Millionaire Russell Wright, reputed to be one of the richest African-Americans in the nation, has purchased a $4.2 million condo penthouse atop the 67-story Marquis in Downtown Miami -- just three blocks from American Airlines Arena.
Wright and his wife made the purchase the same day LeBron James announced his decision to play the 2011 National Basketball Association season with the Miami Heat, according to the Miami New Times.
That's the most spent on any downtown apartment so far this year, according to Alejandra Serna, a publicist representing the Marquis.
"Obviously, the Miami Heat stadium being near was a big part of our decision," Wright told the newspaper.
Wright's high-tech company, Sentel, helps detect undocumented immigrants crossing the Texas-Mexican border. However, he says he didn't have any top-secret info about LeBron's announcement.
"I figured that in the best-case scenario, LeBron, Dwyane Wade, and Chris Bosh come together to make history right outside my house," he says. "Worst-case scenario: I'm a couple of blocks away from the stadium."
Wright is not the only one willing to pay over-the-odds to be within smelling distance of Pat Riley's new tropical trio, the Miami New Times reports.
According to Penni Chasens, an agent for Cervera Real Estate, at least one other LeBron fan has splashed an extra $100,000 to be near his idol.
"We were working on a deal at the Marquis, and the buyer was low-balling the developer," she says. "The day after LeBron signed, he came back with a much better offer."
Edgardo Defortuna, head of Fortune International Realty, says the LeBron effect is real but hard to quantify.
He says 49 units at Icon Brickell have sold since LeBron's announcement, and July sales for downtown were nearly double the number in June.
"I've had friends from South America call and tell me they'll buy an apartment," he says, "but only if I can find them Heat tickets first."
Source: http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-lebron-james-national-basketball-association-nba-miami-heat-miami-new-time-russell-wright-marquis-condos-penni-chasens-cervera-real-estate-2994.php
Posted by Alex Finkelstein 08/13/10 8:00 AM EST
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.
Monday, August 16, 2010
Thursday, August 12, 2010
Cleveland and Miami feeling The LeBron Effect
Edgardo Defortuna, head of Fortune International Realty, says the LeBron effect is real but hard to quantify. He says 49 units at Icon Brickell have sold since LeBron's announcement, and July sales for downtown were nearly double the number in June. "I've had friends from South America call and tell me they'll buy an apartment," he says, "but only if I can find them Heat tickets first."
HoopsVibe’s Very Quick Call: Cleveland hates him. Miami loves him. Just not for the obvious reason.
Sure LeBron James’ migration from Ohio to Florida will impact the Cavaliers and Heat’s on-court fortunes. The Cavs’ are now rebuilding; the Heat are now contenders.
Forget wins and losses. Forget the standings, playoffs, and quest to dethrone the two-time world champion Los Angeles Lakers.
James’ greatest impact may be on the Cleveland and Miami economies. After all, The King guarantees a sold-out building, which also means busy restaurants and pubs, full hotels, and, most importantly, the national spotlight.
Cleveland lost all of that. Their loss is Miami’s gain.
The Heat have already filled their building for the year. South Beach is buzzing. And now there are reports the struggling Florida real estate market is heating (pardon the pun) up.
All of this magnifies the poor manner in which James handled his free agency. Cleveland and Miami will be feeling the impact - good or bad - of The Decision for years to come.
Source: http://www.hoopsvibe.com/nba-news-and-rumors/articles/105347-cleveland-and-miami-feeling-the-lebron-effect
Oly Sandor.
HoopsVibe’s Very Quick Call: Cleveland hates him. Miami loves him. Just not for the obvious reason.
Sure LeBron James’ migration from Ohio to Florida will impact the Cavaliers and Heat’s on-court fortunes. The Cavs’ are now rebuilding; the Heat are now contenders.
Forget wins and losses. Forget the standings, playoffs, and quest to dethrone the two-time world champion Los Angeles Lakers.
