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Edyta Gryc's Blog

By Edyta Gryc - Broker Associate | Agent in Hoffman Estates, IL
  • Veterans of Miami’s crash try their luck once again

    Posted Under: Home Selling in Miami-dade County, Agent2Agent in Miami-dade County, Investment Properties in Miami-dade County  |  September 10, 2013 4:17 AM  |  638 views  |  No comments
    Clear memories of the Great Recession could be critical as development revs up

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    zalewskihed

    South Florida had better hope the lessons learned from the last condo boom-and-bust cycle that devastated values, destroyed developer reputations, and damaged lenders’ balance sheets will be remembered – and adhered to — in the next few quarters of the current market run-up.

    Clear-headedness about the Great Recession could prove crucial, especially for the veteran players of a gamble whose repercussions are still being felt.

    Two-thirds of the more than 21,800 new condo units proposed for coastal South Florida are slated to be developed by individuals and groups that built during the last cycle, which ended with a spectacular crash in values in 2007, according to an analysis of Condo Vultures’ preconstruction condo project website, CraneSpotters.com.

    Many of today’s developers were stuck with unsold new condos – both recently completed and still under construction – when the real estate market began to unravel five years ago, some even taking hits to their personal wealth.

    The current fervor for preconstruction distorts the not-too-distant past, when developers were suddenly unable to compel buyers – many of whom were speculators making deposits on multiple units during the boom – to close on their contracts, notwithstanding 20-percent cash deposits down.

    In a market spiraling downward, developers were forced to play a kind of real estate Hunger Games, competing for a scant supply of buyers and loans. Many of the same developers who today are commanding record prices for luxury preconstruction were forced back then to slash prices, offer incentives like cash allowances for interior design and even release buyers from multiple contracts if they agreed to complete even one deal.

    When all else failed, developers were compelled by the courts to negotiate a workout with lenders or else hand the condo units over. Read more here

  • Long enamored of Miami condos, Brazilians now look to single-family homes

    Posted Under: Home Buying in Miami  |  February 22, 2012 6:41 AM  |  504 views  |  No comments

     

    A home for sale in Miami Beach

    Miami’s downtown skyline may not have been built by Brazilians (the same cannot be said for the next wave of projects) — but it would not have the same bustle were it not for cash buyers from Sao Paulo and Rio de Janeiro looking for condominium bargains.

    But while many Brazilians continue to look at Miami condo towers, a number of them have now shifted their focus to single-family homes in areas like Miami Beach and the Venetian Islands.
    Read more


  • Miami luxury condos

    Posted Under: In My Neighborhood in Miami  |  January 26, 2012 7:06 PM  |  840 views  |  No comments


    The proposed Porsche tower in Sunny Isles Beach

    In 2011, luxury condominium resale activity jumped by 29 percent, according to Condo Vultures’ Peter Zalewski. But while foreign buyers, armed with strong currencies, drove the market in Miami last year, indications are that the market is here to stay for now. Topped by a $21.5 million sale at the Setai Resort & Residences in Miami Beach last year, Miami’s luxury market is now seeing a wave of new development, including five new luxury towers planned in the area with sales prices topping $1 million per unit. [Miami Herald]

    Source:TheRealDeal

  • Jay-Z and Beyonce check out Ricky Martin's Miami Beach home

    Posted Under: Celebrity Homes in Miami Beach  |  December 2, 2011 4:34 PM  |  1,283 views  |  No comments

     

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    Jay-Z, Beyonce and Ricky Martin's 5130 North Bay Road home
    Jay-Z and Beyonce checked out Ricky Martin's 9,491-square-foot mansion while home shopping in Miami Beach, TMZ reported.

    The oceanfront home, located at 5130 North Bay Road, has seven bedrooms, 10 bathrooms, a pool -- and a $12.5 million asking price.

    Martin purchased the home for $10 million in 2005 and put it on the market last November with Esslinger-Wooten-Maxwell broker Pablo Alfaro. The home sits on a 0.44-acre lot and has a four-car garage and private dockage, according to the listing.

    According to TMZ the home is located in a wealthy enclave where Miami Heat stars Dwyane Wade and Chris Bosh live. [TMZ]
  • Real estate industry prepares for Art Basel

    Posted Under: Home Buying in Miami, Home Selling in Miami  |  November 28, 2011 4:18 PM  |  963 views  |  No comments

    Quantum on the Bay-Miami

    Art Basel week in Miami has real estate developers and brokers salivating, as wealthy people flock to the city to take in the art show that starts Thursday. According to the New York Post, the industry's elite are using the show to sell property to the rich in town for the week.

    "There's no other week in Miami where there are so many high net-worth individuals," said Oren Alexander of Prudential Douglas Elliman. "No other city in the world can compete with the level of sophistication and class during this time."

    Therefore, it's no coincidence that the Related Group will celebrate the launch of MyBrickell during the week, with a lunch reception with designer Karim Rashid. Similarly, a unit at Paramount Bay will be home to the Elle Decor Miami Showhouse, which is a satellite exhibit of the Design Miami fair. [Post]

  • Miami condo sales jump 63 percent

    Posted Under: Market Conditions in Miami, Home Buying in Miami, Home Selling in Miami  |  November 22, 2011 10:08 AM  |  1,014 views  |  No comments


    Axis in Brickell

    Sales of existing condominiums in Miami increased 63 percent in October, with sales of existing single-family homes in Miami were up 41 percent in October, according to a report from the Miami Association of Realtors. "We are encouraged by the record-breaking performance of the Miami real estate market this year," said Jack Levine, chairman of the board of the Miami Association of Realtors. "Rising demand and limited supply is yielding higher average and median sales prices, and we expect to see double digit appreciation in 2012." International buyers continued to fuel deals, especially all-cash transactions. The median sales prices for condos rose 8 percent to $117,900, with the median single-family price decreasing by 12 percent to $174,600. -- Alexander Britell

    Source:TheRealDeal,Miami Association of Realtors
  • Miami condo sales jump 63 percent

    Posted Under: Market Conditions in Miami, Home Buying in Miami, Home Selling in Miami  |  November 22, 2011 10:08 AM  |  952 views  |  No comments


    Axis in Brickell

    Sales of existing condominiums in Miami increased 63 percent in October, with sales of existing single-family homes in Miami were up 41 percent in October, according to a report from the Miami Association of Realtors. "We are encouraged by the record-breaking performance of the Miami real estate market this year," said Jack Levine, chairman of the board of the Miami Association of Realtors. "Rising demand and limited supply is yielding higher average and median sales prices, and we expect to see double digit appreciation in 2012." International buyers continued to fuel deals, especially all-cash transactions. The median sales prices for condos rose 8 percent to $117,900, with the median single-family price decreasing by 12 percent to $174,600. -- Alexander Britell

    Source:TheRealDeal,Miami Association of Realtors
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