According to Trepp, the commercial real estate loan tracking firm, some of the highest-priced distressed properties are in Miami.
The Community Foundation of Pinecrest will be hosting the first annual soccer marathon at Evelyn Greer Park on May 2, 2010. A raffle for Norwegian Cruise Line tickets and other prizes will help raise money to support the Foundations programs for schools, cultural arts and seniors. All ages welcome.
If you read the papers, listens to the news, or talk to friends, neighbors and acquaintences about the real estate market, you could be very confused as to what is “real” about it.
- Foreclosures and short sales are still high.
- Unemployment is still high and actually rose more vs. high and dropping.
- Inventory is still high.
Yet, week after week, our EWM office in Coral Gables is selling more than we are listing. This week alone, we had over $28,000,000 (yes, that is million and it was closer to $29) in sales and leases, the majority in sales. We had 29 sales vs 8 sale listings. What is even more amazing about the sales in our office this week:
- 11 of them (38%) were over $500,000 vs 9 that were under$300,000, which is where most of the market has been this year;
- 7 of them were over $1,000,000 so the high end market is starting to move.
What is especially important in these numbers is that the higher end sales are not relying on the first time home buyers tax credit, since they don’t qualify, and they are buying anyway. This leads me to believe that the real estate market is starting to stabilize, especially in certain areas.
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National Flood Insurance Program Expired
Congress recessed and the flood insurance program expired last night. Lost in a debate over unemployment, COBRA payments and other issues, the National Flood Insurance Program was not extended and expired last night.
This could mean delayed closings if you are purchasing a property where the lender requires flood insurance, since the NFIP is the only one who offers it.
A vote in the Senate is scheduled for April 12.
According to an article in today’s South Florida Business Journal, a report by IHS Global Insight suggests that in grossly overvalued markets, prices dropped an average of 37% from 2005 until the fourth quarter of 2009. In Miami, prices have fallen 35.8% in that time frame. The report suggests that for the country as a whole, the real estate market is now slightly undervalued.
[youtube]http://www.youtube.com/watch?v=SILbvkSsDB0&feature=PlayList&p=D8A9FC9490B11B0A&index=0&playnext=1[/youtube]
Amazing views from this beautiful apartment at the Verona in Deering Bay. Amenities available include: small and large boat marinas, golf, tennis, restaurant, pools, gym and peace and tranquility. Proximity to downtown Miami, airport, Coral Gables, South Miami, University of Miami, Baptist Hospital, Pinecrest and Dadeland and the Falls shopping centers make this the perfect location to call home.
“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
A HomeServices of America Company
An Affiliate of Berkshire Hathaway
If you are planning on using the Home Buyers Tax Credit to purchase your home, time is running out.