James’ greatest impact may be on the Cleveland and Miami economies. After all, The King guarantees a sold-out building, which also means busy restaurants and pubs, full hotels, and, most importantly, the national spotlight.
Cleveland lost all of that. Their loss is Miami’s gain.
The Heat have already filled their building for the year. South Beach is buzzing. And now there are reports the struggling Florida real estate market is heating (pardon the pun) up.
All of this magnifies the poor manner in which James handled his free agency. Cleveland and Miami will be feeling the impact - good or bad - of The Decision for years to come.
Source: http://www.hoopsvibe.com/nba-news-and-rumors/articles/105347-cleveland-and-miami-feeling-the-lebron-effect
Oly Sandor.
Wednesday, August 11, 2010
Miami Existing Home Sales Rise, Home Prices Edge Up in 2Q
Miami, FL (Vocus) August 11, 2010
In the Miami Metropolitan Statistical Area (MSA), sales of homes – including existing single-family homes and condominiums – increased 27 percent in the second quarter of 2010 compared to the second quarter of 2009 and 53 percent compared to the second quarter of 2008. This rise marks eight consecutive quarters of increasing sales according to the MIAMI REALTORS. Sales of all residential property types have increased consistently since August 2008 in the Miami MSA.
Miami sales of existing single-family homes increased 10 percent in the second quarter of 2010 from a year earlier and 89 percent from two years ago. The sales of existing condominiums in Miami surged 45 percent, compared to the second quarter of 2009 and 99 from the second quarter in 2008. Statewide sales of single-family homes and condominiums increased 21 percent and 45 percent respectively.
“These quarterly figures reflect the fact that the South Florida real estate market continues to strengthen and stabilize,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI REALTORS. “Sales of condominiums have really taken off as buyers and investors take advantage of record affordability conditions. This will result in much needed inventory absorption, which will further enhance the local market’s performance.”
Median Sales Prices
Median sales prices of single-family homes increased slightly while condominiums decreased slightly in the second quarter of 2010, mainly due to the increased number of foreclosures and short sales. The median sales price for single-family homes reported in Miami-Dade in the second quarter of 2010 was $197,200, a one percent increase from the second quarter of 2009. The median sales price for condominiums was $128,100, an eight percent decrease from the previous year. Statewide, median sales prices dropped one percent to $141,300 for single-family homes and 10 percent to $98,900 for condominiums.
Inventory Levels
Total housing inventory in Miami-Dade County has decreased 10 percent from a year ago and increased 4.4 percent from the previous quarter. In Broward County, inventory has decreased 14 percent from a year ago and increased 3.3 percent from the previous quarter.
“Housing inventory continues to drop year-over-year, but we’re seeing the total inventory rise slightly month-to-month in the short-term,” said Oliver Ruiz, MIAMI REALTORS Residential President. “The good news is that we continue to experience rising sales and stabilizing prices. We expect the local market’s fortitude to be sustained long-term by international, vacation, and second home buyers in addition to other U.S. buyers who want to experience the enviable local lifestyle.”
In the Miami Metropolitan Statistical Area (MSA), sales of homes – including existing single-family homes and condominiums – increased 27 percent in the second quarter of 2010 compared to the second quarter of 2009 and 53 percent compared to the second quarter of 2008. This rise marks eight consecutive quarters of increasing sales according to the MIAMI REALTORS. Sales of all residential property types have increased consistently since August 2008 in the Miami MSA.
Miami sales of existing single-family homes increased 10 percent in the second quarter of 2010 from a year earlier and 89 percent from two years ago. The sales of existing condominiums in Miami surged 45 percent, compared to the second quarter of 2009 and 99 from the second quarter in 2008. Statewide sales of single-family homes and condominiums increased 21 percent and 45 percent respectively.
“These quarterly figures reflect the fact that the South Florida real estate market continues to strengthen and stabilize,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI REALTORS. “Sales of condominiums have really taken off as buyers and investors take advantage of record affordability conditions. This will result in much needed inventory absorption, which will further enhance the local market’s performance.”
