Rafs Real Estate Miami

06/03/2023

Open House at 11am - 1pm on June 4

Come see this adorable 1926 home in the heart of Miami!
Located 1791 SW 24 Terrace, Miami Fl 33145
Between Coral Way and US1 off 17th Avenue.
Incredible restaurant within walking distance. Some of our favorites are

Let us know which are your favorite places to eat or visit in the area!

Living sqft Total 2392 Unit 1: 3/2 1832 sqft Unit 2: 1/1 560sqft

Lot Size: 8,343 sqft South West Corner

2 Car Garage

Impact Hurricane Windows

New Wood Floors throughout Home and Unit

Electrical Completely Re-Done

New Washing & Drying Machines

Air Conditioning added to Unit.

Guest House

Opportunities

Single/ Dual Income Producing Units (rentals, temp rentals, vacation rentals) ($4500+ for the 3/2; $1500+ for the 1/1)

Builders Lot 8000+ sqft zoned Primary Land Use: 0802 Multifamily 2-9 Units: 2 Living Units

06/02/2023

OPEN HOUSE This Sunday June 4 at 11am - 1pm Located: 1791 SW 24 TER Miami FL 33145
Join me on a tour of this beautiful historic 1926 Shenandoah Neighborhood home.

The adorable home sits on a builder’s lot of 8,343 sqft, with 1,832 sqft 3-bedroom 2-bath home, detached 2 car garage, and a full 560 sqft renovated 1-bedroom 1-bathroom apartment/guest home that includes a full kitchen, bathroom, bedroom, and a spacious living room above the detached garage. This home boasts an original Florida room that leads into an open layout of the living room, and dining room, accommodated with a bright and spacious kitchen and a separate windowed breakfast nook that is bathed in morning sunlight. Fantastic open areas to entertain guests! Outdoors is a gardener’s dream with separate space for al fresco dining in the eternally sublime south Florida weather. Located between Coral Way and US1 of 17th Ave. The home is 2.2 miles from CocoWalk, Kennedy Park 1.2 miles, Brickell City Center 2.6 miles, Coral Gables/ Miracle Mile 2.8 miles, Key Biscayne Beaches 5.1 miles, Miami Beach 9.3 miles, Vizcaya Metro Station 1.2 miles, Miami International Airport 6 miles, and two blocks away from Miami’s new underline park.



Property Details / Renovations

Living sqft Total 2392 Unit 1: 3/2 1832 sqft Unit 2: 1/1 560sqft

Lot Size: 8,343 sqft South West Corner

2 Car Garage

Impact Hurricane Windows

Wood Floors throughout Home and Unit

Electrical Completely New

New Washing & Drying Machines

Air Conditioning added to Unit.

Guest House

Opportunities

Single/ Dual Income Producing Units (rentals, temp rentals, vacation rentals) ($4500+ for the 3/2; $1500+ for the 1/1)

Builders Lot 8000+ sqft zoned Primary Land Use: 0802 Multifamily 2-9 Units: 2 Living Units

06/01/2023

Own a piece of Miami history! This historic, cozy 1926 Shenandoah Neighborhood home is nestled perfectly on a corner lot in the center of Miami, a hop, skip, and a jump from all the action in the Grove, yet in a more tranquil and residential setting for family life. The adorable home sits on a builder's lot of 8,343 sqft, with 1,832 sqft 3-bedroom 2-bath home, detached 2 car garage, and a full 560 sqft renovated 1-bedroom 1-bathroom apartment/guest home that includes a full kitchen, bathroom, bedroom, and a spacious living room above the detached garage. This home boasts an original Florida room that leads into an open layout of the living room, and dining room, accommodated with a bright and spacious kitchen and a separate windowed breakfast nook that is bathed in morning sunlight. Fantastic open areas to entertain guests! Outdoors is a gardener’s dream with separate space for al fresco dining in the eternally sublime south Florida weather. Located between Coral Way and US1 of 17th Ave. The home is 2.2 miles from CocoWalk, Kennedy Park 1.2 miles, Brickell City Center 2.6 miles, Coral Gables/ Miracle Mile 2.8 miles, Key Biscayne Beaches 5.1 miles, Miami Beach 9.3 miles, Vizcaya Metro Station 1.2 miles, Miami International Airport 6 miles, and two blocks away from Miami's new underline park.



Property Details / Renovations

Living sqft Total 2392 Unit 1: 3/2 1832 sqft Unit 2: 1/1 560sqft

Lot Size: 8,343 sqft South West Corner

2 Car Garage

Impact Hurricane Windows

New Wood Floors throughout Home and Unit

Electrical Completely Re-Done

New Washing & Drying Machines

Air Conditioning added to Unit.

