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HIGH-END HOMES HIT PEAK PRICES AS LUXURY INVESTORS SCRAMBLE FOR BETTER DEALS

Home prices are rising across the country, but luxury home prices are skyrocketing. According to data from Redfin, luxury home prices rose twice as fast as non-luxury homes in the first quarter of 2024.

“I would not be advising any of my clients to be buying [short-term rentals] at the moment, at least until things change a little bit, and we see how absorption goes,” says Ivan Chorney with the Ivan and Mike Team at Compass in Florida.

While luxury homes are impacted less by mortgage rates, there’s still a supply issue across both luxury and non-luxury markets. Most high net worth buyers are more concerned about what’s happening in their stock portfolio than where rates are, said Chorney.

8 THINGS REALTORS WANT YOU TO KNOW BEFORE BUYING OR SELLING A HOME

While decluttering, here’s something that can be sensitive for some people. Ivan Chorney with the Ivan and Mike Team at Compass in Florida recommends removing personal items that could distract potential buyers. “This includes family photos, knick-knacks, collections, and out-of-season holiday decorations,” Chorney says. He explains that your personal items could prevent buyers from envisioning themselves living in the space.

Whether you’re buying a home or trying to sell one, knowledge is power. The more knowledge you have, the more you’re empowered to make the right decisions. Good realtors and brokers are a wealth of information for buyers and sellers looking for ways to maximize their transactions.

HOMES HOLTZES’ RITZ-CARLTON RESIDENCES, MIAMI BEACH PURCHASE TOPS MIAMI-DADE WEEKLY CONDO SALES

Miami-Dade County’s condo sales rose the first full week of June, as a penthouse at Ritz-Carlton Residences, Miami Beach topped the charts.

Last week’s units sold for an average of $892,000, higher than the $830,000 average price from the previous week. The average price per square foot slid to $575 from $580, according to data from Redfin. For the top 10 sales, prices ranged from $2.9 million to $17.3 million.

Unit 1203 at 57 Ocean, at 5775 Collins Avenue in Miami Beach, closed for the second highest amount, $12 million, or $3,586 per square foot. Daniel Hechtkopf and Marci Declaris, both with Douglas Elliman, had the listing. Ivan Chorney with Compass Florida represented the buyer. The sale closed after 210 days on the market.

RESI ROUNDUP: BILLIONAIRE JOHNSON FAMILY, FMSBONDS FOUNDER SELL SOUTH FLORIDA HOMES

Heirs to the Johnson & Johnson fortune sold a mansion in Jupiter’s Bear’s Club for $13.4 million. Records show Jaime Johnson, Elizabeth Wood Johnson and Alan Frey sold the house at 124 Bear’s Club Drive to Melissa Simmons.

In Miami Beach, real estate investor Debbie Kalimian sold her 57 Ocean waterfront condo for $12 million. Records show Kalimian sold unit 1203 at 5775 Collins Avenue to Ocean Mar Declaration of Trust, with attorney Vincent Marriott III signing on behalf of the buyer. The true buyer is unknown. Dan Hechtkopf and Marci Declaris with Douglas Elliman had the listing, and Ivan Chorney of Compass brought the buyer.

IVAN CHORNEY, LUXURY REAL ESTATE ADVISOR

I love the uncertainty that it brings. The constant changing dynamics, meeting people from all parts of the world, keeping up with the industry, traveling for work and leadership opportunities. Real estate keeps me on my toes and has opened so many doors. Every single day is different and exciting in its own way.

Like the playoffs, you have to be focused on the current game you’re playing in and not let anything distract you from that game. I give 110% to my clients and focus on the deals I’m currently working on. The referrals will come as long as you always give each client your all.

THE IVAN AND MIKE TEAM: RULING SOUTH FLORIDA AND WINNING AWARDS VIA 24/7 MINDSET

Founded by Ivan Chorney and Michael Martirena in 2015, the Ivan and Mike Team is a top-performing real estate group in South Florida that provides concierge-level service backed by in-depth market knowledge and integrity. Their success over the years has allowed them to grow to include 10 additional agents and operations personnel with sports, fashion and tech backgrounds and fluency in English, Spanish, Turkish and Arabic.

