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Archive for the 'Market Trends' Category

Real Estate Market Report – Aventura Single Family Homes

Aventura, FL  33180 – Single Family Homes as of 7/03/09

Real Estate Market Report

This Week

The median single family home price in Aventura 33180 this week is $497,450.  Inventory has been tightening and days-on-market increasing recently.  The Market Action Index (MAI) has been basically flat.

Price

Again this week we see a downward notch for prices.  Pricing has been weak in recent weeks and versus their absolute-high level.  We will be looking for a persistent upward ship in the MAI as a leading indicator for a trough in prices.

Price and Value

The market’s downward trends are shared across both price and value.  People are recently placing less value on homes (you can see the recent declines in price per square foot as evidence).  Look for significant changes in the MAI as a precursor to price and value changes.

Inventory

Inventory has been falling in recent weeks with 60 properties available this week.

Market Action Index

Aventura 33180 is quite strongly in the Buyer’s Market zone.  The 90-day MAI stands at 15.

Days On Market

The properties have been on the market for an average of 262 days.  Half of the listings have come newly on the market in the past 231 or so days.  Watch the 90-day DOM trend for signals of a changing market.

The Real Estate Market Report is posted on a weekly basis.  Look for updates in the coming weeks.  For more information contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: 3 Comments »

Real Estate Market Report – Aventura Condominiums

Aventura, FL  33180 – Condos & Townhomes as of 7/03/09

Real Estate Market Report - Aventura, FL  33180

This Week

The median condominium price in Aventura 33180 this week is $360,000.  Inventory has been tightening and days-on-market increasing recently.  The Market Action Index (MAI) has been basically flat.

Price

Recently price has settled at a plateau even though they dipped this week.  Look for a persistent up-shift in the MAI before we see prices significantly move from these levels.

Inventory

Inventory has been Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

Condominium Real Estate Market Report for Aventura, FL

Aventura, FL  33180 – Condominiums & Townhomes as of 6/19/09

Condo Market Report as of 6/19/09

This Week

The median condominium price in Aventura 33180 is $360,000.  Inventory has been tightening and days-on-market increasing recently.  The Market Action Index (MAI) has been basically flat, not providing strong indication for market conditions.

Price

This week we again see Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

Single Family Home Real Estate Market Report for Aventura, FL

Aventura, FL 33180 – Single Family Homes as of 6/19/09

Market Update for Single Family Homes in Aventura, FL

This Week

The median single family home price this week is $722,000.  Inventory has been tightening and days-on-market increasing recently.  The Market Action Index has been basically flat, not providing strong indication for market conditions.

Price

This week saw relatively little price change from last week, however, we continue to demonstrate a nice up trend over the last several weeks.

Price and Value

The market appears to be Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

Real Estate Market Report Aventura, FL

Aventura Real Estate – Condominiums

Aventura, FloridaThere are currently 1,726 condominiums listed for sale in Aventura.

  • Highest priced listing: $6,000,000 (3 BR 6 BA at Towers of Porto Vita-North)
  • Lowest priced listing: $59,900 (1 BR 1 BA at Point East)
  • Pending sales: 244
  • Closed sales in the past 30 days: 73
    • (the highest sale price of $1,650,000 for 5 BR 5 1/2 BA in Bella Mare and the lowest sale price of $50,500 for 1 BR 1 BA in Point East)

_________________________

Now take a look at the market by quartiles.  Each quartile is 25% of the homes.

Characteristics Per Quartile

For more information contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Market Update for Aventura, FL: 33180

Condominiums Report for the week of 6/5/09

median-price-condo-33180-6-5-091

Median Price: This week the median condominium price in Aventura 33180 is $364,500.  We continue to see prices in this zip code bouncing around this plateau.  Look for a persistent upshift in the Market Action Index before we see prices move from these levels

inventory-condo-33180-6-5-09Inventory in 33180: Inventory has been falling in recent weeks.  Note that declining inventory alone does not signal a strengthening market.  Look to the Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

What Is A Short Sale?

Short Sales

short saleI work with clients from all over the United States.  In addition, many of my clients are from a foreign country. I have noticed that many people are confused about what exactly is a “Short Sale.”

A Short Sale is a situation where the net proceeds from the sale of a property are less than what is owed to the bank or mortgage company.  The Seller will receive no funds from the sale and all lien holders must agree to the transaction.  The mortgage company’s goal is to get the highest amount they can in order to reduce their loss.  The negotiation can take a good amount of time, and it is not uncommon for the process to take 60 – 90 days.  It is very important that both the Buyer and Seller be aware of this.  If a Buyer wants or needs to move quickly then they should not consider a Short Sale.   “Short sales should be called Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

Market Report: Aventura, Florida 33180

Condo Report for week ending 5/31/09

Aventura 33180 5/31/09

Condo 33180

Condo 33180

Sign up for your own Market Report by clicking on the Local Stats tab above, then fill out the request form to get the market report for the zip code of your choice.  You can always contact me at (305) 329-4929 or [email protected] for more information.

Written by Michael Solovay | Discussion: No Comments »

Mortgage Rates Jump ~ Should You Lock?

breaking-news-miami-mortgageIn one of the worst days the mortgage backed securities market has ever witnessed the price of the Fannie Mae and Ginnie Mae 4.5% coupons dropped off a cliff pushing mortgage rates to their highest levels since November of 2008.  Many lenders issued 4 or 5 rates sheets during the course of the day with each subsequent rate sheet indicating higher rates.

This melt down may adversely effect the Fed’s effort to stabilize the housing market by artificially keep mortgage rates low but we need to let the dust settle before panic sets in.  The Fed has at it’s disposal several tools which it can employ to keep mortgage rates at current levels.

By the end of the day 30 year fixed rates for well qualified buyers were at about 5.25% with no points.  To keep things in perspective prior to the Fed’s buying program the historic low for 30 year fixed rates was 5.125% so we are still in very good shape.

If you or one of your clients is buying or refinancing a home it will be very important to contact your mortgage banker who should  proactively be managing your rate lock.

Written by | Discussion: No Comments »

Real Estate Market Update: Golden Pointe Townhomes, Aventura FL

Golden Pointe Townhomes

Golden Pointe Townhomes, Aventura FL 33180Located along the intracoastal waterway in northeastern Miami-Dade County FL, Golden Pointe consists of 79 townhomes, a 24-hr manned security gate, community swimming pool, brick paver streets and driveways.  The community was built in 1988.  There are 2 and 3 story units with 1 and 2 car garage, some with private elevators. Many of the properties have water views, and all of them have private patios for entertaining.

The community offers 4 unique floor plans:

  • A plan – 3 bedrooms 2 1/2 baths, 1-car garage, 1,900 sq ft
  • B plan – 4 bedrooms 4 baths + family room, elevator, 1-car garage, 2,860 sq ft
  • C plan – 4 bedrooms 2 1/2 baths, 2-car garage, 2,505 sq ft
  • D plan – 3 bedrooms 3 baths + family room, 1-car garage, 2,180 sq ft

There are currently 4 units for sale in Golden Pointe with prices ranging from $698,000 to $850,000.

[nggallery id=13]

During the past 12 months there were 2 sales with the following statistics:

  • average selling price: $445,000 (non-waterfront)
  • average sale price per square foot: $195.61 (non-waterfront)
  • average square footage: 2,505
  • sale price to list price ratio: 86.32%
  • highest sale price: $490,000 (non-waterfront)
  • lowest sale price: $400,000 (non-waterfront, foreclosure sale)

For more information on Golden Pointe or any other questions please contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: 1 Comment »

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