Archive for: April, 2016

Q1 Market Update 2016

Median prices in Miami continue to stay significantly below the peak of 2007. Compared to other world-class cities, Miami real estate remains a bargain. Domestic and International clients showed how desirable Miami is – in February the total dollar sales volume in single-family homes increased 7% compared to the previous year. This email is a quick market update for Area 41.  For those unfamiliar, Area 41 covers: Brickell, Coral Gables, Coconut Grove and South Miami.  The graphs below are broken down by Single Family Homes and Condo/Townhouses in the $500K-$1M category.  I have much more information on other luxury categories of which I can share as requested. For Sale vs Sold // $500K – $1M SINGLE FAMILY HOMES CONDOS – TOWNHOMES There is about 7 months supply of inventory for single family homes in this category. A balanced market is 6 months. The inventory is high but homes that are priced correctly are selling.  As we go through this market correction it is important for sellers to price their homes correctly and be ahead of the market as to not be left behind.   The condo market is at 30+ months supply.  A balanced condo market is approx 9 months. Buyers should NOT shy away.  As Warren Buffet (who bought EWM in 2003) says “when people are running away from something, run towards it”.  This is still Miami folks. There will always be a desire for real estate in South Florida. If you have cash or solid financing in place you could find tremendous value in an appreciating and desirable area. We are currently experiencing a market…

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Lady Zaha

Many were sadden to hear the news of the passing of Zaha Hadid last Thursday. She was a pioneer and an inspiration to many women in architecture.  It’s very difficult for women to succeed in a male dominated field (especially a Muslim woman) but she was an example of grit and fearlessness.  Zaha had a very important role in engendering a sense of equality.  Much like her designs she was known to be a one of a kind personality.  One writer had referred to her as the “Lady Gaga of Architecture” or even more fitting “Lady Zaha”. In 1972 she traveled to London to study at the Architectural Association, a major centre of progressive architectural thought during the 1970s. There she met the architects Elia Zenghelis and Rem Koolhaas with whom she would collaborate as a partner at the Office of Metropolitan Architecture, OMA. Hadid established her own London-based firm in 1979.   In 2004, Hadid became the first woman to be awarded the Pritzker Architecture Prize.  She twice won the UK’s most prestigious architecture award, the RIBA Stirling Prize in 2010 for the design of the MAXXI Museum in Rome and in 2011 for the Evelyn Grace Academy in London. In 2016 she was awarded RIBA’s Gold Medal for her work. Zaha Hadid had many ongoing projects which her firm will continue to develop. One of those projects is currently under construction in Miami, right on Biscayne Blvd. One Thousand Museum is an ultra-luxury condo development. Once completed, One Thousand Museum, will be one of the most spectacular residential developments in the world. The residential project takes its…

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