At a "Mastermind" gathering, Gary Keller said that, “we are now seeing many markets split by price point. Entry-level homes remain in a seller’s market, but some luxury and move-up markets show signs of shifting.”
Factors affecting the market.According to Keller, "low interest rates and an improved employment picture are good news. But affordability has been declining since January as prices continue to outpace wage growth, hurting home sales. Construction has been focused on the high-end market, which is now showing signs of stress as high net worth buyers sit on the sidelines due to political and economic uncertainty here and abroad."
What to do:
Fernando's report: Market conditions this week for Sunny Isles Beach, Golden Beach and adjacent areas..
A perfect storm was caused basically by unforeseen electoral campaign scares, the disappearance of high output markets as Brazil and natural adjustment forces. The market was near a complete halt after years of flourishing increase.
The week in numbers.
|100 Bayview Dr. # 1907|
just sold for $ 470,000.
went "Pending Sale". Just 9 were entered as "closed". This could configure a "buyers market" and a great opportunity for buyers with fat wallets to really make a good deal in the area.
No rentals were executed during the week, what marks clearly that most of rentals are way above the spending capability of the average family in the area.
What is affecting the market.True to be told, there is plenty of credit money for local buyers. Low rates and even 1 % down payment plans are available. The fact is that the intense political threats provided by presidential candidates caused a substantial "brain froze" in usually active purchasers. The locals, entered on a "postponing of long term decision" state of mind, that hopefully will end after November.
Our beloved foreign investors, usually more trained dealing with political instability, also watch with caution the announcements of "border walls" construction and banning of entire religions, wondering how much of that is pure demagogue noises and also how could that affect their investments. So they are also on hold too, at least for now.
Segments in motion.Believe it or not, the segment below $ 200K in adjacent areas is ON FIRE. Some houses receiving as much as 20 offers within 48 hrs.
Young purchasers are getting tired of burning their money in rent and decided to step up. Some of them even venturing as landlords in the multifamily market.
In this segment. inventory is getting sold before showings happens, even in what used to be called "ugly houses". Not so ugly anymore. More like hot doughnuts with chocolate on top.
New ownership usually brings improvement to the area in the years to come. So we should expect that areas like Golden Glades, North Miami Beach and Miami Gardens Dr. will have a positive impact out of this almost free money bonanza.
If you are in this segment of the market, prepare for real bidding wars and paying at least 10 % above asking price.
Have a great week!
Please keep your eyes at all times on your kids while they are having fun in the water. It takes real commitment in caretakers to keep their eyes on the kids at all times.
As every year since 2012, we will be contribuiting with #PoolSafely campaign in the Sunny Isles Beach area, to help prevent accidents in the water.
This video remind some important tips.
Moving costs: First month, last month, 1 month of security deposit. Association registration $ 350. Association Background check $ 25. Processing fee $ 150.
All listings are subject to availability and changes without previous notice. Equal opportunity housing. All information believed accurate but not guaranteed.
Whatever deal was reached behind doors, this agreement ends an era of a nasty feud fight over MLS rights, that raised some questions around the money involved on the handling of Realtors data, and costed thousands to hard working agents.
"It was about time this crazy situation ended" said Fernando Pettineroli, a Realtor member of both associations. "Sellers and buyers were at the mercy of the most ridiculous stories ever heard about data sharing, basically driving them to a market condition more proper of 1975 than the 21st Century."
In the joint statement, RAPB and MIAMI expreseed that "are looking forward to a long and successful working relationship to benefit their members and customers."
Amen to that.
650 NW 8th Street Click on the link to watch photos), three blocks north of the Miami River and four blocks West from I 95.
An additional purchase of public land from Miami Dade County is pending. The project includes the construction of new publi transportation stations to service the Stadium.