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Category: Miami Real Estate

  • The cost of buying vs. renting a home in all 50 states

    The cost of buying vs. renting a home in all 50 states

    Housing is the biggest expense for many Americans, accounting for more than 30 percent of a household’s yearly expenditures, according to the Bureau of Labor Statistics.  But housing costs can vary greatly, depending on where you live — and whether you’re a renter or owner.

    To find out where your housing dollar will go the furthest, GOBankingRates surveyed the cost of renting versus owning a home in all 50 states and the District of Columbia. The study found it’s more expensive to own a home in only eight states and the District of Columbia, with renting the more expensive option in 42 states.

    With rents so high, though, it can be difficult to save up for a down payment and make the jump to homeownership, she said. If you’re considering becoming a homeowner, scroll down to find out if you should own or rent a home in your state.

    Wyoming

    Renting vs. buying a home in Wyoming:

    Monthly rent in Wyoming: $1,100
    Monthly mortgage in Wyoming: $1,199

    How much do you need to live comfortably in Wyoming? If you want to rent or buy a home, make sure you get a job that pays enough to cover a monthly rent or mortgage of around $1,000. But the good news: Wyoming might start experiencing declining home prices, according to an Arch Mortgage Insurance Company report released in April.

    Vermont

    Renting vs. buying a home in Vermont:

    Monthly rent in Vermont: $1,500
    Monthly mortgage in Vermont: $1,226

    One of the best states for first-time homebuyers, Vermont’s homes have become more affordable over the past year. The median sale price has dropped about 4 percent, according to the Vermont Realtors May 2016 report.

    Only 13 percent of Vermont homeowners spend more than 50 percent of their income on housing, according to the Vermont Housing Finance Agency. However, 28 percent of renters spend half of their income or more on housing.

    District of Columbia

    Renting vs. buying a home in DC:

    Monthly rent in the District of Columbia: $2,575
    Monthly mortgage in the District of Columbia: $2,719

    Even though it’s cheaper to rent instead of buy in the nation’s capital, the National Association of Realtors identified Washington, D.C., as one of the top markets for aspiring millennials who want to buy a house. That’s because millennials’ higher income levels are making it easier to afford a home.

    Alaska

    Renting vs. buying a home Alaska:

    Monthly rent in Alaska: $1,690
    Monthly mortgage in Alaska: $1,356

    Rent in Alaska is higher than the U.S. median rent of $1,407, according to Zillow. Although home values have been rising, too, it’s still cheaper to own a house than rent one. Home prices have stayed steady even though the state’s economy — which depends heavily on the oil industry — is in a recession due to the low energy prices, according to the Arch Mortgage Insurance Company report.

    North Dakota

    Renting vs. buying a home in North Dakota:

    Monthly rent in North Dakota: $1,250
    Monthly mortgage in North Dakota: $1,144

    Owning a home in North Dakota is less expensive than renting — and it might become even more so. The state’s home prices are overvalued by an estimated 22 percent because the state’s oil fracking boom drove up prices, according to the Arch Mortgage Insurance Company report.

    South Dakota

    Renting vs. buying a home in South Dakota:

    Monthly rent in South Dakota: $1,100
    Monthly mortgage in South Dakota: $1,033

    Although home prices have risen by about 6 percent in South Dakota over the past year, according to Zillow data, it’s still cheaper to own a home than rent. However, even renting is more affordable in South Dakota than in many parts of the nation — considering the median rent in the U.S. is $1,407, according to Zillow.

    Delaware

    Renting vs. buying a home in Delaware:

    Monthly rent in Delaware: $1,300
    Monthly mortgage in Delaware: $1,375

    Delaware’s housing market is rebounding as retirees move to the state and families move from rentals to homes, the state’s The News Journal newspaper reported in January. The median home list price has risen about 3.8 percent over the past year, according to Zillow data. As a result, it’s more expensive to buy a home than to rent a home in this state.

    Montana

    Renting vs. buying a home in Montana:

    Monthly rent in Montana: $1,100
    Monthly mortgage in Montana: $1,348

    Rising home prices in Montana have made the cost of owning a home more expensive. The median home list price in Montana has increased just 1.7 percent over the past year, but it’s climbed 7.5 percent from May 2014 to May 2016, according to Zillow data.

    Rhode Island

    Renting vs. buying a home in Rhode Island:

    Monthly rent in Rhode Island: $1,750
    Monthly mortgage in Rhode Island: $1,416

    Consumers are taking advantage of low interest rates to buy homes in Rhode Island. Single-family home sales increased 19 percent from May 2015 to May 2016, according to the Rhode Island Association of Realtors. The median sale price also has risen 5 percent. Despite the strong real estate market, it’s still less expensive to buy a home in Rhode Island than to rent a home.

    Maine

    Renting vs. buying a home in Maine:

    Monthly rent in Maine: $1,500
    Monthly mortgage in Maine: $1,104

    Single-family existing home sales in Maine have risen a whopping 25 percent in May over the past year, but prices have risen just 2.84 percent, according to a June report from the Maine Association of Realtors.

    New Hampshire

    Renting vs. buying a home in New Hampshire:

    Monthly rent in New Hampshire: $1,475
    Monthly mortgage in New Hampshire: $1,240

    The New Hampshire market has been tight for renters, with rents rising as vacancy rates have been dropping, according to a February report by RealtyTrac. Renters who want to find affordable options in a tight market will likely have to make concessions, Gudell said.

