Florida Real Estate News
News History
01-20-11 - 6,673 Condos Sold in the Month of December 2010 in the State of Florida
12-22-10 - 5,411 Condos Sold in the Month of November 2010 in the State of Florida - Up 11%
11-23-10 - Existing Home sales Up 7 Percent in October
10-25-10 - 5,675 Condos Sold in the Month of September 2010 in the State of Florida
09-23-10 - 5,706 Condos Sold in the Month of August 2010 in the State of Florida
08-27-10 - Miami High-End Condos Experience Miniboom
08-24-10 - 5,557 Condos Sold in the Month of July 2010 in the State of Florida
07-22-10 - Sales of Existing Homes Rose Yet Again in June 2010
06-22-10 - Sales of Existing Homes Rose 18 Percent In May
05-11-10 - Florida Existing Home and Condo sales up in 1Q 2010
02-11-10 - Florida Existing Home and Condo sales up in 4Q 2009
10-24-09 - Florida Existing Home and Condo sales yet up again in September 2009 by 34% and 77% respectively
09-24-09 - Florida Existing Home and Condo sales up again in August 2009 by 28% and 45% respectively
08-13-09 - Florida Existing Home and Condo Sales up in 2Q
07-23-09 - Florida's Existing Home, Condo Sales Up in June 2009 by 28 percent and 39 percent respectively
06-23-09 - Florida's Existing Home, Condo Sales Up in May 2009 by 16% and 21% respectively
05-29-09 - Miami-Dade Single-Family Home Sales up 98% and by 70% for Condos
05-28-09 - 5Qs Interview: Miami Market is Alive
05-15-09 - Miami Home Sales Jump 72 percent in 1st Quarter
05-13-09 - Local real estate market continues to confound
04-23-09 - Florida's Existing Home, Condo Sales Rise by 30% - Home Sales Up Even 32.7 % Over February 09 Sales
03-23-09 - Florida's Existing Home, Condo Sales Rise by 20% in February 2009
03-02-09 - Florida Realtors® Applaud New Tax Credit, Housing Aid
02-28-09 - Florida's Existing Home rise 24%, Condo Sales Rise 13% in January 2009
01-26-09 - U.S. existing-home sales rebound, rising 6.5 percent in December
12-26-08 - Sunny Isles Beach Real Estate is selling even in a stressed economy
Katerina Brosda of Brosda & Bentley Realtors reinforces the notion that luxury real estate is selling in South Florida - and she has the buyers to prove it.
Everybody Loves Miami
Despite what’s being put out in the media, Miami is an anomaly and can’t be lumped in with other metropolitan areas of the country. In particular, Miami Beach, Downtown Miami, Bal Harbour, Sunny Isles Beach, North Miami Beach and Aventura are all unique enclaves that offer something special and different from one another aside from a South Florida address. These are lifestyle destinations, home not only to native and transplanted Miamians and snowbirds, but also a favorite destination for thousands of wealthy, international travelers who aspire to become locals. We truly do live in paradise, and South Florida’s allure is like no other.
"Miami real estate is indeed selling, in any given category, even though 82 percent of all Miami-Dade County sales are distressed sales," points out Katerina Brosda, of Brosda & Bentley Realtors in Aventura. "Especially properties above $1 million, in new and desired locations—the so-called ‘trophy’ developments or estates—are selling, mostly to cash buyers." Brosda specializes in sales of oceanfront condos, homes, estates and developments to an international clientele. "We love and are experts on Jade Ocean in Sunny Isles Beach, St. Regis in Bal Harbour, The One in Bal Harbour, Trump Hollywood and all the spectacular high-rises in downtown Miami," she says. "The most fabulous development to come to Miami is certainly the St. Regis Bal Harbour, which will be Miami’s only 5-star oceanfront hotel and residential complex."
Brosda believes that Internet marketing is an excellent tool and resource. "We are doing a lot of it, and we own certain zip codes on Realtor.com—still by far the largest websites for real estate searches—reaching more than 16 million people monthly," she says. "We had a property listed that was viewed more than 500,000 times on Realtor.com and it sold relatively quickly. But we also have our agents go to the countries where buyers are coming from these days to network. We run local ads and we have established a great international network of more than 1,000 referring brokers and agents."
In Miami, Brosda says that her company hosts the oldest and most comprehensive website, sunnyislesbeachbroker.com, along with Point2Agent, one of if not the largest Realtor syndication networks. "Three months ago, Point2Agent [http://agent.point2.com] started syndicating all MLS listings with the Miami Board of Realtors," she adds. For more information, call 786.363.8551 or visit brosdaandbentley.com.
6,673 Condos Sold in the Month of December 2010 in the State of Florida
Sales of existing homes and condominiums in Florida rose in December, a positive trend also reported at the close of 2010 as statewide sales activity posted gains over the previous year, according to the latest housing data released by Florida Realtors®.
A total of 15,550 existing single-family homes sold statewide in December, up 4 percent from the 14,923 homes sold in December 2009. The statewide existing home median sales price last month was $133,100; in December ’09 it was $139,800 for a 5 percent decrease, according to Florida Realtors’ data. However, December’s statewide existing home median price was higher than the $132,700 reported in November 2010. The national median existing single-family home price was $171,300 in November, according to the latest data available from the National Association of Realtors® (NAR). The median is the midpoint; half the homes sold for more, half for less.
In December, 12 of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales and 14 MSAs reported higher existing condos sales. In the year-to-year comparison for statewide existing condo sales, a total of 6,673 units changed hands last month, up 12 percent from the 5,955 condos sold in December 2009. The statewide existing condo median sales price in December was $88,100; in December ’09 it was $106,700 for a 17 percent decrease. The national median existing condo price was $165,300 in November, according to NAR.
Looking back on 2010, Florida’s existing home sales rose 5 percent for the year, with a total of 170,848 homes sold compared to 162,873 homes sold in 2009. Statewide existing home sales activity in 2010 also was 37.5 percent higher than 2008 statewide sales, records show.
"It’s encouraging to close out the year for Florida’s housing market with increased sales activity," said 2011 Florida Realtors President Patricia "Pat" S. Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound. "The homebuyer tax credits helped to fuel home and condo sales during the first half of 2010, while favorable affordability conditions and historically low mortgage rates continued to bring buyers into the market in the waning months of the year.
"Looking to the future, 2011 is going to be a year of opportunity for buyers and sellers," Fitzgerald added. "Industry analysts report seeing steady economic improvements, including more jobs and stronger consumer confidence, which will have a positive, stabilizing impact on the housing market."
The statewide existing home median price for 2010 was $136,500; it was $142,500 in 2009 for a 4 percent decrease. In Florida’s condo market, a total of 72,050 units sold statewide in 2010, a gain of 29 percent compared to 55,900 units sold in 2009. Statewide existing condo sales activity in 2010 was up 90.6 percent over the 2008 sales level, records show. The statewide existing condo median price in 2010 was $91,300; it was $108,000 in 2009 for a 15 percent decrease.
The latest industry outlook from NAR offers positive predictions for 2011. "Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable," said NAR Chief Economist Lawrence Yun. "All the indicator trends are pointing to a gradual housing recovery."
In December, the interest rate for a 30-year fixed-rate mortgage averaged 4.71 percent, down from the 4.93 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
5,411 Condos Sold in the Month of November 2010 in the State of Florida - Up 11%
Sales of existing condominiums in Florida rose 11 percent in November, with a total of 5,411 condos sold statewide compared to 4,860 units sold in November 2009, according to the latest housing data released by Florida Realtors®.
Thirteen of Florida's metropolitan statistical areas (MSAs) reported higher existing condo sales in November, according to Florida Realtors. The statewide existing condo median sales price last month was $88,200; in November 2009 it was $104,500 for a 16 percent decrease. However, November's statewide existing condo median price was 7 percent higher than the statewide existing condo median of $82,400 in October. The national median existing condo price was $166,000 in October, according to the National Association of Realtors® (NAR).
Meanwhile, in the year-to-year comparison for existing home sales, a total of 11,900 single-family existing homes sold statewide last month compared to 13,961 homes sold in November 2009 for a decrease of 15 percent. Florida's median existing-home sales price in November was $132,700; a year earlier, it was $139,300 for a decrease of 5 percent. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in October was $171,100, down 0.5 percent from a year earlier, NAR reported. In California, the statewide median resales price was $304,220 in October; in Massachusetts, it was $294,000; in Maryland, it was $245,355; and in New York, it was $215,850.
The latest industry outlook from NAR continues to predict a gradual improvement in home sales in upcoming months. However, the report also noted that a temporary halt to foreclosures in Florida and several other states delayed closings and impacted sales activity.
"The housing market is experiencing an uneven recovery," said NAR Chief Economist Lawrence Yun. "Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels. Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year."
In November, the interest rate for a 30-year fixed-rate mortgage averaged 4.30 percent, down from the 4.88 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Existing Home sales Up 7 Percent in October
Statewide year-to-date existing home sales in Florida showed positive momentum in October: 143,398 single-family existing homes sold for a 7 percent increase over the same period a year ago, though uncertainty over job growth, restrictive credit and foreclosure issues had a dampening effect on housing activity last month, according to industry analysts. The latest housing data released by Florida Realtors® also reported a 33 percent rise in statewide year-to-date condominium sales compared to a year ago, with a total of 59,966 units sold.
In the latest industry outlook from the National Association of Realtors® (NAR), Chief Economist Lawrence Yun said several factors are slowing the housing market’s recovery, including the recent foreclosure moratorium. "Nonetheless, there appears to be a pent-up demand that eventually will be unleashed as banks resolve their issues with foreclosures and the labor market improves," he said. "However, tight credit and appraisals coming in below a negotiated price continue to constrain the market." Yun called for a gradual rise in home sales as buyers respond to historically low mortgage interest rates and favorable affordability conditions.
A total of 5,147 existing condos sold statewide in October compared to 5,398 units sold during the same month a year earlier for a decrease of 5 percent. Nine of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales last month, according to Florida Realtors. The statewide existing condo median sales price last month was $82,400; in October 2009 it was $105,200 for a 22 percent decrease. The national median existing condo price was $165,400 in September, according to NAR.
Meanwhile, in the year-to-year comparison for existing home sales, a total of 11,888 single-family existing homes sold statewide last month compared to 14,980 homes sold in October 2009 for a decrease of 21 percent. Florida’s median existing-home sales price in October was $136,600; a year earlier, it was $140,900 for a 3 percent decrease. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in September was $172,600, down 1.9 percent from a year earlier, NAR reported. In California, the statewide median resales price was $309,900 in September; in Massachusetts, it was $295,000; in Maryland, it was $243,134; and in New York, it was $229,102.
In October, the interest rate for a 30-year fixed-rate mortgage averaged 4.23 percent, significantly lower than the 4.95 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
5,675 Condos Sold in the Month of September 2010 in the State of Florida
Sales of existing condominiums in Florida rose 10 percent in September, with a total of 5,675 condos sold statewide compared to 5,140 units sold in September 2009, according to the latest housing data released by Florida Realtors®.
Ten of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in September, according to Florida Realtors. The statewide existing condo median sales price last month was $83,400; in September 2009 it was $102,300 for an 18 percent decrease. However, September’s statewide existing condo median price was 2.2 percent higher than the statewide existing condo median of $81,600 in August. The national median existing condo price was $174,000 in August, according to the National Association of Realtors® (NAR).
Meanwhile, in the year-to-year comparison for existing home sales, a total of 13,536 single-family existing homes sold statewide last month compared to 14,781 homes sold in September 2009 for a decrease of 8 percent. Florida’s median existing-home sales price in September was $133,400; a year earlier, it was $141,700 for a decrease of 6 percent. The median is the midpoint; half the homes sold for more, half for less.
