This Week in Miami Real Estate: Rent vs. own, mega-mergers and more

Homeowners save in Miami compared to renting

While renting a home can be less expensive than owning a comparable one in some parts of the U.S., this isn’t the case everywhere. Miami found its way onto a LendingTree article comparing costs of renting and owning in the largest metropolitan areas of the U.S. According to the article, it is more cost effective to own rather than rent in Miami: the median monthly rent in the city is $1,477 while the median monthly mortgage payment lies at $1,215, equating to a $262 difference. Other cities that have generally lower mortgage payments compared to rents include Orlando with a $227 difference, Virginia Beach with a $155 difference and Tampa with a $120 difference.

The Jills announce merger with The Zeder Team

One of Coldwell Banker’s top-performing broker teams, The Jills of Miami Beach, announced they would combine with franchise partners at The Zeder Team to form The Jills Zeder Group. Since partnering as a team, Jill Hertzberg and Jill Eber have consistently ranked among the top teams in all of Florida and nationwide. The Zeder Team, headed by Judy Zeder, are also regular top producers and were named the No. 1 team in Coral Gables by REAL Trends 2018. Combined, The Jills Zeder Group closed more than $5 billion in sales last year.

Koolik Group joins Compass in Boca Raton

Compass Florida has announced the addition of The Koolik Group to their Boca Raton location. The group has more than 30 years of luxury home market experience and is a leading real estate brokerage for Boca Raton, Delray Beach and Highland Beach luxury properties. Partners Elliot and Wendy have decided to close their brokerage and join the Compass Florida team, along with their 15 agents. Elliot has been ranked as one of the top 20 of 9,000 agents in the Greater Boca Raton/Delray Beach area and has sold over 1,000 homes. “We are excited to welcome Elliot and Wendy to our Boca Raton team,” said strategic growth manager for Compass Florida Eleni Papademetriou. “Their energy, client commitment and expertise will be immediate assets to our company.”

Fairchild Coconut Grove tops out

Fairchild Coconut Grove has announced that the property is more than 75 percent sold, with One Sotheby’s International Realty holding exclusive sales rights for the development. As the only new luxury development directly on Biscayne Bay in Coconut Grove, the 26 unit building is selling fast. Developed by ROVR Development, the property is comprised of two, three and four bedroom residences ranging from 2,600 to 4,114 square feet and is planned to be completed in Fall 2019. Amenities include a holistic wellness spa, steam room, sauna, high-tech gym and rooftop pool.

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