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The 2024 holidays are upon us and 2025 is days away. As a trusted Realtor, I am often asked ‘How is the market?’ My response is to ask ‘That depends, whether you are interested in buying, selling or leasing.’ This usually spawns a conversation and allows me to help with customized services.
This year, I’ve turned more future-looking. When asked about the market, I talk about the opportunities that lie ahead for those who can successfully read the tea leaves. There are a lot of residential real estate headwinds right now. Interest rates have not come down as expected, but more impactfully, insurance rates are racing to unbearable levels and homeowner association or condo maintenance fees are also rising sharply.
In my mind, most of 2024 was reactionary, but those with vision have learned their lessons, sharpened their pencils and have planned on how to take advantage of 2025 and beyond.
The Miami Association of REALTORS projects a 6.5% increase in the median sales price for all homes in 2025, with a 9.7% increase for single-family homes. The luxury segment is expected to see particularly strong growth, with multi-million-dollar homes in high demand. While I agree with the latter, I think the former is inaccurate.
If you have a home worth under $2M, my colleagues and I are seeing long times on market and little to no appreciation on price. In fact, some homes have already seen softening values. So, depending on area and condition, I would say if you’re going to sell, sell now!
If you own a condo that is older than 10 years and under $1M in value, you need to be very careful. First, the market is very slow for condos. Prices have already slid, and I expect more softening. This is precipitated by the Florida law that, beginning in January, condo associations will be required to start collecting money from unit owners to place into reserve accounts – based on the results of Structural Integrity Reserve Studies (SIRS) conducted by experts – that will be used exclusively to fix, maintain and improve the structural integrity of residential buildings that are at least three-stories tall. The SIRS study deadline is Dec. 31, 2024. The study – which must be conducted by licensed engineers, architects and reserve specialists – evaluates the safety of condo buildings and allocates a budget that is necessary to ensure the structures are safe.
With that said, I will leave buyers with the advice my father gave me when I graduated college. He said, “If you can barely afford to buy your first home, still DO IT!” He added, “Your costs are relatively fixed (mortgage and taxes) and going forward, you will always find a way to make more money at your job, so your home purchase will become more affordable over time.” That advice has worked over these many years. Long term, the market goes up. Investing now in your future is always the way to go.
I recently heard another great bit of advice: “Maximum effort now equals maximum enjoyment later. Enjoyment now equals maximum efforts later.”
Make 2025 your year! If I can provide you with information or advice, please don’t hesitate to reach out!
Help from Miami-Dade County 3-1-1
Since 2004, Miami-Dade County has operated a 3-1-1 phone service to provide concierge access to non-emergency municipal services. Nowadays, few people would instinctively think to pick up the phone for this service, so it is also available at miamidade.gov/311Direct, by using the Android/Apple 311 Direct app, through social media channels and even three in-person physical locations.
The idea, in part, is to divert routine inquiries and non-urgent community concerns from the 9-1-1 number which is reserved for emergencies. The real reason is to connect residents with the government resources they are paying for. Pierre Imar, Manager of Miami-Dade County’s 311 Contact Center appeared on my The MiamiHal Real Estate Show https://www.miamihal.com/the-miamihal-real-estate-show/miami-dade-countys-3-1-1-service-is-your-concierge-to-our-government-resources-episode-144 and walked me through the myriads of ways 3-1-1 can help the residents of Miami-Dade County.
“We are the front door customer service to all things government,” explained Imar. “Right now, we are assisting a lot of people pay their annual property taxes. But our Top five call volume stuff is recycling, garbage, potholes, animal issues and maintenance things like downed signs or broken traffic lights.”
Imar went on to explain that the well-trained staff will work a ticket into the system and resolve it whether it takes one hour or several days.
“For us, our favorite part is helping people every day. It is about successfully resolving issues and answering questions.”
I recently had two interactions with 3-1-1, both were handled extremely well. First, I often do long walks on the pedestrian path adjacent to the South Dade Transitway. One day, I noticed a tree had fallen across the entire path and had been there for about a week. I also noted that the general upkeep of the grass and shrubs was not being addressed. After a call to 3-1-1, I saw next-day service that completely restored the pedestrian path to proper working order.
The second call to 3-1-1 was when my wife and I were walking in Pinecrest last in the evening. At one point, we noticed a cat had been following us for about a block. Well-groomed, uninjured and not starving, we did notice that the cat seemed to have been out for several days and dirty. He was definitely looking for human interaction, frequently rubbing up against us for pets and scratches. This time I used the 311 Direct app on my phone to snap a few photos. We just wanted to report a lost cat or see if anyone could help. The next morning, I got a phone call from a man who explained in detail about what Miami-Dade County law was as it came to handling cat issues. In case you’re wondering, unless the cat appears to be injured, they cannot touch a cat. I was told about several resources I could try to help the cat. I got a follow-up email as well.
Real Estate Update
As of 12/4/24, there were 160 properties for sale in Pinecrest, 17 homes pending sale and 13.3 months of inventory (buyer’s market). If you’re ready to move, contact me to get the best local expertise, truthful guidance and realistic expectations. It’s easy to get started at miamihal.com/getstarted.
I invite you to view past episodes of my The MiamiHal Real Estate Show at miamihal.com/the-miamihal-real-estate-show to hear from experts and get the latest real estate news.
Hal Feldman (MiamiHal) is a Realtor with RE/MAX Advance Realty. You can contact him with your story ideas or real estate questions at www.MiamiHal.com, Hal@MiamiHal.com or www.facebook.com/MiamiHal
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