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Written by: Faces of Miami Real Estate

Faces of Miami Real Estate: Valaree (Val) Byrne

305.323.6231 / valbyrnerealtor.com
Total Years in the industry: 28
Current Company: Berkshire Hathaway EWM Realty

What neighborhoods do you specialize in?
Coral Gables, Ponce Davis, Coconut Grove, South Miami, Pinecrest, Palmetto Bay, Islamorada

Biggest challenge for sellers:
The biggest challenge for sellers, especially those who have owned their residence a long time, is their plan for the next chapter. The cost of a new home, the increase in property taxes for many purchasing a new home and the capital gains loss from the sale of their existing home is quite daunting. This has very much to do with our shortage of inventory.

Biggest challenge for buyers:
In many neighborhoods, we still see multiple-offer scenarios; so being the “chosen” buyer is a challenge. Finding an affordable home with a palatable commute to work and school in our congested city is a challenge. And four years after the COVID onset, we are still short on inventory in many places. Also, there is the interest rate dilemma: Even though interest rates are coming down, I have buyers who began their home search when the rates were near 3% — and we are still out looking! The extra cash needed for home improvements has melted away.

How do you determine which homes match your client’s needs and wants?
One has to listen very carefully and really understand the big picture. Of course, budget is a key factor; but equally important are school needs and options, social needs and the commute! Commute times for work and school destinations, and what is palatable to a buyer, are really important. Three miles may seem like nothing to an outsider, but throw in a few 10 mph school zones, a detour and heavy traffic and you can quadruple or more the time factor.

What area is still hot right now?
The whole city is hot. I don’t see an “up and coming” neighborhood anymore. They have all evolved, and there is nowhere else to build! Truth is, every time I say that, I learn there is some genius, out-of-the-box-thinking developer who found a new spot.

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Tags: , Last modified: February 6, 2024