"Like the rest of the nation, Florida’s housing market is feeling pressure from an uncertain economy," said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. "Easing foreclosures and increasing job growth would go a long way in stabilizing the market and strengthening the economic recovery. However, current record low mortgage rates along with available and affordable inventory continue to offer a rare opportunity for consumers who are ready to buy a home."
The national median sales price for existing single-family homes in August was $179,300, up 1.2 percent from a year earlier, according to the National Association of Realtors® (NAR). In Massachusetts, the statewide median resales price was $330,000 in August; in California, it was $318,660; in Maryland, it was $262,339; and in New York, it was $240,000.
NAR’s latest industry outlook calls for a gradual improvement in home sales in upcoming months. "Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market," said NAR Chief Economist Lawrence Yun. "However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence. The housing market is trying to recover on its own power without the homebuyer tax credit."
In September, the interest rate for a 30-year fixed-rate mortgage averaged 4.35 percent, significantly lower than the 5.06 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
5,706 Condos Sold in the Month of August 2010 in the State of Florida
Sales of existing homes in Florida rose 1 percent in August, with a total of 13,997 homes sold statewide compared to 13,908 homes sold in August 2009, according to the latest housing data released by Florida Realtors®. Statewide existing home sales in August increased 3 percent over statewide sales activity in July.
Ten of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales last month, while 13 MSAs posted increased existing condo sales. Florida’s median sales price for existing homes last month was $134,000; a year ago, it was $146,500 for a decrease of 9 percent. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in July 2010 was $183,400, up 0.9 percent from a year earlier, according to the National Association of Realtors® (NAR). In Massachusetts, the statewide median resales price was $333,000 in May; in California, it was $314,850; in Maryland, it was $267,489; and in New York, it was $227,000.
In Florida’s year-to-year comparison for condos, 5,706 units sold statewide last month compared to 4,662 units in August 2009 for an increase of 22 percent. Statewide existing condo sales last month increased almost 2.7 percent over July’s condo sales. The statewide existing condo median sales price in August was $81,600; in August 2009 it was $107,200 for a 24 percent decrease. The national median existing condo price was $176,800 in July, according to NAR.
The housing sector faces a long recovery process, due in part to slow job growth and the still-fragile economy, according to NAR’s latest industry outlook. "Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery," said NAR Chief Economist Lawrence Yun. The pace of sales has slowed since May, following the expiration of the federal homebuyer tax credit, Yun said, who predicted this "pause period" likely will last through September.
"However, given rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs," he said.
The interest rate for a 30-year fixed-rate mortgage averaged 4.43 percent in August, down from the 5.19 percent averaged in August 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Miami High-End Condos Experience a Miniboom, According to Brosda & Bentley
Miami real estate - A conundrum to some, an opportunity not to be missed to others finds Brosda & Bentley Realtors' market research
August 27, 2010 -- It is past half-time for 2010 Southeast Florida real estate sales. After a rocky 2009, how did 2010 weather so far, is the million dollar question many are asking. Prices started tumbling since September 2008 - and in certain market segments, housing values are still down significantly, but there is also good news to report as to market research provided by Brosda & Bentley Realtors. Especially for new luxury oceanfront condo developments in Sunny Isles Beach, Miami Beach and downtown Miami in particular, sales are booming and prices in some areas are on the rise.
Jade Beach condo tower, in North Miami Beach was nearly sold out during 2009, despite the dramatic economic downturn in the United States. Jade Beach resales are now strong and closed units are setting new retail sales records. Its sister tower Jade Ocean condos, is an oceanfront, ultra-luxurious glass palace, towering 50 stories above the Atlantic Ocean and reporting more than 60 percent of sold condominium units. The Acqualina Resort & condos, a landmark in Sunny Isles Beach, claim the title of highest retail sales price per square foot in the city. During the summer, two units closed at $784 and $714 per square foot respectively. The elite Turnberry Ocean Colony condos boasts six retail sales, with the highest being at $733 per square foot.
Some of the most expensive Miami penthouses sold thus far in 2010 include the Marquis penthouse in downtown Miami. It sold a few days after LeBron James announced his engagement with the Miami Heat. Entrepreneur Russell Wright closed on the 67-story Marquis luxury residential condo, with reportedly the highest terrace and hot tub in Miami. Dwayne Wade of the Miami Heat sold his house in Davie and is now apparently looking for a trophy property in Miami, as is Chris Bosh of the trio. Russell Wright is quoted as saying that the economic force of the three basketball superstars playing in Miami "Is going to have an impact, I probably already made money on the condo."
In June, the 'Imperial Suite' or Penthouse Villa B sold at the ber-luxurious Setai Resort & Residences in Miami Beach for a record breaking $15 million or $2,416 per square foot.
Downtown Miami condo sales were up 110 percent with 1,933 units sold in the first 6 months of 2010. Great downtown Miami condos that sell due to drastic price reductions include Met I, Epic and Icon Brickell, which sold 49 units, including at least one with a $100,000 over-the-odds premium, after LeBron James announced his switch to the Miami Heat. The average sales price of a downtown Miami condo in the first two quarters of 2010 was reportedly $356,100 or about 16 percent higher than in 2009.
In March, April and May of 2010, 135 condos sold in Miami-Dade County priced $1 million and above, nearly double the number compared to the same time period in 2009. At the beginning of the summer, impressive sales at One Bal Harbour for $8.7 million, at the Fontainebleau for $9 million and Santa Maria Brickell for $11 million kept Miami luxury real estate brokers abuzz.
A highly anticipated new oceanfront condo development is the St. Regis Resort and condo residences in Bal Harbour, destined to open in 2011. The three glass towers replaced the famous Sheraton in front of the gated entrance to the renowned Bal Harbour Shops. Over $40 million in sales were reported in the first half of 2010.
Brosda & Bentley Realtors features more than 50,000 residential and commercial Southeast Florida property listings on its website BrosdaandBentley.com. The company provides free usage of the database to registered users. Consumers may also opt to receive automatic updates on new listings, pre-foreclosure and short sale properties. Katerina Brosda, Broker and CEO of the company sold the 10 Museum Park penthouse in downtown Miami with its very own rooftop pool. "Most of our clients during 2009 and 2010 were cash buyers, not investing into Miami real estate per se, but actually pursuing to live in the homes they bought. Yes, these may still be third or fourth trophy properties, this goes especially for condos, but our clients invested heavily in upgrades, eclectic designs, electronic SMART Home features, custom fittings and furniture," Katerina Brosda stated. Brosda & Bentley also provides a one stop, turnkey, white-glove home furnishings and design conceptualization service to its clients.
"Miami Condo sales above the $1 million mark will continue to outpace single-family home sales in the same price category for the rest of 2010 and into 2011. Condominium living is the new lifestyle choice of the wealthy," said Katerina Brosda.
Brosda & Bentley Realtors projects luxury Miami condominium sales to remain strong. The average sales price for residential properties that sold in Miami-Dade County increased by 8.3 percent in July. Inventory levels have dropped 11.4 percent compared to July 2009. Condominium listings have dropped 11 percent and the average days a property stays on the market decreased 10.3 percent for single-family homes and 11.9 percent for condominiums or 100 and 114 days respectively.
Florida's Existing Home and Condo Sales Up in July 2010
Sales of existing condominiums in Florida rose 11 percent in July, with a total of 5,557 condos sold statewide compared to 4,991 units sold in July 2009, according to the latest housing data released by Florida Realtors®.
Eleven of Florida's metropolitan statistical areas (MSAs) reported higher existing condo sales in July, according to Florida Realtors. The statewide existing condo median sales price last month was $87,200; in July 2009 it was $108,500 for a 20 percent decrease. The national median existing condo price was $181,300 in June, according to the National Association of Realtors® (NAR).
Meanwhile, in the year-to-year comparison for existing home sales, a total of 13,589 single-family existing homes sold statewide last month compared to 15,762 homes sold in July 2009 for a decrease of 14 percent. Florida's median existing-home sales price in July was $138,000; a year earlier, it was $147,600 for a decrease of 7 percent. The median is the midpoint; half the homes sold for more, half for less.
"The homebuyer tax credit expiration added a double dip to what has already been a harrowing ride in the Florida housing market," said Dr. Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness. "As we move past this second dip, which is evident in the July data, the continued recovery of the state's housing market will be contingent upon the improvement of the fundamental underpinnings of the housing sector.
"A healthy housing market depends upon a healthy Florida economy, and in particular, an improving labor market," Snaith added. "Job growth and a declining unemployment rate will help sales continue to grow while at the same time reducing the number of foreclosures in Florida."
2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville, noted that the Gulf oil spill, along with uncertainty over its impact, has affected the state's housing market.
"Along with many local businesses in the Florida Panhandle and in other Gulf Coast states, real estate has experienced significant economic harm following the Deepwater Horizon drilling rig explosion and oil spill," Davis said. "The announcement that a special allocation from the BP Oil Spill Fund is now available to help the claims of real estate professionals' Realtors and licensees over loss of income or sales due to the Gulf oil spill is a positive action that will help bolster the state's fragile economy recovery."
The national median sales price for existing single-family homes in June 2010 was $184,200, up 1.3 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $331,150 in June; in California, it was $311,950; in Maryland, it was $265,268; and in New York, it was $220,750.
More jobs continue to be key to the housing sector's recovery, according to NAR's latest industry outlook. "There could be a couple of additional months of slow home-sales activity before picking up later in the year, provided the job market continues to improve," said NAR Chief Economist Lawrence Yun.
The interest rate for a 30-year fixed-rate mortgage averaged 4.56 percent in July, down from the 5.22 percent averaged in July 2009, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Florida's Existing Home and Condo Sales Up in June 2010
Sales of existing homes in Florida rose 15 percent in June, marking 22 consecutive months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
A total of 18,038 single-family existing homes sold statewide last month compared to 15,732 homes sold in June 2009, according to Florida Realtors. June's statewide existing home sales increased 7.7 percent over statewide sales activity in May. Meanwhile, last month's statewide existing-home median price of $143,400 was 2.1 percent higher than May's statewide existing-home median price of $140,400. It marks the fourth month in a row that the statewide existing-home median price has increased over the previous month's median.
Fifteen of Florida's metropolitan statistical areas (MSAs) reported higher existing home sales in June, while 16 MSAs posted increased existing condo sales. A majority of the state's MSAs have reported increased sales for 24 consecutive months.
Florida's median sales price for existing homes last month was $143,400; a year ago, it was $147,700 for a decrease of 3 percent. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in May 2010 was $179,400, up 2.7 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $324,430 in May; in Massachusetts, it was $299,000; in Maryland, it was $249,177; and in New York, it was $194,900.
More jobs are key to the continued recovery of the housing market, according to NAR's latest industry outlook. "If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions," said NAR Chief Economist Lawrence Yun. "We'll also keep a close eye on market conditions on the Gulf Coast.
In Florida's year-to-year comparison for condos, 6,916 units sold statewide last month compared to 5,215 units in June 2009 for an increase of 33 percent. The statewide existing condo median sales price last month was $95,000; in June 2009 it was $112,800 for a 16 percent decrease. The national median existing condo price was $181,300 in May, according to NAR.
The interest rate for a 30-year fixed-rate mortgage averaged 4.74 percent in June, down from the 5.42 percent averaged during June 2009, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's larger markets, the Tampa-St. Petersburg-Clearwater MSA reported a total of 3,226 homes sold in June compared to 2,848 homes a year earlier for a 13 percent increase. The market's existing home median sales price was $138,400; a year earlier it was $139,400 for a decrease of 1 percent. A total of 912 condos sold in the MSA in June compared to 671 units sold in June 2009 for an increase of 36 percent. The existing condo median price was $99,100; a year earlier, it was $113,300 for a decrease of 13 percent.
