Tag Archives: Coral Gables

Just Sold by Eugenia Neret | 1145 San Pedro Ave | Gables by the Sea

 Sale Price | $1,555,000

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Coral Gables ocean access opportunity in gated community (Gables by the Sea). Attn Boaters!! 2 minutes to Biscayne Bay at idle speed. No bridges to bay. 44 foot max boat length. Home features open floor plan, statue marble floors, oak wood floors, generous kitchen overlooking large pool & canal. Big bedrooms, walk-in closets, LED directional lighting. Move in, update or build a new contemporary ocean access masterpiece! 4,045 sq ft per owner. Excellent schools.

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4 BEDROOMS | 3 BATHROOMS | 4,045 SF

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DIRECT BAY ACCESS | 44 FOOT BOAT LENGTH

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CONTACT  EUGENIA NERET |  305.609.8408

SHOWCASEMIAMI REALTY

5 Insights on Miami foreclosure from the Lender’s Perspective…

Phone call last week with a lender foreclosing on a Miami condo…

Last week I had a follow-up conversation with a small independent banker in Colorado whose bank is going through the foreclosure process with a condo in Miami.  We will be listing the property for sale with ShowcaseMiami Realty as a Miami foreclosure/REO/Bank owned property when his bank regains possession of this Miami condo.

It was an interesting conversation because so often, as Miami Short Sale Specialists, ShowcaseMiami Realty represents the interests of Sellers who are at risk of foreclosure (not their lenders).

 

Here was his feedback from a lender’s perspective…

1)  He said that the process is very one-sided (in favor of the borrower)

2)  In this situation, the Miami borrower has not made a mortgage payment in 2 years.

3)  His bank has been paying their attorneys to try and foreclose on the Miami condo for over one year.  As is often the case, the borrower has her own attorney working to extend the foreclosure process.

4)  The banker says that a foreclosure generally costs his bank $5,000 in attorneys fees.  Today, he says, the cost for a bank to foreclose is $15,000-$20,000 as a result of the delays imposed by borrowers.

5)  The banker says that his bank is “losing their shorts” already on this Miami loan.  The additional time, attorneys fees & deferred maintenance of this Miami condo increases the bank’s loss.

I asked the banker if borrowers were able to stave off foreclosure altogether as a result of technicalities.  He said this was not an issue with his firm because they are a small, independent bank as opposed to a “processing plant with large mortgage portfolios”.

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

 

3 Reasons to contact ShowcaseMiami when selling or buying real estate outside of Florida…

1)  We have a vast network of agents that we work with around the country.

2)  We know what questions to ask a potential agent when vetting the right agent for your out of state referral.

3) Follow-up and added accountability…we communicate with the out of state agent until the deal is closed.

Recent Napa example…

  Our customers purchased a penthouse condo in Coconut Grove and were seeking a 2nd home in the Napa, CA area.  We contacted 4 potential agents in Napa (Saint Helena) and after interviewing them we determined that one was the right choice.  Our customers were very pleased with this agent’s service and closed on a beautiful home with its own vineyard several months later.  See photos below…

ShowcaseMiami buyer referral to Napa area (St. Helena)

ShowcaseMiami buyer referral to Napa area (St. Helena)

St. Helena (back yard view of vineyards)

St. Helena (back yard view of vineyards)

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

Just Listed…Charming Miami Home in Shenandoah with unfinished detached cottage!

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

 This Miami home creates an emotional response in those who enter.  Tour buses regularly pass by to

view this

 Shenandoah gem with unfinished detached cottage.

 We invite you to experience it for yourself.

Call Jason Smith for a private viewing

786-762-3080

 

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

Property Description:

Magical Shenandoah coral rock house in Miami is dripping with charm and beautifully upgraded.  Home features rich wood floors, high ceilings, magnificent upgraded granite & stainless kitchen with HIGH ceilings.  Wood and marble floors.  Gas range in kitchen.  Newly re-ducted a/c system.  Owner has just created a Master Bedroom on 2nd floor which is ENORMOUS.  It takes up the entire 2nd floor.  Unfinished detached cottage in back can be re-built or removed.  Main House is 2500 sq ft per owner.  Unique Miami property with magnificent landscaping in Shenandoah.

3 Bedrooms/ 2 Bathrooms

Built in 1922

2500 sq feet (per owner)

5,900 Lot Size

Central Air Conditioning

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

Detached Miami Cottage in Shenandoah:

This Miami home features a detached cottage in the garden area.  The owner says there are 2 options regarding this Miami detached cottage…

1) Invest an estimated $30,000 completing the detached cottage.

2) Remove the detached cottage for an estimated $5,000 (Note: if the detached cottage is removed, it can never be built there again)

 

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

 

Yesterday’s Open House:

We held this Shenandoah home open for the first time yesterday.  The response was incredible!  Over 30 people came to see this Miami home in 2 hours.  Some of the visitors explored the property for over an hour examining its rich details.

