Miami, Fl, US – The Miami real estate market continues to strengthen compared to last year, the homes and condo/apartment prices are stabilizing and more buyers are acquiring properties in Miami.
The sales of single family homes increased 12% compared to august 2009 and 59% in condo/apartments.
The median price for a single family home in Miami decreased 6% to $182.000 compared to 2009 and the condominiums median price in august was $104.000, down 28% from last year.
Days in the market and inventory levels decreased, and this is a good sign that shows that the market it’s getting strong again. Inventory dropped 6% compared to last year and days in the market decreased 16.7% to 92 for single family homes and 19.3% for condominiums to 103 days, according to the Miami Association of Realtors.
Source: http://www.webwire.com/ViewPressRel.asp?aId=123981
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
Wednesday, September 29, 2010
Friday, September 24, 2010
Active Miami-Dade home-sale market bucking national trend
Since a federal tax break expired June 30, home sales have fallen 20.9 percent in Phoenix, 32.5 percent in Las Vegas, 19.9 percent in San Diego, and even 25 percent in Austin's recession-resistant housing market.
But in Miami-Dade, which continues to battle massive amounts of foreclosures, a bloated inventory of homes and high unemployment, sales have outperformed the national market for the past two months, ignoring the post-tax credit hangover. Since June, Miami-Dade combined sales are flat, according to data from the Florida Association of Realtors.
Miami-Dade's numbers stack up well next to national numbers, an indication that falling prices and international interest in South Florida real estate are sustaining sales.
Nationally, August sales rose slightly from July's 15-year lows, but were still down 19 percent year-over-year and 22.5 percent since June, the National Association of Realtors said.
The federal homebuyer's tax credit expired in April, so most markets saw a bump in sales in May and June, as buyers closed sales before the program's original June 30 deadline.
Miami-Dade sales of existing homes, condos and townhouses increased 31.3 percent in August compared to the same month of 2009, figures released Thursday show.
The picture is not as pretty in Broward County, where year-over-year existing sales slumped 11.6 percent in August for all home types, and sales have slipped 18.7 percent since June.
Comparing South Florida to some of the headline markets in the most troubled states -- Nevada, California and Arizona -- gives a more nuanced picture of the factors that have distinguished the Miami area from the rest of the country.
``Miami hit its peak in the fourth quarter of 2005, the other markets didn't hit their peaks until the fourth quarter of 2007,'' said Peter Zalewski, a principal at Bal Harbour-based consultancy Condo Vultures.
``In Miami, the prices have been cut since 2009. If you go to Southern California, you're not going to see those price cuts yet.''
As home prices rise nationally, South Florida continues to see its prices slashed, fueling the appetite of bargain-hungry international buyers and local investors.
In August, condo prices fell 28 percent to $104,800 in Miami-Dade, and single-family home prices fell 6 percent to $182,900. In a lending environment where many struggle to obtain loans for the discounted properties, cash-wielding investors have ramped up their activity, propping up sales.
Source: http://www.miamiherald.com/2010/09/24/v-fullstory/1839897/active-miami-dade-home-sale-market.html
By TOLUSE OLORUNNIPA
tolorunnipa@MiamiHerald.com
But in Miami-Dade, which continues to battle massive amounts of foreclosures, a bloated inventory of homes and high unemployment, sales have outperformed the national market for the past two months, ignoring the post-tax credit hangover. Since June, Miami-Dade combined sales are flat, according to data from the Florida Association of Realtors.
Miami-Dade's numbers stack up well next to national numbers, an indication that falling prices and international interest in South Florida real estate are sustaining sales.
Nationally, August sales rose slightly from July's 15-year lows, but were still down 19 percent year-over-year and 22.5 percent since June, the National Association of Realtors said.
The federal homebuyer's tax credit expired in April, so most markets saw a bump in sales in May and June, as buyers closed sales before the program's original June 30 deadline.
Miami-Dade sales of existing homes, condos and townhouses increased 31.3 percent in August compared to the same month of 2009, figures released Thursday show.
The picture is not as pretty in Broward County, where year-over-year existing sales slumped 11.6 percent in August for all home types, and sales have slipped 18.7 percent since June.
Comparing South Florida to some of the headline markets in the most troubled states -- Nevada, California and Arizona -- gives a more nuanced picture of the factors that have distinguished the Miami area from the rest of the country.
``Miami hit its peak in the fourth quarter of 2005, the other markets didn't hit their peaks until the fourth quarter of 2007,'' said Peter Zalewski, a principal at Bal Harbour-based consultancy Condo Vultures.
``In Miami, the prices have been cut since 2009. If you go to Southern California, you're not going to see those price cuts yet.''
As home prices rise nationally, South Florida continues to see its prices slashed, fueling the appetite of bargain-hungry international buyers and local investors.
In August, condo prices fell 28 percent to $104,800 in Miami-Dade, and single-family home prices fell 6 percent to $182,900. In a lending environment where many struggle to obtain loans for the discounted properties, cash-wielding investors have ramped up their activity, propping up sales.
Source: http://www.miamiherald.com/2010/09/24/v-fullstory/1839897/active-miami-dade-home-sale-market.html
By TOLUSE OLORUNNIPA
tolorunnipa@MiamiHerald.com
Thursday, September 23, 2010
Miami Existing Condominium Sales Spike 50 Percent, Single-Family Home Sales also Rise in August
The Miami real estate market continues to strengthen as a result of increased sales and stabilizing home prices. In the Miami Metropolitan Statistical Area (MSA), there was a 59 percent increase in condominium sales in August compared to August 2009 and a 77 percent increase compared to two years ago, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
The sales of existing single-family homes in the Miami MSA increased 12 percent in August compared to August 2009 and were 36 percent higher than they were in August 2008. The Miami real estate market experienced rising residential sales since August 2008, posting increases for 23 consecutive months. After dipping slightly last month, single-family home sales are again reflecting healthy gains, while condominium sales continue to increase significantly.
“We are encouraged by the fact that the sales of both single-family homes and condominiums are increasing,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI Association of REALTORS. “Home prices continue to stabilize, but the substantial presence of distressed properties in our market is contributing to fluctuations in median sales price levels. Still, the evident demand for South Florida real estate is definitely a positive sign.”
Statewide sales increased 22 percent for condominiums and one percent for single-family homes.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 7.6 percent from July, but remain 19 percent below August 2009, according to the National Association of Realtors (NAR).
Home Prices
After posting increases in the last few months, the median sales price of single-family homes in the Miami MSA fell slightly in August.
The median sales price for single-family homes in the Miami MSA in August decreased six percent to $182,900 compared to a year ago. The median sales price for condominiums in August was $104,800, down 28 percent from a year ago. Statewide median sales prices decreased nine percent to $134,000 for single-family homes and 24 percent to $81,600 for condominiums.
Average sales prices, which have increased consistently over the last few months, rose again in August for single-family homes but dropped for condominiums. According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in August increased 9 percent from the previous year to $290,990 for single-family homes and decreased 35.3 percent to $174,470 for condominiums.
Days on the Market and Inventory Levels Decrease
The inventory of residential listings in Miami-Dade County according to the SEFMLS has dropped 5 percent from 27,255 to 25,679 since August 2009. The levels of active single-family home listings and of condominiums have both dropped six percent from a year ago. Compared to last month, the total inventory of homes increased a negligible .08 percent. The average days a property stays on the market decreased 16.7 percent to 92 for single-family homes and 19.3 percent to 103 for condominiums.
Nationally, total housing inventory at the end of August slipped .6 percent from the previous month.
New International Study Confirms Miami’s Global Prominence
Florida is by far the top state in the U.S. for international buying activity, and South Florida consistently ranks as a top market for foreign buyers within the state. Due to the local market’s global prominence, the MIAMI Association of REALTORS partnered with NAR to conduct a study that reveals information about foreign buyers in the Miami area.
“This report communicates key findings about the crucial international buyer that fueled the local market’s recovery and is now playing an important role as the marketplace strengthens,” said 2010 MIAMI Association of REALTORS Residential President Oliver Ruiz. “We continue to see strong demand from international buyers in all price points, including the high-end market. These buyers are willing to outbid competing offers and are 89 percent cash, a factor that automatically expedites their transactions.”