Florida's Existing Home and Condo Sales Up in May 2010
Sales of existing homes in Florida rose 18 percent in May, marking 21 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
A total of 16,745 single-family existing homes sold statewide last month compared to 14,172 homes sold in May 2009, according to Florida Realtors. The statewide existing-home median price of $140,400 in May was slightly higher by $300 than April's statewide existing-home median price of $140,100. It marks the third month in a row that the statewide existing-home median price has increased over the previous month's median.
Across the state, a variety of housing opportunities continues to be available at attractive prices while mortgage interest rates remain historically low, said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville.
"Favorable conditions like this spark buyers' interest," Davis said. "However, like the rest of the world, Floridians are deeply concerned about the long-term ramifications of the April 20th explosion of BP's Deepwater Horizon oil rig, which killed 11 people and triggered the oil spill disaster in the Gulf of Mexico."
Seventeen of Florida's metropolitan statistical areas (MSAs) reported higher existing home and existing condo sales in May. A majority of the state's MSAs have reported increased sales for 23 consecutive months.
Florida's median sales price for existing homes last month was $140,400; a year ago, it was $143,800 for a decrease of 2 percent. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in April 2010 was $173,400, up 4.5 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $306,230 in April; in Massachusetts, it was $295,000; in Maryland, it was $244,943; and in New York, it was $197,000.
According to NAR's latest industry outlook, factors such as a return of buyer confidence, stabilizing home prices and an improving economy are supporting the market in the federal homebuyer tax credit's wake. "The housing market has to get back on its own feet," said NAR Chief Economist Lawrence Yun, "and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs."
In Florida's year-to-year comparison for condos, 6,779 units sold statewide last month compared to 4,845 units in May 2009 for an increase of 40 percent. The statewide existing condo median sales price last month was $98,700; in May 2009 it was $113,500 for a 13 percent decrease. The national median existing condo price was $171,000 in April, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.89 percent in May, close to the 4.86 percent averaged during May 2009, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's larger markets, the West Palm Beach-Boca Raton MSA reported a total of 887 homes sold in May compared to 737 homes a year earlier for a 20 percent increase. The market's existing home median sales price last month was $235,200; a year earlier it was $232,900 for an increase of 1 percent. A total of 877 condos sold in the MSA in May compared to 676 units sold in May 2009 for an increase of 30 percent. The existing condo median price last month was $99,600; a year earlier, it was $107,500 for a decrease of 7 percent.
Florida's Existing Home and Condo Sales Up in April 2010
Sales of existing homes in Florida rose 27 percent in April, which means that sales activity has increased in the year-to-year comparison for 20 months, according to the latest housing data released by Florida Realtors®.
Another positive sign: Last month's statewide existing-home median price of $140,100 was 1 percent higher than the statewide median price in April 2009.
Existing home sales rose 27 percent last month with a total of 16,781 homes sold statewide compared to 13,244 homes sold in April 2009, according to Florida Realtors. Statewide existing home sales last month increased nearly 3 percent over statewide sales activity in March. Meanwhile, April's statewide existing-home median price was 2.3 percent higher than March's statewide existing-home median price of $137,000. It marks the second month in a row that the statewide existing-home median price has increased over the previous month's median.
"Buyers responding to the federal homebuyer tax credit before it expired helped to boost home sales across Florida," said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. "And buying conditions remain favorable, with a variety of housing options available in local markets at attractive and affordable prices. Plus, current mortgage interest rates are at historically low levels, which gives buyers more 'bang' for their buck."
Florida Realtors also reported a 55 percent increase in statewide sales of existing condos in April compared to the previous year's sales figure; statewide existing condo sales last month rose 2 percent over the total units sold in March. Though April's statewide existing-condo median price of $103,600 was down 3 percent compared to the year-ago figure, it was 6.9 percent higher than March's statewide existing-condo median price.
Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in April while all but one MSA had higher condo sales. A majority of the state's MSAs have reported increased sales for 22 consecutive months.
Florida's median sales price for existing homes last month was $140,100; a year ago, it was $138,100 for a 1 percent gain. The median is the midpoint; half the homes sold for more, half for less. The national median sales price for existing single-family homes in March 2010 was $170,700, up 0.6 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $301,790 in March; in Massachusetts, it was $280,000; in Maryland, it was $235,785; and in New York, it was $209,900.
According to NAR's latest outlook, two trends are influencing a broader stabilization of home prices in housing markets across the nation: months of increased sales activity and lower levels of inventory. "Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably," said NAR Chief Economist Lawrence Yun. "With home values stabilizing, a revival in homebuying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears."
In Florida's year-to-year comparison for condos, 7,291 units sold statewide last month compared to 4,703 units in April 2009 for an increase of 55 percent. The statewide existing condo median sales price last month was $103,600; in April 2009 it was $107,200 for a 3 percent decrease. The national median existing condo price was $170,600 in March, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.10 percent in April, up from the average rate of 4.81 percent during the same month a year earlier, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's smaller markets, the Panama City MSA reported a total of 128 homes sold in April compared to 108 homes a year earlier for a 19 percent increase. The market's existing home median sales price last month was $160,000; a year earlier it was $156,800 for an increase of 2 percent. A total of 65 condos sold in the MSA in April compared to 53 units sold the same month a year earlier for an increase of 23 percent. The existing condo median price last month was $187,100; a year earlier, it was $172,900 for an 8 percent gain.
Florida's Existing Home and Condo Sales Up in 1Q 2010
Sales of existing single-family homes in Florida rose 24 percent in first quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®.
A total of 38,846 existing homes sold statewide in 1Q 2010; during the same period the year before, a total of 31,410 existing homes sold. It marks the seventh consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.
Statewide sales of existing condominiums in the first quarter rose 67 percent compared to the same time the previous year. This marks the sixth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.
"The first quarter data release from the Florida Realtors paints a picture of a housing market continuing down the long road to recovery," said Dr. Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness. "Transactions in the single family market have extended quarterly year-over-year gains for nearly two years, and condo sales have also risen sharply. Median prices in most areas of the state continue to fall; however, the rate at which they are falling has diminished significantly and this is indicative of a bottom approaching.
"How long prices stay at the bottom and when price appreciation will reappear will depend in a large part on the improving fundamentals in the economy and credit markets."
The University of Florida's Bergstrom Center for Real Estate Studies' latest quarterly survey of real estate trends also notes positive signs of recovery in the state's real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.
"Results indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types," said Timothy Becker, the center's director. Private capital both foreign and domestic continues to enter the state in search of quality investment deals, he added.
Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in 1Q 2010 compared to the same three-month-period a year earlier, while all of the MSAs showed gains in condo sales.
The statewide existing-home median sales price was $133,800 in 1Q 2010; a year earlier, it was $140,900 for a decrease of 5 percent. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.
In the year-to-year quarterly comparison for condo sales, 16,897 units sold statewide for the quarter compared to 10,131 in 1Q 2009 for a 67 percent increase. The statewide existing-condo median sales price was $95,800 for the three-month period; in 1Q 2009, it was $110,000 for a decrease of 13 percent.
Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5 percent in 1Q 2010; one year earlier, it averaged 5.06 percent.
Florida's Existing Home and Condo Sales Up in March 2010
Florida's existing home sales rose in March, which means that sales activity has increased in the year-to-year comparison for 19 months, according to the latest housing data released by Florida Realtors®.
Existing home sales increased 24 percent last month with a total of 16,294 homes sold statewide compared to 13,090 homes sold in March 2009, according to Florida Realtors. Statewide existing home sales last month increased 37 percent over statewide sales activity in February. Also noteworthy: While March's statewide existing-home median price of $137,000 was down from the same time a year ago, it was 4.3 percent higher than February's statewide existing-home median price.
Florida Realtors also reported a 63 percent increase in statewide sales of existing condos in March compared to the previous year's sales figure; statewide existing condo sales last month rose 40.6 percent over the total units sold in February. Though March's statewide existing-condo median price of $96,900 was down compared to the year-ago figure, it was 5.1 percent higher than February's statewide existing-condo median price.
Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in March while all MSAs had higher condo sales. A majority of the state's MSAs have reported increased sales for 21 consecutive months.
Florida's median sales price for existing homes last month was $137,000; a year ago, it was $141,300 for a 3 percent decrease. Industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in February 2010 was $164,300, down 2.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $279,840 in February; in Massachusetts, it was $271,950; in Maryland, it was $237,446; and in New York, it was $225,000.
NAR's latest outlook anticipates a rise in home sales in late spring, which should help to absorb inventory. Increased pending sales is a positive sign for home prices, which are continuing to stabilize, according to NAR Chief Economist Lawrence Yun.
In Florida's year-to-year comparison for condos, 7,148 units sold statewide last month compared to 4,387 units in March 2009 for an increase of 63 percent. The statewide existing condo median sales price last month was $96,900; in March 2009 it was $108,500 for an 11 percent decrease. The national median existing condo price was $170,200 in February, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.97 percent last month, down from the average rate of 5 percent in March 2009, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's larger markets, the Sarasota-Bradenton MSA reported a total of 1,055 homes sold in March compared to 765 homes a year earlier for a 38 percent increase. The market's existing home median sales price last month was $163,800; a year earlier it was $150,000 for an increase of 9 percent. A total of 382 condos sold in the MSA in March compared to 226 units sold the same month a year earlier for an increase of 69 percent. The existing condo median price last month was $146,400; a year earlier, it was $129,000 for a gain of 13 percent.
Florida's Existing Home and Condo Sales Up in February 2010
Florida's existing home sales rose in February, which means that sales activity has increased in the year-to-year comparison for the past year and a half (18 months), according to the latest housing data released by Florida Realtors®.
Existinghome sales increased 21 percent last month with a total of 11,890 homes sold statewide compared to 9,867 homes sold in February 2009, according to Florida Realtors. Statewide existing home sales last month increased 13.6 percent over statewide sales activity in January.
Florida Realtors also reported a 59 percent increase in statewide sales of existing condos in February compared to the previous year's sales figure; statewide existing condo sales last month rose 9.8 percent over the total units sold in January.
"Homebuyers should take advantage of favorable conditions in the current housing market," said 2010 Florida Realtors® President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. "Mortgage rates remain near historic lows at just under 5 percent, but they won't stay at that level forever. Plus, only six weeks are left before the extended and expanded homebuyer tax credit expires. First-time buyers and current homeowners who want to buy their next home in time to use the tax credit must have a purchase contract signed before the April 30 deadline then they'll have until June 30 to close the transaction."
Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in January, while all but one MSA had higher condo sales. A majority of the state's MSAs have reported increased sales for 20 consecutive months.
Florida's median sales price for existing homes last month was $131,300; a year ago, it was $141,800 for a 7 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in January 2010 was $163,600, down 0.4 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $300,000 in January; in California, it was $287,440; in New York, it was $242,750; and in Maryland, it was $234,894.
NAR's latest outlook predicts a surge in late spring home sales. "Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory levels," said NAR Chief Economist Lawrence Yun. "If there is sufficient job creation, housing can become self-sustaining with stable to modestly rising home prices."
In Florida's year-to-year comparison for condos, 5,085 units sold statewide last month compared to 3,190 units in February 2009 for an increase of 59 percent. The statewide existing condo median sales price last month was $92,200; in February 2009 it was $109,100 for a 15 percent decrease. The national median existing condo price was $172,400 in January, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.99 percent last month, even lower than the average rate of 5.13 percent in February 2009, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's smaller markets, the Punta Gorda MSA reported a total of 239 homes sold in February compared to 216 homes a year earlier for an 11 percent increase. The market's existing home median sales price last month was $96,600, slightly higher than the year-ago median price of $96,400. A total of 43 condos sold in the MSA in February compared to 33 units sold the same month a year earlier for an increase of 30 percent. The existing condo median price last month was $95,000; a year earlier, it was $88,300 for a gain of 8 percent.
Florida's Existing Home and Condo Sales Up in January 2010
Florida's existing home sales rose in January, marking 17 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
Existing home sales increased 24 percent last month with a total of 10,465 homes sold statewide compared to 8,444 homes sold in January 2009, according to Florida Realtors. January's statewide sales of existing condos rose 81 percent compared to the previous year's sales figure.
