Home ownership can be a heavy responsibility at times… especially when times are tough.  It can be challenging to find help when times are difficult due to a  decrease or loss of income, illness, unexpected disaster or home repairs, or personal crisis such as separation or divorce. Add to that a reduction in home values, and the problem can seem insurmountable. While savings can help to alleviate some of the impact of these life events, it is still helpful to be aware of  potential programs and alternatives offered to distressed homeowners, too.  In fact in last month’s State of the Union address, President Obama made reference to this struggle in home ownership, saying, “And while Government can’t fix the problem on its own, responsible homeowners shouldn’t have to sit and wait for the housing market to hit bottom to get some relief.”

Miami Foreclosure

If you find yourself in a no-win situation regarding your mortgage, it can be helpful to speak with your lender and ask about modifications that can be made in the short term.  You can ask about the short sale process,  too, and see if that may be a viable option for you.  A short sale is when your lender agrees to accept a lower price than is owed on your property as payment in full.  There is a lot of paperwork that accompanies this type of sale and it is helpful to use a real estate agent that has short sale experience with this type of transaction.  In fact, some real estate agents and home buyers specialize in just this type of sale and can be a great help to you!

If you want to stay in your home, rather than sell, programs such as the Home Affordable Refinance Program (HARP), Home Affordable Modification Program (HAMP) , or the Home Affordable Foreclosure Alternative (HAFA)  offered by Freddie Mac may all be options.  Fannie Mae and your individual lender may have other programs that can assist you as well.  Please click here to view a variety of tools on how to avoid foreclosure.  Remember that you have options, if you are willing, able, and have the time necessary to explore them.  Don’t give up!

 You are not alone!

90-day stats for Single Family properties in MIAMI BEACH, FL33139 as of May 18, 2012
Median List Price:	$3,664,538	Average List Price:	$5,741,592
Total Inventory:	77	Price per Square Foot:	$907
Average Home Size:	3,922	Median Lot Size:	10,500
Average # Beds:	4.83	Average # Baths:	5.28
Homes Absorbed:	4	Newly Listed:	3
Days on Market:	300	Average Age:	53

90-day stats for Condo properties in MIAMI BEACH, FL33139 as of May 18, 2012
Median List Price:	$410,012	Average List Price:	$1,108,328
Total Inventory:	950	Price per Square Foot:	$482
Average Home Size:	874	Median Lot Size:	n/a
Average # Beds:	1.72	Average # Baths:	1.89
Homes Absorbed:	64	Newly Listed:	58
Days on Market:	252	Average Age:	34

Showing properties 1 - 10 of 73. See more city of Miami Beach real estate.
(all data current as of 5/21/2012)

