Saturday, December 15, 2012

Doral Real Estate Market Update - October 2012

In the following table you can see all closings in the Doral area (zip code 33178) for the month of October of 2012. There were a total of 77 closings. The main statistics are:
  • Average price per square foot: $159
  • Lowest price per square foot: $98 (Doral Park)
  • Highest price per square foot: $452 (Doral Isles Venetia)
  • Number of studios sold: 1
  • Number of 1 bedrooms sold: 2
  • Number of 2 bedrooms sold: 21
  • Number of 3 bedrooms sold: 34
  • Number of 4 bedrooms sold: 18
  • Number of 5 bedrooms sold: 0
  • Number of 6 bedrooms sold: 1
  • Average discount: 1.98%
Units at Enclave, Veranda and Doral Grand were the quickest ones to go pending sale in one day.

Address Community Bed/Bath Living Area Days on Market List Price Sale Price Price per sq ft
4760 NW 102 AV # 202-12 DORAL PARK 2/2 1060 115 $105,000 $105,000 $99
6380 NW 114 AV # 301 The Courts 3/2 1271 57 $120,000 $145,000 $114
4560 NW 107 AV # 304-12 ENCLAVE AT DORAL 2/2 960 8 $121,900 $150,500 $157
9805 NW 52 ST # 116 THE VILLAGE OF DORAL OAKS 2/2 1230 6 $127,300 $127,300 $103
6560 NW 114 AV # 508 THE COURTS AT DORAL ISLES 3/2 1271 2 $130,000 $173,500 $137
10045 NW 46 ST # 204-2 VALENCIA AT DORAL 1/1 811 28 $137,900 $135,000 $166
3732 ESTEPONA AV # 15D3 COSTA DEL SOL 2/2.5 1630 8 $140,000 $160,000 $98
7230 NW 114 AV # 208 PALMS GARDEN AT DORAL 2/2 910 169 $145,000 $152,000 $167
10775 NW 83 TE # 2-28 LEEWARD 3/3 1462 167 $148,500 $156,600 $107
4540 NW 107 AV # 304-11 Enclave at Doral Condo 2/1 818 0 $150,000 $151,000 $185
5200 NW 109 AV # 104 Veranda at Doral 3/2.5 1380 0 $150,000 $190,000 $138
5605 NW 109 AV # 73 DORAL GRAND CONDO 3/2 1330 0 $150,000 $140,000 $105
9725 NW 52 ST # 216 DORAL HOUSE CONDO NO3 2/2 1230 8 $155,000 $171,000 $139
4622 NW 97 PL # 253 The Greens at Doral Condo 1/1.5 899 21 $159,950 $148,000 $165
4720 NW 102 AV # 203-21 DORAL PLACE 2/2 926 11 $160,000 $160,000 $173
5300 NW 87 AV # 803 THE BLUE HYATT 0/1 705 28 $160,000 $155,000 $220
7330 NW 114 AV # 305-5 Palm Gardens 2/2 910 7 $165,000 $165,000 $181
10048 NW 41 ST # 49-5 Villas of Amberwood 2/2.5 1392 18 $169,000 $165,000 $119
4772 NW 114th Ave # 202-2 VILLA DORAL 2/2 1010 28 $170,000 $170,000 $168
10805 NW 89 TE # 207 CORONADO AT DORAL 3/2.5 1256 115 $170,000 $170,000 $135
6740 NW 114 AV # 707 The Courts at Doral Isles 2/2 1115 3 $178,000 $170,000 $152
9725 NW 52 ST # 112 DORAL HOUSE CONDO 3 2/2 1130 265 $182,000 $165,000 $146
9725 NW 52 ST # 519 Doral House 3 2/2 1130 89 $184,900 $170,000 $150
4720 NW 114 AV # 103 VILLA DORAL 3/2 1120 5 $185,000 $186,000 $166
10750 NW 66 St. # 510 DORAL ISLES CAPTIVA CONDO 2/2 1710 779 $190,000 $180,000 $105
3994 ESTEPONA AV # 4-D-7 COSTA DEL SOL 2/2.5 1750 74 $194,900 $193,500 $111
6016 NW 116 PL # 409 THE GATES AT DORAL ISLES 2/2.5 1050 6 $196,900 $196,900 $188
4850 NW 102 AV # 103 DORAL PLACE 2/2 926 153 $199,500 $196,000 $212
10700 NW 66 ST # 313 CAPTIVA 2/2 1710 1 $200,000 $195,000 $114
9725 NW 52 ST # 307 DORAL HOUSE 3/2 1460 1 $203,000 $203,000 $139
8851 NW 110 PL # 1403 IBIS VILLAS 3/3.5 2206 15 $204,900 $220,000 $100
5290 NW 109 AV # 103 VERANDA AT DORAL 3/2.5 1380 38 $205,000 $197,000 $143
