Miami Market Focus

Check out the latest information collected from the Miami Association of Realtors on South Florida's real estate market trends.
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Florida a top market for international buyers

This just in from Inman News as reported by Florida Association of Realtors. More than 30% of international sales are in Florida, making the state the most popular for buyers from out of the country.

Real estate in South Florida, Aventura a hot topic. Inventory drops as sales jump

Pending sales jump as inventory drops making it a great time to buy AND sell. The article in the link from THE REALDEAL.com shows pending sales South Florida inventory in February while below you will find information for Aventura condos and townhomes.

Although Feb 2012 had an extra day over Feb 2011, clearly the number of residential listings going under contract is increasing. In Aventura, pending sales for condos went up 23% in year over year as well as over January. Right now there are only 19 bank owned listings for sale in Aventura and 56 short sales listed for sale -- about 8% of what is for sale. Last year more than 35% of sales of Aventura condos were short sales or foreclosures. Interest rates are back below 4%. Now are you ready to buy?

Aventura Faces Condo Resale Shortage -- according to Miami Herald [and me]

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

Pending Home Sales Continue to Rise

January 2011 Dade PHS: Miami-Dade Pending Home Sales Continue to Rise Submitted by lynda@miamire.com on January 27, 2011 - 11:33am
in Press
View the Printed Press Release:
pendingsalesDadejan012711.pdf.Miami, FL – Total cumulative pending home sales – including single-family homes and condominiums - in Miami-Dade County increased 28 percent in January compared to a year earlier, from 8,388 to 10,698, and 2.5 percent, from 10,437, compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).

“Over the last few months, we have seen pending and closed sales gain momentum while inventory levels continue to drop, said Jack H. Levine, 2011 chairman of the board of the MIAMI Association of REALTORS. “This trend in rising sales, particularly for condominiums, coupled with significant reductions in housing inventory, is a very positive sign for the local market. We expect this trend to continue as the job market, economy, and consumer confidence improve.”

Pending Condominium Contract Activity on the Rise

Pending sales of condominiums in Miami-Dade County continue to outperform that of single-family homes. In January, condominium pending sales increased a significant 37.2 percent compared to a year ago, from 4,647 to 6,376 and increased 3.3 percent from 6,173 the previous month. Pending sales of single-family homes in January increased 15.531 percent from the previous year, from 3,741 to 4,322, and 1.4 percent from the previous month, when pending single-family home sales totaled 4,264.

Significant Reduction in Housing Inventory

The Miami-Dade real estate market continues to experience drops in housing inventory. Supply for all housing types has dropped 47 percent since mid-2008 and eight percent compared to a year ago. Just over the last month, inventory in the county dropped six percent, pointing to increased demand for local properties.

“Local buyers are taking advantage of the many opportunities the South Florida offers, including high affordability that continues to boost contract activity,” said 2011 MIAMI Association of REALTORS Residential President Ralph E. De Martino. “International buyers continue to have a significant impact in rising sales and declining inventory in the local market.”

Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.



MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating more than 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 25,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is www.miamire.com.

###

Pending home sales continue to increase

Rismedia: Pending home sales improved in December 2010. In South Florida, pending home sales [the number of listed homes and condos that went under contract] has increased each month. Although the number of homes and condos being sold continues to increase, prices have not. As fewer homes go on the market and more homes are being bought, the number of homes for sale decreases, which should lead to price stabilization.

Want to know what's going on in your neighborhood? Contact me for a confidential and no obligation evaluation.

Lori Fein, MBA, Realtor, Prudential Florida Realty 305-336-1272/lori@feinrealtor.com
I give you the information to make smart decisions.

Selling? What improvements should be made before listing

Thought this was a great article on the subject from rismedia.com. Hope you find it useful, too. Please click on the link to take you to their site.

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.

What the Rick Scott, our new Governor, will mean for Real Estate

Hi all. I just read a great article on The RealDeal.com website that addresses what the change in administration means for real estate in Florida. Looking good. Take a look. http://therealdeal.com/miami/articles/what-rick-scott-will-mean-for-real-estate

Property tax savings with Homestead Exemption. Deadline to apply is March 1.

If you purchased your primary residence last year, don't forget to file for your Homestead Exemption Application so that you can take advantage of the 'Save our Homes' feature in the state of Florida. All Property Tax Exemption Applications are due on or before March 1st.

State law in Florida allows Florida homeowners to claim up to a $50,000 Homestead Exemption on their primary residence. The first $25,000 of this exemption applies to all taxing authorities.
The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000. That means that amount is deducted from the assessed value before tax rate is applied.

To be eligible for a 2010 exemption, you must be on the title and your property must be your permanent residence as of January 1, 2010

To get your application, go to the following websites and follow the links. If you already have a homestead exemption and still reside in your property, you don't have to do anything.
Miami Dade County, go on to www.miamidade.gov
Broward County, go to www.bcpa.net

I reminded all my clients who purchased their primary residence and moved in before January 1. If you bought your condo, townhouse or home in Aventura, Miami Beach, Hollywood, Hallandale or anywhere in Florida, and you are eligible if it is your primary and permanent residence. Time is running out. Click on the links above and go get your tax savings, today!