Beyond serving buyers and sellers for existing luxury residential homes, a core segment of their business derives from new development projects. Together with their developer relationships, advanced operations personnel and investor network, they have perfected the process and earned recognition as a result—they are ranked as the No. 1 New Construction Team in Miami and ranked in the Top 1% of brokers in the ultra-wealth network.

TIKTOK IS HELPING REAL ESTATE AGENTS SELL YOU YOUR DREAM HOME—HERE’S HOW

A waterfront mansion in Bay Harbor Islands, Miami has created a new record for the town with its $21.95 million sale, The New York Post reported.

Shock-Gard and Ty-Gard CEO Matthew Bullock and his wife, Patrizia Bullock are the buyers of the spec home. Previously, the priciest home sale in the area was $18 million, a record set in April when Brazilian race car driver Claudio Dahruj purchased a home built in 2022 from a Venezuelan construction exec.

Dina Goldentayer of Douglas Elliman represented listing and Ivan Chorney and Mike Martirena of Compass represented the buyers.

A BAY HARBOR ISLAND HOME IN MIAMI SETS NEW $21.95M SALES RECORD

A waterfront mansion in Bay Harbor Islands, Miami has created a new record for the town with its $21.95 million sale, The New York Post reported.

Shock-Gard and Ty-Gard CEO Matthew Bullock and his wife, Patrizia Bullock are the buyers of the spec home. Previously, the priciest home sale in the area was $18 million, a record set in April when Brazilian race car driver Claudio Dahruj purchased a home built in 2022 from a Venezuelan construction exec.

Dina Goldentayer of Douglas Elliman represented listing and Ivan Chorney and Mike Martirena of Compass represented the buyers.

SPEC DEVELOPER SELLS WATERFRONT BAY HARBOR ISLANDS MANSION FOR RECORD $22M

Developer Matthew Rosenblatt sold a waterfront spec mansion in Bay Harbor Islands for a record $22 million, sources told The Real Deal.

Rosenblatt’s Got the Magic House LLC sold the home at 9520 West Broadview Drive to Matthew J. Bullock.

Dina Goldentayer of Douglas Elliman had the listing, and Michael Martirena of Compass brought the buyer.

The sale marks a price record for Bay Harbor Islands residential sales, breaking the $18 million record set two weeks ago by Brazilian race car driver Claudio Dahruj.

SPECTACULAR $21.95M SALE SETS NEW STANDARD IN BAY HARBOR ISLANDS

Ivan Chorney and Mike Martirena of The Ivan & Mike Team at Compass have once again demonstrated their prowess in Miami’s luxury real estate market. The team has successfully closed on the highest price per square foot (PPSF) sale in Bay Harbor Islands, Miami, with an extraordinary transaction of $21.95 million. This remarkable sale sets a new benchmark in the region, surpassing the previous record of $18 million.

The property in question, located at 9520 West Broadview Drive, is a stunning new build that spans over 8,216 square feet. The luxurious home boasts eight bedrooms, nine bathrooms, and one half bath. The Ivan & Mike Team represented the buyer, while Dina Goldentayer represented the seller.

SHOCK-GARD FOUNDER BREAKS A LOCAL MIAMI SALES RECORD FOR A DAZZLING WATERFRONT HOME

If you build it, they will come.

A spec mansion in Bay Harbor Islands, Miami, has sold for a staggering $21.95 million, Gimme Shelter has learned — and it’s a sum that breaks a local record.

The buyers are Patrizia and Matthew Bullock — the latter of whom is the founder and CEO of Shock-Gard and Ty-Gard, restraint systems meant to protect cargo during transit. Their purchase price tops the previous record, set just last month, when Brazilian race car driver Claudio Dahruj paid $18 million for a home there that was built in 2022.

The listing broker for this dwelling was Dina Goldentayer of Douglas Elliman. The buyer’s brokers were Ivan Chorney and Mike Martirena of Compass.

SPEC DEVELOPER SELLS WATERFRONT BAY HARBOR ISLANDS MANSION FOR RECORD $22M

Developer Matthew Rosenblatt sold a waterfront spec mansion in Bay Harbor Islands for a record $22 million, sources told The Real Deal.

Rosenblatt’s Got the Magic House LLC sold the home at 9520 West Broadview Drive to Matthew J. Bullock.

Dina Goldentayer of Douglas Elliman had the listing, and Michael Martirena of Compass brought the buyer.