Guest House

Opportunities

Single/ Dual Income Producing Units (rentals, temp rentals, vacation rentals) ($4500+ for the 3/2; $1500+ for the 1/1)

Builders Lot 8000+ sqft zoned Primary Land Use: 0802 Multifamily 2-9 Units: 2 Living Units

08/12/2022

https://www.miamiherald.com/real-estate/article264376431.html

Miami-Dade County is offering up 17 acres of downtown Miami real estate to developers to transform a collection of garages, government buildings, parking lots and the library complex into an eight-block neighborhood with shops, high-rise apartments and restaurants built around the Stephen P. Clark Government Center.

Alex Muñoz, director of the county’s Internal Services Department, which manages county-owned property, estimated the winning developer would spend about $10 billion to create the kind of project proposed by Miami-Dade. He expected the winning bid to be awarded in 2024. In exchange for 11 development sites, the winning bidder would pay Miami-Dade for use of the property. The county would cover costs for construction of new government facilities.

Miami-Dade County is offering up 17 acres of downtown Miami real estate to developers to transform a collection of garages, government buildings, parking lots and the library complex into an eight-block neighborhood with shops, high-rise apartments and restaurants built around the Stephen P. Clark G...

08/12/2022

https://www.storagecafe.com/blog/best-cities-to-buy-a-fixer-upper/

According to our research, in the 50 biggest US cities, fixer-uppers are 32% cheaper on average than standard homes ($307K vs. $448K), resulting in median savings of $155K. Moreover, you might be in for some real bargains if you’re up for putting in some elbow grease – especially in tight markets.

Florida also fares well, with Jacksonville and Miami breaking into the top 10 best cities for fixer-uppers. As two cities with a rich stock of historic homes, there are plenty of opportunities to snag a fixer-upper and make considerable savings at the same time. While in Jacksonville the fixer-upper discount slightly exceeds the national average ($156K), buying a home in need of repairs in Miami will bring you a handsome $200K in savings as compared to purchasing a turnkey home. Additionally, a fixer-upper in Jacksonville comes with 2% more space than a standard home, quite the opposite to the national trend where homes needing TLC are typically smaller than the newer stock.

Miami, Florida

Fixer-uppers: 9% of listings
Fixer-upper discount: -31%
Cash savings: $200,000
Home sizes: fixer-uppers vs turnkey homes: -13%
Lot sizes: fixer-uppers vs turnkey homes: 0%
Self storage rates: $184
Self storage/capita: 18 sq. ft.

Not sure where to buy a fixer-upper? Here's how much a fixer-upper costs in the 50 biggest cities and how much you're saving when buying one.

07/26/2022

https://www.cnbc.com/amp/2022/07/24/redfin-homebuyers-want-to-leave-san-francisco-los-angeles-new-york.html

Here are the top seven cities prospective homebuyers are seeking to leave, according to Redfin's report:

1. San Francisco
2. Los Angeles
3. New York
4. Washington D.C.
5. Seattle
6. Boston
7. Detroit

According to a new report from real estate brokerage firm Redfin, a record number of Americans want to leave their current city and move to a new one.

07/25/2022

https://lnkd.in/dsK8vscN

Q: What are some steps to improve the dismal housing circumstances?

"All efforts for affordable housing will be difficult for similar reasons. There is very little land available in Miami and what is available is expensive. We don’t have sufficient capital in affordable housing development. You have all of these issues running contrary to what needs to happen in the market for affordable housing. We’re going to have to think outside of the box. In previous times when we encountered home affordability issues, there has been state money available to construct and preserve affordable housing. Those funds have essentially gone away over the past few decades and local governments have not really created their own capital investment plans."

Ned Murray is concerned about Miami’s housing affordability crisis, what he called “an extremely dire situation.” As one of the leading South Florida experts on the topic, Murray has been warning about this monumental threat for years. City and county elected leaders know well his economic dev...

07/22/2022

https://www.miamiherald.com/news/business/tourism-cruises/article263657998.html

Daniel Olsak, a Miami real estate agent by trade and a longtime boater, had always dreamed of owning a yacht. But the price of buying the yacht, a marina slip and maintenance was out of his price range.

07/20/2022

For Homeowners:
A surge in inflation means homes will be valued higher for calculating taxes. That means higher tax bills unless local governments reduce tax rates enough to wipe out the increases.

Miami-Dade County collected more than $2 billion in property taxes this year, money that funds law enforcement, rescue services, parks, transit and libraries.

In June, county property appraiser Garcia sent a letter to county and city leaders across Miami-Dade recommending they consider a 3% cut in tax rates to offset the 3% increase in taxable values facing homeowners.

Miami-Dade Mayor Daniella Levine Cava proposed 1% cuts to Miami-Dade property-tax rates.

The County Commission’s Office of Policy and Budgetary Affairs estimates a 4% cut would be needed to fully compensate for inflation and keep tax bills for the average homeowner flat.

