South Florida Real Estate Market outlook in 2021.

 

A little over a year ago, residential brokers and developers expected sales to slow down as the market for single-family homes and condominiums cooled. And when the coronavirus rapidly spread from the northeastern U.S. to the Sunbelt in early March, the local residential sector prepared for a catastrophe.

 

Then a trend began to take shape; high net worth individuals residing in New York and other states subject to tighter government restrictions began fleeing to the less restrictive confines of South Florida.

 

Since early summer, the residential market has soared. In November, total home sales reached nearly $4.3 billion in Miami-Dade, Broward, and Palm Beach counties, according to the Miami Association of Realtors. Single-family home sales dollar volume led the way, increasing by over 50 percent in each county in November, compared to the same period in 2019, when real estate experts predicted a slowdown.

 

This will boost the residential sales market in 2021 as the current cycle enters the expansion phase, according to more than a half-dozen leading brokers and developers.

 

Some of those experts discussed their projections in interviews with The Real Deal:

 

Dora Puig, founder, and principal broker of Luxe Living Realty:

"I am confident that momentum will continue through 2021. I haven't heard of new condo developments, but I have heard of developers selling existing condo projects. I think we are at 60% near the peak of a cycle. We have a way to go in 2021. I see the peak in the first or second quarter of 2022."

 

Mike Pappas, CEO, and president of Keyes Company:

"The luxury market has never been stronger than it is right now. It's the strongest I've ever seen. The only submarket that is down is homes under $500,000. Indicators show that we will sell more units in 2021 than were sold at 2020 and prices will continue to appreciate."

 

Nathan Zeder, associate and principal broker of Coldwell Banker's The Jills Zeder Group:

"We've seen some pretty significant price increases and you can't raise prices forever. But it's hard to say there will be a slowdown. Covid-19 hampered the condo market in the short term, but the market has been stable since 2016. If the single-family market gets too expensive, condos represent value."

Buy or Rent?

Without a doubt, choosing between buying or renting a home is one of the most difficult and important financial decisions you can make. Depending on which way you go, it will affect your finances in different ways.

 

In order to decide if renting is better than buying, or vice versa, it is necessary to evaluate our own circumstances, those of the market at that moment, and clearly understand the advantages and disadvantages of both.

 

Advantages of Renting

 

- You hardly need any savings to get started.

- The paperwork and steps to be taken are minimal.

- In case of a mistake, it is easier to make amends.

- You can have access to areas where you could not buy.

- It provides tax benefits to both the tenant and the owner, according to certain conditions.

- With the rent you have less expenses, since the taxes associated with the housing are assumed by the owner, unless different conditions are agreed upon in the contract.

 

Advantages of Buying

 

- The property is available for the purpose you want.

- It allows you to decorate and remodel it as you wish.

- In the long term it is usually revalued.

- It serves as a measure of future savings.

- Once paid, you no longer have a fixed monthly cost.

- Depending on the bank interest rate, it can be cheaper to live in your own property than renting.

 

No matter if you are looking for a property to buy or rent, our advisors are trained to help you throughout the process.

What you need to know if you are going to live in Florida

 

There are many reasons to move to Florida, and that is why the number of people who decide to move has been increasing over time.

Florida has a very pleasant weather; besides, it has beautiful beaches, many parks, spectacular natural parks, and an increasingly interesting educational offer for parents who want to give their children the best education.

However, if you are planning to move to Florida, we recommend you to take these tips into consideration:

1. Don't move to Florida during the summer

The weather in Florida can be very hot at this time of year. The temperature can reach up to 90 degrees F between the months of June and August. It is not the best idea to move to Florida during the warmer months.

2. You will see lots of wildlife, animals and creatures

When you move to Florida, you will see a lot of wildlife. It is one of the states in the USA with the most creatures, both large and small.

Alligators are common inhabitants of Florida. However, there are many more animals to see there. You can also find armadillos, pelicans, bald eagles, bears, and even American panthers.

