Miami’s Luxury Home Sales Up 24% in May

Gables Estates Home For Sale 515 Casurina

As the summer heats up, luxury homes in Miami continue to be a hot commodity. According to a report released by the Miami Association of Realtors, the total luxury sales ($1 million and above) were up 24 percent year-over-year in May 2018. Luxury condo sales boasted the largest increase with a 58.6 percent gain. Notably, both luxury single-family and condo properties sales have increased year-over-year in four of the last five months.

Savvy investors know that Miami offers a multitude of benefits in both lifestyle and financial gains, which is why the city continues to draw high-end buyers locally, nationally, and abroad. International buyers in particular have a history of a strong interest in our real estate market with no signs of slowing down as the city continues to develop and flourish.

Even as property values remain relatively steady, Miami is still competitively priced when compared to other major metropolitan areas. Combine that with low mortgage rates and tax advantages afforded by being a Florida resident, affluent buyers are more interested in the Miami area than ever before. If you are considering selling your luxury property, there may be no better time than the present to list it.

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.

 

 

 

What You Should Know about Homeowner’s Insurance When Buying a Home During Hurricane Season

Hurricane season is here until November 30th. Therefore, it’s important to take note of some crucial information about homeowner’s insurance, especially when purchasing a South Florida home this summer.

Check Your Policy & Deductible

Make sure your policy covers the full value of your home and not just a percentage. Additionally, check your deductible to know how much you will be responsible for in the event of a hurricane. Some deductibles in Florida can be up to 10% of the value of the home.

Homeowner’s Insurance Is Not Flood Insurance

When purchasing insurance for your new home, make sure you also get a policy for flood insurance. Homeowner’s insurance will not cover damage done by rising waters. Hurricanes can produce flooding in neighborhoods that aren’t in designated flood zones, so it’s important to make sure your home is protected.

Do Not Delay

Florida insurance companies can suspend binding of policies in the days leading up to a storm, so it’s essential that you ensure your policy is in place way in advance of a storm.

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.

 

Luxury Home Sales in Miami Continue to Rise

 The Miami luxury home market is having a fantastic 2018 and is continuing to prove to be strong through mid-year. With the new tax laws in place, many buyers are considering choosing a luxury home in Miami over homes in much higher taxed states, providing a flood of potential new buyers into the market.

Sales See Double-Digit Increases

At the beginning of 2018, sales volume and prices for luxury homes saw double-digit gains with a 16% increase over this time last year. Total luxury home sales were up by 12% in the first quarter with 421 homes sold compared to 375 last year, according to the Miami Association of Realtors.

March was a big month for luxury home sales with a 10% hike over March of 2017 sales, with 75 total homes sold this year compared to 68 last. With increased prices and quicker sales and high-demand for waterfront properties as primary or secondary homes, we are experiencing the Miami market becoming one of the fastest growing luxury markets.

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.