Miami Real Estate News

April 21, 2022

Video: Miami Real Estate Market Update

Video Blog - Miami Real Estate Update April 2022Real Estate is Regional! Here's a video update for Miami Real Estate, focusing on Coral Gables, Coconut Grove, South Miami, Pinecrest, and Palmetto Bay.  This video is 9:50 long and is optimal if watched in front of a larger screen, as market charts are shown.

Posted in Market Updates
Aug. 2, 2020

The Impact of Low Mortgage Rates

July 2020 Marked The Lowest Mortgage Interest Rates On Record

The average rate for a 30 year fixed conventional loan dropped to 3.1% and some lenders have been able to provide even lower rates, depending on one's personal financial picture.  Here are a few graphs illustrating the significance of recent lower rates and money saved over the life of the loan.  These low rates, along with pent up buyer demand due to the Covid-19 virus and the shelter in place order, have added to our already active market.  In many areas and price ranges, we are seeing home sales at a quicker pace and for a higher price. Sellers and buyers both benefit with lower rates because the overall cost of the loan is less and a buyer can qualify for a larger loan amount, motivating buyers to take advantage of this opportunity to make a move.
Mortgage Loan Rates

The first chart shows a $500,000 loan amount. The 3% interest rate fixed over 30 years amortized would equate to a total interest paid of $259,887 over the life of the loan, and a monthly payment for principal and interest of $2,108. At a 5% interest over the same period of time, the total interest would equal $466,788, and the monthly payment would be $2,684, or $576 higher per month. The 2% difference represents a savings of $207,891 over the life of the loan. Interest rates were averaging 4.72% in August of 2018, and they have since been hovering around the 4.5 to 4% mark until dropping back below 4% this year. 
Mortgage Loan Interest Rates
The second chart depicts the same scenario for a $1 Million loan amount.  The total loan difference of 2% at that amount equals a savings of $414,783.  Rates vary on a day to day basis and what is quoted can depend on a number of factors including a buyer's credit worthiness plus the type of residential loan as there are many options.  

30 Year Mortgage Trend History
30 YEAR MORTGAGE TREND HISTORY   Source: Macrotrends

Posted in News
May 5, 2020

Miami Real Estate Market Update April / May 2020

Here's the latest on what's going on with Miami Real Estate during the Coronavirus pandemic. The number of sales have been increasing on a weekly basis during April 2020, while new listing inventory has declined.  Watch my video for short explanation of our market.

Posted in News
May 5, 2020

Video Walkthrough Tour of 8271 SW 172 Street, Palmetto Bay, Fl. 33157

Here's a virtual video walk-through tour of this spacious 5 bedroom / 4 bathroom home with 4,550 square feet, located at 8271 SW 172 ST. Palmetto Bay, FL. 33157. Please tour the video above, and find more info including floor plans in photos in this link: 8271 SW 172 ST Home

Posted in Listings
April 8, 2020

Video Walkthrough at 1425 Sorolla Ave, Coral Gables, FL. 33134

Here is a video walk-through tour of this historically designated Coral Gables home at 1425 Sorolla Avenue, Coral Gables, 33134.  This is gorgeous property with a total of 3 bedrooms and 3.5 bathrooms, including 2 bedrooms and 2.5 bathrooms in the main house, plus a studio apartment 1 bedroom / 1 bathroom, which is located above the carport.  Built in 1925, there is wonderful character and charm throughout, from the arched entryways, fountains, to the high ceilings and casement windows. Plenty of colors and textures make this a very unique and special place. In addition to the main living / dining area, you will see a library - home office which has a powder room, as well as a nice sized family room flanked with windows. The home has been significantly updated with a large master suite which was added on. All the doors are impact glass.  Please enjoy this home tour and reach out to me for more information, and if you would l like to set up a private showing. Here's the link to the property on this site: Video 1425 Sorolla AVE.

Posted in Listings
Oct. 16, 2019

Discover Coral Gables "The City Beautiful"

It's So Miami - Coral Gables: Courtesy of Greater Miami Convention and Visitor Bureau

Whether you are considering a move to live within the city of Coral Gables or in a nearby area such as Coconut Grove, South Miami, Schenley Park, Pinecrest or Brickell, you'll be close enough to discover the many restaurants and points of interest within The Gables.  Here's a short video narrated by Mitchell Kaplan, local independent bookseller and owner of the popular Books and Books stores. Check out the newest Coral Gables Homes for sale here, and also the newest Coral Gables condo listings for sale.  Please reach out to me for more information about Coral Gables, its surrounding communities and the wonderful homes for sale. Enjoy!



Posted in News
Oct. 8, 2019

Tips To Fix A Property Before Selling

Quick Remodeling Tips to Sell A Condo or Home Fast - Examples From a Condo Sold In 1 Day

Wanted to share this quick story of a condo listing I sold very quickly with multiple offers and showings the first day on market.  Sharing the total remodel my sellers did prior to putting the property for sale.  This condo was totally original and was completely redone.  As a part of my job as a Realtor, I meet with sellers prior to listing a property to discuss,  "what are the most important things you can do in order to get the most in a sale." In this case the sellers gutted and remodeled the entire property.

Please have a look...  and please subscribe to my YouTube channel.



Posted in Listings
Sept. 17, 2019

What is Florida Tax Portability?


If you are a current homeowner claiming Florida as your primary residence and plan to move to another home within the state, you can transfer a portion of your homestead exemption savings from your current home to your next home by using tax portability. This is the Save Our Homes Amendment passed in 2008 to the Florida constitution. In this video, I explain how to calculate tax portability for a future move or transfer of your homestead exemption savings.

