Written by: Faces of Miami Real Estate

Faces of Miami Real Estate: Carole Smith & Cristina Formosa

305.775.5330 / veryspecialhomes.com
Total Years in the industry: 25+
Current Company: COMPASS

What neighborhoods do you specialize in?
Coral Gables, Coconut Grove, Pinecrest, Palmetto Bay, South Miami, Upper Eastside, Miami

Do you work independently or with a team?
Smith Formosa Team

What are your predictions for 2024?
We agree with most experts that interest rates will dip and inventory and home sales will see an uptick (albeit modest) due to continued inventory constraints and economic uncertainty. This year is shaping up to be another competitive market in South Florida. Now more than ever, it’s crucial to partner with an experienced Realtor who has a proven track record in your preferred neighborhood.

Biggest challenge for sellers:
The ongoing challenge we see for sellers is where are they moving to next. If they choose to remain in Miami, we have to be strategic about timing and managing expectations. It’s a nuanced process given the lack of inventory.

Biggest challenge for buyers:
Low inventory, insurance prices and general affordability are creating a lot of pressure on first-time buyers. We deal with repeat clients whose primary challenge is the shortage of homes for sale. Luckily, we are so entrenched in the market that we find a needle in a haystack!

What area is still hot right now?
Coral Gables is always in demand given its solid property value appreciation and its coveted location and neighborhood beauty. Interest also continues to grow in the Palmetto Bay/Pinecrest area due to their larger lots and sprawling home sizes.

What keeps you motivated?
We are motivated by the opportunity to assist clients during crucial life transitions, such as buying or selling a home. The sense of fulfillment and satisfaction that comes from guiding clients through these significant life events while helping weave the fabric of our community is immense.

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Tags: , , Last modified: February 6, 2024