Miami Real Estate Learning Center

SINGLE FAMILY MARKET IS BOOMING !

The real estate market in Miami has been experiencing a positive outcome this year after the pandemic, and both houses and condos demand has surprisingly increased. September showed a rise of 12.5% year-over-year.

Here are some interesting facts about how the real estate market in Miami has behaved this year compared to 2019.

Single-family homes closed sales increased by 19.3% year-over-year

Miami Condo market closed sales also increased by 6.3%

The median days on the market for houses before going under contract decreased by 44% from 57 days in 2019 to 32 days this year. Fewer days on the market means a strong seller’s market.

Last year’s trend of high-income earners from the Northeast looking to relocate to Miami for tax purposes has been accelerated by the pandemic.

Miami-Dade single-family home prices increased by 15.2% this September compared to the same period last year. On the other side, condo prices in Miami increased by 8.2%.

Houses priced between $400K and $600K sold 40.9% more this year compared to 2019. Condos also showed a 34.9% increase.

Luxury houses (over $1 million) closed transactions jumped 76% compared to 34.9% for high-end condos.

Houses sold prices were 1.5% closer to listing prices this year compared to 2019. Condos increased by 0.7%.

Miami cash buyers decreased to 26.9% this year compared to 34% in 2019. It is still higher than the average national of 18%.

The single-family homes inventory decreased by 37%, and for condos, it dropped by 6.6% in September year-over-year.



TOP-10 CITIES IN THE U.S. TO RETIRE IN 2021

Sarasota, FL: The go-to place in the U.S. for retires due to the all-year-long warm weather, and unique beaches with lots of activities.

Fort Myers, FL: With a small-town heritage, Fort Myers offers a busy social calendar and lots of restaurants, shopping options, and attractions.

Port St. Lucie, FL: With a perfect location halfway from Miami and Orlando, Port St Lucie offers a quiet and relaxing lifestyle, with low housing prices.

Naples, FL: Naples has been a preferred retiree place for high-income earners in the past few years. It offers a fine list of shopping venues, as well as golf courses and prime restaurants.

Lancaster, PA: Nature and commerce are the two words that describe Lancaster, Pennsylvania. A diverse population includes farmers, college students, young professionals, families, and retirees.

Ocala, FL: If you like horses, Victorian-style homes, artisanal brewers, and artistic culture, Ocala is the place for you to retire!

Ann Arbor, MI: This city is many things including a university hotspot, a high tech hub, and a culinary paradise. With urban and rural spots all at once, Ann Arbor offers a long list of possibilities for the golden oldies.

Asheville, NC: Outdoor-friendly culture is the perfect definition for Asheville. With farm-to-table restaurants, museums, craft breweries, and mountain views, this city is the perfect place for the elderly.

Miami, FL: Miami has it all, from a vibrant nightlife perfect for a young crowd to more family-approached neighborhoods, perfect for retirees such as Key Biscayne, Coconut Grove, or Coral Gables.

Melbourne, FL: Lots of museums, art galleries, and history in every corner make Melbourne the perfect spot for those art lovers looking to retire.



IS IT THE RIGHT TIME TO BUY A CONDO?

This year has come with lots of drastic changes. Not just a worldwide pandemic, but also the U.S presidential elections and all the side effects of COVID-19 such as borders being close limiting tourism which has specially affected cities like Miami.

With all these movements a lot of you are asking if it might be a good time to invest in a condo, and here is my perspective for each Miami neighborhood, according to the closed sales and sold price/sqft in the past 3 months compared to the same period last year.

SOUTH BEACH:

This year sales have decrease by -23% which creates a perfect buyer's market with motivated sellers.

Prices have gone also down by -4% which means there are some good deals.

BRICKELL:

Although Brickell has shown an increase in the sold price/sqft of 6%, the volume of sales has decreased by -6%. This means a lower demand so go for it !

EDGEWATER / DOWNTOWN:

Demand for condos in Downtown and Edgewater has drastically increased by 52%, which has pushed prices up by 9%.

It might not be the best time to invest in these neighborhoods as it is showing a seller's market.

SUNNY ISLES:

Sunny Isles showed the highest increase in the sold price/sqft with a rise of 20% compared to 2019. Demand has also grew due to New Yorkers purchasing in that area, and the volume of sales increased by 27%

COCONUT GROVE:

There is a low inventory for condos in Coconut Grove, and according to the stats, sales decreased by half this past 3 months year-over-year.

Coconut Grove has shown a growing demand, but mostly because the biggest inventory this neighborhood is composed by houses. If you want to buy a condo it's not a great timing for this area.

Price/sqft also increased this past 3 months compared to 2019 by 12%.

KEY BISCAYNE:

The volume of sales for condos in Key Biscayne increased by 56% as well as the price/sqft which rose a 6%.

It might not be the best time to find deals in this neighborhood, as there is a rising demand which has pushed prices up.



BAR HOPPING?

Are you ready to socialize again? Maybe not for long.....so enjoy it till we can !

Bar owners in Miami are finally allowed to reopen after seven months, so for those wanting to do some bar hoping, here are my recommended bar option that are officially opened:

Casa Florida: Looking for a casual, hippy style place? this venue has it all including a restaurant, bar and lounge next to the Miami River. The Casa Florida is a great spot to relax with a great service and tasty cocktails.

Astra Rooftop: This unique venue has over 10,000 sqft offering plenty of space to spread out with an incredible ambiance with life music and signature cocktails. This is were the party kickoffs !

Mila Rooftop: This is the most chic of my selection. Minimalist with an asian ambiance rooftop located in South Beach is a sanctuary-style venue where to disconnect surrounded by nature and mixology inspired drinks. Try the Cuzco cocktail.

Swan: Located in the heart of Design District, Swan offers indoor and outdoor spaces and a large list of crafted cocktails. My personal favorite: the Fleur de Rose.

Sugar: That's my favorite. One of Miami's gems is this 40th floor rooftop bar and lounge. With Asian-inspired cocktails, this place is one of the best spots to enjoy the sunset.

DEAL OF THE MONTH: YACHT CLUB AT PORTOFINO #1105

Price: $460,000

1 bed / 2 bath

Remodeled kitchen and bathroom

740 sqft

$621/sqft

Maintenance fees: $715/ month