The latest industry report reiterates what top residential realty brokers have been saying: Latin American buyers are essential to the local market.
Florida Realtors’ “2013 Profile of International Home Buyers in Florida” states 69% of international buyers in Miami are from Latin America or the Caribbean.
“They are major players,” said Lynda Fernandez, senior vice president of public relations for the Miami Association of Realtors.
Of the top six international markets for Miami-Dade residential realty, five are Latin American, she said.
Venezuela, which accounts for 22% of international buyers, leads the list. Argentina follows with 11%, then Brazil with 10% and Peru 9%. Canada and Colombia tie for fifth place with 6%.
The Miami-Miami Beach metropolitan area is the top destination in Florida for international realty buyers, according to the statewide report compiled during July and August and covering the previous 12 months.
Venezuelan buyers were especially drawn to the area. Their purchases, realtors said, were almost evenly split between single-family detached houses and condominiums or apartments, while about 6% bought commercial property.
Many chose property in central city or urban areas, as well as resort areas, according to the report, and the majority bought for rental or investment purposes, with fewer than 10% wanting vacation homes.
They paid median rates between $300,000 and $399,000, according to the report. About 33% of buyers bought homes worth more than $500,000. The mean price was $493,500.
Their investment was a significant driver in the local economy, market watchers say.
“Latin Americans real estate buyers were crucial in the market recovery and now continue to strengthen the vibrant Miami real estate market,” Ms. Fernandez said.
Sources:
http://www.miamitodaynews.com/2013/10/09/venezuela-leads-latin-real-estate-splurge/
Written by Samantha Joseph on October 9, 2013
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.
Tuesday, October 29, 2013
Wednesday, October 23, 2013
South Florida home prices and sales rose in September
Juiced by foreign buyers and investors, South Florida’s housing market registered strong gains in September.
The latest price and sales increases — mirroring a string of similar results in prior months — underscore a solid housing recovery for a region hard-hit by the real estate crash.
The median price of a single-family home in Miami-Dade County jumped 18.4 percent in September to $225,000 from $190,000 a year earlier, while the median condo price rose 21.3 percent year over year to $181,875 from $150,000, according to the Miami Association of Realtors.
In Broward, the median price for a single-family home jumped 31.7 percent in September to $270,000 from $205,000 a year earlier, and was up 18 percent to $104,999 from $89,000 for condos and townhouses year over year, according to the Greater Fort Lauderdale Realtors.
Sales of Miami-Dade single-family homes rose by 21.8 percent with 1,108 closings in September, up from 910 a year earlier, while Miami-Dade condo sales increased 4.6 percent to 1,352 closings from 1,292 a year earlier.
Miami-Dade — ground zero during the real estate bust — has now chalked up 27 consecutive months of year-over-year price increases for condominiums and 22 months of year-over-year price increases for single-family homes.
The housing market kept humming in Broward County, as well.
Sales of Broward single-family homes rose 13.4 percent in September to 1,211 from 1,068 a year earlier, and condo sales rose 6.6 percent to 1,252 units from 1,174 a year earlier.
“Everything is still trending up,” said Stephen B. McWilliam, president and broker at Florida StateRealty Group in Fort Lauderdale and immediate past president of the Greater Fort Lauderdale Realtors.
Cash continues to be king: 71 percent of Miami-Dade condo closings in September were cash deals.
“It’s putting a lot of strain on buyers with 5 percent or 10 percent down. They can’t have choices,” said Michael Davalos, an agent with Coldwell Banker in Miami Beach who just helped a buyer nail a deal on a foreclosed house after a protracted search.
Eric Schneider, a first-time homebuyer who was looking to put down 20 percent, said he made several offers in the past eight months that didn’t pan out before he finally clinched a foreclosed property in the Richmond Heights neighborhood. “Certainly, at times, there’s been a lot of competition,” said Schneider, who works in healthcare.
Inventory remained relatively tight in both counties during September, although the supply of Miami-Dade condos listed for sale jumped 20.5 percent to 8,970 units from 7,442 units a year earlier. That amounted to a 6.3-month supply, up from a 5.6-month supply in September 2012. Meanwhile, condos newly listed in Miami-Dade in September totaled 2,727, up from 2,212 a year earlier.
“It’s moving toward a more balanced market for condominiums,” said Lynda Fernandez, a spokeswoman for the Miami Realtors.
