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 High-End Art Collectors Look for in a Home

When you’re ready to sell a luxury home, it’s important to understand that potential buyers may be just as discerning as you are when it comes to understanding the market trends and considering high-end homes for purchase. Creating a home environment that appeals to the buyers you are targeting is one of the ways that you can increase the value of your home, as well as move it quickly off the market and into the hands of someone who will appreciate it.

In 2017, the Knight-Frank Luxury Investment Index ranked art as the top-performing asset in luxury real estate, outperforming previous winners such as wine and classic cars. This means that art walls are not just eye-catching, but are an essential asset of luxury home style and décor. More art collectors are looking for homes that can house their expansive collections of collectible artwork, which means that luxury homeowners should consider how to make their home art collector-ready.

Home Reflects Passion

When someone invests in a luxury home, he or she is investing in something that reflects his or her passion. The choice of location and style of the home are aspects of a property that indicate who the homeowner is as a person. When serious art collectors are looking for their next home investment, they will need a space that can house pieces of artwork that reflect who they are.

Typically, this means they need spaces within the home that have at least 10-foot ceilings with the ideal height being closer to 12-15 feet high. Wide wall space is also a necessary component of a luxury home art gallery. Some prospective buyers will look for studio space on the property outside of the home, such as a pool house or cottage on the property that could act as a gallery in itself. Landscaping is also important, especially in South Florida. Many serious art collectors will want to showcase art such as sculptures around the property and not just use the space inside. Therefore, it’s essential that homeowners begin to think about how they want to present their home as an ideal spot for art collectors.

Overlap Between Luxury Home Buyers and Art Collectors

Luxury homebuyers and serious art collectors often overlap, especially because many collections and even some single pieces of artwork can out value a home itself. Place and space add to the experience of purchasing a luxury home with art in mind. Strategically placed art can be the finishing touch that prompts a buyer to choose your property, especially if that buyer sees the value in having his own collection in that space. Some buyers may find your home art galleries so enticing that they may offer to purchase the artwork with the home, which can significantly increase the value of the property depending on the quality of the art piece.

Miami is a Hotspot for Collectors

Miami is a popular international destination for art collectors. Many of these high-end buyers are looking for homes that can hold collections even before those collections exist.  When they come to Miami for significant art events such as Art Basel, they are also looking for a luxury home where they can showcase the unique pieces they acquire from prestigious artists visiting Miami. These buyers are looking specifically for South Florida luxury homes designed with art in mind.

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.

References:

Bessone, L. (n.d.). The Art of the Collection: In-Home Art Curating. Retrieved from https://luxurydefined.christiesrealestate.com/blog/market-insights/the-art-of-the-collection-in-home-art-curating

The long-established links between property and art. (n.d.). Retrieved from http://www.knightfrank.com/wealthreport/2018/luxury-spending/home-is-where-the-art-is

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.