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Miami Residential Prices Up 8.7 Percent Over Last Year in Q3
November 14, 2014
By: Michael Gerrity 

According to the Miami Association of Realtors, Miami's residential real estate market remains consistent with record activity in 2013 due to strong demand, despite increased existing and new construction housing supply. 

Median and Average Sales Prices Continue to Rise

In the third quarter, the median sales price for homes in Miami-Dade County was $250,000, an increase of 8.7 percent compared to last year. The median sale price for condominiums rose 3.5 percent to $189,900 in the third quarter compared to a year earlier. Third quarter price increases mark 11 consecutive quarters of growth for both single-family homes and condominiums.

'The Miami real estate market continues to attract the attention of both domestic and foreign buyers, fueling solid growth and creating opportunities for both buyers and sellers,' said 2014 Chairman of the Board of the Miami Association of Realtors Liza Mendez. 'While there is more supply available than a year ago, there is still strong demand, and the growth of supply, new listings, sales and prices is more moderate, resulting in a more balanced market.'

Nationally, the median sales price of existing single-family homes was $217,300 in the third quarter, up 4.9 percent from the third quarter of 2012. The national median sales price for condominiums was $211,000, a 2.7 percent increase over the previous year.

The statewide median sales price for single-family existing homes in the third quarter was $182,000, up 4.0 percent from the same quarter a year ago, according to the latest housing data released by Florida Realtor. The median sales price for condominiums in Florida was up 6.9 percent compared to the same quarter last year at $139,000.

Compared to last year, the average sales prices for single-family homes and condominiums in Miami-Dade County increased 14.9 percent to $438,431 and 3.8 percent to $341,927, respectively.

Sales Continue to Rise for Single-Family Homes

There were 7,632 homes and condos sold in Miami-Dade County during the third quarter of 2014, a negligible decrease of 5.0 percent compared to the third quarter of 2013, when there was record sales activity. Sales of single-family homes increased 0.2 percent to 3,552, while condominium sales decreased 9.0 percent to 4,080 compared with the same period in 2013.

'In Miami, market performance continues to vary greatly depending on location, property type, price range and other factors,' said 2014 Miami Association of Realtors Residential President Francisco Angulo. 'While in most cases, increased supply is offering buyers more choices and less pressure, others are still experiencing significant competition and bidding wars.'

Nationally, total existing-home sales, including single-family and condos, increased 5.2 percent to a seasonally adjusted annual rate of 5.12 million in the third quarter from 4.87 million in the second quarter of 2013, but were still 3.8 percent below the 5.32 million pace during the third quarter of 2013, according to the National Association of Realtors.

Statewide closed sales of existing single-family homes totaled 64,633 in the third quarter, up 7.6 percent compared to the year-ago figures. Closed sales of condominiums totaled 26,506, down 4.6 percent compared to 2013.

Home Inventory Moving Rapidly Despite More New Listings

The Miami Association's initiatives to increase inventory and focus on assisting members to get more listings has proven successful along with some additional distressed properties coming on the market. The fact that sales remain at historically strong levels while inventory is growing points to seller confidence. Sellers are listing properties for sale because they have confidence in the market.

Home and condominium listings also increased in the second quarter but by narrower margins. There were 6,237 new single-family home listings during the third quarter, a growth of 5.1 percent relative to the same period last year. New condominium listings increased by only 1.0 percent from 8,282 in the third quarter of 2013 to 8,366 this year.

Third quarter active listings in Miami-Dade County totaled 17,480, representing an increase of 22.5 percent. This reflects the success of the Miami campaign to achieve a more balanced market between buyers and sellers. At the current sales pace, current inventory represents 5.7 months of inventory for single-family homes and 8.1 for condominiums. Compared to the third quarter of 2013, months supply of inventory for single-family homes and condominiums increased 13.5 percent and 33.6 percent respectively. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

The median days on the market of single-family home listings during the third quarter was 45 days compared to 37 days during the same period last year, an increase of 21.6 percent. Similarly, the median days on the market for condominium listings were 57 days compared to 46 last year, an increase of 23.9 percent.