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

1625 SW 12 Street, Miami, FL 33135 (Shenandoah neighborhood)

 

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

 

Heard from our Miami Sellers ($3.5 million to $12 million)…

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For the past 3 months, we’ve heard the following common concern from our Sellers of luxury Miami properties…

These are Miami Sellers whose properties are valued at $3.5 million up to $12 million.  These Miami Sellers would like to sell but are not compelled to sell.  Their concern is possible capital gains increases.  At the current capital gains rate of 15%, they are eager to sell.  However, they feel that their Miami home sale must be consummated by Dec. 31st, 2012 to minimize the capital gains.  Being that this is unlikely with 30 days left in the year, they plan to take their properties off the market and wait for their Miami homes to appreciate (based on the current Miami market trends and today’s record low interest rates).

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

ShowcaseMiami Realty’s New Coconut Grove Office!…Wine and Cheese Event…November 15th (5-7pm)

Come join us for wine and cheese as ShowcaseMiami Realty celebrates the opening of our new office in Coconut Grove!

When:

Thursday, November 15th (5-7 pm)

 

 

Where:

ShowcaseMiami Realty, Inc.

3390 Mary Street

Suite 116 (Where Borders Books used to be located)

Coconut Grove, FL 33133

 

***Please RSVP to Alina at 786-762-3080 or Alina@ShowcaseMiami.com***

 

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss the best sales strategy for your Miami home, call…

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

One Sotheby’s factoids on South Florida’s Luxury Real Estate Recovery…

150 Arvida Pkwy, Coral Gables, FL 33156

150 Arvida Parkway, Coral Gables, FL 33156

Gables Estates

(Living Room View to Biscayne Bay)

Listed by Mirce Curkoski and Ralph Arias of One Sotheby’s International

in Collaboration with Jason Smith of Keller Williams Realty Coral Gables

 

  • Pending Sales of all waterfront properties in Miami Dade County over $1 ,000,000 are up 44% from this time last year

  • Homes in South Florida over $5,000,000 are purchased 50% of the time with full cash.

  • The Average Sales price of waterfront homes in Coral Gables increased 100% (from $1,825,333 to $3,698,796) from mid year 2011 to mid year 2012.

  • Distressed properties (Short Sales and REOs) make up less than 2% of the South Florida $1,000,000 plus real estate market.

  • The total number of pending condos over $1,000,000 in Miami-Dade County is up 125% from this time last year.

  • The current inventory is down 22% in Miami Dade County for all properties over $1,000,000 from this time last year.

  • The Days on the Market from listed to sold is down 48% from this time last year to now for Miami-Dade Condos over $1,000,000.

  • Average Sales Prices Climbing…

  • South Florida leads the national real estate recovery, with the average sales price up 20% in Miami-Dade and 21% in Broward compared to this time last year.  South Florida is second in the nation for enjoying the most robust recovery, following only Phoenix, AZ.

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

As a Miami Seller, should you choose a Cash Buyer or Financed Buyer?

The ShowcaseMiami Team recently had 2 offers come in simultaneously for one of our Miami listings.

One offer was cash and the other specified mortgage financing.  Other than financing, the terms were quite similar.

Conventional wisdom dictates that, all else being equal, it is best to go with the cash offer if you are the Seller.  However, once under contract, it became apparent that the cash buyer was having cold feet.

 

Signs of Buyer Cold Feet…

#1 The cash buyer requested that the contract be contingent on appraisal (a day or two after there was an executed contract)

#2 The cash buyer requested a one-day extension of the inspection period.

The Seller granted these two cash buyer requests because cash deals are still more likely to close.

Two days later the cash buyer backed out of the deal.

Thankfully, our Sellers are now negotiating with the financed offer and we have just received another offer.

 

Conclusion…

If you are selling your Miami property, always hire a professional Miami realtor with experience negotiating on behalf of Sellers.

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

Miami Realtor Jason Smith discusses the local real estate market in Doug Hanks’ front page Miami Herald article…Sept. 20th, 2012

        Real Estate News

 

Posted on Wed, Sep. 19, 2012

A housing market on the mend, needing more houses

By Douglas Hanks dhanks@MiamiHerald.com

 

South Florida’s housing market lacks a certain something: houses for sale.

Tight inventory levels continued to help boost prices this summer as buyers competed for the limited number of houses and condos on the market. Despite the modest bump over last year’s prices, homeowners are balking at putting their properties on the market until values recover more.

“They still feel they won’t get they want,’’ said Jason Smith, a broker with Keller Williams in Coral Gables. “They say, “If I hold off for two years, I’ll get what I want.’ ’’

Maybe. If South Florida home values continue rising at their current pace, it will be 2017 before they return to peaks hit in 2006, according to the latest results from the Case-Shiller real estate index. But numbers released Wednesday show the healing continues.

In Broward, the number of sales of single-family homes increased 15 percent in August from August 2011, and the median price increased 12.5 percent to $215,000. August sales of single-family houses in Miami-Dade increased 5 percent compared to a year ago, and the median prices was up 11 percent to $195,00, according to the Miami Association of Realtors.

That marked the ninth consecutive month of yearly price increases in Florida’s largest housing market, the first such streak since September 2006.