    Hawaii

    Renting vs. buying a home in Hawaii:

    Monthly rent in Hawaii: $2,347
    Monthly mortgage in Hawaii: $2,862

    The supply of houses hasn’t been able to keep pace with population growth in Hawaii, pushing prices up, according to the Hawaii Department of Business, Economic Development and Tourism. In fact, Hawaii has the highest median home list price — $577,499.50 — in the nation.

    Although rent prices fell slightly from April to May, according to Zillow, the market still is less friendly to buyers than renters. And, Honolulu has the second-highest home price-to-rent ratio in the U.S., which means it is cheaper to rent than buy, according to SmartAsset.com.

    Idaho

    Renting vs. buying a home in Idaho:

    Monthly rent in Idaho: $995
    Monthly mortgage in Idaho: $1,199

    Home prices have soared more than 23 percent over the past two years in Idaho, according to Zillow data. The average list price jumped from around $190,000 in May 2014 to $234,900 in May 2016.

    West Virginia

    Renting vs. buying a home in West Virginia:

    Monthly rent in West Virginia: $1,098
    Monthly mortgage in West Virginia: $832

    Although the median home list price has risen 6 percent since the beginning of the year, according to Zillow data, it’s still cheaper to own than rent in West Virginia. However, home prices in West Virginia are expected to fall, according to the Arch Mortgage Insurance Company report.

    Nebraska

    Renting vs. buying a home in Nebraska:

    Monthly rent in Nebraska: $1,200
    Monthly mortgage in Nebraska: $884

    It’s still less expensive to own than rent in Nebraska, although the median rent price in Nebraska has hardly budged over the past year while the median home price has climbed 5.8 percent, based on Zillow data.

    New Mexico

    Renting vs. buying a home in New Mexico:

    Monthly rent in New Mexico: $1,125
    Monthly mortgage in New Mexico: $1,043

    The median home list price of $215,000 in New Mexico has held steady for nearly a year, according to Zillow data. Although the median rent price also hasn’t risen over the past year, either, it’s still slightly more expensive to rent than own in this state.

    Nevada

    Renting vs. buying a home in Nevada:

    Monthly rent in Nevada: $1,275
    Monthly mortgage in Nevada: $1,196

    The median rent in Nevada has risen 6.25 percent from $1,200 in May 2015 to $1,275 in May 2016, according to Zillow data. In fact, Reno is among the top 10 U.S. cities with the fastest-growing rents, up 6.5 percent since June 2015, according to the July 2016 National Apartment List Rent Report. Rising rents in the state make renting a more expensive option than buying a home.

    Kansas

    Renting vs. buying a home in Kansas:

    Monthly rent in Kansas: $1,150
    Monthly mortgage in Kansas: $836

    The monthly mortgage on a home with a median list price of $159,900 is $314 less than the median monthly rent in Kansas, making home buying a better prospect than renting in this Midwestern state.

    However, home sales have been slower in Kansas compared to the rest of the country. Sales in Kansas rose by 1.3 percent in May 2016 compared with the same period last year, but home sales on a national level rose 4.5 percent, according to the Kansas Association of Realtors.

    Arkansas

    Renting vs. buying a home in Arkansas:

    Monthly rent in Arkansas: $1,050
    Monthly mortgage in Arkansas: $769

    The monthly mortgage on a home with a median list price of $155,000 is $281 less than the median monthly rent in Arkansas. The median list price in this state has increased just 1.9 percent from May 2015 to May 2016, according to Zillow data.

    Mississippi

    Renting vs. buying a home in Mississippi:

    Monthly rent in Mississippi: $1,100
    Monthly mortgage in Mississippi: $791

    The median monthly rent is $309 higher than the monthly mortgage on a home with a median list price of $160,000 in this Southern state. Although it’s more expensive to rent than own in Mississippi, the median rent here is still below the national median of $1,407.

    Utah

    Renting vs. buying a home in Utah:

    Monthly rent in Utah: $1,275
    Monthly mortgage in Utah: $1,517

    Zillow named two Utah cities — Salt Lake City and nearby Ogden — in its top 10 hottest housing markets for 2016 list. Statewide, the median home list price has risen about 20 percent over the past two years, from $249,000 in May 2014 to $299,000 in May 2016, according to Zillow data.

    Iowa

    Renting vs. buying a home in Iowa:

    Monthly rent in Iowa: $1,095
    Monthly mortgage in Iowa: $836

    Home buying has been on the rise in this state where owning is less expensive than renting. The number of homes sold rose 5.3 percent in April 2016 from the same period a year ago, according to the Iowa Association of Realtors.

    Connecticut

    Renting vs. buying a home in Connecticut:

    Monthly rent in Connecticut: $1,700
    Monthly mortgage in Connecticut: $1,486

    Although home sales have been booming in Connecticut, home prices have not. Sales of single-family homes rose 17.28 percent year over year, according to Berkshire Hathaway HomeServices New England Properties’ Second Quarter 2016 Connecticut Market Report. Yet, the average price dropped 5.7 percent, which is good news for prospective buyers.

    Oklahoma

    Renting vs. buying a home in Oklahoma:

    Monthly rent in Oklahoma: $1,050
    Monthly mortgage in Oklahoma: $867

    Low home prices make owning less expensive than renting in Oklahoma — and prices might get even lower, according to the Arch Mortgage Insurance Company report.