Sixteen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in January; all MSAs had higher condo sales. A majority of the state's MSAs have reported increased sales for 19 consecutive months.
"Now is the time for anyone thinking of buying a home in Florida to make that decision," said 2010 Florida Realtors® President Wendell Davis, a broker and regional vice president with Watson Realty Corp. in Jacksonville. "Markets across the state are seeing increased sales, yet conditions remain very favorable with still-low mortgage rates, a range of housing inventory and attractive prices. As an added incentive, buyers need to accelerate their plans because a purchase contract must be in place by the end of April to take advantage of the extended and expanded federal tax credit. To find out more, consult a Realtor® about options, qualification criteria and opportunities in your local housing market."
Florida's median sales price for existing homes last month was $130,900; a year ago, it was $139,400 for a 6 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in December 2009 was $177,500, up 1.4 percent from a year earlier, according to NAR.In California, the statewide median resales price was $306,820 in December; in Massachusetts, it was $305,000; in Maryland, it was $244,820; and in New York, it was $222,000.
According to NAR's latest outlook, homebuyers are taking advantage of the federal tax credit."With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices," said NAR Chief Economist Lawrence Yun.
In Florida's year-to-year comparison for condos, 4,631 units sold statewide last month compared to 2,554 units in January 2009 for an increase of 81 percent. The statewide existing condo median sales price last month was $97,300; in January 2009 it was $113,300 for a 14 percent decrease. The national median existing condo price was $183,700 in December 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.03 percent last month, slightly lower than the average rate of 5.05 percent in January 2009, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's smaller markets, the Fort Walton Beach MSA reported a total of 143 homes sold in January compared to 118 homes a year earlier for a 21 percent increase. The market's existing home median sales price last month was $201,400; a year ago it was $188,300 for an increase of 7 percent. A total of 70 condos sold in the MSA in January compared to 25 units sold the same month a year earlier for an increase of 180 percent. The existing condo median price last month was $270,800; a year earlier, it was $268,800 for a gain of 1 percent.
Florida's Existing Home and Condo Sales Up in 4Q 2009
Sales of existing single-family homes in Florida rose 44 percent in fourth quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 43,926 existing homes sold statewide in 4Q 2009; during the same period the year before, a total of 30,610 existing homes sold. It marks the sixth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.
Statewide sales of existing condominiums in the fourth quarter rose 93 percent compared to the same time the previous year. This marks the fifth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.
To gain insight into current trends in Florida's real estate industry, the University of Florida's Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. The survey noted uncertainty over the tight credit market, foreclosures and the jobs outlook.
On the positive side, private investors both foreign and domestic are starting to "kick the tires" in many markets, said Timothy Becker, the center's director. In addition, investor expectation for returns is starting to fall to more realistic levels, helping to close the spread between bidding and asking prices, he said.
"These developments bode well for the transaction market when quality properties start coming to the marketplace," Becker added.
Eighteen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in the fourth quarter compared to the same three-month-period a year earlier, while all of the MSAs showed gains in condo sales.
The statewide existing-home median sales price was $140,000 in the fourth quarter; a year earlier, it was $160,600 for a decrease of 13 percent. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.
In the year-to-year quarterly comparison for condo sales, 16,255 units sold statewide for the quarter compared to 8,410 in 4Q 2008 for a 93 percent increase. The statewide existing-condo median sales price was $105,500 for the three-month period; in 4Q 2008, it was $136,600 for a decrease of 23 percent.
Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.92 percent in 4Q 2009; one year earlier, it averaged 5.86 percent.
Florida's Existing Home Sales Up 33 percent, Condo Sales Up 91 percent in December 2009
Florida's existing home sales rose in December, marking 16 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
Existing home sales rose 33 percent last month with a total of 14,630 homes sold statewide compared to 11,013 homes sold in December 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.3 percent over statewide sales activity in November.
Florida Realtors also reported a 91 percent increase in statewide sales of existing condos in December compared to the previous year's sales figure; statewide existing condo sales last month rose 22 percent over the total units sold in November.
Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in December. A majority of the state's MSAs have reported increased sales for 18 consecutive months.
Florida's median sales price for existing homes last month was $140,400; a year ago, it was $155,300 for a 10 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in November 2009 was $171,900, down 4.4 percent from a year earlier, according to NAR.In California, the statewide median resales price was $304,520 in November; in Massachusetts, it was $285,000; in Maryland, it was $245,569; and in New York, it was $210,000.
According to NAR's latest outlook, home sales are seeing a boost from the federal homebuyer tax credit."There are many more potential buyers who can enter the market in the months ahead," said NAR Chief Economist Lawrence Yun. "Activity should ramp up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires, and balance should be restored to the housing sector with inventories continuing to decline."
In Florida's year-to-year comparison for condos, 5,968 units sold statewide last month compared to 3,132 units in December 2008 for an increase of 91 percent. The statewide existing condo median sales price last month was $107,000; in December 2008 it was $130,300 for an 18 percent decrease. The national median existing condo price was $178,000 in November 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.93 percent last month, significantly lower than the average rate of 5.29 percent in December 2008, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's larger markets, the West Palm Beach-Boca Raton MSA reported a total of 849 homes sold in December compared to 638 homes a year earlier for a 33 percent increase. The market's existing home median sales price last month was $247,900; a year ago it was $246,000 for an increase of 1 percent. A total of 763 condos sold in the MSA in December, up 45 percent over the 527 units sold in December 2008. The existing condo median price last month was $111,400; a year earlier, it was $112,900 for a decrease of 1 percent.
Florida's Existing Home Sales Up 61 percent, Condo Sales Up 111 percent in November 2009
Florida's existing home sales rose in November, marking 15 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
Existing home sales rose 61 percent last month with a total of 14,026 homes sold statewide compared to 8,694 homes sold in November 2008, according to Florida Realtors. Statewide sales of existing condos increased 111 percent last month compared to November 2008's sales figure.
For the second month in a row, all of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in November. A majority of the state's MSAs have reported increased sales for 17 consecutive months.
"The extended and expanded federal homebuyer tax credit will continue the positive momentum of the housing sector's recovery people will want to take advantage of this incredible, not-to-be-missed opportunity to buy a home of their own in Florida," says 2009 Florida Realtors President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando.
"For 15 months now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures," Shelton says. "The continued, gradual absorption of housing inventory will help stabilize home prices. National research notes that housing affordability is at its peak and the highest on record: Along with still-low mortgage rates, it means that the buying power of a typical family has never been better."
Florida's median sales price for existing homes last month was $139,000; a year ago, it was $158,200 for a 12 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in October 2009 was $173,100, down 6.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $297,500 in October; in Massachusetts, it was $287,000; in Maryland, it was $250,210; and in New York, it was $209,900.
According to NAR's latest industry outlook, home sales are experiencing a pendulum upswing."Keep in mind that housing had been underperforming over most of the past year," said NAR Chief Economist Lawrence Yun. "The tax credit is helping unleash pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future. In the second half of 2010, if home values show consistent stabilization or even a modest increase, then home sales could register normal healthy levels."
In Florida's year-to-year comparison for condos, 4,889 units sold statewide last month compared to 2,320 units in November 2008 for an increase of 111 percent. The statewide existing condo median sales price last month was $104,400; in November 2008 it was $131,400 for a 21 percent decrease. The national median existing condo price was $172,900 in October 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.88 percent last month, a significant drop from the average rate of 6.09 percent in November 2008, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's smaller markets, the Tallahassee MSA reported a total of 174 homes sold in November compared to 100 homes a year earlier for a 74 percent increase. The market's existing home median sales price last month was $162,000; a year ago it was $170,00 for a 5 percent decrease. A total of 5 condos sold in the MSA in November, up 150 percent over the 2 units sold in November 2008. The existing condo median price last month was $110,000; a year earlier, it was $95,000 for an increase of 16 percent.
Florida's Existing Home Sales Up 45 percent , Condo Sales Up 82 percent in October 2009
Florida's existing home sales rose in October, marking 14 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. October's statewide sales also increased over sales activity in September in both the existing home and existing condominium markets.
Existing home sales rose 45 percent last month with a total of 15,160 homes sold statewide compared to 10,444 homes sold in October 2008, according to Florida Realtors. Statewide existing home sales last month increased 5.1 percent over statewide sales activity in September.
Florida Realtors also reported an 82 percent increase in statewide sales of existing condos in October compared to the previous year's sales figure; statewide existing condo sales last month rose 6.1 percent over the total units sold in September.
All of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in October. A majority of the state's MSAs have reported increased sales for 16 consecutive months.
Florida's median sales price for existing homes last month was $140,300; a year ago, it was $169,700 for a 17 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in September 2009 was $174,900, down 8.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $296,090 in September; in Massachusetts, it was $290,000; in Maryland, it was $261,718; and in New York, it was $213,900.
According to NAR's latest industry outlook, the housing market is continuing its positive momentum."We're getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth," said NAR Chief Economist Lawrence Yun. "That, in turn, would help fully remove consumer fears, which would then revive the broader economy."
In Florida's year-to-year comparison for condos, 5,398 units sold statewide last month compared to 2,958 units in October 2008 for an 82 percent increase. The statewide existing condo median sales price last month was $105,200; in October 2008 it was $147,900 for a 29 percent decrease. The national median existing condo price was $175,100 in September 2009, according to NAR.
Interestrates for a 30-year fixed-rate mortgage averaged 4.95 percent last month, a significant drop from the average rate of 6.20 percent in October 2008, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's smaller markets, the Gainesville MSA reported a total of 172 homes sold in October compared to 130 homes a year earlier for a 32 percent increase. The market's existing home median sales price last month was $156,700; a year ago it was $173,300 for a 10 percent decrease. A total of 22 condos sold in the MSA in October, up 22 percent over the 18 units sold in October 2008. The existing condo median price last month was $116,700; a year earlier, it was $133,300 for a 12 percent decrease.
Florida's Existing Condo Sales Up 77% in September
Florida's existing home sales rose in September, which marks more than a year (13 months) that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. September's statewide sales also increased over sales activity in August in both the existing home and existing condominium markets.
Existing home sales rose 34 percent last month with a total of 14,419 homes sold statewide compared to 10,778 homes sold in September 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.1 percent over statewide sales activity in August.
Florida Realtors also reported a 77 percent increase in statewide sales of existing condos in September compared to the previous year's sales figure; statewide existing condo sales last month rose 8.9 percent over the total units sold in August.
All of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in September; all but one MSA also showed gains in condo sales. A majority of the state's MSAs have reported increased sales for 15 consecutive months.
Florida's median sales price for existing homes last month was $142,000; a year ago, it was $174,900 for a 19 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in August 2009 was $177,500, down 12.1 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $315,000 in August; in California, it was $292,960; in Maryland, it was $265,862; and in New York, it was $205,000.
NAR's latest industry outlook notes positive signs in the housing sector, but adds that extension of the federal first-time homebuyer tax credit would help sustain a fragile recovery."Now that the market is showing some momentum, we have an opportunity to achieve a more rapid and broader stabilization in home prices," said NAR Chief Economist Lawrence Yun. The outlook for home sales and prices depends on whether the tax credit is extended, he said, describing it as "the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit."
In Florida's year-to-year comparison for condos, 5,088 units sold statewide last month compared to 2,870 units in September 2008 for a 77 percent increase. The statewide existing condo median sales price last month was $102,500; in September 2008 it was $153,500 for a 33 percent decrease. The national median existing condo price was $179,300 in August 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.06 percent last month, a significant drop from the average rate of 6.04 percent in September 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's smaller markets, the Pensacola MSA reported a total of 275 homes sold in September compared to 267 homes a year earlier for a 3 percent increase. The market's existing home median sales price last month was $135,000; a year ago it was $146,900 for an 8 percent decrease. A total of 48 condos sold in the MSA in September, up 41 percent over the 34 units sold in September 2008. The existing condo median price last month was $190,000; a year earlier, it was $180,000 for a 6 percent gain.
