• Miami: The Beach, The Sun and The Real Estate! April 21, 2014

    Miami’s numbers are in! Miami Real Estate sales are at the highest during this first quarter taking into consideration the last eight years! Isn’t that wonderful news, we are finally moving forward from our devastating Real Estate meltdown. It took us a while but we are finally up, up and away!

    Waterfront communities posted 5,133 closed sales during the first quarter for a gain of 3.9 percent according to real estate data. Miami’s median sales price rose 16.1 percent to $ 244,000. Properties days on market average was reported to be 58 days! The overall real estate market is doing excellent throughout South Florida.

    This is great news for those of us that own properties in Miami. Our property values are no longer under water. It’s also a great time to sell because the inventory, in most areas, is low and buyers are fighting to enter the market. I currently have a listing that received five offers, all, over value. Of course, in a sought after location, priced right, and staged wonderfully. The owners and I are very excited!

    Who wouldn’t want to live in Miami? Sun, beaches, growth and opportunities are the main reasons why everyone, now, wants a piece of the pie. Remember when Miami was a sleepy town. Consider Miami Beach back in the days, it was a depressing site, and look at it now. I remember when South Pointe had a parking lot! I just recently found out that this lot was the original lot from when the dog track was located on South Pointe. In my era, kids use to skip school turn on the music and have a ball in that lot! I also remember the big fight that took place there, bottles thrown everywhere and many injured. After that, the lot was torn down. What memories! Does anyone remember?

    In Downtown Miami, the Dade County Courthouse was the tallest building in the county, at one point. Can you imagine? Look at it now! The Florida East Coast Railway use to bring passengers into the area, now they are planning on bringing the trains back. Downtown Miami is among the areas with large growth potential. Many small mom and pops stores are times of the past with many new retailers, restaurants, and hotels, securing spaces.

    Brickell, Edgewater, the Design District, and Winwood are also all part of that growth. The Whitman Family Development , founders of Ball Harbour Shops reported striking a deal with a luxury retail store to anchor Brickell City Centre. All area residents are excited about this new venture. Now we don’t have to drive far for great shopping, we can just hop on the metromover, shop, eat, and drink, steps away from our homes.

    From the past to the present, it’s still a great time to invest in Miami! Come join us and enjoy this beautiful weather. Why settle for the cold and brutal winters when you can have sun and beaches year around!

  • Downtown Miami’s Growth March 11, 2014

    Downtown Miami’s growth as a major metropolitan area continues at breathtaking speed. Luxury condominiums have transformed the empty lots that once were. Data confirms that Downtown Miami is one of the most active residential real estate markets in the country!

    Fears of excess inventory is now a time of the past, since all units built are fully occupied. Buyers and renters are interested in Downtown Miami due to market value, pricing, location, and the lifestyle of live, work and play. Downtown Miami combines a vibrant business environment with an urban energy. Downtown Miami residences offer resort style amenities, a convenient walkable environment including entertainment, recreation facilities, restaurants and shops.

    According to reports on the Greater Downtown Miami Real Estate Market, occupancy of the 23,000 condo units are now at a remarkable 97 percent! Renters make up more than half the current occupants in downtown. Renters are mostly, young professionals following a national trend of relocation to urban areas. There is now a 24 hour presence in the area and disposable income.

    The real estate downfall didn’t last long, prices and sales picked up significantly than in other major cities. The average sales price in the first quarter of 2013 was $ 425,498 up 21% over the same period in 2010. The fear of many that it would take years to absorb the inventory of unsold units have diminished. Demand outpacing supply has brought back the construction cranes, in Downtown Miami, Brickell and Edgewater areas. Also, several retail and commercial projects are underway including Metropolitan Miami a mixed development anchored by a 35,000 square foot Whole Foods, another is Brickell City Centre’s with a completion date of 2015 will bring luxury shopping to the area, and Miami World Center just steps away from the American Airlines Arena which is expecting to bring Macy’s and Bloomingdales!

