Thought you may be interested in this article from this week's Miami Herald Business Monday describing how real estate transactions in Aventura are up 27% for the first six months of 2011 over the same time period last year. Inventory overall is shrinking as buyers are coming from all over the world to purchase condos either for investment and/or a second home. Many first time buyers and people moving to the area also are taking advantage of the currently low interest rates.
The article addresses distressed sales [foreclosures and short sales], which according to the MLS show that 38% of condo/townhome sales the first half of 2011 as compared to 36% of distressed sales Jan - June 2010. Many of the distressed sales need rennovations or upgrades to be equal to a resale recently rennovated.
If you read the article, it states that Aventura prices today are 46% below where they were at their peak in 2006. What it neglects to mention [and what annoys me whenever I see these numbers reported] is that prices in 2006 were double ABOVE what they were five years before then [2002]. Right now only 16% of 923 condos/townhomes for sale are distressed sales and those that have gone under contract recently have received multiple offers. The market is definitely shifting in Aventura.
Thought you might find this information of interest. If I may continue to be your real estate resource for yourself and referrals, it would be a privilege. Regards.
Here is the link to the article.
http://www.miamiherald.com/2011/07/24/2327818/aventura-faces-shortage-of-condo.html
Showing posts with label aventura condos for sale. Show all posts
Showing posts with label aventura condos for sale. Show all posts
Thursday, July 28, 2011
Monday, January 24, 2011
Miami a top city to buy or rent, according to leading real estate website
According to the RealDeal, a report by San Francisco-based Trulia says Miami and Las Vegas are the top cities to buy rather than rent. Buyers and renters currently on the fence about whether to buy or rent should note that interest rates are still at record lows and prices seem to be stabalizing in some areas. Inventory -- the number of for sale properties in any given market -- is also a barameter. In many markets like Aventura, inventory is declining as buyers are coming from all over the world to buy Aventura, Miami Beach, Sunny Isles Beach, Hallandale and Hollywood. Want to get started now? go to www.searchaventura.com or contact me for a personal buyers consultation.
Friday, January 7, 2011
Who Purchased a Home in Florida, Why and How.. Report just released by Florida Association of Realtors
this just in from the Florida Association of Realtors [FAR]...
Florida Realtors Report: 2010 Profile of Home Buyers and Sellers
FAR released details from the 2010 Profile of Home Buyers and Sellers in Florida, which describes characteristics and motivation of today’s homebuyers.
I found it interesting and thought you may, too. Here is the link:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=252091
Characteristics of homebuyers
• Forty-four percent of recent homebuyers were first-time owners compared to 50 percent nationwide.
• The typical first-time buyer was 31 years old, while the typical repeat buyer was 54 years old; nationwide, first-time buyers were typically 30 and repeat buyers were 50 years old.
• The 2009 median household income of Florida buyers was $63,300 – slightly lower than the median income of buyers nationwide, $72,200.
• The median income was $53,500 among first-time buyers and $84,300 among repeat buyers.
• Nineteen percent of recent homebuyers were single females, and 11 percent were single males. Nationwide, twenty percent of recent buyers were single females, and 12 percent were single males.
• For 30 percent of recent homebuyers, the primary reason for the home purchase was a desire to own a home.
Characteristics of homes purchased
• New home purchases were at the lowest level in nine years nationwide – 15 percent of all recent home purchases. But in Florida, 18 percent of homes were new.
• The typical home purchased was 1,800 square feet, built in 1998, and it had three bedrooms and two full bathrooms.
• Seventy-eight percent of homebuyers purchased a detached single-family home.
• The median price of a home was $161,000 compared to $179,000 nationwide.
• When considering the purchase of a home, 73 percent of buyers considered commuting costs very or somewhat important.
The home search process
• For four in ten homebuyers, the first step in the home-buying process was looking online for properties.
• Eighty-nine percent of buyers used the Internet to search for homes.
• Real estate agents were viewed as a useful information source by 98 percent of the buyers who used an agent while searching for a home.
• The typical buyer searched for 12 weeks and viewed 15 homes. This compares to 12 weeks and 12 homes viewed by the typical buyer nationwide.
Home buying and real estate professionals
• Seventy-nine percent of buyers purchased their home through a real estate agent or broker.
• Seven percent of buyers purchased a home in foreclosure – slightly higher than the share of buyers nationally.
• Forty-four percent of buyers found their agent through a referral from a friend or family member.
