Miami Homes Average 41 Days on the Market in December

Miami Homes  Average 41 Days on The Market in December 

Miami Homes Summary Dec 2013

The median number of days on the market for single-family homes sold in December 2013 was just over a month, 41 days compared with 42 in December 2012. In addition, the average sales price was 96.3 percent of the listed price, up from 94.2 percent the prior year, indicating that homes are being priced right. 

It took a little bit longer to sell a Miami-Dade condo in December.

Miami Condos Summary Dec 2013

For Condos the median was 52 days on the market, up from 46 days a year earlier, Miami Realtors said. Condos were sold at 97% of the listing price.

In Miami-Dade, the inventory of single-family homes jumped 16 percent from a year earlier and condos listings rose 27.2 percent year over year. Miami-Dade had a seven-month supply of condos listed for sale in December, shifting the balance more toward buyers compared with a year earlier when there was a 5.7-month supply. Experts consider a six-month supply to be a balanced market between buyers and sellers.

Call me now to schedule a complete presentation of the project. For Reservation please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com Time is always of the essence but much more in Pre-construction. Don't miss this window of Opportunity!

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

 

Miami Properties Continue to Increase for The 25th Consecutive Month

Miami Properties Continue to Increase for The 25^th Consecutive Month

High demand keeps driving significant price appreciation in Miami Real Estate. Florida's housing market continued a stabilization of its housing inventory, with home prices increasing for the 25th consecutive month. “Despite more homeowners listing homes for sale in Greater Miami, strong demand continues to yield rapid absorption,” Francisco Angulo, residential president of the Miami Association of Realtors.

The median price of a single-family home in Miami-Dade Countyrose 15 percent to $246,180 in December from $214,060 a year earlier and was up 5.9 percent from November 2013, according to the Miami Association of Realtors. Miami-Dade single-family home sales rose 9.8 percent in December, with 1,140 closings, up from 1,038 a year earlier, the Realtors’ group said. Single-family home sales in Miami-Dade jumped 16 percent from November 2013 levels, which had showed a modest dip in sales.

The median price of a Miami-Dadecondo rose 7.4 percent to $175,000 from $163,000 a year earlier. Miami-Dade condo sales rose 2.2 percent in December to 1,426 closings from 1,395 a year earlier and were up 11.9 percent from November.

We expect Miami properties will continue to experience strong appreciation in a healthy solid market where demand is in the rise.

Call me now to schedule a complete presentation of the project. For Reservation please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com Time is always of the essence but much more in Pre-construction. Don't miss this window of Opportunity!

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

South Florida Seeks to Update Zoning & Real Estate Development in a 50 Year Proposal

South Florida Seeks to Update Zoning & Real Estate Development in a 50 Year Proposal 

South Florida planning councils and several other counties in the state are joining forces to compile a 50-year proposal for long-term zoning and real estate development. The plan supports mixed-use projects with an emphasis on communities of homes and businesses – merging both residential and commercial in each building.

Local leaders from municipalities such as Coral Gables, Hialeah and Boynton Beach have thrown support behind initiative, known as Seven50. The “seven” refers to the alliance of seven total counties. Hundreds of people attended a summit yesterday at the Fort Lauderdale Convention Center to learn more about the strategy.

Developers are likely to be rewarded for building “walkable downtowns” in which pedestrians can readily access supermarkets and eateries. Seven50 also takes rising sea levels into consideration.

“We could also be smarter about parking,” Victor Brandon Dover, a principal of Coral Gables-based Dover, Kohl & Partners Town Planning and a consultant for Seven50. “Typical zoning, which may have been adopted in the 1950s, requires too much parking. But it’s a huge impediment to affordable housing, especially as land gets more expensive. Local governments can choose to update their zoning codes. The ones that do are going to be the most competitive.” * Notes taken from the Real Deal.

Call me now to schedule a complete presentation of the project. For Reservation please contact me at 954.254.6085 or email me atJuanSolerRealtor@gmail.com Time is always of the essence but much more in Pre-construction. Don't miss this window of Opportunity! 

To Buy, Sell or Rent Properties in Miami go tohttp://www.JuanSolerRealtor.com

 

Miami Real Estate Market Summary Report Q4 2013

Miami Real Estate Market Record Sales Q4 2013

The Miami housing market recorded the highest number of fourth quarter sales in more than seven years, according to a fourth quarter report from Douglas Elliman Real Estate. 

Number of Sales The number of sales increased 0.4 percent to 5,227, compared to a year ago. The average number of days homes remained on the market was 63, down from 68, to reach the fastest rate in seven years.  The market witnessed the highest home prices since 2008, post credit crunch, similar to the record seen in the third quarter, according to the report, based on data from Miller Samuel Inc. 

Median Prices The median sales prices for all housing types increased 14.3 percent to $240,000, compared to the prior year. By property type, single-family homes had the highest yearly increase in median sales price during the fourth quarter, reaching $233,500, 14.8 percent higher than in 2012.   Condo median home prices increased by 13.1 percent during the fourth quarter, to reach $190,000. 

Mortgage Purchases The share of mortgage purchases increased during the fourth quarter, accounting for 28.8 percent of the market. However, cash-buyers still dominate, Douglas Elliman reports. The market is enjoying a continued "elevated demand from international and New York City consumers," according to the report. 

The non-distressed market share -- excluding foreclosures and short sales -- increased 8.7 percent to 67.2 percent of the overall Miami market.

Inventory The listing inventory now stand at 11,517 after falling 1.2 percent during the fourth quarter. 

By comparison, the neighboring Fort Lauderdale market reported increases in home prices across most categories, with strong growth overall. The median price for a condo during the fourth quarter dropped 1 percent to $912,500. Median sales prices for single-family homes, however, increased 1.8 percent to $1,755,700, the firm reports. * Article taken from World Property Channel.

Call me now to schedule a complete presentation of any project in Miami. Please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com 

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

   

World’s Ultra Wealthy Hold $5.3 Trillion in Real Estate

World’s Ultra Wealthy Hold $5.3 Trillion in Real Estate

The world's ultra wealthy now hold a fifth of their invested wealth in real estate, as private wealth increasingly shapes global real estate markets.

The use of private equity in major property deals worth at least $10 million is almost threefold what it was in 2009, according to the analysis from Savills in association with Wealth-X.

Approximately three percent, or $5.3 trillion, of the world's real estate value is owned by the almost 200,000 ultra high net wealth individuals (UHNWIs) in the world. This segment, the wealthiest 0.003 percent of the world's population, has real estate holdings worth on average $26.5 million each.

Global real estate is mostly residential and held by occupiers, but private owners are becoming more important in the world of traded investable property," Yolande Barnes, head of Savills world research, said in the report.  "Since the 'North Atlantic debt crisis' of 2008, sovereign wealth funds, wealth management companies, private banks and family offices have stepped into the property deals that corporate bankers have deserted." 

Savills estimates that approximately 35 percent, or 6,200, of large global deals, greater than $10 million, in 2012 were possible because of private funding.

The UHNWIs with the largest share of all privately owned real estate are found in Europe and Asia, accounting for approximately 80 percent by value. European UHNWIs hold 31 percent of their wealth in real estate, while Asians hold 27 percent, with a total value of $4.2 trillion, Savills reports. 

A study last October found the number of UHNWIs in Asia-Pacific grew faster than any other global region in 2012. 

The new report also analyzed the way private money is invested in global real estate. It found 44 percent of UHNWI investors in Africa and 66 percent in Latin America come from outside the region. 

Going forward, the research predicts great opportunities for those in global real estate creating the "right product in the right locations." 

"We forecast that the UHNW population will grow by 22 percent by 2018, its combined wealth -- currently $27.8 trillion -- is expected to total over $36 trillion by 2018," said Mykolas D. Rambus, CEO of Wealth-X.

