Buyer market in Miami
From

our blog

Felix Gabison
August 2, 2016

Mortgage rates are still low

The benchmark 30-year mortgage rate is at new low for the year, touching its lowest level since last November.

Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages fell to 3.86 percent from 3.89 percent last week. It was the fourth straight weekly decline for the key rate, bringing it to its lowest level since Nov. 10, 2016.

A year ago, the rate stood at 3.43 percent. It averaged 3.65 percent for all of last year.

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Carolina Pena
September 19, 2017

Philippe Starck restaurants in Miami

Designed by Philippe Starck

Chef José Andrés, James Beard Award winner and pioneer of molecular gastronomy, will lead the culinary team of Bazaar Mar, a new 7,200-square-foot restaurant just south of the Miami River in Arquitectonica’s newly built SLS Brickell tower. Designer Philippe Starck crafted a nautical dream world complete with mythical sea beasts, picturesque coastal vignettes, and a characteristic white and navy color palette.

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Carolina Pena
August 26, 2017

Guide for Buyers in Miami

Because the Miami real estate market is so competitive, it’s important to take prompt action after finding a property that you want to buy. The following guide will provide a detailed overview of what you need to know about each stage of this process.

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Carolina Pena
August 26, 2017

An Agent in Miami for Buying or Selling your home?

If you’re buying or selling a home, you can count on your agent in Miami to make this experience go as smoothly as possible. We pride ourselves on understanding exactly what our clients want and then exceeding those expectations.

The Benefits of Using An Agent for Buying in Miami

Purchasing property in any part of Miami is a significant investment in the future. At Fortune, we’re able to provide our clients with the market knowledge and expertise needed to make the ideal decision.

Since Miami seems to offer a limitless supply of options, working with us is the best way to make sense of the market. Because you’ll have a 1-on-1 relationship with your agent, we will be able to guide you through every step in this process.

What You’ll Gain From Using An Agent in Miami for Selling

That means you will work with an Real estate agent in Miami who will put your needs first. Because we have a proven track record of marketing listings and closing sales, we can use our expertise to get the optimal price for your home.

Instead of worrying about frustrations like having an inactive listing or wasting time with unqualified buyers, we will manage everything for you.

If you want to avoid the headaches that are often associated with buying or selling and instead focus on what’s most important to you,  you can trust we will help you buy or sell your home.

Brickell Key Condominiums

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Carolina Pena
August 24, 2017

Is it the right time to invest in Real estate in Miami?

Miami Real Estate is becoming a buyer’s Market

Investors in Miami
Of the top 10 residential sales in South Florida, all of which were single-family homes, 7 (including the top 3 spots) were in Palm Beach County.  The remaining 3 were in Miami-Dade, cutting out Broward altogether.   The winner was 1695 North Ocean Way in Palm Beach that sold for $43.7 million.  The spec mansion was originally listed at $55 million in January and sold in March to hedge funder, Kenneth G. Tropin, for a significant reduction.

Many luxury listings are now selling for a fraction of their original listing price.  With a large inventory, including new construction, sellers are being forced to be realistic in their pricing and a buyer’s market is emerging, especially in the condo sector.  For instance, on Miami Beach the number of days a luxury condo spent on the market has moved from 62 to 171 in the last year.

Many factors have contributed to the leveling off of the market.  Foreign currencies continued to decline next to the dollar, the Zika scare, lots of media about sea level rise and finally, the election. But, overall, prices have actually increased.  In fact, prices for the mid-market sector saw record growth rocketing 27% over last year. Don’t forget that a thousand people a day move to Florida.  In Miami-Dade, the median price for a single-family home rose to $305,000 up 9.5% and condos rose 1.3% to $210,000. Prices for single family homes have risen for 61 consecutive months.

Who’s Buying? First Venezuelans

Apparently, more foreigners from a more wide diversity of countries purchased more residential real estate in 2016 than ever before.  More than half of the international sales in the state of Florida happened in the tri-county, Palm Beach, Broward, Miami-Dade area totaling $6.2 billion in residential sales for 2016.  80% purchased in Miami-Dade.

Top countries in order of investment in South Florida are Venezuela, Argentina, Brazil, Colombia, Canada, Mexico, France and Peru.  In Palm Beach and Martin counties, Canada topped the list and according to a report by the Miami Association of Realtors, Canadians were the top international consumers using their property search portal miamire.com.  In fact, South Florida was the most searched U.S. market for international consumers, while Los Angeles ranked second and New York placed fourth. According to realtor.com, the city of Miami has ranked number one in ten of the last eleven months.

Pre construction Projects

Many buyers turn themselves toward a long term position with a limited risk by taking options in future construction and considers that is an excellent investment opportunity.