Percentage of Cash Sales Declines

In the third quarter, 55 percent of closed sales were all cash compared to 59.2 percent a year ago. All cash sales were 40.4 percent of single-family home closings and 67.5 percent of all condominium sales. Since nearly 90 percent of foreign buyers pay cash, this reflects Miami's position as a top market for foreign buyers. Miami has a significant percentage of international buyers, generating more than double the cash transactions than the national average.

New Construction Market Update

Strong sales in the coastal new construction condominium Miami market (east of I-95) reflect significant demand for new properties, according to the latest New Construction Market Status Report released today by Cranespotters.com.

At the end of the third quarter, there were seven (7) towers that had been completed in 2014 in Miami-Dade County east of I-95, 55 under construction, and 60 are planned but have not begun development. There are also 66 towers that have been announced but not approved.

Of the above projects in Miami-Dade:

82 projects with 96 towers comprising 14,690 units are currently selling
Since 2011, 65 percent or 9,478 units have been sold
The mean price per square foot of these units is $850, compared to $844 last month

Copyright 1999 2014 WORLD PROPERTY JOURNAL, INC All Rights Reserved.
Website:www.worldpropertyjournal.com/real-estate-news/united-states/miami-real-estate-news/miami-home

Miami Residential Prices Up 8.7 Percent Over Last Year in Q3
November 14, 2014
By: Michael Gerrity 

According to the Miami Association of Realtors, Miami's residential real estate market remains consistent with record activity in 2013 due to strong demand, despite increased existing and new construction housing supply. 

Median and Average Sales Prices Continue to Rise

In the third quarter, the median sales price for homes in Miami-Dade County was $250,000, an increase of 8.7 percent compared to last year. The median sale price for condominiums rose 3.5 percent to $189,900 in the third quarter compared to a year earlier. Third quarter price increases mark 11 consecutive quarters of growth for both single-family homes and condominiums.

'The Miami real estate market continues to attract the attention of both domestic and foreign buyers, fueling solid growth and creating opportunities for both buyers and sellers,' said 2014 Chairman of the Board of the Miami Association of Realtors Liza Mendez. 'While there is more supply available than a year ago, there is still strong demand, and the growth of supply, new listings, sales and prices is more moderate, resulting in a more balanced market.'

Nationally, the median sales price of existing single-family homes was $217,300 in the third quarter, up 4.9 percent from the third quarter of 2012. The national median sales price for condominiums was $211,000, a 2.7 percent increase over the previous year.

The statewide median sales price for single-family existing homes in the third quarter was $182,000, up 4.0 percent from the same quarter a year ago, according to the latest housing data released by Florida Realtor. The median sales price for condominiums in Florida was up 6.9 percent compared to the same quarter last year at $139,000.

Compared to last year, the average sales prices for single-family homes and condominiums in Miami-Dade County increased 14.9 percent to $438,431 and 3.8 percent to $341,927, respectively.

Sales Continue to Rise for Single-Family Homes

There were 7,632 homes and condos sold in Miami-Dade County during the third quarter of 2014, a negligible decrease of 5.0 percent compared to the third quarter of 2013, when there was record sales activity. Sales of single-family homes increased 0.2 percent to 3,552, while condominium sales decreased 9.0 percent to 4,080 compared with the same period in 2013.

'In Miami, market performance continues to vary greatly depending on location, property type, price range and other factors,' said 2014 Miami Association of Realtors Residential President Francisco Angulo. 'While in most cases, increased supply is offering buyers more choices and less pressure, others are still experiencing significant competition and bidding wars.'

Nationally, total existing-home sales, including single-family and condos, increased 5.2 percent to a seasonally adjusted annual rate of 5.12 million in the third quarter from 4.87 million in the second quarter of 2013, but were still 3.8 percent below the 5.32 million pace during the third quarter of 2013, according to the National Association of Realtors.

Statewide closed sales of existing single-family homes totaled 64,633 in the third quarter, up 7.6 percent compared to the year-ago figures. Closed sales of condominiums totaled 26,506, down 4.6 percent compared to 2013.

Home Inventory Moving Rapidly Despite More New Listings

The Miami Association's initiatives to increase inventory and focus on assisting members to get more listings has proven successful along with some additional distressed properties coming on the market. The fact that sales remain at historically strong levels while inventory is growing points to seller confidence. Sellers are listing properties for sale because they have confidence in the market.