    Oregon

    Renting vs. buying a home in Oregon:

    Monthly rent in Oregon: $1,550
    Monthly mortgage in Oregon: $1,562

    Buying a home is becoming more expensive in Oregon, as increased demand from people moving to the state drives up home prices, CNBC reported in January. Portland was named one of the top 10 hottest housing markets for 2016, according to Zillow. And over the past year, home values have increased 14.8 percent — the biggest increase among the 50 largest metro areas, said Gudell.

    In a hot housing market such as Oregon, Gudell recommends avoiding shopping for a home during the height of the home sale season to lower the chance of getting into bidding wars with other buyers.

    Kentucky

    Renting vs. buying a home in Kentucky:

    Monthly rent in Kentucky: $1,000
    Monthly mortgage in Kentucky: $849

    Statewide, the median rent in Kentucky is $151 higher than the monthly mortgage on a home with a median list price of $161,900. Kentucky’s housing market has been strong, with a record number of homes sold in 2015, according to the Kentucky Association of Realtors.

    Louisiana

    Renting vs. buying a home in Louisiana:

    Monthly rent in Louisiana: $1,250
    Monthly mortgage in Louisiana: $1,022

    Buying a home in Louisiana is slightly less expensive than renting and could become even more affordable. Home prices are at risk of dropping, according to the Arch Mortgage Insurance Company report.

    Alabama

    Renting vs. buying a home in Alabama:

    Monthly rent in Alabama: $950
    Monthly mortgage in Alabama: $859

    Although Alabama has the lowest median monthly rent on our list — along with Missouri — mortgage costs are even lower. Home sale prices have risen only slightly, even though supply has dropped but demand has increased, as evidenced by an 11 percent increase in home sales in May 2016 over May 2015, according to the Alabama Center for Real Estate.

    South Carolina

    Renting vs. buying a home in South Carolina:

    Monthly rent in South Carolina: $1,250
    Monthly mortgage in South Carolina: $1,121

    The median rent in South Carolina is still higher than the median monthly mortgage cost, despite a stronger housing market. The state’s real estate market had its best year in 2015 since the end of the Great Recession in 2009, according to the South Carolina Realtors’ annual report.

    Charleston is listed as one of the National Association of Realtors’ best home purchase markets for millennials. The household income and homeownership rates among millennials who’ve moved to this city recently are higher than the national average.

    Colorado

    Renting vs. buying a home in Colorado:

    Monthly rent in Colorado: $1,700
    Monthly mortgage in Colorado: $1,837

    Owning a home in Colorado is more expensive than renting. Zillow named Denver the top housing market for 2016, but home prices haven’t been rising just in the state’s capital. Prices are up statewide because supply hasn’t kept up with demand. In fact, the supply of homes for sale in Colorado reached historic lows in May 2016, according to the Colorado Association of Realtors.

    Minnesota

    Renting vs. buying a home in Minnesota:

    Monthly rent in Minnesota: $1,400
    Monthly mortgage in Minnesota: $1,085

    In a state where buying a home is less expensive than renting, home sales have been climbing. Sales increased 4.6 percent in May 2016 over the same period a year ago, according to the Minnesota Association of Realtors. However, the median sale price increased — up 7.9 percent — while the number of new listings dropped over the past year.

    Wisconsin

    Renting vs. buying a home in Wisconsin:

    Monthly rent in Wisconsin: $1,200
    Monthly mortgage in Wisconsin: $921

    Madison is one of the top 25 most expensive rental markets in the U.S., according to the Zumper National Rent Report. And statewide, the median rent of $1,200 is $279 higher than the monthly mortgage on a home with the median list price of $177,000.

    Buyers have been snapping up the state’s affordable houses, with existing home sales up 2.9 percent in May 2016 over May 2015, according to the Wisconsin Realtors Association.

    Maryland

    Renting vs. buying a home in Maryland:

    Monthly rent in Maryland: $1,700
    Monthly mortgage in Maryland: $1,446

    One of the top 25 highest-priced rental markets is Baltimore, according to the Zumper report. However, it’s one of the most affordable markets to buy a home based on percentage of wages needed to purchase a house, according to the RealtyTrac Q2 2016 Home Affordability Index. Statewide, the monthly mortgage on a home with a median list price of $284,900 is $254 less than the median rent.

    Missouri

    Renting vs. buying a home in Missouri:

    Monthly rent in Missouri: $950
    Monthly mortgage in Missouri: $768

    Missouri’s median rent of $950 is the lowest in the nation, along with Alabama. However, the monthly mortgage of $768 is even lower. And it seems buyers are taking advantage of affordable home prices in the state. Home sales rose 11.1 percent in May 2016 over May 2015, according to Missouri Realtors.

    Tennessee

    Renting vs. buying a home in Tennessee:

    Monthly rent in Tennessee: $1,195
    Monthly mortgage in Tennessee: $934

    The median rent in Tennessee has jumped 8.6 percent from $1,100 in May 2015 to $1,195 in May 2016. Nashville is ranked as the 29th most expensive rental market in the U.S., according to the Zumper National Rent Report.

    With the median rent in the state higher than the median monthly mortgage, buyers can get a better deal by owning a house.

