Property Q&A in Miami>Question Details

Owenmeany, Home Buyer in Miami, FL

Transfer to Mia and thinking about renting in Pinecrest first. It seems that the listing price is WAY over sales price. Is it the same for rentals?

Asked by Owenmeany, Miami, FL Tue Feb 14, 2012

Family with two elementary age children offered a job in Doral. It seems that the listing price is much higher than what properties are selling for. For example if you take a tax roll in 2008 and compared it to the value in 2011, the tax value has fallen by 40-50% but the listing price is the same that they purchased the house in 2008. I imagine that it will sell to a significant discount to the listing price. I was wondering if the rental listing price was as significantly overvalued.

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Answers

3
Good Morning Owen,

You ask a very valid question here regarding housing prices here in Miami. You are correct in that tax values have fallen, as have home prices here in Miami but also straight across the nation. While the tax roll value is a good guide of what a home's value may be, it is not always a true reflection of a homes' price. The tax assessors bases taxes on the size of a home, land size, pool etc. What the tax assessor can not take into account is the condition of a home, such as upgrades, updates, basically the overall condition of a home. Sales prices are taken into consideration based on the filing of deeds, but again there is nothing that gives them the condition of a home. Clearly a home that has not been updated in years, or been abandoned by a defaulted homeowner, does not have the same value to prospective buyer as a home that is good condition. There are many times where the sales price of a home does exceed the tax assessor's value, as it is buyers and seller's that determine the price of a home through negotiation. Contrary to popular belief, just because a home is listed at a certain price does not mean that a buyer can look at it, and then try to apply a discount amount. While there may be homes listed above the current market value, many of the homes being listed now are properly priced given the current market conditions, many of which go under contract within a week of the listing date. Good luck in your search whether it is to rent or to purchase, and welcome to Miami.

Lila Lopez
RE/MAX Advance Realty
0 votes Thank Flag Link Wed Feb 15, 2012
Hi there,
I have a rental in Pinecrest available. What is it that you are looking for exactly. Christine Knize, Palladio Realty, 305-505-2282
0 votes Thank Flag Link Tue Feb 14, 2012
Actually rental prices are at a pick high since there is a great demand for rentals. Usually the most you can negotiate in a rental is 50-100 tops, although most properties are being rented at full asking price. If you need help with your move please contact me at 305-753-3540
0 votes Thank Flag Link Tue Feb 14, 2012
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