The sale marks a price record for Bay Harbor Islands residential sales, breaking the $18 million record set two weeks ago by Brazilian race car driver Claudio Dahruj

10 PROS AND CONS OF BEING A SNOWBIRD

The snowbird lifestyle used to be largely reserved for retirees. But in the wake of the pandemic, more people are working remotely full time. This gives people of all ages the opportunity to split their time between two cities or locations. Often, those who primarily reside in the northern part of the country choose to escape to regions with warmer weather during the wintertime months.

Pro No. 1: Building Equity in Two Homes:

When you own a home, there’s the potential to sell it at a profit over time. When you own two homes, you have that opportunity times two.

Ivan Chorney, partner and real estate advisor of the Ivan and Mike Team at Compass in South Florida, has seen some property values skyrocket in his neck of the woods. If you can afford to own a second home, it gives you more financial options down the line.

FLORIDA’S SURGING HOME INSURANCE COSTS RATTLE SENIORS WHO WANT TO KEEP HOUSES: ‘DO I START PACKING?

Homeowners insurance in Florida ranges from $1,700 to $2,700 per year based on $300,000 in dwelling coverage and $100,000 of liability coverage, according to US News.

The insurance is required for those seeking a mortgage, forcing many buyers to reconsider how much they are willing to spend.

“People are using cash and foregoing insurance on single-family homes,” said Michael Martirena, a luxury real estate advisor at Miami-based realtor Compass.

9 ISSUES YOU ABSOLUTELY MUST FIX BEFORE YOU SELL YOUR HOME

The health and safety of all occupants is paramount whether you’re selling or buying, and making sure smoke detectors, carbon monoxide detectors, and radon systems are working is crucial.

“Safety is critical, and we encourage all sellers to check local requirements for guidelines to eliminate some of the guesswork,” says Ivan Chorney, luxury real estate advisor with Compass in Miami. “Always test smoke detectors and install them according to local code. Carbon monoxide detectors are encouraged but may not be required.”

3 REASONS WHY THE FROZEN HOUSING MARKET OF 2024 IS ACTUALLY MORE ACTIVE THAN BEFORE THE PANDEMIC, ZILLOW SAYS

Low inventory levels, high mortgage rates, and rising home prices have left the U.S. housing market frozen for the past year. But a new Zillow report suggests that the housing market today is actually more active than it was before the pandemic—even with inventory levels bottoming out in late 2023.

“People are not entering the market expecting to get everything they want,” Michael Martirena, a real estate agent with Compass Florida, tells Fortune. “This results in bids and offers on less desirable properties and keeps inventory tight at multiple price points.” Plus, nearly 30% of all listings sold above asking price in December 2023, according to Zillow. Only 16% of listings had price cuts, which was the lowest share since April 2022.

SURF CLUB FOUR SEASONS TOPS MIAMI-DADE WEEKLY CONDO SALES

Four Seasons Residences at the Surf Club, unit N-819, at 9111 Collins Avenue in Surfside took the top spot with a $15.9 million closing. The buyers are the owners of Total Wine & More. Records show Robert Trone and Anna Marie Parisi-Trone bought the unit from Mona Eid Alsheetan.

Dora Puig with Luxe Living Realty had the listing. Michael Martirena with Compass Florida represented the buyer. The sale closed after 108 days on the market at $4,703 per square foot.

Ritz Carlton Residences, Miami Beach, at 4701 North Meridian Avenue, unit LPH02, closed for the second highest amount, $8 million. It sold for $1,764 per square foot, after 173 days on the market.

3 REASONS WHY THE FROZEN HOUSING MARKET OF 2024 IS ACTUALLY MORE ACTIVE THAN BEFORE THE PANDEMIC, ZILLOW SAYS

Low inventory levels, high mortgage rates, and rising home prices have left the U.S. housing market frozen for the past year. But a new Zillow report suggests that the housing market today is actually more active than it was before the pandemic—even with inventory levels bottoming out in late 2023.

“People are not entering the market expecting to get everything they want,” Michael Martirena, a real estate agent with Compass Florida, tells Fortune. “This results in bids and offers on less desirable properties and keeps inventory tight at multiple price points.” Plus, nearly 30% of all listings sold above asking price in December 2023, according to Zillow. Only 16% of listings had price cuts, which was the lowest share since April 2022.