Source: http://www.prweb.com/releases/miami_real_estate/single-family_home_sales/prweb4559224.htm
The sales of existing single-family homes in the Miami MSA increased 12 percent in August compared to August 2009 and were 36 percent higher than they were in August 2008. The Miami real estate market experienced rising residential sales since August 2008, posting increases for 23 consecutive months. After dipping slightly last month, single-family home sales are again reflecting healthy gains, while condominium sales continue to increase significantly.
“We are encouraged by the fact that the sales of both single-family homes and condominiums are increasing,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI Association of REALTORS. “Home prices continue to stabilize, but the substantial presence of distressed properties in our market is contributing to fluctuations in median sales price levels. Still, the evident demand for South Florida real estate is definitely a positive sign.”
Statewide sales increased 22 percent for condominiums and one percent for single-family homes.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 7.6 percent from July, but remain 19 percent below August 2009, according to the National Association of Realtors (NAR).
Home Prices
After posting increases in the last few months, the median sales price of single-family homes in the Miami MSA fell slightly in August.
The median sales price for single-family homes in the Miami MSA in August decreased six percent to $182,900 compared to a year ago. The median sales price for condominiums in August was $104,800, down 28 percent from a year ago. Statewide median sales prices decreased nine percent to $134,000 for single-family homes and 24 percent to $81,600 for condominiums.
Average sales prices, which have increased consistently over the last few months, rose again in August for single-family homes but dropped for condominiums. According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in August increased 9 percent from the previous year to $290,990 for single-family homes and decreased 35.3 percent to $174,470 for condominiums.
Days on the Market and Inventory Levels Decrease
The inventory of residential listings in Miami-Dade County according to the SEFMLS has dropped 5 percent from 27,255 to 25,679 since August 2009. The levels of active single-family home listings and of condominiums have both dropped six percent from a year ago. Compared to last month, the total inventory of homes increased a negligible .08 percent. The average days a property stays on the market decreased 16.7 percent to 92 for single-family homes and 19.3 percent to 103 for condominiums.
Nationally, total housing inventory at the end of August slipped .6 percent from the previous month.
New International Study Confirms Miami’s Global Prominence
Florida is by far the top state in the U.S. for international buying activity, and South Florida consistently ranks as a top market for foreign buyers within the state. Due to the local market’s global prominence, the MIAMI Association of REALTORS partnered with NAR to conduct a study that reveals information about foreign buyers in the Miami area.
“This report communicates key findings about the crucial international buyer that fueled the local market’s recovery and is now playing an important role as the marketplace strengthens,” said 2010 MIAMI Association of REALTORS Residential President Oliver Ruiz. “We continue to see strong demand from international buyers in all price points, including the high-end market. These buyers are willing to outbid competing offers and are 89 percent cash, a factor that automatically expedites their transactions.”
Source: http://www.prweb.com/releases/miami_real_estate/single-family_home_sales/prweb4559224.htm
Wednesday, September 22, 2010
Miami Real Estate Market It’s Slowly Recovering
Miami, Florida, US - The Miami homes and condos pending sales have risen 33.7 percent in august compare to august 2009 according to Miami Association of Realtors and South Florida Multiple Listing Services.
This rise it’s happening because the properties in Miami Florida are reaching the bottom price. Since 2005 most properties lost up to 50% of their value, giving to investors and first time home buyers the opportunity to become homeowners in Miami.
“This is the right time to buy a home or a condo in Miami. Buyers can take advantage of this down market opportunity and save thousands of dollars before the market goes up again”
The property prices are at their lowest point, and as history shows and happened many times before, the market will be changing slowly into a seller’s market, the property prices will go up and today opportunities will be all gone in the near future.
This is a great opportunity for South Florida renters that want to become homeowners. They can take a look of what it is available in today’s market; in some cases their mortgage monthly payments will be lower than their current monthly rent.
Source: http://www.webwire.com/ViewPressRel.asp?aId=123619
Julio Hernandez
(786) 587 4654
www.miamirealestatelistings.org
This rise it’s happening because the properties in Miami Florida are reaching the bottom price. Since 2005 most properties lost up to 50% of their value, giving to investors and first time home buyers the opportunity to become homeowners in Miami.
“This is the right time to buy a home or a condo in Miami. Buyers can take advantage of this down market opportunity and save thousands of dollars before the market goes up again”
The property prices are at their lowest point, and as history shows and happened many times before, the market will be changing slowly into a seller’s market, the property prices will go up and today opportunities will be all gone in the near future.
This is a great opportunity for South Florida renters that want to become homeowners. They can take a look of what it is available in today’s market; in some cases their mortgage monthly payments will be lower than their current monthly rent.
Source: http://www.webwire.com/ViewPressRel.asp?aId=123619
Julio Hernandez
(786) 587 4654
www.miamirealestatelistings.org
Monday, September 20, 2010
Miami home sellers cut prices by $123.8M in August
Nearly one in five home sellers in the city of Miami reduced prices in August, according to a report released Wednesday by real estate search firm Trulia.com. The average reduction was 10 percent, according to the report, which tracked the nation's 50 largest cities.
Miami recorded a total of $123.8 million in home price reductions in August, the report found.
Nationally, price reductions have increased for three months in a row, totaling 26 percent of all properties for sale. Home sellers have slashed prices by more than $29 billion since July, Trulia found. The average reduction nationally was 10 percent, or $33,892, in August.
Trulia's report does not include foreclosure properties, which make up less than 10 percent of properties listed for sale in South Florida.
Source: http://www.miamiherald.com/2010/09/15/1825376/miami-home-sellers-cut-prices.html
Miami recorded a total of $123.8 million in home price reductions in August, the report found.
Nationally, price reductions have increased for three months in a row, totaling 26 percent of all properties for sale. Home sellers have slashed prices by more than $29 billion since July, Trulia found. The average reduction nationally was 10 percent, or $33,892, in August.
Trulia's report does not include foreclosure properties, which make up less than 10 percent of properties listed for sale in South Florida.
Source: http://www.miamiherald.com/2010/09/15/1825376/miami-home-sellers-cut-prices.html
Friday, September 17, 2010
Elegant and great property at Miami Beach Condos
The best advice real estate experts give is for one to examine more recent sales data and use these as basis for pricing a home appropriately. Studies have shown that pricing homes appropriately would sell them faster and at a higher price show than pricing them aggressively. The Findire backhand team all equipped with professionals gives you an opportunity to dwell in the best of Miami property locations.
As prices fall in places like the USA and UK, rental incomes relative to purchase price are increasing. At the point that yields is sufficiently high we start to see value as the level of yield provides sufficient headroom for future price growth before yield drops to an unattractive level. Such value investments therefore offer good yields and long term growth prospects.
Note that Miami real estate living is something of a reward for you, treat every day there as your best. You can always see positive outlook in the Miami area because people never complain a thing about it. Like most of the people who chooses real estate in Miami. We can say that it is one of the coolest places to live in, the perfect combination of great city attributes will really lure you to it and we think investing in Miami real estate can be a good place to live in for the future.
In today ever changing Miami marketplace, when the banks take control of the prices of a given development they reduce the prices drastically. When the prices reach around $200 per Square Foot levels, the whole building sells like magic. You’ll pay this part of your property tax bill regardless of what the home is worth. In many Florida Counties they can be substantial. Those taxes have to be paid even if the tax value of your home is zero.
The Most Famous Miami Beach Location for Buying Condos is one of the most popular areas of the city. This historical district was the original ‘vacation’ area of the nation, and has a unique collection of lovely hotels and apartment buildings. A lot of this can be credited to the concentration of condos in expensive coastal areas like Miami Beach.
However, the wealthy are not the only ones buying a Miami Beach condo, as both ends of the middle and upper income markets are buying. While the affordability of getting these types of housing units these days is enough motivation to buy, retirees, empty nesters, dual income professionals and individuals have now been rushing to buy or rent condos as a lifestyle choice. The opportunities to obtain fantastic bargains are drawing growing numbers of foreign investors to the Florida real estate market. Fewer risks are associated with real estate property investment in established markets as opposed to newer, emerging markets, although this security is often accompanied by higher property prices.
The recent downturn of the Miami Florida real estate market has created a unique position for investors, featuring some of the lowest property prices seen in years. These bargains have created an established market where the cost of housing is mirroring some emerging markets.
Source: http://free-pressrelease-distribution.com/elegant-and-great-property-at-beach-miami-condos-2732032.html
As prices fall in places like the USA and UK, rental incomes relative to purchase price are increasing. At the point that yields is sufficiently high we start to see value as the level of yield provides sufficient headroom for future price growth before yield drops to an unattractive level. Such value investments therefore offer good yields and long term growth prospects.
