Downtown Doral – Update on the Process

As construction progresses, Downtown Doral has officially become a reality with more announcements being made.  This is definitely one of the major "talks of the town" when it comes to Doral real estate.  With townhouse communities completed and condominiums, apartments and commercial space in the works, it is always good to present an update on the process of Downtown Doral.

5252 Paseo is Sold Out

The only place to start is by the most recent announcement in The Real Deal a couple of weeks ago stating that 5252 Paseo is officially sold out with most of the 203 individual properties being “sold to foreign investors in Latin America.” It is anticipated that this condominium will be open by the end of the year.  According to the developers, unit prices fell between the upper-$200s and upper-$900s.

5300 Paseo is On the Move

For those who were considering 5252 Paseo, don't worry.  Its sister condominium is 5300 Paseo, a 23-story, 219-unit condominium is about underway.  In addition to successful sales with the condominium, it was announced in the South Florida Business Journal that Codina Partners had secured a $46+million dollar construction loan for the building being designed by Sieger Suarez and Adriana Hoyos.  For potential buyers, 5300 Paseo preconstruction list prices start in the mid to upper-$200s and climb to the mid-$800s for units ranging from 1,100+ square feet to over 1,900 square feet.  The condominium offers one, two and three-bedroom units along with amenities including a pool, children’s play area, and a fitness center with massage rooms.

Townhomes at Downtown Doral

Construction for the Townhomes at Downtown Doral is complete with a handful of townhouses listed for sale in the $800s.  These are some of the most luxurious townhomes in all of Miami-Dade County – think elaborate rooftop patios and terraces on top of each townhouse and high-end fixtures, finishes and appliances.

Other Elements of Downtown Doral

Downtown Doral is located in the heart of Doral as a sort of city within a city.  Tagging itself as a “Live-Work-Play” master-planned community, the entire city appears to be culminating in Downtown Doral to ultimately “include eight to nine mid-rise condo towers, more than 1 million square feet of office space, a K-5 charter school, and 70 retail stores and restaurants” stated in The Real Deal.  The official Doral City Hall is located in this new part of Doral along with retail, business, and restaurant space.  The first phase of the Shops at Downtown Doral is expected to open late this year.

Fantastic businesses have committed to Downtown Doral. According to The Real Deal article, “A UPS Store, AT&T store, Marilyn Monroe Spa and Nail Salon, and liquor store are among the retailers Codina announced this week, Codina Barlick said.  Popular Coral Gables eatery Bulla Gastrobar will open a Peruvian ceviche restaurant called Pisco y Nazca; and Dragonfly, a Japanese sushi chain out of Gainesville and Orlando, will also be a tenant.”

Doral has an excellent public school system. The Downtown Doral Charter Elementary School is in its final stages of construction and is expected to open for school next fall.  According to a Doral community newspaper article, “Downtown Doral Charter Elementary School is projected to open in fall of 2015 and will accommodate over 800 students from Pre-K through fifth grade. DDCES will offer a one-of-a-kind, dual language curriculum, which will prepare students to excel in an increasingly complex global society. DDCES is private-public partnership, which will be managed by M-DCPS.”

Downtown Doral is underway to become an amazing community within the city of Doral. Watching the community progress is an awesome experience. The goal is to make Downtown Doral a destination for those living and visiting Miami-Dade.  It looks like it is well on its way to meeting that goal.

Five Doral Listings Under $500K

South Florida has ridden a huge wave out of the financial debacle that sank the real estate market several years ago – and at a pretty fast rate.  Much of the rebound is due to the influx of foreign buyers wanting a solid place to put their money that would offer a good return.  The US real estate market – specifically Florida – fit the bill. 

In a press release from the Miami Association of Realtors, “Brazil again led all foreign countries searching for South Florida real estate on the MIAMI Association of REALTORS® (MIAMI) website in February 2015.”  Additionally, according to MAR, “Brazilians spend the most on South Florida properties among foreign consumers, paying an average of $495,000. On average, Miami’s international buyers paid $444,000 per purchase, compared to $245,000 statewide.”