There are two calculations to determine how much of the savings a homeowner can transfer, depending on whether you are downsizing or upsizing in market value.  The amount of savings that can be transferred between properties is capped at $500,000, and timewise, you have up to December 31st of the following year after the first property homestead exemption is abandoned, for the next intended homestead property must be then established. 

Determining Tax Portability Amount

First gather some information from the county tax roll, specifically the market value shown, and the assessed value.
For Upsizing: Your tax portability amount is the difference between the market value on the property appraiser site, and the assessed value.   Then subtract that tax portability amount from the future market value of the next property at the time of applying for tax portability.

For Downsizing: Divide the property assessed value on the tax roll by the market value to come up with a rate.  That rate is then multiplied by the new market value on the tax roll of the new property to come up with the tax portability amount.  Then as above the tax portability amount will be subtracted from the future market value of the next property at the time of applying for tax portability and homestead exemption.

Be sure to visit your county website to follow any guidelines on timing and application status as they are subject to change. Contact me for any questions on tax portability or otherwise!

Posted in News
Sept. 4, 2019

Ever Wonder What Happens to a Real Estate Contract If A Hurricane Hits?

Hurricane Trees When purchasing and selling a house damaged by a hurricane or other disaster, there's a provision called "Force Majeure" that outlines how a buyer and seller move forward in the case of a home that is already under contract for purchase. Here's a summary of the key points from the latest Florida Realtors/ Florida Bar: AS/IS Sale and Purchase Contract, revised in June 2019.

What is Force Majeure?

Force Majeure (meaning superior force) is an automatic extension of the contract that comes into play when a dramatic unusual or unplanned event prevents a property from closing. This clause is triggered in some of the following examples, such as "hurricanes, acts of God, and acts of terrorism." Once the clause is triggered, specific time periods of the contract, such as the closing date or inspection period, will be extended for a reasonable time up to 7 days after the force majeure event no longer prevents the parties of the contract to close the sale. Either party may terminate the contract by delivering written notice if force majeure continues to prevent performance more than 30 days beyond the closing date.

Access to the Property to Conduct Appraisals, Inspections, and Walk-Through

After the hurricane or event passes, a buyer usually wants to take another look at the property, regardless of whether the buyer is still in the inspection period. This clause generally favors the buyer's request, and provides that the seller shall provide access within reasonable notice, and provide that utilities be connected for such inspections prior to closing.

Risk Of Loss - What Happens If Damage Is Discovered?

In the case of property damage, then the Risk of Loss paragraph comes into play. If the cost to restore the property is equal to or less than 1.5% of the purchase price (this includes the cost to prune or remove damaged trees), then the cost is a seller obligation. If the restoration isn't complete prior to closing, the seller will hold back in escrow until completed, a sum equal to 125% of the estimated cost to complete the restoration.  But - If the cost to restore the property is greater than 1.5% of the purchase price, then the buyer has the option to either take the property along with the 1.5% of the purchase price, or receive a refund of the deposit, releasing the buyer and seller from all further obligations under the contract.

These are the provisions that are automatic in the contract, however, the buyer and seller may choose to amend the contract and come to a separate agreement besides what is outlined here in the AS-IS contractual language. 

Damage To Rental Properties: Section 83.63 of the Florida Landlord/ Tenant Act:

This section provides a clause for rental properties that are damaged or destroyed. In a case where "the enjoyment of the premises is substantially impaired, the tenant may terminate the rental lease and immediately vacate the premises." Another option is that the tenant vacate part of the premises that is unusable by the casualty, in which case the tenant's rent shall be reduced by the fair rental value of that part of the damaged property. 

Fortunately we are not dealing with Hurricane Dorian, but this is always good information to keep in mind when selling or buying a property. 




Posted in News
Aug. 8, 2019

Declutter For Peace Of Mind

Without a doubt, there's an ongoing movement towards minimalizing or decluttering - perhaps born as a counterbalance to our cultural need to have the latest and greatest gadget, smart phone or name brand. The topic of re-organizing and reducing the number of things in our lives definitely coincides with real estate, especially when I meet with sellers to discuss how to organize prior to listing a house for sale - but does decluttering and re-organizing have to wait until we are selling a property?

I recently watched on Netflix, Minimalism: A Documentary About Important Things, by Joshua Fields Milburn and Ryan Nicodemus.  They show how their lives have become better with less.  Joshua says, "The things that truly bring us joy are rarely things."  I personally agree - except for things that have sentimental value. They say material things may bring joy in an instant, but that rush of dopamine wears off and we are in search of the next new thing. Another advocate is Marie Kondo, the Japanese personal organizer and author of, The Life Changing Magic of Tidying Up. She's quickly becoming a household sensation through her unique method of personal categorization. 

Does this mean we should all move to a "Tiny House"? For most, that's taking it a step too far, but the idea of simplifying and decluttering for peace of mind is certainly appealing. I always feel good after I make room in my closet.  The Minimalists and Marie Kondo are definitely on the must see or read list.  Meanwhile, here are a few tips from both:

  1. Decide what is really essential, eliminate excess.
  2. Tackle items by category, in order of: clothes, books and documents, miscellaneous items, and then sentimental things.
  3. Hold each item and decide if it "sparks joy" - Marie Kondo.  If something no longer serves you, thank it and say good-bye!
  4. Organize the utility shed/ garage. Properly dispose of old paint cans and corroded chemicals.
  5. Check out the "project 333 challenge" at  Figure out 33 items of clothing and accessories you wear in a 3 month period.
  6. Gifting is joyous! You can't take it with you when you leave this earth, so if you plan to give something to a loved one, do it now while you are alive!

I've noticed that people who move a lot usually have less to get rid of, because the moving process itself requires a re-organization.  Those who have lived in one place for many years often accumulate more over time, so it's a process to prepare to move.

Thinking about downsizing?  I can help you. Call me to discuss it! 

Posted in Listings