ILoveSoFla.com » Market Summary

Miami Open House Weekend 6-27-2010

jenniferwollmann — Sat, 26 Jun 2010 18:37:38 +0000

Miami Real Estate – Current Market Quick Facts

jenniferwollmann — Wed, 09 Jun 2010 20:25:58 +0000

There are twice as many sales today than 2 years ago
There is 1/2 the inventory there was 2 years ago
The rental to sale ratio is about 50:50. Normal is 25:75
EWM is selling a $1,000,000 property every 36 hours
52% of EWM’s sales are cash
There are more $1,000,000 condos selling that $1,000,000 single family homes

Miami Real Estate: Overall First Quarter Commercial Sales Decrease 54% From 2009 Levels

jenniferwollmann — Wed, 19 May 2010 13:39:45 +0000

Over the last 12 months, the price per square foot has decreased across all commercial sectors.

Office 38%
Industrial 21%
Multifamily 15%
Retail 3%

South Florida Real Estate: Market Summary First Quarter 2010

jenniferwollmann — Mon, 15 Mar 2010 10:41:42 +0000

Click here to view the embedded video.

Miami Dade Real Estate: Pending Sales in the Million $ and Up Price Range Surge 67%

jenniferwollmann — Fri, 12 Mar 2010 16:14:40 +0000

“PENDING SALES in the $1,000,000+ price range for the entire MLS are up 67% in Miami-Dade and 8% in Broward for the Dec09 to Feb10 period vs. the Dec08 to Feb09 period. EWM has averaged CLOSING one sale in excess of $1,000,000 every other day for the past 90 days! ALL PRICE RANGE PENDINGS in the MLS are up 54% in Miami-Dade and 67% in Broward for the same period comparison”

Ronald A. Shuffield

President

Esslinger-Wooten-Maxwell Realtors

A HomeServices of America Company

An Affiliate of Berkshire Hathaway

Miami Existing Home Sales Rise in December

jenniferwollmann — Wed, 27 Jan 2010 10:17:00 +0000

Although nationally existing home sales fell in December, sales of single family homes in Miami were up 37% over November. With the median price of both single family and condos down significantly and the expiration of the first First Time Homebuyers Tax Credit coming up in April, sales are expected to continue rising in the first quarter.

7 Reasons to Buy Real Estate Now

jenniferwollmann — Thu, 14 Jan 2010 02:29:14 +0000

Okay, you have been hearing that now is the time to buy a home, but maybe you are still unsure of why, when there is so much inventory on the market and so much insecurity in the economy. Here are 7 specific reasons:

Home Buyer Tax Credits – The Government is paying first-time home buyers and move-up buyers money to purchase a home. It can be a single family home or a condo, it just has to be your primary residence.
Interest rates are still at historic lows, currently around 5.25% for a 30-year fixed rate mortgage.
Lenders are moving their inventories of foreclosures and are becoming more likely to agree to short sales.
Interest rates will increase due to the huge amount of government debt.
The median price of a single family home is currently $185,000, down from a median price of $400,000 at the peak of the real estate boom.
There is currently a 10 month supply of single family homes in Miami-Dade County, down from a 24 month supply at the end of 2008. A stable market has an inventory of 6-9 months.
There has been a 29% increase in sales since last year.
Whether single family or condo, under $300,000 or over $1,000,000, the market trend has been a steady decrease in inventory since at least October of 2008.

Now, you may be a naysayer and agree with someone who stated that the price of real estate is going to go down another 33%, but those of us that are active in the market are not seeing it. We are seeing inventories decreasing, foreigners and investors coming back into the market that they had shied away from during the boom years and buyers getting some very good buys. Miami is on sale and many properties are selling for less than what it would cost to build the exact same structure on the same lot. Are you going to be someone who says, “Shoulda, woulda, coulda” or someone who feels lucky that they got into the market when they could?

Miami Real Estate – Single Family Homes 4th Quarter Market Update

jenniferwollmann — Sat, 09 Jan 2010 21:31:03 +0000

Below is a quick snap shot of what the real estate market for single family homes looked like for the fourth quarter of 2009. These numbers are derived from the Multiple Listing Service and though they do not include For Sale By Owners and anything not listed on the MLS, they are indicative of what is going on in our local markets. The closed sales may be slightly underestimated due to the lag time in posting the sale in the MLS.

Coconut Grove

Closed Sales: 23. 5 short sales, 3 REO. None of the closings in December were Short Sales or REO. Highest Sales Price: $2.2 million. Highest Price/Square Foot: $437.98. Lowest Sales Price: $154,900. Lowest Price/Square Foot: $82.97
Pending Sales: 22, 14 of which went pending in the fourth quarter.
Active Listings: 165, down from 217 at end of Sept. Highest List Price: $18 million. Lowest List Price: $65,900.

Coral Gables

Closed Sales: 101. 6 short sales, 10 REOs. Highest Sales Price: $5.15 million. Lowest Sales Price: $250,000.
Pending Sales: 74
Active Listings: 421, down from 450 at the end of the third quarter. Highest List Price: $49.5 million. Lowest List Price: $89,500

Key Biscayne

Closed Sales: 13. 0 short sales, 1 REO. Highest Sales Price: $6.15 million. Lowest Sales Price: $820,000.
Pending Sales: 3.
Active Listings: 122. Highest List Price: $24.950 million. Lowest List Price: $985,000.

Miami Beach

Closed Sales: 41. 5 short sales, 7 REOs. Highest Sales Price: $9.75 million. Lowest Sales Price: $240,000
Pending Sales: 53
Active Listings: 380. Highest List Price: $29.9 million. Lowest List Price: $181,000.

Palmetto Bay

Closed Sales: 42. 8 short sale, 4 REO. Highest Sales Price: $1.45 million. Lowest Sales Price: $140,000.
Pending Sales: 63
Active Listings: 139. Highest List Price: $2.85 million. Lowest List Price: $165,000.

Pinecrest

Closed Sales: 45. 4 short sale and 5 REOs. Highest Sales Price: $3.5 million. Lowest Sales Price: $236,000.
Pending Sales: 29
Active Listings: 199. Highest List Price: $5.9 million. Lowest List Price: $265,000.

South Miami

Closed Sales: 24. 3 short sales, 9 REO. Highest Sales Price: $870,000. Lowest Sales Price: $87,500.
Pending Sales: 21
Active Listings: 71. Highest List Price: $1.899 million. Lowest List Price: $57,270.

Existing Home Sales Surge in November

jenniferwollmann — Tue, 22 Dec 2009 20:12:34 +0000

Miami’s Commercial Real Estate Market – Third Quarter Update

jenniferwollmann — Sat, 19 Dec 2009 03:17:05 +0000

Whereas Miami’s residential real estate market is seeing relatively steady increases in sales over last year, our commercial market’s third quarter sales plunged 70% compared to 2008. The price per square foot has decreased in the industrial sector the most, down 23%, followed by multifamily 14%, office 12% and retail 9%. It is interesting to note that the price per square foot decrease does not necessarily correlate with the number of distressed properties in each of these sectors, but rather with their actual use. It makes sense that if industries are closing that sector would have high vacancies (therefore lower pricing) and that the multifamily, in competing with the over supply of residential real estate, would also see a decrease in their pricing.

This huge decrease in commercial sales and pricing is not unexpected, as the commercial real estate sector typically lags behind the residential real estate market.