Miami Real Estate News

April 17, 2024

Brickell Miami History

Brickell Miami

SPOTLIGHT: "What would Mary Brickell think?" HERE'S A LITTLE HISTORY: On the south side of the Miami River, the native Tequesta people created a pre-historic structure dating back 2700 years. It's believed by some to be their capital center building - Today it's known as the "Miami Circle".

In more recent history, Mary Bulmer Brickell of England made her home on the south side of the River in 1871 with her husband William Brickell. The pair was able to purchase and accumulate land in the area, known as the quieter side. The majority of the action was happening north of the Miami River around Flagler Street in today's Downtown Miami.

Mary Brickell platted the area mostly for mansions and single-family homes for the wealthy. She benefited from the construction of Flagler's railroad. Mary was known for her generosity, helping members of disadvantaged communities to also become property owners. She passed away in January of 1922. What would Mary Brickell think today?

Brickell is now home to many residential towers, and more recently, pre-construction high-end towers with fancy brand names and developer partners such as: The ST Regis Brickell, Dolce and Gabbana, The Residences at the Mandarin Oriental, and the Cipriani Tower. One can still have a piece of the action with many more affordable options in the area.

As someone who's lived in Miami my whole life, I am constantly amazed at how our city has evolved and changed throughout the years. Reach out to me for more info about Brickell and other popular Miami areas. Serving Miami as a Realtor for 21 Years.

Posted in News
Jan. 25, 2024

Coldwell Banker - The Trend Report 2024

The Trend Report 2024 for Luxury Real EstateTrend report cover

Posted in Market Reports
Aug. 21, 2023

Market Update for Miami Condominiums

Miami Condo Stats - July 2023 vs last year

Here's a quick view of the condo market for City of Miami, which includes areas such as Brickell, Coconut Grove, Edgwater, and Wynwood - see the map for all areas.

Key Notes:

*We have 4.9 months of supply of inventory, and that number has risen 14% vs last year, all condo prices combined.  This shows we are headed more into a neutral market or more balanced market, from the sellers market we had been in for condos in 2021/2022.

*The average price per square foot of condos sold was $584, which represented a 15.8% increase vs the prior year.

*The averae price per unit sold was up 22.7% in July 2023 - vs the prior year.

*Both the number of active listings, and the number of sold units are down.  Depending on the price range and building, we are seeing some areas overall still holding in price, while other higher ranges (depending on inventory) have more price reductions and more negotiating power.  Contact me for more details.

Posted in Market Reports
May 18, 2023

MIAMI Real Estate Update | Spring 2023 real estate update coverHere's also the chart I review in this video - This is a Miami Real Estate Market Update.

Miami Market Trends - Spring May 2023

Posted in Market Updates
Feb. 24, 2023

Video: Quick Update! Miami Real Estate and Coral Gables

Real Estate Market Update - Feb 2023Quick Real Estate Market Update for Miami, Coral Gables and Brickell Areas

Posted in Market Updates
Jan. 28, 2023

Video: Miami Real Estate Market Update - The Details

This is an in-depth look at the Miami Real Estate market including overall Miami-Dade, plus: Coral Gables, Coconut Grove, Pinecrest, and Brickell. This video is 10 minutes long and goes over themarket statistics with explanations.

Posted in Market Updates
Jan. 28, 2023

Miami in Hottest Housing Markets for 2023

Miami ranked in Zillow's Top 10 Housing Markets for 2023. Let's explore factors that have contributed to the overall strength of the Miami real estate market and our overall economy in Miami-Dade County in this short video, 3 minutes long.

Posted in News
Dec. 16, 2022

Video: Miami Real Estate Update & Projections

Overall Projections for 2023 Miami Real Estate, lets take a look at factors that contributed to our growth in the past few years, and look at where we are at now.

Posted in Market Updates
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