Note that Miami real estate living is something of a reward for you, treat every day there as your best. You can always see positive outlook in the Miami area because people never complain a thing about it. Like most of the people who chooses real estate in Miami. We can say that it is one of the coolest places to live in, the perfect combination of great city attributes will really lure you to it and we think investing in Miami real estate can be a good place to live in for the future.
In today ever changing Miami marketplace, when the banks take control of the prices of a given development they reduce the prices drastically. When the prices reach around $200 per Square Foot levels, the whole building sells like magic. You’ll pay this part of your property tax bill regardless of what the home is worth. In many Florida Counties they can be substantial. Those taxes have to be paid even if the tax value of your home is zero.
The Most Famous Miami Beach Location for Buying Condos is one of the most popular areas of the city. This historical district was the original ‘vacation’ area of the nation, and has a unique collection of lovely hotels and apartment buildings. A lot of this can be credited to the concentration of condos in expensive coastal areas like Miami Beach.
However, the wealthy are not the only ones buying a Miami Beach condo, as both ends of the middle and upper income markets are buying. While the affordability of getting these types of housing units these days is enough motivation to buy, retirees, empty nesters, dual income professionals and individuals have now been rushing to buy or rent condos as a lifestyle choice. The opportunities to obtain fantastic bargains are drawing growing numbers of foreign investors to the Florida real estate market. Fewer risks are associated with real estate property investment in established markets as opposed to newer, emerging markets, although this security is often accompanied by higher property prices.
The recent downturn of the Miami Florida real estate market has created a unique position for investors, featuring some of the lowest property prices seen in years. These bargains have created an established market where the cost of housing is mirroring some emerging markets.
Source: http://free-pressrelease-distribution.com/elegant-and-great-property-at-beach-miami-condos-2732032.html
Thursday, September 16, 2010
Buyers Cashing In On Miami Real Estate Market
It's a problem for thousands of families in South Florida and around the country: Is it better to rent or buy? A national research service now says the answer in Miami is getting a lot easier.
Trulia, a national real estate service, found rock bottom pricing and record low interest rates are teaming up for a one-two punch that's giving the Miami market one of the top ratings in the country for communities where it's now cheaper to buy than rent.
Trulia listed Miami number 3 nationally behind only Arlington Texas and Minneapolis, for reduced home prices.
But local real estate experts warned property taxes and insurance costs are still major considerations when deciding whether renting or owning around South Florida is the best bet.
"If you're going to be here long term for at least 4-5 years, buying may be a better deal for you," warned Miami Realtor Christopher Zoller. "But from a cash only standpoint, if you're going to be here for less time you're better off renting right now."
While price cuts may be growing nationally, Trulia found the Miami market's now well below the national average for close-out pricing.
The highest number of "reduced listings" is in Minneapolis, where almost half of the current listings are considered "reduced," to move them in a stagnant market.
Trulia found the national average to be 26%. Miami's now down to 18%; and that gives us a ranking of 49 out of the top 50 markets nationally for the fewest number of "Close-Outs."
"We are not as bad as we used to be. Some prices are now starting to come back up," Zoller said.
The biggest improvements in South Florida have come from high-end, single family homes which started to see some gains earlier in the summer. But much of the new Miami market strength is based mostly on foreign investors.
The biggest challenge for the housing market remains finding qualified buyers with good enough credit, and high enough incomes, to take advantage of the deals that are now on the market.
Because of continuing foreclosures, there are still expected to be more homes on the market than qualified buyers. That means selling prices may not see much more growth for a while; and that ultimately means more good news for bargain hunters.
Source: http://cbs4.com/CBS4yourmoney/rent.buy.homes.2.1914823.html
Trulia, a national real estate service, found rock bottom pricing and record low interest rates are teaming up for a one-two punch that's giving the Miami market one of the top ratings in the country for communities where it's now cheaper to buy than rent.
Trulia listed Miami number 3 nationally behind only Arlington Texas and Minneapolis, for reduced home prices.
But local real estate experts warned property taxes and insurance costs are still major considerations when deciding whether renting or owning around South Florida is the best bet.
"If you're going to be here long term for at least 4-5 years, buying may be a better deal for you," warned Miami Realtor Christopher Zoller. "But from a cash only standpoint, if you're going to be here for less time you're better off renting right now."
While price cuts may be growing nationally, Trulia found the Miami market's now well below the national average for close-out pricing.
The highest number of "reduced listings" is in Minneapolis, where almost half of the current listings are considered "reduced," to move them in a stagnant market.
Trulia found the national average to be 26%. Miami's now down to 18%; and that gives us a ranking of 49 out of the top 50 markets nationally for the fewest number of "Close-Outs."
"We are not as bad as we used to be. Some prices are now starting to come back up," Zoller said.
The biggest improvements in South Florida have come from high-end, single family homes which started to see some gains earlier in the summer. But much of the new Miami market strength is based mostly on foreign investors.
The biggest challenge for the housing market remains finding qualified buyers with good enough credit, and high enough incomes, to take advantage of the deals that are now on the market.
Because of continuing foreclosures, there are still expected to be more homes on the market than qualified buyers. That means selling prices may not see much more growth for a while; and that ultimately means more good news for bargain hunters.
Source: http://cbs4.com/CBS4yourmoney/rent.buy.homes.2.1914823.html
Wednesday, September 15, 2010
Trulia: Miami homeowners continue to slash prices
Eighteen percent of homes for sale in Miami saw their prices slashed in August by an average of 12 percent, according to data from real estate website Trulia.com.
Still, Miami actually ranks fairly low – at No. 49 on the list of 50 cities – with $123.8 million in price reductions. It was ahead of only Detroit, which saw 16 percent of homeowners slashing prices – though they did cut deeper, at 25 percent.
Nationwide, 26 percent of homeowners cut prices to account for a total reduction of more than $29 billion nationwide. The average national price reduction was 10 percent.
Despite the increase of price reduction figures to historic levels, 24 of the 50 largest U.S. cities held steady or dropped, compared with data from the previous month, according to Trulia.
"On the surface, the latest price reduction data carries with it conflicting messages," Trulia co-founder and CEO Pete Flint said in a news release. "Nationwide, sellers continue to slash prices, and this is a worrisome trend. However, we're seeing gradual improvement in many U.S. cities – several for consecutive months. What this shows us is that, while we're in for a long climb to bring stability back to the housing market and while it's going to take time, that climb appears to at least be under way in some parts of the country."
Meanwhile, the Mortgage Bankers Association reported Wednesday that, for the week ended Sept. 10, mortgage loan application volume fell 8.9 percent from the previous week on a seasonally adjusted basis. The number of refinancings fell 10.8 percent, despite the fact that mortgage rates fell.
The average interest rate for 30-year, fixed-rate mortgages decreased to 4.47 percent from 4.5 percent.
The average interest rate for 15-year, fixed-rate mortgages decreased to 3.96 percent from 4 percent.
The average interest rate for one-year, adjustable rate mortgages decreased to 6.89 percent from 7 percent.
Source: http://southflorida.bizjournals.com/southflorida/stories/2010/09/13/daily28.html
Still, Miami actually ranks fairly low – at No. 49 on the list of 50 cities – with $123.8 million in price reductions. It was ahead of only Detroit, which saw 16 percent of homeowners slashing prices – though they did cut deeper, at 25 percent.
Nationwide, 26 percent of homeowners cut prices to account for a total reduction of more than $29 billion nationwide. The average national price reduction was 10 percent.
Despite the increase of price reduction figures to historic levels, 24 of the 50 largest U.S. cities held steady or dropped, compared with data from the previous month, according to Trulia.
"On the surface, the latest price reduction data carries with it conflicting messages," Trulia co-founder and CEO Pete Flint said in a news release. "Nationwide, sellers continue to slash prices, and this is a worrisome trend. However, we're seeing gradual improvement in many U.S. cities – several for consecutive months. What this shows us is that, while we're in for a long climb to bring stability back to the housing market and while it's going to take time, that climb appears to at least be under way in some parts of the country."
Meanwhile, the Mortgage Bankers Association reported Wednesday that, for the week ended Sept. 10, mortgage loan application volume fell 8.9 percent from the previous week on a seasonally adjusted basis. The number of refinancings fell 10.8 percent, despite the fact that mortgage rates fell.
The average interest rate for 30-year, fixed-rate mortgages decreased to 4.47 percent from 4.5 percent.
The average interest rate for 15-year, fixed-rate mortgages decreased to 3.96 percent from 4 percent.
The average interest rate for one-year, adjustable rate mortgages decreased to 6.89 percent from 7 percent.
Source: http://southflorida.bizjournals.com/southflorida/stories/2010/09/13/daily28.html
Tuesday, September 14, 2010
Just like home: Vacation rentals more popular
After Charlie Ramirez's two grown daughters moved out and left him and his wife in a 5-bedroom, 3 ½-bathroom empty nest, the Pembroke Pines residents decided it was time to downsize.
The couple moved into a smaller apartment and, earlier this year, listed the family home on vacation rental website HomeAway.com as a ``secluded mansion'' that sleeps 11 and starts at $1,250 a week.
``It was a perfect choice'' for offsetting his costs, said Ramirez, 54, an unemployed Realtor.
With that, Ramirez joined the burgeoning crowd of South Floridians offering second homes, investment condos -- and yes, even couches -- as vacation options for visitors who want the space, amenities and relative bargain that hotels don't always provide.
Such rentals have long been popular in South Florida during special events such as Super Bowl and Art Basel Miami Beach. But the growth of websites connecting owners with potential renters has made the process far easier, with more than 1,000 websites aimed at the $24 billion vacation-rental niche, according to the Vacation Rental Industry Association.
The real estate boom earlier this decade -- and the ongoing real estate crisis -- has increased inventory.
Monica Campana, whose family bought a Brickell condo hotel unit a couple of years ``when it was the highest of the market,'' was caught in the downturn. Condo-hotel operators weren't doing enough to bring in guests, she said, so she listed the unit on rental-by-owner site VRBO.com .
While the short-term rental practice is popular with second homeowners and travelers, it isn't always sanctioned -- or legal.
Such rentals recently came under fire in New York, where a measure signed into law this July prohibits some short-term rentals of less than 30 days. Vacation rental websites and proponents of cheap travel cried foul, calling the decision a blow to tourists who want to avoid the Big Apple's famously high hotel prices.
Officials in Chicago, Paris and Maui also have cracked down.
``There's budget travel demand for these places,'' said Gabriel Amorocho, marketing manager for Miami-based Rentalo.com , which lists rentals worldwide. ``These places are going to keep springing up. You shouldn't be thinking of banning it; you should be thinking of placing some kind of guidelines.''
Locally, regulations vary from city to city -- and even condo to gated community. In certain areas in Miami Beach, single-family home rentals for less than six months were banned last year. Some South Florida condo associations prohibit or limit short-term rentals.
But one rule applies throughout the region. Under Florida law, anyone who rents out a home, apartment, room or any other space for less than six months must pay tourist taxes just like hotels.
Tax collectors in Miami-Dade and Broward said they aren't sure how many people actually comply. But they make a point to seek out listings in classified advertising and on websites and send warnings to potential scofflaws.
Though hotels elsewhere have supported short-term rental bans, the practice hasn't been an issue here, tourism officials said.
``We haven't heard that this is a trend going on that's impacting our hotels,'' said Ginny Gutierrez, spokeswoman for the Greater Miami Convention & Visitors Bureau. ``We're a different destination than a lot of other cities. We have a very large hotel room inventory that turns over pretty quickly. There's sort of something for everyone in that price range.''
Broward County tourism director Nicki Grossman said she doesn't see private homes-for-rent as competition for hotels either -- especially during special events.
``By then, our hotels are full anyway,'' she said.
Experts say hotels tend to attract a different type of traveler than vacation renters. A report from research firm PhoCusWright found that vacation homes typically are rented by groups of at least four, said senior research director Douglas Quinby. The average daily rate for rentals is about 2 ½ times that of hotels, and people tend to stay longer in rentals than they do in hotels, he said.
Steve Krone, 30, considers the ``ridiculously stocked'' Miami Beach units he rents out on Airbnb.com to be a better option than hotels. Prices for his one-bedroom apartments start at $70 in the off season; renters get wireless Internet access, information about parking and cab fare and recommendations on things to do and places to eat.
``You get friendly, honest people,'' said Krone, who rents the units out to bring in a little extra cash when he's not hosting friends or family. ``Each one that's come in, they've ended up being good friends. They'll send me where they're going to next. I just e-mailed somebody from Australia.''
Source: http://www.miamiherald.com/2010/09/13/v-fullstory/1823512/just-like-home-vacation-rentals.html
BY HANNAH SAMPSON
hsampson@MiamiHerald.com
The couple moved into a smaller apartment and, earlier this year, listed the family home on vacation rental website HomeAway.com as a ``secluded mansion'' that sleeps 11 and starts at $1,250 a week.
``It was a perfect choice'' for offsetting his costs, said Ramirez, 54, an unemployed Realtor.
With that, Ramirez joined the burgeoning crowd of South Floridians offering second homes, investment condos -- and yes, even couches -- as vacation options for visitors who want the space, amenities and relative bargain that hotels don't always provide.
Such rentals have long been popular in South Florida during special events such as Super Bowl and Art Basel Miami Beach. But the growth of websites connecting owners with potential renters has made the process far easier, with more than 1,000 websites aimed at the $24 billion vacation-rental niche, according to the Vacation Rental Industry Association.
The real estate boom earlier this decade -- and the ongoing real estate crisis -- has increased inventory.
Monica Campana, whose family bought a Brickell condo hotel unit a couple of years ``when it was the highest of the market,'' was caught in the downturn. Condo-hotel operators weren't doing enough to bring in guests, she said, so she listed the unit on rental-by-owner site VRBO.com .
While the short-term rental practice is popular with second homeowners and travelers, it isn't always sanctioned -- or legal.
Such rentals recently came under fire in New York, where a measure signed into law this July prohibits some short-term rentals of less than 30 days. Vacation rental websites and proponents of cheap travel cried foul, calling the decision a blow to tourists who want to avoid the Big Apple's famously high hotel prices.
Officials in Chicago, Paris and Maui also have cracked down.
``There's budget travel demand for these places,'' said Gabriel Amorocho, marketing manager for Miami-based Rentalo.com , which lists rentals worldwide. ``These places are going to keep springing up. You shouldn't be thinking of banning it; you should be thinking of placing some kind of guidelines.''
Locally, regulations vary from city to city -- and even condo to gated community. In certain areas in Miami Beach, single-family home rentals for less than six months were banned last year. Some South Florida condo associations prohibit or limit short-term rentals.
But one rule applies throughout the region. Under Florida law, anyone who rents out a home, apartment, room or any other space for less than six months must pay tourist taxes just like hotels.
Tax collectors in Miami-Dade and Broward said they aren't sure how many people actually comply. But they make a point to seek out listings in classified advertising and on websites and send warnings to potential scofflaws.
Though hotels elsewhere have supported short-term rental bans, the practice hasn't been an issue here, tourism officials said.
``We haven't heard that this is a trend going on that's impacting our hotels,'' said Ginny Gutierrez, spokeswoman for the Greater Miami Convention & Visitors Bureau. ``We're a different destination than a lot of other cities. We have a very large hotel room inventory that turns over pretty quickly. There's sort of something for everyone in that price range.''
Broward County tourism director Nicki Grossman said she doesn't see private homes-for-rent as competition for hotels either -- especially during special events.
``By then, our hotels are full anyway,'' she said.
Experts say hotels tend to attract a different type of traveler than vacation renters. A report from research firm PhoCusWright found that vacation homes typically are rented by groups of at least four, said senior research director Douglas Quinby. The average daily rate for rentals is about 2 ½ times that of hotels, and people tend to stay longer in rentals than they do in hotels, he said.
Steve Krone, 30, considers the ``ridiculously stocked'' Miami Beach units he rents out on Airbnb.com to be a better option than hotels. Prices for his one-bedroom apartments start at $70 in the off season; renters get wireless Internet access, information about parking and cab fare and recommendations on things to do and places to eat.
``You get friendly, honest people,'' said Krone, who rents the units out to bring in a little extra cash when he's not hosting friends or family. ``Each one that's come in, they've ended up being good friends. They'll send me where they're going to next. I just e-mailed somebody from Australia.''
Source: http://www.miamiherald.com/2010/09/13/v-fullstory/1823512/just-like-home-vacation-rentals.html
BY HANNAH SAMPSON
hsampson@MiamiHerald.com
Friday, September 10, 2010
Investors buying South Florida condos in bulk
Attracted by plunging prices, big-time investors have begun buying South Florida condo units by the dozens, in bulk deals valued in the tens of millions of dollars.