The inventory of Miami-Dade single-family homes rose 4.8 percent in September from a year earlier. With homes selling at a rapid clip, that amounted to just a 4.9-month supply in September, or 4.9 times the number of homes sold, down from a 5.6-month of supply a year earlier.
A supply of less than six months is typically regarded as a sellers’ market, in which sellers can call the shots and prices rise at a brisk pace.
Single-family homes in Miami-Dade took a median of 41 days to sell, compared with 42 days a year earlier.
In Broward, amid tight inventory and robust demand, the median period to sell a home was 27 days, down from 42 days in September 2012.
The number of homes listed for sale on the Multiple Listing Service in Broward in September was 4,737, up 0.9 percent from 4,693 a year earlier. That is just a 3.8-month supply, or 3.8 times as many homes on the market as were sold in a month, down from a 4.2-month supply a year earlier.
The inventory of condos for sale rose 9 percent to 6,430 from 5,901. But with units selling quickly, the supply inched up to 4.6 months in September from 4.4 months a year earlier. That is still a very tight supply.
Condos in Broward sold at a median pace of 36 days in September, down from 38 days a year earlier.
“We certainly have a shortage of inventory, which is leading to price increases,” said Philip Vias, a broker associate with Berkshire Hathaway HomeServices Florida Realty in Fort Lauderdale. Homebuyers are motivated, he said, as “they have seen the prices go up and the interest rates are so low.” It’s a great time to buy.”
While the year-over-year gains remain strong, both Miami-Dade and Broward sales softened from the peak summer month of August.
The median prices for both single-family homes and condos in Miami-Dade were down 4.3 percent in September from August. The volume of condo sales dropped 15 percent month-to-month, while single-family home sales were down 8.4 percent from August to September. “We think that year-over-year comparisons are more meaningful. There are fluctuations month-to-month,” Miami Realtors’ Fernandez said.
Compared with August, the median price of a Broward single-family home in September was essentially flat, while the median price of a condo fell 11 percent. Sales of condos were down 17 percent from 1,513 closings in August, and single-family home sales dropped 13 percent month to month, from 1,396 closings in August. Source: http://www.miamiherald.com/2013/10/21/v-fullstory/3702589/broward-existing-home-prices-and.html
The latest price and sales increases — mirroring a string of similar results in prior months — underscore a solid housing recovery for a region hard-hit by the real estate crash.
The median price of a single-family home in Miami-Dade County jumped 18.4 percent in September to $225,000 from $190,000 a year earlier, while the median condo price rose 21.3 percent year over year to $181,875 from $150,000, according to the Miami Association of Realtors.
In Broward, the median price for a single-family home jumped 31.7 percent in September to $270,000 from $205,000 a year earlier, and was up 18 percent to $104,999 from $89,000 for condos and townhouses year over year, according to the Greater Fort Lauderdale Realtors.
Sales of Miami-Dade single-family homes rose by 21.8 percent with 1,108 closings in September, up from 910 a year earlier, while Miami-Dade condo sales increased 4.6 percent to 1,352 closings from 1,292 a year earlier.
Miami-Dade — ground zero during the real estate bust — has now chalked up 27 consecutive months of year-over-year price increases for condominiums and 22 months of year-over-year price increases for single-family homes.
The housing market kept humming in Broward County, as well.
Sales of Broward single-family homes rose 13.4 percent in September to 1,211 from 1,068 a year earlier, and condo sales rose 6.6 percent to 1,252 units from 1,174 a year earlier.
“Everything is still trending up,” said Stephen B. McWilliam, president and broker at Florida StateRealty Group in Fort Lauderdale and immediate past president of the Greater Fort Lauderdale Realtors.
Cash continues to be king: 71 percent of Miami-Dade condo closings in September were cash deals.
“It’s putting a lot of strain on buyers with 5 percent or 10 percent down. They can’t have choices,” said Michael Davalos, an agent with Coldwell Banker in Miami Beach who just helped a buyer nail a deal on a foreclosed house after a protracted search.
Eric Schneider, a first-time homebuyer who was looking to put down 20 percent, said he made several offers in the past eight months that didn’t pan out before he finally clinched a foreclosed property in the Richmond Heights neighborhood. “Certainly, at times, there’s been a lot of competition,” said Schneider, who works in healthcare.
