Home Sales Continue To Rise - While Inventory Drops - Miami Dade County

Residential property contracts continue to rise in Miami-Dade County.  Although actual closed sales have dropped in the past few months as dipicted by dark green bar, the red line shows properties going under contract to be increasing.  This could be expected as over 1/3 of the properties for sale are "short sales" which typically take longer to close, while often times even falling apart before closing.  This shows the intension of Miami homebuyers is to buy and buy now.

The above graph shows Miami-Dade County data for single family homes only. The trend for SF homes is similar to that of condos except the drop of available home inventory (light green bars) is much more significant than that of condos. While levels are not low enough to drive price increases, we are seeing a lack of good SF home inventory in certain popular Miami areas.  Especially with the high level of short sales in the mix, homebuyers are finding less regular sales to choose from.  Perfect properties priced well sell quickly.

October was and November continues to be a busy month as we are in the midst of the homebuyer tax credit which has been extended through April 2010. The credit now includes current property owners as well as first time homebuyers.  More information is available in an earlier post on this blog site.

I no longer have to fly to Boulder, Colorado for Great Tasting (and healthy) Mexican Food!

I don't work for this restaurant but I can't help but to talk about it to everyone! "Chilorio's" just opened 2 locations - Coral Gables and Pinecrest/South Miami - lucky for me.  Next to Lime on South Beach, this is the freshest and healthiest Mexican I have found around here.  They have beans with no lard, and the chips are baked.  The tortillas are healthy and you could watch them being made.  All of the ingredients are fresh and 12 different salsas are made from scratch.  Similar to Chipotle and Qdobe, it's counter service with one line, but without the bloated feeling you get after a Chipotle burrito. 

At Chilorio's, they have a choice of Burritos, real tostadas, like when I used to live in Yucatan, Mexico - and you can get it with black refried beans!  They also have soft tacos (with option to put real fish!), Quesadillas, Enchiladas and Salad.  It is the best!  They pile in the burrito and then put it in what looks like a George Foreman grill... very different, and feels light to eat.  In Miami, we prefer black beans vs pinot beans so the black refried beans should go over really well.  Very good.  Go check it out for yourself!

Coral Gables Estate Sale Sells FAST.

I am glad to see that good properties are now moving in Coral Gables. This "estate sale" property was listed in early September and closed on November 9Th. The original list price for this 3 bed/ 2 bath home on a 14,000+ SF lot was $588,000. This was a "text book case" of pricing a home to sell in order to drive the highest price possible. This house had "location" going for it, just off Hardie Rd. in the South Gables but was really being sold for land value as it needed extensive remodeling, it doesn't sit proportionately on the lot and has no pool or waterfront. There were several other distressed properties in the area in the $400,000 - $600,000 range.

There is tremendous potential to upgrade this property. With the price of $588,000, we knew we would be able to get many interested buyers which would eventually drive the price up to the "highest bidder" which is exactly what happened. We received a total of 8 offers before going under contract (within 10 days). There were 3 top offers at the end including an "all cash" offer, but with the smart buyer going over the "6" number, the seller had no choice but to go for it... the conventionally financed but well qualified buyer's offer for $601,000. While many feel they need to over-price a property in order to leave room for an offer, sometimes the best strategy for a property is to create a frenzy of buyer activity. In the end, we have a very happy seller and buyer, and a property that will be well taken care of by the new owner.

New On Market - Gables Old Spanish Home with Guest House

Old World Charm Amidst Lovely Garden Paradise! I just listed this Old Spanish Gables home, centrally located and close to the University of Miami. The 11,220 S.F. property (considered a double lot in Coral Gables) is gorgeous with oak trees, many tropical plants, a Koi pond and spa tub with decking. On the property sits 2 separate structures. The main house (built in 1924) with 2 bedrooms, 1 and 1/2 bathrooms is full of charming Old Spanish details with arched windows, tall doorways, a real fireplace, and a glass front sitting area. The house has a cozy feel while "Old Spanish" with definitely a European flair. The separate structure is a legally built (in 1980) 1/1 cottage or "In-Laws Suite" as it was originally used, along with a 1 car garage. While it does call for some remodeling of mostly the kitchen and baths and some re-decorating to bring it to the 21st century, the property is structurally "move-in ready" with a new air condition, a roof of 12 years (barrel tiles) and updated electric panal. Both structures combined show a total of 1,756 square feet as per the tax roll. To find out more about this lovely property or to set up a showing, please inquire further at http://www.lisafox.com/, or email Lisa@Foxproductions.com. See Virtual Tour and More Photos: http://tours6.vht.com/Viewer/PhotoGallery.aspx?ListingID=1212855&Style=CBF Listed Price: $478,500.

Homebuyer Tax Credit - Extended and Expanded

Today the US Senate and House of Represenatatives both agreed to extend and expand the tax credit unil April 30, 2010. Obama is expected to sign the bill into effect within the next few days. There are a few changes from the original credit which was supposed to expire October 3oth. Now current homeowners who have lived in their residence for consecutively for 5 of the previous 8 years are eligible. Also, the income limits have increased, so those with slightly higher incomes may apply. A full list of rules is provided in the link below. Call me if you would like further details. http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf