Burgeoning Increase in Doral Rentals Propels New Construction

Part of everyone’s American dream is the ability to own one’s own home. While this vision has not disappeared, it has faded a bit in South Florida, as one of the most prominent trends occurring in the world of Doral real estate is the increasing demand for rental apartments. Developers in South Florida are responding to this tendency by initiating many new construction projects.

The reason for the growing trend couldn’t be simpler: many people cannot afford to buy a home. Of course, there will always be that segment of the population who will prefer to own Doral real estate, and still another who will simply favor renting over purchasing.

In the words of Mahesh Pattabhiraman, chief lending officer for Miami-based Apollo Bank: “A lot of people with bad credit won’t qualify to buy a home. And because of the crisis, some people are not convinced it’s the right time to buy… Rentals will be in demand for a while. The pendulum has swung.”

Rentals have some distinct advantages over purchasing a home. These include but are not limited to: a flexibility in lifestyle, freedom from property taxes and condominium fees, and not having to pay a huge down payment, which can put a damper on Doral real state dreams rather quickly. 

This rental trend is not limited to South Florida but it is thriving there with quite a few rental apartment projects in the works in cities ranging from Plantation and Davie to Doral and Coral Gables.

Developers of Doral real estate who specialize in luxury condominiums and industrial parks are now shifting their focus to rental apartments in order to ride the financial wave of the increasing demand for apartments and the serendipitous availability of financing. Since the course of the condo-conversion mania of the last decade, very few professionally managed apartment buildings remain.

One of these rare apartment rental projects is One Broadway, at 1451 South Miami Ave. in the Brickell area, which was built in Miami during the last boom. This apartment complex consistently maintains an above 95% occupancy rate, attracting mostly young and well-to-do professionals.

There has been a steady increase in the amount of rentals in downtown Miami as well. According to Craig A. Werley, president and CEO of Focus Real Estate Advisors LLC:

“Rents jumped 11 percent in downtown Miami from the first quarter of 2011 to the first quarter of 2012. Rents are rising in other neighborhoods as well, though typically more modestly.”

The desire for a steady stream of revenue has propelled Doral real estate developers and investors in the direction of long-term ownership of apartment buildings. The expectation is that much of the new rental construction will eventually become converted condominiums.

 In the meantime, rentals anyone?

Doral Real Estate Values and the Purchase of the Doral Golf Resort by Donald Trump

The Doral Golf Resort is one of South Florida’s most famous golf courses. It was in bankruptcy and had earned the reputation as being run down, but plans to revamp and revitalize this popular golf destination are in the works since Donald Trump’s purchase of the property last February for a reported $150 million. Mr. Trump plans to extend the first hole by 100 yards, redesign many of the courses, and renovate the hotel. 

This includes all 700 rooms and the adjoining facilities. It is hoped that Mr. Trump’s purchase of the “Blue Monster”, and home of the Cadillac Golf Tournament, will not only bring more business and a boost to real estate values to the resort, but the entire Doral area.

The Doral Golf Resort has long been a favorite for professional golfers and amateur enthusiasts. Mr. Trump, who boasts a handicap of 4, has plans to redesign much of the 650 acre property and bring it out of the tired state it is in now and into the 21^st century. 

Closing on the property was in June 2012 and the renovations are slated to last until the fall of 2013. Mr. Trump reports in a recent interview by the Miami Herald that his budget is “unlimited”, and he plans to keep the resort open during the renovations. He also said in the interview the Doral Golf Resort will be one of his largest hotels.

One area which is sure to see signs of improvement is in the real estate property values surrounding the resort. Since location really is everything in real estate, being in close proximity to the newly remodeled and revitalized resort can only improve property values in the area around the resort, as well as in the entire Doral area. It is hoped the Trump name and the improvements to the resort will spur a new interest in the Doral real estate market.

This is welcome news on the heels of a report by Zillow that housing prices are on the upswing in South Florida, rising 1.1% from March 2011 to March 2012. The Miami area, which includes Doral, saw a 0.08% increase in housing prices from February to January this year according to a report published by S&P/Case - Shiller.  The following table from Zillow shows the improvement in the South Florida housing market from March 2011 to March 2012.

Place	Value	Change
Bal Harbour	$601,100	+19.8%
Broward County	$129,000	+1.7%
Cooper City	$246,500	+4.3%
Coral Gables	$483,700	+10.5%
Davie	$181,300	-4.5%
Doral	$220,500	+7.1%
Fort Lauderdale	$187,300	+6.4%
Hallandale	$127,300	5.4%
Hialeah	$114,500	-1.2%
Hollywood	$134,900	+3.6%
Homestead	$82,900	+3.2%
Miami	$186,100	+2.6%
Miami Beach	$240,400	+7.8%
Miami Gardens	$97,400	-5.0%
Miami-Dade County	$151,800	+1.5%
Miramar	$150,600	-1.3%
Opa-locka	$63,500	-10.6%
Pembroke Pines	$157,900	-1.6%
Plantation	$182,900	+4.3%
Pompano Beach	$114,200	+7.1
Sunny Isles Beach	$260,900	+13.5%
Weston	$283,800	+3.4%

Although experts warn the housing market has not officially turned a corner, the arrival of Donald Trump on the scene in Doral will definitely have a positive impact on Doral real estate.

