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Posted by Michael Bordenaro on July 2, 2018

Prepare Your Kid for Smart Financial Future

  Every parent only wants the best for their kids right?  Who can blame them.  After years of raising your child and making sure they learn the most important things in life, its natural to want to see your children succeed in life.  But one thing that most kids are never taught, is how money works.  Sure they are curious and have questions about it or maybe they receive an allowance, but thats about as far as it goes most of the time!  Now is the time to prepare your kid for a smart financial future! School doesn’t teach them anything important about money besides how to count it!  And sadly parents themselves usually don’t know as much about money as they should.  The sooner any child can learn about money, the better and more stable future they have ahead of them.  A great way for kids to learn about money is through reading.  Enter, Rich Kid Smart Kid by Robert Kiyosaki.  The famous author of Rich Dad Poor Dad, has an excellent book geared towards children, written in a way kids can easily comprehend.  This is a great start for any kid that likes money, is interested in it or wants to have it!  Use the link below to find this excellent book on Amazon today!  Parents, I am interested in your feedback.  Please comment below and what kind of results you have seen from your child learning to have a smart financial future.   
Posted by Michael Bordenaro on June 20, 2018

Owner Says Sell! Price Drastically Reduced For Quick Sale!

Attention buyers!!  Purchase this Miami Beach condo with as little as 5% down if using as an owner occupied home.  Here is a Miami Beach rarity, a 1 bedroom 1.5 bath unit with 2 assigned parking spaces! Thats right, 2! This unit has plenty of features to appreciate. The unit has tile floor throughout, balcony with a view of Miami Beach and Intracoastal waterway. Top floor unit, huge walk-in closet, lots of windows to let in that beautiful Florida sunshine. Building is very quiet and friendly, only 3 units per floor! Walking distance to all shops, restaurants and farmers market in Normandy. The unit can be lived in or rented immediately.  This is a great deal in Normandy Isle, come see it today!  

 

Click Here For All Property Info!

Posted by Michael Bordenaro on May 16, 2018

New Rental Listing at 900 Bay Dr in Normandy Isle Miami Beach

This huge 1 bed 1.5 bath really has it all! Gorgeous water and city view w/balcony. Natural light all day coming in through the floor to ceiling windows. 2 Foyer closets, 2 closets in the master bedroom including 1 massive walk in closet you have to see to believe. Remodeled kitchen and bathrooms. Polished tile flooring throughout. Frosted glass doors in the bedroom and master bath. Rent includes water, sewer, trash, electricity, HD cable and high speed internet. You only pay rent! Immaculate unit! Please note, unit is unfurnished! Available July 1st. Call today for a showing!

Posted by Michael Bordenaro on April 13, 2018

Affordable Rentals in Miami Beach

It can be quite a challenge these days to find affordable rentals in Miami Beach.  But look no further!  Finally a place that doesn’t break the bank!  Excellent rental deal only a few blocks away from south beach! Affordable and water, sewer, trash and electricity included in the rent! Tenant only pays cable and internet. The beach is right across the street, building has a pool and on-site laundry. Move in immediately with 1st, last and security. No condo approval or application fee required! Owner does the background and credit check with immediate answer. Small pets allowed with pet deposit. Call today for a hassle free rental experience! See today, move in tomorrow!

Pricing and Features

  • Units ranging from $1000-1200 for furnished and unfurnished studios
  • Pool
  • Laundry On-Site
  • Across the street from the beach
  • Rapid Approval Process
  • Only a few blocks to South Beach
  • Pet Friendly

Check back here often as I always have new units coming up here in the building.  Also feel free to reach out to me directly at 815-670-9520 and find out what I currently have available.

 

Click Here to see all available Listings

Posted by Michael Bordenaro on February 10, 2018

Awesome New Studio For Rent in North Beach!

Awesome New Studio for Rent in North Beach!  Super convenient, fully furnished studio unit in North Beach! Excellent location, walking distance to Publix, Beach, Banks, Restaurants, Bars, stores and more! Lots of natural light, and all utilities included in the rent! This place is super clean! Tenant only pays cable and internet. Unit is available immediately for 1 year lease, or 6 mo at a higher rate. The building has a secured keyed entry, parking available, a bay-front pool, laundry on site and bicycle storage. Exercise right next door at Brittany Bay Park. You wont find a better deal than this in the neighborhood. Call today!