Investment strategies for ultra wealthy individuals is forecast to shift in years to come. "In recent years there has been a tendency for UHNWIs to focus on 'safe haven,' trophy properties for capital growth and wealth preservation," Barnes said. "In future, we anticipate that some will begin to seek more productive, long-term income-producing positions."  * Article taken from the World Property Channel.

Call me now to schedule a complete presentation of any project in Miami. Please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com 

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Sunny Isles Muse Tower will Customize Sculptures for Each Condo Buyer

Sunny Isles Muse Tower will Customize Sculptures for Each Condo Buyer

PMG just unveiled Muse. As almost expected this new Sunny Isles project will be full or art in keeping up with the new trend of South Florida developers who are finding unique ways to incorporate art into their luxury condo projects. What is surprisingly new is thateach unit’s sculpture will be unique to that particular home because the artist Helidon Xhixha will meet with each prospective buyer personally to determine what the future resident’s tastes are. Xhixha is an Albanian-born artist whose light-reflecting steel sculptures have been showcased at Art Miami and Art Basel’s Swiss fair.

Architect Carlos Ott who also designed other PMG’s current projects including Echo Aventura, Echo Brickell, and Sage Beach formulated the super skinny Muse Tower Design. Muse is a 47 story, 649 foot tall, super skinny at only 60 feet wide, twisting tower smooshed in on 100 feet of oceanfront between neighboring condo towers Jade Ocean and Ocean 4. Muse Towermaxes out on allowable FAA height along with the Porsche Design Tower and Mansions at Acqualina, two other luxury projects in Sunny Isles Beach. Gil Dezer, a major developer in Sunny Isles Beach, obtained the first clearance to build to a height of 649 feet with the Porsche Design Tower.

With oceanfront parcels all but gone, the ultra-sleek 47-story, 68-unit tower will be shoehorned into a less than one-acre site with 100 feet of oceanfront at 17141 Collins Ave. With setbacks, the building will be just 60 feet wide facing the ocean. The skyscraper will feature spacious residences starting at 2,360 square feet, and will include two full-floor penthouses spanning more than 5,800 square feet with five bedrooms and 4 1/2 baths.

“From a staging point of view, it’s going to be difficult to put up: a tall, narrow building with a twist and cantilevers,’’ Maloney said. Maloney said PMG was approached to joint venture the project by co-developer S2 Development of Aventura, which controlled the land. S2 Development is headed by CEO J. Claudio Stivelman and president Marc D. Schmulian.

Maloney, a tall and lean triathlete, has revealed a penchant for tall, lean buildings. In April 2013, PMG announced plans for Echo Brickell, a luxury condominium at 1451 Brickell Ave. that will rise about 60 stories. He made headlines in Manhattan with plans to build a tall, thin skyscraper at 107 W. 57th St., along one of midtown Manhattan’s major east-west streets.

Muse is expected to begin taking reservations soon and to break ground in June. The blended price for the units will be $1,300 a square foot, with lower floors averaging less than $1,000 a square foot and upper floors reaching $2,000 a square foot. The developer  require 50 percent deposits from buyers, with 20 percent due at contract signing, 10 percent at groundbreaking, and 20 percent when the building is topped off.

Most floors will have two units, one on the east, with a thick support core, and one on the west. “When you go high, you end up with a thick core, with heavy shear walls to support the building,’’ Maloney said. * Notes taken from the Miami Herald.

Call me now to schedule a complete presentation of the project. For Reservation please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com Time is always of the essence but much more in Pre-construction. Don't miss this window of Opportunity!

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

2014 South Florida Real Estate Forecast

2014 South Florida Real Estate Forecast

The Real Deal recently published an article with a set of opinions from some Real Estate Industry experts about their expectations on how the South Florida’s real estate market will behave in 2014.

Neil Fairman, president and founder of The Plaza Group

“The present day condominium market is undersupplied. The projects currently under construction, with their high deposit structures, will be finished in one-to-three years and for the most part are almost sold out. If developers and bankers are disciplined and keep the deposits at 40 percent or more it will discourage rampant speculation and ensure the buyers close when the units are complete.”

