Now is the Time to Invest in South Florida Real Estate for the Best Mortgage Rates of 2018

With the spring real estate season in full swing, many potential homebuyers are anxiously anticipating what the market may do with regards to mortgage rates and are weighing their options for the right time to buy. Though interest rates can fluctuate regularly, there are some signs pointing to the fact that we are in the prime time to buy for 2018.

Interest Rates on The Rise

The Federal Reserve recently raised short-term interest rates, which is an indicator that the economy is strong. Though on a slight incline, interest rates are still fairly low and manageable when it comes to investing in real estate. If inflation continues to increase, we may see two or three rate hikes from the Federal Reserve throughout the remainder of the year, which will leave some investors with a slightly higher investment cost the longer they wait to buy.

Mortgage Rates Have Remained Steady but Rising Slightly

After rising during the first part of the year, mortgage rates have seemingly settled in during late March and April. It appears that the long-term lending markets have been unfazed by some of the tensions and headlines in the news, which could cause some volatility in the market.

As of last week, the U.S. mortgage rates were mixed with a slight upward trajectory from the steady rates of March and early April. The annual rate of baseline inflation accelerated to 2.1 percent in March, and therefore the Federal Reserve Chair may consider taking a more aggressive path on policy to protect the economy with a rise in rates as the year progresses.

Tensions Can Cause Rate Increases

With a recent attack on Syria, we did see a slight uptick in rates. Usually, international events that can affect the world markets will also have an effect on the markets at home. Because the U.S./China relations have improved, there is not an immediate danger of a trade war in the East, which plays into the favor of rates staying on course with where they are, at least for the short term.

Buy Now for Best Rates

Experts note that mortgage rates are still low, which significantly helps to support homebuyer affordability as the spring buying season ramps up. Now is the time to consider a big purchase such as a luxury home, when you may be using lending as a way to control costs. With projected increases throughout the rest of 2018, take advantage of spring selling season and low rates with your next real estate transaction.

For professional advice on all aspects of buying or selling real estate, please contact Audrey Ross at aross@miamirealestate.com or (305) 206-4003 or visit her at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

References:

Bell, C. (2018, April 16). Mortgage rates increase for Monday. Retrieved April 17, 2018, from https://www.bankrate.com/mortgages/rates/mortgage-rates-for-monday-april-16/

Orton, K. (2018, April 12). Mortgage rates stay the course despite trade tensions and global concerns. Retrieved April 17, 2018, from https://www.washingtonpost.com/news/where-we-live/wp/2018/04/12/mortgage-rates-stay-the-course-despite-trade-tensions-and-global-concerns/?utm_term=.3b34921a625d

Freddie Mac: Mortgage rates could soon head higher. (n.d.). Retrieved April 17, 2018, from https://www.housingwire.com/articles/43091-freddie-mac-mortgage-rates-could-soon-head-higher

(n.d.). Retrieved April 17, 2018, from https://www.fxempire.com/news/article/u-s-mortgage-rates-mixed-look-ready-rise-493084

Millionaires in Miami are the Richest in the Country, and Here is Where They Want to Live

The greater Miami area ranks eighth in the country for the most millionaires in one place according to a newly published report by SmartAsset. Additionally, millionaires in the Miami area are the richest in the entire country earning an average of $2.3 million in 2016, which is 20 times the salary of the average Miami homebuyer. With abundant luxury amenities and beautiful year-round weather, it’s no wonder our luxury market continues to be one of the most popular in the country, and in the world.

When millionaires decide to make Miami their home or choose to invest in property in this area, they are looking for the best of the best. Not only do they want to be in the most well-appointed, spacious homes, but they are also looking for exclusive, world-class amenities, and often, a stunning waterfront view. Several of Miami’s communities meet all of these requirements and then some.

