Miami Real Estate Investors Wanted!

Posted on by
Reply

Brickell_Citi_CentreBy now everyone is aware of the real estate rebound in Miami.  It seems new condo projects in Brickell and the surrounding areas are being announced on a daily basis in the Miami Herald.  What isn’t discussed as much is land holdings of Miami developers.

You can’t ignore the open fields in when driving through East Little Havana or Midtown.  In Brickell the land inventory is a bit more hidden because the investors are buying land with structures on them with intentions of tearing them down.

The last real estate boom is not too far in the past.  I recall prices rose first in the lower to middle priced sectors followed by the luxury market.  Demand fueled the desire for contractors to develop new homes which lead to increase in labor prices and material costs.  This demand resulted in a shortage of prime real estate to develop.

However, contractors will always be able to find cheaper alternatives to standard finishes.  An example of this was witnessed with Chinese dry wall.  Obviously not the best choice, but as prices go up developers will value engineer more aggressively using faux materials to maintain perceived value.  Some value engineering goes so far as to adopt a common method of a designer ready unit.  In other words, you get white walls and a concrete slab and no light fixtures leaving the rest for your imagination and checkbook to finish.

One thing contractors can’t control so easily is the supply of land.  There is only so much of Miami land to go around.  As a result the price of land will inordinately dictate the price of a home as the market continues to heat up.  For this reason, land is an attractive investment to diversify your real estate holdings.

Call me today to make a vacant land a new part of your real estate portfolio.

James McCloskey | 305.209.2929 | james@mccloskeyllc.com

I am a Miami real estate specialist, covering Brickell, Coconut Grove, Coral Gables, the Miami Beaches, Key Biscayne, Miami Shores, South Miami, and Dadeland.  If you would like to schedule a no obligation buyer or seller consultation, please call 305.209.2929.

 

Coconut Grove Fixer-Upper Sale

Posted on by
Reply

Yesterday I had a client call me about purchasing a fixer-upper (aka handyman special) in South Coconut Grove that he could buy cheaply and flip to sell for a sizable profit.  The Coconut Grove home he called about was selling above $325 per square foot. With prices in the immediate area of South Coconut Grove for the last six months ranging from $200 to $400+ a square foot, this is not the type of bargain a sophisticated investor is looking for.

If you want to make an educated decision in purchasing a fixer-upper in Coconut Grove, looking into the number is important.  So that is exactly what I did:

South Coconut Grove by the Numbers:

 Last 6 Months List Price per Sq. Ft. Sale Price per Sq. Ft.
Median $397 $333
Average $410 $336
Highest $772 $533
Lowest $211 $208

As you can see, South Coconut Grove homes are selling for about 20% less than both the average and median asking price.

Of course numbers aren’t everything.  When evaluating the price of a Coconut Grove home other significant factors come in to play such as location, lot size, as well as features and condition of the home.

Sometimes finding a fixer upper can be challenging, requiring the investor to dig deep.  In addition to finding properties on the MLS, I have access to a large database of short sales, REOs (or real estate owned) and pre-foreclosure properties in Coconut Grove that are not on the market yet.

If you are looking to invest (be it a foreclosure, REO, short sale or not) in Coconut Grove, Silver Bluff, Shenandoah, Coral Gables, Coral Way, The Roads, Brickell or Miami Beach, call me today to get started.  305.209.2929. You can also send an e-mail to james@mccloskeyllc.com

Vue at Brickell Foreclosure (Short Sale)

Posted on by
Reply

Vue at BrickellA 2 bedroom / 2 bathroom in the heart of Brickell, and just steps from Mary Brickell Village is priced at $286 per square foot at Vue at Brickell.

In evaluating the price, one should note a Vue at Brickell unit sold just last month, which was slightly larger, on the same floor, and with a similar view (also a short sale) above the asking price of $260,000 for $278,000 or $246 per square foot.

In deciding whether to invest in a condo building, investors should always consider the pet policy.  The Vue at Brickell pet policy is friendly to both owners and renters. Unlike many condo buildings in the Brickell area, the Vue allows renters to have pets which means that the unit is available to a larger group of people looking to rent, which results in higher premium to rent, as well as shorter time period to rent.

Vue at Brickell, located at 1250 South Miami Avenue, Miami, FL 33130, offers resort style health club, heated pool, sundeck, covered parking with controlled access, 24 hour security and valet service, business center, concierge service and club room.

Looking for the perfect investment opportunity in the Brickell, Coral Gables, Coconut Grove, Miami Beach or surrounding areas? Call James McCloskey today at 305.209.2929 for a free consultation to discuss your real estate needs.

BRICKELL INVESTMENT OPPORTUNITY

Posted on by
Reply

With prices going up it’s becoming increasingly more difficult to find an affordable investment grade property that generates enough cash-flow to justify the purchase in the Brickell Miami area.

This condo located in the Roads section of Miami is unique in that it is east of I-95 making easily accessible to the Brickell area.

This Brickell area condo is a two bedroom and one bathroom priced at $189,000.  There is a lot of natural light and views of the Brickell skyline from the apartment.

Centrally located, this Brickell condo is within walking distance to Mary Brickell Village and Brickell Station allowing convenient access to both the MetroMover and MetroRail.

