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Category Archives: International Buyers

South Florida Seeing a Shortage of Foreclosures

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The outlook continues to look rosier and rosier for South Florida home sellers lately!

According to the most recent media reports, there’s a shortage of foreclosures for sale.

Rates of foreclosed homes for sale have dropped in both Miami-Dade and Broward County!

This is great news for area home sellers since foreclosures generally pull down the median sales price, meaning that it’s harder for sellers to get the price they want for their own home.

Real Estate for Sale in Aventura, Sunny Isles, Golden Beach, Hallandale, Hollywood and More

Here’s an overview of the most recent South Florida market data, according to the Miami Herald:

  • Broward County foreclosures-related home sales were about 3,259 during the second quarter, down 31 percent from last year.
  • In Palm Beach County, there were about 2,966 foreclosure sales, down 15 percent from a year before.
  • Miami-Dade foreclosures down about 29%.
  • Distressed properties account for 20 percent of all sales in Broward County.
  • In that county, the average price for homes is $126,230.
  • Meanwhile, distressed properties account for 22 percent of all sales in Palm Beach County.
  • In that county, the average price for homes is $121,766.
  • During the week ending on Oct 24, there were a total of 9,149 homes for sale on the Miami, Florida real estate market, including more than 2,000 that were in some stage of the foreclosure process.
  • Also during that week, the average listing price for Miami homes was $592,559, up 0.7 percent from the previous week.
  • Between July and September, the median sales price for a 1-bedroom Miami home was $120,000
  • The median sales price for a 2-bedroom home was $119,050
  • And the median sales price for 3- and 4-bedroom homes was $150,100 and $225,000, respectively.

As previously noted, foreclosure sales have a negative impact on area home sellers because they tend to pull the median home sales price and market values down.

Thus, the fact that foreclosure-related sales are dropping is a positive sign for area home sellers who want to get the best price on their home!

Your South Florida Real Estate Expert!

If you’re interested in learning more about how the recent trend on the South Florida real estate market will affect you as a home seller, please contact me, Scott Patterson.

I have experience with helping home owners sell their homes on such local real estate markets as:

Thus, I’ll be happy to help you with all of your South Florida real estate needs as well!

While you’re at it, I encourage you to take a few moments to check out some of my helpful online home selling resources, such as:

Until next time,

Scott

South Florida Real Estate Market Showing Signs of Rebound and Growth

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South Florida real estateThere’s reason to celebrate a little for the South Florida real estate market – especially if you’re a home seller with a list price under 1 million.

From a decreasing supply of available homes for sale to rising sales prices – now is a great time to be a Seller  especially if your property is listed under 1 million today. It’s all about “Supply & Demand” which is very price sensitive and it’s very important to understand the market depends on the “List Price” of your property,  the higher the “List Price” the more inventory there is.

Below, I’m going to tell you some of the recent findings from a national index on the health of the South Florida housing market.

Selling South Florida Real Estate

According to a recent market report, South Florida home prices increased by more than 5 percent in July when compared to July 2011 (depending on price range).

That’s not all that has South Florida home sellers excited!

Here’s a look at some other good news that has recently come out about the market:

  • In August, Broward County had fewer than 5,000 single-family homes for sale.
  • When compared to a year ago, Miami-Dade & Broward County’s inventory has nearly been cut by 40-50%.
  • Meanwhile, Palm Beach County’s home inventory was about 6,648 in August, which is 43 percent less than it was a year ago.
  • In Miami, the average price per square foot of Miami area homes was $155, down 4.3 percent from the same period last year.
  • Between July and September, the median sales price for Miami homes was $155,000, up 6.9 percent from the year before.
  • Also during that period, the total number of Miami home sales decreased by 11.6 percent.
  • Broward County’s unemployment rate decreased from 8.1 percent to 7.8 percent between July and August. This is good news for home sellers because it means that more home buyers are in a position to purchase a home.
  • Broward County’s unemployment rate is now better than the national average, which is 8.1 percent.
  • Meanwhile, Palm Beach County’s unemployment rate also fell to 9.6 percent, albeit that’s still higher than state and national averages.
  • Interest rates have continued to fall, with the average 30-year fixed rate falling to a record-setting 3.4 percent recently. Such low rates are sure to attract additional home buyers.

