0 Average Mortgage Rates down to 3.84%

Posted on August 29, 2015 by Sean Greco

Average Mortgage rates down this week to the lowest point since May to 3.84%. The past week saw a lot going on in the economy, from global market turmoil to economic developments in China.

According to the Associated Press, the huge mortgage company Freddie Mac said on Thursday that the average mortgage rates on a 30-year fixed-rate mortgage fell to 3.84 percent from 3.93 percent a week earlier. The benchmark rate had not been this low since May 21. To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The rate on 15-year mortgages also declined this week. This rate dropped from 3.15 percent to 3.06 percent from last week.

The stock market was very tumultuous in the past week. Many stockholders sold their stocks out of sheer panic, and the AP says investors were sent “to the safety of U.S. government bonds, raising their prices and dampening their rates.”

The AP also reported, “Mortgage rates often track the yield on the 10-year Treasury bond, which dipped below 2 percent on Monday, a day of epic losses and price swings on Wall Street. The yield recovered to 2.18 percent Wednesday. That compared with 2.22 percent last Wednesday.”

The economic jitters and downfall of the stock market also cause people all over the US to question the much and long anticipated increase in interest rates by the Federal Reserve. It had been expected that these rates would raise next month.

The real estate market is still strong thanks to more employment and a stronger economy. The National Association of Realtors showed that slightly more Americans signed contracts to buy homes in July, as pending sales also rose, according to a report released Thursday.

Average Mortgage Rates Down

With average mortgage rates down, and the Miami real estate market doing so well, come meet us at RE/MAX Paradise and we can help you find the perfect new home for you.

0 Multiple Miami Beach Hotels Commence Million Dollar Renovations

Posted on February 21, 2015 by Sean Greco

Over the course of the next two years three Miami Beach hotels, Fontaineblue Miami Beach, Kimpton’s The Anglers hotel, and Versailles, will all undertake million dollar renovations in order to better serve customers and attract new business. The luxury hotel industry in South Florida has been booming lately, due to both the rising prominence of the area and the rebound in the economy, so in response hotel owners are embarking on expensive makeovers to their buildings in the hopes of capitalizing on this trend. Nichols Brosch Wrush Wolf & Associates has announced that they will be the lead architect on all three projects, which are estimated to cost approximately $20 million dollars a piece and should be completed toward the end of 2016.

Scheduled improvements for Kimpton’s The Angler’s Hotel include expanding the existing five-story, 45-room building with a whole new tower, which will have 84 additional units as well as a lobby, a nearby lobby bar, outdoor gathering spaces, a have rooftop pool deck, and 1,400 square feet of meeting space so as to provide visiting business people with plenty of room to work. The Fontainbleau’s renovation plans also involve an expansion to their tower, which will be enlarged to include a two-story, all glass rooftop addition with nine luxury units comprised of either one or two bedrooms, a private roof top garden, and an outdoor pool. The final scheduled renovation will be on The Versailles Hotel, and will incorporate an interior design team as well the hired architects in order to both expand and refurbish the space. The plan is to add 22 brand new luxury residences while also recreating the exterior design of the building, so that the overall feel of the hotel is a bit more modern and high end, matching with the target cliental.

Miami Beach is well known for having some of the most glamorous luxury hotel accommodations in the country, and the planned renovations are sure to advance these buildings to the top of the already expansive list of world-class residences available in sunny South Florida. To learn more about local luxury real estate listings currently available, whether commercial or residential, the feel free to contact a RE/MAX agent today!

