Jul 22

Foreclosure Numbers Down on the South Florida Real Estate Market

By Scott Patterson

Over the last couple of years, South Florida has gained a reputation for its many foreclosed homes.  But recent data suggests that that reputation is becoming increasingly inaccurate.

Foreclosures in South Florida dropped by more than 50 percent during the first quarter of 2011 when compared with that same period in 2010.

The greatest drop in foreclosures was seen in Broward County.

Statewide, foreclosures rates dropped by 32 percent year-over-year in the first quarter.

South Florida Real Estate

There have been steep and steady decreases in  foreclosure filings in South Florida since last fall, suggesting that the real estate market is recovering.

Here’s an overview of each of the three South Florida Counties:

  • In Broward County, foreclosures in the first quarter of 2011 dropped by 68 percent year-over-year, to 6,876 foreclosures.
  • In Miami-Dade County, foreclosures in the first quarter of 2011 dropped by 64 percent year-over-year, to 7,257 foreclosures.
  • In Palm Beach County, foreclosures in the first quarter of 2011 dropped by 57 percent year-over-year, to 4,734 foreclosures.

Investing in South Florida Real Estate

While it’s true that foreclosures are not viewed as a positive thing by interested South Florida home sellers, they can be a great opportunity for South Florida home buyers.

After all, South Florida foreclosures drive down home prices, which creates a South Florida home buyer’s market.

There truly are some great deals to be found on the South Florida real estate market right now.

But as foreclosures continue to decrease, home prices are expected to begin to rise again as we are already seeing in the market today.  Especially in many waterfront communities.

Thus, if you’re thinking about entering the South Florida real estate market as a South Florida home buyer, now is a great time to do so!

Contact me, Scott Patterson, today and I’ll let you know about available listings in the area as well as answer any questions you might have.

I’ll also provide you with a number of helpful South Florida home buying resources, including:

Until next time,

Scott

Jul 20

South Florida Real Estate Market Praised by National Government

By Scott Patterson

The Federal Reserve recently recognized the South Florida real estate market for its home resale market, according to a recent article in the Miami Herald.

The recognition was part of a larger report completed by the Federal Reserve in which they said the economy is expanding fairly steadily in most of the country, although some regions are showing negative growth.

Continue reading to learn more about the Federal Reserve’s predictions for the national economy as well as how South Florida home owners will be affected.

South Florida Real Estate Market Update

Although much of the South has demonstrated slowed growth, Florida actually stood out for its home resale market.

The report noted that Florida home sales are doing remarkably well and keeping at a pace that’s enviable. Real Estate market’s are very area specific and development specific, 31% of Florida sales are cash transactions but South Florida has a far higher percentage of cash transactions due to the higher number of International Buyers.

The report also found that leading economists predict that the national economy will expand at about 2.7 percent a year.

Although a complete economic recovery likely is still a ways away, it’s nice to know that the South Florida real estate market is standing out to the national government as an industry that is doing better than most.
This is definitely good news for South Florida home sellers as it shows them that there is movement on the South Florida real estate market and there are interested South Florida home buyers.

Selling Your South Florida Home

Have you been thinking about entering the South Florida real estate market as a South Florida home seller?

As a South Florida real estate expert, I will put together an aggressive marketing plan to ensure that we sell your home at the best price possible in as little time as possible.

To learn more about how I help South Florida home sellers, check out some of my FREE South Florida home selling resources, including:

Until next time,

Scott

Jul 15

Aventura, Florida Condo Spotlight: Peninsula I

By Scott Patterson

Here in Aventura, Florida, interested South Florida home buyers have plenty of residential communities from which to choose.

From waterfront high rise condos to tranquil single-family neighborhoods, there’s something for every interested Aventura home buyer.

Today I’d like to tell you a little bit about the Aventura condo known as Peninsula I. This incredible waterfront condominium features units ranging from 3,000 to 4,000 square feet, with prices starting at about $700K and can run upwards of $2 million.