7651 NW 114 PA # 7651 WINDWARD 4/2.5 1901 401 $210,000 $210,000 $110
4680 NW 102 AV # 102-20 Doral Place 3/2 1060 24 $210,000 $200,000 $189
11002 NW 83 ST # 225 PROMENADE SHORES AT DORAL 3/2.5 1385 109 $215,000 $206,000 $149
5290 NW 109 AV # 104 Veranda At Doral 3/2.5 1380 70 $215,000 $200,000 $145
10902 NW 83 ST # 206 PROMENADE  SHORES 3/2.5 1577 61 $215,000 $215,000 $136
5640 NW 115 CT # 207 LAS BRISAS AT DORAL 3/2.5 1680 203 $229,000 $225,000 $134
4520 NW 107 AV # 108-10 Enclave 3/2 1177 103 $230,000 $215,000 $183
10777 NW 84 LN # 2-42 LEEWARDS AT DORAL 3/3 1462 42 $234,900 $222,500 $152
11432 NW 50 TE # 0 DORAL LANDINGS TOWNHOME 3/2.5 1500 104 $235,000 $194,000 $129
10870 88 # 219/7 CORONADO AT DORAL 3/2.5 1503 24 $235,000 $440,000 $293
10750 NW 66 ST # 302 DORAL ISLES 2/2 1700 36 $245,000 $239,000 $141
5733 NW 100TH CT PATIO HOMES OF DORAL PINE 3/2 1400 317 $245,000 $220,000 $157
8058 NW 108 CT # 0 ISLANDS AT DORAL 4/2.5 1901 208 $248,000 $220,000 $116
10700 NW 66 St # 513 CAPTIVA 2/2 1710 103 $249,000 $220,000 $129
9704 COSTA DEL SOL BL # 9704 COSTA DEL SOL 3/2.5 2107 5 $249,900 $260,000 $123
10852 NW 85 TE ISLANDS AT DORAL 3/2.5 2014 20 $250,000 $250,000 $124
11213 NW 74 TE # 0 Polynesian Islands 3/2.5 1917 117 $260,000 $250,000 $130
11631 NW 51 LN # 11631 Doral Landings 3/2.5 1780 76 $275,000 $230,000 $129
5648 NW 113 AV # 5648 Sonoma 3/2.5 1910 59 $280,000 $250,000 $131
7931 NW 114th Ct # 7931 NETHERLANDS 3/2.5 2419 133 $287,900 $280,000 $116
11481 NW 81 LN # 0 THE NETHERLANDS 3/2.5 2016 25 $314,000 $280,000 $139
10720 NW 66 ST # 307 CAPTIVA CONDO 3/2.5 2490 75 $330,000 $315,000 $127
10578 NW 54 ST DORAL SANDS 4/2 2465 37 $330,000 $310,000 $126
11247 NW 47 LN BIARRITZ SUB PHASE 2 3/2.5 2312 166 $344,900 $335,000 $145
7584 NW 113 CT # 7584 POLYNESIAN 4/3 2097 73 $360,000 $345,000 $165
8508 NW 109 CT # - Mediterranea 4/3 2322 7 $374,000 $373,000 $161
11230 NW 77 TE DORAL ISLES NORTH SEC ONE 4/3 2471 14 $380,000 $385,000 $156
4806 NW 98 PL DORAL WOODS 1ST ADDN 4/2 2155 20 $380,000 $335,000 $155
5300 NW 113 PL DORAL LANDINGS EAST 4/2.5 2317 114 $389,000 $390,000 $168
6864 NW 109 AV DORAL ISLES CARIBBEAN 3/3 2267 54 $395,000 $370,000 $163
4349 NW 113 PL BALMORAL SUB PH 1 4/2.5 2253 44 $399,000 $387,000 $172
7045 NW 116 CT DORAL ISLES ST LUCIA 3/2.5 2100 163 $415,000 $385,000 $183
9542 NW 47 TE GOLDVUE ESTATES 3/2.5 2515 42 $418,000 $395,199 $157
4892 NW 112 CT COSTA BONITA 4/2.5 2372 5 $425,000 $425,000 $179
4709 NW 96 PL GOLDVUE ESTATES 3/2.5 2314 70 $435,000 $417,000 $180
7333 NW 113 CT DORAL ISLES MARTINIQUE 4/2.5 2170 119 $439,990 $420,000 $194
9340 NW 50 CR # 0 DORAL COLONY 3/2.5 2110 229 $445,000 $440,000 $209
11178 NW 80 LN ISLANDS AT DORAL 1ST ADDI 4/4 3410 164 $449,000 $390,000 $114
11292 NW 43 TE BALMORAL ESTATES 4/3.5 2200 267 $455,000 $445,000 $202
5853 NW 112 CT DORAL ISLES CAYMAN 4/2 2305 145 $459,000 $418,000 $181
11032 NW 84 ST ISLANDS AT DORAL 4/4 3008 14 $499,000 $500,000 $166
11590 NW 87 LN ST. MORITZ ESTATES 4/3 2409 27 $600,000 $590,000 $245
11230 NW 61 ST DORAL ISLES RIVIERA 4/3 3295 238 $823,000 $800,000 $243
6513 NW 112 PL DORAL ISLES RIVIEA AMENDE 4/3.5 3285 108 $1,325,000 $1,150,000 $350
11210 NW 71 ST DORAL ISLES VENETIA REPLA 6/5.5 3826 83 $1,900,000 $1,730,000 $452