3. Research the area where you will be moving

The entire state of Florida is built on limestone, a rock that causes sinking. If you move to Florida, you need to be 100% sure that the site is built in a non-sinking area.

4. Bring plenty of insect repellent with you

Since Florida is a state with a warm climate and high humidity, insects are a normal thing. There are at least 12,500 species of insects living in Florida.

But there's nothing that a little insect repellent can't solve! Buy some insect repellent to keep yourself safe.

Tips for a Safer Home

Few things are more exciting than moving to a new home, especially if it is your first home. And when it comes to what it’s ours, our family and our loved ones, there’s no such thing as “too many” security measures. In this article, we are going to give you some tips about security and how to keep your home safe in every possible way.

Neighborhood security has always been a priority for homebuyers, right next to finding an affordable home. Recent surveys have shown that 78% of the respondents felt like it was very important to replace or rekey their new home’s lock after moving in, which might sound a little bit obvious, but until the 1990s, only 50% felt this way. What changed? Is it a rising paranoia?

Justified or not, families keep investing in security measures every year and everywhere in America. Like we said, you can’t be “too safe” when it comes to your family’s wellbeing.

If you think that your home could probably be safer, here are some tips to finally achieve that peace of mind that you’ve always wanted:

1.      Paying a monthly fee for an alarm service can be a great investment to consider. It’s worth every penny, if you ask us.

2.      Make your home look occupied even when you are away. Use timers to turn the lights and the TV on and off at different hours of the day.

3.      Use warning signs even if they are not true. A little “beware of the dog” sign can do wonders against burglars who are always looking for the weakest house. If you want to go the extra mile, placing a dog food bowl near the back door can be a great idea.

4.      Light is essential. Make sure that your house is well lit on the outside and that there are no dark spots, especially near the entrances.

5.      Get to know your neighbors, even if you are not much of a people person. Having an extra pair of eyes right outside of your property can be very useful, and in case of an emergency, you can count on their help. And if you go on vacation, you can ask them to pick up your mail so your home won’t look empty.

6.      It doesn’t matter how safe your neighborhood might appear, always keep your valuables creatively hidden.

These are some simple pointers to consider whenever you move to a new neighborhood, or if you are already established in one and you would like to make your home a safer place. Most landlords and home sellers know about the importance of security, and they are already making some improvements to their properties to capture the interest of more and better buyers. If this is an important matter to you, remember to mention it to us at Gables Riches.

Five Reasons to Rent in Coral Gables

Moving into a new town can be a very stressful thing to do, especially if you are arriving somewhere you know nothing about. The good thing about South Florida is that its citizens are very friendly and always willing to help you. Still, if you’re deciding among Florida cities to move in, then here are five reasons why you should consider Coral Gables as your next destination, especially if you’re looking forward to renting a home.

1)     If you’re looking for comfort, then Coral Gables is your best option. You’ll find infinite amenities that will adapt to any lifestyle. It has one of the most unique public pools: the Venetian Pool. You’ll also find gyms, clubhouse facilities, bars, sports courts, a shopping district, all kinds of restaurants, libraries, and so much more.

2)     The Marina at Coral Gables is always an extra plus. If you’re a boat and sea lover, then you’ll find peace of mind at the Marina.

3)     If you have a family, education is always an important factor you need to think about. In Coral Gables you have excellent schools for your kids to study, and you also have the University of Miami for more advanced studies (which, by the way, was envisioned by the developers of Coral Gables).

4)     If you’re moving with your family, Coral Gables is perfect since it’s a very safe area for your kids. Also, Coral Gables offers big houses, with lots of rooms and bathrooms for your comfort. You have a great variety to choose from.

5)     Right now, there are lots of great rental deals. You can rent a home at Coral Gables for less than $1,400 a month. There are even 2-bed/2-bath units available for a family of three or even four members.

Check Gables Riches’ website for all the great rental deals Coral Gables has to offer: www.gablesriches.com. You can also contact us and we’ll take care of finding your dream home!