About Miami Beach's Miami Beach Real Estate

As the nation’s eighth-largest metropolitan area, Miami has been helped by several forces in Miami’s real estate market boom in recent years. With $430 billion in economic output it has become the hub of the South Florida economic region.

Because of Miami’s draw for international buyers Miami is not just a resort destination, but a global economic spike. Miami fills an intriguing niche in the global economy, which combines elements of a global economic and financial center also an international resort and second-home destination. Bal Harbour, Sunny Isles Beach and Downtown Miami are some of the communities that have seen the highest growth.

If you are thinking about purchasing Miami Beach real estate and are in a wait and hold mode, you may be about to miss the boat. Seriously. In fact for some of you, it may be too late to get that rock bottom price. I don't hold a crystal ball but I can tell you that the market is moving.

I keep receiving emails from some out of town buyers stating how they are not in hurry, they want to wait to find a good deal. Unfortunately while they are waiting, other buyers are here in town and buying property.

Now, I am sure you may question my motives because the media constantly sends mixed messages; it's up, it's down ....lots of "shadow inventory". But what I can tell you is that so far since the market crashed here, the banks have slowly released their foreclosure inventory, often to pent up buyers who pay all cash and bid the properties up in a bidding war. We haven't seen a quick release of property, rather a slow release which has created a lot of pent up demand for popular buildings.

One building, The Caribbean, a new high rise oceanfront property, was in foreclosure in 2009. It was purchased by a new group and then released back on the market last year. Within months the entire building was sold and now only two developer units remain.

I just pulled this chart of my trendgraphixs report for 33139, 33140, 33141 Single Family and Condo home inventory. Note how the inventory is slowing decreasing, pending is going up and solds are up too. Also note the rise in percentages at the bottom of the graph.

If you are seriously thinking about buying Miami Beach real estate and want to get a good deal, don't wait. The market is definitely moving and the numbers prove it. Maybe you saw this video that I posted earlier but if you didn't here is more evidence of why to buy now: Check out this video because this is also what we are experiencing.

All information provided is deemed reliable but is not guaranteed and should be independently verified.

Thinking of selling your Miami Beach condo? Interested in finding out the current market value of your single family home, condo or investment property?

Then call Jamey Prezzi at 305-793-8965 or email at: jameyprezzi@gmail.com to discuss what is happening in today’s Miami Beach Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a condo or home.

View additional Miami Beach Real Estate. Copyright © By Jamey Prezzi 2011 * All Rights Reserved* Tick Tock, Tick Tock Are You About to Miss a Great Miami Beach Real Estate Deal?

If you are thinking about renting your Miami Beach luxury condo the good news is that Miami Beach is definitely a good renter’s market. In fact the renting market is a sub market of the main residential real estate market in Miami Beach. Most owners hire real estate agents to place the properties on the MLS to rent, assist with the lease, the deposits and the application process.

One important thing to know is that not all agents participate in the rental market. So be sure you are hire an agent who knows the rental market, knows how to get the job done and get you the most money for your rental property.

Here are a few tips that should help you rent your Miami Beach luxury condo fast & for the most money:

1. Hire an agent who has experience in the rental market.
2. Make sure that really good pictures are taken of the property for marketing.
3. Be sure that the property is syndicated online through all of the proper marketing channels. (*Most renters start their search online, you have to be sure that your listing has a strong Internet presence.)
4. I would prefer that the agent list the property as “ok to advertise” so that other renter agents can also advertise the property and the property gets maximum exposure (some brokerages have rules on this so ask your agent.)
5. Be sure the property is in “it’s best shape possible”, prior to showings. Often people wait to do repairs until the property is under contract with a tenant and unfortunately I feel strongly that some times this decreases the monthly rent price in the end.
6. Test everything and make sure it’s in working order prior to showings.
7. Hire an agent who shows the property with confidence. You would not believe how much better this is rather than throwing the unit on a lock box. It sets a better impression and ultimately it leads to a better trust factor.
8. Be sure your agent is easy to reach and returns calls fast. Renters and renters’ agents work fast. Time is of the essence in returning showing appointment calls and showing the unit.
9. Are you paid to date on your maintenance? Most buildings will not allow you to rent your property unless you are up to date on association fees. Be sure to double check on your status and make it right before renting.
10. Think about how you will manage the property during the year, collect the renter and take care of maintenance issues.

Good luck with renting your Miami Beach luxury condo and if you ever need help know that we are an email or phone call away.

