November marks two years of consistent price appreciation in Miami
November marked two years of consistent monthly increases in the median sales price for both single-family homes and condominiums.
Last month, the median sales price for existing single-family homes spiked by 19.2 percent, up to $232,500 from $195,000 in 2012. Meanwhile, the average sales price for single-family homes decreased slightly to $366,309 last month from $372,564 in November 2012.
Existing condominium prices also experienced strong appreciation during the same period. Compared to November 2012, the median sales price for condominiums increased 14.5 percent to $180,000 from $157,250. The average sales price for a condominium was $311,323 last month, up 9.1 percent from $285,419 during the same period last year.
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Miami Real Estate Sales and Listings Continue to Grow
Miami’s real estate market continued to boom in September as sales and listings grew by 4.6 percent and 23.3 percent, respectively, compared to 2012, according to a new report from the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.
Single-family home sales rose to 1,108, up 21.8 percent, in September compared to 2012. Meanwhile, condominium sales grew 4.6 percent over the same period, from 1,292 in September 2012 to 1,352 condominiums sold in September 2013.
“The double-digit growth in the sale of single family homes is a sign that now is a great time for homeowners to sell,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. “The Miami real estate market continues to attract buyers from across the world due to the world-class amenities Miami offers coupled with the significant growth of the local real estate market over the last three years.”
Source: Miami Association of Realtors
Ojeda launches luxury Brickell condominium
Miami developer Alan Ojeda’s Rilea Group expects to begin construction at 1080 Brickell Ave. as early as August on a 44-story, 323-unit luxury condominium called The Bond.
Ojeda, a savvy developer with a reputation for simplicity and quality, has built a variety of high-profile residential and commercial projects in the area. They include the 1450 Brickell office tower, where the developer is headquartered, known for its hurricane-resistant features like stronger glass and a back-up generator. Other projects include One Broadway apartments and the Sabadell Financial Center at 1111 Brickell Ave.
A real estate explosion in Edgewater, Miami’s next trendy district
In September, Melo plans to break ground on BayHouse, a 36-story condominium with 164 units at 600 NE 27th St., a one-acre site purchased last year for $5.5 million — far above some earlier deals. Units will range from about $500,000 to about $1.5 million.
Americans Buying More Second Homes
Vacation home sales in the United States increased 10.1 percent in 2012, as Americans rekindled their love of second homes.
The number of vacation homes sold in 2012 jumped to 553,000 from 502,000 in 2011, according to data released today by the National Association of Realtors.
“We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes,” NAR chief economist Lawrence Yun said. “Attractively priced recreational property is also a big draw.”
Of all home transactions in 2012, 11 percent were vacation homes, according to a report from the National Association of Realtors.
Seventy-eight percent of all second-home buyers said it was a good time to buy, compared with 68 percent of primary residence buyers, according to a NAR survey.
Jorge Perez’s SLS Brickell to transform area
The Arquitectonica-designed building could also open up to a Lincoln Road-type pedestrian mall on South Miami Avenue. Related’s Jorge Pérez has suggested such a change to the city, with Arquitectonica creating a plan for how traffic might be rerouted to allow closures from 8th to 13th streets.
Buyer Demand Soars, But Where Are the Houses?
Buyer demand is rapidly rising, but the housing market is realizing they may not have the inventory to meet it.
“The housing turnaround seems to have caught almost everyone in the business by surprise,” The New York Times reports. “As desirable as the long-awaited improvement may be, the unusually low level of homes for sale is creating widespread problems for buyers and sellers alike, leading to bidding wars and bubble-like price jumps in places that not long ago were suffering from major declines.”
After years of not building, homebuilders are scrambling to ramp up production to meet demand, but they’re facing delays from the availability of lots, scarcity of qualified labor, and obtaining permits.
Meanwhile, investors have snagged foreclosures and short sales, limiting the availability of those on the market as well.
Midtown Miami heralds the return of 97 percent financing
The developers behind Midtown Miami recently announced a program allowing buyers to qualify for 97-percent financing at the high-rise condo complex, where the units start at $276,000. At that price, a buyer could obtain a mortgage with a down payment of $8,300.
The new financing program is designed to boost sales at the complex’s 33-story 4 Midtown tower, which is already built but undergoing renovations.
Hadid condo could reshape downtown Miami skyline
The world’s only female superstar architect, Zaha Hadid, unveiled an undulating, spider-like design for a new luxury condo tower on Biscayne Boulevard — her first residential project in the United States — that boldly looks to raise the design ante for Miami’s skyline.
The developers of the proposed 1000 Museum, Gregg Covin and Louis Birdman, also hope to capitalize on the location and the big design name to break through the price ceiling for a downtown Miami condo. They are angling for a stratospheric minimum of $4 million for the cheapest units, and a Miami Beach-like $30 million and up for penthouses. That means pricing would start at about $900 per square foot, an amount that’s already roughly double the price of the typical new downtown condo.
New SLS-branded hotel and condos coming to Miami
The SLS Brickell, a condominium and 133-room hotel at 1300 S. Miami Ave., has set a 2015 opening date. News about the $300 million project, a joint venture between Miami-based developer The Related Group and hospitality company sbe, was confirmed late Tuesday after rumors circulated for several weeks.
Miami real estate revival a boon for Latin American developers
The developers are capitalizing on Latin Americans’ long held view of Miami real estate as a safe haven against political and economic volatility at home. The Latin-flavored city, where Spanish is widely spoken, is a popular shopping destination and vacation playground.
Donald Trump aims to bring luxury to Doral Golf Resort & Spa
For Donald Trump, the $250 million remodeling of Doral Golf Resort & Spa is a bid for five-star style.
All 693 hotel rooms will be gutted down to the steel and completely rebuilt with what Trump calls the “highest standards of luxury.”
Trump plans to keep the same number of rooms, although he may increase the number of suites. Over time, Trump says he would consider adding more rooms to the almost 800-acre resort, where the rooms are spread across 10 lodges.
It will be rebranded as Trump National Doral.
Miami ranks 8th luxury real estate market worldwide
Miami’s luxury real estate market has blasted to the No. 8 spot among the top global locations, according a Christie’s International Real Estate report.
South Florida real estate is a safe haven for Venezuelans
Venezuelans top the list of commercial real estate buyers in Florida compared to other foreign nationals, according to one recent study.
And since Chavez took office, Venezuelans’ hunger for Florida property has grown.
Miami real estate prices start 2013 strong
Miami home prices rose again in January, marking 14 consecutive months of appreciation for both single-family homes and condominiums. The median sales price of Miami-Dade condominiums, which has increased each of the last 19 months, rose 24.1% to $155,000 compared to a year earlier and decreased 4.9% compared to the previous month. The median sales price of single-family homes rose 14.8% to $194,000 year-over-year and decreased 9.4 % compared to the previous month.