    Come to the Downtown Miami area and experience the growth!

  • Miami Worldcenter Retail Project in Downtown Miami October 8, 2013

     Miami Worldcenter  retail project in Downtown Miami, which could generate more than 750,000 square feet of retail and restaurants, has been announced.

    Miami Worldcenter, which the city approved during the last real estate cycle, is in a highly desirable part of downtown, adjacent to the highway and within blocks of Biscayne Boulevard, Metrorail and Metromover. It is also among several important institutions, including the American Airlines Arena; the Adrienne Arsht Center for the Performing Arts; and Museum Park, where the Pérez Art Museum Miami and the Patricia and Phillip Frost Museum of Science are now under construction. Its southwestern edge is adjacent to the proposed station for All Aboard Florida, a passenger train that would connect Miami to Orlando.

    The original project was to include hotels, residences, retail and offices. It has been said that Macy’s will be moving from it’s original location in Flagler Street to the Miami Worldcenter retail project and that Bloomingdales is another potential retail anchor.

    To achieve the right density, Miami Worldcenter Associates assembled several blocks in downtown Miami– from Northeast Sixth Street to 11th Street, and from Second Avenue to North Miami Avenue. It also owns the old Miami Arena site, which is under contract to MDM and might be developed as a convention hotel.

    If the entire community is developed, it would rank with Brickell CityCentre and Midtown Miami among Miami’s most important and transformational projects.

    This is great news for the area residences and investors, alike. The potential growth in the area is significant. With many new projects and great venues, Downtown Miami is creating a buzz. Just a hop skip away via the bridge to South Beach and it’s beautiful beaches makes the area even more desirable.

    If you want to live or invest in this wonderful area, contact Downtown Condo Finder 305-951-3588 or via email zpc@nullzmiamiproperties.com

    I live and work in the area and love it!!!

  • The Miami Herald “Signs of the Times” July 16, 2013

    The Miami Herald “Saying Goodby”!

    The Miami Herald will soon be gone for ever, signs of the times! The Miami Herald closed its doors and the last employees moved out in May 2013. The name on the building has been covered, a sad sight for those of us that grew up in the Miami area. The Miami Herald was founded in 1903, the largest newspaper in South Florida. It’s iconic building on the Bay was built-in 1963  and was a vital part of Miami’s life for over a century. The Miami Herald building at One Herald Plaza weathered assaults by killer hurricanes and furious protestors, a gunshot suicide in the lobby and much more. The newspaper has moved its headquarters to the other side of town to the City of Doral.

    Biscayne Bay will now get ready for the Genting Group to take possession of the old Miami Herald space. Some approve it some are against it but it’s all part of the growth. Growth is a major part of the City of Miami and the growth is happening  in the area North of 395. Not long ago no one wanted a piece of this area but some developers did have a vision and bought several parcels of land, such as the Merco Group, even before the Genting Group had announced their take over. The Genting Group already has their “Bimini SuperFast” casino ship docked in the Port of Miami. The cruise ship plans to ferry about 1500 passengers twice daily to Genting’s casino resort on North Bimini Island. Great for tourism and residents alike. Many of us look forward to the growth and all the excitement!

  • Downtown Miami Condo Market Updates July 7, 2013

    Every day new cranes are appearing on the Downtown Miami skyline! There are currently, 20 condominiums under construction, that’s about 5,500 units, which two thirds are already approved, under construction or with units for sale today.

    The Bond, a 323-unit condo project which will be located at 1080 Brickell Ave. being marketed for sale, will be the first condominium to break ground on Brickell Avenue since the last residential real estate cycle.

    The 300 unit Icon Bay site will not be ready until about two years but already nearly half the buyer’s money have been secured.  The rest will be paid in cash before the deals are closed. The days of 20% down for condos are gone.  Banks are not interested in taking on the risk. 

    The buyers investing in condos, right now, are expected to rent these units.  The idea is the return rates will be better in rentals than traditional stocks and CD’s.