Thursday, December 13, 2012

Doral Elects First Venezuelan Mayor, Luigi Boria

Doral has the highest population of Venezuelans in the United States at 20.6% and on November 27th, Doral elected Luigi Boria mayor, the first Venezuelan mayor of Doral. Mr. Boria took the election with just under 55% of the vote according The Miami Herald, beating Frank Bolaños. Mr. Boria succeeds former Mayor Juan Carlos Bermudez who had reached his term limit, serving as the second mayor of the city.

Mayor Boria and his family have lived in Doral for over 23 years and consider it home. Although he has three companies and is also an ordained minister, he says on his website that he considers himself a professional politician working for the good of his community. He is a supporter of keeping taxes at the same level (Doral has never had a tax increase since its incorporation in 2003), keeping Doral safe, and protecting the high quality of life Doral residents enjoy. He has shown this commitment while on the city council by supporting city ordinances to improve the infrastructure and beauty of the city without going further into debt. According to Mayor Boria's website, his goal as a public official is to, “put people before politics.”

The mayor is also a former city council member and attends Sunday service at Hispanic Christian church, Alpha and Omega in Miami. His children, Alexander and Maria Lorena formed the Grand Floridian at Doral, LLC with Juan Carlos Tovar, a young Venezuelan entrepreneur. The Grand Floridian at Doral owns 12 acres in northwest Doral and a 40 unit single-family home development is planned for this space and will cost close to $6 million to complete.

Mayor Boria was born in Caracas, Venezuela on April 23, 1958. His parents immigrated to Venezuela from Italy in search of a better life for their family. Boria paid his way through college by working for the General Motors Corporation, and in 1982 graduated from Universidad Catolica Andres Bello with a degree in accounting. He then married his college sweetheart, and now wife of thirty years, Graciela. They have two children, and two grandchildren. Mayor Boria opened his first company, The Magic Computer in 1983. His company was technology supplier for companies in Venezuela. Six years later he moved to the United States in order to grow his business. He then opened his second company, The Wise Computer in Doral which aimed to be a supplier for all of Latin America. TWC now employs more than thirty people. In 2008 he opened his third company, The Magic Computer, in Colombia. The Boria family is worth nearly $24 million, according to an article in The Miami Herald. Last year, the couple’s yearly income was $1.8 million. 