1. $250,000 : 1422 NORMANDY DR, Miami Beach
   
   3 beds, 2 full, 1 part baths

   Home size: 1,923 sq ft

   Lot size: 5,876 sqft

   Year built: 1939

   Days on market: 2
2. $749,000 : 1511 NE 13 PL, Miami Beach
   
   2 beds, 2 full baths

   Home size: 1,905 sq ft

   Lot size: 7,500 sqft

   Year built: 1954

   Days on market: 3
3. $825,000 : MLS # A1642865 in Miami Beach
   
   5 beds, 4 full, 1 part baths

   Home size: 3,801 sq ft

   Lot size: 11,250 sqft

   Year built: 1938

   Parking spots: 2

   Days on market: 3
4. $499,000 : 1552 BIARRITZ DR, Miami Beach
   
   3 beds, 2 full baths

   Home size: 1,616 sq ft

   Lot size: 6,417 sqft

   Year built: 1954

   Parking spots: 1

   Days on market: 3
5. $650,000 : MLS # A1641274 in Miami Beach
   
   3 beds, 2 full baths

   Home size: 2,560 sq ft

   Lot size: 7,454 sqft

   Year built: 1955

   Days on market: 6
6. $85,000 : 281 NE 172 ST, Miami Beach
   
   2 beds, 1 full bath

   Home size: 1,207 sq ft

   Lot size: 5,500 sqft

   Year built: 1955

   Days on market: 11
7. $950,000 : 3184 SHERIDAN AV, Miami Beach
   
   3 beds, 2 full, 1 part baths

   Home size: 1,915 sq ft

   Lot size: 7,500 sqft

   Year built: 1923

   Days on market: 12
8. $749,000 : 835 W 47 ST, Miami Beach
   
   3 beds, 3 full baths

   Home size: 2,094 sq ft

   Lot size: 7,623 sqft

   Year built: 1951

   Parking spots: 3

   Days on market: 12
9. $985,000 : 1640 CLEVELAND RD, Miami Beach
   
   3 beds, 3 full baths

   Home size: 1,797 sq ft

   Lot size: 9,000 sqft

   Year built: 1952

   Days on market: 13
10. $895,400 : 4450 N JEFFERSON AV, Miami Beach
    
    4 beds, 3 full, 1 part baths

    Home size: 2,962 sq ft

    Lot size: 8,673 sqft

    Year built: 1941

    Parking spots: 3

    Days on market: 13

Listing information deemed reliable but not guaranteed. Read full disclaimer.

If you ever watch any home buying or remodeling shows on satellite or cable TV, you know what kinds of secrets a home inspection can reveal about a seemingly-safe house! Home inspections are crucial before finalizing any real estate purchase. The purpose of a home inspection is to evaluate the physical condition of the home for sale and identify anything that needs to be repaired or replaced as well as to estimate the remaining useful life of the structure’s components.

Don’t confuse appraisals with inspections! An appraisal is for a lender to estimate the value of the home, and to make sure it meets minimum FHA standards. The FHA does NOT guarantee the value or condition of your would-be new home. If you find problems with your home after closing, don’t expect the FHA to help. It’s your responsibility to inspect the home for problems before closing.

Finally, radon gas testing is recommended for all houses by the EPA and the Surgeon General of the United States. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-RADON, or 1-800-767-7236.

Inspections may be done before or after signing as long as your contract states that the home sale depends on the inspection.

Once you’ve purchased your dream home, it’s time to protect it! Buying a home can be very risky without homeowners Insurance. It is essential for safeguarding your most valuable possession against defects, vandalism and disaster. It will cover the costs of repairs in the event of calamities such as fire, storms, vehicles, aircraft, riots, theft, and faulty household systems or appliances. It’s important to find out what type of insurance you need after buying a home. There are six basic types:

1. HO-2, the least expensive type, covers only named perils such as fires or lightning. If the peril is not named, it’s not covered.
2. HO-3, generally recommended as the minimum coverage, includes open perils protection. It covers all direct physical losses with certain exceptions such as earthquakes, floods and intentional loss.
3. HO-4, renters and tenants insurance, covers personal property rather than the structure itself. There are also exclusions for which types of perils are covered.
4. HO-5 covers open perils and adds a rider, which includes protection of personal property. Exceptions also apply.
5. HO-6 is for condos or co-ops. It is similar to HO-4, but also covers improvements you may have made to the dwelling.
6. HO-8 is for older homes. It insures the home for the repair cost or market value instead of the cost to replace it.

While the holidays are a favorite time of year for millions, it’s definitely not their favorite time to buy a home. The housing market plunges between the months of November and January as people put turkey dinners, tinsel and trees on the top of their lists and house hunting on the bottom. However, if you really need to sell during the holiday season, it does have a few advantages: shoppers are typically more serious and the competition is calmer. If you are committed to putting your house for sale at this most wonderful time of the year, consider these tips:

1. Decorate your home festively, but don’t go overboard and cover up important features. Also, put treats out for buyers and crank up the heat for a cozy winter escape.
2. Post top-quality photos and videos of your house on the web. Many buyers do their shopping from the warmth of their homes when the weather is bitter.
3. Make sure your curb appeal is striking! Keep fallen leaves raked and snow neatly groomed.
4. Get yourself a reliable real estate agent and seek out serious buyers such as work re-locators.
5. As always, price to sell!!

The Island Homes of Miami Beach

Nationally, across the entire United States, the inventories of homes listed for sale on Realtor.com were down nearly 21 percent in October from a year ago, with 135 of 146 markets tracked posting double-digit annual percentage declines.