    Indiana

    Renting vs. buying a home in Indiana:

    Monthly rent in Indiana: $1,025
    Monthly mortgage in Indiana: $745

    With one of the lowest monthly mortgage costs on the list, buying a home is less expensive than renting in Indiana. Buyers have to act fast if they want to get a good deal, though. The inventory of new homes for sale has been decreasing, according to the Indiana Association of Realtors, and houses sell quickly once they’re on the market.

    Massachusetts

    Renting vs. buying a home in Massachusetts:

    Monthly rent in Massachusetts: $2,500
    Monthly mortgage in Massachusetts: $1,941

    Although the median home list price is $389,000, homebuyers still come out ahead of renters due to high rents in the state. The nation’s fifth-most expensive rental market is in Boston, according to the Zumper National Rent Report. And the median statewide rent is more than $1,000 higher than the national median of $1,407, according to Zillow data

    Arizona

    Renting vs. buying a home in Arizona:

    Monthly rent in Arizona: $1,250
    Monthly mortgage in Arizona: $1,223

    Seven of the top 100 highest-priced rental markets are in Arizona, according to the Zumper National Rent Report. Although the median rent statewide hasn’t risen over the past year, it’s still slightly higher than the median monthly mortgage, according to Zillow data.

    Washington

    Renting vs. buying a home in Washington:

    Monthly rent in Washington: $1,650
    Monthly mortgage in Washington: $1,515

    Seattle is the 10th most expensive rental market in the U.S., according to the Zumper National Rent Report. The city also had the fifth-fastest increase in rent prices in the nation since June 2015, according to the July 2016 National Apartment List Rent Report. And Vancouver had the third-largest increase in rent prices.

    To keep the cost of renting down in markets where prices are rising, Zillow’s Gudell recommends signing a two-year lease to avoid annual hikes.

    Virginia

    Renting vs. buying a home in Virginia:

    Monthly rent in Virginia: $1,650
    Monthly mortgage in Virginia: $1,465

    Four of the nation’s top 75 highest-priced rental markets are in Virginia, according to Zumper. Renters are probably better off buying because the monthly mortgage on a home with a median list price of $289,990 is $185 less than the median rent of $1,650.

    New Jersey

    Renting vs. buying a home in New Jersey:

    Monthly rent in New Jersey: $1,900
    Monthly mortgage in New Jersey: $1,428

    The median monthly rent in New Jersey pales in comparison to rents in its neighbor to the north, New York. But, it still tops the national median rent price of $1,407. And, rent is $472 higher than the monthly $1,428 mortgage on a house with a median list price of $299,900.

    Michigan

    Renting vs. buying a home in Michigan:

    Monthly rent in Michigan: $1,000
    Monthly mortgage in Michigan: $741

    Michigan has the second-lowest monthly mortgage cost on the list, after Ohio. In fact, the Detroit metro area is one of the most affordable housing markets based on the percentage of wages needed to buy a median-priced home, according to RealtyTrac.

    However, in some areas of the state — such as Grand Rapids — buyers have to act quickly to get the house they want. Supply is limited and demand is high, MLive Media Group reported in February.

    North Carolina

    Renting vs. buying a home in North Carolina:

    Monthly rent in North Carolina: $1,175
    Monthly mortgage in North Carolina: $1,089

    Three North Carolina cities — Charlotte, Raleigh and Durham — rank among the 50 most expensive rental markets, according to the Zumper National Rent Report. Homebuyers in the state can get a better deal, though, with the median monthly mortgage cost $86 lower than the median monthly rent in the state. Plus, the National Association of Realtors lists Raleigh as one of the best metropolitan areas for aspiring millennial homebuyers.

    Georgia

    Renting vs. buying a home in Georgia:

    Monthly rent in Georgia: $1,200
    Monthly mortgage in Georgia: $1,029

    Affordable prices make buying a home in Georgia less expensive than renting. However, competition among homebuyers is heating up as multiple offers are being made on houses at or above the asking price, according to the Georgia Association of Realtors.

    Ohio

    Renting vs. buying a home in Ohio:

    Monthly rent in Ohio: $1,075
    Monthly mortgage in Ohio: $700

    Five Ohio cities are among the top 100 most expensive rental markets in the U.S., according to the Zumper National Rent Report. Statewide, the median rent has climbed 5.4 percent over the past year, from $1,019 in May 2015 to $1,075 in May 2016, according to Zillow data.

    On the other hand, Ohio has the lowest monthly mortgage cost on our list. However, the average sale price of existing homes increased slightly — 3.1 percent — in May 2016 over May 2015, according to Ohio Association of Realtors.

    Pennsylvania

    Renting vs. buying a home in Pennsylvania:

    Monthly rent in Pennsylvania: $1,395
    Monthly mortgage in Pennsylvania: $934

    Two Pennsylvania cities — Philadelphia and Pittsburgh — are among the top 30 highest-priced rental markets in the U.S., according to the Zumper National Rent Report. Statewide, though, the median rent hasn’t increased over the past year, according to Zillow data. Nonetheless, the median monthly rent is $461 higher than the monthly mortgage on a home with a median list price of $179,900 in Pennsylvania.

    Illinois

    Renting vs. buying a home in Illinois:

    Monthly rent in Illinois: $1,600
    Monthly mortgage in Illinois: $1,078

    Chicago has one of the highest-priced rental markets, ranking 11th in the nation, according to the Zumper National Rent Report. Statewide, the median rent hasn’t risen over the past year, but it still tops the national median of $1,407, according to Zillow.