• Seventy-two percent of buyers would definitely use their real estate again or recommend the same agent to others.
Financing the home purchase
• Eighty percent of homebuyers financed their home purchase compared to a much higher percentage, 91 percent, of buyers nationwide.
• The typical buyer financed 93 percent of their home purchase.
• Forty-six percent of buyers said they made some sacrifices, such as reducing spending on luxury items, entertainment or clothing.
• Twenty-eight percent of buyers reported their mortgage application and approval process was somewhat more difficult than expected, and 16 percent reported it was much more difficult than expected.
Florida Realtors Report: 2010 Profile of Home Buyers and Sellers
FAR released details from the 2010 Profile of Home Buyers and Sellers in Florida, which describes characteristics and motivation of today’s homebuyers.
I found it interesting and thought you may, too. Here is the link:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=252091
Characteristics of homebuyers
• Forty-four percent of recent homebuyers were first-time owners compared to 50 percent nationwide.
• The typical first-time buyer was 31 years old, while the typical repeat buyer was 54 years old; nationwide, first-time buyers were typically 30 and repeat buyers were 50 years old.
• The 2009 median household income of Florida buyers was $63,300 – slightly lower than the median income of buyers nationwide, $72,200.
• The median income was $53,500 among first-time buyers and $84,300 among repeat buyers.
• Nineteen percent of recent homebuyers were single females, and 11 percent were single males. Nationwide, twenty percent of recent buyers were single females, and 12 percent were single males.
• For 30 percent of recent homebuyers, the primary reason for the home purchase was a desire to own a home.
Characteristics of homes purchased
• New home purchases were at the lowest level in nine years nationwide – 15 percent of all recent home purchases. But in Florida, 18 percent of homes were new.
• The typical home purchased was 1,800 square feet, built in 1998, and it had three bedrooms and two full bathrooms.
• Seventy-eight percent of homebuyers purchased a detached single-family home.
• The median price of a home was $161,000 compared to $179,000 nationwide.
• When considering the purchase of a home, 73 percent of buyers considered commuting costs very or somewhat important.
The home search process
• For four in ten homebuyers, the first step in the home-buying process was looking online for properties.
• Eighty-nine percent of buyers used the Internet to search for homes.
• Real estate agents were viewed as a useful information source by 98 percent of the buyers who used an agent while searching for a home.
• The typical buyer searched for 12 weeks and viewed 15 homes. This compares to 12 weeks and 12 homes viewed by the typical buyer nationwide.
Home buying and real estate professionals
• Seventy-nine percent of buyers purchased their home through a real estate agent or broker.
• Seven percent of buyers purchased a home in foreclosure – slightly higher than the share of buyers nationally.
• Forty-four percent of buyers found their agent through a referral from a friend or family member.
• Seventy-two percent of buyers would definitely use their real estate again or recommend the same agent to others.
Financing the home purchase
• Eighty percent of homebuyers financed their home purchase compared to a much higher percentage, 91 percent, of buyers nationwide.
• The typical buyer financed 93 percent of their home purchase.
• Forty-six percent of buyers said they made some sacrifices, such as reducing spending on luxury items, entertainment or clothing.
• Twenty-eight percent of buyers reported their mortgage application and approval process was somewhat more difficult than expected, and 16 percent reported it was much more difficult than expected.
Tuesday, February 2, 2010
HUD and CPSC issue guide on identifying toxic drywall
The Florida Association of Realtors posted an article on guidelines issued by U.S. Department of Housing and Urban Development (HUD) and the U.S. Consumer Product Safety Commission (CPSC) on how to identify the presence of metal corrosion, as well as other indicators of problem drywall in homes.
Here's what they wrote: "The guidance takes into account visual signs of metal corrosion, evidence of drywall installation in the relevant time period, and the identification of other corroborating evidence or characteristics.HUD and CPSC’s two-step guidance requires a visual inspection that must show blackening of copper electrical wiring and/or air conditioning evaporator coils; and the installation of new drywall (for new construction or renovations) between 2001 and 2008. " Click on link for more information.
Here's what they wrote: "The guidance takes into account visual signs of metal corrosion, evidence of drywall installation in the relevant time period, and the identification of other corroborating evidence or characteristics.HUD and CPSC’s two-step guidance requires a visual inspection that must show blackening of copper electrical wiring and/or air conditioning evaporator coils; and the installation of new drywall (for new construction or renovations) between 2001 and 2008. " Click on link for more information.
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