was set in 2010 with the sale of a lower Setai penthouse, then selling at $15M. This recent Setai sale at $3704 per-square-foot beats previous sales of the lower Setai penthouse in 2010 and Apogee South Beach’s sale of PH-04 in 2008. Each sold then for roughly $2400 per square foot.

Zilbert Realty Group sales manager Jeffrey M. Miller brokered the sale.

Via The World Property Chanel