Florida's Existing Home Sales Up 28%, Condo Sales Up 45% in August 2009
Florida's existing home sales rose in August marking a full calendar year (12 months) that sales activity increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
Existing home sales rose 28 percent last month with a total of 13,850 homes sold statewide compared to 10,813 homes sold in August 2008, according to Florida Realtors. The state association also reported a 45 percent increase in last month's statewide sales of existing condos compared to the previous year's sales figure.
Sixteen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in August; 18 MSAs also showed gains in condo sales. A majority of the state's MSAs have reported increased sales for 14 consecutive months.
"For a year now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures," says 2009 Florida Realtors® President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). "This is encouraging news, and while it shows the beginnings of recovery, the housing market still needs time to continue its gradual absorption of housing inventory that will help stabilize home prices. That is why it is critical for Congress to extend the first-time homebuyer tax credit into 2010. And, because it's now taking longer to finalize a home sale, first-time buyers who want to take advantage of the $8,000 federal tax credit need to act quickly, or they may miss the closing deadline of Nov. 30, 2009."
Florida's median sales price for existing homes last month was $147,400; a year ago, it was $188,500 for a 22 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in July 2009 was $178,300, down 14.6 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $310,000 in July; in California, it was $285,480; in Maryland, it was $273,769; and in New York, it was $205,000.
Signs point toward continued positive momentum in the housing sector, according to NAR's latest industry outlook. NAR Chief Economist Lawrence Yun predicts existing home sales will rise through the fourth quarter. "Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year," he said. "However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, 'Why buy now when I can purchase later,' to 'I don't want to miss out on a recovery.'"
In Florida's year-to-year comparison for condos, 4,674 units sold statewide compared to 3,222 units in August 2008 for a 45 percent increase. The statewide existing condo median sales price last month was $107,500; in August 2008 it was $158,100 for a 32 percent decrease. The national median existing condo price was $178,800 in July 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.19 percent last month, down significantly from the average rate of 6.48 percent in August 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Florida's Existing Home, Condo Sales Rise in 2Q 2009
Sales of existing single-family homes in Florida rose 23 percent in second quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold. It marks the fourth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.
Sales of existing condominiums statewide in the second quarter rose 29 percent compared to the same time the previous year. This marks the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.
Statewide sales activity in 2Q 2009 also increased over 1Q 2009's sales figure in both the existing home and existing condo markets, FAR records show. For 2Q 2009, statewide sales of existing homes rose 37.2 percent over the 1Q 2009 figure; existing condo sales statewide in 2Q 2009 increased 45.3 percent over the 1Q 2009 level.
"In spite of the challenges with the economy, most people 83 percent still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors® (NAR)," says 2009 FAR President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). "Many homebuyers are realizing that this is the time to buy with a good selection of housing inventory, affordable pricing and low mortgage rates.
"In fact, three-fourths of those responding to the 2009 National Housing Pulse Survey said they think now is a good time to purchase a home, a number that has increased steadily the past two years," she says. "However, providing solid financing options for homebuyers is key to returning stability to the housing market, and buyers also need programs that help with downpayment and closing costs. That's why the federal $8,000 first-time homebuyer tax credit and other programs enabling eligible buyers to access that tax credit for downpayment or closing costs are so important programs like the Florida Homebuyer Opportunity Program."
Sixteen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in the second quarter compared to the same three-month-period a year earlier, while 12 MSAs showed gains in condo sales.
The statewide existing-home median sales price was $143,600 in the second quarter; a year earlier, it was $203,200 for a decrease of 29 percent. The 2Q 2009 statewide existing-home median sales price was 1.8 percent higher than 1Q's statewide existing-home median sales price of $141,000. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.
In the year-to-year quarterly comparison for condo sales, 14,742 units sold statewide for the quarter compared to 11,459 in 2Q 2008 for a 29 percent increase. The statewide existing-condo median sales price was $111,100 for the three-month period; in 2Q 2008, it was $179,800 for a decrease of 38 percent. The 2Q 2009 statewide existing-condo median sales price was almost 1 percent higher 1Q's statewide existing-condo median sales price of $110,100.
Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.03 percent in 2Q 2009; one year earlier, it averaged 6.09 percent.
Florida's Existing Home, Condo Sales Up in June 2009 by 28 percent and 39 percent respectively
Florida's existing home sales rose in June the 10th consecutive month that sales activity showed gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide sales in June also increased over the previous month's sales level in both the existing home and existing condominium markets. And, for the second month in a row, the statewide median sales price for existing homes was higher than the previous month's statewide median.
Existing home sales rose 28 percent last month with a total of 15,850 homes sold statewide compared to 12,339 homes sold in June 2008, according to FAR. Statewide existing home sales in June increased 13.8 percent over May's statewide activity.
Florida Realtors also reported a 39 percent rise in statewide sales of existing condos in June; existing condo sales last month rose 8.3 percent over the total units sold in May.
Sixteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in June and 14 MSAs also showed gains in condo sales. A majority of the state's MSAs have reported increased sales for the past year (12 consecutive months).
Florida's median sales price for existing homes last month was $148,000; a year ago, it was $205,300 for a 28 percent decrease. However, the statewide existing home median price in June increased 2.49 percent over May's median price; it also was higher than the statewide median price reported each month since the start of 2009. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in May 2009 was $172,900, down 16.1 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $284,000 in May; in California, it was $267,570; in Maryland, it was $265,724; and in New York, it was $189,000.
NAR's latest housing industry outlook notes the $8,000 tax credit for first-time homebuyers is boosting the sector. "Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade," said NAR Chief Economist Lawrence Yun. "However, the increase in sales is less than expected because poor appraisals are stalling transactions. The big question is how much the appraisal issue will impact the ability of contracts to go to closing."
In Florida's year-to-year comparison for condos, 5,241 units sold statewide compared to 3,771 units in June 2008 for a 39 percent increase. The statewide existing condo median sales price last month was $112,900; in June 2008 it was $180,400 for a 37 percent decrease. The national median existing condo price was $173,800 in May 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.42 percent last month, down significantly from the average rate of 6.32 percent in June 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Florida's Existing Home, Condo Sales Up in May 2009 by 16% and 21% respectively
Florida's existing home sales rose in May the ninth month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide sales showed gains over the previous month's sales level in both the existing home and existing condominium markets. Also, for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month's figure.
Existing home sales rose 16 percent last month with a total of 13,921 homes sold statewide compared to 12,044 homes sold in May 2008, according to FAR. Statewide existing home sales in May increased 6.2 percent over April's statewide activity. Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in May; existing condo sales last month rose 3.8 percent over the total units sold in April.
"The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida what is new in this month's data release is that we are seeing evidence of prices beginning to firm," says Dr. Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness. "While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned; until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market."
Thirteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in May and 13 MSAs also showed gains in condo sales. A majority of the state's MSAs have reported increased sales for 11 consecutive months.
Florida's median sales price for existing homes last month was $144,400; a year ago, it was $203,800 for a 29 percent decrease. However, the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to lower the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in April 2009 was $169,800, down 14.9 percent from a year earlier, according to NAR. In California, the statewide median resales price was $256,700 in April; in Massachusetts, it was $275,000; in Maryland, it was $255,587; and in New York, it was $185,000.
According to NAR's latest housing industry outlook, buyers are responding to favorable market conditions. "Now the $8,000 first-time buyer tax credit is beginning to impact the market," said NAR Chief Economist Lawrence Yun. "Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers." Many homebuyers are taking advantage of the bargain prices offered on foreclosed listings in states like Florida, California and Nevada, Yun noted, which should "set the stage for healthy market conditions going forward."
In Florida's year-to-year comparison for condos, 4,839 units sold statewide compared to 3,998 units in May 2008 for a 21 percent increase. The statewide existing condo median sales price last month was $113,400; in May 2008 it was $181,700 for a 38 percent decrease. May's statewide existing condo median price was the same as January's statewide median, and was higher than the median reported in February, March or April. The national median existing condo price was $173,900 in April 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.86 percent last month, down significantly from the average rate of 6.04 percent in May 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Miami-Dade single family home sale up by 98% and by 70% for condos
Florida's existing home sales rose in April the eighth consecutive month that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). April's statewide sales showed gains over the previous month's sales level in both the existing home and existing condominium markets.
Existing home sales rose 18 percent last month with a total of 13,111 homes sold statewide compared to 11,133 homes sold in April 2008, according to FAR. April's statewide existing home sales were slightly higher than statewide activity in March.
Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in April; existing condo sales last month increased 6.2 percent over the total units sold in March.
Fourteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in March and 11 MSAs also showed gains in condo sales. A majority of the state's MSAs have reported increased sales for 10 consecutive months.
Florida's median sales price for existing homes last month was $138,500; a year ago, it was $199,500 for a 31 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note, however, a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in March 2009 was $174,900, down 11.5 percent from a year earlier, according to NAR. In California, the statewide median resales price was $253,040 in March; in Massachusetts, it was $255,000; in Maryland, it was $264,302; and in New York, it was $222,500.
According to NAR's latest housing industry outlook, it could take a few months for the housing market to gain momentum, though there are signs of stabilization. "The share of lower priced home sales has trended up, indicating a return of many first-time buyers," said NAR Chief Economist Lawrence Yun. "Buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit. By early summer we should be seeing a positive impact on home sales from record-low mortgage interest rates in addition to the stimulus provisions."
In Florida's year-to-year comparison for condos, 4,660 units sold statewide compared to 3,862 units in April 2008 for a 21 percent increase. The statewide existing condo median sales price last month was $106,600; in April 2008 it was $178,900 for a 40 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $177,600 in March 2009.
Interest rates for a 30-year fixed-rate mortgage averaged 4.81 percent last month, down significantly from the average rate of 5.92 percent in April 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
5Qs interview: CEO of Brosda & Bentley says market is alive
Katerina Brosda, president and CEO of Brosda & Bentley Realtors in Aventura, says there's plenty of action in the housing market and prices are near the bottom.
Katerina Brosda, president and CEO of Brosda & Bentley Realtors in Aventura, has been a leader in pursuing potential buyers to the far corners of the globe. Her firm now has affiliate offices in Dubai, London, Monte Carlo and Paris and she reports her agents are working overtime making high-end deals. She agreed to share her take on the local market with talkofaventura.com:
TOA: Prices keep falling; foreclosures keep rising; but sales are up. Is the Aventura-Sunny Isles Beach market on the rebound?
Brosda: That is truly difficult to predict. There is certainly a huge difference between oceanfront and west of Collins in Sunny Isles Beach and along the beaches. In Aventura, one must differentiate between established community and new development, especially south of 180th, with so many new condos competing for ever more discerning buyers.
In Sunny Isles Beach, the Jade Beach and Trump Royal developments recently won Fannie Mae approval, enabling the developers to sell the remainder of units to buyers wanting to apply for financing for a portion of the purchase price. Trump Towers has had over 15 sales in April and many more contracts scheduled to close. The spectacular St. Tropez Towers has arranged for special financing terms for its buyers, but the real action is in short sales, pre-foreclosure sales and heavily discounted properties throughout both cities. Short sales now take only six weeks or less to close, as banks have become more understanding and well versed in the process.
Are we close to a bottom: Very close indeed! Let me put it this way: You buy an oceanfront property today, you cannot go wrong. May prices come down even further? Perhaps somewhat, but you do not worry too much when you are purchasing today with the intend to hold on to the property for several years.
