Mortgage Rates Drop to Lowest Level in over a Year and a Half

   Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment. Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says: “Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.” But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment. The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you buy a home now (see below):     Going from 7.5% just a few months ago to the low 6s greatly impacts your bottom line. In just a few months’ time, the anticipated monthly payment on a $400K loan has come down by over $370. That’s hundreds of dollars less per month. Bottom Line With the recent drop in mortgage rates, the purchasing power you have right now is better than it’s been in almost two years. Talk to a local real estate agent about your options and how you can make the most of this moment you’ve been waiting for.

Pagani Residences Miami

    As Miami’s first-ever Hypercar-branded building, Pagani Residences will feature 70 waterfront homes with starting prices at $2.4 million. Located in North Bay Village at 7940 West Drive, this 28-story architectural masterpiece by Revuelta Architecture promises breathtaking views, privacy, and exclusivity. With Fortune Development Sales leading the marketing and sales efforts, the project is set for completion in 2027.   Each residence, designed with expansive 2,000 to over 3,300 square feet floor plans, offers spacious living with a focus on outdoor enjoyment. The homes feature expansive terraces ranging from 800 to 1,040 square feet, while the penthouse units boast 6,900 square feet of living space and up to 4,400 square feet of outdoor area, including private pools. Every unit offers high ceilings, with 11-foot heights in standard residences and 13-foot ceilings in penthouses. Luxury doesn't stop with the interiors. The Pagani Residences offer a suite of high-end amenities that take full advantage of the peninsula location with stunning waterfront views. Residents can enjoy access to a 240-foot waterfront boardwalk and private boat slips. The ground floor provides 24/7 concierge services, valet parking, a porte-cochere, pet spa, and dedicated storage for bicycles, paddleboards, and kayaks. For those seeking extra convenience, private garages and preferred parking are also available for purchase. For relaxation and recreation, the property boasts an eighth-floor private residents’ lounge, complete with a library and media room, perfect for quiet reflection or social gatherings. Meanwhile, the 27th floor is home to a state-of-the-art wellness center, featuring a fully equipped fitness center, Pilates and yoga studios, and a spa with sauna and steam rooms, all offering stunning views of Biscayne Bay. Atop the Pagani Residences on level 28 lies the ultimate in luxury living—a rooftop pool and sky lounge with 360-degree views of the Atlantic Ocean and Biscayne Bay. This serene oasis features poolside cabanas, hot and cold plunges, and fully appointed summer kitchens with chef’s grills for alfresco dining. In keeping with the Pagani tradition of world-class craftsmanship and attention to detail, every aspect of this residential experience has been carefully designed to offer residents a blend of comfort, luxury, and unmatched exclusivity.   The new interior renderings highlight the sophisticated design curated by A++, in collaboration with Pagani Arte, the recently established Made in Italy interior design division. These renderings offer a glimpse of the bespoke details potential buyers can select, with over 16 design elements available. Options include four countertop choices, two flooring styles, and two cabinetry selections, all meticulously crafted to combine art with functionality, resulting in truly elevated living spaces.   Would you like to know more about this project? Get in touch by text, phone, or email and we’ll be happy to help you explore the investment opportunities available for you at Pagani Rersidences.  

Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List

  Since the supply of homes for sale is growing and mortgage rates are coming down, you may be thinking it’s finally your moment to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns, credit score, and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market. Pre-Approval Helps You Know Your Numbers While home affordability is finally starting to show signs of improving, it’s still tight. So, it’s a good idea to talk to a lender about your loan options and how today’s changing mortgage rates will impact your monthly payment. The pre-approval process is the perfect time for that. In addition to determining the maximum amount you can borrow, pre-approval also helps you understand this piece of the puzzle. As Investopedia says: “Consulting with a lender and obtaining a pre-approval letter allows you to discuss loan options and budgeting with the lender; this step can clarify your total house-hunting budget and the monthly mortgage payment you can afford.” You should use this information to tailor your home search to what you’re comfortable with budget-wise. Since mortgage rates have inched down some lately, you may find you’re able to afford a bit more than you’d expect for your monthly payment, but you still want to avoid overextending. As CNET explains: “In many cases, a lender may preapprove you for more than you need to spend on a home. And while it can be tempting to look at houses outside your budget, it won’t help you in the long run. Before you start touring homes, figure out how much you can realistically afford and stick to your budget.” Pre-Approval Makes Your Offer More Appealing And once you do find a home you want in your budget, pre-approval has another big perk. It not only makes your offer stronger, it also shows sellers you’ve already undergone a credit and financial check. When a seller sees you as a serious buyer, they may be more attracted to your offer because it seems more likely to go through. As Greg McBride, Chief Financial Analyst at Bankrate, says: “Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.” As mortgage rates trend down, more buyers are going to be ready to jump back into the market. And while demand is still limited right now, there’s the potential for competition to pick back up, especially in hot markets. So, why not stack the deck in your favor and make sure you’re putting yourself in the best position possible when you find a home you love? Bottom Line If you’re planning on buying a home, don’t forget to get pre-approved early in the process. It can help you get a more in-depth understanding of what you can borrow and shows sellers you mean business.

