I’d like to give a quick market update as well as some commentary on the latest sales that my team and I have been involved with:

Condos

Murano Grande #1906- $1,350,000 3 beds / 3baths ($667/S.F.)

Waterfront Single Family Home

Palm Island – 298 S. Coconut Lane $3,150,000 5 beds / 4 baths ($787/S.F.)

Once again, the market has shown that it rewards sellers who price their properties correctly, and (in a bit of shameless but true self-promtion!) when the marketing is handled by an experienced, knowledgeable, detail-oriented, and top producing real estate salesperson. Thanks to an aggressive AND creative targeted Marketing Campaign (we had an offer come in from St. Petersburg, Russia). My advice to any seller today is to be working with an agent at the top of their field, and who will be a straight talker, positive but realistic, and follow-up with any and all potential buyers.

I recently took two of my more motivated & loyal buyers to see waterfront and non-waterfront homes on Miami Beach that were being unprofessionally represented. I was left standing in front of three (of six confirmed appointments) homes where the agents failed to show up. In two of these cases, the agents called me THE NEXT DAY wanting to reschedule the showings! Needless to say, all six of these properties remain unsold (and are great deals!).

The Real Estate Diamonds in the Rough

Miami Beach real estate can no longer claim to appeal strictly to people with six or seven figure salaries. Today the surplus of properties up for sale in the city has eroded prices, revealing plenty of possible investment prospects for those willing to ignore the steadfast doom cries of the real estate soothsayers and find their next lucrative opportunity.

If you’re renting at a condo like Terra Beachside Villas or ICON, it may come as a slight shock to be told that the money you’re plunking down for your lease is potentially going to waste. Instead of it becoming something that will return you a long term profit, you’re periodically losing hundreds.

Recent news reports show overall property values have plummeted to an eight year low, which essentially equates to being able to actually live in that luxury condo by the ocean closer to an imminent reality than the future pipe dream it once seemed. Pre-construction units continue to materialize and their prices also come with an increasingly reasonable price tag. If you decide to simply wait it out and join the legion of â¬Sdoomers⬝, don’t be surprised if you find yourself possibly regretting that decision once the market returns to a healthier state.

Since you’re already living in Miami Beach, it’s safe to assume you’ve got fairly deep pockets. If you’re managing that spare change in order to pay off your â¬Spad⬝ in the next decade or so it’s quite likely the market will be in better shape come that time which means your condo’s value would likely have increased substantially.

If you’re not in it for the money, that’s fine. Then again, a hint of bragging bravado never hurt anyone. You may find yourself filled with giggly delight as your friends and loved ones stare in amazement at how you were capable of conjuring the funds for that bewildering three bedroom sanctuary with all the bells and whistles that often come with the word “luxury” attached to them. Obviously you didn’t pay anywhere near the princely sum they have in mind but that will be your own little secret.

Nobody’s telling you to go out and splurge on the first property that catches your eye but, just like the old adage “misery loves company”, don’t just sit around with your arms folded like so many of these pessimistic real estate enthusiasts and let a potential opportunity pass you by. After all, there’s absolutely no harm in looking.

This past week, I had the privilege of working with one of the most skilled and capable real estate attorneys in the business. She delivered one of the smoothest closings that I have ever had, and all parties involved in the transaction were thrilled! To celebrate, we went out to lunch and my team and I were very honored and proud that she also told us that we were the best real estate brokers/salespeople she had ever worked with in her many years of practice.

I’m communicating this here not to stroke my ego, but to inform anyone reading this the importance of working with experienced, detail-oriented, flexible, informed, and skillful Realtors in this challenging real estate environment. In a seller’s market with many buyers and limited inventory, I believe that the Realtors handling of the negotiation and transaction process (from contract execution to closing) is not quite as critical. However, in this market, where we have a growing inventory of unsold property and a scarcity of buyers it is CRUCIAL to work with a real estate salesperson that will use all of their skills, knowledge, relationships, intelligence, professional contacts, and most importantly *experience* to guide a transaction to a successful closing.

In the case of the this week’s sale, I represented the buyer, and it should be noted that the sellers were representing the estate of a deceased (very wealthy) property owner and were very eager to stop the financial losses associated with owning an empty property for over two years. The sellers had to bring almost $250,000 to the closing table, which I am finding the scenario increasingly common among sellers who purchased after 2003.

My team and I are finding our time VERY limited these days, and our commitment is to providing the strongest and most innovative marketing resources and services for our sellers (and finding best deal for buyers). Therefore, we are increasingly having to choose what type of clients and who we work with (especially sellers). I urge anyone looking to buy or sell today, to carefully consider the overall strength, market knowledge, personality, experience, and marketing resources of the Realtor that they choose to work with. Additionally, also consider that in today’s market a top producing Realtor (at the top of his/her game) will also be evaluating a potential client’s ability to work with them.

One of the questions my team and I continually ask ourselves is:

“If I were a buyer/seller today, would I work with me?”