As far as mid-priced or lower-end priced properties are concerned, even more buyer-education is necessary, as buyers think that banks will accept the lowest offer or even give properties away, which is not the case at all. There is also a common misconception that banks will treat a property as a liability rather than as an asset and want to get rid of it at any price. That is not true, either. And many buyers think they are the only ones buying. Not true at all. As recently as a few days ago an out-of-state buyer could not make up his mind on his dream condo. He was hesitating and thought he had time to think to make an offer. By the time he did make up his mind other buyers were faster and already made the accepted offer.
TOA: We keep hearing about new oceanfront condo towers with so many non-paying units that the associations are struggling to keep the lights on. Do you foresee a period when some quality buildings become just no-buy zones? And if so for how long?
Brosda: We keep hearing or reading the same rumors sometimes from rather questionable sources. If there is a developer in town wanting to sell product, we would be the first to learn about it! All new development plans are two, three, four years down the road. There are many approved oceanfront developments on record in Sunny Isles Beach, but they are not happening right now. Some condos are struggling with collecting maintenance assessments. This may remain an issue for as long as the overall economy is stabilizing. At Brosda & Bentley Realtors we have a strict corporate policy to require association boards to provide us with a written statement as to their financial status, reserve accounts and percentage of delinquent owners. If we see the numbers out-of-order, we will advise our clients to reconsider a purchase based on the findings. We do, however, market and sell pre-construction near downtown as there remains demand for specific niche product.
TOA: Your agency has offices all over the world. How does South Florida real estate look today from, say, a European perspective?
Brosda: Italians love America and especially Florida. Period. With the announcement of Fiat taking over Chrysler, we had entrepreneurs calling from Italy wanting to buy or take over Chrysler dealerships and simultaneously looking for housing, especially in South Beach. The British who were strong buyers up until a year ago have almost vanished as buyers. The French and Germans are still buying selectively. As a matter of fact, we have several scheduled appointments for the summer months from prospects visiting from Europe expressing interest to buy Southeast Florida real estate. Even with the concerns of the global economic struggles, the U.S. still remains the leading safe-haven for real estate investors from all over the world. Europeans are very demanding in their requirements and know exactly what they want and what not as they do their research online!
TOA: What's your best advice to prospective buyers?
Brosda: As one of the leading full-service real estate companies in Florida, I would advise any potential buyer to make sure that they are dealing with a Realtor that knows what he/she is talking about. We have an increased number of calls from Realtors who do not even have access to the MLS anymore, inquiring with us as to the availability of condos in a specific building. This is unacceptable to the profession. Buyers must be clear as to know what they want and Realtors must be able to help to identify properties their prospects desire. I do see home sales gradually stabilizing. The action is in lower price ranges and mid-price ranges. High-end properties are picking up again, but we find those buyers, oversees, in Europe, South America or even India. If you can afford it, time to buy is right now. I don't believe that this generation will ever see low prices and interest rates like this again.
TOA: What's your best advice to prospective sellers?
Brosda: If you are in the market to sell, demand a marketing agent not just a real estate agent someone who is dedicated not just to selling your home, but to selling it for more. Expect your real estate consultant to be an expert negotiator. Negotiations take preparation, strategic thinking and persistence, requiring the agent to devote time throughout the selling process. Find an agent who is a property promoter, not a personal promoter. It's great for an agent to claim a top ranking and be #1 in some local magazine's award- giveaway, but it's meaningless unless that agent is promoting your property and not his own prestige. Insist on an agent with capable information technology skills, including online and database understanding.
Real estate sales move at the speed of light and you should expect your agent to handle complex Internet searches and manipulate secure databases.
Last but not least, favor Realtors who are leaders in their communities and who have a record of giving back. Real estate consultants who invest in where they live will use their skills in your favor as they will remain in that community long after you have moved away.
Miami Home Sales Jump 72 Percent in the 1st Quarter
Miami sales of single-family homes soared 72 percent in the first quarter of 2009 from a year earlier, according to Realtors statistics. For major metro markets, Miami was the hottest in the state with Ft. Lauderdale next at 46 percent. Statewide single-family sales only increased by 25 percent.
The sales of existing condominiums increased by 51 percent in Miami compared to the first quarter of 2008, while statewide there was only a 19 percent increase in the sales of existing condominiums. Only Orlando hit a higher percentage increase in sales, but at the cost of a much bigger loss in their median sale price
"Miami has been one of the strongest comeback markets in the State of Florida for the last eight months. The number of Miami sales has been increasing consistently since August 2008, statistics and timeframe that definitely point to a market recovery," said Rick Burch, RAMB Chairman of the Board.
"Since the passing of the 2009 First-Time Home Buyer Tax Credit, sales have spiked substantially," said RAMB Residential President Martha Pomares. "Interest rates have dropped down to their lowest levels in over a decade and have brought more buyers into the market. The magical combination of rates, tax credit, other incentives and rock bottom prices has created a compelling and unique buying opportunity for nearly everyone."
In addition to first time buyers, international buyers continue to play a significant role in recent home sales. U.S. buyers particularly from the Northeast are actively pursuing the South Florida real estate market.
"Home buyers are taking advantage of favorable affordability conditions not seen in years. European buyers, who benefit from discounted pricing and the strength of the Euro and the British pound, continue to invest in South Florida real estate," said Rick Burch, 2009 Chairman of the Realtor Association of Greater Miami and the Beaches. "Brazilian and Venezuelan buyers are among the strongest from the Americas, along with others who are taking advantage of a great buyers market in Miami."
Demand for properties is also increasing significantly. Pending home sales in Miami-Dade County increased approximately five percent in April 2009 from March, which was one of the strongest months in the last couple of years.
"We are beginning once again to see bidding wars similar to the ones we saw during the boom," said Burch. "Consumers who were on the fence are now seizing the opportunities."
While at a slower pace, median sales prices continue to decrease due to an increased number of foreclosures and short sales. The median sales price for single-family homes reported in Miami-Dade in the first quarter of 2009 was $203,700, a 38 percent drop from the first quarter of 2008. The median sales price for condominiums was $149,000, a 47 percent decrease from the previous year. Statewide, sales prices dropped 38 percent to $141,000 for single-family and 38 percent to $110,100 for condominiums.
"It is important to remember that a $203,700 median price for single family and $149,000 for condominiums means that an amazing one half of all homes and condos sold were under these amounts," said Burch. "This is the first time in many years that the market has been so strong and so affordable for people in all price ranges in Miami and South Florida."
Local real estate market continues to confound
Posted by Garry May 13th, 2009
A report from Realty Trac Inc. that 342,000 American families received a foreclosure-related notice in April thats up 32 percent from April 2008 help send the stock market skidding May 13.
Thats bad new nationally. But for an up-to-date snapshot of the local market, talkofaventura.com turned to data from two national real estate search firms and to local realtors who see conditions here day in and day out.
The average listing price for an Aventura home is continuing to rise up 0.9 percent to $513,627 in the week ending May 6 but the median sales price of $215,000 for the quarter ending April 30 continues to fall, according to Trulia.com. A total of 2,101 Aventura homes are on the market with 245 in some stage of the foreclosure process.
In Sunny Isles Beach, both listing price $783,152, down 3.7 percent from the previous week and median sales price $305,000 for the three-month period, down 20.8 percent from a year ago are trending lower. There are 945 homes on the market and 240 in foreclosure. Trulia.com reports.
The online real estate search firms data shows sales volume is coming back strongly in both Aventura up 103.5 percent over a year ago and Sunny Isles Beach up 236.4 percent.
But average per square foot price is still down 22.4 percent from a year ago to $177 per square foot in Aventura and down 26.1 percent to $221 per square foot in Sunny Isles Beach.
So what are prospective buyers and sellers to make of such conflicting data?
Its still a buyers market but there are hopeful signs, local realtors agree. And they have some hints to share.
First, forget the idea that the exodus of snowbirds signals the start of off-season for real estate, says Katerina Brosda, president and CEO of Brosda & Bentley Realtors, a boutique firm based in Aventura.
Struggles of the American economy have sent brokers looking offshore for buyers and offshore buyers to South Florida for bargains, she says. The Germans are back in a big way. So are Russians, Italians, Israelis and even the Chinese. And this is the time of year when the market sees an influx of South Americas inverted snowbirds, escaping that continents winter weather.
Brosda points to Jade Beach, where 65 percent of the units have closed and few of those paying the $500,000-plus price needed a mortgage. The power of the ocean, the charm of the Sunny Isles Beach strip and the security of a well-managed building remain a compelling draw for those who are largely immune from the vagaries of the economy.
She says her agents are busy, a promising signal also spotted by Andre Shambley of The Keyes Company. Both are seeing increased activity from investors who like the deals they can now negotiate. Shambley also is seeing some opportunistic first-time buyers.
While Brosda doesnt see the federal $8,000 homebuyer stimulus tax break playing much of a role along the ocean, she and other brokers concede it may help generate some traffic later this year, particularly in more moderately priced Aventura and non-oceanfront Sunny Isles Beach properties.
Ellen Bithell and Agnes Stalmach, the owners of RE/MAX Executive Realty in Hollywood, are betting the stimulus does drive extra business. Beyond the tax break, theyre encouraging prospective buyers to explore the Neighborhood Stabilization Program. Cities set the rules for this program that is not restricted to first-time homebuyers.
Meanwhile, sale prices continue to fall. Numbers from national real estate website Zillow.com echo those from Trulia.com.
Zillow.com shows Aventura with a median home value index of $225,083, down 21.4 percent from a year ago. It puts Sunny Isles Beach property in worst shape. Using the same methodology, it sets Sunny Isles Beach value index at $197,259, down 34.8 percent from a year ago.
Floridas Existing Home, Condo Sales Rise by 30% - Home Sales Up Even 32.7 % Over February 09 Sales
Sunny Isles Beach, Fla., April 23 2009 Floridas existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR). Marchs statewide sales also increased over the previous months sales level in both the existing home and existing condo markets.
Existing home sales rose 30 percent last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR. Statewide existing home sales in March were 32.7 percent higher than Februarys statewide sales.Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.
Fifteen of Floridas metropolitan statistical areas (MSAs) reported increased existing-home sales in March and 13 MSAs also showed gains in condo sales. It marks the ninth consecutive month that a majority of markets have reported increased sales.
Floridas median sales price for existing homes last month was $141,300; a year ago, it was $201,700 for a 30 percent decrease. Industry analysts with the National Association of Realtors (NAR) report there is a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in February 2009 was $164,600, down 15 percent from a year earlier, according to NAR. In California, the statewide median resales price was $247,590 in February; in Massachusetts, it was $252,500; in Maryland, it was $253,200; and in New York, it was $210,000.
NARs latest housing industry outlook reported that entry-level buyers are seeking bargains, which resulted in sales of distressed properties accounting for 40 to 45 percent of Februarys transactions. Given the downward distortion in price comparisons due to distressed sales, its important for owners to keep in mind that this doesnt equate to a similar loss of value for traditional homes in good condition, said NAR Chief Economist Lawrence Yun.
In Floridas year-to-year comparison for condos, 4,388 units sold statewide compared to 3,503 units in March 2008 for a 25 percent increase. The statewide existing condo median sales price last month was $108,700; in March 2008 it was $172,300 for a 37 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $172,200 in February 2009.
Interest rates for a 30-year fixed-rate mortgage averaged 5 percent last month, down significantly from the average rate of 5.97 percent in March 2008, according to Freddie Mac. FARs sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Floridas Existing Home, Condo Sales Rise by 20% in February 2009
Miami, Fla., March 23, 2009 Floridas existing home sales rose in February, making it the sixth consecutive month that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR). Februarys statewide sales also increased over Januarys figures in both the existing home and existing condo markets.
Existing home sales rose 20 percent last month with a total of 9,858 homes sold statewide compared to 8,181 homes sold in February 2008, according to FAR. Februarys statewide existing home sales were 16.7 percent higher than Januarys statewide sales.
Florida Realtors also reported a 15 percent gain in statewide sales of existing condominiums in February, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 25.1 percent over the total units sold in January.
