Category: Market Summary

Find out the real estate trends in your area

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Buying Market Summary Selling

Miami Real Estate Is As Hot As Our Summers, But Not Bubbling Yet

An article by Robert Shiller in today’s New York Times concluded that though housing prices have increased by double digits, we are not in a housing bubble yet.  His conclusion was based on the result of a questionnaire he and Professor Case sent out to recent home buyers in four major cities.  Although Miami wasn’t one of cities where buyers were asked the questions, many of the answers apply here.  Most of the people that were asked:

  • did think real estate was going to appreciate more than 5% in the short term
  • did not think real estate was going to increase significantly in the long term
  • thought real estate was the best investment for long-term holders, but the percentage of respondents who believe that was down from the 2004 hype leading up to most recent bubble
  • responded that they bought in order to rent the property

After comparing this year’s answers to 2004’s answers (when we were heading into the bubble),  Professor Shiller does not think we are heading to a bubble yet.  He also does not seem convinced that “irrational exuberance” won’t happen again soon.

Based on the number of new condo projects proposed for downtown Miami (40), the fact that rental activity is starting to level off as rents increase, the U.S. government might shut down, and both hurricane and flood insurance continue to increase, I think the recent price increases are going to level off to a more historic level.

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Luxury Real Estate Market Summary

Congratulations EWM! Record Breaking Week

EWM’s Coral Gables office broke a record sales number…over $50 million in one week!  Imagine what a week we would have had if we had more inventory!

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Buying Investment Real Estate Luxury Real Estate Market Summary

South Florida Real Estate Continues To Gain Steam

A quick snapshot of the overall market for 2012:

Single Family home sales increased 21% in 2012.  Those listed between $300,000 to under $1 million increased 50%.  Home sales for those over $1 million increased 64%.

Condo sales increased by 6%.  Condos between $300,000 to under $1 million increased 45% and those listed over $1 million increased 62%

With that amount of activity, low inventory and cash still flooding our market, many buyers are frustrated.  If you are one of them, there are several things you can do to have your offer considered on a new listing.

1) The most important item to have clear is the financial aspect of your purchase.  If you are a cash buyer, make sure you have proof of funds ready to accompany an offer.  If you are going for financing, have your pre-approval letter from your mortgage company with as few contingencies as possible.

2) Have your real estate agent put you on a system where you are being notified the instant a property that meets your criteria hits the market.

3) Make the time to go see the property the first day.  There are a lot of buyers who are making offers the first day because they have been familiarizing themselves with the market and know that if the property is priced right, it will sell.

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Buying Market Summary Selling

Miami Real Estate and EWM Make The News Overseas

On August 13, the Financial Times of London posted a video titled Foreign Buyers Flock to Miami.   EWM’s Ron Shuffield and Carole Smith were featured in the story, which highlighted the following:

  • 2011 was a record year for the number of sales of single family homes and condos
  • Majority of foreign buyers are from Venezuela, Brazil and Argentina
  • 2011 60 % of sales from foreign buyers and 90% of them paid cash
  • 2012 sales jumped 20% in first 1/2 of year.
  • 65% of June 2012 sales were cash sales 90% of the sales were to foreign buyers
  • Sunshine, multiculturalism and global access are features that make Miami so attractive to buyers

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Buying Investment Real Estate Market Summary Selling

Miami-Dade Real Estate: Sales Are Still Going Up

EWM’s Coral Gables office had another amazing week in sales.  Over $23,000,000 in sales and leases this week, the week before schools start.  That follows last weeks’ $19,800,000+ in sales and leases.  The fact that sales are so high the last two weeks of summer vacation is a sign that the real estate market in Miami-Dade County continues to recover.  The number of sales (25) equaled the number of leases this week and were only slightly lower last week (21 sales and 25 leases).  This week we had 14 new sales listings.   Last week we had 8 new sales listings.

  • The breakdown in price range for the sales for single family and condosin our office over the last two weeks was:
  • 11 between $1,000,000 -$4,000,000
  • 9 between $500,000 & $999,999
  • 12 between $300,000 & $499,999
  • 12 between $100,000 and $299,999
  • 2 under $100,000

These numbers show that the luxury market is starting to recover, the lower priced inventory has significantly dropped as investors pick up properties, and demand in the middle price range is still strong.  If you are in the market to buy or sell, give me a call to discuss prices in your specific area.

 

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Buying Investment Real Estate Market Summary Selling

Miami Real Estate Market: Active Rain Survey Shows Agents Bullish on Miami Real Estate

Active Rain’s Real Estate Recovery Survey show that agents in the Miami-Ft Lauderdale market believe the real estate market in their areas are improving. What do you think?

 

Data provided by ActiveRain.com. Join 215,590 Real Estate Agents on the world’s largest Real Estate Social Network.

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Buying Investment Real Estate Market Summary Selling

Miami Real Estate: Sales Are Up and Inventory is Down

Home prices in Florida are up according to Florida Association of Realtors January Housing report.  The same holds true for the Miami real estate market.  Inventories have been decreasing steadily, as can be seen in the graph below.

Decreasing inventories & increasing pending sales

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Buying Investment Real Estate Market Summary Selling

Another Amazing Week At EWM’s Coral Gables/South Miami Office

Last week we did over $21,000,000 in sales.  This week  was over $17,500,000  with 32 sales and only 14 new listings.  Inventory in Miami-Dade is decreasing steadily, as illustrated in the graph below.  Inventory is even tighter once you start looking in a specific price range and community.

 

 

 

 

 

 

 

 

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Buying Investment Real Estate Market Summary Selling

Another Amazing Week At EWM's Coral Gables/South Miami Office

Last week we did over $21,000,000 in sales.  This week  was over $17,500,000  with 32 sales and only 14 new listings.  Inventory in Miami-Dade is decreasing steadily, as illustrated in the graph below.  Inventory is even tighter once you start looking in a specific price range and community.

 

 

 

 

 

 

 

 

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Buying Market Summary

More Construction…Signs Of An Improving Market

Ponce/Davis Lot Under Construction
 
Here is another construction site on Ponce de Leon East of U.S 1 close to 88 Street.   I blogged about another site that has just been cleared and is being prepared for a new home.

More Proof Miami-Dade’s Housing Market is Turning Around

The new building is not limited to the affluent Ponce/Davis area either.  Drive around just about any where and you will see signs of new construction.  Real estate prices have plunged and buyers who can’t find what they are looking for, or builders trying to meet new demand, have gotten back into the market.  Another sign the real estate market is starting to turn.