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Tags:  Miami Beach Buyer agent, Palm Island Homes, Miami Beach waterfront homes, miami beach condos, miami beach real estate agent, south beach real estate

Miami Beach Real Estate AgentWhen giving a Miami Beach Real Estate Agent the Marketing Exclusivity (Listing Agreement) to a particular property, what are some of the things that a seller should look for? Successfully selling Miami Beach waterfront homes or condominiums requires QUALIFYING potential buyers and other real estate agents.

Why qualify potential buyers, and agents representing buyers, before showing a property? Our #1 rule in real estate is to not waste time and to have a focused approach to marketing properties. There's nothing worse than having a seller clean, get ready for a showing, uprooting their family, and have a buyer (perhaps with a buyer's agent) show up to a house or condo that is listed for sale, and decide that "it's not what they are looking for". This leads to frustration, anger, and disappointment for all concerned, and demonstrates a lack of targeted marketing, as well as a breakdown in communication in the marketing and sales effort.

Therefore, one of the FIRST things we do is QUALIFY all buyers/real estate agents who inquire about a listing. We QUALIFY all potential parties by asking about the price range of the buyer, what kind of home or condo they may be looking for (contemporary, traditional, size of property, waterfront or non-waterfront, etc.), and we ask the agent working with them how long they have been working with this client, and whether they have seen other homes or condos on the market. For example, for a Miami Beach waterfront home on Palm Island, a listing agent should know if the buyer is interested in a guard-gated community, and if they are willing to pay a premium for this? Also, the buyer's agen needs to know the minimum price point of their client, and make sure that they are financially qualified to purchase in the price range of a Palm or Hibiscus Island waterfront home currently on the market.

We realize this process takes a little extra time, effort, and diplomatic tact (especially with the real estate agent representing the potential buyer). However, it is the feduciary duty of the listing agent to bring the seller QUALIFIED buyers, and to generate the best possible offer at the highest price. As always, the goal is to have a pending contract that has a high probability of closing - otherwise the seller will be forced to place their home or condo back on the market, having wasted time, energy, and financial resources with an unqualified buyer!

 

Tags:  South of Fifth, Murano Grande, Icon South Beach, portofino tower miami beach, South Beach Condominiums, miami beach condos

Miami Beach Listing AgentThe real estate agent's experience, marketing skills, and international resources are critical. However, having just worked with a few HIGHLY qualified and cash-ready buyers ready to pull the trigger at Murano Grande, Icon South Beach, Portofino Tower, and Murano at Portofino, there is another criteria which I must now mention: basic competence and responsibility.

I noticed a complete lack of professionalism (negligence is a better description) on the part of a large number of listing Agents and/or Brokerage firms. Disconnected phone lines, incomplete and inaccurate information on Multiple Listing for the condos that are on the market, voicemessages saying that the agent is out of the country / unavailable and NOT to leave messages, no voicemail pickup at all in three cases, no response to multiple voicemessages and emails, and sometimes a response days later that a showing can be arranged perhaps once per week and to contact the building front desk. I experienced agents not showing up for appointments or having to pick up keys at the management office, and finding that the door would not open! Once inside a few specific waterfront condos that are aggressively priced in the $1,000,000 range, we discovered an unkempt, and abandoned, dirty condos complete with foul stench, A/C turned off, and fallen down drapery! I was left wondering if the individual condominium owners realize how poorly they are being represented in this BUYERS market?!? Even the front desk staff, again specifically at Murano Grande, Icon South Beach, and The Portofino Tower, are grumbling about the laziness and irresponsiblity of these listing agents!

Only a very limited number of these waterfront condos are priced to sell, and those that are priced aggressively for some unknown reason seem to have negligent agents representing these REAL sellers. The vast majority of the 100+ initial condos that come up in a Multiple Listing property search are often times overpriced, nowhere near the market / appraised value. In each of the above referenced buildings- there are only a few condos that are truly worthwhile and that a buyer would give serious consideration to making a reasonable offer based on recent closed sales comparables.

If you're a seller of real estate in this BUYERS market- I urge you to check up on your listing agent. Call his/her phone number, look up your listed condo or home on the multiple listing service (easy these days via the web), see the pictures that are posted online, and if you are local BY ALL MEANS do check up on the listing. Better yet- have a friend call or email your listing agent (or a cooperating broker) and ask to schedule a showing. SEE FOR YOURSELF how the showing process is handled, and how your property is being presented to potential QUALIFIED buyers. You may be in for a shock.

 

Tags:  Miami Beach Real Estate, Miami Beach Short Sales, Miami Beach Homes, South of Fifth Condos, Continuum South Beach Condos

In the Miami Beach real estate market, a great strategy for negotiating the price of a home or condominium in a "short" sale:

If the home or condo is a "short" sale, where the market value is below the debt amount, then the negotiating process is fairly straightforward. Especially for premium waterfront Miami Beach properties, the 2009 tax assessed values provide buyers with a fairly accurate "true market value". This is the market value that banks will take into consideration when performing an appraisal (otherwise known as a Brokers Price Opinion). If the property is in a highly desireable area (such as waterfront condos and homes in South Beach) then the buyer should consider that there will probably be multiple offers. In this case, serious consideration should be given to increasing the contract price slightly ABOVE the tax assessed value. If the property has multiple offers already, then I would advise submitting an all-cash contract at a slighly LOWER price. Read about tax assessed values vs. real marked values comparison HERE

Example of a recently closed Miami Beach waterfront home "short" sale, this was an amazing Deal for the Buyer:

Miami Beach Home

Incredible Mediterranean estate located on over AN ACRE of prime waterfront property with over 100 feet on the intracoastal waterway. This large family home boasts over 6000 SF of living space, grand living room with cypress beam ceilings,gourmet eat in kitchen,formal dining room with fireplace,master bedroom with private terrace,tennis court,guest cottage and over 47,000 SF waterfront lot!

Sold Price: $2,500,000
Original “For Sale” Price : $6,500,000 (9/2007)
Previous “Sold” Price (1/1998) : $3,100,000 (3/2004)
Bedrooms: 6
Bathrooms: 6
House S.F.: 5,931 ($421/SF)
Land S.F.: 47,540 ($ 53/SF)
Closed Date: August 2, 2010
Total Time on "Pending Status": 197 Days (Bank Short Sale Approval Time)
Discount from Original Asking Price in 2007: 62%


Example of a closed Continuum South Beach Condo "short" sale:

Continuum South Beach

Incredibleand completely unobstructed views of the Downtown Miami skyline from this Two Bedroom / Two Bath condominium with oversized balcony. Almost every room in the condominium has amazing views of Biscayne Bay, Fisher Island, and the Intracoastal waterway. Large foyer entryway with views from the moment you step through the entrance to the condo!

Sold Price: $1,160,000
Original “For Sale” Price : $1,550,000 (8/2008)
Previous “Sold” Price (1/1998) : $950,000 (10/2004)
Bedrooms: 2
Bathrooms: 3
Condo S.F.: 1,591 ($729/SF)
Closed Date: March 9, 2010
Total Time on "Pending Status": 65 Days (Bank Short Sale Approval Time)Discount from Original Asking Price in 2007: 25%

 

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