 

 

Peninsula Amenities

  • Full service business center
  • 24-hour air-conditioned storage units
  • State-of-the-art fitness center
  • Relaxing spa
  • Lighted tennis courts
  • Fitness trails
  • Swimming pool
  • Billiard room
  • Card room
  • And so much more!

In addition, residents at Peninsula I also have access to such  services as concierge and security services.

Investing in an Aventura Condominium at Peninsula I

One look at the current state of the Aventura real estate market further illustrates how highly desirable a condominium unit at the Peninsula I truly is, below is some current data gathered from the Multiple Listing Service.

Current YTD 2011 Data

  • Average list price per square feet: $295
  • Average sales price per square feet: $263
  • Maximum current list price: $1,399,000
  • Minimum current list price: $730,000
  • Maximum sales price: $1,300,000
  • Minimum sales price: $640,000
  • Total sales this year: 7

Entering the South Florida Real Estate Market

If you’ve been thinking about investing in a South Florida condominium, I suggest you check out the Peninsula I in Aventura.

This South Florida condominium community offers its residents nothing but the finest when it comes to amenities and services.

Check out all of the helpful South Florida home buying resources. These include:

Until next time,

Scott

Jul 13

South Florida Real Estate Market Update for July

By Scott Patterson

The MIAMI Association of REALTORS recently released some data that describe the current state of the South Florida real estate market.

One of the group’s biggest conclusions was that Broward housing inventory has fallen below a six month supply. Keep in mind this is averaged out for all price ranges, however when it’s broken up in different price range categories from like $1-2 Million, or $2-3 Million and up the picture is much different as there are more month’s supply, in other words the the higher the price range, the more inventory there currently is.

For example today in Broward County we have approximately 83 months supply of single family homes over 3 million dollars and less than 4 months supply for single family homes less than 300,000.

The group found that inventory of residential listings in Broward County fell by 27 percent – or from 20,143 in May 2010 to 12,742.

Comparatively, total housing inventory nationally only fell by 1 percent.

This is great news for interested South Florida home sellers.  After all, as there become fewer homes there are on the South Florida real estate market, demand for South Florida homes will inevitably rise.

When demand for South Florida homes rises, South Florida home sellers will have more bargaining room when it comes to selling their South Florida home.

More Information on the Current State of the South Florida Real Estate Market

Here’s some additional data that the MIAMI Association of REALTORS recently released:

  • Condominium sales in Broward County increased from 1,348 in May 2010 to 1,537 in May 2011.  That’s a 14 percent increase year-over-year.
  • Single-family home sales increased by 6 percent – or from 1,078 in May 2010 to 1,142 in May 2011.
  • Cash transactions made up 60 percent of all closed residential sales in May
  • Statewide, condo sales increased by 17 percent while single-family home sales increased by 3 percent.
  • Meanwhile, national homes sales decreased by 15.3 percent during that same period.
  • The average sales price of condominiums on the South Florida real estate market increased by 3.7  percent from May 2010 and May 2011.
  • The average sales price for single-family homes on the South Florida real estate market decreased by 2.3 percent from May 2010 and May 2011.
  • Statewide, the median sales price for condos increased by 2 percent from May 2010 and May 2011.
  • Statewide, the median sales price for single-family homes decreased by 5 percent from May 2010 and May 2011.

Entering the South Florida Real Estate Market as a Home Seller

If you’ve been considering selling your South Florida home, now is a great time to do so!

As the inventory of South Florida homes for sale continues to decrease, South Florida home sellers will have more of a say when it comes to setting a sales price.

As a South Florida real estate expert, I’ll be happy to walk you through what I can do for you as a South Florida home seller.

This includes answering any questions you might have, developing an aggressive South Florida marketing plan for your home, and providing you with such South Florida home selling resources as:

Until next time,

Scott

 

Jul 08

Mexicans Increasingly Investing in South Florida Real Estate

By Scott Patterson

For months I have been telling you about how Brazilian nationals have been spurring activity on the South Florida real estate market by investing in South Florida homes for sale.