0 Miami Luxury Real Estate Market Booms As City Gains Worldwide Status

Posted on January 29, 2015 by Sean Greco

Multi-millionaires from all over the world have recently set their sights on Miami as the new, hot city for the rich and famous, which means big business for the Miami luxury real estate market here in South Florida. This is not necessarily a new phenomena, there has long since been a correlation between Miami and extravagance, however recent events such as Art Basel have helped to reinvent the city as no longer just a quiet place to escape to during the cold, winter months. According to billionaire businessman Richard LeFrak, who himself owns a Miami Beach condo, “Art Basel had a tremendous influence on bringing very high net-worth people to Miami Beach, people who probably remember Miami Beach as where their grandmothers went. They realized the city had become somewhat different. And as a result, they had fun for three days, liked the beach, liked the restaurants, and saw that there is an art scene. And it’s America- if you need a cardiologist, you can get it. The best description is it’s an exotic city in a first world country.” This newfound allure of the city as a cultural hotspot has drawn the likes of LeFrak to invest in South Florida property, which then in turn has served to boost the area’s appeal and further rejuvenate its growing economy. The effect has been an elevation in the standard of living in Miami, as the city attracts more and more of the rich and famous, which in turn has had a predictably profitable influence on the Miami luxury real estate market.

Miami Luxury Real Estate Market

With Miami quickly becoming synonymous for more than just beautiful beaches, the demand for Miami luxury Real Estate has risen dramatically. People are flocking to the area and expecting accommodations on par with their extravagant lifestyles, meaning that listings are selling furiously, often before construction of the building has even been completed. If you are interested in the Miami luxury real estate market here in South Florida, then don’t hesitate and contact a RE/MAX agent today!

0 Voters to Decide on Miami Beach Real Estate

Posted on December 23, 2014 by Sean Greco

Miami Beach residents will soon cast their vote on whether or not to approve building a hotel next to the convention center, which will soon undergo a large renovation. The proposed hotel is intended to accommodate visitors to the convention center and will be built on land leased from the town to a firm that would pay around $11 million annually. The project would be a huge revenue boost for residents and on Thursday the city commission voted 6-1 in favor of the hotel, with Commissioner Jonah Wolfson in opposition. Wolfson fears that this new building would increase traffic problems for the town, however a study reviewed at the meeting predicts minimum transit impact. The study found that the traffic in the city would not get worse as the result of more conventions but rather remain in line with the traffic in the area due to the hotels proximity to the center, however Wolfson questioned the accuracy of that finding. Although he was in opposition the majority of the commission supported the hotel because it made sense in conjunction with the convention center renovation. It seems silly in their opinion to spend $500 million on improving the building only to then oppose a hotel that would operate in conjunction with it.

Miami beach voters will have the final say regarding the fate of the 800-room hotel, and only with 60 percent approval can the plan move forward. This could be a huge revenue boost for the city, and further elevate the demand for Miami Beach real estate on the market. Between the renovation of the convention center and the raising prominence of the area South Beach is quickly becoming a desirable luxury destination. Now is the time to invest in the area, so if you would like to see all the amazing properties on the market contact a RE/MAX agent today!

0 Top 4 International Real Estate Investors

Posted on April 16, 2014 by Sean Greco

There are a lot of foreign buyers interested in purchasing real estate in the United States these days. After the U.S. real estate market endured a rather lengthy rough patch, things have rebounded nicely over the last few years. As a result, many prospective investors believe that this is the right to time to get in on the action and invest in real estate in the U.S. Canada has the highest number of international prospective buyers, with Canadians making up 45% of the international pool of real estate seekers. Buyers from the United Kingdom come in at number two, making up 12.1% of the pool, followed by Australia at 11%.

We were pleased to learn that China and Hong Kong buyers are in the fourth spot, claiming 4.1% of the diverse group of international real estate investors. Thus far, it seems like most investors from Asia have been interested in other parts of the U.S. However, we are optimistic that change is on the horizon, and Chinese investors’ attention will be redirected to South Florida in the very near future.

The Miami economy is chugging along quite nicely, and the city just has so much to offer investors regardless of whether they are seeking a second home or a rental property. Sunny Isles Beach condos, Aventura condos, and of course the premier Bal Harbour and Fisher Island markets, in particular, offer the perfect combination of ideal location, luxury appeal, and proximity to world-class shopping and amenities.