Median Sales Prices
Median sales prices of single-family homes increased slightly while condominiums decreased slightly in the second quarter of 2010, mainly due to the increased number of foreclosures and short sales. The median sales price for single-family homes reported in Miami-Dade in the second quarter of 2010 was $197,200, a one percent increase from the second quarter of 2009. The median sales price for condominiums was $128,100, an eight percent decrease from the previous year. Statewide, median sales prices dropped one percent to $141,300 for single-family homes and 10 percent to $98,900 for condominiums.
Inventory Levels
Total housing inventory in Miami-Dade County has decreased 10 percent from a year ago and increased 4.4 percent from the previous quarter. In Broward County, inventory has decreased 14 percent from a year ago and increased 3.3 percent from the previous quarter.
“Housing inventory continues to drop year-over-year, but we’re seeing the total inventory rise slightly month-to-month in the short-term,” said Oliver Ruiz, MIAMI REALTORS Residential President. “The good news is that we continue to experience rising sales and stabilizing prices. We expect the local market’s fortitude to be sustained long-term by international, vacation, and second home buyers in addition to other U.S. buyers who want to experience the enviable local lifestyle.”
Monday, August 9, 2010
South Florida sees annual gain in pending home sales
Pending home sales in South Florida dropped slightly last month from their June levels but rose significantly over July 2009, according to Miami Realtors. In Miami-Dade County, sales rose to 10,113 last month, a 40.5 percent increase over last year, while in Broward County they rose 25.4 percent year-over-year to 7,830. In each county, the data, which includes both single-family houses and condominiums, represents a slight drop -- 2.4 percent in Miami-Dade and 2.5 percent in Broward -- from the month before. Condo sales were stronger than those of single-family houses, rising 59 percent year-over-year in Miami-Dade and 39.4 percent in Broward. For the same period of time, single-family homes rose by just 22 percent in Miami-Dade and 11.7 percent in Broward. "We are encouraged by the statistics for pending home sales in the South Florida real estate market even after the expiration of the homebuyer tax credit," said Jack Levine, 2010 chairman of the Board of the Miami Realtors group. "While the number of pending sales has dropped slightly month-over-month, they are still significantly higher than they were a year ago. Furthermore, we continue to observe the strengthening of the local market in a neighborhood-specific manner, as evidenced by multiple bids on non-distressed properties in some areas." TRD
Source: http://therealdeal.com/miami/articles/31292/elert
Source: http://therealdeal.com/miami/articles/31292/elert
Thursday, August 5, 2010
For South Florida Real Estate Market, a hopeful sign
South Florida's housing sector asserted its independence from national trends in July as a key measure of the real estate market improved year-over-year, with the region's international buyers and still-drooping prices propping up the local housing market.
In July, pending home sales in Miami-Dade County stood at 10,113, up 40.5 percent from July of 2009, according to figures released Tuesday by the Miami Realtors. In Broward, pending sales stood at 7,830 in July, up 25.4 percent from a year earlier.
Pending home sales refer to the number of housing contracts that have been signed, and offer an early indicator of sales activity because typical sales have a one- to two-month lag between a sales contract and a completed deal.
South Florida sizes up well when compared to the national picture, where the pending home sales index hit a record low 75.7 in June, according to the National Association of Realtors. It was the second monthly falloff after the April 30 deadline to enter the federal homebuyer tax credit program, with June's pending sales down nearly 19 percent from the same month a year earlier.
The local market hasn't been completely immune from the post-tax-credit slump. In the past three months, pending home sales are down 3.2 percent in Miami-Dade and down 5.1 percent in Broward.
``We are encouraged by the statistics for pending home sales in the South Florida real estate market even after the expiration of the homebuyer tax credit,'' Jack H. Levine, chairman of the board of the Miami Realtors, said in a statement. ``While the number of pending sales has dropped slightly month-over-month, they are still significantly higher than they were a year ago.''