Tourist Attractions in Doral, Florida

Doral City, Florida, is renowned for its world-class golf courses and resorts, but there is even more to see in Tree City, USA. Whether you are an avid golfer seeking new venues or an investor in search of prime Doral real estate, there are many pleasant diversions in this fashionable, burgeoning metropolis situated in Miami-Dade County.

Sales in Doral real estate soared in 2008 after both Fortune Small Business and CNN Money ranked Doral as #51 on a list of 100 cities with the best blend of business advantages and lifestyle appeal. Part of the latter entails the many pleasurable amenities available in the city of Doral.

Ranked first out of four tourist attractions is not some lush and glorious acre of premium Doral real estate wherein lies the gilded mansion of some long dead financier, but rather the Doral Resort Blue Monster Golf Course.

Although there are four other championship golf courses in Doral, the Tournament Players Club (TPC) Blue Monster at Doral Golf Resort & Spa boasts of being home to the World Golf Championships-Cadillac Championship and has been the sole host of the prestigious PGA TOUR events for the past 45 years.

The Blue Monster Golf Course is known for its long fairways and unique array of water hazards. GOLF Magazine ranked its signature 18th hole, as one of the Top 100 Holes in the World. Virtually every great name in golf has experienced a moment of glory on this world-class track.

The Museum of The Americas, which is located in the heart of Doral City, promotes the works of contemporary artists of all origins that are both established and emerging. The perfect respite from a morning of shopping or viewing premium Doral real estate, the museum receives funding from both public and private sources in the United States, Latin America, Europe and Asia.

The Museum of The Americas provides comprehensive exhibitions of group and solo shows in local, national, and international venues.

For those seeking residence in Doral City who may have children, when considering Doral real estate and its inclusive amenities don’t forget to pay a visit to the city’s lush parks, which are open to both tourists and residents alike.

These include: gated Veterans’ Park; Morgan Levy Park, a 14-acre state-of-the art neighborhood enclave featuring spectacular sports fields and a recreational center; Doral Meadow Park, which caters to youth sports and adult leagues; and Doral’s largest recreational area, JC Bermudez Park, which covers 81 acres and features a 21-acre lake and a 9 mile jogging/ walking trail.

Indulge yourself with a day of shopping, dining and fun in between viewing prime Doral real estate and other tourist attractions at Miami International Mall. This incredible shopping experience features four major department stores (Macy’s, Sears, JC Penny and Kohl’s as well as more than 140 specialty shops.

Come and enjoy Doral City, Florida and all it has to offer.

Property Values in Doral on the Rise Since Incorporation

Since its incorporation in 2003, the population of Doral has more than doubled with growth at 123.5%. The 2000 census reported a population of 20,438. In 2010 the population had grown to over 45,000. The majority of residents are young families, and this has fueled the need for new homes for sale in Doral. The real estate market in Doral has increased significantly since 2003, and it shows no signs of slowing down any time soon. It is one of the fastest growing cities in the area, and cited by the US Census Bureau as the fastest growing city in Miami-Dade County. In 2011 over 700 single family residences were built as well as over 300 townhomes were built in Doral. The Doral real estate market ranges from the mid $200,000’s to over $1 million.

Since its incorporation, real estate values in the city have kept up with and exceeded real estate values in other parts of Miami-Dade County and the state of Florida. Property values in Doral have risen 4.6% compared to the property values in Florida overall which have only risen 1.1%. Houses for sale at Doral also outperformed homes for sale in Miami, with Miami experiencing only a 3.7% increase in property values. According to City Data, loan values reached their peak from 2004 to 2007 soon after incorporation. After the housing bubble burst loan values dropped, but have been on a steady increase. PMIC loans averaged $274,162 in 2009, up from $266,475 in 2008. This is a 1.03% increase.

There are many reasons Doral has experienced such a rapid growth since incorporation. The economy is strong, jobs are plentiful in the area (the unemployment rate has dropped over 2% since 2010), and young families want to take advantage of living in a vibrant community with good schools and a reputation for being a safe place to live.

Since its incorporation Doral has attracted several major employers. Among these are Carnival Cruise Lines, Univision, and Perry Ellis International. The top three employers in Doral are Carnival Corporation, Boston Scientific, and Marriott International. Its close proximity to the greater Miami area is also one of the reasons real estate in Doral continues to increase in value.