Inventory remained relatively tight in both counties during September, although the supply of Miami-Dade condos listed for sale jumped 20.5 percent to 8,970 units from 7,442 units a year earlier. That amounted to a 6.3-month supply, up from a 5.6-month supply in September 2012. Meanwhile, condos newly listed in Miami-Dade in September totaled 2,727, up from 2,212 a year earlier.
“It’s moving toward a more balanced market for condominiums,” said Lynda Fernandez, a spokeswoman for the Miami Realtors.
The inventory of Miami-Dade single-family homes rose 4.8 percent in September from a year earlier. With homes selling at a rapid clip, that amounted to just a 4.9-month supply in September, or 4.9 times the number of homes sold, down from a 5.6-month of supply a year earlier.
A supply of less than six months is typically regarded as a sellers’ market, in which sellers can call the shots and prices rise at a brisk pace.
Single-family homes in Miami-Dade took a median of 41 days to sell, compared with 42 days a year earlier.
In Broward, amid tight inventory and robust demand, the median period to sell a home was 27 days, down from 42 days in September 2012.
The number of homes listed for sale on the Multiple Listing Service in Broward in September was 4,737, up 0.9 percent from 4,693 a year earlier. That is just a 3.8-month supply, or 3.8 times as many homes on the market as were sold in a month, down from a 4.2-month supply a year earlier.
The inventory of condos for sale rose 9 percent to 6,430 from 5,901. But with units selling quickly, the supply inched up to 4.6 months in September from 4.4 months a year earlier. That is still a very tight supply.
Condos in Broward sold at a median pace of 36 days in September, down from 38 days a year earlier.
“We certainly have a shortage of inventory, which is leading to price increases,” said Philip Vias, a broker associate with Berkshire Hathaway HomeServices Florida Realty in Fort Lauderdale. Homebuyers are motivated, he said, as “they have seen the prices go up and the interest rates are so low.” It’s a great time to buy.”
While the year-over-year gains remain strong, both Miami-Dade and Broward sales softened from the peak summer month of August.
The median prices for both single-family homes and condos in Miami-Dade were down 4.3 percent in September from August. The volume of condo sales dropped 15 percent month-to-month, while single-family home sales were down 8.4 percent from August to September. “We think that year-over-year comparisons are more meaningful. There are fluctuations month-to-month,” Miami Realtors’ Fernandez said.
Compared with August, the median price of a Broward single-family home in September was essentially flat, while the median price of a condo fell 11 percent. Sales of condos were down 17 percent from 1,513 closings in August, and single-family home sales dropped 13 percent month to month, from 1,396 closings in August. Source: http://www.miamiherald.com/2013/10/21/v-fullstory/3702589/broward-existing-home-prices-and.html
By Martha Brannigan
mbrannigan@MiamiHerald.com
Tuesday, October 15, 2013
Will Rising Rents Send Industrial Users North of Miami?
As a new social season begins on Miami Beach, renowned chefs, restaurateurs, real estate developers and hoteliers continue to invest in the city; bringing their businesses and brands here as Miami Beach ups its game, attracting an increased number of global (and U.S.) residents who are putting down stakes - and visitors who are curious about this city by the sea that is buzzed about everywhere. Brand Miami Beach has truly become an IT destination. And the numbers tell the story: Over a dozen celebrity chefs call Miami Beach home; 50 new restaurants and 13 new hotels have opened or are slated to open this year and luxury condo buildings are going up every few months. Miami Beach is a lightning rod - a beacon - and just when you thought it couldn't get any sexier or hotter, the culinary, real estate and arts scenes - among others - continues to explode. As the 2013-14 season opens, "New" is the code word all over the city.
"Year on year Miami Beach is becoming a global city, a force to be reckoned with in the real estate, hotel, restaurant and entertainment businesses," says Jeff Lehman, Chair, Miami Beach Visitor and Convention Authority (MBVCA). "No longer just a beach town, Miami Beach has evolved into a complex, urbane, chic city that is attracting the best-of-the-best around the world. Becoming more erudite and refined, this city is maturing before the world's eyes."
Miami Beach never disappoints. It is a city full of surprises, an evolving scene, a plethora of hotel, restaurant and event offerings and of course, Art Basel.... Season 2013-14 will be no different as globally recognized hotel brands - Marriott, Hyatt; celebrities, new restaurants by award-winning chefs - Michael Mina 74, Lure Fishbar; European imports - Laduree - and ultra luxe condo towers open their doors and/or put down roots on Miami Beach. The city's popularity and appeal has businesses and celebs flocking from Las Vegas, Chicago, New York and Paris.