Real estate headlines

Every day real estate is in the news. Here is a smattering of this week's headlines and experiences:

Mortgage rates: 30 year fixed rate drops below 5% again. Expected to stay low in the short term. The Florida Association of Realtors reports that Federal Reserve Chairman Ben Bernanke "said Wednesday he doesn’t expect the central bank to sell its ...mortgage securities anytime soon, easing fears the move would raise borrowing costs for home buyers. "

This just in from the Florida Association of Realtors: "Sales of existing single-family homes in Florida rose 44 percent in fourth quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 43,926 existing homes sold statewide in 4Q 2009; during the same period the year before, a total of 30,610 existing homes sold. It marks the sixth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association." Read more here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=232582

With the number of sales so high, the inventory of homes and condos priced appropriately has declined. This should lead to a shift in the market and we already are seeing it turn into a buyer's market in some neighborhoods. Yes, some properties are receiving multiple offers. Location, location, location. It's important for buyers and sellers to be informed and up to date on market factors, what's happening with short sales and foreclosures and inventory in order to make informed decisions. Stay tuned or follow me here or on Twitter or call anytime to stay informed.


Reprinted with permission. Florida Realtors®. All rights reserved

Miami Beach's North Shore added to National Register of Historic Places

Move over South Beach. Here comes North Beach, which was just listed in the National Register of Historic Places. When this happened in South Beach, the Art Deco district was born. North Beach is mostly residential area that spans Collins Avenue in the northern part of Miami Beach. It includes the commercial strip of AIA [Collins Ave]. North Beach district is just south of Surfside, which also includes homes built in the mid 1950s, and is a couple miles south of Aventura.

My father, Gilbert M. Fein [1919-2003] is noted along with well-known architects of the time for their unique designs, which were coined MIMO or Miami Modern for the mid century modern designs of the times. There is a also an area designated the Gilbert M. Fein Conservation District near South Beach along West Avenue around 14 street.

Some of the unique features he told me about include cheese holes, as shown in Temple Menorah and 'tail fin' which looks like the tail fin of the Cadillac at the time.

According to the article on the front page of The Miami Herald on Dec. 12, the Miami Beach city officials hope this designation will spur development and improvements in this area of the city as the designation allows property owners to apply for tax credits for renovations.

For information on condos and houses for sale in this area, or for more information, please contact me.

Housing marekt resales report released today.

Conflicting Reports on Housing Market Today. Sales Down Nationally. Up in Florida.
Location, Location, Location
is the only constant when evaluating the housing market.
Want to know what is going on in your neighborhood?

Today, housing market sales statistics were released, as they are every month by the National Association of Realtors. The media and many industry experts follow these statistics to look for signs of market recovery or other indicators.
If you are buying or selling, it's important to remember that location, supply and demand and a number of other factors drive the real estate market. What's happening in one city can be very different from another -- even in the same county. That's why it is so important when buying or selling to work with a Realtor who knows the immediate area well.
For example, the National Association of Realtors reports that nationwide, existing home sales [resales] dropped 2.7% in August from the month before and are up just 5.1% from the prior year. Median sales price, as expected, is down 12.5% from prior year. Source National Association of Realtors.
In Florida, resales continue to rise, marking 12 months in a row that sales activity have increased in a year-to-year comparison, according to the Florida Association of Realtors. Existing home sales rose 28 percent statewide over prior year.
In Miami Dade County, the number of existing home sales declined by about 18% from July to August of 2009 and increased over 30% from same month prior year.
In Aventura, the number of sales for condos and townhouses increased by just one over last year and increased about 15% from same month prior year.
The numbers are as different as the neighborhoods they represent.
So, when you read or listen to the media hype, know that it depends on where you live or where you want to buy. If you really want to know what's going on in a particular neighborhood. Ask a Realtor.
If you are interested in Miami Dade or Broward Counties, from Miami Beach, north to Aventura, Surfside, Bay Harbor, Bal Harbour, North Miami Beach, Sunny Isles, Hallandale to Hollywood, ask me.

Search Properties For Free at www.FeinRealtor.com

Want to be among the first to learn about new listings or recent sales in your desired neighborhood? E-mail Lori Fein at Lori@FeinRealtor.com and include the neighborhood, type of home [condo, single family, townhouse], number of bedrooms and any other criteria you desire, i.e. pool, garage.

Immigration population slowing

Wow. For years we have read and experienced first hand the growing number of new residents in the area that come from other countries. Our new friends and neighbors created an unprecedented growth spurt for Florida.

Now I read that the trend is stalling. Miami-Dade County's population, which has grown steadily over the years, hasn't changed much since 2006, according to data released yesterday from the annual American Community Survey. The impact on the real estate market may be felt down the road as prices and sales are driven by supply and demand.

There have been a lot of articles on the subject over the last two days. This one from Florida Association of Realtors is easy to read and important to note:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=223862

Florida's $8k program effective today but not available yet, according to FAR

This just in from the Florida Association of Realtors re:

Florida’s $8K program effective today but not available yet

TALLAHASSEE, Fla. – July 1, 2009 – Florida created a program to help first-time homebuyers get their federal tax credit early, allowing them to use up to $8,000 toward a downpayment. The effective date for the program is July 1; however, it will probably be another few weeks before the funds are available. As a result, some Realtors struggling to help homebuyers find the system confusing. While most first-time homebuyers qualify for the tax credit (given by the government as an income tax rebate regardless of tax owed), they once had to buy a home first, submit the info to the IRS through their tax return, and wait for the $8,000 rebate. To help these buyers get the money early enough to use it as a downpayment, the State of Florida created a program of bridge loans, the Florida Homebuyer Opportunity Program (FLHOP), where money can be borrowed from the state and then paid back after the new homeowner receives his tax credit.

If you want to take advantage of the $8k tax rebate for first time home buyers [or if you haven't bought or lived in your primary residence for more than 3 years, call me or start your search on line at www.lorifeinsells.com