Ocean House: Boutique Condo Project in Surfside

  Miami's vibrant real estate scene has just welcomed an exciting new addition: Ocean House, an ultra-luxury boutique condominium on the coveted Surfside beachfront. This project, recently launched by developers Multiplan Real Estate Asset Management (Multiplan REAM), promises to redefine the city's luxury living concept. Designed by the renowned firm Arquitectonica, Ocean House will be an architectural masterpiece that seamlessly blends contemporary elegance with the serenity of its coastal surroundings. Its flowing, curvilinear lines perfectly frame the expansive floor-to-ceiling windows offering breathtaking panoramic views of the Atlantic Ocean. Rising 10 floors, the building will house a total of only 25 residences for the most discerning buyers seeking location, privacy and craftsmanship. Prices at Ocean House start at $5 million, reflecting the project’s exclusivity and level of luxury. For those seeking the best of the best in Surfside, this represents a unique investment opportunity.     — Inviting Design in Single-Family-Home-Sized Condos Tending to the demand for ample residences, Ocean House will offer floor plans ranging from two to five bedrooms, starting from a generous 2,093 square feet up to 6,279 square feet. They’ll include spacious living rooms, with high ceilings and natural stone floors, inviting relaxation and serenity complemented by ocean vistas. The kitchens are open-concept, equipped with state-of-the-art appliances and a central Silestone island with a waterfall edge.   Luxury yacht designer Carla Guilhem is in charge of interiors and has created spaces that feel both ultra-luxurious and welcoming. High-quality materials, such as natural stone and wood, are combined with a neutral color palette to provide an atmosphere of refined sophistication.     One of the highlights of these residences is their private 12-foot-deep terraces. With expansive ocean and city views, it’s easy to imagine yourself having moments of calm reflection or hosting intimate gatherings. With an average of 300 square feet, these open-air spaces further expand the living square footage of each residence and help you take advantage of Miami’s enviable weather. — Amenities Fit for Resort-Style Living In addition to its impressive residences, three floors at Ocean House will be dedicated to amenities designed to provide unparalleled moments of relaxation. From the experiential spa with steam room, sauna, hot tub, salon room, and massage treatment, to the reflecting ponds and cabanas for meditation, every feature will offer an escape from the daily hustle and bustle.   Other amenities include a ground-floor garden, an outdoor kitchen, a lounge area, and a lawn for recreational activities; a residents’ Club Room with lounge seating, television, a library, and a communal dining table for reserved private events; a wellness center with state-of-the-art fitness studio and a private training room, covered bicycle storage with outdoor pathway access, 24/7 front-desk reception/concierge, 24/7 valet service, on-site property manager, beach- and pool-chair services, and a sunset deck with vitality pool.   The design of these spaces, with beach-inspired tones and warm wood accents, promises to give you an oasis while still being close to every urban comfort. To top off this experience, a spectacular rooftop infinity pool with floating cabanas is planned for unforgettable moments under the Miami sun. — True Beachside Living in Surfside Miami's luxury real estate market is booming, and Surfside is one of the city's most coveted destinations for its quintessential beach town feel and small, privacy-focused community. Due to its location, architecture, and luxurious amenities, the project is a unique opportunity for those seeking the best. To maximize your every comfort, Ocean House will be within minutes of the area's best attractions. A short drive will take you to Bal Harbour with its world-class shopping, the Four Seasons Hotel at The Surf Club, and all the restaurants on Harding Avenue. A charming coastal town, Surfside is known for its white sandy beaches, lush parks, and tranquil, family-friendly atmosphere.     Furthermore, a half-hour drive will get you to the Design District, Downtown Miami, and both Miami International Airport and Fort Lauderdale-Hollywood International Airport. Would you like to know more about this project? Get in touch by text, phone, or email and we’ll be happy to help you explore the investment opportunities available for you at Ocean House.