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.

Tuesday, November 6, 2012

Doral Real Estate Market Update - September 2012

In the following table you can see all closings in the Doral area (zip code 33178) for the month of September of 2012. There were a total of 58 closings. The main statistics are:
  • Average price per square foot: $151
  • Lowest price per square foot: $79 (Ibis Villas #1407)
  • Highest price per square foot: $273 (Doral Isles Caribbean)
  • Number of 1 bedrooms sold: 3
  • Number of 2 bedrooms sold: 18
  • Number of 3 bedrooms sold: 22
  • Number of 4 bedrooms sold: 12
  • Number of 5 bedrooms sold: 3
Ibis Villas #1407 was the quickest one to go pending sale in less than one day.

Address Community Bed/Bath Living Area Days on Market List Price Sale Price Price per sq ft
4350 NW 107 AV # 101-2 THE ENCLAVE AT DORAL 1/1 743 152 $95,800 $93,000 $125
9751 NW 48 TERRACE # 328 THE GREENS AT DORAL 1/1 907 2 $100,000 $118,000 $130
4700 NW 102 AV # 102-23 DORAL PARK 2/2 926 3 $100,000 $105,000 $113
4748 NW 114 AV # 102 VILLA DORAL 2/2 1010 37 $114,900 $115,000 $114
4440 NW 107 AV # 301-7 ENCLAVE AT DORAL 1/1 743 15 $115,000 $115,000 $155
4720 NW 114 AV # 206 VILLA DORAL 3/2 1120 8 $120,000 $105,000 $94
10902 NW 83 ST # 221 Promenade Shores 2/2.5 1240 10 $135,630 $162,200 $131
4970 NW 102 AV # 104-4 DORAL PLACE 2/2 1006 768 $137,000 $130,000 $129
4540 NW 107 AV # 305 THE ENCLAVE AT DORAL 2/2 960 884 $140,000 $129,000 $134
11201 NW 83 ST # 208 Promenade 2/2 1260 67 $144,000 $140,000 $111
11102 NW 83 ST # 214 PROMENADE 3/2.5 1385 9 $159,900 $175,122 $126
5719 NW 114 CT # 107 Las Brisas At Doral Condo 3/2.5 1420 126 $160,000 $171,000 $120
7290 NW 114 AV # 312-7 PALMS GARDENS 2/2 910 29 $165,000 $155,000 $170
10374 NW 30 TE # 215 BEACON AT DORAL 3/2.5 1854 217 $165,000 $165,000 $89
4739 NW 97 CT # 4739 The Greens at Doral 2/2 1128 109 $165,000 $165,000 $146
4740 NW 102 AV # 205-14 Doral Park 2/2 877 31 $168,500 $155,000 $177
6201 NW 114 PL # 246 THE GATES 2/2.5 980 335 $170,000 $153,000 $156
7250 NW 114 AV # 205 PALM GARDENS 2/2 870 12 $179,900 $172,000 $198
8851 NW 110 PL # 1407 IBIS VILLAS 3/3 2206 0 $180,000 $175,000 $79
5225 NW 112 AV # 103 Veranda 2/2.5 1190 12 $185,000 $165,000 $139
7773 NW 114 PA # 7773 DORAL ISLES NORTH 3/2.5 1501 12 $185,000 $195,000 $130
7360 NW 114 AV # 206 PALM GARDENS 3/2 1109 76 $189,000 $175,000 $158
11479 NW 60 TE # 365 THE GATES AT DORAL 2/2.5 980 15 $190,000 $192,200 $196
10045 NW 46 ST # 104-2 VALENCIA AT DORAL 2/2 1300 26 $193,000 $178,000 $137
7290 NW 114 AV # 305-7 PALMS GARDEN AT DORAL 2/2 910 103 $195,000 $155,000 $170
11539 NW 60 TE # 303 THE GATES AT DORAL ISLES 2/2.5 980 43 $199,000 $183,000 $187
5440 NW 107 AV # 207 Costa Linda Condo 4/3.5 1896 186 $203,000 $203,000 $107
5650 NW 115 CT # 212 LAS BRISAS AT DORAL 3/2.5 1370 52 $210,000 $195,000 $142
5590 107 Av # 1107 Costa Linda 3/3 1460 55 $212,900 $215,000 $147
10870 NW 88 Ter # 215 CORONADO AT DORAL 3/2.5 1256 91 $215,000 $195,000 $155
11479 NW 51 TE # 0 DORAL LANDING 4/2 1740 105 $217,500 $218,000 $125
5761 NW 115 CT # 108 LAS BRISAS AT DORAL 3/2.5 1420 54 $225,000 $215,000 $151
4376 NW 109 PL # - EAGLE COVE 2/2.5 1350 10 $225,000 $215,000 $159
11550 NW 79 LN # 11550 Netherlands 3/2.5 2157 89 $245,000 $220,000 $102
10045 COSTA DEL SOL BL # L-62B Costa Del Sol 3/2.5 1712 80 $249,000 $220,000 $129
11481 NW 77 ST # 0 DORAL ISLES NORTH SEC 3/2.5 1516 300 $250,000 $235,000 $155
5558 NW 113 AV # - LAS CASCADAS 3/3 1870 212 $260,000 $276,000 $148
10750 NW 66 ST # 301 CAPTIVA DORAL ISLES 3/2.5 1980 12 $260,000 $270,000 $136
5373 NW 112 CT DORAL LANDINGS EAST 3/2 1872 88 $265,000 $275,299 $147
7809 NW 114 PA # 0 DORAL ISLES NORTH 4/2.5 1901 42 $266,900 $250,000 $132
7628 NW 114 PA # 7628 Doral Isles North 3/2.5 1516 49 $269,900 $255,000 $168
5588 NW 113 AV # . SONOMA 4/3.5 1800 45 $285,000 $270,000 $150
8511 NW 110 PL ISLANDS AT DORAL 4/3 2288 0 $289,900 $287,900 $126
10710 NW 66 ST # 509 CAPTIVA 3/2 1710 64 $290,000 $285,000 $167
5241 NW 108 AV DORAL GARDENS 3/2 1740 171 $290,000 $280,000 $161
10932 NW 69 ST DORAL ISLES CARIBBEAN 2/2 1136 15 $320,000 $310,000 $273
7554 NW 113 PA # 7554 POLYNESIAN 4/3 2097 70 $347,000 $320,000 $153
7455 NW 112 PA DORAL ISLES NORTH SEC 4/3 2097 93 $359,000 $320,000 $153
11333 NW 73 TE DORAL ISLES MARTINIQUE 4/3 2274 136 $364,900 $364,900 $160
10972 NW 48 LN # 0 COSTA BELLA 4/2.5 2141 120 $365,000 $330,000 $154
10750 NW 66 ST # 308 CAPTIVA B 3/2.5 2810 208 $365,000 $355,000 $126
10943 NW 86 TE ISLANDS AT DORAL 4/2.5 2097 23 $430,000 $415,000 $198
6927 NW 109 AV DORAL ISLES CARIBBEAN 3/3 2103 283 $445,000 $430,000 $204
10731 NW 75 LN # 10731 RESERVE AT DORAL EAST 4/4.5 2673 78 $450,000 $425,000 $159
11317 NW 59 TE DORAL ISLES CAYMAN 5/3 2581 13 $500,000 $500,000 $194
10892 NW 59 ST DORAL ISLES ANTILLES 4/2 2477 13 $580,000 $550,000 $222
11460 NW 82 TE ISLANDS AT DORAL 5/4 3629 101 $795,000 $760,000 $209
6901 NW 111 AV DORAL ISLES PACIFICA 5/3 3432 57 $869,000 $800,000 $233