Doral was ranked 51st out of the top 100 cities to live by CNN Money in 2008 because of its economy and lifestyle. Doral is considered one of the most prestigious small communities in the Miami-Dade area. There are many activities for residents and visitors to enjoy, as well as easy access to the other attractions in Florida. All of these factors not only contribute to the growth of Doral, but also make real estate in Doral a hot commodity. 

The Doral Trolley: A Future Linked With Doral Real Estate Sales

This upscale suburb of Miami that is also known as Tree City, USA, has a most interesting past and an even more promising future. Back in 2009, those involved in the sale of Doral real estate couldn’t have been happier when Forbes Magazine ranked Doral City, Florida, second in an article entitled: America’s Top 25 Towns To Live Well.

The city of Doral was incorporated along with Miami Gardens back in 2003, and its name derives from the owners of the famous golf resort located within its borders. Doris and Alfred Kaskel combined their first names to coin the city’s unique moniker.

Thirteen miles west of downtown Miami and just one mile from Miami International Airport, approximately 46,000 people live in Doral and many of them own Doral real estate. In addition, more than 100,000 people work within the city limits in over 700 businesses representing 60 industries, most prominently those featuring aerospace and logistics.

This volume of commuter activity along with a rapid population growth and increase in the sale of Doral real estate, have created significant challenges to the flow of traffic throughout the city. To ease the congestion for both Doral employees and residents, the Doral City Trolley was born in early 2008.

The trolley is free and operates within the city of Doral under the auspices of the Miami Dade County Transport between the hours of 7AM to 7PM, with numerous stops and the route is repeated every hour on the hour. Initially, there was one trolley servicing only one route. Today there are five trolleys that travel along three routes and on Friday evenings from 8 to 11 pm, the Doral Trolley offers a free Social Fridays in Doral service with stops near local hotels, cultural and entertainment venues.

The Doral trolley is unique in that it lets riders see and track the actual status of the trolley, so they know when their ride is really coming. This eliminates annoying waiting time that could better be utilized seeing the sights, checking out Doral real estate or running other errands. Travelers dial a phone number, enter the STOP NUMBER located on the trolley stop sign and are informed of approximate arrival time.

As if this isn’t cool enough, in 2011, this tracking feature became part of a mobile application that is now available at no charge to the public. The new Doral trolley-tracker displays a map of the city with the locations of all the trolleys and can calculate the expected arrival time to each stop.

So come and experience the trolley and city of Doral, a premier place to live, work and play and its trolley. You might fall in love with it and want to move here. If you do, call us for a listing of available Doral real estate.

Doral Real Estate Market Update - June 2012

In the following table you can see all closings in the Doral area for the month of June 2012. There were a total of 72 closings. The main statistics are:

• Average price per square foot: $155
• Lowest price per square foot: $88 - Ibis (REO) and Promenade
• Highest price per square foot: $325 - Doral Isles Catalina

There were two units that went pending in less than one day. One unit in Winward at Islands at Doral and another one in Costa del Sol.