Posted by Michael Bordenaro on January 25, 2018

2017 Miami Beach Real Estate Market Analysis


In 2017 the Miami Beach real estate market saw an overall decline from 2016 to 2017. In 2016 there were 2179 closed sales in Miami Beach. This includes condos and single family homes. In 2017, there were 2022 closed sales. That is an 8% decrease in overall sales. Lets break things down even further by condos and single family homes, as these segments of the market are quite different from each other.

Single Family Homes

Starting with single family homes. In 2016 there were 217 Miami Beach single family homes sold at an average sale price per square foot of $672. In 2017, there were actually slightly more sales at 231 homes sold but a lower price per square foot of $637. This is an indicator that demand for single family homes in Miami Beach is up, and buyers will generally take advantage of lower prices.

Condos

The condo market on the other hand is quite different. 2017 saw 1791 closed sales with a $513/ sqft average. 2016 had 1962 closed sales at $535/sqft. This is 9% decrease in condo sales year over year and a 4% decrease in sold price per square foot. This is a strong indicator that prices and overall sales of Miami Beach condos is on a downward trend. Combine this with a whopping 21 months of inventory currently available in Miami Beach based on the amount of sales in 2017. This most likely means that condo prices in particular will continue to fall through out 2018 as more units hit the market.

Analysis and Summary

A balanced market has roughly 6 months worth of inventory, meaning its not really a buyers or a sellers market. When the months of inventory surpasses 6 months, now you are generally dealing with a buyers market as there are more options for potential buyers to choose from. Since there are currently 21 months of inventory, this would make the current Miami Beach market a clear buyers market.

With that being said, we can call it any type of market we want, but the trend I personally see happening is sellers listing homes at absurdly high prices, despite the amount of inventory available. Since very few homes are in the condition necessary to command top dollar, this will leave more and more units sitting on the market until they eventually sell or are taken off the market.

So my advice for both sides is this. If you are a seller thinking about selling, you can certainly still sell in a buyers market, but its imperative to pay close attention to the amount homes similar to your are actually selling for. Forget about the ASKING price of similar homes, it only matters what homes are SELLING for. If these comparable sales are acceptable to you and in line with your sale expectations, then it is a great time to sell!

Buyers, you have a lot options out there right now. Depending on the type of property you are looking for and your budget, it may be possible to look in price ranges slightly over your budget in hopes of negotiating a fair market price for the property you want to pursue. This doesn’t mean sending ridiculously low, lowball offers, it means doing some research, and determining what the home is truly worth, and making your offer based on these numbers. This strategy will net you the best results and land you the property you have been looking for!

Call me today to discuss buying, renting or selling in Miami Beach!

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Posted by Michael Bordenaro on November 2, 2017

Miami Beach Market Trends October 2017

With October being the month after hurricane Irma struck Florida, the Miami Beach Market Trends are starting to return to pre-hurricane activity.  With so much damage and chaos coming from the storm, it was uncertain how the market would react post-hurricane.  However, for the most part everything seems to be back to normal, which is an overall good thing for Miami Beach.

Miami Beach Single Family Homes

The single family home market saw a slight drop in sales year over year from last October, however the average selling price per square foot did rise significantly.  Remember, this can easily be due to the type of home being sold, its price point, location etc.  These type of differences in the numbers are not typical, but definitely worth mentioning.  In October 2016 17 Miami Beach houses sold for an average of $774 per square foot.  This year, 14 houses sold with an average of $1077 per square foot.  This is good news for the single family market as throughout 2017, the average sale prices have been declining. 

Miami Beach Condos

The Miami Beach Condo market has also recovered nicely after the hurricane.  In October 2016  125 condos sold at $534 per square foot.  Following the year long trend, October 2017 saw quite a bit fewer sales but with higher square foot averages.   Only 101 condos sold but at a slightly higher average at $541 a square foot.

In summary, the Miami Beach market has largely recovered after the storm and seems to be in line with all previous months of 2017, excluding September.  I expect this same trend to continue throughout the year, and possibly into 2018.  I am always like to hear from anyone who is curious to know more about what is happening in the local market.  Please feel free to reach out if you would like to discuss buying, renting or selling in Miami Beach!

