1. Home
  2. Miami Market Report August 2021

Miami Market Report August 2021

 

Inventory levels remain low and prices continue to rise. Demand for Miami real estate continues and it is now the #1 migration destination in the US. (read article).

The average sold price for single-family homes in Miami-Dade was up 32% to $996K August 2021 year-over-year.  The number of closed sales was down by -13% during the same period due to lack of inventory.

August 2021 vs Year-Over Year
Avg Sold Price:         $996K up +32%
# Sold:                       1,247 down -13%
Months of Inv:         2.3 down -18%

The market is HOT. However, there are signs that the market is beginning to stabilize. For example, the number of single-family homes sold in Miami-Dade County are now at pre-pandemic levels. Click here to view FULL report.

Many buyers are opting to buy a condo or townhome instead of dealing with the price surge of single-family homes.  The number of sales for condos/townhomes increased by +52% in August 2021 year-over-year.  Average price sold increased by 32% to $553K during the same period.

August 2021 vs Year-Over Year
Avg Sold Price:         $553K up +32%
# Sold:                       1,907 up +52%
Months of Inv:         4.3 down -63%

The condo/townhome market is also showing signs that it may have already peaked.  For example, the average sold price per square foot is down from the peak in May 2021.  Average sold price per sq ft for condos/townhomes was $496 in May 2021 and it went down to $413 in August 2021.

Click here to view FULL report.

Looking to move? Call us first. We are the real estate specialist.

Connect with us:
Website: https://www.property305.com​​
Instagram: https://www.instagram.com/rebecacastellongroup/
Facebook: https://www.facebook.com/rebecacastellongroup

Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

 

About
  1. Home
  2. Migration To Miami Tripled In A Year & Becomes Top Migration Destination

Migration To Miami Tripled In A Year & Becomes Top Migration Destination

Migration to Miami has tripled in a year and it is now the top migration destination in the US, according to Seattle-based Redfin.  Now that many people are working remotely, they are choosing to move to Miami for its lifestyle and tax benefits.

This is the first time ever that Miami topped Redfin’s monthly rankings, which measures net inflow from other metro areas. Miami has been consistently in the top 10 since the list was created in 2017.

The estimated net inflow of people to Miami was three times (3X) higher in July 2021 compared to July 2020.

The top origin of those looking to move to Miami is New York, the report said.

The analysis is based on a sample of about 2 million Redfin.com users who searched for homes across 112 metro areas.

Only users who viewed at least 10 homes in a particular metro area, are included, in order to exclude those unlikely to be actually considering a move. At least 80% of the user’s searches must have been made in that metro, in order to further narrow the list.

San Francisco was the biggest loser, with net outflow nearly 50% higher than last year. Los Angeles, New York, Washington, D.C., and Boston rounded out the top five areas seeing the highest net outflow.

Companies are also moving to Miami or expanding their presence.  Earlier this month, Microsoft announced that it signed a 50,000 sq ft lease in Brickell.

Where do you want to move to?

Connect with us:
Website: https://www.property305.com​​
Instagram: https://www.instagram.com/rebecacastellongroup/
Facebook: https://www.facebook.com/rebecacastellongroup

Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

About
  1. Home
  2. Microsoft Signs 50,000 Sq Ft Lease In Miami

Microsoft Signs 50,000 Sq Ft Lease In Miami

Microsoft has finally landed in Miami. Earlier this month, the tech giant announced that it has signed a 50,000 sq ft lease in Brickell.

Redmond, Washington-based Microsoft will use the space at 830 Brickell as its new regional headquarters, according to a statement posted on LinkedIn by Mariana Castro, Microsoft’s vice president of sales, marketing and operations for Latin America.  “I am excited to share that our Microsoft Latin America regional team has a new future home at 830 Brickell in Miami,” said Mariana Castro. “This space will become our new regional hub in addition to supporting other Microsoft businesses.”

The announcement represents another boost to a Miami tech narrative that was transformed one year ago when global investment giant Blackstone announced it would be opening a tech office here. Since then, Miami has landed executives from Silicon Valley venture heavyweight Founders Funds, welcomed a slew of new tech entrepreneurs like Shutterstock founder Jon Oringer, and seen other, homegrown tech entities, like SoftBank and REEF, announce expansions.

“This move will unite employees across multiple locations supporting collaboration, inspiration, and productivity,” Castro continued. “The new location will also serve as a bridge to deepen relationships with our customers while navigating the ever-changing hybrid work environment and maintaining Microsoft’s high standards around sustainability and accessibility.”

“Miami is No. 1 in job growth and we have a 29% increase in tech industry job postings this year….and that’s all before landing a whale like Microsoft,” Miami Mayor Francis Suarez said in a statement. “Microsoft’s announcement of building their LATAM regional hub right here in Brickell is the latest example of the FlyMo (flywheel + FOMO) effect at work and I’m so glad to introduce them to the Miami Movement.”