Thirteen of Floridas metropolitan statistical areas (MSAs) reported increased existing-home sales in February while 11 MSAs also showed gains in condo sales. It marks the eighth month in a row that a number of markets have reported increased sales.
Floridas median sales price for existing homes last month was $141,900; a year ago, it was $199,300 for a 29 percent decrease. Industry analysts with the National Association of Realtors (NAR) report a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in January 2009 was $169,900, down 13.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $254,350 in January; in Massachusetts, it was $321,000; in Maryland, it was $244,820; and in New York, it was $205,000.
Significant variations in local markets continue, according to NARs latest housing outlook, which also notes that it will take time for the impact of the economic stimulus to show in housing data. Some markets appear to have reached the tipping point of accelerating home buying, said NAR Chief Economist Lawrence Yun. Improvement from the economic stimulus isnt likely to show as closed home sales before summer, although we may see an earlier lift from lower mortgage interest rates.
NAR analysts estimate the impact of the federal economic stimulus package and lower interest rates on the housing market to be about 900,000 additional home sales in 2009 compared to conditions before the stimulus package. By the end of the year, NAR expects inventory to fall below an eight-month supply, which would be consistent with home price stabilization.
In Floridas year-to-year comparison for condos, 3,198 units sold statewide compared to 2,785 sold in February 2008 for a 15 percent increase. The statewide existing condo median sales price last month was $109,300; in February 2008 it was $173,900 for a 37 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $174,400 in January 2009.
Interest rates for a 30-year fixed-rate mortgage averaged 5.13 percent last month, down significantly from the average rate of 5.92 percent in February 2008, according to Freddie Mac. FARs sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written. Among the states medium-size markets, the Fort Pierce-Port St. Lucie MSA reported a total of 372 homes sold in February compared to 263 homes a year ago for a 41 percent increase.
The existing home median sales price was $122,100; a year ago, it was $172,900 for a 29 percent decrease. In the year-to-year comparison for the existing condo market, a total of 71 units sold in the MSA last month, up 22 percent compared to 58 condos sold the previous February. The markets existing condo median price was $116,700; a year ago, it was $126,700 for an 8 percent decrease.
Brosda & Bentley Realtors Real Estate News Service
Florida Realtors Applaud New Tax Credit, Housing Aid
MAMI, Fla. March 2, 2009 An $8,000 tax credit for first-time homebuyers is a step in the right direction toward revitalizing Floridas housing market and stimulating the states economy, says Cynthia Shelton, 2009 president of the Florida Association of Realtors (FAR).
The new tax credit provides a great incentive for first-time homebuyers to enter the housing market and find the home of their dreams here in Florida, Shelton says. With plentiful affordable inventory offering a range of housing options, mortgage interest rates near historical lows and competitive pricing, the time is right for prospective homebuyers who have been sitting on the fence to take advantage of the homeownership opportunity available through the tax credit.
The American Recovery and Reinvestment Act of 2009, signed by President Barack Obama last week, offers almost $79 billion in economic stimulus proposals, including provisions to help stabilize and rejuvenate the housing market such as: increasing the first-time homebuyer tax credit to $8,000 for those buying by Dec. 1, 2009, and eliminating the repayment requirement; reinstating higher limits for Federal Housing Administration (FHA), Fannie Mae and Freddie loans; and increased rural housing loans.
A renewed housing market and commercial real estate industry are vital to Floridas economic recovery, Shelton says. Offering people better financing opportunities and tax incentives will help shrink inventory and stabilize home values. These measures will improve communities and strengthen our economy.
What do first-time homebuyers need to know to take advantage of the $8,000 tax credit? Here are a few of the rules that apply, at least according to the most recent analysis, though things could change as tax professionals continue to review the details. Consult your tax advisor if there are any questions about the $8,000 tax credit and how to use it.
- The tax credit is available for first-time buyers who purchase between Jan. 1 and Dec. 1, 2009. They can either claim the credit on this year's return due April 15 or file for the credit in 2009.
- To qualify as a first-time homebuyer, the purchaser cannot have owned a home in at least three years before the date of purchase. However, ownership of a vacation home or rental home does not disqualify the buyer.
- The deduction is worth 10 percent of a homes value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount.
- Its a tax credit, not a deduction. That means the entire amount goes back to the first-time homebuyer unlike deductions, such as mortgage interest, that are subtracted from gross income before tax is calculated. If qualified for $8,000, the buyer gets $8,000, even if they would not owe that much in taxes.
- Buyers can claim a maximum credit of $8,000, or up to $4,000 for married individuals filing separately, according to the IRS. The credit phases out for married couples with adjusted gross income of $150,000 and for individual taxpayers with income above $75,000.
- The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home.
Brosda & Bentley Realtors Real Estate News Service
Floridas Existing Home rise 24%, Condo Sales Rise 13% in January 2009
Miami, Fla., Jan. 26, 2009 - Floridas existing home sales rose in January, making it the fifth month in a row that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR). Existing home sales rose 24 percent last month with a total of 8,450 homes sold statewide compared to 6,810 homes sold in January 2008, according to FAR.
Many people are looking at todays market and seeing opportunities to find the home or business theyve always wanted, said 2009 FAR President Cynthia Shelton. With a range of available housing options, historically low mortgage interest rates and affordable prices, buyers who may have been hesitant before should take a closer look at the current opportunities for homeownership. As real estate professionals who know all aspects of their local market conditions, Florida Realtors are here to help counsel consumers making sound long-term decisions for their homes and their businesses.
Florida Realtors also reported a 13 percent gain in statewide sales of existing condominiums in January, making it the fourth recent month (following September, October and December) that statewide existing home and existing condo sales were higher compared to year-ago levels. Thirteen of Floridas metropolitan statistical areas (MSAs) reported increased existing-home sales in January while 11 MSAs also showed gains in condo sales; it marks the seventh consecutive month that a number of markets have reported increased sales.
Floridas median sales price for existing homes last month was $139,500; a year ago, it was $206,900 for a 33 percent decrease. According to industry analysts with the National Association of Realtors (NAR), there remains a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less. The national median sales price for existing single-family homes in December 2008 was $174,700, down 14.8 percent from a year earlier, according to NAR.
In California, the statewide median resales price was $281,100 in December; in Massachusetts, it was $275,000; in Maryland, it was $267,925; and in New York, it was $220,000.
NARs latest housing outlook shows that home prices continue to fall, but also notes a trend of increasing sales activity in the Florida, California, Arizona and Nevada markets. It appears some buyers are taking advantage of much lower home prices, said NAR Chief Economist Lawrence Yun. The higher monthly sales gain and falling inventory are steps in the right direction, but buyers will continue to have an edge over sellers for the foreseeable future.In Floridas year-to-year comparison for condos, 2,556 units sold statewide compared to 2,266 sold in January 2008 for a 13 percent increase.
The statewide existing condo median sales price last month was $113,400; in January 2008 it was $190,200 for a 40 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $181,400 in December 2008.Interest rates for a 30-year fixed-rate mortgage averaged 5.05 percent last month, down from the average rate of 5.76 percent in January 2008, according to Freddie Mac. FARs sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Brosda & Bentley Realtors Real Estate News Service
U.S. existing-home sales rebound, rising 6.5 percent in December
Inventories of unsold homes dropped sharply to levels last seen in December of 2001
Miami, Fla., Jan. 26, 2009 Floridas housing market overall though mirrored the national trend in 2008, as mortgage industry troubles, unsettled financial markets, tightened credit and other economic issues impacted sales and prices. By years end, a total of 124,215 existing homes sold statewide, a decrease of 4 percent compared to 129,855 homes sold statewide in 2007, according to the latest housing data released by the Florida Association of Realtors (FAR).
Floridas median sales price for existing homes was $187,800 at year-end 2008; a year previously, it was $234,300 for a 20 percent decrease. The median is the midpoint; half the homes sold for more, half for less.
Taking steps to energize and stabilize the real estate market is key to economic recovery, says 2009 FAR President Cynthia Shelton. Not only do strong housing and commercial property markets generate business, but they are essential to helping families build wealth and stability.
Research shows that the typical Florida homeowner intends to hold their property for 10 years.
In 1998, Floridas statewide median price was $104,700; at the close of 2008, the statewide median price is $187,800. Long-term homeowners continue to have the benefit of price appreciation, as well as a benefit that simply cant be measured a place to raise their families, make memories and enjoy their lives. A place to call home. And now, more than ever, consumers can rely on the expertise of Brosda & Bentley Realtors to help them meet the challenges of todays marketplace, whether theyre looking for a home or the perfect place for a new business.
Five of Floridas metropolitan statistical areas (MSAs) reported increased existing-home sales for year-end 2008; at the same time, four MSAs showed gains in existing-condo sales. December marked the sixth consecutive month that a number of Florida markets noted higher sales activity.
Economic issues are continuing to affect consumers and thus inhibit the housing market, according to Lawrence Yun, chief economist for the National Association of Realtors (NAR). But in NARs latest housing outlook, he noted that the right economic stimulus package could help. With a proper real-estate focused stimulus measure, home sales could rise more than expected, by more than 10 percent to 5.5 million in 2009, and easily begin to stabilize home prices in many parts of the country, Yun said. Stable home prices will, in turn, lessen foreclosure pressures and lay the foundations for a solid economic recovery as the nations 75 million homeowners regain confidence.
In Floridas year-to-year comparison for existing condos, a total of 37,797 units sold statewide at years end 2008, a decrease of 10 percent compared to 41,865 sold by years end 2007. The statewide existing condo median sales price was $164,400; at year-end 2007, it was $205,200 for a 20 percent decrease.
The annual average interest rate in 2008 for a 30-year fixed-rate mortgage was 6.03 percent, down from the annual average rate of 6.34 percent in 2007, according to Freddie Mac. FARs sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the states large to medium-size markets, sales of existing homes in the West Palm Beach-Boca Raton MSA remained basically level in the year-to-year comparison, with a total of 6,953 homes sold at year-end 2008 compared to 6,971 homes the previous year. The existing home median sales price was $302,800; at year-end 2007, it was $369,400 for an 18 percent decrease. In the year-to-year comparison for the existing condo market, a total of 6,075 units sold in the MSA at years end, up 7 percent compared to 5,674 condos sold the previous year.
The markets existing condo median price was $143,800; at year-end 2007, it was $198,000 for a 27 percent decrease.
Brosda & Bentley Realtors Real Estate News Service
Sunny Isles Beach Real Estate is selling even in a stressed economy
Miami Home and Condo Sales Rose in October 2008 by 23%
Sunny Isles Beach, Florida 12/10/2008 02:20 AM GMT (TransWorldNews)
An exclusive interview with Katerina Brosda, President & CEO of Brosda & Bentley Realtors, a boutique full-service Realty Company in Miami.
By Stephan Boruchin of TransWorldNews (TWN)
Sunny Isles Beach, a barrier island in North Miami Beach, bordered by chic Aventura to the northwest, elegant Bal Harbour to the south and secluded Golden Beach to the north has been compared to Monte Carlo, the glamorous and ritzy borough in Monaco, home to the famous Le Grand Casino and the opulent palace Htel de Paris, a member of The Leading Hotels of the World. Fittingly, the new slogan on Sunny Isles Beachs public service vehicles, official brochures and flags proudly marks the city to be Floridas Rivera.
Arguably there are intriguing similarities but as well significant distinctions. Both cities boast the Atlantic Ocean, respectively the Mediterranean Sea as their dramatic backgrounds; also Sunny Isles Beach has its Leading Hotels of the World, the spectacular Acqualina Resort & SPA on the Beach and a casino with poker tables and Las Vegas style-slot machines is only 5 minutes away on the mainland.