Top 20 Reasons to Visit & Buy in Miami

  1. Affordable Real Estate – The local market offers record affordability, amenities, & seller incentives; 50% more affordable in the last five years; weak U.S. dollar gives greater discounts for foreign buyers
  2. Top Market for Int’l Buyers – Florida is the top state in the U.S. & Miami is the top market for int’l buyers; & is expected to outperform other U.S. markets long into the future
  3. Enviable Weather – The only major “subtropical” city in continental U.S.; average temp. 75 ºF / 23 ºC
  4. Beautiful Beaches – Greater Miami has 84 miles of Atlantic Ocean coastline & 67 square miles of inland waterways & more than 15 miles of world-famous beaches
  5. Water Sports & Activities – Enjoy snorkeling, sailing, boating, kayaking, swimming, diving & other water sports all year around
  6. Exciting Lifestyle for All – young adults, families, baby boomers, retirees, celebrities, & visitors – museums, performing arts venues, art galleries, professional sports, & amazing places to shop
  7. Fabulous Nightlife – Ocean Drive & more – top restaurants, night clubs, bars, world famous hotspots
  8. Restaurants – In Miami you can savor worldwide cuisine unlike in any other city in the U.S.
  9. Entertainment Industry – Major fashion center, top modeling agencies in the world, Fashion Week & more than 2,400 motion picture & video businesses
  10. Commercial & Investment Real Estate – Vacancy rates for all commercial sectors in Miami are below the national average; retail & multi-family are outperforming most major markets in the U.S
  11. “Gateway to the Americas” – Strategic location between Latin America & Europe; “Capital of the Americas” – perfect for business or pleasure
  12. The Most Int’l City in the U. S. – nearly 50% of population is foreign born & speak over 100 languages
  13. Global Business Center – for business, finance, commerce, media, entertainment, arts & international trade; no state income tax; home to nearly 1,200 multinational companies from 56 nations; more than 100 international consulates, trade offices & bi-national chambers of commerce
  14. Hotels – ranks fifth in US in occupancy after New York, Oahu Island, San Francisco, & Boston
  15. Top Tourist Destination – 12.6 million overnight guests – with 6 million of them int’l visitors
  16. World Aviation Hub – 3rd in the U.S. with 33.5 million passengers a year; Over 80 airlines to 120 destinations – top freight airport in the U.S. with 1.8 million tons – $19 billion in business revenue/year
  17. Port of Miami – “Cruise Capital of the World” with more than 4 million passengers a year; Also serves 240 seaports; 9 million tons of sea cargo; top markets: China, Italy, Hong Kong, Honduras & Brazil
  18. Educational Institutions – 4th largest U. S. school district; 5 colleges & universities; 3 law schools
  19. Hospitals – 33 hospitals; Jackson Memorial is one of the top 25 hospitals in the U. S. & Miami Children’s Hospital is rated the top pediatric hospital in the country
  20. Top Rankings
    • Miami has the largest concentration of international banks in the U.S.
    • Miami’s skyline ranks third in the U.S. behind New York City & Chicago & 18th in the world (Almanac of Architecture & Design.)
    • Miami is the only major city in the United States bordered by two national parks, Everglades National Park on the West, & Biscayne National Park on the East.
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Carolina Pena
August 15, 2017

Investing in Preconstruction projects in Miami ? A good investment opportunity?

Investing in New Developments and Pre-construction projects in Miami.

This is a great opportunity to save up to 30% of what the finished product will cost. Essentially, since construction of the building is being funded with purchaser deposits instead of a bank loan, the savings in financing costs are being passed down to the buyer.

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Carolina Pena
July 25, 2017

CMX dine-in theater opens at Brickell City Centre

 Why did CMX choose Brickell, Miami to open its first theater in the U.S.?

Luis Castelazo:

The opening location of a theater is very important for its success. Miami’s Brickell City Centre was the perfect fit for several reasons, including the demographic of residents and visitors to Brickell City Centre. [It is] Miami’s largest mixed-use urban development and most exciting destination for all things shopping, culinary, and more, [and] we wanted to bring the thrill of film to those visiting the area. It’s the perfect addition to the variety of retailers that call Brickell City Centre home, and we look forward to welcoming them all to our first theater in the U.S..

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Felix Gabison
July 2, 2017

Real Estate Market Study in 2017

“People think of Little Havana because of a price perception: They’re thinking that land is cheaper there right now and that it will eventually get up to Brickell’s levels,” Rosso said. “But Brickell has a lot more to offer than Little Havana and will continue to be a very desirable place. Anything that is on the sand or the ocean will always maintain its value and continue to go up.”

Rosso points out that when new luxury towers south of Fifth Street on South Beach went on the market 10 years ago, they sold at square-foot prices ranging from $500 (Icon) to $800 (Apogee).

“Today, those units are trading for $3,000 per square foot,” Rosso said. “Even I’ve been surprised at how much they’ve gone up in value over the long run.”

Read more here:Miami Herald 2017 Poll

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Felix Gabison
June 30, 2017

Brickell Key Condominiums

Brickell Key history

The man-made island of Brickell Key is a 44-acres, master-planned community located at the mouth of the Miami River in Brickell Miami. Brickell Key’s master developer, the parent company to Swire Realty, Swire Properties, invested over $1 billion into the property starting with its first development, Brickell Key One, and controls all undeveloped land on the island.

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