Still, the recent article I read noted that there are some ways in which the housing market can improve even more.

For instance, inaccurate home appraisals have been blamed in recent years for delaying or costing real estate deals.

Experts are now calling for more accurate and consistent appraisals to aid in the housing market’s recovery.

Some are also saying that a slight increase in interest rates may increase home buyer demand since home buyers will feel a sense of urgency to invest before interest rates continue to climb.

Your Dedicated South Florida Real Estate Expert

The South Florida real estate market is a complicated industry with plenty of moving parts that may affect your experience as a home seller.

So for an optimal experience that results in you selling your home in a short amount of time and for a great price, please contact me, Scott Patterson.

I have years of experience working on the South Florida real estate market and I’ll be happy to provide you with invaluable advice, helpful home-selling resources and more!

Start today by requesting my free selling South Florida real estate eBook or a pre-listing package!

Until next time,

Scott

EWM International Realty is now Larger and Better than Ever!

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We have exciting news to share with you about our company’s parent company, Berkshire Hathaway.

Berkshire Hathaway has purchased the real estate franchise “Prudential” / Real Living and launch an entirely new brokerage brand for these agents: Berkshire Hathaway HomeServices.

Our South Florida real estate company EWM has been owned by Berkshire Hathaway for the last six years.

This new purchase, however, is guaranteed to make the company even stronger and more responsive to home buyer’s and home seller‘s needs.

Selling Real Estate in South Florida and Around the Country

Berkshire Hathaway has acquired Prudential’s agent network from Brookfield Asset Management.

Next year, Berkshire Hathaway and Brookfield will begin converting Home Services agents over to the new brand as well.

The new company will be based in Irvine, California and will be led by a team of Prudential Real Estate executives.

Here are some more facts of this recent deal:

  • Berkshire’s HomeServices of America (which already owns local brokerages with 16,000 agents in 21 states) will be the majority owner
  • The Prudential and Real Living brands will be eliminated over time.
  • Independent local brokers that HomeServices already owns will not have to switch affiliation but their branding will start to note that they’re owned by Berkshire Hathaway.

Your South Florida Real Estate Expert

By aligning ourselves with this new and improved super real estate company, EWM will have even greater access to real estate resources that will ultimately help you as the buyer or seller!

Thus, we’re quite thrilled about this newly formed real estate company!

If you’re considering entering the South Florida real estate market anytime soon, please contact me, Scott Patterson.

I’ll be happy to assist you as you navigate any one of the following South Florida markets:

Until next time,

Scott

South Florida Developers Are Proposing Dozens of New Condominiums

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South Florida luxury real estateDevelopers are feeling so confident with the South Florida real estate market lately that they’re planning on constructing dozens of new condominiums in the upcoming months and years.

According to a recent article I read, developers are proposing almost 55 new condominium projects totaling more than 10,000 units in the communities of Miami, Fort Lauderdale and West Palm Beach.

This signals that the South Florida housing market is becoming increasingly robust and attractive for real estate transactions!

South Florida Luxury Condominiums for Sale

Miami-Dade County has been leading the area with new condominium projects in the works.

Evidently, there are nearly 40 proposed projects in the county, all of which total more than 7,900 units.

These condominiums are expected to be built in Aventura, Bal Harbour, Miami, Key Biscayne, Miami Beach, Sunny Isles including the development The Village at Island Estates that I am representing.

Broward County has the second most proposed projects with 11. These condominiums will bring an additional 1,600 units to the area and will be constructed in Fort Lauderdale, Hallandale Beach and Hollywood.

In third place is Palm Beach County with at least 5 proposed condominium projects totaling 700 units. These condominiums are expected to be constructed in Juno Beach and West Palm Beach as well as Gulf Stream.

Experts are saying many domestic and international prospective developers are sweeping South Florida searching for previously approved projects that were put on hold after the housing market bubble burst in 2007.

