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.