Since July 2008, 63 sales have closed in Palm Beach, Broward and Miami-Dade counties representing 6,000 condo units worth $1.6 billion, according to CondoVultures.com, a Bal Harbour-based consulting firm. There were no such deals in 2006 or 2007.
Miami-Dade has been the site of most of the bulk sales, but available properties there are becoming scarce, leading investors to move north into Broward and Palm Beach counties, CondoVultures said.
The bulk sales are good for existing owners, who are desperate for a more vibrant lifestyle that doesn't exist in these mostly dark developments.
One of the largest deals was engineered recently by Ophir Sternberg, managing partner of Lionheart Capital, a Miami-based private equity firm.
His group paid $117.3 million for the remaining 146 oceanfront condos at 2700 North Ocean Drive on Singer Island in Riviera Beach. The cash-and-debt deal is the most expensive bulk sale in the three counties so far this year.
Lionheart paid $803,483 a unit. The condos are valued at about $1.5 million, CondoVultures said.
"The South Florida market has been hit very hard, but it's one that we think is going to bounce back and has great potential," Sternberg said.
Existing owners usually are thrilled when bulk buyers take control of a condo complex, said Mark Pordes, founder and president of an Aventura real estate brokerage. The investors will cover past-due association fees and breathe new life into the project, he said.
"If you're at the pool by yourself, it's not the best feeling in the world," Pordes said. "The reason many people buy condos is they don't like the sense of being alone."
Pordes said he has arranged eight bulk sales across South Florida and has three more in the pipeline. In some cases, his firm takes an ownership stake in projects. Pordes said investors from New York, Canada and South America have contacted him about finding them deals.
"They want to buy in now at prices below construction costs," Pordes said. "South Florida still has the beaches and the weather. It's always going to be appealing."
Condo prices across the region have tumbled by about 60 percent since the peak of the housing boom in 2005. The foreclosure crisis could keep prices depressed for three more years, forcing bulk buyers to rent the units until they can sell them, said Mark Grant, a Fort Lauderdale real estate lawyer and partner at Ruden McClosky.
"Investors realize they have a holding time," Grant said. "They'll be waiting a few years to get rid of this product."
In June, an affiliate of Dizengoff-Trading Co. paid $8.2 million for 106 units at Bermuda Cay in Boynton Beach. It's one of two bulk sales the Israeli-based firm has completed in South Florida. The other was a $6.5 million deal for 115 units at Courtney Park in Lake Worth.
Ronen Saban, Dizengoff's U.S. region manager, said the firm plans to stabilize both complexes by renting the units. "It's too early to plan for an exit in this market," he said.
Also this summer, The McKafka Group bought 64 units at Las Olas on the River for $8.6 million. The deal remains the largest bulk sale in Fort Lauderdale, said Peter Zalewski, principal at CondoVultures. His firm works with investor groups looking to buy properties at deeply discounted prices.
The 240-unit Las Olas on the River was built in 2005 at the height of the boom. The building was in foreclosure, and a short sale of the condos was approved by the lender, Bank of America, Fernando Levy-Hara, managing partner at McKafka, said at the time.
Levy-Hara could not be reached for comment this week.
The bulk sales could accelerate after a new condo reform bill took effect July 1 that limits the liability of bulk buyers, analysts say.
Florida law used to consider a developer anyone who bought more than seven units in a building of 70 units or more. Those buyers were forced to assume the same legal and financial responsibilities as developers who build condos. The new bill eliminated the title of developer for bulk buyers.
As a result, even more investors will be eager to buy, and sellers will be able to fetch more money, Grant said. Ultimately, that will help the condo market recover.
Lionheart, which bought the two-tower 2700 North Ocean condo from Catalfumo Construction in Palm Beach Gardens, plans to launch a marketing campaign this fall.
Fewer than half the units – 96 – were scooped up by individual buyers who paid roughly $900,000 to more than $3 million during the real estate run-up.
Sternberg said he expects the 146 units to start selling at about $1 million.
A spokeswoman for Lionheart said the firm is talking to Ritz-Carlton about turning the condo into resort-style residences. Sternberg was vague about the project's future.
"We're going to wait for the right buyers and have a patient approach," he said.
Source: http://www.sun-sentinel.com/business/fl-bulk-condo-sales-20100910,0,5244079.story
Paul Owers can be reached at Powers@Sunsentinel.com or 561-243-6529
Since July 2008, 63 sales have closed in Palm Beach, Broward and Miami-Dade counties representing 6,000 condo units worth $1.6 billion, according to CondoVultures.com, a Bal Harbour-based consulting firm. There were no such deals in 2006 or 2007.
Miami-Dade has been the site of most of the bulk sales, but available properties there are becoming scarce, leading investors to move north into Broward and Palm Beach counties, CondoVultures said.
The bulk sales are good for existing owners, who are desperate for a more vibrant lifestyle that doesn't exist in these mostly dark developments.
One of the largest deals was engineered recently by Ophir Sternberg, managing partner of Lionheart Capital, a Miami-based private equity firm.
His group paid $117.3 million for the remaining 146 oceanfront condos at 2700 North Ocean Drive on Singer Island in Riviera Beach. The cash-and-debt deal is the most expensive bulk sale in the three counties so far this year.
Lionheart paid $803,483 a unit. The condos are valued at about $1.5 million, CondoVultures said.
"The South Florida market has been hit very hard, but it's one that we think is going to bounce back and has great potential," Sternberg said.
Existing owners usually are thrilled when bulk buyers take control of a condo complex, said Mark Pordes, founder and president of an Aventura real estate brokerage. The investors will cover past-due association fees and breathe new life into the project, he said.
"If you're at the pool by yourself, it's not the best feeling in the world," Pordes said. "The reason many people buy condos is they don't like the sense of being alone."
Pordes said he has arranged eight bulk sales across South Florida and has three more in the pipeline. In some cases, his firm takes an ownership stake in projects. Pordes said investors from New York, Canada and South America have contacted him about finding them deals.
"They want to buy in now at prices below construction costs," Pordes said. "South Florida still has the beaches and the weather. It's always going to be appealing."
Condo prices across the region have tumbled by about 60 percent since the peak of the housing boom in 2005. The foreclosure crisis could keep prices depressed for three more years, forcing bulk buyers to rent the units until they can sell them, said Mark Grant, a Fort Lauderdale real estate lawyer and partner at Ruden McClosky.
"Investors realize they have a holding time," Grant said. "They'll be waiting a few years to get rid of this product."
In June, an affiliate of Dizengoff-Trading Co. paid $8.2 million for 106 units at Bermuda Cay in Boynton Beach. It's one of two bulk sales the Israeli-based firm has completed in South Florida. The other was a $6.5 million deal for 115 units at Courtney Park in Lake Worth.
Ronen Saban, Dizengoff's U.S. region manager, said the firm plans to stabilize both complexes by renting the units. "It's too early to plan for an exit in this market," he said.
Also this summer, The McKafka Group bought 64 units at Las Olas on the River for $8.6 million. The deal remains the largest bulk sale in Fort Lauderdale, said Peter Zalewski, principal at CondoVultures. His firm works with investor groups looking to buy properties at deeply discounted prices.
The 240-unit Las Olas on the River was built in 2005 at the height of the boom. The building was in foreclosure, and a short sale of the condos was approved by the lender, Bank of America, Fernando Levy-Hara, managing partner at McKafka, said at the time.
Levy-Hara could not be reached for comment this week.
The bulk sales could accelerate after a new condo reform bill took effect July 1 that limits the liability of bulk buyers, analysts say.
Florida law used to consider a developer anyone who bought more than seven units in a building of 70 units or more. Those buyers were forced to assume the same legal and financial responsibilities as developers who build condos. The new bill eliminated the title of developer for bulk buyers.
As a result, even more investors will be eager to buy, and sellers will be able to fetch more money, Grant said. Ultimately, that will help the condo market recover.
Lionheart, which bought the two-tower 2700 North Ocean condo from Catalfumo Construction in Palm Beach Gardens, plans to launch a marketing campaign this fall.
Fewer than half the units – 96 – were scooped up by individual buyers who paid roughly $900,000 to more than $3 million during the real estate run-up.
Sternberg said he expects the 146 units to start selling at about $1 million.