    Compared with the state’s high median rent, a monthly mortgage on a home with a median list price of $209,500 is $522 lower.

    New York

    Renting vs. buying a home in New York:

    Monthly rent in New York: $3,295
    Monthly mortgage in New York: $1,660

    With the average monthly rent in New York nearly twice the average monthly mortgage, it’s obvious why it’s cheaper to own a house in the Empire State. In fact, New York City is the second-most expensive rental market in the U.S., after San Francisco, according to the Zumper National Rent Report.

    In a place where rents rise steadily, Zillow’s Gudell recommends getting a two-year lease to avoid rent increases if you’re going to be staying there for a while.

    Florida

    Renting vs. buying a home in Florida:

    Monthly rent in Florida: $1,695
    Monthly mortgage in Florida: $1,297

    Rents have been rising in the Sunshine State — especially in South Florida where the population is growing and demand for rentals has increased, the Sun Sentinel reported in April.

    In fact, Miami is the eighth-most expensive rental market in the U.S., according to the Zumper National Rent Report. More and more adults are living with roommates in Miami to offset high rents, Gudell said.

    Texas

    Renting vs. buying a home in Texas:

    Monthly rent in Texas: $1,425
    Monthly mortgage in Texas: $1,271

    Two Texas cities — Dallas and Arlington — rank among the top 10 cities in the nation with the fastest-growing rents, according to the July 2016 National Apartment List Rent Report. Dallas is also one of the top 50 priciest rental markets, along with Austin, Plano, Houston and more, according to the Zumper National Rent Report.

    On the other hand, Texas is favorable to homebuyers; the monthly mortgage is $154 cheaper than the monthly rent, according to this study’s findings.

    California

    Renting vs. buying a home in California:

    Monthly rent in California: $2,400
    Monthly mortgage in California: $2,221

    Three of the top five most expensive rental markets in the U.S. are in California: San Francisco, Oakland and San Jose, according to the Zumper National Rent Report. And another three cities in the state, including Los Angeles and San Diego, are among the top 25 highest-priced rental markets.

    Living with a roommate in California’s pricey rental markets can be a way to keep costs down — especially in cities like San Francisco and Los Angeles where it’s a growing trend, said Gudell of Zillow. However, to avoid paying high prices for housing, utilities, gas and more, consider moving to one of the best places for saving money.

     

    SOURCE

  • Great Neighborhoods in Miami

    Great Neighborhoods in Miami

    Discover five of Miami‘s most notable neighborhoods and find the one that fits you.

    Miami is lush and green all year round. Although summers are steamy, an ocean breeze pushes temperatures down a few notches, making Miami a great place for windsurfing, cycling, golf, boating, and tennis. The city is part of the South Florida region, with Fort Lauderdale to the north and the Florida Keys to the south. To the west, suburbs run from the edge of the city to the Everglades, and the Atlantic Ocean borders Miami to the east.

    East

    South Beach and its lesser known neighbor, North Beach, have a village feel with its bodegas, boutiques, and lots of Art Deco architecture.

    Flagship Neighborhood: South Beach

    South Beach, also known as “SoBe,” sits on the barrier island between the ocean and downtown on the mainland. It’s a pedestrian-friendly locale with the added plus of being low-maintenance since housing consists mostly of condos. You can park your car for the weekend and walk to shops, restaurants, nightclubs, parks and the beach.
    South Beach has easy access to the mainland and Interstate 95 with two major bridges. Ocean Drive, which runs along the beach, is the main tourist drag. But locals dominate the area just a few blocks away.
    The historic Art Deco district is central to SoBe, while farther north, a few of the classic Miami Modern (or MiMo) hotels dot the landscape. Single-family homes tend to be pricey, but condos can be reasonable, especially as the housing bubble has deflated.
    The Neighbors: Young professionals, childless couples, and celebrities
    Also Consider: North Beach is more popular with families and people who want something a little quieter at night.

    West

    Coral Gables and Little Gables is where old Miami money meets the nouveau riche with some of the most expensive homes and best schools in the area.

    Flagship Neighborhood: Coral Gables

    At the heart of Coral Gables stands the venerable Biltmore Hotel, with gracious, Spanish-style architecture that so many people identify with South Florida. Miracle Mile, a shopping-and-eating street, forms the center of the small commercial district boasting a lively happy hour crowd, good local restaurants, and high-end boutiques. The streets of Coral Gables are lined with tree canopies, lush landscaping and charming 1920s stucco homes with tile roofs, archways, and private courtyards.
    Coral Gables is located close to highways and is a quick drive to the beach. While many homes qualify as estates in “the Gables,” smaller, less-expensive houses and some condos are also available and sought-after due to the good schools and Old World ambiance.
    The Neighbors: Multigenerational Miami families and deep-pocketed new arrivals from Latin America make up the majority of Coral Gables residents.
    Also Consider: Little Gables, just north of Coral Gables, has most of the amenities with smaller homes and relatively lower prices.

    South

    Coconut Grove and Brickell Village, where the Miami skyline is close but not too close.