Leading the way in this latest condominium development blitz is the 23 Biscayne Bay condominium in Greater Downtown Miami.

One tower has already been constructed and an additional 11 are expected to be completed as soon as 2014.

As of the second quarter of 2012, buyers have purchased about 93 percent of the nearly 49,000 new condos created in the largest coastal markets during the most recent South Florida real estate boom that began in 2003.

At the current sales pace of nearly 150 units per month, the 3,400 unsold new condos could be acquired in the first half of 2014.

Many of these newly proposed condominiums appear to cater to niche markets, such as the high-end luxury condominium market.

These new developments plan to attract high-end buyers with such features as incredibly spacious balconies, automobile elevators and personal swimming pools.

Your South Florida Real Estate Expert

This is an exciting time to be a South Florida home buyer – especially given all of the new luxury condominiums that are expected to be constructed soon!

If you’re thinking about relocating to South Florida anytime soon and investing in your own condominium, please contact me, Scott Patterson.

I’ll be happy to walk you through the condo-buying process with helpful advice and user-friendly resources such as:

Until next time,

Scott

Report: Fewer Homes for Sale Available on the South Florida Real Estate Market

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South Florida real estate for saleAvailable homes for sale on the South Florida real estate market have decreased significantly year-over-year, according to a recent article I read.

The Palm Beach Post reported that the available inventory of homes for sale was down 34 percent in September when compared to September 2011.

This is fantastic news for South Florida home sellers in such communities as Golden Beach and Sunny Isles who are hoping to get a great price on their property.

South Florida Homes for Sale

Here’s an overview of recent activity on the South Florida real estate market, according to the real estate analysis firm Zillow:

  • High-priced homes for sale in Broward, Miami-Dade and Palm Beach counties were down 34.4 percent year-over-year.
  • Meanwhile, inventory of homes in the lower-priced tiers were down 33 percent.
  • In that same period, the national inventory of homes for sale has decreased by 19 percent.
  • In Palm Beach County, the inventory of single-family homes had fallen to less than five months in August.
  • When compared to August 2011, Palm Beach County’s home inventory has fallen 57 percent.

On the same day that Zillow released its report, the company RealtyTrac reported that Florida saw the most foreclosure activity in September.

Although some are concerned this may cause a drop in home prices as these foreclosed homes are sold, experts say that it’s more likely that these homes will more than likely be short-sold, which will help preserve prices.

List Your South Florida Home for Sale Today!

As I noted earlier, a drop in available homes for sale is a great sign for interested South Florida home sellers.

That’s because the low supply of available homes will spur even greater home buyer demand, which will ultimately drive up prices.

Thus, if you’re thinking about listing your South Florida property anytime soon, now is a great time to do so!

For expert tips on navigating the market as a South Florida home seller, please contact me, Scott Patterson.

I have years of experiencing helping home owners sell their properties in a number of local communities, including:

Until next time,

Scott

Argentinians Now the Most Active Investors on the South Florida Real Estate Market

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For months, I’ve been telling you about how much of an impact Brazilians investors have been making on the South Florida real estate market.

Now, according to a recent article, it appears that there’s another Latin American country that has taken over as a lead investor of South Florida real estate: Argentinians. This recent trend is expected to have quite a positive impact on our local housing market!

South Florida Homes for Sale

According to the recent article in the New York Times, the value of local currency has created the most recent trend on the South Florida real estate market.

The value of Brazil’s currency (the real) has been weakening against the dollar in recent months.

Meanwhile, as Argentina’s peso has also weakened and inflation has increased to 25 percent, upper-class Argentinians are deciding to invest their money in American real estate instead.

Here’s this recent trend at a glance:

  • Capital outflow from Argentina increased from $11.4 billion to $21.5 billion between 2010 and 2011.
  • At Opera Tower on North Bayshore Drive, half of the 30 apartments that have sold in the past month were to Argentines.
  • Many of those purchases were all-cash.
  • Since Opera Tower started selling condos again about six months ago, 90 of the remaining 394 units have gone under contract and most of the investors were Argentinians.