A spokeswoman for Lionheart said the firm is talking to Ritz-Carlton about turning the condo into resort-style residences. Sternberg was vague about the project's future.
"We're going to wait for the right buyers and have a patient approach," he said.
Source: http://www.sun-sentinel.com/business/fl-bulk-condo-sales-20100910,0,5244079.story
Paul Owers can be reached at Powers@Sunsentinel.com or 561-243-6529
Thursday, September 9, 2010
Bulk Buying Real Estate
If you're one that loves a "steal of a deal," South Florida's real estate market is ready to love you back.
But, the big catch--and in these economic times, it's a Big Catch--you've got to have all cash. But if you do, you can buy a $50,000 condo in Miami Beach, just 2 blocks from the sand and breaking waves. Keep in mind, this is a condo that previously had sold for $172,000. And, in Miami-Dade, Broward and Palm Beach Counties, there are 6000 of these foreclosed or distressed properties on the market.
"This is pure capitalism. If you don't have all cash, you stand no chance, you're going to get crushed," says Peeter Zalewski of CondoVltures.com.
South Florida, and Miami in particular, represent everything that went wrong in the pre-market crash years prior to 2007. From the 1960s to 2002, Zalewski says 11,500 condos were built. From 2002 to 2007, that inventory tripled, to 34,000 condos. And now that the real estate market continues to sputter, there are a glut of condominiums in the overbuilt cities of Miami, Atlanta, Las Vegas and San Diego, where bulk deals are available, at prices lower that what the developer paid to build.
Angel and Santiago Herrera, of Venezuela, recently spent $7 million to buy 39 downtown Miami units. They quickly flipped 17 for a profit and are renting the rest for the next 3 to 5 years when they then plan to sell each for double what they paid.
"The market has never been so down, so when you're so down, the only place you can go is up," says Angel.
Most of the bulk buying that's been happening is being done by foreign investors, who are seeing great investment opportunity.
And most importantly, they're buying with 100% cash.
Source: http://liveshots.blogs.foxnews.com/2010/09/08/bulk-buying-real-estate/
by: Phil Keating
But, the big catch--and in these economic times, it's a Big Catch--you've got to have all cash. But if you do, you can buy a $50,000 condo in Miami Beach, just 2 blocks from the sand and breaking waves. Keep in mind, this is a condo that previously had sold for $172,000. And, in Miami-Dade, Broward and Palm Beach Counties, there are 6000 of these foreclosed or distressed properties on the market.
"This is pure capitalism. If you don't have all cash, you stand no chance, you're going to get crushed," says Peeter Zalewski of CondoVltures.com.
South Florida, and Miami in particular, represent everything that went wrong in the pre-market crash years prior to 2007. From the 1960s to 2002, Zalewski says 11,500 condos were built. From 2002 to 2007, that inventory tripled, to 34,000 condos. And now that the real estate market continues to sputter, there are a glut of condominiums in the overbuilt cities of Miami, Atlanta, Las Vegas and San Diego, where bulk deals are available, at prices lower that what the developer paid to build.
Angel and Santiago Herrera, of Venezuela, recently spent $7 million to buy 39 downtown Miami units. They quickly flipped 17 for a profit and are renting the rest for the next 3 to 5 years when they then plan to sell each for double what they paid.
"The market has never been so down, so when you're so down, the only place you can go is up," says Angel.
Most of the bulk buying that's been happening is being done by foreign investors, who are seeing great investment opportunity.
And most importantly, they're buying with 100% cash.
Source: http://liveshots.blogs.foxnews.com/2010/09/08/bulk-buying-real-estate/
by: Phil Keating
Wednesday, September 8, 2010
Perfect Selling Point for Miami Florida Condos
Think like a businessman when you are looking for real estate that you can put down large sums of hard earned money. You may be looking to grow your retirement funds by investing in a property, or you may simply be looking for a place to stay. For whatever the reason, it’s always beneficial for you if you can hone your ability to spot opportunities. And a great opportunity is when you spot a piece of real estate that allows you to buy at a price lower than expected. This can happen for many reasons.
Some home owners are forced to sell their houses because they cannot meet their mortgage payments. They may even have professionals who have negotiated with the banks to lower the market value so as to sell of the property as soon as possible. Others may be in a hurry to sell because they have found new jobs in another city or country, and have to move as soon as possible. These are all possible scenarios where valuable real estate may be bought at a bargain. And you stand to gain from these deals, but only if you know where to find them. You will be able to see photographs of the properties online, and also see an estimated asking price for the different real estate listings. We call them listings because they are, in fact, somewhat like classifieds listings. They are advertisements looking for potential buyers – buyers like you.
So that’s how you can spot really great bargains – by spending time doing some research on the Internet. Sometimes, great deals are hard to come by, so a little patience will go a long way. When you’re looking for a new home in this beach city, it will be best to search for Miami Beach fl condos. Beach condos are in great demand nowadays. Designed with perfectly fitted fixtures and modern furniture, Miami Beach fl condos offer you a great retreat from the ordinary ones.
Apart from these, you will find a number of other properties for sale around the Miami Beach. With a variety on offer, you will not find any difficulty to select a home of your own choice. If you search for quality Miami Homes, your first step should be to look for a good real estate agent. Realtor with a thorough knowledge of the available properties will be a great resort to find your dream home. Make sure that your agent includes a proper understanding of the real estate properties.
Miami Homes can be of different types and it will be very essential on the part of the realtor to know what kind of property you are searching for. Florida’s economy relies heavily on tourism. It has been a wonderful vacation spot for decades. It is highly regarded for its five star experiences.
The future of investment in Florida is bright as it continues to attract thousands of baby boomers, retirees and tourists. In fact Florida property is exploding and it will continue to do so for more than 20 years. You will be surprised to know that the population of Florida is expected to increase by 35,000 people per month, for the next 30 years. People pouring into the state are seen as a testimony to the fact that property in Florida is booming.
Source: http://free-pressrelease-distribution.com/perfect-selling-point-for-miami-florida-condos-2728205.html
Some home owners are forced to sell their houses because they cannot meet their mortgage payments. They may even have professionals who have negotiated with the banks to lower the market value so as to sell of the property as soon as possible. Others may be in a hurry to sell because they have found new jobs in another city or country, and have to move as soon as possible. These are all possible scenarios where valuable real estate may be bought at a bargain. And you stand to gain from these deals, but only if you know where to find them. You will be able to see photographs of the properties online, and also see an estimated asking price for the different real estate listings. We call them listings because they are, in fact, somewhat like classifieds listings. They are advertisements looking for potential buyers – buyers like you.
So that’s how you can spot really great bargains – by spending time doing some research on the Internet. Sometimes, great deals are hard to come by, so a little patience will go a long way. When you’re looking for a new home in this beach city, it will be best to search for Miami Beach fl condos. Beach condos are in great demand nowadays. Designed with perfectly fitted fixtures and modern furniture, Miami Beach fl condos offer you a great retreat from the ordinary ones.
Apart from these, you will find a number of other properties for sale around the Miami Beach. With a variety on offer, you will not find any difficulty to select a home of your own choice. If you search for quality Miami Homes, your first step should be to look for a good real estate agent. Realtor with a thorough knowledge of the available properties will be a great resort to find your dream home. Make sure that your agent includes a proper understanding of the real estate properties.
Miami Homes can be of different types and it will be very essential on the part of the realtor to know what kind of property you are searching for. Florida’s economy relies heavily on tourism. It has been a wonderful vacation spot for decades. It is highly regarded for its five star experiences.
The future of investment in Florida is bright as it continues to attract thousands of baby boomers, retirees and tourists. In fact Florida property is exploding and it will continue to do so for more than 20 years. You will be surprised to know that the population of Florida is expected to increase by 35,000 people per month, for the next 30 years. People pouring into the state are seen as a testimony to the fact that property in Florida is booming.
Source: http://free-pressrelease-distribution.com/perfect-selling-point-for-miami-florida-condos-2728205.html
Tuesday, September 7, 2010
Florida the favorite of foreign home buyers
International buyers have helped buttress Florida's real estate market with 22 percent of all foreign clients nationally choosing property in the Sunshine State.
That makes Florida tops for attracting foreign interest, according to a summer report by the National Association of Realtors. California came in a far second with 12 percent of the international market.
While Florida's share of foreign clients has slipped from a recent high of more than 26 percent in 2008, bargain basement prices and a weakened dollar have continued to lure Canadian and overseas buyers.
