An article in the Miami Herald attempted to shed light on a longstanding issue with the save our homes program. It does not reward long time home owners. If you owned your home well before the current boom and bust cycle there is a strong argument being placed by the articles writer that you will be assessed a higher tax rate because the value of your home is currently STILL less than what will be this years assessed real estate value. That means you will be assessed a higher value than last year. Where the writer does not give clarity but definitely sounds the tax alarm bell is homestead exemption and homestead exemption increase limits (austensibly 3% per annum or until current market value is reached).

The good news for current homebuyers is that they will see a drop in value which, we all knew was coming. What this writer fails to see is the mathematics drumming the alarm beat for long term home owners. It would seem that a key component was not included in the article. That component is to discuss property value increases that are NOT homesteaded and therefore NOT locked into a fixed rate of increase.

Further, in these trying times for municipalities and school boards it can only be imagined that any scheme possible would be cooked up to increase their coffers. As real estate brokers we see the current movement of home prices up and down as a normal phenomenon. Even the occasional historical (and steep) market movements we are seeing are not without precedent.

Look to those communities that have balanced growth management at the community level. That is to say, a place that does not pin it’s hopes and growth solely on the greater number of units it can squeeze into its boundaries but rather the quality of life they can provide their community within the confines of their current financial intake. In the end, too many people look to growth to solely solve our financial problems.

It is moments like these where you realize that we have to get back up,  dust off from our financial fall, heal our wounds and see that growth for the sake of growth will not save our homes but rather growth management will.

In a move that is will almost certainly give currency to the idea that Brickell and Downtown Miami are getting serious about urban living, the Mayor and City Commission will very likely give the thumbs up to a local trolley service that could be up and running by fall. Payment will come in part from federal stimulus money earmarked for transportation. The tentative route takes the service from the Rickenbacker Causeway  where Brickell Avenue begins to the Omni Transport Station on Biscayne Boulevard by the Adrienne Arsht Center. Current service which is almost non existent would now become almost a door to door service.

One can only hope that the powers that be give this the green light as it can only bolster an already growing community both in terms of urban transport but also in terms of real estate value and retail/commercial viability.

In a perfect world you could leave your car home, ride the trolley to a performance at the PAC, on the ride back home you could stop at any number of places to grab a bite to eat and just hop back on the trolley to go home.

I can imagine persons reading this in New York , Chicago, San Fran etc…. must be wondering what the deal is? It’s real simple. Miami is a fantastic place to live but only recently has begun to seriously address transportation within and between municipalities.  Aventura and Coral Gables have had variations of this in place for some time and even Brickell Key has its own shuttle. Finally the pieces are coming together!

These real estate listings highlight some of the best currently available properties in the local Miami real estate market.

In an article posted on Market Watch, research and data were used to show rising price trends in multiple real estate rental markets based on research by The Center for Housing Policy. One specific trend not shown or made mention of were core urban market rental trends. Within the core urban Miami real estate market you are finding continued downward pressure on rental units in all price ranges and sizes. One of the biggest factors is the continued presence of a large number of buildings within the Miami urban core that remain with many empty unsold and unrented units. Compound this with stable buildings and their traditional annual and seasonal rentals and you continue to have downward pressure on price.  I won’t guess what other core areas look like in this regard but if they experienced the same level of urban growth and development as Miami then expect to see some continued downward pressure on market rental prices in the near term. EMH3 does expect this trend to reverse and not to contradict the general findings that there are a large number of new renters who were once owners of homes they could no longer afford. But, we also see that there is a growing number of persons who are now able to afford current market prices which have in some cases come down as much as almost 40% within specific real estate home types. From personal experience in the South Florida and more specifically Miami Real Estate Market there is still some downward pressure. The good news for property owners that have rentals is that the market will come back. Those in the market now looking stand a great chance of earning a decent return relative to current average values.