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Posted by Michael Bordenaro on October 3, 2017

September 2017 Miami Beach Market Update

The Miami Beach Market has been going through quite a bit of turmoil these days.  First we had the presidential election last November as well as a Zika scare before that, and now most recently, we are feeling the aftermath of Hurricane Irma.  Prior to Irma the market was consistently seeing less sales for both condos and single family homes in 2017 compared to 2016. 

Single Family Home Market

The Miami Beach single family home market at first glance, doesn’t seem to be affected as much as the condo market at first glance.  However, if you look closely at the numbers the average sale price per square foot in 2016 for a single family home was $721.58 and when you compare that to $550.97 in 2017, that is a sharp decline at a 24% difference.  In real estate 24% is huge.

Condo Market

When looking at the Miami Beach Condo market, the largest change is not in the selling price per square foot, but rather the actual number of units being sold.  In September 2016 156 condos sold in Miami Beach.  In September 2017, only 78 were sold at a whopping 50% decrease in the number of units sold.  Even though the average sale price per square foot rose slightly from $494 to $497, this pales in comparison to the decrease in sales.

I believe this sharp decrease in sales is coming from a number of different factors.  One major and recent factor of course, is Hurricane Irma.  The number of pending transactions that were affected by the storm is unknown, but when your city is hit by a major hurricane, it tends to delay everything that was happening before the storm, including real estate sales. 

Another big factor is our global economy, the value of the U.S. dollar compared to other currencies and how that impacts the amount of foreign investment we receive.  Miami and Miami Beach rely heavily on foreign investments, and now that those investments are becoming less common, the market is feeling the effects of it.

This can be a pro or a con, depending on how you look at it.  The prices of Miami Beach Real estate in general have been hovering close to the bubble numbers of 2008 for a while now.  The prices that are being asked in todays market are unsustainable once again, and our numbers are starting to reflect that.  The market will begin correcting itself if these trends continue. 

Due to the amount of inventory we have, I would say it is much better to be a buyer right now, vs a seller.  Buyers have many choices, and are in the position to make offers based on “fair market value” of a listed property instead of being forced to pay what a seller “thinks its worth”.  If you are thinking about selling, you can still make a hefty profit if you bought your property more than a few years ago, but only if you are willing to list at fair market value.  Too high of a listing price is a guaranteed way NOT to sell, just look at all of the overpriced inventory that has been on the market for 4 months or longer. 

I welcome any and all clients, old or new to reach out to me to discuss the market and what would be a successful strategy for you whether buying, selling, or renting.  Also, if you enjoy these posts don’t forget to SUBSCRIBE BELOW!



Posted by Michael Bordenaro on July 4, 2017

June 2017 Miami Beach Market Update

The June 2017 Miami Beach Market Update has produced some rather predictable results.  If you have been following the Miami Beach Real Estate market or have read any of my previous blog posts about the market, then you probably have an idea of what is happening out there.  For every consecutive month in 2017, there have been less overall sales in Miami Beach for both condos and single family homes.  Lets dive into the details.

 

Once again, the Miami Beach Single Family Home market has proven to be the more stable side of the market.  In June 2016, 28 homes sold with an average sale price per square foot of $640.  June 2017, the number of sales declines to 22 homes sold with $619 per square foot average.  Not only did the amount of home sales go down, but overall selling price per square foot took quite a dive as well.  Nonetheless, the demand for single family homes in Miami Beach seems to be much more stable than the condo market.

In June 2016 Miami Beach saw 186 condos sold at an average of $570/sqft.  Move to June 2017 and those numbers change quite a bit.  Only 133 condos sold, a 30% decrease in the amount of sales, but the average of $607/sqft jumps significantly.  This has been the same trend we have seen for all of 2017 so far.

With these latest number available we can see the demand for real estate in Miami Beach declining.  Less houses are selling, with lower averages and much less condos are selling with higher averages.  At first glance, some people would say the market is going up, but this is not the case.  If you are a seller right now and you have a property you purchased in 2013 or prior, there is a good chance you can sell and make a profit.  If you bought after this time period, it is unlikely your property will have enough equity to turn a decent profit, unless of course you paid cash.  

 

These numbers still point to it being a buyers market.  There is plenty of inventory on the market here right now in Miami Beach which is the opposite of what is happening in most of the rest of the country.  The condo sales that are seeing much higher sales price per square foot are most likely due to buyers needing or desiring to be in a particular neighborhood or building and willing to pay more.  But with so fewer amount of sales taking place, this means that prices are beginning to be too high in most of Miami Beach in order to sustain at this level.  It will be interesting to see how the rest of the year shapes up and if these market trends continue.  If you enjoy reading these posts, please share with others who may find it helpful and SUBSCRIBE below to my monthly newsletter to make sure you receive these market updates in the future!