 

Coral Gables

The City Beautiful, as it is aptly named, is a city within greater Dade County. Founded in the 1920s, this sophisticated area has a “small town” feel, with a tight-knit community that is perfect for families. Close to everything you need in Miami, from downtown to the international airport, Coral Gables offers some of the best restaurants, boutique shops, and a remodeled walkable downtown area that many have compared to the quaintness of similar European towns.

Average home price: $1,599,652

Average $ per sq./ft.: $471

Gables Estates

Gables Estates is one of the most exclusive neighborhoods in the world. If a homebuyer wants to live in perfection, then this is his or her place. With top-notch security and ultimate privacy, this luxurious neighborhood tucked along the water’s edge in the southern part of Coral Gables is a must-live neighborhood for the ultra-rich.

Average home price: $6,987,692

Average $ per sq./ft.: $730

Tahiti Beach

Set inside of Cocoplum is Tahiti Beach, an exclusive and coveted neighborhood. This ultra-luxury community is not only home to tennis courts and a private sandy beach, but also boasts private roads. A community within a community, the luxury homes in Tahiti Beach are nothing short of ultra-fabulous.

Average home price: $4, 491, 667

Average $ per sq./ft.: $359

Journey’s End

This private gated community within Coral Gables is right where you want to be at the end of your day. With porched manor homes, sprawling villas, and even sightings of South Florida wildlife, this community offers something for everyone. Boaters have access to a private marina and boat slips. Professionals and executives are only 20 minutes from a large international airport and the bustle of downtown Miami.

Average home price: $4,133,000

Average $ per sq./ft.: $408

Cocoplum

In the heart of Coral Gables, and just minutes from south Coconut Grove, there is a beautiful gated community that boasts large lots with lush landscaping and sprawling homes, along with plenty of properties with dock space for a yacht in the backyard.

Average home price: $2,277,952

Average $ per sq./ft.: $349

Snapper Creek Lakes

 With only 124 exclusive properties that are one acre or more, this gated Coral Gables community undoubtedly houses its share of millionaires. Native, lush subtropical foliage surrounds sleek, modern abodes in this boaters’ paradise. With a marina nearby, you won’t have to go far to take a boat ride on the beautiful nearby bay.

Average home price: $2,678,444

Average $ per sq./ft.: $310

The Moorings

Located in between Coral Gables and central Coconut Grove, this neighborhood has a lovely waterfront, and homes of classic architecture, built with exquisite taste. You’ll always feel secure in this guard-gated Coconut Grove neighborhood with access to the Bay. To live in The Moorings is a dream for many.

Average home price: $2,987,500

Average $ per sq./ft.: $515

Deering Bay

A golfer’s paradise and country club lovers dream, this community claims South Florida’s only waterfront, Arnold Palmer-designed golf course inside a beautiful private community. With a yacht club and country club on site as well, this resort-style community will make you feel like you live in a vacationer’s dream. Endless social opportunities also await at Deering Bay.

Average home price: $1,839,670

Average $ per sq./ft.: $448

Pinecrest

Pinecrest is a suburban paradise where property lots are expansive. This municipality borders Coral Gables and is one of Miami’s most desirable neighborhoods for professionals, families, retirees, and as well as celebrities and athletes. Slightly removed from the center of the action, living in Pinecrest will give you and your family peace-of-mind. One of the markers of this community is the highly rated public schools, and the lush Pinecrest Gardens where you can enjoy farmer’s markets and regular community events that bring everyone together.

Average home price: $1,318,904

Average $ per sq./ft.: $310

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003, or visit me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

 

References:

McCabe, K. (2018, March 23). Report: Millionaires flock to Miami, are richest in the US. Retrieved April 05, 2018, from https://miamiagentmagazine.com/2018/03/21/miami-richest-millionaires/?platform=hootsuite

 

Top 4 Exclusive Properties for Sale in Gables Estates

Imagine yourself basking in the South Florida sunshine year-round next to a shimmering blue pool in the backyard of your sleek Spanish Mediterranean mansion in one of the most exclusive communities in the world. This is the life you can lead as a homeowner in the prestigious community of Gables Estates in Coral Gables, Florida, a city in the Miami area.