Now it appears that another group of foreign nationals are finding South Florida real estate increasingly attractive: Mexicans.

According to a recent article in the Miami Herald, Mexicans find that South Florida is a safe place to invest their money outside of their home country, where violence has steadily increased over the years.

South Florida Real Estate Market Attracting International Buyers

While Mexican nationals have historically invested in properties in border cities such as El Paso and San Diego, an increasing number of Mexicans are investing in South Florida, specifically Miami.

By some estimate, Mexican investors have invested about $30 million in the South Florida real estate.

And according to the Commerce Department’s international trade administration, Mexicans made a direct investment of $31 billion in the United States in 2008.

Most experts attribute the surge in Mexican nationals investing in the United States to the violence that is occurring across the border.

Since the Mexican president Felipe Calderon launched a war on drug cartels in late 2006, more than 40,000 Mexicans have been killed in the fighting.

Consequently, the United States has issued an increasing number of visas to Mexicans.  Between 2007 and 2009, the number of visas for Mexican investors grew from 15,000 to 21,000.

In 2009, about 250 Mexicans were granted asylum in the United States.

Purchasing a South Florida Home for Sale

As a South Florida real estate expert, I have years of experience working with international buyers.

If you’re thinking about relocating to South Florida from another country  – or from another part of the United States – then contact me, Scott Patterson.

I’ll help make navigating the South Florida real estate market exponentially easier with my exclusive South Florida home buying tools.  These include:

Until next time,

Scott

Jul 06

Brazilian Home Buyers on South Florida Real Estate Market Get National Attention

By Scott Patterson

Brazilian nationals investing in the South Florida real estate market is making national news, as evident by a recent article by Bloomberg.

According to the article, Brazilian currency has developed  a 45 percent gain against the United States dollar since 2008.

And while the United States economy grew by 2.3 percent between April 2010 and March 2011, the Brazilian economy (which is the largest in Latin America) grew by 4.2 percent.

This means that South Florida real estate has become increasingly attractive for international buyers – and this is great news for interested South Florida home sellers.

Brazilians Increasingly Investing in South Florida Real Estate

For several months now, the number of Brazilian nationals investing in the South Florida real estate market has steadily grown as these international buyers search for deals on vacation homes and property investments.

The effects of this on the South Florida real estate market have been tremendous:

  • Total sales on Miami’s condominium market have increased by 79 percent since the beginning of the year when compared to that same period in 2010.
  • Brazilians bought 9 percent of homes and apartments sold to international buyers between April 2009 and March 2010.
  • Brazilians are the third largest group of international buyers on the South Florida real estate market, behind only Canadians and Venezuelans.
  • In May 2011, international buyers invested in 60 percent of existing homes on the market and 90 percent of newly built homes.
  • Of those downtown Miami condos that sold for more than $500,000 to foreign investors, Brazilians accounted for about half of that group.
  • Of those Miami Beach property sales that sold for more than $1 million, the investor was Brazilian in about fifty percent of those sales.

It’s easy to see why Brazilian home buyers are flooding the South Florida real estate market when one considers the current state of the Brazilian real estate market:

  • Home prices in Brazil increased by 25 percent between June 2010 and May 2011.
  • In Rio, home prices increased by 44 percent.

Meanwhile, homes in the Miami area are selling for about 51 percent less than they did during the peak of the housing boom – which was in late 2006.

Listing Your South Florida Home for Sale

All of the activity being generated by Brazilian nationals on the South Florida real estate market is great news for interested South Florida home sellers.

This activity is creating demand that is giving South Florida home sellers some bargaining room when it comes to sales price.

In order to capitalize on the momentum that Brazilians are creating on South Florida’s real estate market, you’ll want to work with a South Florida real estate expert who knows how to effectively market your South Florida home for sale.

Contact me, Scott Patterson, your South Florida real estate expert, today and I’ll let you know how I can get you the best price on your South Florida home in as little time as possible.

To get things started, feel free to browse all of the helpful South Florida home selling resources I provide to South Florida home sellers. These include:

Until next time,

Scott

 


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