With financing still difficult to obtain, all-cash buyers and deep discounts on distressed properties are propping up sales, said Peter Zalewski, a principal at Bal-Harbour-based Condo Vultures.
About 60 percent of South Florida sales have gone to foreign buyers, who are more likely to pay with cash and were never eligible for the tax credit.
Additionally, more than half of recent sales in Miami-Dade and Broward counties involve short sales or bank-owned home sales. In the last 12 months, the number of bank-owned condos and single-family homes sold has more than doubled.
A short sale occurs when a home is sold for a price that is less than the value of the outstanding mortgage. In what has become a notoriously lengthy process, both the seller and the bank must agree to the price.
Banks have recently become more willing to allow sellers to pursue short sales, which now account for one in four South Florida sales.
There were 944 short sales in Miami-Dade and Broward in June, up from only 379 a year earlier, according to analysis by Esslinger-Wooten-Maxwell Realty.
That's a reason to be cautious while interpreting pending homes sales data in a market like South Florida's, said Doug DeWitt, Miami-based real estate broker.
Many short sale contracts are rejected by the bank after a seller agrees to sell for a price below what they owe, meaning those pending sales don't lead to closings.
Additionally, because short sales take months to process, many remain in the ``pending'' stage longer than normal, boosting pending sales numbers for multiple months.
In Miami-Dade County, more than half of the pending single-family home sales on the Multiple Listing Service are short sales, said DeWitt.
``I'd say at least half of those are not going to close,'' he said. ``I would say stick to the actual closed sales to make the true comparison, because there's a lot of different ways that these pending sales can fall through.''
The increasing number of short sales and bank-owned properties coming to market has put downward pressure on prices in South Florida, said Jack McCabe, chief executive of McCabe Research & Consulting in Deerfield Beach. In June, median prices of existing homes stood at $203,300 in Miami-Dade, down about 4 percent from the same month a year earlier. Median existing condo prices, at $128,000, were down about 9 percent in Miami-Dade.
``When you're in a neighborhood that has two foreclosures and a short sale that are priced $50,000 or $75,000 below what you thought you could get for your home, you do not set the barometer for the other [home] prices,'' McCabe said. ``They set the prices for you.''
Tejus Karia, who has been trying to sell his Davie townhouse for eight months, has cut prices multiple times.
He has slashed the price on the three-bedroom, from $185,000 to $165,000 to draw in buyers but didn't get a single offer. He recently decided to rent it instead.
Zalewski said many sellers are coming to accept the new, lower pricing levels being dictated by the market, and are acting accordingly.
According to a report by Trulia, one in five home sellers in the Miami area slashed prices last month, with an average reduction of 13 percent.
Karia said the main obstacle for most of his buyers was the lack of financing: ``Nobody could come up with the money. The banks aren't lending money, and that's going to leave a lot of these houses in limbo.''
Source: http://www.miamiherald.com/2010/08/03/v-fullstory/1760066/for-s-fla-market-a-hopeful-sign.html
By TOLUSE OLORUNNIPA
tolorunnipa@MiamiHerald.com
In July, pending home sales in Miami-Dade County stood at 10,113, up 40.5 percent from July of 2009, according to figures released Tuesday by the Miami Realtors. In Broward, pending sales stood at 7,830 in July, up 25.4 percent from a year earlier.
Pending home sales refer to the number of housing contracts that have been signed, and offer an early indicator of sales activity because typical sales have a one- to two-month lag between a sales contract and a completed deal.
South Florida sizes up well when compared to the national picture, where the pending home sales index hit a record low 75.7 in June, according to the National Association of Realtors. It was the second monthly falloff after the April 30 deadline to enter the federal homebuyer tax credit program, with June's pending sales down nearly 19 percent from the same month a year earlier.
The local market hasn't been completely immune from the post-tax-credit slump. In the past three months, pending home sales are down 3.2 percent in Miami-Dade and down 5.1 percent in Broward.