Declining listing inventories, combined with generally rising prices, can be seen as a positive sign that the overall housing market is turning around in Greater Miami, and most especially in Miami Beach.   Affluent Foreign Buyers are attracted to Miami Beach’s luxury homes in the island communities of Palm, Star, Hibiscus, La Gorce, Sunset Islands I – IV, and the Venetian Islands chain.  This has caused an unprecedented rise in sales of luxury waterfront homes over the past year, with an incredible sales volume increase of  Miami Beach Homes sold in 2011.  For more information on year over year sales comparisons, please see the Miami Beach Home sales analysis on our sister site- TheKleerTeam.com

Miami Beach Luxury Homes – 60 Day Sales:

Analyzing a combination of factors, including unemployment rates and annual changes in median list price, median age of inventory, total listings, and Realtor.com search rank,  Realtor.com compiled a top 10 list of  “Turnaround Real Estate Markets.”

Why Miami is The Top Real Estate Market :

Eleven of the 20 markets in the entire United States that have seen the greatest annual decline in active listings were in Florida, including Miami, Orlando, and Fort Myers, where inventories were down 40 percent or more from a year ago.

Realtor.com inventory declines- The Miami Specific Stats:

The change in weather in Miami Beach reminds us that high Winter season is just around the corner.  The past few months have seen incredible sales activity for ultra-luxury waterfront homes and estates located on the various island communities of Miami Beach- such as Palm, Hibiscus, and Star Island.  At the very bottom of this post, are the past ninety days of closed sales of Miami Beach single family homes priced above $2 Million.

Star Island as seen from Miami Beach on November 4, 2011

This incredible sales momentum reflects an almost 200% sales volume increase from the same period in 2010.  Many celebrities and notables call Miami Beach their home (or summer / vacation home) due to the incredible & secure lifestyle, weather, and the many amenities that Miami Beach has to offer residents, visitors, and guests.  To find out more about the many varied Miami Beach upcoming events please check out our Miami Beach Events listings by clicking HERE.  In the distance in the above picture of Star Island taken on the this incredible late Fall day, one can see the 40 Star Island Drive Estate, which is currently available for sale:

40 Star Island Drive Estate

Key Sales Facts of this Miami Beach Estate Home Sale:

40 Star Island Drive on Miami Beach’s Star Island with an asking price of $29,500,000

Previous Sale Price (1/2004) : $15,000,000
House Square Feet: 9,854
Seven Bedrooms / Six Bathrooms
Land S.F.: 87,991 S.F.
330 Linear Feet of Waterfront!

Majestic main residence & 2 guest houses w/ 9,854 SF repose on lot spanning over 2 acres of guard-gated Star Island; home to stars and business moguls. Its opulent old world charm are abundant w/ sublime architectural details in every room. Endowed with Fine wood, marble, stone floors, fireplace, vaulted ceilings & french doors. Picturesque landscape bestowed w/ unheard of 330′ of waterfront, dock, gazebo/entertainment area, resort-style pool & fountains. Truly magnificent for the most demanding client.

The latest sales statistics for Miami Beach Luxury Homes Sold (Past 90 Days):

Miami Beach North Bay Road Estate Home

This unique Miami Beach Estate-type home just sold for an incredible $15,000,000 on Miami Beach’s North Bay Road.  This latest Miami Beach waterfront home sale demonstrates the continued strong demand for single family (and unique) ultra-luxury properties in premier waterfront locations.

Key Sales Facts of this Miami Beach Estate Home Sale:
4580 North Bay Road on Miami Beach’s Bay Road Neighborhood
Closed Sale Price (9/26/2011) : $15,000,000
Previous Sale Price (2003): $2,650,000
House Square Feet: 13,186
Eight Bedrooms / Twelve Total Bathrooms
Land S.F.: 24,805 S.F.
220 Linear Feet of Waterfront

Set on a 26,168 sf lot, this new 13,618 S.F. Mediterranean estate offers privacy and elegance. Features include a waterfront pool, fountains and a large dock, stone & cherry flooring, Venetian plaster finishes & mahogany cabinetry. This Mizner Mediterranean mansion on North Bay Road contains a wealth of entertaining space as well as 8 bedrooms, 9 full and 3 half baths plus an office and formal bar.  An added bonus is the approximately 150 ft of curved open bay frontage, with ample dockage for a mega yacht!