Of course, we would be remiss not to mention the excitement of our one and only South Beach. Although we love all of Miami proper, we know that South Beach truly is a unique gem with its very own culture and lifestyle. And, we are so glad that the world seems to be taking notice. These days, every time we walk down the streets we overhear conversations in Portuguese, Italian, French, Swedish, and so many other beautiful languages. Miami truly is an international melting pot, and you can feel the excitement and energy as you stroll down the palm-tree lined streets bustling with folks from all walks of life.

In case you are curious, other top international real estate buyers come from France, Germany, Switzerland, Sweden, Italy, and the United Arab Emirates. To all of you, we say:

0 Demolition of 42 Star Island: Out with the Old, In with the New

Posted on February 14, 2014 by Sean Greco

Real Housewives of Miami star Lisa Hochstein and her plastic surgeon husband, Dr. Leonard Hochstein can now move forward with their plans to demolish their home at 42 Star Island.

According to the couple, the Miami Beach single family home is structurally unsound and sits below the flood plain. Last year, the city approved their request to tear the house down. Shortly thereafter, the Miami Design Preservation League (MDPL) appealed the city’s approval of the demolition. However, the MDPL recently dropped its lawsuit after the City Commission declined to declare the Miami Beach property a historic home, paving the way for the Hochstein’s to demolish the aging house and build a modern, dream home. Given that the reality TV stars appear to have extravagant taste and a penchant for drama, the dream home they plan to build to replace the current structure will likely add value to the already luxurious area.

Although Miami certainly wants to retain and maintain as much of its historic architecture as possible, some buildings probably do suffer from structural deficiencies that warrant their destruction. The city simply needs to exercise appropriate caution when deciding whether to approve demolition or designate a home as historic. Hopefully, property owners seeking to tear down and rebuild will utilize good judgment as well so as to preserve Miami’s fascinating and diverse real estate.

0 Miami International Boat Show Kicks off Today!

Posted on February 13, 2014 by Sean Greco

The “winter” in Miami is such a fabulous time of the year. In addition to the absolutely perfect weather, there are so many festivals and events taking place. This weekend will be quite busy given that Friday is Valentine’s Day, and it is a three day weekend because Monday is Presidents’ Day. However, what is even more exciting is that today the Miami International Boat Show kicks off!

Obviously, Miami has a lot to offer in terms of activities and entertainment. There is no doubt that the beautiful blue waters and the many water activities available are a huge part of Miami’s international appeal. Regardless of whether you have a boat, dream of buying a boat, or just enjoy boats, the Miami International Boat Show is definitely worth checking out. If nothing else, it is a great reason to hop over to South Beach and bask in the warmth of the sunshine that Miami will be lucky to have this weekend, especially considering what is happening to those poor northerners right now.

Just so everyone is clear, the event isn’t just about rich folks shopping for fancy boats, or not so rich folks getting depressed by seeing all of the beautiful luxury yachts that they probably cannot afford. The show also offers a lot of workshops and seminars in which participants learn about boats, boat maintenance, fishing, and other interesting water-related topics. There will also be a ton of different booths and vendors, and the stroll along the waterways will allow for lots of fun boat admiration and people watching.

For serious boat enthusiasts, the show will be a great resource, and it will be especially exciting for those who are considering tying a boat up at a Miami property with a boat dock. Just imagine cruising a shiny new sailboat, a superfast speedboat, or a luxurious yacht up to a dock like this, which would be in your backyard by the way.

There are so many beautiful waterfront properties available in Miami (both with and without dock space), including South Beach condos, Sunny Isles Beach condos, Brickell condos, and so many other amazing neighborhoods and areas. Of course, waterfront Miami properties that don’t have docks still offer spectacular views and amenities. And, more importantly, they offer location, which anyone serious about real estate knows is the key consideration!

Irrespective of your Miami real estate interests or desires, if you currently reside in Miami, are just visiting, or might be moving to Miami in the near future, be sure to check out the show this weekend- it’s a Miami event that shouldn’t be missed!