    Flagship Neighborhood: Coconut Grove

    Coconut Grove was once a funky 1960s haven for hippies and drifters. Although it’s now home to many modern homes and large estates, the neighborhood still maintains vestiges of its freewheeling roots.
    The marina at Dinner Key is central to the boating community. The Pan Am building on the waterfront, where the now-defunct airline’s former headquarters used to be, now serves as Miami City Hall.
    Home to a small, bustling commercial center with boutiques, juice bars, and cafes, “The Grove” features winding roads and bike paths, leading to popular bayfront parks and sailing marinas. Much of Coconut Gove runs close to the waterfront, and homes tend to be pricey. Condos are generally cost less, but some are top-of-the-line as well.
    The Neighbors: Coconut Grove has a broad mix of younger families, older empty-nesters, and singles.
    Also Consider: Brickell Village is north of the Grove, but is still on the south banks of the Miami River. Thousands of new apartments, condos, and townhouses offer a low-maintenance urban lifestyle.

    North

    Aventura and North Miami Beach offer newer construction with breathtaking views of the Intracoastal Waterway and the ocean.

    Flagship Neighborhood: Aventura

    Gleaming, modern high-rise condos line the coastline. A community anchored around a popular, high-end shopping mall, Aventura features easy access to the highways and is just as close to Fort Lauderdale as it is to downtown Miami.
    If you want condo life, boating, and tennis plus easy access both north and south, this is a good location. Many condos offer valet parking and private facilities. Mid-range chain restaurants dot the area along with more luxurious offerings.
    The Neighbors: Older generations make up the majority of the winter residents, also known as “snowbirds.” Aventura is popular with young professionals and Latin American investors as well.
    Also Consider: Sunny Isles

    City Center

    Home to the region’s central business district and many cultural and tourist attractions, Downtown and the Upper East Side neighborhoods make up the city’s urban core.

    Flagship Neighborhood: Downtown Miami

    Newly constructed lofts and high-rise condos give way quickly to well-established single-family residential neighborhoods, all of shopping and restaurants nearby. An added bonus is the short commute to downtown offices, the airport, and the beaches, which also connect to downtown via two neon-lit causeways.
    Downtown isn’t fully redeveloped, but lofts and condos are spawning new mini-neighborhoods in what used to be derelict areas. Wine bars, sushi restaurants, high-end gyms and yoga centers have developed near new condos. The second-Saturday gallery walk in Wynwood and top-notch restaurants along Biscayne Boulevard are luring new residents to the area.
    The downtown condo glut is creating excellent rental and investment opportunities for first-time homebuyers. The older, mostly gated neighborhoods east of Biscayne Boulevard have also fallen from their top-dollar prices and are now more affordable. Plenty of fixer-upper opportunities remain for the DIY crowd.
    The Neighbors: Downtown is a trend for younger families both gay and straight.
    Also Consider: Wynwood, the Design District, Buena Vista East and Miami Shores
    SOURCE
  • 13 Things to Know Before Moving to Miami

    13 Things to Know Before Moving to Miami

    Want to live somewhere with a warm climate, diverse culture and laid-back lifestyle?

    You may want to consider moving to Miami. The vibrant Florida city is a popular vacation destination for tourists, but it’s also home to around 400,000 people. If you’re thinking of joining their ranks here are 13 things to know before moving to Miami.

    1. You can expect visitors.

    After moving to Miami you may find an uptick in the number of friends and relatives who want to visit you. Miami is a popular vacation destination and enjoys warm winter weather. That’s a combination that is sure to draw some interest from your loved ones. Not sure you want to buy a home with a guest room? You may find that it’s worth it to keep your frequent visitors off your living room couch.

    2. You’ll love the food.

    Miami’s food scene has a lot to offer. If you get away from the expensive tourist traps in Miami Beach you’ll find some amazing restaurants, cafes and food trucks. The Cuban food in Miami is justifiably famous and other Latin American countries are well represented, too. The affordable tropical fruit in Miami markets will be a welcome change for anyone moving to Miami from farther north. Your first mango season after moving

    3. The beach isn’t everything.

    If you automatically associate Miami with the beach you probably don’t live there. While it’s common for tourists to spend their days in Miami lying on the beach, residents don’t hit the sand as often as you might think. Like residents of New York, Miami residents often steer clear of touristy areas, and that includes crowded spots like South Beach. There’s plenty to do in Miami that doesn’t involve a swimsuit.

    4. Art Deco architecture is at your fingertips.

    If you’re interested in Art Deco architecture moving to Miami can be a great choice for you. Beautiful white and pastel buildings from the 1920s and 1930s abound. The Miami Design Preservation League offers Art Deco District Walking Tours, and there are self-guided options as well.

    5. Calle Ocho is everything it’s cracked up to be.

    Miami’s Calle Ocho is the historic center of Miami’s Cuban population. It’s home to famous spots for Cuban dishes and cafecitos, parks where retirees play dominoes – and a hugely popular annual festival that closes Miami’s Carnaval celebrations. Calle Ocho is also a hub for Cuban-American political activism. It’s definitely worth adding to your list of Miami haunts.

    6. Things run a little later in Miami.

    Traffic in Miami can be brutal, and the generally laid-back attitude means lateness is a fact of life. If you’re always early, you may find yourself waiting alone for the rest of your party to show up. Unexpected traffic can happen to anyone, and if the Brickell Avenue drawbridge goes up, well, delays are inevitable. Try not to take it personally if your friends or business associates are consistently running a little late.

