Downtown Miami sales volume up 27 percent, condo prices rise 5 percent: report

Downtown Miami sales volume up 27 percent, condo prices rise 5 percent: report

Downtown Miami sales volume up 27 percent, condo prices rise 5 percent: report

May 25, 2012 10:30AM

Axis in Brickell

There were a total of 1,000 sales in the first quarter of 2012 in downtown Miami in the first quarter, a 27 percent increase compared to the same period in 2011, according to a report from the Miami Downtown Development Authority. The average price of a Miami condominium rose to $371,084 in a 12-month period ending March 31, a 5.2 percent increase over the previous year. Downtown Miami’s rental market is also performing well, with leasing volume up slightly in the same period. “When we first began tracking sales and leasing velocity for the area, we didn’t know what to expect,” said Alyce Robertson, executive director of the Miami DDA. “But with each report that comes out, we can be more confident in the health and viability of our market.” — Alexander Britell

Mansions at Acqualina tops $253M in sales

Mansions at Acqualina tops $253M in sales

A rendering of the Mansions at Acqualina

The planned Mansions at Acqualina project in Sunny Isles Beach has reached $253 million in sales, highlighted by two penthouse deals that sold this month, the South Florida Business Journal reported. The 79-unit project, which won’t break ground until August, is slated for completion in 2015. Its developer, the Trump Group, has been targeting end-users rather than investors, a pool that has included buyers from Miami’s feeder markets of South America and Russia.

Following fellow BRICs, Indian buyers look at Miami real estate

Following fellow BRICs, Indian buyers look at Miami real estate

With Asian firms and individuals beginning to target Miami’s residential real estate sector, the next wave of interest could come from India. While its fellow BRICS (the emerging economic powerhouses of Brazil, Russia, India and China) have all shown interest, with Brazilians almost single-handedly saving Miami’s condo market, brokers say Indian buyers are beginning to trickle in.
“I could count on one hand the number of Indian buyers I’d taken out to look at homes in the last four years,” said Danny Hertzberg, a sales associate with Coldwell Banker’s The Jills in Miami Beach. “But all of a sudden, they have their eye on Miami.”
Hertzberg said he had taken out several Indian buyers in the past few weeks, both those coming directly from India and some purchasers who have lived in the United States for a few years.
“One of the Indian buyers I took out told me his group was looking for vacation homes, and they fee like it’s a good time to get into Miami Beach,” he said.
But like Chinese investment, which was preceded by a long period of exploration — and not purchases — Indian buyers, buoyed by a booming economy, could be following a similar trend.
“Indian buyers have been here since prior to the crash,” said Condo Vultures founder Peter Zalewski. “But increasingly during the crash, they have been on the ground trying to pick stuff off.”
Like other Asian investors, the Indian strategy tends to be on a long-term scale, according to analyst Jack McCabe.
“I think the Indian and Asian investors just culturally take a lot longer to study a market or investment segment before they pull the trigger,” he said. “I think we’re just on the cusp [of more investment], on the cutting edge of it right now.”
Over the last five years, Indian residential purchasing nationwide has averaged around 9 percent of the US foreign market, rising from 5 percent in 2010 to 7 percent in 2011.
In Florida, the number has been far smaller — with all Asian and Pacific buyers combined representing just 4 percent of the foreign market share statewide, according to a Miami Association of Realtors survey last year.
“I’m starting to hear from different brokers that they are getting interest from Indian buyers and some brokers are going over [to India] to do dog-and-pony shows to try and drum up more investment,” McCabe said. “I think it’s kind of the early stages right now, but it’s definitely going to be a trend and I think we’ll see it continue to grow.”
It’s not just brokers that are trying to take advantage of Indian buyers abroad, however.
Some multi-family and condominium developers, McCabe said, are already building projects in India, notably Jorge Perez.
As it has also done in Brazil, Perez’ company, Astrum Homes, is planning a series of new residential projects in India, hoping to capitalize on the growing economy.
What is clear is a pattern of BRIC economies looking to South Florida.
China has been the most recent BRIC member to look at Miami partly as a result of the massive casino project planned by Malaysian firm Genting. And Russian buyers have made some of the largest purchases in Miami in the last two years, highlighted by the $25.5 million purchase of a Star Island home by Russian Standard Vodka’s Roustam Tariko last year.
“It’s no different [with India],” Zalewski said. “The appeal of South Florida is not only for Europeans and South Americans — it’s the central Asian buyer as well. The question becomes which is the country of the month.”

Bank of America announces new short sale incentive

BofA announces new short sale incentive

NEW YORK – May 16, 2012 – Bank of America announced a new short-sale program – called enhanced relocation assistance – to help homeowners move debt free and get paid $2,500 to $30,000 for doing so. The actual cash payment depends on the appraised value of the home.

