Miami’s Luxury Condo Market Surges
February 2nd, 2012 categories: Aventura, Market Reports, Market Trends, Real Estate News
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 [email protected]
| Discussion: No Comments »
Miami, FL Is Number One
January 31st, 2012 categories: Aventura, Market Trends, Real Estate News
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 [email protected]
| Discussion: No Comments »
Luxury Portfolio International and EWM Realtors
January 11th, 2012 categories: Aventura, Real Estate News
Luxury Portfolio International and EWM Realtors
Luxury Portfolio International the largest global network of premier locally branded companies dominated by many of the world’s most powerful independent luxury brokerages. The website was launched in 2005 and in its first year featured more $1 million-plus residences than other luxury real estate organizations. The network continues to grow and now markets over 25,000 of the world’s most remarkable homes annually and attracts over 1.2 million high-net-worth visitors a year. By presenting a gallery of the finest luxury properties and brokerage worldwide, the brand is recognized throughout the world as the luxury standard of excellence.
In addition, they are unmatched in the global arena, with properties in over 45 states and 27 countries, website visitors from over 200 countries/territories every month, site translation in nine languages, conversion to multiple currencies and a total inventory of available properties totaling almost $40 billion.
The 200 luxury affiliates represent the luxury component of an organization which encompasses nearly 550 companies, 4,600 offices and 140,000 associates producing $225 billion in annual home sales in 30 countries. Based in the United States, Luxury Portfolio InternationalTM is backed by the experience of the most well respected and well known experts in luxury real estate in markets worldwide. This group collectively has decades of experience in the high-end luxury real estate market.
| Discussion: No Comments »
How’s the Real Estate Market in YOUR Area?
May 18th, 2011 categories: Aventura, Market Reports, Market Trends, Real Estate News
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!
| Discussion: No Comments »
Aventura, FL Real Estate Market Conditions (May 6, 2011) – Single Family
May 13th, 2011 categories: Aventura, Market Reports, Market Trends, Real Estate News
Text and HTML that you enter here will be the introduction
| 7-day stats for Single Family properties in MIAMI, FL33180 – Aventura as of May 6, 2011 |
|||
|---|---|---|---|
| Median List Price | $799,000 | Average List Price | $923,051 |
| Total Inventory | 55 | Price per Square Foot | $261 |
| Average Home Size | 2,935 | Median Lot Size | 7,990 |
| Average # Beds | 3.87 | Average # Baths | 3.45 |
| Homes Absorbed | 5 | Newly Listed | 1 |
| Days on Market | 253 | Average Age | 29 |
Text and HTML that you enter here will be displayed below the stats table
|
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 |
Text and HTML that you enter here will be displayed below the charts
| Discussion: No Comments »
Condo Prices for Aventura, FL vs. Miami-Dade County
May 13th, 2011 categories: Aventura, Market Reports, Market Trends, Real Estate News
Condo Prices for Aventura, FL vs. Miami-Dade County
| Discussion: No Comments »
Real Estate: It’s Time To Buy Again
March 29th, 2011 categories: Aventura, Economy, Market Trends, Real Estate News
Real Estate: It’s Time To Buy Again
A recent CNNMoney.com article posted by Shawn Tully, senior editor-at-large, declares:
Forget stocks. Don’t bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing.
“… I’ve never seen a shortage of new construction like the one I’m seeing today,” declares Mike Castleman, founder and CEO of Metrostudy. Metrostudy tracks real-time data on the country’s inventory of new homes and covers 19 states, or around 65% of the U.S. housing market, including all the ones hardest hit by the crash: Florida, California, Arizona and Nevada. The company’s client list includes virtually every major homebuilder and bank.
The key figures that Metrostudy collects are the number of homes that are vacant and for sale in each city, and the number of months it takes to sell all of them. Together those figures measure inventory, the key measurement in determining whether a market has a surplus or a shortage of new housing.
Today Castleman is seeing an extraordinary reversal of the new-home glut that caused prices to sink just a few years ago. In the 41 cities Metrostudy covers, a total of 78,000 houses are now either vacant and for sale, or under construction. That’s less than 1/4 of the 343,000 units in those two categories at the peak of the frenzy in mid-2006, and well below the level of a decade ago. “If we had anything like normal levels of buying, those houses would sell in 2.5 months,” says Castleman. “We would see an incredible shortage. And that’s where we’re heading.”
In a interview with Fortune, Karl Case, who together with Robert Shiller created the S&P/Case-Shiller Home Price indices, says “the lack of new home building is a huge help that a lot of people are ignoring. People think I’m crazy to be optimistic, but housing is looking like the little engine that could.”