Tuesday, December 11, 2012

The Many Tastes and Flavors of Doral

Doral is a young city not only in age, but in population. The city was incorporated in 2003 and since that time, has grown to be one of the most popular places to live and work in Southeast Florida. According to City-Data, the median age in Doral is 34 years compared to 41 for the state. Many of the residents have international roots. Almost 80 percent of the population has Hispanic roots, with the Caucasian population coming in second at almost 15 percent. The Miami area has historically been an area that has attracted Cuban and Latin American immigrants. This creates a lively and vibrant community with a wide variety of restaurants and clubs to choose from not only within the city, but in the Miami area, which is just minutes from Doral.

Doral is a small city and many of the amenities offered are within walking distance of the upscale neighborhoods and developments located in Doral. The Doral Golf Resort and Spa is the largest and most popular gated community in Doral. It offers residents single family homes and condos from the mid $300,000’s to over $1 million. Located close to the Doral Golf Resort and Spa, Doral offers several restaurants offering a wide variety of cuisine. 

• Los Parrilleros on NW 41st street offers a mix of Argentinean and Italian food for lunch and dinner. Their specialties include Chilean Sea Bass, steak prepared several different ways, and a variety of other seafood. Desserts include the popular crepas parrilleras which are crepes filled with caramel and brandy topped with vanilla ice cream. On Thursdays, Los Parrilleros has live Tango with live music every Saturday evening. 

• Sushi Joe Japanese restaurant is just down the street from the above-mentioned restaurant and offers authentic Japanese cuisine. They are known for their popular Dragon Roll and Volcano Roll. Lunch specials include platters such as teriyaki chicken, sashimi, tempura, and rice. The dinner menu includes all types of sushi, tapas, salads, noodle and rice dishes, as well as entrees. These include pork cutlets, chicken, Japanese churrasco steak, and grilled salmon.

• Olivos is a Patagonia style Italian restaurant located on NW 41st street. This unassuming yet elegant restaurant offers an entire menu of fine dining, a full bar, and an excellent selection of wines. They offer lunch and dinner along with brunch on Saturdays and Sundays. One of the unique features of Olivos is the paring of wines and entrees. On the menu they offer Ravioles Fin del Mundo, a homemade black ravioli filled with southern crab in a chardonnay and crustacean sauce. This entrée is paired with a Reserva Chardonnay. Several other pairings of entrees and wine are also available.

• Soo-Woo Japanese and Korean Steakhouse specializes in sushi and sashimi. It is located just east of the Doral Golf Resort and Spa on NW 41st street. Guests can dine at hibachi tables and watch their entrees and appetizers prepared right in front of them. Soo Woo also offers traditional seating and a full menu of Japanese and Korean dishes. On Friday and Saturday nights, diners can enjoy live music with no cover. 

• Mondongos Columbian restaurant is located on NW 87th Avenue. It specializes in traditional Columbian dishes such as an Antioquian Authentic Food Platter. This includes beans, rice, crispy fat back, egg, ripe plantain, and steamed potato served with avocado, banana corn cake, lemon coriander, and sweet or hot red pepper. Another specialty of Mondongos is churrasco steak served with plantain, tomato, a steamed potato, and a corn cake. 

Restaurants and nearby Doral real estate This list is just a small sampling of the wide variety of cuisines available in Doral. Communities such as Doral Landings, Doral Grande, Costa del Sol, and the other upscale, gated communities in Doral are all within walking distance or just a short drive from some of the best and most varied restaurants in South Florida. Doral really has something for everyone with a healthy economy, affordable real estate and convenient location near the Miami area.

Wednesday, December 5, 2012

Eurosuites at Doral – A Slice of Urban Life

Many people call Doral their home, and with good reason. Doral has quickly become one of the most popular cities in the Miami-Dade area. It boasts spectacular weather, top rated schools, and a thriving business economy.

One of the most recent additions to the city is the highly acclaimed Eurosuites at Doral. This world class hotel offers more than just a vacation getaway. Eurosuites at Doral also offers condos for sale, and short or long term lease options. Eurosuites at Doral is known for its first class corporate housing, and offers several floor plans and leasing options. Visitors and residents at the hotel receive car rental discounts as well as discounts at the nearby Dolphin Mall.