 



Posted by Michael Bordenaro on June 12, 2017

Just Listed at The Collins Miami Beach

6917 Collins Ave, Miami Beach, FL

Click for current price
1 BEDROOMS | 2 (1 full, 1 half ) BATHROOMS |

BRAND NEW RENTAL LISTING AT THE COLLINS MIAMI BEACH.  THIS UNIT BOASTS A LOT OF NATURAL LIGHT, OCEAN VIEWS, BALCONY, TILE FLOORS, GRANITE COUNTER TOPS, SEPARATE LAUNDRY ROOM, HIS AND HER SINKS, WALK-IN CLOSET, HALF BATH FOR GUESTS, BAR AREA GREAT FOR STORAGE OR ENTERTAINING. THE BUILDING OFFERS PLENTY OF GREAT AMENITIES INCLUDING GYM, POOL, BUSINESS CENTER, PARTY ROOM, MENS AND WOMENS SAUNA/LOCKER ROOMS, HD CABLE AND HIGH SPEED INTERNET ALL INCLUDED IN THE RENT!! VERY WALKABLE LOCATION. THE UNIT ALSO HAS 1 ASSIGNED PARKING SPACE. CALL TODAY!

Posted by Michael Bordenaro on June 6, 2017

Just Sold! Oceanfront Unit at The Collins Miami Beach

6917 Collins Avenue #411, Miami Beach, FL

 Click for current price
1 BEDROOMS | 2 (1 full, 1 half ) BATHROOMS | 819 SQUARE FEET

Wake up facing the ocean every day! Feels like a beach house on the water. Balcony overlooking the pool and the ocean. Unit has a laundry room, bar area with extra storage, half bath for guests, large master bedroom with 2 closets. The building features 24 hour front desk, valet, pool, gym, sauna, steam room, business center, recreation room and covered parking. Unit comes with 1 deeded and covered garage parking space. Lowest price 1 bedroom in the building with an ocean view!

Presented By:

Michael Bordenaro

Real Estate Consultant
Beachfront Realty
815-670-9520
Licensed In: FL
License #: 3219206

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Posted by Michael Bordenaro on June 2, 2017

May 2017 Miami Beach Real Estate Market Update

The Miami Beach Real Estate market has been on a downturn since the beginning of this year.  While this is not a market crash, make no mistake, the real estate market is on a down cycle and the May 2017 Miami Beach Real Estate market update is proof of that.  Lets take a look at what has been happening during the last month compared to the same month 1 year ago.

 

During May 2016, Miami Beach saw 21 Single Family Homes sold at an average price per square foot of $662.21 and properties were on the market an average of 109 days.  Fast forward to May 2017, and there were 17 homes sold for $663 per square foot, and homes sat on the market significantly longer this year, taking an average of 230 days to sell.  The Miami Beach single family home market saw a 20% decline in the number of homes sold in May 2017 compared to May 2016.

Single Family Home Stats

 

 

The Miami Beach Condo market saw a slightly higher decrease in the amount of homes sold year over year.  There were 22% less condos sold in May 2017 at 145 condos sold v.s. May 2016 at 184 condos sold.  Properties also sat on the market slightly longer at an average of 148 days compared to 134 days on the market.  Not only were there less condos sold in 2017 but they also sold for less money.  In May 2016, the average price per square foot of sold Miami Beach condo was $533.  In May 2017, that number went down to $522.

Condo Stats

 

 

This decrease in sales and pricing is a clear sign the Miami Beach market is in a down cycle.  We are also seeing an increase in available inventory, with more units for sale.  If you have been thinking about purchasing property in Miami Beach, but have hesitated, wait no longer.  It is clearly a buyers market out there.  Contact me today to get started on your next investment or Miami Beach Home purchase!

