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Although national foreclosures in November were down 8% from October, they are still up 18% over last November. With Florida in second place behind Nevada in having the highest number of foreclosures, we are still a long way off from being able to say the market has recovered. Recent decreases in inventory and increases in sales are all good signs that we have turned the corner, but a recent article in Forbes highlights some of the issues we still face and lists the 10 markets where they believe the market is turning around. Not surprisingly, none are in Florida.
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Winter in Miami = Butterflies?
I planted a butterfly garden in August and it has been a huge success. We have watched caterpillars munch on the milkweed then cocoon and finally morph into beautiful Monarchs. Didn’t quite expect to see so much activity in December, but it is in the high 80’s today!
We are starting to hear positive news regarding residential real estate. Sales are up significantly from last year, inventories are starting to decrease, the Government is urging more short sales and banks are complying. HOWEVER, if you are selling your home that does not mean you are in the driver’s seat. It is still a buyer’s market. Based on November’s sales and inventory numbers, Miami still has an 18 month supply of single-family homes and condos. Although that is a significant improvement over November of last year when there was an almost 37 month supply, it is still far from the 6-9 month inventory required in a buyers market. With less short sale and foreclosure properties on the MLS, the properties that are selling are those that are priced right.
This gorgeous oceanfront development on 12 acres is a true vacation destination, even if you live here year round! The Continuum, in Miami Beach’s South of Fifth neighborhood, currently consists of two condo towers and several lofts. The North Tower is 50 S Pointe Drive and the South Tower is 100 S Pointe drive.
The market information as of today for 2 bedroom units in each of the two towers is as follows:
- The average price per square foot for 2 bedrooms sold this year in 50 S Pointe is $ 716. At 100 S Pointe the average is $652.
- 36 2-bedroom units currently for sale in Continuum (both towers)
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17 in 50 S Pointe (2008)
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19 in 100 S Pointe (2002)
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4 are townhomes/lofts
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Highest list price is $3.299 million for a townhouse
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Lowest list price is $1,150,000 for unit 1901 at 100 S Pointe
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9 2-bedroom units have sold this year in 50 S Pointe. Highest sales price was for Loft-1. It sold for $1,700,000, $732 per square foot, on 9/29. The lowest sale was unit 805. It sold on Sept. 25 for $900,000 or $452 per square foot. Highest per square foot price $838 for unit 1404. Lowest price per square foot was unit 805 at $452. There are currently no pending sales in 50 S Pointe.
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10 2-bedroom units have sold this year in 100 S Pointe. Highest price was unit 804 at $2,325,000 or $1014 per square foot. Lowest was unit 605 at $940,000 or $502 per square foot. Those are also the highest and lowest prices on a square foot basis. There are two pending sales. One is listed at $1034 per square foot the other at $931.
This chart shows all of the single-family homes and condos that are currently on the market for sale, are under contract and pending, or that have sold. The most telling one is the For Sale bars as it shows a steady decrease in inventory as properties are either pended, sold, or taken off of the market. The number of homes pended and sold in November is down slightly from those in October, but the overall direction of the inventory is still heading downward. Granted, based on November’s inventory and sales, we still have approximately 18 months of inventory to plow through, but as long as inventory keeps going down, the market is moving in the right direction.
Remember that this is a county-wide snapshot and each neighborhood or even building is going to have it’s own unique market. What are you seeing in your neighborhood or building?
If someone you know is a wannabe race car driver, a great holiday gift is to give them a one or two day racing school experience. Offered at the Palm Beach International Raceway or Homestead Miami Speedway, these courses are sure to get the adrenaline going! If the course wets your appetite, consider joining the Palm Beach Driving Club to keep your race car/course fan entertained all year.
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Coconut Grove Art Stroll
I know Art Basel isn’t quite over, but if you want to see local art, join in the Coconut Grove Art Stroll tomorrow night from 7-11 pm.
Thanksgiving week is normally the start of a slow time for real estate sales. Not for EWM, however. Our Miami-Dade EWM offices totaled almost $23,000,000 in sales and leases.
Pending home sales from March through November are up 46% in Miami-Dade County. The number of homes pending is important because there is normally a one to two month lag between the time a property goes under contract and when it actually closes. Once a home is pended in the Multiple Listing Service it does not show up as available inventory. Although not all pending sales actually close, it is a pretty good indicator of future home sales.