Located one minute from Dolphin Mall and right in front of Miami International Mall, Eurosuites at Doral gives visitors and residents of the hotel close proximity to all Doral and Miami has to offer. Everything you need is just minutes away. The hotel is located at 1750 NW 107th Avenue near the junction of the Dolphin Expressway and Florida Expressway with the Miami International Airport only 13 minutes away. Restaurants like PF Chang’s, CineBistro, and Texas De Brazil Churrascaria are within walking distance. Golf lovers will find many world class courses close by. The Blue Monster golf course (home of many professional tournaments including the PGA) is just down the street from the hotel, only eight minutes away. Florida International University is also within walking distance, only five minutes from the hotel.

Eurosuites at Doral is the perfect solution for students studying at a nearby college or university or for business men and women looking for an upscale place to call home while in town. It has become the number one destination for Latin American travelers coming to the Miami area for shopping and sightseeing. If the location of Eurosuites at Doral isn’t enough to draw you into its beautifully appointed suites, the amenities offered to visitors and residents will be. These include:

• Valet parking and covered parking
• Concierge service from 8 a.m. to 9 pm.
• Furnished and unfurnished units available
• Washer and dryer ensuite available
• High speed internet in all suites

Eurosuites at Doral has been rated the healthiest building in the area. They achieved this goal by placing marble floors in the common areas, and laminate floors in the suites and condos. This eliminates many of the health issues harbored by carpeting.

The building consists of 300 units with about half of those used as residential properties. All of the units in the building have stainless steel appliances, premium Direct TV service with over 100 channels, and professional onsite security. Eurosuites at Doral also offers a unique One Payment Program. Your rent and utilities are combined into one convenient monthly charge. You don’t have to worry about signing up for utilities, or paying deposits for electric or water service.  This means you can write one check, and not worry about paying your bills, or missing a deadline. Another benefit of choosing Eurosuites as Doral is that they only require a seven-month minimum for those looking to lease. This minimum is only applicable when leasing directly from their residential offices.

Eurosuites at Doral provides one bedroom one bath and two bedroom two bath models. There is a unit for sale in Eurosuites at Doral that is on the fourth floor of the hotel. This spacious unit has 2 bedrooms, 2 full baths and is 713 square feet, listed at $240,000. It features granite kitchen countertops, stainless steel appliances, marble and wood floors, and a fabulous view of Doral. Both condos and rental units include all of the amenities of luxury hotel living.

There are currently ten units for sale and no units available for rent. As for unit leasing directly from their offices, there is currently a waitlist for those interested.

For anyone wanting a slice of urban living in the exciting and vibrant Doral area, this condo-hotel is the answer. Only minutes away from all that Doral and Miami offers, Eurosuites at Doral hotel is known as a world-class accommodation to all.

Tuesday, November 27, 2012

Doral Landings – A Great Place to Call Home

Doral is one of the fastest growing communities in Florida. The great climate, healthy job market, top rated schools, and a growing real estate market all combine to make Doral one of the most sought after cities to call home in the Miami area. Close to the Miami International Airport and easily accessed by the Florida Turnpike and the Palmetto Expressway, Doral has a bright and promising future. Doral has many upscale gated communities. One of the best is Doral Landings. Doral Landings was founded in 1999 by Lennar Homes. It has 24 hour security provided by Command Security, and it is managed by Courtesy Property Management.

Doral Landings offers residents many amenities. These include a swimming pool with jacuzzi, a playground for children, a cabana area for residents to enjoy, beautiful lakes, and classic Florida landscapes you can enjoy as you stroll through the neighborhoods. Doral Landings is divided into two main sections. The East section is comprised of single family homes, while the West section is composed of townhome condos. Sales in Doral Landings range from the mid $200,000’s to the high $500,000’s. Rentals in Doral Landings ranges from the low $2,000’s to the mid $3,000’s. 

Lennar Homes offers four different styles of homes in Doral Landings.

     • The Ritz has 4 bedrooms, 2 ½ baths, a 2 car garage, and a very large family room.
     • The Regency has 3 bedrooms, 2 ½ baths, a one car garage and a large family room.
     • The Waldorf offers 3 bedrooms, 2 baths, a one car garage and a large family room.
     • The Plaza is the smallest plan with 3 bedrooms, 2 baths, and a one car garage.