The study, which looked at sales between March 2009 and March 2010, found that buyers with permanent residences outside the United States spent an estimated $41 billion on residential property nationally during the period of the study. That's 4 percent of the total residential market during the same time.
"I had an open house in the mid-$500,000s and a man from Canada came and bought it the same day," said Palm Beach Gardens Realtor Jeff Lichtenstein, who has a page on his website dedicated to foreign buyers. "Once they're here, they tend to bring friends."
And family.
Amsterdam native Annette Aalberts bought two Jupiter area homes for herself and her daughter over the past few years. Combined, the homes are worth about $4.5 million.
But most international buyers don't aim that high. According to the study, the median price foreign buyers paid nationally is $219,400.
"International buyers are hugely important in absorbing inventory," said Jenny Huertas, international sales director for the Miami-based consultant firm Condo Vultures.
Huertas estimates 30 percent of sales in Palm Beach, Broward and Miami-Dade counties are to international buyers.
It's unclear how a recent dip in the euro may temper overseas purchases. It's worth $1.28, compared with a high of $1.60 in 2008. That means to buy a $500,000 house, it would cost about 388,709 euros.
But the Canadian dollar, which traditionally has been weaker than U.S. currency, is near parity at 95 cents.
Toronto resident Domenic Triumbari bought two properties in the Palm Beach Grande condominium complex in March. The suburban West Palm Beach homes sold for $164,990 and $179,990 in 2006.
Triumbari picked them up for $60,000 each, paying in cash, and without ever seeing them in person.
"I know they're in West Palm Beach, but not exactly sure where," said Triumbari, who is renting the homes. "The numbers make sense right now. You can make money on your investment."
Triumbari also is searching for a South Florida home for himself.
"I've seen a lot of the Caribbean, been all over the islands, but I like Florida," he said. "We speak the same language, eat the same foods."
While the Realtors Association of the Palm Beaches does not keep statistics on international buyers in local markets, statewide statistics the national association gathered showed 31 percent of Florida's international buyers are Canadian, compared with 24 percent nationally.
Nationally, about 55 percent of foreign buyers pay with cash, possibly because it can be harder for international clients to get financing here. In Florida, about 82 percent of international buyers paid in cash.
Realtor Craig Fialkowski, of Herman Group Real Estate in Palm Beach Gardens, said nearly all of his international clients buy with cash and sight unseen.
Typically, they're looking for deals on homes they can rent.
"Buyers want a decent return on investment," Fialkowski said. "The cash flow can be really good."
Source: http://www.palmbeachpost.com/money/real-estate/florida-the-favorite-of-foreign-home-buyers-900349.html
By Kimberly Miller Palm Beach Post Staff Writer
That makes Florida tops for attracting foreign interest, according to a summer report by the National Association of Realtors. California came in a far second with 12 percent of the international market.
While Florida's share of foreign clients has slipped from a recent high of more than 26 percent in 2008, bargain basement prices and a weakened dollar have continued to lure Canadian and overseas buyers.
The study, which looked at sales between March 2009 and March 2010, found that buyers with permanent residences outside the United States spent an estimated $41 billion on residential property nationally during the period of the study. That's 4 percent of the total residential market during the same time.
"I had an open house in the mid-$500,000s and a man from Canada came and bought it the same day," said Palm Beach Gardens Realtor Jeff Lichtenstein, who has a page on his website dedicated to foreign buyers. "Once they're here, they tend to bring friends."
And family.
Amsterdam native Annette Aalberts bought two Jupiter area homes for herself and her daughter over the past few years. Combined, the homes are worth about $4.5 million.
But most international buyers don't aim that high. According to the study, the median price foreign buyers paid nationally is $219,400.
"International buyers are hugely important in absorbing inventory," said Jenny Huertas, international sales director for the Miami-based consultant firm Condo Vultures.
Huertas estimates 30 percent of sales in Palm Beach, Broward and Miami-Dade counties are to international buyers.
It's unclear how a recent dip in the euro may temper overseas purchases. It's worth $1.28, compared with a high of $1.60 in 2008. That means to buy a $500,000 house, it would cost about 388,709 euros.
But the Canadian dollar, which traditionally has been weaker than U.S. currency, is near parity at 95 cents.
Toronto resident Domenic Triumbari bought two properties in the Palm Beach Grande condominium complex in March. The suburban West Palm Beach homes sold for $164,990 and $179,990 in 2006.
Triumbari picked them up for $60,000 each, paying in cash, and without ever seeing them in person.
"I know they're in West Palm Beach, but not exactly sure where," said Triumbari, who is renting the homes. "The numbers make sense right now. You can make money on your investment."
Triumbari also is searching for a South Florida home for himself.
"I've seen a lot of the Caribbean, been all over the islands, but I like Florida," he said. "We speak the same language, eat the same foods."
While the Realtors Association of the Palm Beaches does not keep statistics on international buyers in local markets, statewide statistics the national association gathered showed 31 percent of Florida's international buyers are Canadian, compared with 24 percent nationally.
Nationally, about 55 percent of foreign buyers pay with cash, possibly because it can be harder for international clients to get financing here. In Florida, about 82 percent of international buyers paid in cash.
Realtor Craig Fialkowski, of Herman Group Real Estate in Palm Beach Gardens, said nearly all of his international clients buy with cash and sight unseen.
Typically, they're looking for deals on homes they can rent.
"Buyers want a decent return on investment," Fialkowski said. "The cash flow can be really good."
Source: http://www.palmbeachpost.com/money/real-estate/florida-the-favorite-of-foreign-home-buyers-900349.html
By Kimberly Miller Palm Beach Post Staff Writer
Friday, September 3, 2010
Miami-Dade Pending Home Sales Continue to Rise
Total pending home sales - including single-family homes and condominiums - in Miami-Dade County increased 33.7 percent in August 2010 compared to August 2009, from 7,570 to 10,119, and increased .06 percent, from 10,113 to 10,119, compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
The South Florida real estate market continues to strengthen, primarily due to the highest concentration in the U.S. of international buyers, contrary to national trends, which show near-term home sales noticeably lower since the expiration of the homebuyer tax credit.
Pending sales of condominiums in Miami-Dade County continue to perform better than that of single-family homes.
In August, condominium pending sales increased 49.7 percent compared to the previous year, from 3,848 to 5,759 and increased 0.7 percent, from 5,720 the previous month. Pending sales of single-family homes in August increased 17.1 percent from the previous year, from 3,722 to 4,360, and decreased a slight 0.8 percent from the previous month when pending sales totaled 4,393, showing a preference for condos in August.
The South Florida real estate market continues to strengthen, primarily due to the highest concentration in the U.S. of international buyers, contrary to national trends, which show near-term home sales noticeably lower since the expiration of the homebuyer tax credit.
Pending sales of condominiums in Miami-Dade County continue to perform better than that of single-family homes.
In August, condominium pending sales increased 49.7 percent compared to the previous year, from 3,848 to 5,759 and increased 0.7 percent, from 5,720 the previous month. Pending sales of single-family homes in August increased 17.1 percent from the previous year, from 3,722 to 4,360, and decreased a slight 0.8 percent from the previous month when pending sales totaled 4,393, showing a preference for condos in August.
Thursday, September 2, 2010
Europeans and South Americans buy condos as homes, investments
Many of the international buyers scooping up condos in South Florida's top bayfront communities are buying to occupy part-time, brokers say, but many would consider a future sale at a profit.
Where these buyers decide to purchase depends in part to the condominium's location, as some are more attracted to beachfront enclaves like Miami Beach, Sunny Isles Beach and Aventura while others want to be in the center of the action and opt for condos in greater Downtown in areas such as Omni, Brickell and downtown.
At the 66-floor Marquis Residences, one of Miami's tallest buildings at 1100 Biscayne Blvd., many of the foreign buyers are from Brazil, Venezuela, Israel and Italy, said Wendy Marks Pine, sales director for Cervera Real Estate, which handles its sales.
For many of these buyers, she said, "their currency has increased in value, offering great opportunities for them to buy in the Miami market."
For example, "we are seeing a heavy influx of Venezuelan buyers who have been able to allocate funds into US dollars" and are buying condos, Ms. Marks Pine said. "The challenge for those who are in Venezuela is taking the currency out of Venezuela to buy."
Along the Biscayne Boulevard corridor, the cluster of performing arts venues, the neighboring art and design districts, the American Airlines Arena and the many restaurants that have sprung up are attracting Israeli buyers to Marquis, many of whom previously owned residences in North Miami Beach and other areas, said Penni Chasens, a Cervera sales associate.