``We are encouraged by the statistics for pending home sales in the South Florida real estate market even after the expiration of the homebuyer tax credit,'' Jack H. Levine, chairman of the board of the Miami Realtors, said in a statement. ``While the number of pending sales has dropped slightly month-over-month, they are still significantly higher than they were a year ago.''
With financing still difficult to obtain, all-cash buyers and deep discounts on distressed properties are propping up sales, said Peter Zalewski, a principal at Bal-Harbour-based Condo Vultures.
About 60 percent of South Florida sales have gone to foreign buyers, who are more likely to pay with cash and were never eligible for the tax credit.
Additionally, more than half of recent sales in Miami-Dade and Broward counties involve short sales or bank-owned home sales. In the last 12 months, the number of bank-owned condos and single-family homes sold has more than doubled.
A short sale occurs when a home is sold for a price that is less than the value of the outstanding mortgage. In what has become a notoriously lengthy process, both the seller and the bank must agree to the price.
Banks have recently become more willing to allow sellers to pursue short sales, which now account for one in four South Florida sales.
There were 944 short sales in Miami-Dade and Broward in June, up from only 379 a year earlier, according to analysis by Esslinger-Wooten-Maxwell Realty.
That's a reason to be cautious while interpreting pending homes sales data in a market like South Florida's, said Doug DeWitt, Miami-based real estate broker.
Many short sale contracts are rejected by the bank after a seller agrees to sell for a price below what they owe, meaning those pending sales don't lead to closings.
Additionally, because short sales take months to process, many remain in the ``pending'' stage longer than normal, boosting pending sales numbers for multiple months.
In Miami-Dade County, more than half of the pending single-family home sales on the Multiple Listing Service are short sales, said DeWitt.
``I'd say at least half of those are not going to close,'' he said. ``I would say stick to the actual closed sales to make the true comparison, because there's a lot of different ways that these pending sales can fall through.''
The increasing number of short sales and bank-owned properties coming to market has put downward pressure on prices in South Florida, said Jack McCabe, chief executive of McCabe Research & Consulting in Deerfield Beach. In June, median prices of existing homes stood at $203,300 in Miami-Dade, down about 4 percent from the same month a year earlier. Median existing condo prices, at $128,000, were down about 9 percent in Miami-Dade.
``When you're in a neighborhood that has two foreclosures and a short sale that are priced $50,000 or $75,000 below what you thought you could get for your home, you do not set the barometer for the other [home] prices,'' McCabe said. ``They set the prices for you.''
Tejus Karia, who has been trying to sell his Davie townhouse for eight months, has cut prices multiple times.
He has slashed the price on the three-bedroom, from $185,000 to $165,000 to draw in buyers but didn't get a single offer. He recently decided to rent it instead.
Zalewski said many sellers are coming to accept the new, lower pricing levels being dictated by the market, and are acting accordingly.
According to a report by Trulia, one in five home sellers in the Miami area slashed prices last month, with an average reduction of 13 percent.
Karia said the main obstacle for most of his buyers was the lack of financing: ``Nobody could come up with the money. The banks aren't lending money, and that's going to leave a lot of these houses in limbo.''
Source: http://www.miamiherald.com/2010/08/03/v-fullstory/1760066/for-s-fla-market-a-hopeful-sign.html
By TOLUSE OLORUNNIPA
tolorunnipa@MiamiHerald.com
Wednesday, August 4, 2010
Miami home prices rise slightly
Miami home prices rose 0.9 percent in May, according to the latest Standard & Poor's/Case Shiller Home Price Index, after a 0.8 percent drop in April. Year-over-year, home prices in Miami were up 1.2 percent, while the 10-city nationwide composite was up 5.4 percent. Last week, Florida Realtors reported that sales of existing single-family homes were up 15 percent statewide in June -- the 22nd consecutive month that sales activity went up. The median existing home price in Florida was $143,000 in June, a 2.1 percent jump over May's price of $140,400
Source: http://therealdeal.com/miami/articles/31054/elert
Source: http://therealdeal.com/miami/articles/31054/elert
Monday, August 2, 2010
The Merger is Final - Congratulations to Us!