Copyright © By Jamey Prezzi 2010 * All Rights Reserved*Miami Beach Luxury Condo

In today’s Miami Beach Luxury Rental question, I have a question that is fairly common and misunderstood. The question comes from an email from a recent rental client.

Jamey, if I want to see a property listed by another agent, do I need to call that agent or call you? Also I keep finding a lot of listings on Craigslist that you are not sending me. Why am I not getting those listings?

Thanks,

Anne Marie

Anne Marie this is a great question an often misunderstood by many people looking to rent in the Miami Beach area. First I think it’s best that I explain a typical renting process in the Miami Beach area.

In a typical building in Miami Beach there are hundreds of units. Most of these units are owned by individual owners. Many owners do not have the time to market and find a renter for their property. So it has become a fairly standard process for Miami Beach condo owners to hire real estate agents to list their property for rent in the MLS, secure a tenant, assist with the lease and application process.

Although the owner’s agent can list the property and find the renter, it’s more common for two agents to be involved in the process thus the owner’s agent and the renter’s agent.

Generally speaking (& I have never had it happen any other way in the last 4 years) the owner pays the agents’ commissions.

There is often a misconception that if the renter goes directly to the owner’s agent that he will get a better deal, however it is very likely that this is not the case because the commissions are already built into the listing agreement in advance. So if there are two agents they split it, if there is one agent that one agent gets the full amount.

Although a renter could go directly to the owner’s agent, I personally think that it’s in the renter’s best interest to find an agent that they trust and like working with and work with only that one agent. (In fact it’s kind of taboo and in our business and unethical to work with renters who are working with many different agents….. that’s why most good agents ask you in advance if you are working with other agents and going forward they ask for your word to be committed to working only with them.) **Honestly we have access to the same Miami Beach Luxury rental database so it doesn’t make sense to use five different agents.

On the Craiglist issue, although Craiglist is a great place to start looking for rentals, it is often not the true picture of the availability of inventory. Often the owner’s agent gives other agents permission to advertise their rental listing because it’s more exposure for the property. So if you see the same listing 5 times on Craigslist or other Internet portals, it can be a little confusing. Craigslist is usually a one shot deal. Meaning the agent advertises the listing and then a few weeks later the listing expires on Craigslist. Rarely are these listings updated and removed when the property goes under contract.

This is why it’s best to hire one agent to work for you so that they can call through the listings on the MLS, check availability and make appointments with everything that you want to see in one shot. It’s most efficient and it’s more practical.

So find one agent who you think will be a good match for you and work one on one with them to find your next rental.

It would be our pleasure to help you with buying or selling a Miami Beach Luxury Home or Condo. Ognjen & Jamey Prezzi are Miami Beach Luxury Home & Condo specialists and we welcome the opportunity to help you buy or sell in Miami Beach Real Estate.

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Call us today: 305-439-7511 Email me: ojprezzi@gmail.com

Copyright © By Jamey Prezzi 2010 * All Rights Reserved* Miami Beach Luxury Rental Question of the Day

Miami Beach Real Estate is one of the most sought after real estate markets and Miami Beach, Florida is one of the most amazing places on the planet and it is an island off the Miami Mainland that stretches north to south from 1st street up to approximately 87th street and east to west from the Atlantic Ocean to Biscayne Bay. Miami Beach is home to some of the most amazing homes, condos and apartments in the world.

View Miami Beach Real Estate in a larger map

Miami Beach is an American Riviera with 7 miles of beautiful sandy beaches, multi-million dollar real estate, world class shopping, restaurants, night venues and 3 golf courses. The city is full of history, culture and diversity.

The location of Miami Beach makes the real estate very attractive because there are bay front homes, ocean front condos, single family neighborhoods and more. It attracts buyers from all over the world. The buyers interested in purchasing Miami Beach real estate are first time buyers, second home buyers, investors, international people and locals who live full time in the city.

The Miami Beach Real Estate prices are currently very low compared to past years. However the Miami real estate market is still one of the hottest markets in the country.

When you decide to make a Miami Beach Real Estate purchase you have to do your homework. One of the best ways is to compare closed prices in last six months of the properties in the same buildings (if you purchasing the condo) or areas (if you purchasing house). We will compile all of the data for you so you can make the best possible decision.

Copyright © By Jamey Prezzi 2010 * All Rights Reserved*Miami Beach Real Estate