Home and condominium listings also increased in the second quarter but by narrower margins. There were 6,237 new single-family home listings during the third quarter, a growth of 5.1 percent relative to the same period last year. New condominium listings increased by only 1.0 percent from 8,282 in the third quarter of 2013 to 8,366 this year.

Third quarter active listings in Miami-Dade County totaled 17,480, representing an increase of 22.5 percent. This reflects the success of the Miami campaign to achieve a more balanced market between buyers and sellers. At the current sales pace, current inventory represents 5.7 months of inventory for single-family homes and 8.1 for condominiums. Compared to the third quarter of 2013, months supply of inventory for single-family homes and condominiums increased 13.5 percent and 33.6 percent respectively. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

The median days on the market of single-family home listings during the third quarter was 45 days compared to 37 days during the same period last year, an increase of 21.6 percent. Similarly, the median days on the market for condominium listings were 57 days compared to 46 last year, an increase of 23.9 percent.

Percentage of Cash Sales Declines

In the third quarter, 55 percent of closed sales were all cash compared to 59.2 percent a year ago. All cash sales were 40.4 percent of single-family home closings and 67.5 percent of all condominium sales. Since nearly 90 percent of foreign buyers pay cash, this reflects Miami's position as a top market for foreign buyers. Miami has a significant percentage of international buyers, generating more than double the cash transactions than the national average.

New Construction Market Update

Strong sales in the coastal new construction condominium Miami market (east of I-95) reflect significant demand for new properties, according to the latest New Construction Market Status Report released today by Cranespotters.com.

At the end of the third quarter, there were seven (7) towers that had been completed in 2014 in Miami-Dade County east of I-95, 55 under construction, and 60 are planned but have not begun development. There are also 66 towers that have been announced but not approved.

Of the above projects in Miami-Dade:

82 projects with 96 towers comprising 14,690 units are currently selling
Since 2011, 65 percent or 9,478 units have been sold
The mean price per square foot of these units is $850, compared to $844 last month

Copyright 1999 2014 WORLD PROPERTY JOURNAL, INC All Rights Reserved.
Website:www.worldpropertyjournal.com/real-estate-news/united-states/miami-real-estate-news/miami-home

South Florida reclaims dubious title: Top for foreclosures
November 13, 2014
By: Brian Bandell

Just when it seems the real estate economy in South Florida has turned the corner, RealtyTrac found that the region had the nation's highest metro area foreclosure rate in October.
One out of every 363 housing units in the tri-county area had a foreclosure filing in October. Florida's largest metro areas, Orlando, Tampa and Jacksonville, were second, third and fourth nationally, in that order, to show that the Sunshine State hasn't shaken its foreclosure misery.

RealtyTrac counts new lawsuits, judgments and repossessions as foreclosure filings. The company said banks typically ramp up foreclosures in October to avoid the holiday foreclosure moratoriums.
There were 6,789 foreclosure filings in South Florida in October, up 10.6 percent from September, but down 27.1 percent from October 2013.
'The backlog of delayed foreclosures continues to make its way through the pipeline, with many homeowners letting their homes fall into foreclosure when the Mortgage Forgiveness Debt Relief Act of 2007 expired at the end of 2013,' Mike Pappas, CEO and president of the Keyes Co. representing Southern Florida, said in a news release. 'However, we are transitioning from a distressed market to a normal market. The 27 percent decline in the distressed numbers for South Florida confirms we are in the fourth quarter of the distressed game.'
Miami-Dade County had the highest foreclosure rate at one in every 271 homes. Broward was one in 363 and Palm Beach was one in 423.

Copyright 2014 American City Business Journals. All rights reserved
Website:www.bizjournals.com/southflorida/blog/morning-edition/2014/11/south-florida-reclaims-dubious-


5838 Collins Ave #12E - Back on the Market! Offered at $269,900
Contact Maji Pace Ramos for more information

(305) 519- 7940
Email:Maji@majisold.com

365 things To Do in Miami Beach:
#3 shop the Farmers Market on Lincoln Road. Sunday's between 9am - 3pm, located between Washington and Meridian Avenues.

