Property

August 2, 2022

State of the Market: Palmetto Bay + Pinecrest

Heading south on US-1 has been a growing trend in real estate for the past couple of years. Because of this, the state of the real estate market in Palmetto Bay and Pinecrest has been leaning heavily towards the sellers since early 2020.  Now, as interest rates are rising, what’s most interesting is how little has changed. Currently, there are 112 properties for sale in Pinecrest and 91 in Palmetto Bay. Housing Inventory in Palmetto Bay & Pinecrest The level of inventory is up from last year, but still well below pre-COVID levels of inventory (low inventory typically drives up prices). Homes in Palmetto Bay are currently selling with a median sale price of $1,017,000and Pinecrest homes are going for a median price of $2,623,000. These are both still […]
July 26, 2022

Is Waterfront Property Affordable Anymore?

With real estate booming in Miami, waterfront property is becoming increasingly unaffordable. The cost of living near water is rising faster than incomes, making it difficult for people to keep up with the cost of living. In some cases, people are being forced to move away from the water altogether.  While costs of properties across the board are rising in South Florida, there are a few other things to consider if you’re looking to purchase a waterfront property: Flood Insurance If you’re buying in a flood zone, which applies to many waterfront properties, you will be required to purchase flood insurance if you are getting a mortgage – read more about that here. Flood insurance covers any losses directly caused by […]
June 28, 2022

What Makes a Good Offer on a Property

Looking for your dream home can be a long, emotionally charged journey. So, when you finally find “the one,” you’ll need to jump right in and make an offer – and while it’s important to act quickly, it’s crucial to be smart and thorough when doing so. To ensure a smooth process, there are a few things you should do now so when you find the perfect home, you are prepared to come to the table with the strongest possible offer, especially in a competitive market like this. Get a Preapproval Letter for Your Mortgage This should be completed before you begin looking for a home. Sellers give preference to buyers who have pre-approval letters because it shows that you are a serious and qualified buyer. Although the […]