Need some advice for selling at Aventura, FL. I have a unit at

Asked by Arturo, 33180 Mon Nov 19, 2007

from Aventura Mall. I bought a 2b/2b unit end of 2004 for about $380k. Do you think I should sell it now or continue renting it? - Is it likely pricess will continue dropping in this area?

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9
David Marks, Agent, Aventura, FL
Tue Jul 19, 2011
I see this question is an older question and asked very often today. Here is what I am seeing in the market today. The current market is very tricky. Certain areas have been hit very hard and some areas haven't been hit so bad. The ultimate question is what is your current financial situation. If you can hold onto the property over the years my opinion is that you should see an increase in the pricing. A lot of times for example if you rent the apt you would be at a negative cash flow. Example: add up all the costs to hold. Mortgage, maintanence, property tax, vacancies, repairs, etc. Let's say the $380K apt costs you $3500 a month. Most likely the rent will not offset the total holding costs thus giving you a negative cash flow. If you are financially able to "hold tight" for a few years in my opinion you will be much better off. If you cannot "hold tight" then you have no choice and have to sell. If selling I suggest you price it well. The days of pricing it high to see what happens are over. Review the comps and price accordingly or depending on motivation price it lower. I see this questions all over the Aventura market in these buildings: Porto Vita, Turnberry, Williams Island, and more.
Web Reference:  http://www.nmbre.com
1 vote
Mott Marvin…, Agent, Sunny Isles Beach, FL
Fri Aug 15, 2008
That sounds like Turnberry on the Green. Prices may continue to adjust downward, but in reality- nobody really knows. There are many beautiful condos for sale in Aventura- too many choices and too few buyers. If you are content with your rental- keep it that way for awhile.
0 votes
Claudia & Ju…, Agent, Pembroke Pines, FL
Thu Jun 26, 2008
Your analysis should also include projections on long term and short term recovery of the market. The best predictors of the future are usually past market cycles. We know that historically the market has appreciated on average 3-5 % per year since 1970 (with the with the obvious exceptions of 03, 04, & 05). Knowing this, it would be smart to ask yourself and your agent how long you think the market will continue to fall and how much it has fallen since the down turn in October 2005.

My team works in Aventura and NMB. We have seen some condo communities decrease as much as 48% in asking price from sales prices in 2005. Knowing this I would ask myself what I think will happen in the next few years and then most importantly how many years it will take to return to the values of units in my building in 2005. The answers to these questions would guide my decisions.

If you would like a detailed CMA or would just like to kick around our thoughts on the market in Aventrua you are welcome to contact me through my web reference below. Our office is located on the corner of 208 Street and Biscayne Blvd. in the Smith Barney Building on the first floor. You are welcome to stop by and ask for Justin or Claudia of the Willard Realty Team, Keller Williams Elite Properties.

I think it would be very productive to have a face to face conversation after viewing your home and considering the data.

The Willard Realty Team.
0 votes
Heather Lopez, , Aventura, FL
Thu Jun 12, 2008
there are number of websites you can surf. or call a local realtor in the area we provide this service for free comparable analysis report.
0 votes
Ray, , Miami, FL
Fri Dec 14, 2007
I would wait until the January 29 referendum. If it passes the real estate, market will begin to pickup. Email me if you need any more information on the bill.

Later, Ray
0 votes
Karina Leal, Agent, Delray Beach, FL
Thu Dec 6, 2007
Hi Arturo, along with the considerations mentioned bellow, I would also evaluate how much is the rent you are getting compared with the expenses, how long more your tenant would like to stay, if your tenant would be interested in purchasing the unit, or would agree on staying while you are trying to sell the unit.

There are a lot of factors to be considered, that a local realtor could help you to analyse, along with the purpose of the initial purchase, if it was for long term investment or not.
Web Reference:  http://www.karinaleal.com
0 votes
Eric Mabo, , Atlanta, GA
Wed Dec 5, 2007
I would sell now, even if I were to lose money. Prices in Miami, Orlando are going to drop even more. You can rent a nice condo in Aventura for far less than your current mortgage payment (assuming that you have a fixed mortgage loan). I have been looking at buying vs. renting a 3BR home in the Aventura area. We have decided to rent, because it is much cheaper to rent now, as there are so many homes/condos on the market
Web Reference:  http://www.doyenrealty.com
0 votes
Ines Hegedus…, Agent, Miami, FL
Mon Nov 19, 2007
Arturo - the truth is that the Aventura condo market is over-saturated. There are some buildings that are selling better than others and of course it has to do with the building and the view of the apartment.

The only way for you to be able to make an educated decision of whether to keep renting or try selling is by seeing what the closed sales in your own building have been this year, to study the time it took for those to sell and to know that the inventory will keep growing.

As Ian said, it would be beneficial for you to get a Comparable Market Analysis from a Realtor and then make your decision, although I can tell you that if you bought in 2004, it may turn out better for you to rent, especially if you are covering expenses.
0 votes
ian cockburn, Agent, New Orleans, LA
Mon Nov 19, 2007
You need to find a Realtor to run a series of reports detailing recent solds, number of properties presently on the market, and time the solds took to sell.

These need to be comps closest to your home.

This way you can better understand which way the trend is, and how you would have to price your home to sell it fastest.
Web Reference:  http://www.iansellsnola.com
0 votes
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