Sellers get the payment at closing. While each agreement with Bank of America is unique, the offer generally requires sellers to satisfy junior liens to provide clear title to the property; a full walk-through appraisal; and a closing that occurs on or before Sept. 26, 2012. The program only applies to pre-approved short sales, not sales that start with an offer; and eligible homeowners must actively participate in a short sale program, such as HAFA or Bank of America’s proprietary program.

Bank of America says Realtors can determine a client’s eligibility quickly through its lending website, agent.equator.com, or by calling a short-sale specialist at (866) 880-1232.

Sellers already working on a short sale through Bank of America are also eligible if they meet the requirements. The bank says it will contact them by letter if they qualify.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=275831

Canyon Ranch Miami Beach closed $44 million in sales in first quarter

Canyon Ranch Miami Beach closed $44 million in sales in first quarter

Canyon Ranch Miami Beach closed $44 million in sales in first quarter

May 16, 2012 09:45AM

Canyon Ranch Miami Beach

Canyon Ranch Living Miami Beach sold $44 million worth of units in the first quarter. The project had 42 closings in the first three months of 2012, twice the number of units in the same period in 2011. “We experienced strong sales to residents of the Northeast and Florida,” said Michael Sadov, real estate sales director at Canyon Ranch. “We also continued to see interest from residents of Canada and Latin America, and expect a surge in the number of those potential buyers this summer.” —

Bellini Williams Island completes amenity level

Bellini Williams Island completes amenity level

Bellini Williams Island completes amenity level

May 16, 2012 09:00AM

Bellini Williams Island, the new condominium project by developer Martin Margulies, has completed its sixth floor amenity level. The project, which launched construction in January, is slated for completion in 2013. The Aventura-based development will have a total of 70 units. Bellini officially broke ground in December 2011, one of the first projects of a new residential boom in Miami to do so.

W Fort Lauderdale | Residences | MMD Realty

W Fort Lauderdale | Residences | MMD Realty

W Fort Lauderdale reaches $19M in sales

May 07, 2012 10:30AM

The Residences at W Fort Lauderdale

The Residences at W Fort Lauderdale has reached $19.4 million in sales, according to the company. Since Y Group launched sales in late 2011, the project has sold 21 units, with a significant amount of interest from the Northeast and California. The W is being represented by MMD Realty, a brokerage in which former Miami Dolphins star Dan Marino is an equity partner. The project is launching man on-site sales center this month.

Housing starts rise 67 percent in Broward

Housing starts rise 67 percent in Broward

Housing starts rise 67 percent in Broward

May 07, 2012 12:45PM

Housing starts in Broward County rose 67 percent in the first quarter, compared to the same period in 2011, the South Florida Sun Sentinel reported. There were a total of 257 housing starts in the first three months of this year, according to data from research firm Metrostudy. In Palm Beach, housing starts jumped by 22 percent in the same period. The firm said South Florida’s home starts reached the bottom three years ago. Despite the significant increases, new home activity is well below the peak years in the mid 2000s, however. [Sun Sentinel]

Is Housing as Cheap as It'll Ever Get?

Is Housing as Cheap as It'll Ever Get?

Daily Real Estate News | Thursday, May 03, 2012

Home buyers who want a bargain may want to act now because the housing market is in the midst of a turnaround, economists say.
Home prices have fallen and mortgage rates are hovering near record lows, pushing home affordability for the average family to record highs. Meanwhile, rents have been on the rise, making owning a home cheaper than renting in most areas of the country, according to recent surveys.
But the housing deals aren’t expected to stick around much longer.
An improving job market, a decrease in the number of home owners falling behind on their mortgage, and an anticipated improvement in access to mortgages is expected to help home prices start bouncing back by next year, economists say.
Investors eyeing profits in rentals also have been snapping up bank-owned properties, which Clear Capital’s Alex Villacorte attributes as helping to lead to an increase in prices on foreclosed properties. This “could have a significant impact on the market overall in terms of providing a rising floor to home values,” Villacorte told CNNMoney.
Some areas are already seeing prices rise. In Phoenix, housing prices have already increased 8.4 percent during the three months ending April 30, and Miami saw prices bump up 4.6 percent quarter over quarter, according to Clear Capital data.
"Stuff I was selling six months ago for $60,000 to $80,000 is now $90,000 to $110,000," Tanya Marchiol, founder of Team Investments in Phoenix, told CNNMoney.
Loan Rates, Demand Predictions
Buyers may want to act more quickly because mortgage rates are expected to tick up slightly by the end of the year. The increase is being sparked by greater demand, says Doug Lebda, CEO of LendingTree. He predicts 30-year fixed-rate mortgages will inch up to 4.5 percent by the end of the year, which is still low, however, by historical standards.
The Mortgage Bankers Association is also predicting a big leap in mortgage loans next year. For this year, MBA estimates that buyers will take out loans totaling about $415 billion, but by 2013 that number is expected to nearly double to $706 billion. 