The same analysis found that the Levine Cava tax rates would still mean higher tax bills for homeowners with a 3% cap on value increases. For a home worth $200,000 this year and subject to the four county taxes, the owner would pay an extra $41 with a 1% cut in rates in 2023.

In her $10 billion budget proposal released Friday, Levine Cava proposed a 1% reduction for those four property-tax rates. She urged county commissioners not to follow Garcia’s recommendation for a 3% cut

This year, Diaz-Padron says he has momentum for lower rates and proposed a 3% rate reduction for 2023.
Raquel Regalado, a commissioner who may challenge Levine Cava in the 2024 mayoral election, said she would rather cut tax rates by another 1% than use the money for landlord subsidies.

For Renters/ Multi-Family Investors
Renters can see an increase in rents with the increase in property taxes.

In the city of Miami, the largest apartment market in the county, values on multi-family properties are up 14% this year. About a quarter of the gains came from new construction, with the rest driven by value increases on existing apartment complexes

In suburban Miami-Dade, apartments in the unincorporated area outside city limits saw values spike 16%.

07/20/2022

https://www.miamiherald.com/news/local/community/miami-dade/article263285213.html

For Homeowners:
-Homeowners in Florida would see double the increase in property taxes they paid last year if school boards, city councils and county commissions keep their tax rates flat.

-A surge in inflation means homes will be valued higher for calculating taxes. That means higher tax bills unless local governments reduce tax rates enough to wipe out the increases.

-Miami-Dade County collected more than $2 billion in property taxes this year, money that funds law enforcement, rescue services, parks, transit and libraries.

-Florida law allows up to 10% increases in assessed values for rental properties, second homes and commercial real estate, and local property appraisers say 2022 is pushing the limit on assessments.

-In June, county property appraiser Garcia sent a letter to county and city leaders across Miami-Dade recommending they consider a 3% cut in tax rates to offset the 3% increase in taxable values facing homeowners.

-Miami-Dade Mayor Daniella Levine Cava proposed 1% cuts to Miami-Dade property-tax rates.

-The County Commission’s Office of Policy and Budgetary Affairs estimates a 4% cut would be needed to fully compensate for inflation and keep tax bills for the average homeowner flat.

-The same analysis found that the Levine Cava tax rates would still mean higher tax bills for homeowners with a 3% cap on value increases. For a home worth $200,000 this year and subject to the four county taxes, the owner would pay an extra $41 with a 1% cut in rates in 2023.

-In her $10 billion budget proposal released Friday, Levine Cava proposed a 1% reduction for those four property-tax rates. She urged county commissioners not to follow Garcia’s recommendation for a 3% cut.

-This year, Diaz-Padron says he has momentum for lower rates and proposed a 3% rate reduction for 2023.Raquel Regalado, a commissioner who may challenge Levine Cava in the 2024 mayoral election, said she would rather cut tax rates by another 1% than use the money for landlord subsidies.

For Renters/ Multi-Family Investors:

-Renters can see an increase in rents with the increase in property taxes.
-“We have to worry about the owners of those buildings as well,” Garcia said. “If they receive an increase in taxes, those taxes will be passed onto the renters. We have a rental crisis. This is a tremendous time to help the owners of these properties.”

-In the city of Miami, the largest apartment market in the county, values on multi-family properties are up 14% this year. About a quarter of the gains came from new construction, with the rest driven by value increases on existing apartment complexes.

-In suburban Miami-Dade, apartments in the unincorporated area outside city limits saw values spike 16%.

High inflation has already hit Florida grocery stores, gas stations and malls. Property taxes are next.

07/20/2022

https://www.cnn.com/2022/07/18/homes/foreign-home-buyers-2022/index.html

A much larger share of foreign buyers pay in cash, with 44% paying all-cash over the past year compared to 24% among all existing home buyers in the US. International buyers are also more likely to be purchasing the property as a second home, with 44% using it as a vacation home, rental, or both, compared to 17% among all existing-home buyers.
The most homes bought by foreigners were purchased by people from nearby Canada and Mexico. Buyers from Canada made up 11% of foreign buyer home purchases, up from 8% in the prior period. Buyers from Mexico purchased 8% last year, up from 7%. They were followed by buyers from China, India, Brazil, Colombia, Germany, the United Kingdom, France, and Japan.
The share of international buyers is expected to increase, even in the face of supply shortages that have pushed home prices higher and rising mortgage rates.

Anyone who bought a home -- or tried to -- over the past couple of years knows it was rip-roaringly competitive. But it could have been worse. One group all but disappeared from the market during the pandemic: Foreign buyers.

07/19/2022

https://www.miamiherald.com/news/nation-world/national/article263424958.html

Rising inflation, changing mortgage rates and volatile supply and demand are all impacting what home buyers should expect, experts say.