    7. The art scene is booming.

    Miami’s design district (pictured above) is a major attraction, and Art Basel (an international art fair and general party) in Miami Beach has also raised the city’s profile as an arts destination. According to the fair’s website, Art Basel is where “leading galleries from North America, Latin America, Europe, Asia and Africa show significant work from the masters of Modern and contemporary art, as well the new generation of emerging stars.” What’s not to love? And with Florida’s low taxes, you might be able to afford to support the arts after moving to Miam

     8. You might live at the gym.

    Moving to Miami might make you a little more conscious of your image. That in turn might mean you decide to step up your fitness. Yes, Miami could turn you into a gym rat even if you’re not currently living in a fitness-friendly city. Of course, not everyone is cultivating the look that will get them in to the city’s most exclusive clubs, but being “swimsuit-ready” is a year-round concern for some Miami residents.

    9. The weather can be a challenge.

    Miami residents have a lot to put up with when it comes to the weather. Even if you like heat and humidity you’re probably not a fan of flooding, which in Miami is always a concern. While there’s talk about making the city more resilient to flooding and sea level rise, for now, residents live with significant flood risk. If you’re buying a home you might want to check where it sits in the floodplain, particularly if you want to avoid high homeowners insurance.

    10. So can the bugs.

    Have you ever seen a Palmetto bug? You probably will after moving to Miami. Bugs, snakes, spiders, gators – Miami has it all. If you’re squeamish about bugs your ideal roommate or partner is someone who can take care of them for you. In Miami, a totally bug-free house year-round is not realistic.

    11. You’ll use your Spanish.

    It’s a lot easier – and more fun – to get to know the city of Miami if you have some Spanish under your belt. That’s not to say that you can’t get by without it, but Miami is very much a bilingual city. Why miss out? Even if you haven’t used your Spanish in years, moving to Miami is a great excuse to dust off your skills.

    12. Your job doesn’t define you.

    While in cities like New York and Washington, D.C. strangers at parties tend to spend a lot of time talking about their respective jobs, in Miami conversations tend to be a little less career-focused. If you’re feeling like a walking resume in your current city, moving to Miami may be a welcome relief. That’s not to say that people don’t work hard – it’s just that they seem to know how to separate work and play.

    13. You’ll need another layer for the AC.

    Even when it’s hot and humid outside, indoor spaces in Miami tend to be air conditioned to within an inch of their life. If you’re going a museum, movie theater or restaurant you may want to bring an extra layer so you’re not shivering when you get inside. And any time the temperature dips below 75 you’ll see Miami residents sporting jackets.

    SOURCE

  • Nouveau développement: Missoni Baia

    Nouveau développement: Missoni Baia

    Le Missoni Baia situé à Edgewater célèbre l’attrait intemporel du front de mer tout en vivant dans un style zen et moderne. Il occupera une place importante sur l’horizon de Miami et sur le front de mer d’East Edgewater. Missoni Baia aura 57 étages et s’étendra de manière impressionante sur 200 pieds le long de la baie de Biscayne.

    Les nouveaux condos de luxe Missoni Baia à Edgewater captent l’esprit de l’innovation et de l’imagination propre à Missoni.

    A partir de $505,900 pour 1 chambre

     

    Si vous souhaitez investir dans un bien immobilier à Miami notre équipe VIAC est là pour vous conseiller en matière d’investissement immobilier mais également pour trouver la maison de vos rêves sous le soleil de Floride.

    N’hésitez pas à nous contacter.

     

  • Celine Dion’s Florida home sold for $39M

    Celine Dion’s Florida home sold for $39M

    Celine Dion finally found a buyer for her oceanfront Florida mansion equipped with a water park in the backyard.

    After initially hitting the market for a whopping $72 million in August 2013, the 20,000-square-foot estate in Jupiter Island sold for $38.5 million, per The National Post, nearly half of the original ask from nearly four years ago.

    The mammoth Palm Beach County property sits on over five acres and was built in 2010 by Dion and her husband, René Angélil, who passed away last year.

    The Bahamian-inspired home has 13 bedrooms, 14 bathrooms, a guest house, golf simulator, and over 400 feet of ocean frontage, but its most interesting feature has to be the water park, which entails a lazy river, water cannons, slides, and a tree house.

    The report also states the new buyer, who was not disclosed, will utilize the property as “a vacation home” because of course.

    Dion purchased the property for $7 million in 2008.

    SOURCE

  • The 5 Miami markets where home prices jumped the most in Q1

    The 5 Miami markets where home prices jumped the most in Q1

    A period of instability in Miami’s housing market is finally easing, as 2017 looks to be a year where doomsday predictions for the market give way to stability and growth, according to Douglas Elliman’s first quarter 2017 report.

    “We’re entering into a new period that I refer to as a reset,” said Jay Parker, CEO of Douglas Elliman Florida. “We are seeing somewhat better results than we did in 2016. The market, in general, is showing signs of stability.”

    Douglas Elliman’s report shows that some luxury markets, after years of skyrocketing prices and inventory, are settling into a period of growth in home prices. In fact, luxury areas lead the way in increases in median home cost, as four of the five markets with the biggest jump in price are in ritzy areas. Though some luxury markets had median home price increases, many also saw the average property’s days on market climb, suggesting that inventory is still a problem in some of these markets.

    Here are the five markets with the biggest spike in median home price in Q1 2017, according to Douglas Elliman.

