In Miami Short Sales Declined 54.5% in May

Short Sales Declined by 54.5% in Miami During May

While traditional sales continue to increase, distressed property transactions in May again declined in Miami-Dade due to fewer short sales.  In May, only 32.5% of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 37.1 percent in May 2013.

 "Foreclosure filings are sharply declining in Miami-Dade, so we expect the distressed inventory to continue to fall in future months," said 2014 Miami Association of Realtors Residential President Francisco Angulo. "In addition, as homeowners continue to recover equity, fewer short sales are being transacted, which will continue to fuel the health of the Miami real estate market." 

Of total Miami sales in May, 9.2% were short sales and 23.3% were foreclosures.  Sales of REOs increased 19 percent while   short sales sharply declined by 54.5 percent. According to NAR, distressed homes accounted for 11 percent of May sales compared to 18 percent in May 2013 at the national level.

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Miami Real Estate Now More Balanced

Miami Real Estate Now More Balanced

 

According to the Miami Association of Realtors, Miami's real estate market continued to reflect strength, healthier growth, and more balance between buyers and sellers during the month of May 2014. Miami's Median sale prices increased again for both single-family homes and condominiums in May but remain at affordable 2003 levels.  The median sale price for single-family homes increased 12.6% up to $250,000 from $222,000 in May 2013, making 30 months straight of growth. The average sale price for single-family homes increased 21.4 percent from $408,021 in May 2013 to $495,525 last month.

The median sale price for condominiums has increased for 35 consecutive months. Compared to May 2013, the median sale price for condominiums increased by 3.6 to $186,600 from $180,000 a year prior.  The average sale price for condominiums increased 3.8 percent to $384,900 from $370,843 in May 2013.

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

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Top 20 reasons to visit & buy in Miami

Top 20 reasons to visit & buy in Miami

 

1.                Affordable Real Estate – The local market offers record affordability, amenities, & seller incentives; 50% more affordable in the last five years; weak U.S. dollar gives greater discounts for foreign buyers

2.        Top Market for Int’l Buyers– Florida is the top state in the U.S. & Miami is the top market for int’l buyers; & is expected to outperform other U.S. markets long into the future

3.              Enviable Weather– The only major “subtropical” city in continental U.S.; average temp. 75 oF / 23 oC

4.              Beautiful Beaches – Greater Miami has 84 miles of Atlantic Ocean coastline & 67 square miles of inland waterways & 
more than 15 miles of world-famous beaches

5.        Water Sports & Activities – Enjoy snorkeling, sailing, boating, kayaking, swimming, diving & other water sports all year around

6.        Exciting Lifestyle for All – young adults, families, baby boomers, retirees, celebrities, & visitors - museums, performing arts venues, art galleries, professional sports, & amazing places to shop

7.             Fabulous Nightlife – Ocean Drive & more - top restaurants, night clubs, bars, world famous hotspots

8.              Restaurants – In Miami you can savor worldwide cuisine unlike in any other city in the U.S.

9.             Entertainment Industry – Major fashion center, top modeling agencies in the world, Fashion Week & more than 2,400 motion picture & video businesses

10.        Commercial & Investment Real Estate – Vacancy rates for all commercial sectors in Miami are below the national average; retail & multi-family are outperforming most major markets in the U.S.

11.        “Gateway to the Americas” – Strategic location between Latin America & Europe; “Capital of the Americas” - perfect for business or pleasure

12.        The Most Int’l City in the U. S. – nearly 50% of population is foreign born & speak over 100 languages

13.        Global Business Center – for business, finance, commerce, media, entertainment, arts & international trade; no state income tax; home to nearly 1,200 multinational companies from 56 nations; more than 100 international consulates, trade offices & bi-national chambers of commerce

14.        Hotels – ranks fifth in US in occupancy after New York, Oahu Island, San Francisco, & Boston

15.        Top Tourist Destination – 12.6 million overnight guests – with 6 million of them int’l visitors

16.        World Aviation Hub – 3rd in the U.S. with 33.5 million passengers a year; Over 80 airlines to 120 destinations – top freight airport in the U.S. with 1.8 million tons - $19 billion in business revenue/year

17.        Port of Miami – “Cruise Capital of the World” with more than 4 million passengers a year; Also serves 240 seaports; 9 million tons of sea cargo; top markets: China, Italy, Hong Kong, Honduras & Brazil

18.        Educational Institutions – 4th largest U. S. school district; 5 colleges & universities; 3 law schools

19.        Hospitals – 33 hospitals; Jackson Memorial is one of the top 25 hospitals in the U. S. & Miami Children’s Hospital is rated 
the top pediatric hospital in the country

20.Top Rankings

• Miami has the largest concentration of international banks in the U.S.