A recovering economy, looser credit and the attractiveness of depressed prices all led to the ongoing rebound. But a lack of real estate listings is boosting prices, too.

Inventory figures tracked by Esslinger-Wooten-Maxwell show the 9,200 houses and condos for sale in Broward would last for 14 weeks under the current pace of about 2,500 units sold every 30 days. That’s far tighter than the 26 weeks of inventory on the market at the end of last summer.

In Miami-Dade, the inventory isn’t quite as tight; with about 11,400 houses and condos for sale, Miami-Dade’s current inventory would last for 18 weeks compared to 25 weeks a year ago.

A lack of affordable condos — and not the European financial crisis — continues to hold back sales for Brigitte Respaut Degrave, who pairs French buyers with real estate investments in the Miami area. “Two weeks ago, I met a buyer in France,’’ she said. “He wanted to spend $150,000. It ended up being $350,000 for what he wanted.”

For Degrave, Europe’s financial woes have been a boon. “The Europeans are afraid of the euro,’’ she said. “They want to diversify.”

Condo sales continue gaining steam in South Florida, although monthly numbers are typically more erratic than those related to single-family homes. The August Realtors report showed the volume of condo sales increased 8 percent in Miami-Dade and 2 percent in Broward from 12 months earlier. Prices were also up: 28 percent in Miami-Dade, to a median of $146,500, and 7 percent in Broward, to $86,000 .

The improved numbers belie the damage done to South Florida’s housing market that still hasn’t been erased. For instance, single-family sales in Miami-Dade remain down about 20 percent from past peaks hit in 2004, and values are off 47 percent across South Florida since the height of the housing bubble six years ago, according to the Realtors group and the Case-Shiller index.

An improved housing market hasn’t been enough to turn around South Florida’s nearly five-year-long decline in construction hiring, which is about 50 percent lower than it was during the housing boom. But construction activity is picking up, with a scattering of high-rises underway in downtown Miami and other commercial projects once against attracting crews.

“It’s a lot better than last year, no doubt,’’ said Roy MacRobert, head of sales for Supermix, which recently purchased the concrete plants and fleet of mixing trucks from Continental Florida Materials in South Florida as his companyit prepares for a rebound in the commercial sector. “The market has hit bottom,’’ said Bernardo Dias, a Supermix executive. “A lot of work that was being bid is finally going forward.”

For Smith, this summer has brought more interest from buyers than the Gables broker has seen since the boom. But a recent open house highlighted the ups and downs of the current market.

Smith got the listing — a three-bedroom house with a pool near South Miami — after it sat unsold for six months with a $560,000 listing price. Smith convinced the owner, a retiree eager to move north, to lower the price to $489,000.

The result: More than 150 people showed up last weekend to see the property — more than Smith can remember for an open house in 12 years in South Florida real estate. By Tuesday, he had about a dozen offers — half of them prequalified for a mortgage, and half of them offering to buy the house with their own cash.

“It was a frenzy,’’ he said. “It was like 2005 all over again.”


It was an honor to be featured on the front page of yesterday’s Miami Herald real estate article written by Doug Hanks.

 

Addendum…

Our South Miami listing mentioned by Doug Hanks at the end of the article (that generated 11 offers) sold for tens of thousands over list price.

 

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

 

 

 

Miami Real Estate Market Update (Will the Presidential Election affect sales?)…

August 2012 Activity…

For the ShowcaseMiami Team, the last half of August was quite slow.  There weren’t many phone calls inquiring about our Miami Seller Listings.  Our Buyers, in general,  were not ready to make offers and secure a Miami house or condo.

September 2012 Activity…

Once September arrived, the phones started ringing off the hook for showing appointments for our Miami Listings.  It just goes to show the mini-cycles in the Miami real estate market. There are periods of time that are significantly busier than others. We attribute the slowdown in August to many people (Buyers, Sellers, Listing Agents and Buyer Agents) going out of town before school starts back up.  One would think that September would be a slower month with the Miami relocation season (February-August) coming to a close.

Jason’s Forecast for September-December 2012…

I think this year (September-December) will be much different than in years past.  At last weekend’s open houses, we saw an urgency on the part of buyers that was reminiscent of the frenzied market of 2005 (a Record 150 Buyers and Realtors came to our High Pines Open House over the course of 4 hours).  (See Sept 9th Blog Post at www.ShowcaseMiami.com)  Today’s Miami Buyers understand that inventory has declined significantly and they are seeking to lock in a contract and secure a home.  Miami Listing Inventory remains extremely low (today there are 10,000 available Seller Listings in Miami on the Multiple Listing Service (MLS)…5 years ago there were over 50,000 available Seller Listings in Miami).

Will the Upcoming Presidential Election slow Miami Real Estate Sales?

In the last 2 elections, we noticed a significant slowdown in the 2-3 months before the Presidential Election.  The Buyers’ conventional wisdom was to see which regime was elected and how would the Miami real estate market be affected.  Today, however, limited supply trumps Presidential Election considerations.

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115