Why Home Sales Bounce Back After Presidential Elections

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down. Election Years Bring a Temporary Slowdown In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below):     Why? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It’s a pattern that’s shown up time and time again, and it’s particularly apparent for buyers and sellers in the housing market. This year is no different. A recent survey from Redfin found that 23% of potential first-time homebuyers said they’re waiting until after the election to buy. That’s nearly a quarter of first-time buyers hitting the pause button, likely due to the same feelings of uncertainty. Home Sales Bounce Back After the Election The good news is these delayed sales aren’t lost forever—they’re just postponed. History shows sales tend to rebound after the election is over. Home sales have increased 82% of the time in the year after the election (see chart below):     That’s because once the election dust settles, buyers and sellers have a sense of what’s ahead and generally feel more confident moving forward with their decisions. And that leads to a boost in home sales. What To Expect in 2025 If history is any indicator, that means more homes will sell next year. And based on the latest forecasts, that’s exactly what you should expect. As the graph below shows, the housing market is on pace to sell a total of 4.6 million homes this year, and projections are for 5.2 million total sales next year (see graph below):     And that aligns with the typical pattern of post-election rebounds. So, while it might feel like the market is slowing down right now, it’s more of a temporary dip rather than a long-term trend. As has been the case before, once the election uncertainty passes, buyers and sellers will return to the market. Bottom Line It's important to remember that while election years often bring a short-term slowdown in the housing market, the pause is usually temporary. Those sales are not lost. Data shows home sales typically increase the year after a Presidential election, and current forecasts indicate 2025 will be no different. If you’re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead.