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5 New 'Rules' to Home Buying

5 New 'Rules' to Home Buying

Daily Real Estate News | Thursday, May 03, 2012

With signs of a housing turnaround getting stronger, housing experts say buyers are finding several recent changes when they go to put in an offer on a home. A recent article at U.S. News & World Report highlights some of these changing “rules” for your home buyer clients:
1. Lowball offers won’t likely stick: Sure, deals are still around, but lowball offers that aren’t in line with comparable sales data are increasingly proving to be a waste of time. Buyers may be better off asking for seller concessions, such as closing cost assistance or making home repairs, rather than making offers way below the asking price. “Keep in mind that a lowball number may turn off the seller and close down any chance at negotiation,” the U.S. News & World Report article cautions potential buyers.
2. Get pre-approved: Getting a loan isn’t easy nowadays as lenders have tightened their credit standards in recent years. Serious buyers should check their credit and get pre-appoved for a loan to determine how much of a home they can even afford even before they start their home search.
3. Get realistic about the market: Real estate agents can show buyers comparable nearby sales to help educate them about local market conditions. Transactions from the last six months are the most important. Another important piece of information for buyers is knowing how long properties are staying on the market.
4. Expect some competition. Housing inventories are dropping in many areas and spurring an increase in demand. Home buyers may face increased competition for the home they want, particularly among short sales and foreclosed properties, in which they may be up against investors who are making all-cash offers. That’s why experts say it’s important bank-financed buyers know their financial situation in advance to better compete.
5. Conduct property research: Real estate agents will help guide clients on what all they need to do when they find a property they like, but one important step nowadays: Buyers should hire a title company to check for any liens or tax arrearages, the article notes. Housing experts also recommend hiring a home inspector, verifying the accuracy of the property line (by asking seller for the survey or having your own conducted), and make sure all necessary disclosures about the property, required by the state, have been made. 
Source: “Traditional 'Rules' of Home Buying Return,” US News & World Report (May 1, 2012)

Hardest Hit program to pay full year of mortgage payments for some Florida homeowners

Hardest Hit program to pay full year of mortgage payments for some Florida homeowners

Hardest Hit program to pay full year of mortgage payments for some Florida homeowners
April 27, 2012 12:00PM
Some Florida homeowners will receive a full year of payments on their mortgage, up to a maximum total of $24,000, from the Hardest Hit Fund, the Palm Beach Post reported. The full-year plan marks a change from what had been a six-month payment schedule under the plan that had a cap of $12,000. “We’re very excited to announce these changes just approved by our board this morning,” said David Wescott, chief administrator for the Florida Hardest Hit Fund at the Housing Finance Corporation. “These changes are really good news and beneficial to a lot of hardest hit fund applicants and participants.” The changes also mean that the cap for homeowners who need to make their payments current has been lifted to $18,000, along with removing the rule that homeowners be less than 180 days late to be eligible. [Palm Beach Post]

SF construction contracts rise 58 percent

SF construction contracts rise 58 percent

SF construction contracts rise 58 percent
April 27, 2012 01:30PM

SF construction spending outpaced the state in March
Contracts for future construction in the tri-county area rose 58 percent in March, compared to the same month in 2011, according to McGraw-Hill Construction. There was a total of $371 million in residential and nonresidential construction contracts in March, up from $234.7 million at the same time last year. For the year, a total of $948.9 million in total building contracts have been signed in Broward, Miami-Dade and Palm Beach counties. Statewide, contracts for construction fell, however, dropping 24 percent in March year-over-year to a total of $2 billion. — Alexander Britell

Low-key Key Biscayne’s rental market tightens up

Low-key Key Biscayne’s rental market tightens up


Low-key Key Biscayne’s rental market tightens up
April 27, 2012 05:45PM
By Alexander Britell

