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Coconut Grove estate sells for record $107M

Adrienne Arsht, a Miami businesswoman and philanthropist, sold her waterfront Coconut Grove compound consisting of two homes for $106.9 million, marking a record in Miami-Dade County.

The price is a 29 percent discount from the $150 million asking price from January, when the property hit the market. Still, it is the first time a residential sale surpassed the $100 million mark.

The deal beats the previous record in Miami-Dade, technology company InterSystems founder Phillip Ragon’s $93 million three-house purchase this summer in Golden Beach.

(source: therealdeal.com, picture: compass.com)

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20
SEP
2022

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$107M, 2022, Coconut Grove, condo, florida, home, investment, luxury, Miami, miami dade, real estate, record, south florida

A third of U.S. home sales comes from Cash Buyers

Posted by: Riccardo Ravasini

More and more homebuyers and investors are coming to the negotiating table and closing deals with cash in hand.

A third of all U.S. single-family homes and condominiums sold in the second quarter were purchased with cash, up from 20.6% a year prior, the highest percentage since the first quarter of 2015.

In New York the figure is 52%, but some metro areas saw even higher percentages. The highest was on the Rust Belt due to the late 20th-century loss of manufacturing jobs. In fact, in Buffalo and Detroit, the cash sales were 71% and 68%, respectively.

In general, bargain-hunting and single-family rental investors ...

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21
SEP
2021

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cash buyers, home, investors, real estate market, united states, USA

Buying in South Florida? We have five tips for prospective new homeowners

Posted by: Riccardo Ravasini

A favorable tax environment, company expansions, the trend of working remotely and, yes, the climate are drawing more residents from California, Chicago and states across the northeast.

Here are five tools and tips to makes the search easier:

▪ Set a realistic budget: Real estate experts recommend that buyers spend a maximum of three-and-a-half times their annual income on a home purchase. A household that earns a total of $100,000, for example, could spend up to $350,000 on a condo or house.

▪ ...

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27
APR
2021

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broward, budget, buyers, buying, condo, family, florida, home, homestead, investment, Miami, real estate, signle, south florida, south miami, tips

Miami: House prices are falling, Condos are still on the rise

Posted by: Riccardo Ravasini

South Florida house hunters may finally be catching a break. After months of increases, the median price for single-family homes appears to be stabilizing.

MIAMI-DADE

The total number of residential home sales rose by +33.5% year to year, from 1,862 in February 2020 to 2,485 in February 2021. Sales increased by +23.6% for single-family homes and by +42.3% for condos. Miami-Dade has 2.8 months of supply of single-family homes and 10.2 months of inventory for condos. A balanced market consists of six-to-nine ...

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26
APR
2021

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2021, broward, condo, condos, dade, family, home, Miami, real estate, single, south florida

US home prices jump at record rate

Posted by: Riccardo Ravasini

Home prices are on the up, but that may lead to trouble in the future.

The median cost of a single-family home jumped 12 percent in the third quarter to $313,500, marking the biggest year-over-year increase since 2013, according to data from the National Association of Realtors that was first reported by Bloomberg.

“Favorable mortgage rates will continue to bring fresh buyers to the market,” said Lawrence Yun, NAR’s chief economist. “However, the affordability situation will not improve even ...

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27
NOV
2020

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coronavirus, covid, home, market, mortgages, prices, real estate, sigle family, us, USA

The COVID effect: The surprising impact of the pandemic on Miami-Dade real estate

Posted by: Riccardo Ravasini

Months of stay-at-home orders, growing numbers of infections and deaths, working remotely while the kids are attending school in the next room, stop-and-start business closures, and no end in sight to the COVID-19 pandemichave all had an unexpected impact on Miami-Dade’s real estate market. It’s just not what you probably think it is.

COVID-19 has turned out to ...

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26
OCT
2020

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buy, buyers, condo, coronavirus, covid, dade, domestic, edgrwater, family, foreign, home, impact, market, Miami, pandemic, real estate, record, report, sell, single, south florida, us, USA