    1. Bal Harbour:

    Median condo sales price (year-over-year change): $1.5 million (107 percent)

    Number of sales closed: 29 (-3.3 percent)

    Days on market: 179 (88.7 percent)

    2. Fisher Island:

    Median condo sales price (year-over-year change): $7 million (104.4 percent)

    Number of sales closed: 3 (-25 percent)

    Days on market: 234 (397.2 percent)

    3. Miami Beach:

    Median condo sales price (year-over-year change): $3.79 million (56 percent)

    Number of sales closed: 9 (no change)

    Days on market: 289 (252.3 percent)

    4. South Miami:

    Median single-family home sales price (year-over-year change): $528,000 (26.6 percent)

    Number of sales closed: 23 (-8 percent)

    Days on market: 68 (36 percent)

    5. Coconut Grove:

    Median single-family home sales price (year-over-year change): $1.72 million (25.6 percent)

    Number of sales closed: 14 (-26.3 percent)

    Days on market: 108 (18.7 percent)

    SOURCE

  • Wynwood Life Street Festival

    Wynwood Life Street Festival

    Le Wynwood life est de retour cette année !

    Un festival regroupant tout ce qu’on aime : Art, Mode, Musique, Cuisine et situé dans le très célèbre quartier de Wynwood.

     

    Le Wynwood life c’est :

    • Des artistes de rue qui peignent tous les jours sous vos yeux
    • 20 groupes de musique et DJ
    • Une galerie d’art “Art House”
    • Le “Style lounge and Runway” pour les fashionistas
    • Des arts culinaires avec le “Wynwood Culinary Showcase”
    • Plus de 150 marchands d’art et artisans
    • Les meilleurs food truck du sud de la Floride
    • ...

    Quand ?

    Le festival durera 3 jours, du 21 au 23 avril.

     

    Pour en savoir plus, c’est ici ! 

     

    Miami Beach au coeur des événements culturels et sportifs représente une ville dans laquelle il est intéressant d’investir, que ce soit pour acheter une maison, un appartement pour vous meme ou pour le louer sur courte ou longue durée.

    Notre équipe Viac est là pour vous renseigner sur toutes vos questions en matière d’achat ou d’investissement à Miami en Floride.

    https://www.viac-miami.com/

    https://www.instagram.com/viacluxuryrealestate/

     

  • The Importance of Using a Professional to Sell Your Home

    The Importance of Using a Professional to Sell Your Home

    When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold.

    In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. According to the National Association of Realtors’ 2016 Profile of Home Buyers & Sellers, the percentage of buyers who used the internet in their home search increased to 94%.

    However, the report also revealed that 96% of buyers who used the internet when searching for homes purchased their homes through either a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their homes directly from a seller whom the buyer didn’t know.

    Buyers search for a home online but then depend on an agent to find the home they will buy (50%), to negotiate the terms of the sale (47%) & price (36%), or to help understand the process (61%).

    The plethora of information now available has resulted in an increase in the percentage of buyers that reach out to real estate professionals to “connect the dots.” This is obvious, as the percentage of overall buyers who have used agents to buy their homes has steadily increased from 69% in 2001.

    Bottom Line

    If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process.

    SOURCE

  • Mortgage Too High? How to Refinance Your Home

    Mortgage Too High? How to Refinance Your Home

    When you secure a mortgage for a new home or for one that you already own in order to make improvements or to cover an emergency, you might think that you can afford the rate that is offered. After a few years of paying the same rate, it could be evident that it’s eating away at your bank account. Before getting in too deep with the mortgage payment and going bankrupt, consider refinancing the home to get a lower rate that you can afford.

    Mortgage Calculators

    Before you start any paperwork for refinancing the home, use a few of the online calculators to determine what you can afford. You can see everything from the fees that you’ll pay along with the interest rate for the new amount. Plug in a few numbers with the interest rate depending on your credit score and the company that you might work with to see how it will affect your payment.

    What Is Your Goal?

    You need to have a goal in mind of why you want to refinance the home and a goal of how much you want to pay each month. Most people want to shorten the length of the mortgage, so this should be something to keep in mind when looking at rates as you’ll want to find the lowest interest rate possible. Consider making a list of the pros and cons of the goals that you have in mind before talking with the finance specialist about the new rates as this will give an idea as to whether you should even consider refinancing.

    Your Credit

    One of the things that you want to look at before refinancing is your credit score. If it’s improved then you can probably get a lower interest rate and monthly payments. Work on improving the credit score in any way possible over a few months before refinancing.

    Breaking Even

    Calculate a few figures to see how long it will take before breaking even after paying the fees and other expenses that are associated with refinancing. If it’s going to take longer to get the money back, then you might want to pay down the mortgage a bit more before refinancing.

    A new home mortgage might seem like a good idea, but you need to make sure that you’re actually getting a lower rate. Talk to mortgage professionals who can give an idea about the interest rates and any programs available to help with refinancing. Spend money saved wisely to get the mortgage paid off quickly as to improve your credit and own your home.

    SOURCE

  • Pharrell is hunting for real estate in Miami

    Pharrell is hunting for real estate in Miami

    Pharrell Williams was seen celebrating his birthday at Komodo in Miami, and spies said he’s been looking at new real estate in town after selling off a multimillion-dollar penthouse.

    Pharrel

    The “Happy” singer was with a group including actor Andy Garcia and owners David Grutman and Alex Pirez.

    A source told Page Six that Pharrell — who turns 44 on April 5 — was “in town looking at real estate and he was overheard mentioning he’s going to be spending more time in Miami.”

    Last year he sold his Miami apartment for $9.25 million.

    SOURCE