Key Colony in Key Biscayne
Just a few miles east of Brickell, Key Biscayne’s has remained relatively resilient to the downturn, with particular strength in the rental sector. As in Miami’s condominium market, many affluent South Americans and Europeans have buoyed Key Biscayne by plunking down cash for long-term rentals.
“There’s a high demand for rentals,” said Martine Paulin, a real estate associate with One Sotheby’s International Realty specializing in the Key Biscayne market. “We really have good business, and it’s getting more and more active.”
The rental sector on the island itself is not monolithic, however, with tenants taking everything from one-year leases to brief one-to two-month stays.
“There’s more demand than before,” Paulin said. “The majority is seasonal rentals, with the highest prices, but we also have another season in the summer months, when the South Americans and Europeans have long vacations.”
In the first quarter of 2012, the median rental price of a Key Biscayne condo rose by about 8 percent over the same period last year to $2,850, according to data prepared for The Real Deal by brokerage and consultancy Condo Vultures.
“The renter profile is either the family that is here from abroad and is only going to be here for a couple of years, or it’s the people that want to be on the island, but cannot afford the prices,” said Gilberto Ocampo, a Key Biscayne sales associate with Esslinger Wooten Maxwell.
Key Biscayne, which saw a large amount of residential development in the early 1990s after decades as a low-key beach town has always had very controlled development, according to Peter Zalewski, founder of Condo Vultures.
That control has meant that while many of Key Biscayne’s rental towers are a bit antiquated, demand has remained strong, especially on the rental side.
The average rental price of a Key Biscayne condo also rose slightly, up 30 basis points to $3,081 per unit in the first quarter of 2012 compared to the first quarter of 2011.
“Most people cannot make purchases, so it’s cheaper to rent than for them to buy,” Ocampo said.
Ocampo, who said the last six to seven months have been particularly strong in the rental sector, noted that he has seen increases of as much as 20 percent in rents.
“The prices were somewhat depressed, and lately they have started to increase as inventory has gone down tremendously,” he said.
That jibes with the Condo Vultures data, which shows that the number of units rented dropped in the first quarter of this year to 49 from 58 in the first three months of 2011.
“Key Biscayne is a small town in a big city,” Zalewski said “The supply and demand there are not going to be overwhelmed by the conditions you find other places like downtown Miami or South Beach. So Key Biscayne is almost an oasis.”

Broward sales prices jump 9 percent

Broward sales prices jump 9 percent

Broward sales prices jump 9 percent

April 20, 2012 01:30PM

The median sales price in Broward County rose to $190,600 in March, a 9 percent jump compared to the same month in 2011, the South Florida Sun Sentinel reported. That followed another strong month for Miami sales prices in March. The volume of sales in Broward County also saw a slight increase, rising 1 percent to 1,179 from 1,168 last month. [Sun Sentinel]

Metromover upgrades to come with Brickell CitiCentre

Metromover upgrades to come with Brickell CitiCentre

Metromover upgrades to come with Brickell CitiCentre

April 20, 2012 03:00PM

Brickell CitiCentre rendering

Brickell will get more than just a $1.05 billion new complex in Swire Properties’ development of the Brickell CitiCentre. According to the South Florida Business Journal, the developer reached an agreement with Miami Dade Transit to lease the land adjacent to the construction site so it can improve the Eighth Street Metromover station. 
Swire will improve the landscaping under the line between Southeast Sixth and Eighth streets, and add two overhead pedestrian crossings for better access to its forthcoming 2.8 million-square-foot project will have 520,000 square feet of shopping and dining, three office buildings, two residential towers and 243-room hotel. [SFBJ]



Looking to buy or sell real estate in South Florida contact Fidan Noriega 305-336-5423, email mfidan@hotmail.com , search MLS http://www.floridafuturehome.com/

Palm Beach single-family sales jumped 35 percent in 2011, averaging $4.4M

Palm Beach single-family sales jumped 35 percent in 2011, averaging $4.4M

Palm Beach single-family sales jumped 35 percent in 2011, averaging $4.4M

April 13, 2012 12:45PM

A home for sale in Palm Beach

There were a total of 138 sales of single-family homes in Palm Beach last year, a 35 percent jump from 2010, according to a five-year Palm Beach residential market report from Brown Harris Stevens. The average sales price of a Palm Beach home was $4.4 million, a slight drop from 2010 and 11 percent lower than in the boom years. Condominium sales averaged $674,029, according to the report. There were 324 total condominium units sold in Palm Beach in 2011, up from 299 in 2010. — Alexander Britell

Miami coastal home sales prices rise 24 percent in first quarter of 2012: report

Miami coastal home sales prices rise 24 percent in first quarter of 2012: report

Miami coastal home sales prices rise 24 percent in first quarter of 2012: report

April 13, 2012 01:30PM

The average sales price of coastal residential properties in Miami jumped by 23.9 percent in the first quarter of 2012 compared to the same period in 2011, according to a report from Douglas Elliman Florida compiled by Miller Samuel. There were a total of 4,610 closed coastal sales in the first quarter, a drop from the 5,101 sales in the same period last year. Similar to Elliman’s findings last year, the report found that the Miami market continues to be segmented into two sectors: distressed sales and non-distressed sales. The market share of distressed sales fell to 48.2 percent in the first quarter, however, down from 64.7 percent in the same period last year. Elliman’s report surveyed units in north of Miami, in South Beach, Miami Beach and Downtown. — Alexander Britell