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May Numbers are IN

Wednesday, June 26, 2013

Tags:  Miami Beach homes

The Miami Association of Realtors and the Greater Fort Lauderdale Realtors Association have announced the gains in the South Florida real estate marketplace for May 2013. Despite there being scant inventory, demand is still incredibly strong. Buyers are paying not only asking price, but in some instances of well priced homes, they are paying more. Homes are selling in record time, with under 3 months on the market, and sometimes under 2 weeks on the market. Analysts believe that since the Federal Reserve Bank has begun to unwind the mortgage buying program, which was instituted to stimulate the housing market and economy, that buyers are feverishly taking advantage of the low rates. In the luxury market, we are seeing that those who are trying to finance will often find themselves outbid by cash offers and closing incentives that are more valuable to the seller. The price of homes is incredibly up, the closing times are dramatically reduced, and time on the market is minimal. If you choose to sell now, not only will you get a great value for your home, you will have a hassle free closing and listing period. If you are even curious what the value of your home and condo is on today’s market, please contact me today for a complimentary comparative analysis. Here are some of the numbers from Miami Association of Realtors and The Greater Fort Lauderdale Realtors Association.

Miami Dade County: May 2013

  • Median Single Family Home Price rose by 16.8%, $222,000 from $190,000.
  • Median Condo prices rose 20% from $180,000 from 150,000

Broward County: May 2013

  • Median Single Family Homes rose by 22.6% to $255,000 from $208,000
  • Median Broward County Single Family Home supply of 3.4 months
  • Condos rose by 28.2% to $108,000 from $84,275
  • Broward County Condos supply of 4.3 months

 

Piano Man, Billy Joel Sells his La Gorce Island Mansion

Monday, June 17, 2013

Tags:  la gorce island homes, Miami Beach homes

It was reported this week that Billy Joel has sold his La Gorce Island mansion for just under $14 million. The home was purchased by Joel in 2006 for $13.5 million and was listed on the market last May for $14.75 million. Considering closing costs and agent fees, this will constitute a slight loss for Joel, despite the incredible increase in property values in the area. This does however signify the market’s rapid rise in value, as it is more valuable now than in 2006. The home’s new owner is fashion tycoon Dego Della Valle, who is the owner of Tod’s Shoes and a majority shareholder of Saks Fifth Avenue. He will certainly enjoy this 9,000 square foot waterfront mansion with 7 bedrooms and 8.5 baths, in one of the best neighborhoods in Miami.

La Gorce Island has long been a home to celebrities and CEO’s. It was once home to entertainer Lil Wayne and Cher, and it has some of the most incredible waterfront homes in South Florida. It is mere minutes to the world shopping destination of Bal Harbour, which has Gucci, Neiman Marcus, Prada, and numerous other boutiques in its’ vicinity along with fine dining options at Makato and Carpaccio. The Miami International Airport is a 15 minute drive as is the Design District and Wynwood Arts District. Downtown Miami is a 20 minute drive, and of course South Beach is an under ten minute drive. La Gorce Country Club is the only private club on Miami Beach with world class golf and tennis, and is right around the corner. For more information on homes available on La Gorce Island and opportunities nearby, contact me today.

 

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