Microsoft’s Miami office “is rocket fuel for our city’s growth as a technology hub,” said Manolo Reyes, chairman of the Miami Downtown Development Authority (DDA). “Microsoft’s office in the Brickell Financial District will be a magnet for other tech firms and the businesses that serve them, and that activity will have a direct impact on our Miami economy. The Miami DDA has been recruiting tech companies dating back nearly a decade, and the arrival of Microsoft will prove invaluable when it comes to showcasing the benefits of doing business in Downtown Miami.”

The office is expected to open in 2023. Microsoft has not yet disclosed how many jobs will be based out of the Miami office.

Connect with us:
Website: https://www.property305.com​​
Instagram: https://www.instagram.com/rebecacastellongroup/
Facebook: https://www.facebook.com/rebecacastellongroup

Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

About
  1. Home
  2. Miami Market Report July 2021

Miami Market Report July 2021

 

There are not enough homes for sale to meet the demand of would-be buyers in Miami-Dade. Despite their best efforts, there simply is not enough inventory for all prospective buyers to lock-in a deal and eventually buy a home.

The average sold price for single-family homes in Miami-Dade was up 50% to $1.001 million in July 2021 year-over-year.  The number of closed sales  was down by -6% during the same period due to lack of inventory.

July 2021 vs Year-Over Year
Avg Sold Price:           $1.001 million up +50%
# Sold:                            1,320 down -6%
Months of Inventory:   2.1 down -32%

Many buyers are opting to buy a condo or townhome instead of dealing with the price surge of single-family homes.  The number of sales for condos/townhomes increased by +64% in July 2021 year-over-year.  Average price sold increased by 44% to $579K during the same period.

Even though the average price sold of condos/townhomes is up year-over-year, the average sold price per square foot is down from the peak in May 2021.  Average sold price per sq ft for condos/townhomes was $496 in May 2021 and it went down to $432 in July 2021.

July 2021 vs Year-Over Year
Avg Sold Price:            $579K up +44%
# Sold:                            2,136 up +64%
Months of Inventory:   3.9 down -65%

Click here to view FULL report.

Looking to move? Call us first. We are the real estate specialist.

Connect with us:
Website: https://www.property305.com​​
Instagram: https://www.instagram.com/rebecacastellongroup/
Facebook: https://www.facebook.com/rebecacastellongroup

Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

About
  1. Home
  2. Rent Prices For Single-Family Homes Increased 20% In 1 Year

Rent Prices For Single-Family Homes Increased 20% In 1 Year

Prospective home buyers, who are priced out of the booming housing market, are flocking to rentals as a flexible and more immediately affordable alternative. Unfortunately, prices are soaring there as well.

The average rent price of single-family homes in Miami-Dade County increased by 20% in July year-over-year.  The average rental price for a single-family home in July 2020 was $4,536 and it jumped to $5,438 in July 2021.

Multiple factors are contributing to the rise.  Many of those unable to buy homes are city residents who opted to rent in the suburbs during the pandemic, which has further driving demand for single-family homes.  Additionally, many companies and those who work remotely have opted to relocate to Miami, creating a housing shortage.

Condo rents in Miami-Dade County also increased during the same period, although less dramatically. The average rent price of condos increased by 13% in July year-over-year.  The average rent price was $3,634 in July 2020 and it jumped to $4,138 in July 2021.

Source: Southeast FL MLS

 

Connect with us:
Website: https://www.property305.com​​
Instagram: https://www.instagram.com/rebecacastellongroup/
Facebook: https://www.facebook.com/rebecacastellongroup

Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

About
  1. Home
  2. Dog Date Stroll

Dog Date Stroll

 

Get ready for the best dog date in town! Fairchild Tropical Botanic Gardens hosts Dog Date Strolls every Sunday morning from 8:00 am to 10:00 am.  Dogs and dog lovers are welcome to explore its beautiful grounds and 83 acres.

This is a great opportunity for the entire family to enjoy the grounds and play with the other puppies.  While you are there, we suggest stopping by the Glasshouse Cafe, which offers treats and drinks for people and pups.

For more information, please visit the Fairchild Tropical Botanic Garden’s website for more information on the event dates and to purchase tickets.

Connect with us:
Website: https://www.property305.com​​
Instagram: https://www.instagram.com/rebecacastellongroup/
Facebook: https://www.facebook.com/rebecacastellongroup

Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

About
  1. Home
  2. To Stage Or Not To Stage?

To Stage Or Not To Stage?

Have you ever wondered why most of our listings look so beautiful when they go on the market? One of our secrets is staging. Did you know that staged homes sell faster and for more money? That’s right! Most staged homes sell 73% faster and for up to 20% more than non-staged homes.

Even when the market is hot, it’s still recommended to stage a home so that it can sell for top dollar and faster. Here are some of the reasons why it’s best to stage when selling.

Attract More Buyers
The process of searching for a home almost always starts with online shopping. The better it’s presented the nicer, the images and the more buyers will be interested in the home.

Home Appears Newer and Move-in Ready
Staging transforms homes and makes them look newer. It highlights the best features and demonstrates its potential.  The goals of staging are to make the home appear move-in ready and help buyers visualize themselves living in it.

