The Real Estate Bubble is Sagging

The market has officially changed. For the past few years we’ve experienced the HUGE boom in real estate sales. The “Real Estate Bubble.” Well, I’m not going to say that the bubble has burst but you could say the bubble has started to sag.

Sales of homes in Miami-Dade county have dropped by 38 percent. Broward county sales have dropped by 35 percent. Thus, there are MANY homes left unsold on the market.

Here's a visual (click to enlarge):

What is the practical meaning of all this? There are more homes on the market. Sellers who were pricing their homes over market value now have to reduce their asking price in order to generate interest.

A year or two ago, you’d put up a “For Sale By Owner” sign, boom, within a few days calls would be coming in NONSTOP. With this changing market, advertising and marketing will be ESSENTIAL for the sale of a home at the best price possible.

A Realtor will be able to market the property effectively, prequalify buyers to save time and headaches, and assure the best price possible. For buyers, a Realtor will find homes before they are even marketed so that buyers have first pick. In these changing times, a professional Realtor on your side is becoming a necessity.

Do you have any questions or would like more information? Contact me, Michael Emilio Rodriguez, by email and at 305-235-2621 x182.

Miami Heat player Alonzo Mourning purchases 12.7 million dollar home in Gables Estates

Miami Herald:

Miami Heat star Alonzo H. Mourning Jr. and his wife Tracy Wilson have purchased a new mansion in Gables Estates. The home, built in 2004, has eight bedrooms and 8 ½ bathrooms and sold for $12,750,000. At the time of the sale, the listing price was $15,900,000.

Located at 33 Arvida Pkwy., it is one of the 15 most expensive homes ever sold in Miami-Dade County. The mansion, named Villa Sole, has nearly 12,000 square feet on a 35,389-square-foot lot with 240 feet of bayfront access. It is one of the few homes in Gables Estates sitting directly on Biscayne Bay.

Developers Vivian Dimond and her stepson Jason built the spec home and marketed it for more than a year. They bought the land for $4.5 million in 2001 through their Dimond Development II limited corporation.

Buying Your First Home

I just received an email on a very interesting topic:

“Hi Mike, I’m looking to buy my first home in the South Florida area. Do you have any advice for first time homebuyers?" SR – Hialeah, Fl

I’ll start off by saying buying your first home can be both the scariest and most thrilling moment of your life. Being that a home is usually the largest asset and largest purchase BY FAR that most people will ever make in their entire lives, it boggles my mind that so many people won’t invest the time to learn about the homebuying process and preferably hire a professional that will use their vast knowledge to make the process go much smoother and without the headaches.

First thing. Money. Income and debt usually determine the kind of mortgage you can obtain. Cash generally is needed for the down payment and closing costs.

Second. Make a wishlist. Pretend you’re grocery shopping, only that instead of canned goods, you’re shopping for your home. Make a list of everything you want and don’t want in a home. Number of bedrooms, number of bathrooms, garage(s), and areas where you want to live or don’t live are great places to start.

Third. Start shopping! Go out with your wishlist and start looking for houses. My recommendation? Enlist the help of a real estate professional. They know the real estate law, the market, the locations, and the real estate process. Remember, the buyer does not pay the real estate commission! So you’re getting a real estate professional on your side… AT NO COST! And since a real estate transaction can be a complex, confusing, and often maddening process, you’ll be glad you have a professional at your corner!

If you’d like more information, make sure to contact me, Michael Emilio Rodriguez by email and at 305-235-2621 x182.