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Archive for the 'Market Trends' Category

South Florida’s Next Condo Boom – Sunny Isles Beach

South Florida’s Next Condo Boom – Sunny Isles BeachSunny Isles Beach FL

According to the Miami Herald, Sunny Isles Beach, a city created only 15 years ago on a stretch of beach that was dominated by theme-oriented boutique hotels built in the 1950s, is emerging as the epicenter of South Florida’s next condo boom.

Developers are proceeding with at least six condo towers with at least 530 luxury units to be constructed in a community that stretches less than 40 blocks along Collins Avenue.  The number of proposed new condo towers in Sunny Isles Beach is expected to increase in the upcoming months as developers have recently purchased an additional four condo sites.

Unlike the last South Florida condo boom, lenders are not yet willing to finance condo construction projects, thereby forcing developers to build using their own money combined with payments from contracted buyers.

The city of Sunny Isles Beach could see its total number of condos increase by more than 1,200 units with the latest boom.

Read more here: http://www.miamiherald.com/2012/07/22/v-fullstory/2907525/sunny-isles-beach-emerging-as.html#storylink=cpy#storylink=cpy

I hope this information is useful to you. Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

South Florida Residential Inventory

South Florida Residential Inventory

South Florida 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. — Christopher Cameron

I hope you find this information useful.  Contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

What’s Happening in Florida’s Housing Market?

What’s Happening in Florida’s Housing Market?

In this Market Minute, Florida Realtors® Chief Economist Dr. John Tuccillo updates you on the state’s latest housing statistics and provides insight into what the numbers really mean.

I hope you find this information useful.  Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Is The Housing Market Recovering?

Is The Housing Market Recovering?Housing Market

Realtor.com Real Estate Trend Data – April 2012

National Trends– As the 2012 spring home buying season comes into full swing key indicators continue to suggest the housing market may be at a turning point and headed towards a broad-based recovery. The total US for-sale inventory of single family homes, condos, townhomes and co-ops (SFH/CTHCOPS) now stands at 1.84 million units, down -18.85% in April 2012 compared to a year ago, and well below its peak of 3.10 million units observed in September 2007 when Realtor.com began tracking these data. The median age of the inventory fell by -11.57% on a year-over-year basis, from 95 days in April 2011 to 84 days in April 2012, while the median list price–$191,211—has remained essentially stable for more than a year.

Many Florida markets have cleared out much of their excess inventories and appear to be in recovery mode, while other hard-hit areas – Phoenix and California — show early signs of recovery. However, some Midwest and Northeast markets are losing ground as weak local economies take their toll. Lower inventories, combined with faster moving markets and relatively stable median listing prices are indicative of the kind of balanced housing market that has not been seen in many years.

Read more: Realtor.com Real Estate Trend Data – April 2012 | REALTOR.com® Blogs

Contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: 1 Comment »

Home Prices Rise in Half of U.S. Cities as Markets Stabilize

Home Prices Rise in Half of U.S. Cities as Markets Stabilize

May 7 (Bloomberg) — Michelle Meyer, a senior economist at Bank of America Merrill Lynch, talks about the U.S. economy and real estate market. She speaks with Tom Keene on Bloomberg Television’s “Surveillance Midday.” (Source: Bloomberg)

I hope this information is useful to you.  Contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Pending Home Sales on the Rise

Pending Home Sales on the Rise

I hope this information is useful to you.  Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Housing Outlook Continues to Brighten, Say Economists

Housing Outlook Continues to Brighten, Say EconomistsHousing Market

Mirroring the uneven economic recovery, the housing market is expected to move in a slow, gradual upward path in 2012, while encountering its share of speed bumps along the road, according to economists participating in yesterday’s National Association of Home Builders (NAHB) construction forecast webinar on the housing and economic outlook.

While the latest monthly housing data have shown signs of a slight softening, NAHB Chief Economist David Crowe said this is more reflective of typical month-to-month volatility in the numbers and unusual seasonal factors than they are an indication of any significant downward trend in the broader housing market.

“The aggregate information suggests we’re just in a pause mode right now in terms of these measures,” said Crowe, who noted this could partly be the result of an early spring that brought much better weather than usual into the picture at the start of this year and pulled some housing activity forward.

Pointing out that less volatile quarterly data have continued to show modest improvement in key housing indicators such as builder sentiment, new-home sales and housing production, Crowe said the “housing outlook continues to slowly brighten.”

Crowe noted that numerous other fundamentals remain positive for housing at this time, including demographic factors (with pent-up household demand expected to ramp up and echo-boomers heading into their prime household formation ages), historically favorable mortgage rates that are not expected to move higher than 5 percent by the end of next year, more than 100 local markets currently listed on the NAHB/First American Improving Markets Index, and the fact that house price-to-income ratio has now returned to its historical average of about three-to-one versus the nearly five-to-one to which it had previously risen during the height of the housing boom.

However, he cautioned that housing still continues to face formidable challenges of its own such as rising foreclosures, persistently tight lending standards for homebuyers and builders and difficulties in obtaining accurate appraisals. Moreover, disappointing job growth numbers in March and uncertainty in the European economy are undermining prospects for a vigorous recovery.

“No one is anticipating that an upward path for housing will run in a straight-line trajectory,” said Crowe. “The economy is in an uneven recovery and Read the rest of this entry »

Written by Michael Solovay | Discussion: 73 Comments »

South Florida Residential Inventory

South Florida Residential Inventory

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.

I can assist you with all your South Florida real estate needs. Contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: 1 Comment »

Foreclosures Trending Downward

Foreclosures Trending Downward

New figures show that foreclosures are down nationwide.  There were 830,000 foreclosures completed in 2011 compared to 1.1 million in 2010.  Florida had the most homes in the foreclosure process, almost 12% of all mortgaged homes.

I hope this information is useful to you.  Contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

South Florida Home Prices On The Rise

South Florida Home Prices On The Rise

Home values in Palm Beach, Broward and Miami-Dade counties inched up 0.2% from November, according to the Standard & Poor’s/Case-Shiller home price index.  In the rest of the nation home prices in 2011 ended on a downer.  In South Florida, the number of homes for sale has declined sharply over the past year.

Case-Shiller’s “Miami” real estate index was one of only two to increase between November and December.  While still down about 3% from a year ago, the December yearly decline was the lowest for 2011.

Case Shiller South Florida

The monthly gain for December was up a measly . 2%.  But, out of the 20 metropolitan areas tracked by Case-Shiller, only Phoenix joined Miami in showing an increase in December.

Competition among buyers is heating up which is helping to stabilize prices in some areas.  Case-Shiller is one of the most respected measures of home prices because it tracks the price of the same house over time.

Let me assist you with all your South Florida real estate needs.  Contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

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