The Doral real estate market is on an upswing in terms of development by real estate developers that see the value. For foreign buyers looking at South Florida as a place to invest, Doral real estate offers significantly more property for the money.  When considering the above statistic, here are the top five Doral listings under $500K:

10961 NW 65^th Street, Doral Isles Antigua, List Price:  $499,900

This townhouse offers a beautiful lake view along with a nice, open floor plan.  Inside, owners enjoy the gorgeous Italian kitchen with quartz countertops, wood floors, stainless steel appliances and other upgrades. Doral Isles is one of Doral’s most exclusive communities with amenities like an unbelievable community club house with several resort-style pools, an unbelievable children’s playground, basketball and tennis courts and more.  Antigua is a townhouse community that is situated adjacent to the community’s club house and pools. There are currently only two listings in Doral Isles Antigua and only one sale over the past six months at 95 percent of the list price (average number of days on the market at 182 days).  Doral Isles allows annual rentals; however, there are none currently for rent in Antigua.  The average monthly rental rate for Doral Isles condominiums typically ranges from around $1,800 to $3,000. 

Listings in Doral Isles

8759 NW 98^th Court, Grand Bay at Doral, List Price:  $499,000

Doral is well known for being home to several luxury townhouse communities and Grand Bay at Doral is one of them.  Just completed in the last couple of years, Grand Bay Doral is a community of executive single-family homes and large townhomes.  This unit is situated on a single house lot and features a full bed and bath on the main level along with three bedrooms and two baths on the second floor.  Additionally, the large kitchen has stainless steel appliances, stone counter tops and custom wood cabinets.  There are so many incredible fixtures and finishes throughout the house including tile flooring on the first floor, wood on the second floor and a wonderful patio to enjoy the Florida breezes.  Grand Bay Doral is a newer neighborhood just a short drive from Trump National and top schools in Doral. There are currently seven townhomes listed for sale in Grand Bay Doral with list prices ranging from the mid-$200s for two bedrooms to almost $500K for four bedrooms. This townhouse is also available for rent (furnished) at $3,000 per month.

Grand Bay Doral Listings

5184 NW 108^th Place, Piazza Vecchia, List Price:  $499,000

This four-bedroom, three-bath home is just under 2,400 square feet with a newly renovated kitchen, large, open living areas and a private outdoor pool.  Piazza Vecchia is a small gated enclave of homes ideally situated in the heart of the City of Doral close to shopping, top schools, golf and major arteries into and out of the area.  There are currently seven listings in Piazza Vecchia with three having four bedrooms and three baths.  This listing is the lower priced of the two listings.  Three-bedroom properties in Piazza Vecchia fall between the lower-$300s and mid-$400s while the four-bedrooms start at just under $500K and climb to the mid-$500s.  There is currently one rental listed with a monthly rental rate at $2,350 (three bedrooms, two baths).  Taking that average price per square foot, investors can expect a monthly rental rate for this property to fall around $3,000. 

Homes for Sale in Piazza Vecchia

7031 103th Court, Vintage Place, List Price:  $499,000

Another new development that has finally come to fruition is Vintage Doral, a community filled with beautiful Tuscan style single-family homes and carriage houses (Vintage Place).  This carriage-style home features four bedrooms and three and a half baths along with Italian custom cabinetry, porcelain flooring, marble bathroom counter tops and so many more amenities.  Community amenities include a private gated entrance with a 24-hour manned guardhouse, professional community management,  private clubhouse overlooking a beautiful lake complete with a fully-equipped adult fitness center and children’s playroom, a library, a business center with media room and kitchenette, an over-sized swimming pool with spa, sun deck, a BBQ gazebo area and fountains and so much more. One of the nicest features at Vintage Doral is the green park with trails for walking, running and biking. With six properties listed for sale at Vintage Place, this unit is one of the lowest priced in the community with the other topping out at in the mid-$600s.  Vintage Place rentals are also available for rent with monthly rates ranging from around $3,000 to $4,000. 

For Sale at Vintage Place

10461 NW 61^st Lane, Doral Cay, List Price:  $498,500

In addition to being located in the heart of Doral, this brand new Doral Cay townhouse features four bedrooms and three baths under 2,100+ square feet of living space along with a great kitchen that has upgraded counter tops, stainless steel appliances.  Doral Cay is a gated community with a large clubhouse, fitness center, resort-style pool, sun deck overlooking lake, playground, guard house with 24-hour guard and so much more.  The location only makes this one of the most desirable neighborhoods in Doral as it is adjacent to the Morgan Levy Park and all it has to offer and very close to top Doral schools and top Doral golf courses. Currently, there are 15 listings in Doral Cay with list prices ranging from the mid-$400s to mid-$600s.  Additionally, Doral Cay rentals  typically range between about $2,600 and $4,200 per month for an annual lease.

Doral Cay Listings

Even though list prices are showing signs of increasing, the amount of property for the investment far outweighs other areas of South Florida. So for foreign investors looking at South Florida real estate, Doral properties should be at the top of the list of possibilities.  Developers see the value...so too should those wanting to buy real estate.

