El Punto Cohome Flip

Temperatures may be cooling, but the value of Miami's housing market is not, according to a recent ranking the Miami market among the highest in the nation and rising quickly. According to the report by Zillow, Miami’s housing market previously ranked as the ninth-most valuable in the nation in May 2021, with a total value of $1.23 trillion.

Now, the metro area, which includes Fort Lauderdale, has soared to No. 5, with its dollar value increasing by 86.6%. Florida also is listed as the second-most valuable state in the country (behind California's booming $10.175 trillion), with statewide real estate values jumping 4.3% since June 2022 to $3.8 trillion. Of the six markets in which housing has gained the most value since the start of the pandemic, four are in Florida: Tampa (+88.9%), Miami (+86.6%), Jacksonville (+82.4%) and Orlando (+72.3%).

The total value of the U.S. housing market jumped to a record $52 trillion in the past year, $2.6 trillion higher year over year. The average value of a home in the U.S. showed a 0.7% increase over a year's time. Officials with Zillow, the most visited real estate site in the country, note that new construction had a lot to do with the increase in average values.

“A steady flow of new homes hit the market this spring and summer, helping chip away at the deep inventory deficit and boosting the total value of the market,” Zillow Senior Economist Orphe Divounguy said in the report. “Despite the presence of higher mortgage rates, which deterred some home shoppers and kept many existing homeowners on the sidelines, enough buyers remained to keep the market moving. “Builders recognized the unmet demand and responded by starting more projects. New home sales rose this year while existing home sales fell and should make up a bigger piece of the home sales pie for as long as rates remain elevated.”

The renovation starts by preparing the property for the single-family renovation. To make sure the home is in high demand with buyers, we choose amenities strategically. This includes low maintenance amenities that offer competitive advantage.

Once the renovation plans are approved, the Revive team get to work renovating the property. With the skilled professionals and workers and the efficient systems we have in place, Revive can complete high-quality renovations in short timeframes, leading to less uncertainty, lower risk, and faster payouts for investors.

Cohome Investment is the syndicator in each deal, which means that we manage each project from start to finish. We carefully analyze potential deals, complete due diligence work on likely deals, and choose only the deals with the greatest potential for our investors. We then create the LLC in which the property will be held, put down the deposit to open escrow, handle all title and escrow documents, oversee the construction, and make sure the project is staying on track with time and budget.

We also handle everything on the investor side. We prepare the investment offering info for investors, keep investors updated throughout the project, provide listing service support, take property photos, and market the newly renovated property. We also handle all accounting services including investor distributions and tax filings.

Revive in partnership with Cohome is in charge of the building and construction side of this project. Once the property is purchased, Revive works with the their teams to complete the renovation plans, submit the plans for approval, hire and manage the general contractor, supervise the construction team, handle property inspections, construction draws, and sign off on the completed construction project.

Revive pays all the bills directly to each vendor, and we do not mark up any expenses on labor, material, or services. Everything is done at cost.

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