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Archive for August, 2013

Grove Isle Market Update

August 28th, 2013 Written By Carol Pawley

Grove Isle is a private gated island comprised of 3 residential towers on Biscayne Bay. The lushly landscaped 20 acre island is located just outside the heart of Coconut Grove. Amenities include private marina, tennis courts, fitness center, swimming pool, jogging paths, concierge, security and more. Grove Isle is one of the most secluded spots to live in Coconut Grove.

 During the month of July Grove Isle had an increase in the number of units for sale and units sold. Grove Isle is currently a seller’s market as there is less than 3 months of inventory based on closed sales.

grove isle july

groveislejuly

 *Data as of 8/28/2013*
 
I keep up to date on the market.  I make sure my clients are well informed so they make the best decisions when buying or selling their home. Please send me an email at carolapawley@gmail.com or call me at 305-992-6188 if you are interested in buying or selling a home in Miami or it’s surrounding areas.
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South Florida home sales, prices rise by double digits in July

August 22nd, 2013 Written By Carol Pawley

generic-home-price-imageSouth Florida’s real estate market is on fire! In July more single-family homes were sold in Miami-Dade County than at any time since the peak of the boom. The reason for this driving market is supply and demand.

The Miami Association of Realtors said the median price of a single-family home in Miami-Dade soared 25.7%t in July to $230,000 from $183,000 a year earlier and single-family home sales in Miami-Dade jumped 27.3%t in July to 1,227 closings from 964 a year earlier. The highest sales volume since 2005, when the median price was $351,200.

Miami-Dade condo sales rose 13.4% in July to 1,538 closings from 1,356 a year earlier, as listings rose 13.5% to 8,458 units from 7,451 units a year earlier. Miami-Dade had a six-month supply of condos for sale in July, up from 5.6 months a year earlier and a 5.8-month supply in June. Miami-Dade condo sales were up 2.6% in July from June’s level of 1,499 closings and the median price of a condo was down 3%from $185,500 in June. The median days a Miami-Dade condo was on the market was 45 days, up from 42 days in July 2012.

Ron Shuffield, president of EWM Realty International in Coral Gables, said the increase in inventory of condos reflects, in part, “sellers who have been holding off and waiting for prices to go up and have now decided it’s an appropriate time,” as well as more bank-owned properties coming on the market. “It’s welcome news for Realtors. We could use more inventory to sell. It also could help to temper some of these price increases we’ve been seeing,” Shuffield said.

 

I keep up to date on the market.  I make sure my clients are well informed so they make the best decisions when buying or selling their home. Please send me an email at carolapawley@gmail.com or call me at 305-992-6188 if you are interested in buying or selling a home in Miami or it’s surrounding areas.
Click Here to Get Miami Real Estate and Beyond by Carol Pawley delivered by email

Should You Rent or Buy a Home?

August 21st, 2013 Written By Carol Pawley

rent-v-buy-300x163

While interest rates are still low and prices are starting to increase, is now the time to buy instead of rent? The answer is it depends.  Here are some main factors you should consider to help decide whether renting or owning a home is the right decision for you.

Basic Market Trends:

– You want avoid buying a house at the peak of a housing bubble.

– Use the “price-to-rent” ratio. This is a formula that takes into account the price of renting versus the cost of buying in your area (with many factors included) and gives you an idea of whether the market dynamics support buying or renting. If you are trying to evaluate this, look online for some handy calculators/charts/graphs that show you the price-to-rent ratio for your city.

– Interest rates for mortgages change over time and it’s always better to lock in a low interest rate if you can.

Your Financial Picture:

– Does your current financial picture put you in a strong position for home ownership? If not, then buying a house will not be a good idea no matter what the market trends indicate.

– To evaluate your finances and see if you’re ready for homeownership, you’ll need to sit down and look at all your financial accounts as well as your income and anticipation of future earnings (not to mention job security).

– Look at any debt you have and calculate how long it would take you to pay it off. If you have a lot of consumer debt and especially if you’re struggling to make your monthly payments, then this may not be a good time for you to buy. Homeownership is a big commitment. You also won’t be able to secure a good interest rate if your debt to income ratio is high.

– Think about any potential threats to your job and career before making the leap into homeownership.

How Much Do You Have Saved Up:

– Another important factor to consider is how much savings you have. Many home purchases require 10 or 20 percent as a down payment on a mortgage, and while there are programs for first-time home buyers and other ways to lower your down payment to 5 percent (or even 3 percent in some cases), that will increase your monthly payment because it will mean your total loan amount will be larger.

– If you have enough for a 20% down payment, you can feel more confident because (A) you’re more likely to be approved for a loan and (B) your monthly mortgage payments will be lower.

What Are Your Future Plans:

– It doesn’t make sense to buy a house if you plan to move in the next five years, because buying a house requires lots of fees and “closing costs” — these costs are unavoidable and can total up to 5% of the cost of the house or more.

– If you plan on living in the home for less than five years you won’t be able enjoy the financial benefits of homeownership, such as appreciation in your home’s value.

 

*Source ABCNews.com

 

Throughout the years I have helped many friends and clients purchase or sell property throughout Miami & the surrounding area.  If you are interested in purchasing or selling a home, please contact me as I can give some first-hand sound advice with no pressure.  Please send me an email at carolapawley@gmail.com or call me at  305-992-6188.
 
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Coconut Grove July 2013 Sales

August 6th, 2013 Written By Carol Pawley

20 homes sold in Coconut Grove during the month of July. The average sales price per sqft increased slightly from $348 to $351. Here are some statistics and a list of what sold last month in Coconut Grove.

grove july

GROVEJULY

*Data as of 8/5/13*

 
 
I keep up to date on the market.  I make sure my clients are well informed so they make the best decisions when buying or selling their home. Please send me an email at carolapawley@gmail.com
or call me at 305-992-6188 if you are interested in buying or selling a home in Miami or it’s surrounding areas.
Click Here to Get Miami Real Estate and Beyond by Carol Pawley delivered by email

Sold in Coconut Grove

August 5th, 2013 Written By Carol Pawley

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A few weeks ago I closed on a lovely home in Coconut Grove. 3660 Avocado Ave was listed for $799,000 with Bryan Schaefer of Coldwell Banker. My client purchased the 3 bedroom 3 bath home for $775,000 and is very pleased with his new home.

 
 
Throughout the years I have helped many friends and clients purchase or sell property throughout Miami & the surrounding area.  If you are interested in purchasing or selling a home, please contact me as I can give some first-hand sound advice with no pressure.  Please send me an email at carolapawley@gmail.com or call me at  305-992-6188.
 
Click Here to Get Miami Real Estate and Beyond by Carol Pawley delivered by email

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Coral Gables July 2013 Sales

August 5th, 2013 Written By Carol Pawley

During the month of July 57 homes sold in Coral Gables. The sales price per sqft decreased slightly compared to the previous month. Here are some statistics and a list of what sold in Coral Gables during the month of July 2013.

julygab

GABLES JULY

*Data as of 8/5/13*

I keep up to date on the market.  I make sure my clients are well informed so they make the best decisions when buying or selling their home. Please send me an email at carolapawley@gmail.com

 or call me at 305-992-6188 if you are interested in buying or selling a home in Miami or it’s surrounding areas.
 
Click Here to Get Miami Real Estate and Beyond by Carol Pawley delivered by email

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