Miami Dade County Property Tax Tool

The Property Appraiser's Office adjusted its online Tax Comparison Calculator this week to accommodate the tentative millage (tax) rate set by the Miami-Dade County Board of County Commissioners.

To access the tax comparison tool, log onto www.miamidade.gov/pa and click on the Tax Comparison Calculator and Tax Estimator tools to view the tax dollar changes to the selected property as compared to last year and estimate the 2009 property taxes. A final budget and final tax rate will be set at the budget hearing on Thursday, September 17.

Property Appraiser Pedro Garcia's office will adjust its online tools to allow property owners to calculate the tax impact of any changes again once the rates become final.

Sellers conceding, Buyers scooping up bargains

With real estate prices sinking to historic lows and with foreclosures and distressed properties on the rise, many sellers are ready to put their current situation behind them and move on. In many cases this means that prices are being adjusted downward to levels where buyers who had been standing on the sidelines are stepping in and making their purchases. Who are these buyers? I have seen an uptick in first-time buyers in my own South Florida real estate practice, mostly for properties between $150,000 - $250,000. According to a recent article by Michale Giusti, Bankrate.com, It's bargain time for home buyers, the trend is the same in many markets across the country. A Sun Sentinel article, South Florida buyers step up as home prices drop, reports that even some long term investors are stepping in but warns that tightening credit markets and rising unemployment may keep the buying trend in check.

National Association of Realtors launches new site

The National Association of Realtors has launched a new web site, http://www.housingmarketfacts.com/ , designed to give home buyers and sellers information about the market and sources for additional information.

GOING, GOING, GONE

The Miami Heral reported that a condo auction held in Miami yesterday resulted in a fairly good turnout. This could be a sign of things to come which is great for those standing on the sidelines waiting patiently for the right time to buy:

Miami had its first condo auction yesterday – 20 new units at Platinum Condominium, a 22-story, 199-unit tower. More than 300 people showed up – investors hoping for a bargain; homebuyers hoping for a good deal; and other condo developers curious to see how auctions work. In the end, the units probably sold for slightly less than what they’re worth on today’s market. Eight of the 20 units required no minimum bid, and selling prices ranged from $181,500 (one-bedroom) to $357,500 (three-bedroom). The sales could be bad news for the developer, however. The selling prices now become comps used for appraisals, and that will impact the value of all other units in the building. “Next week or the week after, look for the lawsuits on this building,” says Jack McCabe, a Deerfield Beach real estate analyst. “Many people who bought (earlier) are now upside down. The place isn’t worth what they borrowed, suddenly, thanks to this auction.”
Source: Sept. 21, 2007, The Miami Herald, Jack Dolan

Home Gyms Are Latest Must-Have Amenity

The following article points to the growing popularity of the home gym. The
equipment available today is increasingly sophisticated and compact which allows
for a highly functional exercise area even with limited space.

Home gyms are the latest must-have amenity. One-third of new and potential
home buyers say a home exercise room is either essential or desirable,
according to the National Association of Home Builders.WCI, a developer of
luxury homes, began noticing the shift in luxury home design to more
lifestyle-driven floor plans in the 1990s, as baby boomers began demanding
health-related amenities such as home gyms, spas and meditation rooms aimed
at helping them live longer, says Gabe Pasquale, chief marketing officer of
the company’s Northeast region. Ninety percent of the custom homes designed
by Abramson Teiger Architects in California include home gyms. Most are
about the size of a regular bedroom and have room for a treadmill or an
elliptical trainer, plus a multifunctional home-gym machine.

Source: The Associated Press, Della De LaFuente
(07/29/2007)

Sellers shoot for YouTube hits

A Chicago Tribune article, Sellers shoot for YouTube hits, by business columnist Mary Umberger looks at one way some sellers and buyers of real estate are using video to market and shop for properties.

Try for yourself. Go to YouTube and type real estate in the search field. You will find hundreds of property videos and related items.

The article also refers to Joel Burslem's blog, Future of Real Estate Marketing. Burslem provides valuable insight into the interaction between real estate marketing, technology, and social media.

The article also mentions WellcomeMat.com, which has been dubbed the YouTube of real estate.

YTD Sold Statistics

The attached report shows average days-on-market and selling price by property type compiled using MLS data.