Two basic factors are laying the foundation for a recovery in residential real estate:
- the historic drop in new construction
- a steep decline in prices (about 30% nationwide since 2006, and as much as 55% in the hardest-hit markets)
The new affordability will gradually attract Americans back to buying homes, and the return of the homeowner will start raising prices in many markets this year.
In 28 out of 54 major markets, it’s now cheaper to pay a mortgage and other major costs than to rent the same house. In all the distressed markets, owning now beats renting by a wide margin. A major reversal from 4 years ago. In Miami the average rent is now $1,031 a month versus the $856 it costs to carry a ranch house or stucco cottage as an owner.
The true disaster areas for housing since the bubble burst have been Sunbelt cities such as Las Vegas, Phoenix and Miami. But people always want to live in those sunny locations, and their job markets are starting to recover, albeit slowly. In foreclosure markets the inventory problem is far greater because it includes not just traditional resales homes, but millions of distressed properties. Fortunately those houses are now such a deal that investors, including lots of mom-and-pop buyers, are purchasing them at a rapid pace.
The outlook is brightening for Phoenix, Las Vegas, Miami and parts of Northern California. A big positive is the tiny supply of new homes entering the market.
Mike Castleman tells editor-at-large Shawn Tully “… the naysayers are about to get a big surprise: rising prices for new homes.”
For more information on real estate in Aventura and the South Florida area please contact me at (305) 329-4929 or [email protected]
| Discussion: No Comments »
Top 10 Most Searched Markets On Realtor.com
January 17th, 2011 categories: Aventura, Market Trends, Real Estate Investing, Real Estate News
Top 10 Most Searched Markets On Realtor.com
Realtor.com, operated by Move, Inc., is an official website of the National Association of Realtors. The Top 10 List is based on the number of visitors at Realtor.com that viewed properties in each metro area in the United States from January 2010 through December 2010.
The top 10 most searched for cities at Realtor.com for 2010 are:
- Las Vegas
- Los Angeles
- Orlando
- San Antonio
-
MIAMI
- Phoenix
- San Diego
- Austin, Texas
- Tampa
- Chicago
“Online search is a critical measure of interest in real estate, especially now that more than 90% of buyers search for their homes online,” says Realtor.com President Errol Samuelson. “Changing conditions throughout 2010 in the sunshine states resulting from foreclosures, the tax credit, interest rates and other factors created more interest in real estate compared to other states that we hope leads to increased activity and sales in 2011.”
For more information on real estate in the Miami area please contact me at (305) 329-4929 or [email protected]
| Discussion: No Comments »
South Beach Studio For Rent
November 2nd, 2010 categories: Aventura, Listings, Real Estate News
South Beach Studio For Rent
South Bay Club Condominium
800 West Av, Apt 532 Miami Beach, FL 33139 – $1,300/month furnished
Available for annual lease, renovated apartment available fully furnished. To see more photos of the property click on the View More Photos link below:
|
SOUTH BEACH – Studio Apartment for Sale/Rent – $159,000.00
HUGE STUDIO APT WITH GREAT BUILT-IN DESIGNER FEATURES. TASTEFULLY FURNISHED. CERAMIC TILE FLOORS, CUSTOM CLOSET DOORS, BUILT-IN MURPHY & DINING TABLE, SURROUND SOUND STEREO WIRED, CROWN MOLDINGS, SMOOTH CEILING, RENOVATED KITCHEN & BATHROOM. RECENTLY RENOVATED BUILDING. AMAZING OPEN AIR LOBBY WITH TROPICAL POOL AREA DIRECTLY ON THE BAY. THIS UNIT HAS AN EAST EXPOSURE, PLEASANT VIEW TO MIAMI BEACH. FOR SALE OR AVAILABLE FOR ANNUAL RENT, $1,300/MONTH FURNISHED
|
|||||||||||
|
All information in this site is deemed reliable but is not guaranteed and is subject to change
|
For more information on this property or any other questions please contact me at (305) 329-4929 or [email protected]
| Discussion: 2 Comments »
Want More Evidence That Housing Is Turning Around?
August 20th, 2009 categories: Real Estate Investing, Real Estate News
Best Cities For A Housing Recovery
Forbes magazine identified 161 of the country’s largest metro areas where sales activity has increased compared to 2008 and where foreclosure sales, as a percentage of total sales, are low.
Forbes magazine considers these markets as on the road to recovery:
- Miami-Ft. Lauderdale, FL
- Lincoln, NE
- Colorado Springs, CO
- Salem, OR
- San Luis Obispo, CA
- Bremerton, WA
- Denver, CO
- Redding, CA
- Santa Barbara, CA
- San Jose, CA
For more real estate news and information contact me at (305) 329-4929 or [email protected]
| Discussion: No Comments »
