Miami’s Luxury Condo Market Surges

Foreign buyers acquired more $1 million condos in 2011 than in the last year of the South Florida real estate boom in 2006, according to analysis of data from the Southeast Florida Multiple Listing Service Database.

Buyers purchased nearly 590 condos for at least $1 million each in 2011 after acquiring less than 500 high-priced units in 2006.

The 2011 luxury condo resale activity represents a 29% increase from 2010 when fewer than 460 units were purchased for at least $1 million each in Miami.

At the top of the list for the most expensive condo resale in the year 2011 is a penthouse in the Setai Resort & Residences in Miami Beach that sold for $21.5 million.  Buyers also paid $11.5 million for a penthouse in the Apogee condominium and $10.6 million for a high-floor unit in the Continuum On South Beach.

Nearly 20 ultra-luxury condominium units are on the resale market for at least $10 million each with one unit asking $38 million in Bal Harbour.

At least 5 new luxury condo towers are planned or under construction in Miami-Dade County where the proposed sales prices are expected to exceed $1 million each.

For more information on South Florida real estate please contact me at (305) 329-4929 or solovay.m@ewm.com.

Miami, FL Is Number One

Miami, FL is the number one town on REALTOR.com’s Q4 Top 10 Turnaround Towns Report.  According to the Miami Association of Realtors, sales of existing single family homes in the Miami Metropolitan Area increased 51% in the 3rd quarter compared to a year ago.  Miami has half as many properties in Realtor.com’s inventory of listings as it had a year ago.  Also, Miami continues to be a hot market for international buyers.  In May, international buyers purchased about 60% of the existing houses and condos and 90% of the newly built homes in Miami.  According to the experts, Miami, one of the hardest hit foreclosure markets, is on its way back.

Fort Lauderdale, FL made the list as well coming in at number eight.  The list also includes several other Florida cities.

I can help you with all your South Florida real estate needs.  Contact me at (305) 329-4929 or solovay.m@ewm.com.

SEPTEMBER – 2011 Housing Trends Newsletter by Michael Solovay

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

Please click on this link to view the Housing Trends SEPTEMBER – 2011 Newsletter http://southflorida911.housingtrendsenewsletter.com

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.

Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports.

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report: http://southflorida911.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.

You can always contact me at (305) 329-4929 or solovay.m@ewm.com.

JULY – 2011 Housing Trends Newsletter by Michael Solovay

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

Please click on this link to view the Housing Trends JULY – 2011 Newsletter http://southflorida911.housingtrendsenewsletter.com

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.

Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports.

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report: http://southflorida911.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you.  I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.

You can contact me at (305) 329-4929 or solovay.m@ewm.com.

Summer 2011 Real Estate Market Update

This real estate market update is presented by Ron Shuffield, President of EWM Realtors.  Today’s great values, which are truly half those 5 or 6 years ago,  are one reason why sales have taken off so much in 2011.  However, since January 2011 we have begun to see an increase in our prices, month after month.

Click here to view the embedded video.

Median Prices

Single Family Homes: Miami-Dade County

• January 2011  $150,000

• May 2011 – $180,000

Single Family Homes: Broward County

• January 2011 – $165,000

• May 2011 – $190,000

Condominiums: Miami-Dade County

• January 2011 – $90,000

• May 2011 – $124,000

Condominiums: Broward County

• January 2011 – $68,000

• May 2011 – $78,000

This is the best time to purchase real estate in South Florida in the past 6 years.

For more information on the South Florida real estate market please contact me at (305) 329-4929 or solovay.m@ewm.com.

Where Did The Buyer Find The House?

In a report, Profile of Home Buyers and Sellers, by the National Association of Realtors (NAR) the NAR reported:

The majority of Buyers found the home of their dreams online, while less than 2% found it through newspaper ads.

Wonder why the real estate advertising in the newspaper has decreased so much?  This is the reason why.  Newspapers don’t sell houses.  The majority of property buyers, 83% according to the NAR, purchased their homes through a real estate professional, and 88% of sellers used a real estate agent in their sales transaction.

Be sure to read my real estate blog: www.WhatsThePointofAventura.com and visit my website at www.LuxuryProperties4U.com.

For more information please contact me at (305) 329-4929 or solovay.m@ewm.com.

How’s the Real Estate Market in YOUR Area?

Subscribe to my Real-Time Market Report.  It’s all about what’s going on right now and it’s free!

Learn about price trends, supply and demand and leading indicators.  Better real estate market information helps you make your decisions with confidence!

It’s FREE! Click here to register and we’ll get you my Real-Time Market Report today!

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Median Price for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is $799,000

Inventory for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is 55

Average Days on Market for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is 253

Median Price per Sqft for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is $261

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Median Price for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is $357,539

Inventory for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is 892

Average Days on Market for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is 244

Median Price per Sqft for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is $246

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Condo Prices for Aventura, FL vs. Miami-Dade County