Renowned industrialist Arthur Vining Davis developed this elegant and luxurious community in the late 50s and early 1960s when Miami was just beginning to grow into a major world city. Included within the gates of this highly secured oasis, where privacy and security are top priorities, are just 164 homes with deep-water waterways and vibrant foliage and gardens that wind through the estates. Not very far away from the cultural hubs of downtown Miami, the shops at Bal Harbour, Wynwood District, and the beautiful “Design District,” as well as being very close to the charming downtown Coral Gables’ numerous, top-rated restaurants, boutiques and upscale shopping, this family-friendly community is ideally located a short distance from everything that makes Miami the burgeoning arts, entertainment, and business hub that it is becoming today.

From Grand Spanish Mediterranean homes, to Art Deco and sleek modern designs, each home is perfectly designed for the luxury lifestyle. As one of the most exclusive communities in the United States, properties available range from $7.75 million to $49 million. The lucky elite who reside in these large estates tend to hold onto their homes, and therefore it is a rare opportunity to be able to buy property in this community.

With only 14 current listings, ranging in price from $7,750,000 to $49,000,000, you won’t want to miss the chance to find your dream home in this bit of paradise tucked along the water’s edge of “The City Beautiful.”

Here are the top four properties currently available for purchase in Gables Estates:

8815 Arvida Drive, $15,900,000

With a perfect setting on a 50,000 square foot waterfront lot, this 2017 classic Palladian home offers the absolute ideal backdrop for either lavish entertaining or cozy family affairs. The 12,839 square feet of the home offer a theater, large family room, gourmet cooks, eat-in kitchen, and master suite with his and her lavish baths and dressing room closets. With six bedrooms, eight full bathrooms and two half-baths, it would be hard to feel as if you are lacking space in this estate. Additionally, the home boasts a 4-car garage, covered terraces with a cabana, summer kitchen and sparkling, oversized pool. The backyard is a beautiful rolling lawn that connects the main house to the water, which is one of the best features any home can have in South Florida.

 515 Casuarina Concourse, $11,000,000

This home is pure stunning majesty in Gables Estates. An exquisite Palm Beach-style estate resplendent in exquisite details, the 12,492 square feet of living space inside this large home will make you feel as though you are living in a Marrakesh palace. The opulent spaces found throughout this estate, such as the spacious living rooms, interior bar and dining spaces, are perfect for grand scale entertaining as well as intimate family gatherings. The outdoor pavilions connected by magnificent walkways are the backdrop for the spectacular gardens featuring meandering paths. A tennis court pavilion cleverly hidden behind tall manicured hedges creates an all-encompassing experience for people with aesthetic and athletic interests. With eight bedrooms, eight full bathrooms, and two half-baths, this is an epic rare gem of a home.

135 Leucadendra Drive, $8,400,000

Spectacular views surround this contemporary home. This six-bedroom, five-bathroom family home features wide water views from the back and a landscaped cul-de-sac centered by the tennis courts from the front. Kids and adults alike will love the spacious playroom, perfect for billiards, movie watching, or large family gatherings. The beautifully positioned first floor master suite and office allows for convenience and privacy for the homeowner. In addition to the three-car garage, there is also a separate covered parking pavilion adjacent to the garage.

500 Arvida Parkway, $26,500,000

You don’t want to miss this absolutely stunning property, with an enviable water view and vibrant gardens throughout the property. You will be in awe of this beautiful 15,522 square foot home. With five bedrooms, and gorgeous amenities such as an elegant wine cellar, multiple rooms for office and library use, a home bar for entertainment purposes, multiple outdoor terraces, pool, and water views with dock space for a 100+ ft. yacht, this is one of the premier luxury properties in South Florida.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003, or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.