The latest sales statistics for Miami Beach Homes Sold in the past Ninety Days:

Miami Beach Real Estate

Miami Beach’s Housing & overall Real Estate market has followed the recent trend of other luxury markets- attracting wealthy International Buyers looking to take advantage of the lower price points.  A recent USA Today article on the overall housing market summed it up, if you’re rich the housing market is terrific!   What I am seeing in Miami Beach’s Real Estate market is that supply of waterfront homes and condos has dropped dramatically in the past year.  Specifically, waterfront homes in the ultra-luxury communities such as The Venetian, Palm, Star, La Gorce, and Sunset Islands have been selling at a near-record pace.

With the increase in sales activity in Miami Beach’s housing market, the average listing price discount – the percentage difference between list price at time of contract and the contract price- was 9.4% for the first six months of 2011, down from 11.4% in the second half of 2010.  For the second quarter of 2011, the number single family homes sold in Miami Beach increased by almost 7% from the same period last year.

The Five Newest Ultra-Luxury Homes for Sale in Miami Beach:

Showing properties 1 - 5 of 70. See more city of Miami Beach real estate.
(all data current as of 5/21/2012)

1. $8,350,000 : 4380 N BAY RD, Miami Beach
   
   7 beds, 7 full, 1 part baths

   Home size: 8,411 sq ft

   Lot size: 21,100 sqft

   Year built: 1991

   Parking spots: 3

   Days on market: 7
2. $14,750,000 : 82 LA GORCE CR, Miami Beach
   
   7 beds, 8 full, 1 part baths

   Home size: 8,881 sq ft

   Lot size: 30,330 sqft

   Year built: 2004

   Parking spots: 4

   Days on market: 14
3. $7,500,000 : 4731 PINETREE DR, Miami Beach
   
   9 beds, 7 full, 2 part baths

   Home size: 8,296 sq ft

   Lot size: 42,600 sqft

   Year built: 1927

   Parking spots: 3

   Days on market: 17
4. $8,300,000 : 44 W RIVO ALTO DR, Miami Beach
   
   6 beds, 7 full, 1 part baths

   Home size: 7,418 sq ft

   Lot size: 15,750 sqft

   Year built: 2010

   Parking spots: 3

   Days on market: 19
5. $6,400,000 : 5415 PINETREE DR, Miami Beach
   
   6 beds, 6 full, 1 part baths

   Home size: 6,800 sq ft

   Lot size: 12,083 sqft

   Year built: 2001

   Parking spots: 2

   Days on market: 28

Listing information deemed reliable but not guaranteed. Read full disclaimer.

The latest sales statistics for Miami Beach Homes Sold in the past Ninety Days:

Miami Beach Home Sold on La Gorce Island

This extraordinary Miami Beach waterfront ultra-luxury home just sold on guard-gated La Gorce Island for $6,500,000 ($1,050/S.F).  Characterized by rare palm trees and a unique architectural style, this Estate home is a private tropical oasis. Graced with beautiful arches, exquisite marble floors and wood coffered ceilings, the living areas are the perfect setting for days and nights of glamorous entertaining. Pool area with gazebo, covered seating areas, spa, dock. 104 ft of waterfront, davits.   Featuring privacy &  incredible wide Bay views of Miami Beach luxury homes in the distance.

58 La Gorce Circle on Miami Beach’s La Gorce Island

Closed Sale Price (9/2011) : $6,500,000

Previous Sale Price (2002): $3,950,000

House Square Feet: 6,190
Five Bedrooms / Nine Total Bathrooms
Land S.F.: 19,095 S.F.
104 Linear Feet of Waterfront

Miami Beach Star Island Sunset (Seen from South Beach)

Miami Beach Residents and Homeowners are greatly relieved that Hurricane Irene has passed by SouthEast Florida. The last major hurricane to affect the Greater Miami and Miami Beach area occured was Fall, 2005. The result were rapidly increasing insurance rates, as well as the beginning of a sharp turn towards a Buyer’s Market. In the past year, Miami Beach waterfront homeowners have experienced a reduction in property taxes, homeowner insurance rates, and increased demand for waterfront properties (especially in the luxury island communities of Miami Beach).

Enjoy this evening’s spectacular sunset over Star Island!