Maximize Space
A vacant home makes it difficult for most buyers to envision the possibilities. This leaves room for buyers to second-guess your home, which could easily be avoided by staging. Proper staging can make a home appear more spacious and livable.

When the market is hot and prices are higher, buyers are less likely to have funds for renovations or repairs. Staging puts less weight on minor renovations or repairs that need to be made. Stagers know the most cost-effective updates or repairs needed to show that your home is well worth the selling price.

If you are interested in selling your home, we will gladly meet with you and discuss staging options. We stage homes using with upscale furnishings so that they can sell for the highest price possible.

Call us today for a free consultation.

Looking to move? Call us first. We are the real estate specialist.

Connect with us:
Website: https://www.property305.com​​
Instagram: https://www.instagram.com/rebecacastellongroup/
Facebook: https://www.facebook.com/rebecacastellongroup

Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

 

About
  1. Home
  2. June 2021 Miami Market Report

June 2021 Miami Market Report

 

The Miami real estate market is HOT!

Single-Family Homes June 2021

The average price sold for single-family homes was up significantly year-over-year to $936K. Months of inventory significantly declined to 1.8 months.

June 2021 vs Year-Over Year
Avg Sold Price:           $936K up +57%
# Sold:                            1,465 up +27%
Months of Inventory:   1.8 down -58%

Condos & Townhomes June 2021

The condo & townhouse market is also strong. Due to the high prices of single-family homes, more buyers are opting to buy condos & townhomes. Average Price Sold is up in June 2021 vs year-over-year. Months of inventory was at an all time low.

June 2021 vs Year-Over Year
Avg Sold Price:         $626K up +55%
# Sold:                           2,421 up +178%
Months of Inventory:   3.4 down -80%

The market is strong. However, there are signs that prices have begun to stabilize.

Looking to move? Call us first. We are the real estate specialist.

Connect with us:
Website: https://www.property305.com​​
Instagram: https://www.instagram.com/rebecacastellongroup/
Facebook: https://www.facebook.com/rebecacastellongroup

Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

 

About
  1. Home
  2. Why Miami?

Why Miami?

Miami is the only major subtropical city in the continental United States. It’s known for its sunny beaches and entertainment. However, over the past two decades, Miami has emerged as a place for tech and finance company to call home.

Miami is now a 24/7 global city with diverse local talent. The top financial center in the Southeast, it’s home to a booming downtown, serves as an unparalleled gateway to Latin America, hosts a world-famous arts and cultural scene and sports the best business-friendly environment in the U.S.

The strength of Florida’s low tax burden comes from its lack of an income tax. It’s written into law by our state constitution, which prohibits such a tax.
Florida also does not assess an estate tax, or an inheritance tax.

Banks and financial services companies like Visa and PayPal are investing in Miami-Dade County. Known as the financial capital of Latin America, Miami-Dade has the largest concentration of domestic and international banks on the East Coast south of New York City.

Miami is one of the greatest cities in the world to work and play. It has incredible beaches, arts & entertainment, world renowned research hospitals, highly sought after universities. Plus, we have beautiful weather and sunshine.

Miami is still affordable compared to other global cities.

Miami is one of the fastest growing major cities in the country as a result of people and companies moving to our city. The population gains have also brought more jobs. The number of tech job listings in Miami grew faster than any other major U.S. city in Q2 2021. Miami’s population is expected to continue growing by approximately 1.1% every year.

The sun is looking bright!

Looking to move? Call us first. We are the real estate specialist.

Connect with us:
Website: https://www.property305.com​​
Instagram: https://www.instagram.com/rebecacastellongroup/
Facebook: https://www.facebook.com/rebecacastellongroup

Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

 

About
  1. Home
  2. Miami Ranks #1 For Tech Job Growth In Q2 2021

Miami Ranks #1 For Tech Job Growth In Q2 2021

The number of tech job listings in Miami grew faster than any other major U.S. city last quarter, a new analysis shows.

Overall, Miami tech job listings grew 29% to 14,084 in the second quarter, according to a CompTIA analysis of Burning Glass Technologies Labor Insights data cited in the SFBJ.

Phoenix ranked second with 26% growth.

Miami far outgrew Silicon Valley on a percentage basis and essentially matched it on a numeric basis. Silicon Valley had 3,370 new tech job listings during the quarter for a 13% growth rate – less than half Miami’s rate.

On a numeric basis however, New York still far outgrew Miami, with 9,465 new job listings, compared to 3,139 new listings in Miami.

Source: https://www.thenextmiami.com/miami-ranks-1-for-tech-job-growth-in-q2-2021/

Looking to move? Call us first. We are the real estate specialist.

Connect with us:
Website: https://www.property305.com​​
Instagram: https://www.instagram.com/rebecacastellongroup/
Facebook: https://www.facebook.com/rebecacastellongroup

Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

 

About
Register
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    When are you looking to purchase?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need assistance with financing?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need to also sell your property?