Miami Urban Rental Markets Still Weak

In the Miami Herald today was an article discussing the Village of Key Biscayne’s latest effort to keep their ocean front park for local use only. Having been a resident for seven years of Key Biscayne I can understand their concern and at the same time commiserate with how it looks to the outside world. The park was always intended to be used by local residents and their guests. Of course, you can’t keep a good thing secret for very long and before you know it everyone wants it to be their private access point making it less the “island paradise” and more the island traffic jam.

With that said I read some of the posts at the end of the Herald article and can’t help but disagree with the idea or notion that this park become the center of some “surf riders” agenda or any other such thing. I am a huge believer in access for everyone. It is also clear to anyone who lives in Miami in general that parkland within the core urban areas is something of a misnomer (lacking). But both of these things taken into consideration does not take away the fact that this stretch of the beach (At the mouth of the park in question) is the narrowest, most congested and least scenic of the entire area (sorry, no disrepect to anyone who lives right there!). Now, to be fair this is partly due to the fact that all the non waterfront homes and condos on the island use this area as their access point when driving to the beach and in most cases when walking as well as it is a community focal point.

Beach goers who commute to Key Bisacyne have access to some of the countries most scenic, tranquil and wide white sand beaches in the country. All they have to do is go a mile south to the Bill Baggs Cape Florida State Park or just North of the Village of Key Biscayne to Crandon Park.

Now people who complain about having to pay for access to these areas don’t realize that the Village of Key Biscayne incorporated specifically to give it’s residents a better quality of life. Specifally to this conversation I mean a proper park for its residents at the ocean, parking for it’s residents with sidewalks, curbs, swails and all the things one would expect from a well planned and funded investment into the community.

The Village essentially becomes the unwilling subsidizer of the use of this area to outsiders without benefit to themselves nor compensation for the cost of maintenance, upkeep, etc… I know this might fly in the face of having a public beach within the strictest definition but that is what the major parks are there for? They have all the neccessary space, utilities and general services expected to handle any number of individuals for the specific purpose of enjoying the beach. The cost associated with this is nominal considering the fact that it is subsidized by the State (in the case of the State Park) the county (Crandon Park) and by the local Villagers through their taxes that they like everyone else in Dade County dutifully pays.

I hate to argue against openess but this is one of those cases where until you have experienced the issue you can’t truly appreciate its import

As a member of the Miami Chamber of Commerce and participant in the workforce housing committee I would like to let everyone know about a great educational program being offered by the Chamber this coming May 8th at Chamber headquarters. It is part of a series of discussions that EMH3’s parent company helped to develop. This first series deals with condominium eligibility guidelines and the review process for lenders. In plain-speak that means what it takes to get a condo sold based on current lending guidelines. It is a series meant for practioners but all are welcome to attend as it will be very informative. There will be participants from the US Housing and Urban Development office, Fannie Mae, Becker and Poliakoff and The Continental Group for Community managements take on things

To find out more and register for this event click here or on the image below.

In just a few more days we will start posting information on local, regional, national and international real estate related subjects. We look forward to giving what we hope will be interesting and fresh ideas on the current market. No canned type here. No bought stories. We want to give you an actual perspective based on real world experience or expertise by those who are in the business. Our goal is to offer something more than static, canned thoughts.

We look forward to sharing and hearing back from you!

EMH3 Team.

Almost anyone can post a listing and most any licensed realtor can take a client to a property. At EMH3.com we pride ourselves on going a step further. Our broker works hand-in-hand with our agents assuring that any doubts, questions or opportunities to better serve our client’s or a transaction are achieved. When we see an issue we shoot straight and we tell you upfront. In the end, we build relationships with our clients and the communities we serve. Most importantly, we like what we do and look forward to working with you.

We are based in South Florida (Miami to be specific) but depending on the service have a statewide footprint and consider all type of real estate related engagements outside of Florida.

Why post blogs? Why talk about the news? We feel it is good to know you are with a firm that is up on the current events. Has opinions, guidance, hope and optimism for our community and actively participates in it’s betterment.

So whether you need advice on an investment. Want to buy, sell or rent or relocating from one place to another we can help you.