• Miami’s skyline ranks third in the U.S. behind New York City & Chicago & 18th in the world (Almanac of Architecture & Design.)

• Miami is the only major city in the United States bordered by two national parks, Everglades National Park on the West, & Biscayne National Park on the East.

 Call me now to schedule a complete presentation of any project in Miami. For Reservation please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.comTime 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’s Board Approves 4 more Towers

Miami’s Board Approves 4 more Towers

Greater Downtown Miami is slated to be home to 59 new condo towers with nearly 17,400 units in this current cycle beginning in 2011. However, a little more than one out of every four new condo units proposed for South Florida has obtained the necessary government approvals to build when the developers do give the go-ahead to begin construction.  

 On May 21^st, four more projects received a conditional approval from the Miami’s Urban Development Review Board. The towers include Melo Group’s Melody Tower; Brickell Ten, at 1010 SW Second Avenue; 1010 Brickell; and One Paraiso, located at 3131 NE Seventh Avenue.

 

Previously the board had deferred the Melody Tower, located at 235 and 245 NE 14th Street, based on its stocky profile, according to Miami Today News. But after Melo agreed to slim down the 497-unit, mixed-use development, featuring ground floor retail, outdoor plazas and restaurants, the project was granted conditional approval.

Brickell Ten was also approved. That project calls for 155 residential units in a 22-story building, with 13,900 square feet of retail and restaurant space on ground floor and mezzanine level.

1010 Brickell will be built on a small site and designed around an existing office condo. Plans call for 387 residential units, ground level retail and a parking garage. 1010 Brickell residents will enjoy more than the conventional recreational amenities. In a serious attempt to bring young families to the urban core the building will provide among other amenities an indoor heated pool, gym, arcade room with bowling lanes, ping pong, air hockey, foosball, video games, indoor/outdoor children's playground, indoor/outdoor adult party room and lounge area (virtual golf, pool table, poker table, chess table, wine fridge, kitchen etc), basket ball court, squash/raquetball court, 1/8 mile running track, mini golf... and more.

One Paraiso planned for 3131 NE Seventh Ave. The project calls for 276 residential units and is part of an overall project that could include four or more towers. The 53-story tower, designed by Arquitectonica, is marked by large spheres or half-circles. One Paraiso is part of the Paraiso Bay project, which is to include a waterfront park. The site plan shows how Paraiso Bay extends the baywalk in that area along Biscayne Bay. * Miami Today

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

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Miami River in the Plans of Experienced Developers

Miami River in the Plans of Experienced Developers

Miami River area might experience a transformation similar to the change the Chicago River area undertook 30 years ago.  Chicago River became a chic, cultural hub filled with art galleries, antique stores, boutiques and of course urban professionals.  Boasting Chicago’s highest concentration of restaurants, this small neighborhood has become a favorite destination for locals and tourists alike. We’ll keep watching what would eventually develop here. What we know for now is that very well renowned developers have built already a handful of towers along the river and that other developers are planning to build more luxurious water front residential towers.

 

New York Chetrit Group is planing to bring four 60-story towers to the Miami River. The towers would include a marina, 300-room hotel and 1,449 condo units.

Dubbed the Miami Riverwalk, the buidlings would sit on a 6.5-acre area bordered by the river, Southwest Seventh Street, Southwest Third Avenue and Southwest Second Avenue, according to Miami Today. 

The plan also calls for retail, some office space, a riverfront restaurant, a public river walkway, other green spaces, a small marina and parking garages.

The plans were reviewed last week by the Urban Infill & Greenways Subcommittee of the Miami River Commission. Committee Chairman Jim Murley was pleased by the presentation, but said he didn’t feel the time was right for an advisory vote to the full river commission, according to Miami Today.

The committee learned also learned that Chetrit recently hired a landscape architect and a firm to evaluate the need for a new seawall, meaning that there is still further design work coming. * Miami Today.