Development	Bed/Bath	Living Area	Days on Market	List Price	Sale Price	Price per sq ft
DORAL GARDENS	1/1	810	351	$85,000	$85,000	$105
Palm Gardens At Doral	2/2	870	7	$109,000	$112,000	$129
PROMENADE SHORES	3/2	1312	272	$120,000	$115,000	$88
THE GATES AT DORAL	2/2	1050	545	$125,000	$141,500	$135
VALENCIA AT DORAL	1/1	602	27	$125,000	$115,000	$191
DORAL HOUSE NO 2	2/2	1130	7	$126,900	$150,000	$133
THE BLUE RESORT HOTEL	1/1	705	66	$138,300	$145,000	$206
PROMENADE	3/2	1385	56	$140,000	$125,000	$90
Villa Doral Condo No 3	3/2	1120	160	$142,000	$142,000	$127
LAS BRISAS AT DORAL	2/2	1150	32	$143,000	$150,000	$130
the courts at doral	3/2	1271	11	$145,900	$140,000	$110
THE GATES AT DORAL ISLES	3/2	1210	4	$147,000	$163,199	$135
PALM GARDENS AT DORAL	2/2	969	34	$149,900	$150,000	$155
PROMENADE SHORES	2/2	1260	16	$150,000	$125,000	$99
Costa Del Sol	3/2	1712	1	$150,000	$165,000	$96
DORAL LANDINGS TOWNHOMES	2/2	900	6	$155,000	$120,000	$133
PROMENADE AT DORAL	3/2	1435	66	$158,000	$140,000	$98
The Gates At Doral Isles	2/2	980	60	$163,900	$163,900	$167
The Blue Resort Hotel	1/1	705	14	$164,500	$150,000	$213
PALM GARDENS AT DORAL	2/2	910	17	$165,000	$166,000	$182
villas of amber wood	2/2	1392	41	$169,800	$150,000	$108
GREENS AT DORAL	2/2	1128	18	$170,000	$155,000	$137
Doral House	2/2	1130	32	$172,000	$170,000	$150
DORAL HOUSE 3	2/2	1130	185	$172,900	$162,500	$144
COSTA DEL SOL	2/2	1498	107	$174,900	$165,000	$110
COSTA DEL SOL	3/2	1960	247	$175,000	$177,000	$90
Las Brisas	3/2	1420	55	$175,000	$170,000	$120
THE COURTS AT DORAL ISLES	3/2	1271	6	$178,000	$177,000	$139
PALM GARDENS AT DORAL	3/2	1109	23	$179,000	$175,000	$158
COSTA LINDA CONDO	2/2	1328	13	$179,900	$180,000	$136
CORONADO AT DORAL	3/2	1284	18	$180,000	$165,000	$129
Ibis Villas at Doral	4/2	2214	126	$192,000	$195,000	$88
DORAL PLACE	3/2	1060	52	$195,000	$195,000	$184
THE GATES AT DORAL	2/2	980	56	$199,000	$188,000	$192
Leeward at Islands	3/2	1589	86	$199,900	$200,000	$126
LEEWARD AT ISLANDS AT DOR	4/3	1507	169	$199,900	$180,000	$119
CORONADO AT DORAL II	2/2	1123	93	$200,000	$190,000	$169
DORAL ISLES	3/2	1501	354	$200,000	$185,000	$123
ISLANDS AT DORAL ANTILLES	3/2	1516	14	$210,000	$241,900	$160
LAS BRISAS AT DORAL	3/2	1420	39	$214,900	$210,000	$148
DIMENSIONS AT DORAL	3/2	1710	39	$218,000	$218,000	$127
Doral Isles North	4/2	1901	8	$229,000	$185,000	$97
ISLANDS AT DORAL	3/2	2121	15	$234,000	$239,000	$113
LEEWARD ISLANDS AT DOR	4/3	1507	101	$238,000	$220,000	$146
WINDWARD	3/2	1516	38	$239,500	$237,000	$156
Townhouses of Doral Place	3/2	1900	212	$258,000	$250,000	$132
WINDWARD	3/2	1516	0	$275,000	$230,000	$152
DORAL MEADOWS 1ST ADDN	3/2	1906	98	$277,000	$315,000	$165
DORAL ISLES NORTH SEC ONE	4/3	2471	15	$285,000	$338,000	$137
BALMORAL SUB PH 1	4/2	2253	144	$294,900	$300,000	$133
DORAL ISLES NORTH SEC ONE	4/3	2471	3	$295,000	$338,999	$137
HAWKSNEST	4/3	2040	22	$298,000	$295,000	$145
DORAL WOODS	3/2	1430	36	$299,000	$200,000	$140
DORAL COVE	3/2	1900	5	$299,900	$297,000	$156
BALMORAL SUB PH 1	3/2	1904	480	$310,000	$290,000	$152
Savannah at Doral	3/2	0	525	$320,000	$245,000	$0
PATIO HOMES OF DORAL PINE	3/2	1783	67	$359,000	$340,000	$191
ISLA MARGARITA AT DORAL	4/3	2367	49	$375,000	$363,000	$153
ISLA MARGARITA AT DORAL	4/3	2250	134	$383,990	$382,990	$170
GOLDVUE ESTATES	3/2	1935	19	$389,000	$365,000	$189
COSTA BONITA	4/2	2298	293	$420,000	$400,000	$174
DORAL ISLES ANTILLES	4/3	2238	73	$498,000	$482,000	$215
DORAL COLONY ESTATES	3/3	2110	30	$539,900	$515,000	$244
DORAL ISLES ANTILLES 1ST	4/3	2589	101	$550,000	$535,000	$207
Doral Colony	3/3	2218	82	$599,000	$547,000	$247
DORAL SANDS	4/2	3435	99	$645,000	$550,000	$160
DORAL ISLES CATALINA	5/3	3197	15	$699,000	$699,000	$219
DORAL ISLES ST CROIX 1ST	5/3	3095	323	$699,000	$640,000	$207
DORAL	3/2	2429	12	$799,000	$746,500	$307
DORAL ESTATES VILLAS	3/3	2678	6	$870,000	$830,000	$310
DORAL ISLES CATALINA	4/2	2615	105	$930,000	$850,000	$325
DORAL ISLES CATALINA	5/3	3197	195	$995,000	$970,000	$303