Top Doral New Construction Listings

Finally, the new developments we have introduced over the past couple of years are coming to fruition.  Doral real estate is about to bust loose with properties in communities that are underway.   One of the most appealing features of new construction properties is that buyers have the ability to be part of the design process in terms of picking fixtures, finishes and even choosing paint colors (if they sign early enough).   With this in mind, here are the top Doral new construction listings:

3470 NW 82^nd Avenue, Oasis Park Square at Doral, List Price:  $1,150,000

Oasis Park Square at Doral has been in the works for a couple of years and is now under construction.  Situated in the heart of Doral so close to Trump National, Miami International Airport, and Doral’s best resources for shopping, this listing features a 3,000+ square foot single-family, contemporary home with four bedrooms and four baths.  It features clean lines and style along with high-end appliances, a wine cellar and, what every Florida home needs – a roof top patio and Jacuzzi.  It is going to be a spectacular home.  The new gated community offers 24-hour guard gated security, a community pool with cabanas, an exotic koi pond, decorative street lighting, and a high privacy wall surrounding the entire community just to name a few. 

8351 NW 51^st, Downtown Doral, List Price:  $850,000

Downtown Doral is coming together and turning out to be as spectacular as the plans showed months ago when the development was just on paper.  This property has never been lived in and features golf course views.  As the biggest floor plan, this property features five bedrooms and four baths, and developer upgrades including a terrace and roof deck penthouse with terrace. On top of that, other features include an alarm system, security cameras, and so much more.  Downtown Doral is a city within a city making it easy and possible for residents to live, work and play without ever having to leave the neighborhood – that is unless golf is on the schedule in which case, residents have to drive down the street or a trip is planned which involves airport travel (only a few minutes away).  

8355 NW 51^st, Downtown Doral, List Price:  $840,000

Another townhouse is ready for owners at Downtown Doral.  This townhouse comes with an amazing golf view and tons of upgrades.  There are three bedrooms and three and a half baths with a studio on the third floor along with a wonderful rooftop terrace and barbecue.  Located in the heart of Doral, Downtown Doral is close to Trump National, shopping, dining and the major transportation hubs in Miami-Dade. This new community touts itself as a place to live, work, and play which has never been so true. In addition to residential properties, Downtown Doral will feature retail and office space as well as Doral government offices, charter school and more.

    

10540 NW 69^th Terrace, Vintage Estates, List Price:  $795,000

This is a gorgeous and roomy new two-story home.  With four bedrooms and four baths, the Chianti Tuscan floor plan features an open two-story living area, a large kitchen with stainless steel appliances and an adjoining breakfast area, washer and dryer, two-car garage, a large master bedroom with sitting area and balcony facing the backyard and, best of all, a guest bedroom and bath on the main floor.  Along with this elegant home come other extras like a gated and secured entrance, pool, party room, gym, game room, meeting room & library. This residence is currently under a lease contract. 

7000 NW 104^th Court, Vintage Estates, List Price:  $695,000

Another new home in Vintage Estates, this 2,400-square foot  home has three bedrooms and two and a half baths with a beautiful living area, open kitchen, two car garage, formal dining room, and a master bedroom with a balcony overlooking  the community’s lake.  On top of this, the kitchen features stainless steel appliances, high-end counter tops and custom cabinetry. living area, open kitchen, stainless steel appliances, formal dining room, powder room on the first floor, washer and dryer, 2 car garage & master bedroom with a balcony facing the lake. Vintage Estates is a gated & secured luxury community ideal for families because it has a resort style clubhouse area with infinite-pool, kids' pool, party room with kitchen, gym, game room, meeting room & library 24-hour manned security, trails for walking, running and biking and a lot more.  In terms of location, Vintage Estates is close to major thoroughfares, Miami International Airport, and top rated golf courses. 

Doral New Construction Neighborhoods

In addition to these listings, there are many other Doral properties built in the last couple of years and listed for sale starting in the upper-$200s.  From condominium units at 5300 Paseo, Doral Cay and Vintage Place to single family homes in Vintage Estates, Isles at Grand Bay and Oasis Park Square, buyers wanting a brand new home can look forward to top quality real estate at a much more affordable price than in other parts of Miami-Dade County.  

Doral – Florida’s Top City for Real Estate Investing

Recently, Doral was named the best place to invest in real estate in the state of Florida in a study conducted by Nerdwallet, a consumer advocacy group that specializes in empowering people to manage their money wisely. In the study, Nerdwallet looked at the market health, taxes, 10-year housing price change, vacancy rate and price per square foot. When it came to tallying the numbers and ranking the cities in Florida, Doral rose to the top.