Doral Landings is right next door to the famous Doral Golf Resort & Spa. This world class golf resort has recently been purchased by Donald Trump and has gone through extensive renovations. The Blue Monster as it is referred to is home to the World Golf Championship – Cadillac Championship each year where championship golfers gather to compete in a series of games. It is rated as one of the top courses in the world, and one of the most challenging in the PGA tour. Doral Landings is also located near the Costa del Sol Golf Club. Costa del Sol welcomes players of all levels, and is also currently under renovation to offer golf lovers a wide variety of difficulty and enjoyment. 

Some of the homes listed for sale in Doral Landing include a 2 bedroom, 2 bath, 900 square foot townhome condo in Doral Landings West. It is listed for $235,000 and is a one story corner lot on NW 51st Lane. In Doral Landings East you can find a 4 bedroom, 2 ½ bath single family home which is 2,343 square feet located on NW 112th Place listed for $449,000. If you’re looking to rent, Doral Landings has many condos and single family homes to choose from. On NW 50th Terrace a 3 bedroom, 2 bath, 1,650 single family home rents for $2,150 per month. Also in Doral Landings East is a spacious 2,343 square foot 5 bed room, 2 ½ bath single family home for rent at $3,400 per month.
All of the homes in Doral Landings feature the fine craftsmanship that Lennar Homes are known for as well as being located in the heart of the Miami-Dade area. Residents can enjoy secure luxury living and be only minutes away from the heartbeat of Miami. The City of Doral is committed to the high quality of life its residents now enjoy, and Doral Landings is just one of the gated communities in Doral which reflect this commitment to its residents.

Tuesday, November 20, 2012

The Signature at Doral community working towards completion

Doral will soon be the home of another brand-new apartment rental community. Signature at Doral began construction in June of this year, and it's first out of eight buildings is to be completed by late February of next year with the first wave of move-ins expected to occur around the same date. The community will be located on the corner of 41st street and 114th avenue, a block away from the Florida Turnpike exit. AREA Property Partners has worked with CC Residential to bring this project to life. 

“Our company acquired the land from a bank, and we decided to go forth with the project,” said Andrew Frey, Project Manager for Signature at Doral. 

CC Residential received a $42 million loan from PNC Bank for the project. The development will include eight four-story buildings housing 352 units in total as well as a 10,000 square foot clubhouse, a business center, sauna, a fitness center, swimming pool, fire pit and game room for residents to enjoy.

CC Residential is now taking inquiries from potential prospective tenants but as of now, leases are not yet being signed.

- Two models available
- Range from 750-900 square feet
- Rental prices estimated at around $1,500

- Three models available
- Range from 1,140-1,260 square feet
- Rentals prices estimated at around $1,700

- One model available
- 1,280 square feet
- Rental price estimated at around $1,900

This project is two-fold: The project includes plans for Signature at Davie, which is also under construction. They both take the places of Lakeside at Doral and Toscana at Davie, respectively. The Davie project has plans for 350 units total.

Many developments in Doral and Miami are currently being constructed and sold to investors or prospective homeowners at which point the owner can usually rent out to whoever is interested. However, that is not the case as Signature at Doral is a rental community. The interest here is to find potential renters directly in efforts create a successful money making venture that is appealing to companies looking to invest in the entire project.

“Rental communities cause a perfect storm of supply and demand, said Frey.

Frey explained that a high demand for rental properties combined with the current low supply of them allows development companies to create successful revenue streams from these projects.

The real estate market and construction industry has seen a boom in the Doral area for the last few years. Doral is one of the few communities in the country and state that has been growing despite a sluggish economy. The location of several large employers is one of the reasons the economy of Doral is so strong. The high quality of living is another factor that contributes to the growth of the area. 

The City of Doral is constantly striving to improve the life of its residents through low taxes and projects to build and improve the infrastructure of the community. The Signature at Doral is another example of the booming construction climate of the Doral area.

Another project has been approved for CC Residential. This third project is also located in Doral and is still in pre-construction  The project is estimated to have 249 rentable units.