Miami Pre-Construction Condos: Broke Ground September 2024

  A total of six Miami pre-construction projects broke ground this September, of which three are located in Miami’s coveted Bay Harbor Islands – Solina Bay Harbor, the Bay Harbor Towers, and La Maré Signature Collection. Let's take a look... Rivage – Bal Harbour Groundbreaking – September 2024 | Completion – Early 2027   Breaking ground on schedule, co-developers Related Group, Two Roads, and Rockpoint celebrated the milestone with a ribbon-cutting ceremony this September. Fronting 200 feet of pristine ocean, Rivage will mark Bal Harbour’s first new development in over a decade. This once-in-a-generation luxury tower will rise 24 stories with only 61 “sky villa” condos. Designed by New York’s Skidmore, Owings & Merrill (SOM) in collaboration with Miami Lake’s CFE Architects, the waterfront pre-construction will carry a tropical modern aesthetic, featuring three interconnecting glass ovals evoking a crystalline coral reef while maximizing water views. All residences will be built to offer a single-family home experience with open-concept floor plans, oversized terraces, and direct water views. With sublime interiors by Houston’s Rottet Studio, buyers can further look forward to custom kitchens with Sub-Zero and Wolf appliances, custom-designed bathrooms, and closets with imported Italian finishes. Rivage will feature over 25,000 square feet of wellness-related amenities, including a fitness pavilion with panoramic views, a hammam spa, hot/cold plunge pools, pickle and paddle ball courts, a fully serviced beach club, and more. Other amenities will include a pool, a cocktail lounge with chef-driven food & beverage services, a world-class restaurant overlooking the beach, a VR game simulator, a kid’s playroom, plus a 24/7 residential butler and dedicated lifestyle concierge. Rivage made headlines this July by unveiling its $75 million penthouse – one of Bal Harbour’s most expensive listings. The oceanfront sky mansion affords five bedrooms, seven bathrooms, three powder rooms, and approximately 4,918 square feet of exterior space. Prices for remaining inventory at Rivage Bal Harbour start at $10 million, with a choice of 3,300-square-foot residences to 13,000-square-foot penthouses. Call or email us for this limited opportunity for a residence in this one-in-a-generation development. We have helped clients secure a residence here already and will be pleased to do the same for you.    West Eleventh Residences – Downtown Miami Groundbreaking – September 2024 | Completion – Mid to Late 2027   Nearly 100% sold out, with only a handful of developer units remaining, West Eleventh Residences broke ground on schedule this September. Co-developed by PMG, Lion Development Group, and Marc Roberts Companies, this will be Miami’s first short-term rental-ready condo tower built in direct partnership with Airbnb. As a result of this unique partnership, daily rentals will be managed via the hosting site’s centralized management platform, with comprehensive on-site support – affording owners truly flexible rentals. Designed by the acclaimed Sieger Suarez, the 44-story tower will rise with 659 fully furnished residences, ranging from 344 to about 1,000 square feet in size. Featuring stunning interiors by Cotofana Designs, residences will come equipped with top-of-the-line appliances, the latest in smart home tech with integrated audio, video and lighting systems, plus panoramic bay and city views.  A 30,000-square-foot, tri-level “experiential” entertainment venue will be the crown jewel of amenities. It will include multiple lounges, restaurants, plus a music venue. This ground-level haven will further feature a mirrored whale soaring through the 9,759-square-foot restaurant’s ceiling, and extending up to the third floor. There will also be a resort-style rooftop pool with glass floor, a resident’s sky lounge, a spa with cold plunge pool, a fitness center, a yoga and spin room, 4,840 square feet of offices, co-working lounges, eight floors of parking, and more. Prices at West Eleventh Residences started in the mid-$400,000s, with a limited choice of fully-furnished studios and one-bedroom residences remaining. Residences at Six Fisher Island – Fisher Island Groundbreaking – September 2024 | Completion – 2026   Soon after closing on a $400 million construction loan this June, developers Related Group and BH Group broke ground on this ultra-exclusive pre-construction in September. Designed by Miami’s award-winning Kobi Karp Architects, the 10-story mid-rise will feature only 50 private residences with sophisticated interiors by the London-based Tara Bernerd and Partners. 50% pre-sold, the project achieves the rare feat of building estate-style condos on Fisher Island’s last developable parcel. Located along 650 linear feet of pristine shoreline, the 6.5-acre development is envisioned to elevate the level of luxury and service available in one of the world’s most prestigious island communities. Palatial units at this bespoke condo project will range from a sprawling 3,872 to 15,000 square feet. Expect private elevator entry to each residence, 15-foot-deep terraces with direct ocean views, custom-designed kitchens with full-height wine storage and coffee systems, oversized primary suites with midnight bar, custom flooring throughout, and more. With more than 55,000 square feet of amenities, residents will have every desirable service at hand, including a private dock with a houseboat and three lobbies with separate concierges. Highlight amenities include membership to the exclusive Fisher Island Club with golf course and racquet club, two separate, resort-style pool decks with cabanas, poolside service, two bayfront lounges, a sanctuary spa with hot and cold plunge pools, a multisport simulator game room, and a bayfront fitness center. Other amenities at this highly exclusive project include a bayfront restaurant helmed by a celebrated chef, in-residence dining and catering from the signature restaurant, a speakeasy-style cocktail bar, an amenity deck with a padel ball court and children’s playroom, a high-tech board room, a house car, and residential butler. There will also be luxury guest suites available for friends and family, along with three parking spaces with each residence – two for cars and one for a golf cart (the island’s preferred mode of transport).  Prices for remaining residences at Six Fisher Island start at upwards of $4,000 per square foot, with a choice of three- to eight-bedroom residences. Call or email us for expert buyer representation in this previously invite-only residential opportunity. Solina Bay Harbor – Bay Harbor Islands Groundbreaking – September 2024 | Completion – Q4 2025   At 50% pre-sold in just six months, Solina Bay Harbor broke ground as planned. Developed by RedHoek + Partners, the boutique project will afford a unique “blend of urban sophistication with a coastal lifestyle” in one of Miami’s most coveted island neighborhoods. Designed by CLA+D, Pliskin Architecture (PANYC), and FAB314, Solina will rise only 7 stories with no more than two residences per floor. Units will range from 1,400 to 2,600 square feet in size, with two- to four-bedroom layouts. Standout amenities at this highly exclusive boutique development include a rooftop tranquility pool with summer kitchen, a fitness center with cold plunge, a private courtyard lobby, and more. Featuring separate storage space for all, the stunning property will be home to 7 expansive residences and two penthouse villas. Prices for remaining units at Solina Bay Harbor start at just under $1.7 million, with a choice of two to four-bedroom residences. Bay Harbor Towers – Bay Harbor Islands Groundbreaking – September 2024 | Completion – Early 2026   Developers PPG Development and L3C Capital broke ground on the exquisite Bay Harbor Towers this September. Designed by the internationally acclaimed Kobi Karp, this 8-story waterfront enclave will rise with only 44 fully furnished residences and a private marina. Units will range from a generous 1,857 to 4,902 square feet. The project is 50% pre-sold. Built using sustainable materials, the twin towers will qualify for a Florida Green Building Coalition certification upon completion. All units will feature direct water views, extra-large flow-thru floorplans, sunrise and sunset terraces, interiors by Pompano Beach-based Steven G, large format Italian porcelain flooring, and more high-end touches.  In terms of amenities, this waterfront pre-construction will feature a rooftop oasis with a 55-foot infinity pool and sunset jacuzzi, a 50-foot indoor heated saltwater lap pool, an advanced fitness center with equipment by Paragon, a wellness spa with hot and cold plunge pools, landscaping by CLAD, an owner’s lounge with news café, a water sports launch dock, and a 12-slip private marina. Prices for remaining inventory at Bay Harbor Towers start at $2.6 million, with a choice of two- to four-bedroom plus den residences. Call or email us directly to schedule a private presentation of your next home in this exquisite masterpiece.  La Maré Signature Collection – Bay Harbor Islands Groundbreaking – September 2024 | Completion – Early 2026   Chicago-based Regency Development Group broke ground on the first of its three luxury condo projects slated for Bay Harbor Islands this September. Designed by Kobi Karp and with interiors by the Brazil-based Debora Aguiar Arquitetos, La Maré’s Signature Collection will rise eight stories with only nine exclusive residences. While the building’s top four floors will house only one residence per floor, the rest will feature three-bedroom residences plus a standout residence at the lobby level. Units will range from 2,100 to more than 4,200 square feet in size. Inspired by water movement, this boutique tower will feature modern, light-filled luxury homes that honor their physical environment. With recycled materials at its foundation, the low-impact, all-glass building will be constructed on elevated pilings to accommodate high and low tides easily. The LEED-certified tower will further be positioned to optimize peak sunrise and sunset views, sunlight, and natural airflow through each residence.  In addition to a green rooftop with tree canopies and bayfront verandas, the mid-rise will feature a resort-style rooftop pool deck, a state-of-the-art fitness center, a wine cellar, and an outdoor kitchen with bar lounge. Residents will also gain access to a marina with four boat slips. Its sister tower, the La Maré Regency Collection, will rise next door with 33 modern residences. Prices for remaining units at La Mare Signature Collection start at $3 million, with a choice of three- to four-bedroom residences. Reach out to us for a private presentation for this or other La Maré properties slated to rise in Bay Harbor Islands, as well as floor plans to view how a residence could work for you.  Did any of these latest Miami pre-construction developments catch your eye? Call, chat, or e-mail us directly to purchase your next home in one of your favorite condo projects – from Miami through Fort Lauderdale.