Highlights of Doral

When you think about the fact that Doral was incorporated a little more than 10 years ago, it is amazing to realize all that it has to offer. To quickly emphasize some of the outstanding highlights of Doral, here are several reasons why Doral ranked first.

• Affordability compared to the surrounding communities like those in Miami
• Low unemployment at only 4.5% compared to the state’s rate at 5.8% (Homefacts, January 2015)
• Growing population (expected to hit 80,000 in the next five years)
• Increasing home values

When you look at all of these statistics, it makes Doral look that much more appealing.

Doral Real Estate

The Doral real estate market is on the rise. When the entire real estate market crashed several years ago, everything around Doral seemed to be taking a nose dive in terms of property values. While they did drop, the home values within Doral still maintained much less of a drop than other surrounding areas.

Now as the market has shown continued growth over the past few years, Doral is expected to continue its climb while still maintaining a much more affordable cost of living than many of its Miami-Dade counterparts.

Real estate developers like Shoma, the Related Group, Terra Group and others have put their faith in the growth with new residential and mixed-use communities like City Place, Downtown Doral, IVI Doral, Vintage Estates and others under development.

Still with these fantastic neighborhoods in the works, the established communities that have been here through thick and thin remain popular and highly sought-after neighborhoods in which to live. Among some of the best are Doral Isles (have you seen the community amenities, specifically the pool?), Doral Estates, the Reserve at Doral, Doral Cay, and others.

Housing is much more affordable especially when you compare what you can get in Doral versus other area communities. For example, in Doral, $500K buys a nice four-bedroom home in a Doral Isles or Islands at Doral neighborhood as well as a brand new three-bedroom unit in 5300 Paseo (Downtown Doral’s newest condominium under construction) or a spacious four-bedroom townhouse at the Reserve at Doral. In other parts of Miami-Dade, properties of this size may list for much more depending on the location.

A Lot to Offer

Businesses find Doral to be an ideal location especially in the area of importing and exporting or travel as the city is centrally located close to major thoroughfares, Miami International Airport and the Port Authority. In fact, Carnival Cruise Lines has its headquarters located in Doral because of its close proximity to the ports and its affordability.

Buying real estate in Doral and more importantly, living in Doral just makes sense. Families like it because of the excellent Florida schools (A-ranked), part-time residents like it because of its proximity to some of the best golf courses in the country and businesses like it because of the ease in getting to it as well as other parts of Miami-Dade County.

Doral has a lot offer those who live and visit here. The next few years are going to be big ones and we cannot wait for the magic to continue. 

Considerations for Becoming a Landlord

Florida is full of residential real estate that appeals to those wanting to invest in rental property. Doral real estate is no exception. In Miami-Dade, Doral is full of affordable properties that make for excellent rental property and is on a huge upswing in terms of residential developments in the works and under construction.

Being a landlord can be very profitable but involves many responsibilities.  Here are a few tips to follow if you are considering becoming a landlord:

Vet Potential Tenants. Remember the old saying “Don’t judge a book by its cover?” Too often, novice landlords look at the appearance of potential tenants and make a snap decision on leasing property to them. It is important that even they have the most attractive, well-kept look (or the grungiest for that matter), you do a full background check on potential tenants to ensure you have a successful relationship with the people who lease your Doral condominium or home.

Follow the Rules. Just like with any other legal agreement, it is very important to follow the rules.  There are strict Florida tenants’ rights in place to which landlords must adhere.  This applies to anti-discrimination laws, disclosures, eviction rules, and more.

Provide a Detailed Checklist.  A checklist of everything in the rental property should always be given to your tenant upon signing a lease.  Ask your tenant to go over each every item on the list to make sure there are no issues.  The list should include any imperfections like a stain on the carpet in a bedroom.  At the end of the lease, once the tenant has vacated the property, go through the same list to check each item once again.  If there are any issues that were not present at the beginning of the lease, you can address them with your tenant and come up with a plan to correct them.  This helps to validate retaining any portion of the deposit. It is important to take into consideration normal wear and tear that comes with living there.

Always Have a Current Lease in Place. If you keep a current and detailed lease in place, you can avoid a ton of problems down the line.  The lease should lay out every facet of the lease in terms of when and how much to pay, responsibilities of each party, lease termination, etc.  The Florida Bar provides a detailed lease agreement (and other forms) for landlords to use as their agreement with tenants. Another suggestion is to use an attorney who is very familiar with Florida real estate laws.