Posted by Michael Bordenaro on May 22, 2017

Just Listed! 1 Bed 1.5 Bath with Bay View at The King Cole Miami Beach

900 Bay Dr, Miami Beach, FL

$ Click for current price
1 BEDROOMS | 2 (1 full, 1 half ) BATHROOMS |

This huge 1 bed 1.5 bath really has it all! Gorgeous water and city view w/balcony. Natural light all day coming in through the floor to ceiling windows. 2 Foyer closets, 2 closets in the master bedroom including 1 massive walk in closet you have to see to believe. Remodeled kitchen and bathrooms. Polished tile flooring throughout. Frosted glass doors in the bedroom and master bath. Rent includes water, sewer, trash, electricity, HD cable and high speed internet. You only pay rent! Immaculate unit!


Posted by Michael Bordenaro on April 3, 2017

March 2017 Miami Beach Market Update

Its that time of the month again, time for the March 2017 Miami Beach Market Update!  It seems that 2017 is following the path I predicted a few months ago.  The number of overall sales in the Miami Beach condo market are still on the decline, while the actual sales prices per square foot is slightly on the rise.  Miami Beach Single Family homes on the other hand, remain a lot more stable in the amount of homes selling, while the average price per square foot is on the decline.  With that being said, lets jump into the details.

 

In March 2016, Miami Beach had 21 Single Family Homes sell at an average sale price of $627/ sqft.  Fast forward to March 2017 and the number of homes sold is down to 17 with an average sale price of $549/sqft.  The average time it took to sell a home in both months was roughly the same at 149 average days on the market in 2016 and 151 days on the market in 2017.  While a significant decline in the average price per square foot is present year over year, keep in mind, Miami Beach does have many different neighborhoods, sizes and styles of single family homes that can affect this change in price per square foot.  Factors like whether a home has been updated, is waterfront, its actual square footage, and comparables in the neighborhood all have an impact on a homes selling price.  Overall I would say this keeps the Miami Beach single family home market still pretty stable with the main variable being the actual type of homes being sold.

Miami Beach Single Family Home Close Sales March 2016

Miami Beach Single Family Home Close Sales March 2017

Moving on to the Miami Beach Condo Market.  In March 2016, Miami Beach saw 194 Condo closes sales at an average of $558/ sqft.  The average time it took to sell a condo in March 2016 was 102 days.  In March 2017, the number of condos sold declined 25% to 147 Miami Beach Condos sold but at a higher cost per square foot at $577/ sqft, while taking an extra 44 days on average to sell at 146 days on the market.  This trend clearly shows that while average sold prices are slightly higher, units are staying on the market longer and fewer and fewer are being sold every month so far in 2017.  

Miami Beach Condo Closed Sales March 2016

Miami Beach Condo Closed Sales March 2017

As usual, it seems the Miami Beach single family home market is a safer bet if you are looking for stability.  And reasonably so, considering most buyers of single family homes are families who are looking to remain in the community for a long period of time.  The Miami Beach condo market on the other hand, remains much more volatile and unpredictable, due to its high dependence on foreign investment.  With condo trends continuing in this direction, we are certain to have an excess of inventory on the market in the coming months with not enough buyers to absorb them, leading to a buyers market and sellers needing to face reality if considering selling a Miami Beach Condo.  If you would like to discuss the Miami Beach Real Estate Market further, Contact Me Today!

Posted by Michael Bordenaro on March 24, 2017

Just Listed! Oceanfront Miami Beach Condo

6917 Collins Avenue #411, Miami Beach, FL

Oceanfront Miami Beach Condo

$ Click for current price
1 BEDROOMS | 2 (1 full, 1 half ) BATHROOMS | 819 SQUARE FEET

Wake up facing the ocean every day!  This Oceanfront Miami Beach Condo feels like a beach house on the water. Balcony overlooking the pool and the ocean. Unit has a laundry room, bar area with extra storage, half bath for guests, large master bedroom with 2 closets. The building features 24 hour front desk, valet, pool, gym, sauna, steam room, business center, recreation room and covered parking. Unit comes with 1 deeded and covered garage parking space. Lowest price 1 bedroom in the building with an ocean view!

 

WHAT I LOVE ABOUT THE HOME

I love that this place is right on the ocean in a very walkable part of Miami Beach. You can walk right across the street to Publix, and restaurants. A block away is 71st. The bandshell is only a couple blocks down the street. They are always having a concert or event there as well as the food trucks once a month. If you love living on the beach and you don’t like to drive, this is the place for you!

 

Presented By:

Michael Bordenaro

Real Estate Consultant
Beachfront Realty
815-670-9520
Licensed In: FL
License #: 3219206

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  • Connect on LinkedIn

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