Thursday, November 15, 2012

Short Sales in Doral Demystified

Since the housing bubble burst in 2006 short sales have become a regular fixture in the real estate market. As the market shows signs of slow improvement, short sales continue to remain a significant share of it. One sign of a strong economy in a community is the reduction in the number of short sales. Doral’s housing market has remained fairly strong even through the recent housing crisis. Since 2011 the number of distressed properties and short sales in Doral has declined.

The number of short sales in Doral dropped last month and have been decreasing each month in 2012. In 2010 short sales comprised 24% of the market, while today short sales take up only 9% of the real estate market in Doral. The number of properties on the market has also dropped. In 2010, there were 1,049 distressed properties for sale in Doral. In 2012 this number has decreased to 338.

If the current recovery trend continues, the number of these types of properties should continue to drop.
Short sales may sound confusing to the average buyer, but they are really very easy to understand. The most basic definition of a short sale is a property which is for sale for less than it is worth. Either the value of the home is greater than the list price, or the liens against the property exceed its worth, which is the most common type of short sale on the market today.

These properties can also be called distressed properties, or described as being “under water.” Many short sale properties are the result of foreclosure proceedings and are owned by a bank or lender. Properties include single family homes, condos, apartment buildings, and commercial property. Not all foreclosure properties go into short sale. The bank or lender must approve the short sale if the property owner still owns it.

It is in the bank’s or lender’s best interest to move the property off the market instead of forcing a foreclosure. Industry experts say short sales may save banks and lenders up to 30% in costs compared to foreclosure. However some banks and lenders may feel a foreclosure is a better way to recoup their money. It really comes down to the local economy and how much time the bank or lender wants to spend unloading a property. In order for a property to qualify for a short sale the following criteria normally needs to be met:

• The property is underwater which means it is for sale for less than it is worth.
• The bank or lender must be willing to put the property on a short sale.
• The seller has a hardship.
• A buyer must be willing to purchase the property.

It is best to go through an experienced real estate agent if you are trying to purchase a short sale. In Doral short sales list for as low as $93,000 to over $1 million. For example in the Islands at Doral you can find a 3 bedroom, 2 bath 2,121 square foot single family home with a 3 car garage listed for $390,000. While short sales usually take longer than a traditional sale since the bank must approve the process, you can still find short sales in Doral with excellent value.

Tuesday, November 13, 2012

Luxury Living: Captiva within Doral Isles

Luxury living in Doral can is best epitomized by the Captiva condos within the community of Doral Isles. Located near the world class Doral Golf Resort and Spa, Captiva was built in 2003 and has grown into one of the most prestigious addresses in the Doral area. Doral was incorporated in 2003 and is just minutes away from all that the Miami area has to offer. Captiva offers its residents many amenities. These include a clubhouse, beautiful pool, and a jogging trail.

Condos range from a list price of $200,000 to $500,000, or rentals can be had for $1,500 to $3,000 per month. The majority of the units have hardwood floors, second floor screened-in balconies off the master suite, and lovely lakeside views. Captiva is a gated community making it a safe place to raise a family or enjoy retirement.

If you’re looking for a condo to purchase, you can find a 1,700 square foot 2 bedroom, 2 bath condo listed at $180,000. Another choice is a 3 bedroom, 2 bath, 1,710 square foot condo listed for $260,000.  If you need more room a 3 bedroom, 2 ½ bath, 2,490 square foot condo is listed at $410,000. Details include hardwood cabinets, stainless steel appliances, and granite countertops in the kitchens of most units. Many condos include tier ceilings in the dining room and master suite, along with stunning lake views.

The variety of rental units is also plentiful in Captiva. This is the perfect option if you spend the winters enjoying the Florida sun. A 2 bedroom, 2 bath, 1,950 square foot condo rents for $1,800 a month. This unit features details such as arched doorways and tiered ceilings.

Captiva in Doral Isles has a unique personality and was built with the comfort and safety of its residents in mind. Real estate in Doral is known for its commitment to the high standard of living its residents enjoy, and Captiva offers this same pledge. Doral Isles is known for its resort living and beautiful lakes throughout the community. If you’re looking for place to call home that is away from the fast pace of the city, but near to all Doral and the Miami area offers, consider the condos at Captiva in Doral Isles.
Copyright 2012 Doral Riches. All rights reserved. 8180 NW 36 Street Suite 321. Doral, FL. 33166. Tel (305) 799-7437. Fax (786) 888-1487