Fix What Needs to be Fixed. One of the most important parts of a good landlord-tenant relationship is honoring the lease agreement.  If something for which you are responsible breaks or quits working, get it repaired or replaced.

Respect Your Renters’ Rights. One of the biggest parts of being a landlord is respecting your renters’ rights.  In Florida, there is a set list of tenants’ rights (Florida Statutes at Part II, Chapter 83, Florida Residential Landlord Tenant Act) that landlords must follow.  In particular is the right to privacy.  Even though landlords have a right to enter the property, they must give adequate notice to their tenants prior to entering the leased property. In Florida, the law states that 12 hours is adequate notice but many landlords suggest usually 24 hours is considered adequate.  This includes when making repairs or replacements.

Know the Appropriate Steps for Eviction.  No one wants to deal with an eviction but it can happen.  When dealing with an eviction, it is best to consult with an attorney to ensure that every step is followed to the letter of the law.  There have been many instances where shortcuts were taken or steps were omitted that delayed the eviction process sometimes extensively.  

Work with a Licensed Broker.  A lot of Florida real estate brokers have a property management department in their offices who work with rental investors.  Property managers are typically well trained in the rental process and can help to ensure that you have a positive experience. The fee involved is usually worth its weight in gold. This is always a good idea especially if you are unsure about the details of the rental process not to mention manage the properties.  

Follow These Steps

There are so many opportunities to buy Doral condominiums, townhouses and single-family homes for the purposes of rental investments, and most tenants hold up their end of the agreement without any issues.  But as with any kind of agreement, there are those who turn out to be not so great.  

With the right process in place, hopefully, you will get lucky and have tenants who go above and beyond to treat the residence as if it was their own. When you hit the jackpot with a great tenant, you want to do everything to keep them happy.   

Doral Neighborhoods Offer Excellent Rental Investments

A Miami Today article indicated that the majority of Miami Dade County homeowners are absentee owners – either living elsewhere and spending time here (snowbirds, business people) or investors who own rental property with tenants residing in them.  In fact, “Of the nearly 352,000 condominium units in the county, 37 percent, or 130,000, had a homestead exemption, according to the Miami-Dade Property Appraiser’s 2014 preliminary tax rolls released mid-year.”  Only 37 percent!

While there are slightly more condominium units in Doral with homestead exemptions, more than half do not claim this tax exemption. “County commission district 12, which includes the City of Doral, has 34,402 condominiums, with 46.5 percent of them homesteaded, according to the property appraiser.”  With this in mind, we thought we would look at a few Doral condominium and townhome communities to look at the numbers in terms of sale prices, how long it takes to sell and what kind of rental rates they fetch. 

Doral Isles.  If you have spent any time in Doral, you know that Doral Isles is a very highly sought after neighborhood in which to live.  And just like most any area in Miami-Dade, there are rental properties available.  In fact, many people who want to live here end up renting as it may not be a possibility to own a home in this neighborhood.  For investors looking at Doral Isles, there is a mix of single family homes, townhomes and condos making for a lot of variety.  A condominium in Doral Isles starts in the low-$200s at The Courts at Doral Isles or The Gates at Doral Isles and climb to the upper-$200s or low-$300s where townhouse list prices at Doral Isles North, Martinique and Caribbean start, and surpass $500K.  On the lower end of the spectrum, the condominium residences at The Courts and The Gates at Doral Isles fetch monthly rental rates anywhere from about $1,700 to over $2,500.  Doral Isles real estate offers investors a good opportunity to own rental property that has a solid rental history.

The Reserve at Doral.  There are two sections of the Reserve at Doral – east and west.  Each has its own clubhouse and pool while both have easy access to the major thoroughfares.  Unlike many of the other more contemporary or Mediterranean designs, the Reserve at Doral is a community of ice cream colored townhomes with three and four bedrooms and a Charleston feel to the architecture.  The Reserve features list prices starting in the mid-$300s for a three bedroom property and climbing to over $500K for a four-bedroom.  In the past six months, five properties have sold an average sale price per square foot at about $182 and the average number of days on the market at about 230 days (includes one property that took over 18 months to sell).  Rental rates range from about $2,400-$2,500 to over $3,000 per month.  Currently, there are about five properties for rent at The Reserve at Doral East which is pretty typical at any given time.  Because the Reserve is home to larger townhomes that are 2,000+ square feet in size and have ideal amenities like a pool, fitness, and more at the club houses, they are very sought after with those who want to live in Doral.  Most are rentals are annual leases with renewal options making it very appealing for investors who want a steady stream of income from their investment.