Below is an overview of What's Hot, What's New on Miami Beach, Season 2013-14:
As a new social season begins on Miami Beach, renowned chefs, restaurateurs, real estate developers and hoteliers continue to invest in the city; bringing their businesses and brands here as Miami Beach ups its game, attracting an increased number of global (and U.S.) residents who are putting down stakes - and visitors who are curious about this city by the sea that is buzzed about everywhere. Brand Miami Beach has truly become an IT destination. And the numbers tell the story: Over a dozen celebrity chefs call Miami Beach home; 50 new restaurants and 13 new hotels have opened or are slated to open this year and luxury condo buildings are going up every few months. Miami Beach is a lightning rod - a beacon - and just when you thought it couldn't get any sexier or hotter, the culinary, real estate and arts scenes - among others - continues to explode. As the 2013-14 season opens, "New" is the code word all over the city.
"Year on year Miami Beach is becoming a global city, a force to be reckoned with in the real estate, hotel, restaurant and entertainment businesses," says Jeff Lehman, Chair, Miami Beach Visitor and Convention Authority (MBVCA). "No longer just a beach town, Miami Beach has evolved into a complex, urbane, chic city that is attracting the best-of-the-best around the world. Becoming more erudite and refined, this city is maturing before the world's eyes."
Miami Beach never disappoints. It is a city full of surprises, an evolving scene, a plethora of hotel, restaurant and event offerings and of course, Art Basel.... Season 2013-14 will be no different as globally recognized hotel brands - Marriott, Hyatt; celebrities, new restaurants by award-winning chefs - Michael Mina 74, Lure Fishbar; European imports - Laduree - and ultra luxe condo towers open their doors and/or put down roots on Miami Beach. The city's popularity and appeal has businesses and celebs flocking from Las Vegas, Chicago, New York and Paris.
Below is an overview of What's Hot, What's New on Miami Beach, Season 2013-14:
MIAMI—PortMiami is preparing for the giant cargo ships that will start traversing a deeper, wider Panama Canal in 2015. How will the increased number of containers affect the industrial market in South Florida? And how competitive will Miami be with other ports in Florida and the United States?
GlobeSt.com caught up with, Edward W. Easton, chairman of The Easton Group in Miami, to get some answers. With four decades of experience in commercial real estate and a solid focus on the industrial market, he has some clear thoughts on where we're headed.
GlobeSt.com: Just how massive are the preparations for the expansion of the Panama Canal?
Easton: The upgrades are major, about $2 billion in total. The PortMiami paid $43 million for four super-sized cranes that can handle cargo ships that each carry up to 18,000 containers versus 8,000 today.
Local government is spending $550 million on a tunnel that will enable tractor-trailers to go from the port directly to Interstate 95. Government entities are spending $122 million to deepen the PortMiami channel to 50 feet; that will make the port only one of three on the East Coast at that depth and the only one south of Norfolk, VA. The Florida East Coast Railway connector to the port is coming back on line.
GlobeSt.com: What’s the likely impact on South Florida of these massive improvements?
Easton: We should see at least a 3% improvement in the local industrial economy. There will be more industrial park tenants as more goods pass through the port and are distributed in in the northeast corridor of the United States or shipped to Latin America.
The Asia Pacific region accounts for 35% of port trade now and that should double once the canal and port are enlarged. As a result, existing companies will expand and new companies will open here to hold that cargo until it’s distributed.
GlobeSt.com: How will the increased activity affect the industrial market?
Easton: Initially, rents will go up from the current average of about $7 per square foot. Once we get to a full position from the current 94% occupancy rate, developers will start construction. However, the rents on these new buildings will be higher because of higher land and operating costs. I predict we will see rents of $9 per square foot within three years.
GlobeSt.com: Will higher rents send companies looking for cheaper space?
Easton: No. Tenants won’t move out of Miami-Dade County because any savings from lower rents would be more than offset by higher trucking costs. Plus, Port Everglades and Port of Palm Beach don’t have the infrastructure.
Just as important, the international market operates here, not in Broward and Palm Beach. Companies in Latin and South America are comfortable doing business in Miami for language and cultural reasons.
Source: http://www.globest.com/news/12_713/miami/industrial/Will-Rising-Rents-Send-Industrial-Users-North-of-Miami-338636.html
By Jennifer LeClaire | Miami
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