And according to the article, another group of Latin Americans may be increasingly investing in the South Florida real estate market soon: Venezuelans.

Evidently, concern over the outcome of the upcoming Oct. 7 elections has lead many Venezuelans to want to invest their money in the American real estate market – particularly in South Florida and New York.

Your South Florida Real Estate Expert

As I’ve often noted, the South Florida real estate market is a popular place for Latin Americans to invest their money.

These investments have profound effects on the overall health of the local housing market.

Thus, I’ll keep you posted as more develops on this recent real estate trend.

In the meantime, if you’re considering selling your South Florida property anytime soon, please contact me, Scott Patterson, today!

It will be my pleasure to help you with all of your home selling needs as well as provide you with such helpful tools as:

Until next time,

Scott

 

South Florida Ranks Number 1 Nationally for International Buyers

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For months I’ve been telling you about the impressive number of investments that international home buyers – particularly Brazilians and Canadians – have been making on the South Florida real estate market.

Now there’s confirmation of just how expansive their investments have been.

The National Association of REALTORS recently identified Florida as having the highest concentration of international buyer property purchases than any other state.

Continue reading to learn more about how this distinction will have an impact on you as a home seller in Aventura, Hallandale, and surrounding areas.

Luxury Property for Sale in South Florida

Here’s an overview of the latest activity related to international home buyers:

  • International buyers have helped South Florida sell 91 percent of almost 49,000 boom-era units, according to condo Vultures
  • In 2011, 31 percent of all international sales in the country came from Florida
  • About 27 percent of international buyers identified the US real estate market as a profitable investment
  • Canadians viewed US real estate most favorably, accounting for 23 percent of all foreign buyers
  • In South Florida, 8 percent of all Florida resales were sold to Canadians

So what exactly does this mean for interested South Florida home sellers?

It means that – thanks in large part to international home buyers – the housing inventory on the South Florida real estate market is shrinking.

As that happens, remaining properties for sale on the South Florida real estate market will become even more coveted because there won’t be as many of them available.

This will, in turn, cause home prices to rise over time, meaning that your chances of getting the price you want on your luxury South Florida home will increase.

Your South Florida Real Estate Expert

If you’re ready to enter the South Florida real estate market as a home seller, then contact me, Scott Patterson.

I’ll tell you about the aggressive and comprehensive marketing plan I offer to my clients as well as provide you with a number of helpful home selling resources, such as:

Until next time,

Scott

Mexicans Increasingly Investing in South Florida Real Estate

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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

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

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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

 

Boat Docks Available for Sale for the First Time at Porto Vita in Aventura Florida

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The Porto Vita luxury condominium community recently made a limited number of boat slips/docks available to its residents.

This is fantastic news for Porto Vita condominium owners who can now have luxury South Florida condominium living as well as the convenience of owning one’s own boat dock just steps away with easy access to the Haulover Ocean Cut.

With this new offer, Luxury South Florida condominium owners can have the best of both worlds!

Living in a South Florida Luxury Condominium

Residents in the North Tower at Porto Vita have the first chance to invest in one of the boat slips/docks at Porto Vita.

Here’s more information about this incredible offer:

  • 60 ft length boat slips
  • 18 ft beams
  • Price: $75,000

Investing in South Florida Real Estate

The fact that residents at Porto Vita now can own their own boat slips and docks is just icing on the cake for residents living in one of the most luxurious condominiums in Aventura.

Porto Vita, which features two towers, is the epitome of South Florida luxury living.

This Aventura condominium offers its residents floor plans ranging from 2 to 5 bedrooms and 2,250 to 6,000 square feet.

Amenities at this cosmopolitan community include:

  • Spa facilities
  • Community swimming pool
  • Tennis courts
  • A state-of-the-art fitness center, featuring massage therapists and personal trainers
  • Valet and concierge service
  • Billiards
  • And so much more!

Contact me to learn about available listings at Porto Vita – including my recent listing  for a 3-bedroom, 3.5-bath luxury condominium at Porto Vita.

I’ll help to make the South Florida real estate transaction process easier by providing you with such helpful South Florida home buying resources as:

Until next time,

Scott