St. Maarten at Grand Bay.  As part of the exclusive and new development, Isles at Grand Bay, St. Maarten offers resort-style amenities to residents like a large clubhouse with oversized pool and sundeck, a kids’ water park, aerobics and fitness rooms, tennis, basketball, playground, park area and more.  Interior features include gourmet kitchens with granite counter tops, stainless steel appliances and custom cabinetry. St. Maarten is centrally located in Doral close to shopping, golf and the major arteries into and out of Miami-Dade County.   In terms of real estate investments, properties for sale at St. Maarten at Grand Bay are offered at list prices ranging in the mid to upper-$200s.  Rental rates fall between about $1,700 and $2,500 per month. 

Just the Tip of the Iceberg

These communities are just the tip of the iceberg when it comes to Doral rental property.  For renters, there are so many options when considering leasing a home in Doral whether a condominium, townhome or even a single family home.  While Brickell, Downtown Miami and the up and coming areas like Edgewater offer a certain appeal, traveling a few miles west offers a lot more living space and saves renters a ton of money.

Investors see the value of investing in Doral real estate.  Another Miami Today from August 2014 stated that “rents west of I-95 have increased 17.7 percent, according to data CraneSpotters.com compiled from the Southeast Florida Multiple Listing XChange.”  

Top Five Doral Real Estate Sales of 2014

As the year closes, Doral real estate is on a huge upswing.  Between new communities under construction and in the planning phase and the already established neighborhoods that draw home buyers to them, Doral is definitely a city to watch.  Huge corporations have opened offices here, most recently, Amazon’s new fulfillment facility, because they see Doral’s potential for growth. 

In terms of the Doral real estate market, sale prices have increased this year even though they are still much more affordable than many Miami neighborhoods.  Here are the top five Doral Real Estate sales of 2014:

9464 NW 52^nd Doral Lane, Doral Estates, Sale Price:  $3.6 million

This home sold in May after being on the market for just under a year.  It is probably one of the most exquisite homes in Doral and had to wait for the right buyer.  It is a large estate with nine bedrooms and 10 baths under over 11,000 square feet.  Yes – over 11,000 square feet for less than $4 million.  Situated on a lakefront property in the exclusive Doral Estates neighborhood, there are currently five properties for sale in Doral Estates with list prices ranging between about $1.4 million and almost $3.4 million.  As for sales this year, only two other properties sold in 2014 also in the first half of the year.  Doral Estates is one of Doral’s most exclusive neighborhoods in Doral.  Most homes have all the amenities that homes of this caliber expect to have:  private pools, large living areas with detailed fixtures and finishes, high-end appliances and more.  Oh, and Doral Estates is a guard-gated neighborhood which is always an added benefit for multi-million dollar homes.

5033 NW 94^th Doral Place, Doral Estates, Sale Price:  $1,720,000

Another home located in Doral Estates, this 3,681 square foot home sold for $1,720,000 in June.  It is a four-bedroom, three-bath home with an in-ground pool and beautifully landscaped yard.  This property is one of three properties with sale prices between $1.35 and $3.6 million and an average price per square foot at about $402.  Just as we said earlier, there are currently six Doral Estates homes for sale with list prices falling between just under $1 million and $3.4 million.  With this home and the others that sold in 2014, it is clear that the list and sale prices are on the rise. 

5224 NW 94^th Coral Place, Doral Estates, Sale Price:  $1,690,000

The third most expensive home in Doral that sold in 2014 was, again, in Doral Estates.  This 4,100+ square foot home features five bedrooms and four baths.  It has a lot of amenities including beautiful water and fairway views of the Trump National’s newly redesigned Blue Monster Course.  As one of three homes that sold in 2014, this home was listed and sold in just over a month.  With a sale price per square foot of $408, it was the closest to the average putting it right in line with the market. 

7094 NW 109^th Court, Doral Isles St. Croix, Sale Price:  $1,350,000

Doral Isles is a large community within Doral that features a mix of residential properties.  The entire community is one in which many residents choose to live because of its family atmosphere with so much to do.  From the huge resort-style community pool with water falls and a fantastic clubhouse to the soccer fields and other sports courts and playgrounds to its convenient location that is close to top golf courses, shopping and traffic arteries into and out of Miami Dade, this is a highly sought after neighborhood.  There are just over 100 properties for sale in Doral Isles with list prices ranging from about $300K to over $1.4 million.  This 3010 square foot single family home has 5 bedrooms and 3.0 bathrooms. 

