Sunny Isles Condos® Blog : February 2019

Sunday, February 3, 2019

New Boom in the South Florida Real Estate Market

There is a new boom in the South Florida real estate market, as prices and sales of homes and condos jump amid a flurry of new construction.

Strong demand and dwindling supply are propelling the median sales price of Miami-Dade properties, with condominium prices rising 26.9 percent in February to $165,000 compared to a year earlier.

And 6.5 percent compared to the previous month, according to figures released Thursday by the Miami Association of Realtors and the local Multiple Listing Service.

The median sales price of single-family homes in Miami-Dade rose 10.9 percent to $194,000 year-over-year and remained the same compared to the previous month.

When people price homes fairly, they are getting sold quickly. Our inventory is shallow.
In February, 849 single-family homes sold in Miami-Dade, up 6.8 percent in a year, figures from the Miami Association of Realtors show. Sales of condominiums increased 6.3 percent to 1,226.

“The market is amazing,” said the Miami Association of Realtor chairmen. Inventory is generally less than six months across all price ranges throughout Miami-Dade and as low as one month for homes priced under $200,000.

Cesar Damink knows firsthand how hard it is to find the right home. During a four-month search, he made offers on five condos in Sunny Isles Beach, only to lose out to higher bidders, before finally getting a contract on a 1,300 square-foot Condo in Arlen House, Sunny Isles Beach. He hopes to close in May.

According to data from the Florida Realtors, the trend is spreading statewide, as sales of single-family homes rose 10.3 percent in February compared to a year ago. In addition, condominium sales were up 7 percent.

In Broward, sales of single-family homes rose 7 percent year-over-year to 969, down 6 percent since January, while the median price jumped 23.2 percent to $227,000 year-over-year, up 1.2 percent since January, according to the Greater Fort Lauderdale Realtors.

Sales of condos and townhouses in Broward increased 0.7 percent to 1,245 from February 2012 and up 5.1 percent from January. However, the median sales price rose by 17.3 percent to $88,000, down 7 percent from January.

To view complete Real Estate Listings in South Florida (MLS), go to my website
http://www.sunnyislescondosRE.com

Gladis Henriquez 305-281-8653 Optimar International Realty 18246 Collins Ave, Sunny Isles Beach, Fl 33160

Assumable Home Loans

As interest rates slowly increase, we're seeing more and more buyers taking advantage of assumable home loans to make the purchase.

An assumable Mortgage is a feature that enables homebuyers to take on the loan previously obtained by the seller.

The catch here is that the buyer has to pay interest at the same rate as the seller. In addition, this feature is limited to mortgages covered by the Department of Veterans Affairs (VA) or the Federal Housing Administration (FHA).

If you have a loan insured by either of these government bodies and are looking to sell your home, now is the time to market the mortgage along with the house.

With interest rates increasing, this is a convenient option for potential homebuyers in Sunny Isles Beach since the seller may have obtained the mortgage at a rate lower than the prevailing one in the market today.

Aside from the cheaper mortgage payment, there are a few other benefits of an assumable home loan for the buyers:

The buyer doesn't have to pay lenders' additional processing fees when originating a new home loan. As a result, many charges and expenses are associated with getting a new mortgage that is entirely avoided.
The buyer doesn't have to get the house appraised (and pay for this expense). Many buyers may still bear this expense voluntarily, but it's not a requirement when taking advantage of an assumable loan.
A recording tax may not have to be paid. For example, a recording tax is usually paid each time a property obtains a mortgage. However, since a new mortgage is not being originated, a new tax will likely be avoided.
Since some part of the loan would have already been paid off by the seller, a more significant chunk of the mortgage payment likely pays off the principal amount.

These are some benefits for homebuyers to assume home loans when buying a new home in Sunny Isles. However, this may not be the best option for all buyers.

Buyers also still have to undergo the standard screening process for creditworthiness by the VA or FHA. Finally, the buyer has to waive the seller of all future responsibilities and obligations about the loan.

An assumable home loan is an excellent option for buyers in a market where interest rates rise. Interested in learning more about how you can take advantage of this? Give me a call, and I'd be happy to discuss it.
For instance, if you are looking to buy a home for the first time, you might not be able to get 100% financing.
The house's value is $150,000, while the seller owes $100,000. Therefore, you will have to make up the difference of $50,000 by paying cash or by negotiating with the seller for seller financing.
Gladis Henriquez | Realtor | 305-281-8653 – https://www.sunnyislescondosre.com – Optimar International Realty – Sunny Isles Beach, FL 33160.

Eastern Shores, Waterfront Homes for Sale, North Miami Beach, Fl 33160

Eastern Shores North Miami Beach, Fl 33160 USA

Eastern Shores is an exclusive waterfront guard-gated community in North Miami Beach, just west of Sunny Isles Beach. The neighborhood comprises all man-made canals except the natural channel on the North Side of NE 171st Street.

The community of Eastern Shores sits right next to the city of Sunny Isles Beach. There are 2 sides to each street in Eastern Shores. You can turn either right or left for each street number on the main road ( Eastern Shores Blvd).

The Westside of Eastern Shores is all Single Family Homes with 80’ to 120’ boat docks, ranging from $1.2 million to more than $6 million.

The Eastside of Eastern Shores is all Condominiums and Townhouses. They range from 1 Bedroom to 3 Bedrooms in the price range anywhere from $250,000 (for 1 bedroom) to $1.500,000 (for 3 bedrooms).

EasternShores is a very safe neighborhood and crimes usually never occur. This community has its own Basketball court and Playground.

This waterfront neighborhood is next to the Intracoastal Mall, which has a Movie Theater, a frozen yogurt shop, Winn-Dixie, a Shoe Store, an Apparel Store, an Office Building, an Italian Restaurant, a Steakhouse, Japanese food, Greek Cuisine, and more.

In a couple of those restaurants, you will be able to drive your boat right up and enjoy a gourmet meal! To view all properties available for sale and rent in Eastern Shores, please visit my website at:

https://www.sunnyislescondosre.com

My 20 years of real estate experience in Miami have allowed me to understand the local real estate market. When combined with the marketing campaigns from Optimar International Realty, it has proven time and time again that listing your home with us will drive the most highly qualified buyers to your home.

When you are ready to buy or sell your home in Aventura, Sunny Isles Beach, Bal-Harbour, Bay Harbour, or any other surrounding city, hire the best and the brightest in the industry.

Please contact me, Gladis Henriquez, at 305-281-8653 or email me at ghrealtor18@gmail.com.