0 Cash Really is King

Posted on February 10, 2014 by Sean Greco

There was a time when the seller of a property simply chose the higher of two or more competing offers. These days, a higher bid isn’t enough to close the deal. Limited inventory, tighter lending standards, and tedious paperwork pushes many sellers to look beyond the price offered. Most sellers eagerly accept a solid offer from a buyer who is both able and willing to pony up cold hard cash for the property in question.

In the Miami Beach real estate market, cash is definitely king right now. Motivated sellers know that a difference of several thousand dollars doesn’t really matter if the deal will be closed in a month rather than three. During those three or more months that it can take for a bank-financed purchase to close, the seller is still paying a mortgage, insurance, utilities, and possibly maintenance or association fees, among other expenses. Those monthly costs can really start to add up, and there could be additional snags along the way because of the requirements financial institutions impose.

There is so much demand for Brickell condos and Miami Beach condos that an offer from any serious cash buyer will likely trump a similar offer from a buyer seeking to obtain financing. Of course, buyers that are pre-approved by a lending institution shouldn’t be discouraged because there are other ways to show a seller a serious commitment to sealing the deal, such as waiving financing or inspection contingencies or plopping down a hefty down payment. The bottom line is that buyers should be thinking of creative ways to craft attractive offers, including coming up with a good chunk of cash to sweeten the deal.

0 Homes for Sale in Apogee Offer Artistic Luxury Options

Posted on July 26, 2013 by Sean Greco

Living in Miami isn’t just about enjoying oceanfront views, fine dining, and some of the best entertainment in the world. It’s also about living in style, luxury, and beauty. If that’s what you are looking for, then look no further than the Apogee luxury condos. The Apogee properties are known for their artistic flair and technologically-advanced amenities.

When you look at homes for sale in Apogee, you will find that each unit boasts amazing features such as gas fireplaces, balconies with gorgeous views, summer kitchens with built-in coffee systems, wine storage centers with custom temperature settings, steam showers, rain shower heads, and jetted bath tubs. Each kitchen area has state-of-the-art appliances and cabinets made of the finest woods. Residents also enjoy the fact that their Apogee luxury condos are equipped with the best security systems, including automated smart panels that allow them to instantly connect with security professionals, the valet, the residential spa area, and other building amenities.

Walk into the available Apogee properties, and you will see why it’s the best place to live in Miami. If you are looking to live in a place that is not only impressive but also intuitive, then you simply must look into homes for sale in Apogee.

To find out more information about Apogee luxury condos and to learn more about this prestigious community, contact one of our professional real estate agents today. We look forward to helping you find your new home.

0 What Miami Luxury Homes Have to Offer

Posted on July 19, 2013 by Sean Greco

If you are searching for Miami properties or luxury condos in Miami Beach, you will be flooded with a choice of eye popping amenities. First and foremost of course, are the stunning sunrises over the blue waters of the Atlantic Ocean and Biscayne Bay, but what natural offers are just the beginning.

Sunny Isles is located between Downtown Miami and Ft. Lauderdale, and has some of the most luxurious condos in the region. Sunny Isles is also very convenient to Bal Harbour and Aventura Mall. Condos here can feature outdoor theaters, indoor pools with waterfalls, and terraces that are thousands of square feet in size.

World famous South Beach features 5-star luxury high rise condo living that is within walking distance of some of the area’s finest restaurants, shops and nightclubs. Luxury condos in South Beach can include game rooms, large terraces, saunas, and home theaters.

South of South Beach is Fisher Island, a luxurious retreat on a 200 acre island for residents only. Fisher Island boasts two deep sea marinas, tennis facilities, a golf course, spa, fine dining, and its own private school.

Nothing, however, may top the planned Porsche Design Tower scheduled to open in 2016. Among its many luxuries, these condos will offer a limited number of private “man cave” sky garages. These units can each hold up to nine cars, right there, in your own condo.

If you are searching for the ultimate in Miami real estate, contact us. Let us arrange a tour of some extraordinary properties for those with exceptional taste.