    As of December 31st, more than 90% of the 23,000 condo units constructed from 2003-2012, have sold. That means the unsold inventory is at 1,500 units. Many of these units are being sold directly from the Developer who many are offering special incentives such as Vizcayne Towers and Met One. Most of these units are currently rented directly from investors and those still in the hands of developers/building owners. These can be purchased with a tenant in place which makes sense to buyers looking for investments.

    The demand is currently pushing up property values, according to the Miami-Dade Tax Appraiser, which has recorded a 6.4 percent year-over-year increase in assess value. Since 2009, the average unit sales price has grown by 21 percent!

    “Downtown Miami is now a 24-7 urban center recognized internationally for its cultural institutions, quality of life and global businesses,” said Marc Sarnoff, City of Miami District 2 commissioner and chairman of the Miami DDA, in a news release. “The real estate market is reflective of downtown’s status, attracting buyers, tourists and residents from countries across the globe who have helped usher in the next development cycle.”

    Current findings of the Greater Downtown Miami Real Estate Market Annual Summary Report:

    • The average unit sales price in the first quarter of 2013 including existing and new condominiums was up more than 21 percent to $425,498 from the first quarter 2010 average of $351,078.

    • Per square foot prices were up 14 percent in the first quarter on a year-over-year basis.

    Contact me: 305-951-3588 or via email zpc@nullzmiamiproperties.com

     

  • The Miami Heat back in Downtown Miami May 5, 2013

     

    The Miami Heat are ready for their 2nd round at the American Airlines Arena in Downtown Miami! After so much anticipation we are ready to play the Chicago Bulls. Living in Downtown Miami gives me the advantage of walking to the Arena and watching my home team, can’t beat that! The streets are full of fans, the Heat flag is high up at Bayside Market Place lettting everyone know that The Miami Heat is On!

    We love our team as well as many visitors from all over the world that turn out to watch the games. From China, to South America, everyone seems to love the Miami Heat and we are proud. Did you know that more than 100 million Chinese watched the Heat on television during the 2010-2011 season? Did you also know that More than 7 million people follow the team on Facebook of which only 10 percent are from South Florida and only half from the United States? Wow, awesome stats for our City and our Team.

    The Heat players are top of the line, MVP Lebron is amazing he never seems to get tired instead of being tired he gets more focused and plays strong, who doesn’t love that? Dwayne Wade loves his town, when he stands up at courtside and gets in front of each section the crowd roars with cheers and how about Birdman? Another good add on to our team, people seem to enjoy his game and his style.

    Well we are all waiting for another championship to fill the street of Downtown Miami with Fans celebrating our Teams Victory. I can’t wait to be part of the celebration, once again!

    Let me know if you love the Heat!

     

     

  • Insurance for Rental Properties January 25, 2013

     

    Insurance for Rental Properties

    Insurance for rental properties is an important item to discuss. In Downtown Miami condos, as well as in many areas in Florida, many buyers are purchasing for investments and renting the properties. In the other hand, many current homeowners are loosing their homes, forcing them to rent and many tenants are being asked to move due to foreclosures. This article will give you an insight on the differences in rental insurance. In Miami condos, the interior is not insured by the condo association which pays your homeowners policy, only the exterior is covered. If something happens inside, you have to replace it and it’s money out of pocket, unless you are insured. To be a landlord, you have to educate yourself, it’s not as easy as purchasing and renting, there is a lot involved.

    Currently if you are financing a condo or are refinancing you are required to purchase the HO6 Insurance which covers the interior of the unit and any of your belongins. If you are purchasing cash, you are exempt from this requirement but it’s good to have.  The HO6 condo insurance will cover losses to any of your persona property and any structure you own. This policy also covers damages to any fixtures of upgrades you added since the move-in date. HO6 does provide liability protection.
    Please read on, and being a landlord myself, if you have any questions just ask.  Contact 305-951-3588 or via email zpc@nullzmiamiproperties.com

     

    Understanding Lanlord Insurance

 

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