Thursday, November 1, 2012

Univision to expand with ABC News in Doral

"Pa'lante, pa'lante, pa'tras ni pa' coger impulso."

“Forward, forward; don't step back, not even to pick up the pace.”
-Cristina Saralegui

These words became infamous when Cristina Saralegui first spoke them on her Univision talk show in 1989. Now in 2012, they can easily describe Doral’s booming community.

Celebrating its 50th anniversary this year, Univision has been a leader in Spanish speaking television for many years. With Doral’s Hispanic population almost at 80% (Doral Demographics on City-Data), there is no questioning why one of Univision’s main headquarters lies in Doral. The network currently has two studios within minutes of each other that contribute to their programming and interactive media. One of the biggest draws for the city is the excellent job opportunities that these big companies create. Unemployment rates in Doral are lower than the state and national average and home values continue to rise and there is no doubt that Univision adds to the area’s value and growth.

Doral has a promising future, and with employers such as Univision it would seem the city will continue to grow. On October 12, Governor Rick Scott along with The Beacon Council announced that Miami-Dade would be the location of a new Univision/ABC NetworkThis new network is expected to create 346 jobs and includes $274.52 million in capital investment. 

In a posting on flgov.com, Governor Scott said, “Univision’s decision to grow here is a testament to Florida’s status as one of the most business-friendly states in the country,” said Governor Scott. “Today’s announcement is more proof that Florida is well-positioned to lead the country’s economic growth in the next generation, as we compete and succeed in a global marketplace.”

Univision’s history reaches back to 1955 when Raul Cortez founded Channel 41 (KCOR-TV) in San Antonio, Texas. In 1968, it grew into the Spanish International Network with stations serving the New York metro area and by 1986, the network was renamed to Univision and signed two critical television programs that would shape its future.

Joaquin Blaya, CEO at the time, signed Cuban-American journalist at the time, Cristina Saralegui, to host her own talk show that ran for more than ten years. Adding to their success, Mario Kreutzberger, now famously known as Don Francisco was brought on board, to bring his popular Chilean program to the states. Sábado Gigante, began filming in Miami in 1986 and was an instant success.

These two shows along with the huge opportunity in the market for a Hispanic national broadcast catapulted Univision. It is now the nation’s fourth largest television network with major new coverage and popular telenovelas. Recently, Univision hosted town hall style interviews with this year's presidential nominees at the University of Miami.

The network's Doral headquarters are located next to two popular gated communities; the Greens at Doral and Doral Chase. Both communities offer residents upscale luxury living at affordable prices. In Greens at Doral, you can find one, two, and three bedroom condos and townhouses at the Greens at Doral. Rents range from just over $1,300 to approximately $2,400 per month. Doral Chase also has condos and townhomes to buy or rent. Rents in Doral Chase range from the low to mid $2,000’s.

The city offers businesses a thriving and vibrant community to call home. With their high employment rate and plentiful and affordable real estate, it seems Doral continues to go, "pa'lante, pa'lante, pa'tras ni pa' coger impulso."

Copyright 2012 Doral Riches. All rights reserved. 8180 NW 36 Street Suite 321. Doral, FL. 33166. Tel (305) 799-7437. Fax (786) 888-1487 info@doralriches.com