Deme Mekras, regional managing partner, Franklin Street Real Estate Services

“The multifamily market will continue to be strong, but it won’t keep up the torrid pace it has enjoyed over the past few years. I believe values will continue to increase in 2014, but at a slower rate than what we’ve seen. We’ll continue to see some rent appreciation in desirable markets such as Coral Gables and Miami Beach but remain somewhat flat in secondary markets.”

Steven McCraney, president and CEO of McCraney Property Company

“As we move into 2014, the market continues to stabilize. Lending continues to be supportive of projects and continues to mitigate risk. The growth of the residential market will be accretive to a pick-up for the commercial market. Leasing activity remains strong, but rate stabilization will occur in the second half of 2014.”

Mark Pordes, CEO of Pordes Residential Sales and Marketing

“We expect to see continued growth and several projects starting to come out of the ground with new preconstruction towers now reaching their presales requirements. In regards to standing condominium inventory, it seems it will be trading at a premium as almost all supply has been snatched up over the past year. We will also see lending starting to come back to the market in a traditional sense and it will begin to play an important role as units are completed and move toward closing. Additionally, we should expect to see some stronger growth in Broward County, as Miami-Dade is again approaching all-time highs in sale pricing.”

Barry Wolfe, vice president investments at Marcus & Millichap

“I am very bullish and optimistic regarding South Florida’s retail market in 2014. We started seeing improvement in the market in 2012 with a pace that accelerated in 2013. My belief is that 2014 will be another positive step forward. For certain segments of the market, especially single tenant, net leased properties, 2014 will look a lot like the heat of the market in 2006.”

Lloyd Berger, founder and president of Berger Commercial Realty

“In Broward and Miami-Dade counties, we are seeing a resurgence of small industrial users looking to lease and filling up space, a good sign for small businesses. Demand is still strong for larger industrial leases as well. On the sales side, there is a strong demand from institutional and local investors for Class A and Class B properties, but a lack of product.”

Call me now to schedule a complete presentation of any project in Miami. Please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com 

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

Miami Centro Broke Ground

Centro Broke Ground Last Week

Newgard Development Group decided not to wait after the holidays to break ground to start Centro's construction. Centro embraces an urban concept that excludes a parking garage In the building. Potential customers have divided opinions on this issue but Centro will be one of the greenest buildings in the area. City promoters point to the project, which is near Metromover, Metrorail and the Miami Trolley, as further evidence of the city’s transformation into a more pedestrian-friendly work-live-play environment. Plans call for Centro to keep a fleet of Smart Cars onsite in an arrangement with the Car2Go vehicle-sharing program.

Quick Facts about Centro

Community: Miami Downtown


Developer: Newgard Development Group

Architect: Seiger-Suarez 


Views: City 


Completion Date: 2015


Bedrooms: 1 & 2 


Residence Size: 500-1131 


Pet Friendly: Yes


Total Residences: 352 


Number of Stories: 36 


Price Range: $Lows 200,000 to  $400,000+

Brochure & Floor Plans for Centro

To know all the details about Centro and to download a brochure with floor plans go to http://www.JuanSolerRealtor.com/info/about/centro-downtown-miami-lofts/ 

Schedule of Payments

10% deposit - at Reservation now


10% deposit - at Contract

20% deposit - at Groundbreaking (estimate Fall 2013)


10% deposit - at the 18th floor


50% deposit - at closing date (estimate March 2015)

Call me for updated details about the deposit schedule.

Call me now to schedule a complete presentation of the project. For Reservation please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com Time is always of the essence but much more in Pre-construction. Don't miss this window of Opportunity!