Congratulations to Us - The Merger is Final
We are now THE largest association in the U.S.
The REALTOR® Association of Greater Miami and the Beaches (RAMB) and the REALTOR® Association of Miami-Dade County (RAMDC) have joined forces and are now the nation's largest REALTOR® Association. This historic merger brings together two of NAR's largest REALTOR®
associations, creating a combined association positioned to lead in an increasingly competitive and global real estate marketplace. Superior service to you, our members, expanded access to unparalleled marketing tools, a global network of more than 60 partner organizations around the world and educational programming for your profitability will provide long-term value for you and our more than 23,000 members. The new association will be named MIAMI Association of REALTORS® (MIAMI) upon approval from NAR on August 31st.
Jack H. Levine, Levine Realty, is the new Chairman of the Board through December 31, 2011. Oliver Ruiz, Managing Broker for Fortune International Realty serves as President of the Residential Board of Governors, President-Elect is Patricia Delinois, Broker-Owner, Century 21 Premier Elite Realty. Ronald Kohn, Kohn Commercial, is President of the Commercial Board of Governors and Betty Gonzalez, Keyes Company REALTORS®, is President-Elect. The Broward Board of Governors will be led by President Terri Bersach, Managing Broker, Coldwell Banker, Weston and President-Elect Natascha Tello, Broker-Owner, Keller Williams Realty Partners SW. Teresa King Kinney, CAE is the Chief Executive Officer.
5 locations will include the MIAMI headquarters at 700 S. Royal Poinciana Boulevard, Coral Gables, North Miami, Aventura Area, and Plantation, providing enhanced association services where our members live, work and play. The association website for both members and consumers is www.Miamire.com.
Once again, congratulations to us - the merger is final and we are NOW the largest REALTOR® association in the nation.
Thank you for your loyalty, support and most of all...for being our members.
We are MIAMI
We are now THE largest association in the U.S.
The REALTOR® Association of Greater Miami and the Beaches (RAMB) and the REALTOR® Association of Miami-Dade County (RAMDC) have joined forces and are now the nation's largest REALTOR® Association. This historic merger brings together two of NAR's largest REALTOR®
associations, creating a combined association positioned to lead in an increasingly competitive and global real estate marketplace. Superior service to you, our members, expanded access to unparalleled marketing tools, a global network of more than 60 partner organizations around the world and educational programming for your profitability will provide long-term value for you and our more than 23,000 members. The new association will be named MIAMI Association of REALTORS® (MIAMI) upon approval from NAR on August 31st.
Jack H. Levine, Levine Realty, is the new Chairman of the Board through December 31, 2011. Oliver Ruiz, Managing Broker for Fortune International Realty serves as President of the Residential Board of Governors, President-Elect is Patricia Delinois, Broker-Owner, Century 21 Premier Elite Realty. Ronald Kohn, Kohn Commercial, is President of the Commercial Board of Governors and Betty Gonzalez, Keyes Company REALTORS®, is President-Elect. The Broward Board of Governors will be led by President Terri Bersach, Managing Broker, Coldwell Banker, Weston and President-Elect Natascha Tello, Broker-Owner, Keller Williams Realty Partners SW. Teresa King Kinney, CAE is the Chief Executive Officer.
5 locations will include the MIAMI headquarters at 700 S. Royal Poinciana Boulevard, Coral Gables, North Miami, Aventura Area, and Plantation, providing enhanced association services where our members live, work and play. The association website for both members and consumers is www.Miamire.com.
Once again, congratulations to us - the merger is final and we are NOW the largest REALTOR® association in the nation.
Thank you for your loyalty, support and most of all...for being our members.
We are MIAMI
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