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

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Jade Signature Will Have 31 Fewer Units but More Spacious

Jade Signature Will Have 31 Fewer Units but More Spacious

Jade Signature will have 192 units instead of 223 as the request from Fortune International was granted. In my opinion, it was definitely the right move since in that market clients are looking to more spacious and luxurious spaces despite the price tag.

Sunny Isles Beach commissioners approved the developer of Jade Signature’s request to modify a previously approved site plan for the condo project.

The commission voted 3-1 to allow developer Sunny Isles Beach Associates to reduce the project’s units from 223 to 192 and cut parking spaces from 429 to 422. Vice Mayor Isaac Aelion was the only member to vote against the modification during Thursday’s hearing. Sunny Isles Beach Associates is an affiliate of Fortune International.

City zoning allowed Fortune to develop up to 258 units at the Jade Signature site, attorney Cliff Schulman told The Real Deal in a written statement. Schulman represents the developer.

But Fortune always intended to build 192 condos and marketed the project as such, according to Schulman.

“My client knew very well that they would not actually build that maximum density because they realized the Sunny Isles beachfront purchasers desire larger, more luxurious units,” he said. “They submitted the initial site plan application for 223 units to allow for further design flexibility for the architects and interior designers.”

 “The changing market conditions referenced in my cover letter to the city was clarification that because of the strong Sunny Isles market, my client was and is committed to develop the larger 192 units and is leaving the additional density on the table, as they envisioned from the beginning,” Schulman said. — * The Real Deal.

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

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Miami Named Top Luxury Destination

Miami Named Top Luxury Destination

For the second consecutive year, Christie’s International Real Estate included Miami in its list of the Top Ten Luxury Property Destinations. Other cities included Cote d’Azur, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Sydney and Toronto.

But even among those dazzling destinations, brokers say Miami stands out in terms of relative affordability.

Homebuyers get more for their money in Miami, Ron Shuffield, president and CEO of EWM Realty International, told the Miami Herald.

In fact, Miami’s average square foot price for luxury homes was just $559 in 2013 compared with $4,683 in London and $829 in San Francisco. In conclusion, Miami is still definitely a bargain.

Luxury residential homes in Miami starting at $1 million sold at a faster pace in 2013 than in 2011 and 2012. In 2011, such properties were on the market 213 days, 175 in 2012 and 130 in 2013. Shuffield added “There are a growing number of people who want to be here because of our lifestyle, economic uncertainty in their countries and the strength of our currency and educational system,” he said. “The American buyer is returning to Miami for a number of reasons including our tax structure.” The news coming out of South Florida is consistently fascinating albeit not always good. We have a multicultural, Latin-infused culture, natural beauty, great weather all year long, a billion dollar film and fashion industry, best portfolio of properties, an always-growing international presence and commercial traffic, the Miami Heat, Art Basel, tourism, and so on and so forth. People who could afford to live anywhere in the world are choosing to come to Miami.

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

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1 Q 2014 Miami Luxury Homes Report

1 Q 2014 Miami Luxury Homes Report

Condo Price indicator and threshold up sharply. Median sales price was up 17.2% to $1,347,500 as the entry threshold rose 19.9% to $875,000 from the prior year quarter. All other price indicators posted similar year over year gains. Listing discount fell to 7.5% from 9.6% from the previous year quarter.

Single Family price indicators continued to outpace overall market. The entry threshold jumped 24.1% to $1,055,000 as median sales price rose 25% to $1,770,000 over the same period. * To see the full report go to the Douglas Elliman website.

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

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67% of All Deals were Cash in South Florida in Q1 2014

67% of All Deals were Cash in South Florida in Q1 2014 

The trend to pay cash in Florida continues. It simplifies life for everyone.

Forget financing — all-cash new and existing home deals are becoming commonplace throughout South Florida, according to RealtyTrac.

During this first quarter of the year, all cash sales represented 67 percent of new and existing home purchases in South Florida.

In fact, only the Cape Coral- Fort Myers area surpassed us with 74 percent of purchases made with cash. In this occasion South Florida ranked second in the nation for all cash deals.

Moreover, Florida metro areas took the top seven spots nationally for the highest percentage of all cash home sales. * SFBJ

Call me now to schedule a complete presentation of any project in Miami. For Reservation please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.comTime 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