Good Morning, Go Dolphins
Courtesy of Perry Jarrell

Affordable condo project to rise in Edgewater

November 6, 2014
26 Edgewater will have 86 moderately priced units

Edgewater is set for a new condo project with a focus on smaller units at more affordable prices. Stripey Developments and 4R Development are partnering on 26 Edgewater, a 10-story project with 86 units, according to the South Florida Business Journal. The developers picked up the 20,000-square-foot site, located at 321 Northeast 26th Street, for $2.4 million in early 2014. The project will break ground in December and be completed in mid-2016. Fifty-eight of the units will be one bedrooms, sized at 560 square feet and costing $270,000. The remaining 28 units are two bedrooms and range from 810 to 980 square feet, with prices averaging at $340,000. The main idea is to keep these units affordable to people, said Rafael Velasquez of Sunset Realty Group in Miami, who is marketing the project. It is for the international investor who wants future income without investing that much capital up front. [South Florida Business Journal] - Christopher Cameron

All rights reserved Copyright 2014 The Real Deal
Website:therealdeal.com/miami/blog/2014/11/06/affordable-condo-project-to-rise-in-edgewater/?utm_sour
 

Cash sales dominate South Florida's housing market
November 6, 2014
By: Paul Ower

Cash continues to dominate home sales in South Florida, a new report shows.

Roughly six of 10 Palm Beach County buyers paid cash in the third quarter, down slightly from a year ago but still well above the national average of 33.9 percent, according to RealtyTrac, a foreclosure listing firm based in Irvine, Calif.

In Broward County, cash accounted for 57.3 percent of all sales from July through September, compared with 60.8 percent a year earlier.

In the South Florida metro area, which also includes Miami-Dade County, 59.1 percent of home sales didn't require a mortgage, the highest percentage in the nation, RealtyTrac said.

The tri-county region's historical average for cash sales over the past 14 years is 47 percent.

Daren Blomquist, a vice president of RealtyTrac, said he expects cash to slowly lose influence as large investment firms pull back on purchases.

'But you're still going to have interest from international buyers and retirees,' Blomquist said Wednesday. 'South Florida is the mecca for cash sales.'

Fort Myers, Sarasota, Tampa-St. Petersburg and Melbourne ranked right behind South Florida in percentage of cash sales among metro areas nationwide. Florida led all states at 53.5 percent.

With loans harder to come by after the housing bust, cash purchases have propped up the region's housing market. Because of the uncertainty of buyers qualifying for mortgages, sellers are more likely to accept offers that don't require financing.


'From the seller's perspective, you're not waiting 30 or 40 days to see if the buyer can get a mortgage,' said Cathy Prenner, a real estate agent for Campbell & Rosemurgy in Palm Beach and Broward counties. 'A wise seller will take slightly less from a cash buyer because after the inspection, you know it's a done deal.'

Home inspections aren't required if no mortgage is involved, but most buyers still want to give the house a once-over. Appraisals and property insurance - two other potential deal-breakers - also aren't necessary in a cash deal.

But the abundance of cash sales is shutting out first-time buyers and young families, the foundation of a healthy housing market, analysts say. While the South Florida market has cooled, first-time buyers often complain they can't compete in bidding wars with deep-pocketed investors.

Beverly Rothstein, an agent in Coral Springs and Boca Raton, said she had a young couple lose three homes to cash offers.

'It was all people who wanted to buy and flip or buy and rent it out and my clients actually wanted to live in the home,' Rothstein said.

Eventually, a home popped up on the multiple listing service, and the couple made an offer that same day. They even wrote a letter to the sellers, expressing how much the property would mean to them.

In the end, Rothstein said, her clients ended up with the house, even though the sellers had cash offers in hand.

Copyright 2014 Sun-Sentenial.com
Website:www.sun-sentinel.com/health/
Secrets to Success & Business Growth
November 6, 2014
By: Ivan Misner

In January, BNI (Business Network International), the worldwide referral marketing organization which I founded in 1985, will be celebrating its 30th anniversary.

In light of this, one of the organization's franchisees incredulously asked me how I've managed to consistently keep the company growing each year and how it's possible that the BNI continues to steadily achieve higher and higher feats of success.


Maji Pace Ramos
Maji Pace Ramos
The Maji Sold Team
4000 Ponce de Leon Blvd Suite 700 Coral Gables FL 33146