The Benefits of Using Your Equity To Make a Bigger Down Payment

    Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too. According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below):   Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has led to a big boost in equity for current homeowners like you. When you sell your house and move, you can take the equity that gives you and apply it toward a larger down payment on your new home. That’s a major opportunity, especially if you’ve had concerns about affordability. Now, it’s important to remember you don’t have to make a big down payment to buy your next home—there are loan programs that let you put as little as 3%, or even 0% down. But there’s a reason so many current homeowners are opting to put more money down. That’s because it comes with some serious perks. Why a Bigger Down Payment Can Be a Game Changer 1. You’ll Borrow Less and Save More in the Long Run When you use your equity to make a bigger down payment on your next home, you won’t have to borrow as much. And the less you borrow, the less you’ll pay in interest over the life of your loan. That’s money saved in your pocket for years to come. 2. You Could Get a Lower Mortgage Rate Providing a larger down payment shows your lender you’re more financially stable and not a large credit risk. The more confident your lender is in your credit score and your ability to pay your loan, the lower the mortgage rate they’ll likely be willing to give you. And that amplifies your savings. 3. Your Monthly Payments Could Be Lower A bigger down payment doesn’t just help you reduce how much you have to borrow—it also means your monthly mortgage payment may be smaller. That can make your next home more affordable and give you a bit more breathing room in your budget. 4. You Can Skip Private Mortgage Insurance (PMI) If you can put down 20% or more, you can avoid Private Mortgage Insurance (PMI), which is an added cost many buyers have to pay if their down payment isn’t as large. Freddie Mac explains it like this: “For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage. It is not the same thing as homeowner’s insurance. It’s a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%.” Avoiding PMI means you’ll have one less expense to worry about each month, which is a nice bonus. Bottom Line Down payments are at a record high, largely because recent equity gains are putting homeowners in a position to put more money down. If you’re thinking about selling your current house and moving, reach out to a trusted real estate agent. They’ll help you figure out how much home equity you have right now, and how it can boost your buying power in today’s market.

