Average Condo-Townhouse Price: Year-to-date May 2010 vs Year-to-date May 2014
Below graph details the comparison between the average condo-townhouse price in 2010 versus 2014 by city. For example. Kendall’s average condo-townhouse price year-to-date May 2010 was $106,239. Such average price has risen to $147,885 year-to-date May 2014.
Days On Market or DOM – Condo-Townhouse: Year-to-date May 2014
The below chart shows the number of days a property stays in the market for sale until it is sold. For example. Kendall’s DOM year-to-date May 2014 is 123 days. In other words, on average…from the moment a condo-townhouse hits the market for sale until it is sold is approximately 123 days.
Transaction Type – Condo-Townhouse: Year-to-date May 2014
The below graph details the type of sales taking place by city. For example. In Kendall…29% of all sold condo-townhouses are bank owned. Fifty-four percent are regular sales. And 17% of all sold condo-townhouses are short sales.
Average Home Price – Single Family: Year-to-date May 2010 vs Year-to-date May 2014
Below graph details the comparison between the average home price in 2010 versus 2014 by city. For example. Kendall’s average home price year-to-date May 2010 was 273,875. Such average price has risen to $341,090 year-to-date May 2014.
Days On Market or DOM – Single Family: Year-to-date May 2014
The below chart shows the number of days a property stays in the market for sale until it is sold. For example. Kendall’s DOM year-to-date May 2014 is 121 days. In other words, on average…from the moment a home hits the market for sale until it is sold is approximately 121 days.
Transaction Type – Single Family: Year-to-date May 2014
The below graph details the type of sales taking place by city. For example. In Kendall…16% of all sold properties are bank owned. 70% are regular sales. And 13% of all sold homes are short sales.
So today I had a good friend call me to help him, his wife and two kids find a single family home for under $300,000. So here is the lowdown based on my search.
West of the Florida Turnpike, and from 8th street all the way to 120th street, you’ll easily get a home with a small or medium size yard. One car garage (maybe two) and most likely no association. And living space hovering 2,000 square feet. And possibly with a pool.
Now..say in between the Florida Turnpike and Palmetto Bay? Bells and whistles begin to get chopped. Now you are looking at a small lot, or a medium sized home under 2,000 square feet under AC. And most likely the home will be in need of a considerable repairs or upgrades (five years of roof left, replacement of AC, kitchen in need of gutting, etc).
And most likely you will only be able to buy it cash of via a conventional loan. No FHA. And its not that the homes don’t qualify for FHA. Its the competition (other buyers). They are strong and willing to put down the necessary “mula” to get the deal done…not just 3.5% down payment.
East of Palmetto Bay? Good luck. Unless you have $300,000 in cash. Only then will your be able to buy a property in need of major repairs…to the point where the home is not finance-able. Or you can always settle for land 😦
Times are changing and changing quickly. Prices are moving up and not just in our neck of the woods, but also throughout the United States. And although rumors are that prices will flatten out in 2014…they are only a rumors.
ONE – The People: Let me say something up front. I love Miami. I grew up here and I have lived here all my life. I have been blessed to travel to many places around the globe and still choose to come back to Miami…because of the reasons to live here.
The water, the city, the food…it all rocks. However…the people…that is where it gets complicated. Here is my formula. 33% of Miami’s people are really nice. The other 33% are cordial…they’ll greet and go. And the remaining 33.9% are dead-right…not nice.
Now…a good chunk of the 33% of really nice people I have to say live in Kendall, Pinecrest or Palmetto Bay…in my opinion.
I remembered when I moved here, neighbors were bringing me cookies and welcome flowers. Holy Molly! I was so shocked I had to ask my wife…are we still in Dade County? I even had a neighbor bring me a pot of candy…and I don’t even like candy! Needless to say…the latter is just a sample of my run-ins with people out here. Out here…people are extraordinary.
TWO – Silence: No am not dead. And its not that I actually look for silence, but it’s great to have it as an option. When I used to live with my parents near Coral Gables…it rocked for the most part. The homes are somewhat in close proximity to the street. So every time you hear a wanna-be-gangsta blasting their stereo to the beat of Snoop Dog at 2 am…that sucked. BTW…am a fan of snoop…so no harm on him.
Or…get this. Parties. I love parties. Am Hispanic ..my mom gave birth to me in the middle of a party…it’s in my blood. But not on a Wednesday night when you just got home from having a few too many drinks with your buddies and you have to get up Thursday at 7 am to get ready for work. That sucks.
So having the option of silence where you live is great. In these areas, the loudest thing you’ll hear are the dogs barking at the squirrels. Am serious.
THREE – More Bang for the Buck: Palmetto Bay home lots average about 12,000 square feet and you can easily find those 15,000 square foot ones without worrying of how you are going to feed your kids next month. Yes…you may be sacrificing space for location, but…location is a relative word if you plan to not only live here but also work. Want a pool? You’ll have space. Want dogs? They’ll have space. Want Mangos? You’ll have space? Get the point?
I personally wasn’t a fan of living here until I got married. I was shooting for South Miami or Coconut Grove. And now that I got a taste of it…am hooked. The only downside is that “proper” lawn care can get pricey. And am not just talking about cutting the lawn and blowing off leaves. Am talking about lawn fertilizer, sprinkler system, weed control….the works. My lawn needs more care than my two-year old…it blows. But it’s a great feeling to come home to my beautiful house surrounded with thick and well manicured landscaping. It’s worth the buck.
Mario Avalos 