11347 NW 68^th Street, Doral Isles Mediterranea, Sale Price:  $1,130,000

As one of the larger homes in Doral, this home is situated in one of Doral Isles most exclusive neighborhoods – Mediterannea.  It houses six bedrooms and four full baths under about 4,400 square feet along with a large back patio are with pool.  It listed and sold within 83 days at just under the list prices of $1,150,000. There are currently six properties listed in Mediterranea (probably the most exclusive Doral Isles community) with list prices between about $950K and $1.4 million. As the only property in this section of Doral Isles that has sold within the last six, this home is a definite show place.  The average price per square foot was just under $260 which, compared to that of listed properties made this home a bargain (relatively speaking). 

The Takeaway for 2015

As 2015 kicks in, the market is primed and ready for buyers and sellers. Sellers are finally seeing a return on their investment; buyers still have an opportunity to find diamonds in the rough as new developments and neighborhoods begin to come to fruition.  Neighborhoods under development including The Sanctuary at Doral, IVI Doral, and the Mansions at Doral show list prices starting at about $1 million which brings an entirely new vibe to this city. With Miami experiencing such a boom of sorts and seeing increasing list prices, the upward ripple will extend west towards Doral.  

Price Per Square Foot for Doral Rentals About Half of Brickell’s

As rental rates in Brickell, Edgewater and the surrounding neighborhoods climb, it may be time to start looking west – west towards Doral that is.  Doral real estate is in the middle of an explosion with new communities under development and construction.  Communities like CityPlace Doral, Midtown Doral, and more in the works, Doral is quickly becoming a more appealing alternative for renters. 

In an October article in The Real Deal, Miami real estate developers and experts predict that increases in rental rates are inevitable. Young professionals are flocking to the Miami hotspots in search of living in the middle of all of the action.  Developer Fernando Levy Hara, the brains behind up and coming Crimson Condominium in Edgewater anticipates that rental investors should be able to garner over $2,600 per month for a one-bedroom and as much as $4,000 per month for a two-bedroom based on what comparable rentals are bringing in.  According to the article, the developer is guaranteeing $3 per square foot for units at Crimson leased through his mckafka Development Group. $3 per square foot!

Another major developer,  Harvey Hernandez, Managing Director, Newgard Development Group which is developing Brickell House and Centro, stated in the article that the “rise in rental rates is being driven by a limited supply of rentals and an influx of young professionals moving to Miami’s urban core, which includes Brickell, downtown Miami, Edgewater and Midtown.”  

To give you a comparison of what you get in Doral for the same amount, let’s use a study mentioned in the article that stated “the average monthly rent along the Biscayne Corridor – which includes Brickell, downtown Miami, Wynwood, Midtown and the Design District – rose from $2,250 in January to $2,675 in October.”  Doral rental properties fetching $2,600 per month may be a little further from the action in terms of their distance from Brickell but deliver more room and more amenities.  Here is a sample of what you get in Doral for about the same monthly rental rate. 

The Reserve at Doral, 74^th Street at NW 107^th Avenue (EAST)/74^th Street at NW 114^th Avenue (WEST).  Divided into two sections, the Reserve at Doral consists of three and four-bedroom townhouses with square footage ranging from just under 2,000 square feet to almost 2,300 square feet.  Kitchens are loaded with stainless steel appliances, granite counter tops and contemporary custom cabinets.  Master bedrooms have his and hers walk-in closets in addition to the master baths with his and hers vanities.  Each section has its own clubhouse and pool along with fitness and other amenities.  The location is ideal with easy access to the major thoroughfares and a quick drive to golf and shopping.  Rental rates typically fall between $2,500 and $3,000 as the rentals currently available do.  When you compare the price per square foot, the Reserve at Doral rentals feature price per square foot is well below $2 – falling between $1 and $1.30.  Talk about more bang for your monthly buck!

Vintage Estates/Vintage Place, NW 107^th Avenue.  A brand new neighborhood located in the heart of Doral, Vintage Estates and Vintage Place have single-family homes for rent throughout the entire neighborhood.  Vintage Estates is a new exclusive neighborhood with Mediterranean style architecture throughout the design along with tons of upgrades and amenities.  In each home, renters can find state of the art kitchens with all the brand new bells and whistles.  The fixtures and finishes make this a dream home to rent.  As for amenities, it has all the stuff that everyone wants – a pool, clubhouse, landscaping and more.  For rentals with monthly rates between $2,500 and $3,000, the square footage for homes ranges between about 2,200 and 2,500 square feet.  This means that the price per square foot starts these homes is at about $1.00 and goes up to about $1.40.  Vintage Estates rentals are very affordable and a top consideration when looking at renting in Miami-Dade. 