Viceroy Residences Miami, Your Luxury Oasis in Brickell

  Dive into a world of luxury at Viceroy Residences Miami, a new condo development redefining sophisticated living in the heart of Brickell. More than a high-rise, Viceroy offers a haven of tranquility and exclusivity, with a resort-style experience in the middle of the vibrant energy of Miami's financial district.   All Luxury condos in Viceroy Brickell include contemporary interior design, spacious balconies, gourmet kitchens, tinted, impact-resistant floor-to-ceiling sliding glass doors and windows, high-quality flooring, central air conditioning and heating systems, laundry rooms with large capacity washer and dryer, sprinkler fire protection system, advanced technology “smart building” pre-wired for Wi-Fi high-speed internet, data/voice, and cable satellite video, and more!   The new Viceroy Brickell will rise 45 stories and have 442 fully finished residences, including studios, one- and two-bedroom units, and a penthouse collection featuring three bedrooms. Units will range from 485 square feet to 1,286 square feet, excluding penthouses. The building will be part of a three-tower luxury complex that includes the opulent Baccarat Hotel and the exclusive Baccarat Residences. Even though it is managed by the Viceroy Hotels & Resorts hospitality brand, it will have no hotel component or availability for short-term rentals, guaranteeing residents’ privacy. Rentals will be permitted with a 30-day minimum. Delivery is expected in Q1 2026.    Here’s what makes it unique:    — Viceroy Brickell Residences Location Viceroy Brickell boasts an enviable address that's second to none. Situated in the heart of Brickell, you'll find yourself immersed in a dynamic urban landscape, surrounded by upscale shopping, fine dining, vibrant nightlife, and just a short stroll from the vibrant waterfront. Imagine simply walking over to Brickell City Centre for a designer shopping spree, enjoying a waterfront dinner at a restaurant Zuma, or catching a show at the nearby Adrienne Arsht Center for the Performing Arts. At Viceroy Residences in Brickell, it’s a reality. If you’d like more information about Viceroy Brickell Residences or similar pre-construction projects around Miami, contact us directly by email, text, or phone. We'll be glad to help! — Attractive Investment Opportunity One of the most interesting things about Viceroy Residences in Miami is its price point: studios start in the 600s, one-bedrooms start in the 700s, and two-bedrooms start at $1.2M. With its prime location, luxury amenities, and strong brand, this project is poised for significant appreciation. — World-class Design and Team Developed by the renowned Related Group and managed by the prestigious Viceroy Hotels & Resorts, Viceroy Brickell Residences is a testament to impeccable design and unparalleled service.  Architecture is envisioned by award-winning firm Arquitectonica, featuring a sleek, modern aesthetic that seamlessly blends with the surrounding cityscape, while interior design is crafted by the acclaimed Meyer Davis, known for his work on iconic projects like One Manhattan Square in New York. — Luxury Amenities At Viceroy Brickell you’ll find a wealth of amenities designed to enhance your well-being and elevate your lifestyle.  The 37,000 square feet of dedicated space includes an outdoor spa with a heated pool, cabanas, and a cafe; membership to Grand Bay Club at Key Biscayne; a resident club with a bar, billiards, and humidor; a wine cellar and tasting room; a golf and F1 simulator; a beautiful pool overlooking the bay, a spa run by Viceroy, a Technogym, and more. — Exquisite Residences Choose from studios to three-bedroom penthouses, each meticulously designed to maximize space and natural light. Every residence comes fully finished with high-end details, premium appliances, and private balconies with captivating city or bay views. The gourmet kitchens, crafted by Italkraft and equipped with top-of-the-line Bosch and Fisher & Paykel appliances, are a home chef's dream. — Resort-Style Living With the renowned Viceroy Hotels & Resorts brand managing the property, you can expect impeccable hospitality and an array of personalized services. From concierge assistance to while-you’re-away services like plant and pet care, and personal shopping, your every need is catered to with the utmost care and attention. This is resort-style living at its finest in the most private setting.