Stadium would boost real estate market

Stadium would boost real estate market, business leaders say

A Miami Today article cites several sources that say a downtown stadium would be a boost for the area's real estate values. Below is a Sun-Sentinel graphic of the proposed site and a Google Earth snapshot of the area.

NAHB: It’s a Great Time to Buy

NAHB: It’s a Great Time to Buy

Opportunities exist for buyers in the current home market. The linked article from the National Association of Home Builders offers some insight into the possibilites.

RE: Displaced by the boom

MiamiHerald.com 07/16/2006 Displaced by the boom

As the Miami Herald reports, South Florida's building boom can have undesirable effects on the area's working people. Whether good or bad, the laws of supply and demand will determine the best use for one's land. Savvy developers and investors will capitalize on the need for affordable housing and necessity will breed a solution to the housing crisis.
Workforce housing initiatives, http://www.floridacdc.org/policy/workforce-hsing.html , http://www.workforcehousingflorida.com/frontPage.do , may be a free market solution to the problem. Developers who embrace the opportunity may benefit in the long run, http://www.pinnaclehousing.com/home.html.

Workforce housing is nothing new. This bunkhouse circa. 1910 provided shelter for Florida cowboys, also known as cowhunters, protecting them from the elements in the wilderness.

RiverGarden Condominium

I visited the sales office today for RiverGarden and met with Linette Guerra and Norma Jorge, broker-owners of La Playa Properties Group, RiverGarden's exclusive broker representative. The planned 27 story residential tower will be located on the Miami River along the proposed Riverwalk in Spring Garden, one of Miami's original suburbs. Units range from $300-$1M. To learn more about this pre-construction project's current availability, incentives, and other details contact me at info@rafforealtor.com or 305-332-3527.rr

The future site of Kubik, "a revolutionary concept in sustainable urban living," according to LAB Design Principal Camilo Avarado, sits in Miami's vibrant Biscayne Boulevard corridor.

Kubik promises to be a ket asset to the brilliant future of Miami's Upper East Side, a neighborhood rich in history, culture and entertainment. The floor plans are very interesting check out the developer's web site www.kubikspace.com. If you would like details on current inventory, pricing, construction progress, etc call Jaime Raffo at 305-332-3527. rr

City of Miami commisioners have approved Kubik, setting the green light for construction to begin.
http://www.miami.com/mld/miamiherald/news/breaking_news/14748922.htm

Pictures of the Tivoli Site In Miami's Design District

I stopped by the future site of Tivoli today and took some pictures of the 3915 Building which will be incorporated into the new building and some pictures from the fire escape on the fourth floor on the back of the building to show the surrounding view.

Tivoli is a development of 96 lofts, townhomes, estate homes and 2 bedroom residences which is currently in the preconstruction stage. Tivoli has a luxury Mediterranean design which has been described to me as “Fisher Island without the ferry”. It will have a 36,000sq ft lushly landscaped piazza. The location, 3915 Biscayne Blvd, is in the heart of Miami’s Design District and sits adjacent to the south end of Bay Point Estates, the exclusive gated bayfront community. Across the street, on Biscayne Bay is a quiet city park. This property is minutes away from everywhere you want to be in Miami.

Tivoli is also rich in structural quality, the prolific Lauris Boulanger is the builder and he is also invested in 39th St. Developers Group LLC., the developer. The architect is VOA Associates the Chicago design firm.

Prices at Tivoli will range from low $500s to $1.7M. Official sales launch is January 2006 with groundbreaking May 2006 and completion for summer 2007. Reserve your unit today and take advantage of preconstruction pricing of $390-$420 sq. ft. Average price per sq. ft. next door in Bay Point is approx $740.

Contact Jaime Raffo for the latest details and availability at 305-332-3527 or visit rafforealtor.com. - rr

Local experts share their views on 2006: South Florida Sun-Sentinel

Local experts share their views on 2006: South Florida Sun-Sentinel

A common theme? This article captures the prevailing views. Of course, there are more extreme predictions ranging from collapse to bliss. How an individual is affected by market conditions also depends on what role that person is playing. In most instances, a seller's loss is a buyer's gain and vice versa. The key is to stay informed and make the best decision to suit your goals and objectives. - rr