About Half the Price Per Square Foot

In addition to Vintage Estates and the Reserve at Doral, other Doral rental properties feature prices per square foot at the same level -- $1.00 to $1.50.  Essentially, for about half the price per square foot, Doral rentals equate to a brand new single family home or lovely townhouse rather than a one or two-bedroom condominium residence with only about 1,000 square feet in Brickell.

Suddenly, a 15-minute drive to Brickell is not so long! Something to think about, huh?

Shoma Group Introduces The Sanctuary at Doral

Yet another upscale neighborhood is underway adding to the appeal of Doral.  While many Doral neighborhoods, whether new or established, have set a new standard of living that combines comfort and affordability, The Sanctuary at Doral takes luxury living to a whole new level. 

The Sanctuary at Doral is a small, exclusive enclave of only 12 estate-style homes with square footage starting at about 4,600 square feet.  The neighborhood is designed to offer maximum privacy and luxury to those who expect a certain standard of living.  From the guard-gated entrance to the large 20,000 square-foot lots and floor plans with tons of amenities, nothing is spared in an effort to design an exclusive community. 

The Sanctuary at Doral Specifics

At the Sanctuary at Doral, the architecture style of the homes is a beautiful blend of contemporary and Mediterranean design to create a true showplace that is understated yet impressive.  One of the best attributes about the floor plans is that every buyer has a basis from which to start but can add or take away spaces to create their dream home. 

Located on Doral Boulevard (41^st Street) across from Univision Studios, the Sanctuary at Doral is close to great shopping, Trump National and everything else that Doral has to offer.  On top of that, this extraordinary neighborhood provides easy access to the Turnpike and Palmetto expressways.

The Shoma Group is taking what is more than likely the last bit of land in Doral to develop the Sanctuary at Doral.  Other Doral communities by the Shoma Group include Oasis Park Square, Contempo at Doral, Doral View and more. 

Along with one of Miami’s well-known developers, Ramon Pacheco Architecture is crafting the designs for home owners to build their dream homes.  This firm is known for designing some of the most spectacular homes in South Florida.

Amenities at the Sanctuary at Doral

Each home offers homes that are custom-designed to fit the needs and desires of their owners.  In addition to the individual crafting, each home provides the following features with more coming:

• 15 X 30 infinity pools
• Impact windows and doors
• Smart home technology
• Elevators
• Security system
• Sub-Zero/Wolf stainless steel appliances
• Italian cabinets
• Kohler fixtures
• Marble floors
• Three-car garages
• Covered terraces

Mansions at Doral Real Estate Information

Floor plans feature large 4,500+ square foot homes.  With five floor plans from which to choose, following is a price list:

Model A:                                                     $2,950,000

• One-Story
• Swimming Pool
• 6 Bed/6-1/2 Bath                              5,531 SF
• 3-Car Garage                                    756 SF
• Covered Terrace/Entry                       916 SF

Model B:                                                     $2,700,000

• Two-Story
• Sitting Area
• Balconies
• Swimming Pool
• 6 Bed/6-1/2 Bath                              4,631 SF
• 3-Car Garage                                    767 SF
• Covered Terrace/Balcony/Entry          674 SF

Model C:                                                     $3,200,000

• Two-Story
• Sitting Area
• Balcony
• Swimming Pool
• 6 Bed/6-1/2 Bath                              5,414 SF
• 3-Car Garage                                    734 SF
• Covered Terrace/Balcony/Entry          1,394 SF

Model D:                                                     $3,200,000

• Two-Story
• Sitting Area
• Balcony
• Playroom
• Swimming Pool
• 6 Bed/6-1/2 Bath                              4,586 SF
• 3-Car Garage                                    746 SF
• Covered Terrace/Balcony/Entry          1,193 SF

Model E:                                                     $3,600,000

• Two-Story
• Sitting Area
• Balcony
• Playroom
• Swimming Pool
• 6 Bed/6-1/2 Bath                              6,452 SF
• 3-Car Garage                                    827 SF
• Covered Terrace/Balcony/Entry          1,632 SF

Stay Tuned

As more information comes for the Sanctuary at Doral, this neighborhood will be one that luxury home buyers begin to notice.  If you are interested in seeing floor plans or pictures, please contact us.   Its exclusivity and size are rare in all of South Florida and should be on the radar for the most discriminating buyers.