"Miami is so multicultural it has something for everybody," she said.
About 50% of foreigners are buying in cash and the rest are using a seller financing program Marquis offers, Ms. Marks Pine said, "allocated specifically for buyers who are coming in and need to finance. It's unique to this building. Most buildings don't offer that type of financing, so it's an opportunity to get buyers here."
The 292-unit Marquis has about 200 condos left for sale, with 92 sold or awaiting closing, she said. Lofts and two- and three-bedroom units are selling at discounted prices that range from the $400,000s to $3 million.
"It's a combination of original buyers who closed on residences and new buyers who capitalized on opportunities with the 40% price reduction," she said.
Edgardo Defortuna, president of Fortune International Realty, said at the luxury condominiums he represents, many foreigners are buying for their own use "because they love the product and think it's a great value."
Oceanfront residential towers such as Jade Ocean and Jade Beach in Sunny Isles Beach and ArTech in Aventura are being sold to many Latin Americans and Europeans.
For example at ArTech, where Fortune has 50 units left to sell, buyers are mostly Jewish Latin Americans and locals, Mr. Defortuna said.
At Icon Brickell's Towers 1 and 2, Fortune has sold 170 units, of which about 75% have been sold to international buyers, he said. The same at Jade, home to buyers from 22 nationalities, where foreigners represent 70% of buyers.
Julián La Madrid, a Spanish-born developer based in Guatemala, bought a three-bedroom unit at Icon Brickell's Tower 2 because he liked the property's design and its location.
At first, he was debating whether to buy in Miami Beach or Brickell, but he opted for a bayfront unit on the tower's 35th floor because he liked Brickell's work-and-play lifestyle.
Mr. La Madrid, who develops office buildings and shopping centers in Guatemala, said he also saw value in the area's fast development, as he foresees more retail and restaurants opening up in the future.
"The apartment is for me to use as a second residence, to live between Guatemala and Miami," he said. "It's not focused on investment, but I don't discard that in the future it could become an investment."
Brazilians represent another strong buyer segment right now, followed by Argentines and Venezuelans, Mr. Defortuna said. He added that among the reasons for the latter groups to invest here is safety concerns and political problems affecting those countries.
"The economy in Brazil is doing really well. In Argentina, the economy is also doing well, but they are concerned with the safety situation," he said. "In Venezuela, the politician turmoil and the concern it could get worse has made a lot of Venezuelans have some safety net here in the US, and Miami is the perfect place."
About 62% of foreign buyers purchase condos, 21% single-family homes and another 10% townhomes, according to an international sales survey conducted by the Miami Realtors based on transactions in Miami-Dade from April 2009 to April 2010.
These international buyers are helping condo sales stay strong.
While the re-sales of single-family homes in Miami-Dade dropped 8% in July, condo re-sales rose 43% this July from July 2009 and by 112% from two years ago, according to the realtor association and Southeast Florida Multiple Listing Service.
Many buying today plan to use the condos as a vacation or second home, but some don't discard selling them at a profit some day.
But Mr. Defortuna described these as "solid" investors because more than 70% are paying cash.
"The investors who we saw in the good old days of the boom planned to sell or finance the rest of their purchase because they didn't have the cash to pay upfront," he said. "Also, the ability to rent the unit. If the price is right, the unit gets rented in a short period of time that makes it attractive."
Source: http://www.miamitodaynews.com/news/100902/story7.shtml
By Yudislaidy Fernandez
Where these buyers decide to purchase depends in part to the condominium's location, as some are more attracted to beachfront enclaves like Miami Beach, Sunny Isles Beach and Aventura while others want to be in the center of the action and opt for condos in greater Downtown in areas such as Omni, Brickell and downtown.
At the 66-floor Marquis Residences, one of Miami's tallest buildings at 1100 Biscayne Blvd., many of the foreign buyers are from Brazil, Venezuela, Israel and Italy, said Wendy Marks Pine, sales director for Cervera Real Estate, which handles its sales.
For many of these buyers, she said, "their currency has increased in value, offering great opportunities for them to buy in the Miami market."
For example, "we are seeing a heavy influx of Venezuelan buyers who have been able to allocate funds into US dollars" and are buying condos, Ms. Marks Pine said. "The challenge for those who are in Venezuela is taking the currency out of Venezuela to buy."
Along the Biscayne Boulevard corridor, the cluster of performing arts venues, the neighboring art and design districts, the American Airlines Arena and the many restaurants that have sprung up are attracting Israeli buyers to Marquis, many of whom previously owned residences in North Miami Beach and other areas, said Penni Chasens, a Cervera sales associate.
"Miami is so multicultural it has something for everybody," she said.
About 50% of foreigners are buying in cash and the rest are using a seller financing program Marquis offers, Ms. Marks Pine said, "allocated specifically for buyers who are coming in and need to finance. It's unique to this building. Most buildings don't offer that type of financing, so it's an opportunity to get buyers here."
The 292-unit Marquis has about 200 condos left for sale, with 92 sold or awaiting closing, she said. Lofts and two- and three-bedroom units are selling at discounted prices that range from the $400,000s to $3 million.
"It's a combination of original buyers who closed on residences and new buyers who capitalized on opportunities with the 40% price reduction," she said.
Edgardo Defortuna, president of Fortune International Realty, said at the luxury condominiums he represents, many foreigners are buying for their own use "because they love the product and think it's a great value."
Oceanfront residential towers such as Jade Ocean and Jade Beach in Sunny Isles Beach and ArTech in Aventura are being sold to many Latin Americans and Europeans.
For example at ArTech, where Fortune has 50 units left to sell, buyers are mostly Jewish Latin Americans and locals, Mr. Defortuna said.
At Icon Brickell's Towers 1 and 2, Fortune has sold 170 units, of which about 75% have been sold to international buyers, he said. The same at Jade, home to buyers from 22 nationalities, where foreigners represent 70% of buyers.
Julián La Madrid, a Spanish-born developer based in Guatemala, bought a three-bedroom unit at Icon Brickell's Tower 2 because he liked the property's design and its location.
At first, he was debating whether to buy in Miami Beach or Brickell, but he opted for a bayfront unit on the tower's 35th floor because he liked Brickell's work-and-play lifestyle.
Mr. La Madrid, who develops office buildings and shopping centers in Guatemala, said he also saw value in the area's fast development, as he foresees more retail and restaurants opening up in the future.
"The apartment is for me to use as a second residence, to live between Guatemala and Miami," he said. "It's not focused on investment, but I don't discard that in the future it could become an investment."
Brazilians represent another strong buyer segment right now, followed by Argentines and Venezuelans, Mr. Defortuna said. He added that among the reasons for the latter groups to invest here is safety concerns and political problems affecting those countries.
"The economy in Brazil is doing really well. In Argentina, the economy is also doing well, but they are concerned with the safety situation," he said. "In Venezuela, the politician turmoil and the concern it could get worse has made a lot of Venezuelans have some safety net here in the US, and Miami is the perfect place."
About 62% of foreign buyers purchase condos, 21% single-family homes and another 10% townhomes, according to an international sales survey conducted by the Miami Realtors based on transactions in Miami-Dade from April 2009 to April 2010.
These international buyers are helping condo sales stay strong.
While the re-sales of single-family homes in Miami-Dade dropped 8% in July, condo re-sales rose 43% this July from July 2009 and by 112% from two years ago, according to the realtor association and Southeast Florida Multiple Listing Service.
Many buying today plan to use the condos as a vacation or second home, but some don't discard selling them at a profit some day.
But Mr. Defortuna described these as "solid" investors because more than 70% are paying cash.
"The investors who we saw in the good old days of the boom planned to sell or finance the rest of their purchase because they didn't have the cash to pay upfront," he said. "Also, the ability to rent the unit. If the price is right, the unit gets rented in a short period of time that makes it attractive."
Source: http://www.miamitodaynews.com/news/100902/story7.shtml
By Yudislaidy Fernandez
Wednesday, September 1, 2010
South Florida residential inventory
Compiled by Condo Vultures Realty using the South Florida Shared Multiple Listing Service. Active listings are properties where no current sale contract exists; pending sales are properties in which a contract for sale has been executed, but not yet closed. Listing brokers control the status of a property listing.
Source: http://therealdeal.com/miami/articles/south-florida-residential-inventory-condo-vultures--45
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