Other factors to be considered when purchasing this Brickell condo as an investment:

  • Brickell View condos of this size have rented for as much as $1650 per month.
  • 2012 taxes are $1812.12.
  • The monthly maintenance at $151 a month.

This Brickell area condo has the possibility of providing an estimated positive cash-flow of $1348 per month or 8.6% annual yield on investment .

Interested in selling, buying, or renting a condo in Brickell, Downtown Miami, Midtown or surrounding areas.  Contact me today for up to the minute market availability and pricing at (305) 209-2929.  JAMES MCCLOSKEY

How to prevent credit inquiries from damaging credit when rate shopping

Posted on by
Reply

How many times have you heard a mortgage broker say “it’s ok the credit bureau merges the credit inquiries together and they are treated as one.

That’s not always true. A lot depends on which scoring model your lender uses.

According to myfico.com ” the score ignores mortgage…inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won’t affect your score while you’re rate shopping… [However,] [f]or FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.”

Still shopping for a home? What if 15, 30, or 45 days is not long enough?

One approach is to obtain your credit from all three bureaus when rate shopping. Advise your lender of your credit scores, debt and income. Then ask for a copy of the good faith estimate, so you are comparing apples to apples. 

Although this approach does not lead to a pre-approval letter, it allows you to rate shop without lowering your credit score due to multiple inquiries.

If you would like a mortgage broker recommendation, please call me now at (305) 209-2929.

James McCloskey LLC Realtor

Market Update for Downtown / Brickell Condos for Rent

Posted on by
Reply

The Downtown and Brickell area Condo rental market is hot, evidenced by current prices.  Currently, there is one studio on Brickell that is for rent at $990 per month.  However, that condo has multiple offers on it.  Therefore, at the moment, there are no 1 bedrooms or studio condos in Downtown or Brickell priced below $1200 per month.

The least expensive one bedroom condo in Downtown Miami is listed at $1250 per month at Flagler First Condominiums, while Brickell has a one bedroom condo for $1400 at Parkview at Brickell Condos.  These prices are simply indicative of the lower inventory levels.

At the sub $1200 level, many condos can still be rented in South Beach.  A South Beach condo is a great alternative to Downtown or Brickell, because it still offers the same conveniences of nightlife and award winning restaurants, yet is just a short drive from the Downtown / Brickell area.

Note, when comaparing condo to rent, in either Brickell, Downtown, or South Beach, one must be reminded of the fact that condo prices are not all the same, because some include parking, cable, or Internet, while other condos do not.

Now makes a great time to invest in Miami condos.

Interested in selling, buying, or renting a Condo in Downtown, Brickell, or surrounding areas.  Contact me today for up to the minute market availability and pricing at (305) 209-2929.  JAMES MCCLOSKEY LLC Realtor

MyBrickell Condos For Sale

Posted on by
Reply

Related Group’s newest addition to the Miami skyline – MyBrickell.  Still under construction, this building is positioned between Brickell on the River and 500 Brickell.  It is centrally located allowing effortless walks to Downtown, Mary Brickell Village and Brickell Avenue.  Also,  MyBrickell is just moments away from Miami Beach and Key Biscayne by car.  

Building designer Karim Rashid describes his new development as “[p]ositive energy, heightened experiences, modern design, comfort, and spiritual well being – a place for new contemporary experiences – to enjoy, relax, socialize, work, and engage in new experiences that are memorable.”

With units starting at just $256k, buying at these prices makes it easy for first time buyers,  an investment to rent or have as vacation home.

To learn more about this opportunity and other Miami New Construction Condos CONTACT ME TODAY @ (305) 209-2929 or james@micondosucondo.com

Affordable Luxury in a Hot Market

Posted on by
Reply

Despite the recent run up in prices, deals can still be found in the Miami Condo market.  One such opportunity exits at the Mint at the Riverfront.  A high-rise luxury building with on-site spa, gym and lap pool, as well as acres to play in a secure gated community.  Mint is convient to Brickell and Downtown.  With easy access to I-95, Midtown, Miami Beach, Coral Gables, Coconut Grove and surrounding areas are just minutes away.

Downtown | Brickell Luxury CondosA high floor one bedroom one bath unit with porcelain floors, European stainless steel appliances, and washer/dryer in unit is available.  Rent includes water, cable and high speed internet.

At $1,700 a month – it’s a steal!

For more information on this unit or information on other luxury buildings contact James McCloskey LLC at (305) 209-2929.

Brickell CitiCentre Construction Underway

Posted on by
Reply

Miami Real Estate Condos

Last night I noticed something out of the ordinary for Miami, as of late, construction at night. If you look at the photo carefully you will notice bright lights along Miami avenue.  That’s right, these are backhoe’s digging at 11:00 pm.  They are creating an underground parking garage.  The construction of Brickell Citi Centre, being developed by Swire Properties, began a couple month back with the demolition of the Brickell Tennis Club.

The 4.6 million square foot project, on over 9.1 acres, will consist of a hotel, two residential towers, an office building and retail space, including a movie theater, bowling alley and nightclubs as well as restaurants and cafes.  The Brickell project will be interconnected making it a “city within a city.”

Are you interested in buying or selling real estate in Miami?  Contact me today to discuss your individual real estate needs.  (305) 209-2929 – James McCloskey LLC Realtor