Donald Trump invested heavily in the city, with six luxurious sky rises bearing his name - the Miami Trump Towers being his trifecta. The Trump Palace and the Trump Royale condos are sensational lifestyle destinations, only available to a selected few and now the city will be flanked by St. Tropez Condominiums, a brand new 3-towers waterfront development at the gateway into the city and adjacent to the planned, futuristic Town Center and City Park complete with amphitheater and pedestrian-friendly parks, water features deluxe shopping and fine restaurants.
Monaco is legendary for attracting the rich and famous - so is Sunny Isles Beach. A stroll on the 2 miles-long stretch of sand beach could occur to spotting the Whos Who in the World. From Russian pop stars to international beacons of industry, novelist, artists, movie producers, actors and actresses, Congressman and women, Irina Allegrova, Alicia Keys, Enrique Iglesias, George Hamilton and Barbara Streisand who made the Turnberry Ocean Colony famous and even the Clintons, are rumored to own a condo in town, to name but a few. And what greater incidental similarity to Monaco could there be: Grace Kelly, the American Academy Award winning actress who went on the marry Prince Rainier of the Principality wintered at the Golden Strand Hotel in Sunny Isles Beach.
Whereas South Beach is the Mecca for crowds that could be described as young Wall Street successes, socialites, and ultimate-party-goers, Sunny Isles Beach is attracting a more subdued type of resident.
Grocery shopping in Monaco can be stylish so can it be in Sunny Isles Beach. Epicure, the towns Gourmet Market and Caf welcomes its shoppers with valet service. Browsing through the aisles feels like being transported to a European connoisseur market. From Caviar to Foie Gras in Port Wine, the best fresh pastries in town to a delectable assortment of fresh produce, exotic meats and luxurious flowers. Epicures very own wine steward will make sure that only the best collections are stocked and available for home delivery.
And as Monaco is one of the number one tourist destinations in Europe, Sunny Isles Beach earned the rank to be # 1 of the Top 10 tourist destinations in the US with more than 1 million visitors a year - according to Tripadvisors Travelcast.
Q: Katerina, how would you describe the current Real Estate market in Sunny Isles Beach?
A: Market conditions are certainly different from 2, 3 years ago. At that time we had 10 potential buyers - colloquially speaking - fighting for each and every unit that was offered pre-construction in a developers sales office. Today these units are finished and are being delivered to the marketplace and some people have second thoughts if they can or want to afford a second or third home in Sunny Isles Beach. Thus arises the opportunity for others to jump in and get a great deal on a brand new condo, with pricing models from 3, 4 years ago. These alternative buyers are certainly more difficult to find, as any potential buyer will look at several marketplaces - Sunny Isles Beach being one of them. Of all the cities in southeast Florida, I think Sunny Isles Beach is holding up best during the current economic turmoil. Partially because the city was organically grown and has a good mixture of everything that makes a great community.
Q: What makes living in Sunny Isles Beach different from living in Aventura, Golden Beach or Bal Harbour?
A: There are distinct differences. You are choosing a home in Aventura when you are a professional or self-employed, you have a family with kids and probably you want to live in Aventura year-round. As Aventura has one of the best golf courses in the country, in your leisure time you hit the greens and your wife engages in some of the finest shopping in all of the USA at the exclusive Aventura Mall. Aventura has a Whole Foods Market and that always is an indication for an upscale demographic. There are people who will not move into an area that will not support their standards of a health-orientated lifestyle. Golden Beach is extremely upscale and consists of estates and beachfront mansions only, no condos. Bill Gates, Ricky Martin and the late Paul Newman maintain homes in Golden Beach. The island is even smaller than Sunny Isles Beach. Eric Clapton named one of his albums 461 Ocean Boulevard after a house in Golden Beach. The city is very private, very safe with its very own beautiful private beach. Bal Harbour is an ultra-luxurious village. It is the grand dame of luxury living. The newest development is the St. Regis Resort and Condo Residences, right across from the Bal Harbour Shops and incomparable Carpaccio Restaurant. It is like the Caf de Paris in Monte Carlo: See and be seen. Sunny Isles Beach is somewhat all of the two cities combined, but most of the buildings and high rises were just recently built so they feature some of the best and most advanced high-rise technologies and conveniences. The ultimate ingredient that speaks for Sunny Isles Beach is that everything is in walking distance. Banks, supermarkets, fine gourmet markets, stylish boutiques, scrumptious 4- and 5-star restaurants, the Sunny Isles Beach K through 8 School and the beautiful beach is Sunny Isles Beach most valued and appreciated asset. Aventura has one of the Top 100 rated Hospitals in the US and is just across the Intracoastal Bridge. Simply put: Sunny Isles Beach is truly paradise.
Q: I gather you are a big proponent of Sunny Isles Beach?
A: No question, I am. It is a wonderful little town and I happen to think it is one of the best places to live in the entire United States. Sunny Isles Beach offers wonderful homes and apartments that are affordable to almost everyone and we also have the $20,000,000 condos for those seeking a spectacular and unique home in the sky in high-rises with amenities and security that are equal or even surpass those of a 5-star luxury resort.
Q: What are you currently offering to prospects or what are the properties in demand by potential buyers calling Brosda & Bentley Realtors?
A: We interview a new client first and then we will compile a list of available properties fitting their individual needs and or desires. These days it is definitely Jade Beach. A lot of cosmopolitan people hear and inquire about it. This is such a gorgeous property; everybody wants to get into Jade Beach. Developers sales office sources have told me that they have closed over 40% in this new SMART building beachfront development. Many of the buyers are cash buyers, not requiring a mortgage. Trump Royale starts closing on its new condos as well. People have a sense of what to expect from a Trump property. Trump sets a certain standard in condo developments and people rely on his integrity. The next highly anticipated property will be Jade Ocean. Established favorites are the Ocean One through Four resort condos, the Acqualina Resort condos and the Turnberry Ocean Colony. There is the penthouse up for grasps at the ultra-exclusive Sayan Condo Resort. Lately we see a lot of activity at St. Tropez Condominiums, which are adjacent to the newly planned Sunny Isles Beach Town Center.
Q: But its not all picture-perfect in Sunny Isles Beach? The current state of the economy cannot be oblivious to Sunny Isles Beach?
A: No, it is not. Not at all. As I said earlier, we are now dealing with a more discerning buyer, someone who knows how to and is not shy of making demands of sellers even of a developer. And as the top real estate experts in this entire region, we know the concessions a developer is willing to make and we know what has been sold for what price and we provide this valuable information to our clients to guide them in their acquisition process. In working with developers we have access to specially priced condos and our clients are appreciative of our efforts. We also have our share of pre-foreclosure or short sales opportunities. If there is a buyer for Sunny Isles Beach properties, he or she will come across Brosda & Bentley Realtors, simply because of our sheer presence in international advertising mediums. We have also employed technology that will bring a specific property suggestion directly to potential buyers, who may not have thought about Sunny Isles Beach, but are intrigued by the stunning architecture and interior designs of the luxurious high and midrise condos, the convenience and safety of Sunny Isles Beach and the sense of community and classy flair which brings about a certain upscale lifestyle.
Q: Who are the buyers these days? Who would want to invest and not wait and see if prices perhaps will come down even further?
A: Good questions. In the beginning of the year we had a tremendous amount of buyers from Canada. The Germans definitely rediscovered southeast Florida; especially during the summer they were present and would buy condos. We have buyers from the United Kingdom, Mexico, Argentina, Venezuela, France, Italy, Spain, Israel even China and India. Whereas earlier in the year we could truly pinpoint waves of buyers, based on perhaps articles in major newspapers and magazines in a particular country, suggesting the Florida downturn in real estate prices may be worthwhile to look into investing. Todays buyer his highly knowledgeable, with cash, credit and a vision and comes from anywhere in the world and knows that even though all industrialized countries currently suffer some form of financial instability and to a degree uncertainty, the U.S. is still the only global safe haven for real estate. They are true bargain shoppers. Think about it: The credit crisis undeniable started here, it will be fixed from here and I have no doubt that this down cycle will see an upswing. When this will be accomplished, however, nobody knows exactly. I cannot predict that but it will not be from one day to the next, either, it will be a gradual process. I know something for sure: I rather own a piece of property in the US, preferably in a metropolitan area - and my personal favorite is Miami of course, than anywhere else. Just recently official data provided by the US Government stated that our recession started in December of 2007. August, September and October 08 have seen consecutive record increases in Florida home and condo sales, with prices down as much as 24% in certain markets. Even downtown Miami and the entire Brickell area have reportedly sold up to 70% of the new condos developed there. The Florida Association of Realtors reported prices are down in year-to-year comparisons, still home values are factually higher compared to 2003 data.
Q: So the south Florida Real Estate market keeps moving?
A: Absolutely. A total of 10,443 existing homes sold statewide in October, up 15 percent over the 9,118 homes sold in October of 2007. In Miami home-sales increased by as much as 23% compared to the year before. According to the National Association of Realtors foreign-born purchases of residential real estate are expected to rise continuously from the significant increase in immigration. Nearly half of the recent increase in the overall U.S. population is due to newly arrived immigrants. Given the strong relationship between rising homeownership rates and the length of time in the U.S., home purchases by immigrants will have a sizable impact on the housing market. Business owners who live and trade both in South America and Miami also maintain and even expand their residences in and around Miami as the business climate and trade between the two continents is further improving.
Q: How does Brosda & Bentley Realtors stand out and what makes it such a successful pillar in your market place?
A: Brosda & Bentley Realtors is a full service real estate company with knowledge of the ever-changing market conditions and our professional, highly trained consultants are equipped with cross-cultural skills and the tool kit to provide expert advice to domestic and foreign investors and therefore we are one of the leading movers and shakers in current South Florida real estate sales. We are also an international company and do not limit ourselves to one particular region. We market properties in Central America, the Caribbean and we are actively expanding our efforts around the globe to create strategic alliances. Some of the components of demand for our international real estate services include: relocations into and out of the U.S. by both domestic and foreign transnational companies; U.S. retiree purchases overseas; immigrant home purchase inflows into the U.S.; immigrant purchases of commercial or business properties in the U.S.; foreign investor purchases of U.S. real estate; and U.S. investor purchases of foreign real estate. Statistics from the Association of Americans Resident Overseas indicate that excluding Military personnel, over 4 million Americans live in over 150 countries overseas. Besides corporate employees, other major components of this group include educators, students and retired persons. The growing annual market share lies at approximately 200,000 relocation and housing orders from US citizens.
Q: Sunny Isles Beach Broker .com was reported to be the # 1 community website amongst over 200,000 international Real Estate Agents Websites on the Point2 Community Performance Index. Congratulations.
A: Thanks. Yes, that is true. Sunny Isles Beach Broker .com is either in the worldwide #1 position or # 2 positions on the community performance index changing daily and we are definitely #1 for the United States and Florida. Point2 is a phenomenal Real Estate software development company and the largest Real Estate Syndication Network in the world. Brokers in Russia, in Germany, in France in Italy, in Spain, in Argentina, in Venezuela, in Hong Kong can logon to the listing syndication and practically market our properties to their clients and or prospects. The exposure our listings are receiving is staggering and if there is a buyer out there, he or she will see our properties, as they are potentially on over 200,000 member sites. A great deal of the strength and power of the Point2 Agent Network comes from how much Point2 members are interconnected for advantages in marketing, mentoring, productivity and support. We try to stay on top, after all Real Estate has become so much more global and many of our southeast Florida buyers are found outside the US.
Q: Thanks for your time Katerina and for your insightfulness. Any last thoughts?
A: Miami Beach remains one of the most lucrative neighborhoods in the United States, and that is a statement that can be looked-up on Forbes Magazine Online .com and also according to Forbes Magazine Miami has the cleanest air and the cleanest water of any US city. Mix that with the fact that we have the #1 continuous party in town: South Beach, nearly perfect weather all year round, Florida being the commercial gateway to the South Americas and the fact that Florida has always recovered faster than any other State from an economic setback, I feel it is a pretty good place to live, work and create at any time.