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

  

Miami 2020 will Include a New Soccer Stadium

Miami Commissioners Gave Beckham Their Blessing to Build a New Soccer Stadium

Retired soccer star David Beckham and Major League Soccer (MLS) took a step toward fielding a new Miami team as local officials on Tuesday unanimously approved on-going efforts to find a suitable stadium location. The football legend plans to develop his own 75,000 capacity complex, with a hotel and shops. The Mirror reported that the hope is the stadium will also be used for concerts.

The vote by Miami-Dade county commissioners was the first test of political support for Beckham's soccer venture in Miami. The decision gave county officials authority to identify stadium sites and negotiate construction contracts with developers. County officials say Beckham is interested in an urban setting near Miami's downtown, possibly on publicly owned land next to the port of Miami's cruise ship terminals, hoping the stadium would become part of Miami's tourism landscape.

Beckham’s group, known as Beckham Brand Limited, had been looking at the southwest section of the Biscayne Bay seaport Port Miami as well as other spots near Miami Beach and Downtown Miami. Beckham earlier this month registered as a Florida company under the name Miami Beckham United LLC and has hired HR&A Advisors, a New York-based development consulting firm, to examine possible stadium locations in Miami, along with Miami's top architecture firm, Arquitectonica. But why Miami?  "Miami is something that really excites me because there is a great energy down there. They are ready for a football team in that part of the world,” stated the former English soccer captain.

Call me now to schedule a complete presentation of any project in Miami. Please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com 

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com

7 Most Expensive South Florida Residential Sales in 2013

2013 Seven Most Expensive South Florida Residential Sales

The list is based on closed transactions recorded by Miami-Dade, Broward and Palm Beach counties.

1. Howard Stern buys Palm Beach compound for $52M

The America’s Got Talent judge and his wife, Beth Ostrosky Stern, spent weeks house hunting in South Florida before choosing the home in the section of Palm Beach known as “Raiders Row.” The compound is located at 601 North County Road in Palm Beach.

2. Palm Beach mansion sold for $42M to resolve bankruptcy

A mansion and guest house at 1220 South Ocean Boulevard totaling 27,000 square feet of living space were built on the 2.5-acre property in 2011. Both the main house and guest house front the Intracoastal Waterway. 

3. Versace’s Mansion sold for $41.5M

On September 17^th the former Versace mansion fetched a top bid of $41.5 million at a high-profile auction from VM South Beach LLC. The company's principals include the Nakash family of New York, which controls Jordache Enterprises. The Versace Mansion is located at 1116 Ocean Drive next to the Victor Hotel owned by the same corporation. 

4. A-Rod sells Miami Beach mansion for $30M

A-Rod netted a $15 million profit in the sale of the 4358 North Bay Road home. He had acquired the property for $7.4 million in May 2010 and spent another $8 million to renovate the home. The two-story, nearly 20,000-square-foot mansion has nine bedrooms, 11 full bathrooms and an indoor batting cage. Other features include a four-car garage, 16-camera security system and a Zen garden.

5. La Gorce Island home sets record in $30M sale

The transaction of the 11-bedroom mansion known as Castello del Sol set a record as the most expensive transaction on La Gorce Island in Miami Beach. Located at 42 La Gorce Circle on a nearly 71,000-square-foot property, the  mansion has 14 bathrooms and three half-baths. It fronts Biscayne Bay. 

6. Eagles owner pays $28.5M for Palm Beach mansion

Philadelphia Eagles owner Jeffrey Lurie spent several months looking for a home in Palm Beach, which is where his mother resides. He finally purchase the The 17,000-square-foot mansion at 1275 South Ocean Boulevard which includes an elevator, swimming pool and boat dockage.

7. Setai condo fetches $27M in record sale

The Miami Beach condo market got off to a rousing start in 2013 with January’s $27 million sales of a Setai penthouse. The seller paid $15 million for the penthouse in 2010 and rented it out to celebrities like Madonna, Jim Carrey and Simon Cowell at exorbitant rates, the Wall Street Journal reported. The identity of the buyer, a Delaware corporation, is not known.

Call me now to schedule a complete presentation of any project in Miami. Please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com 

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com