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Category Archives: Waterfront

South Florida Real Estate Market Update for July

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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

 

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

 

Enjoy the 4th of July in Aventura, Florida This Year

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Are you interested in making this 4th of July memorable for you and your family? Then consider checking out this year’s Fireworks Show in Aventura, Florida.

This annual event seems to get bigger and better every year.  Perhaps that’s because South Florida residents know they’re not likely to get as spectacular of a fireworks show anywhere else in South Florida.

The fun begins at 9 p.m. on July 4 along Country Club Drive on the Turnberry Golf Course and will last about 30 minutes.

For more information,  call the Community Services  Department at 305-466-8930.

In the event of rain, this event will be moved to 9 p.m. on July 5.

Investing in Aventura, Florida Real Estate

I’m proud to say that I live in the kind of community that invests in recreational attractions for its residents.
Aventura, Florida has plenty of such amenities to offer its residents year round, including:

If you’d like to learn more about what it’s like to live in Aventura, Florida, contact me, Scott Patterson.

As your Aventura area real estate expert, I’ll let you know about available listings in our incredible Aventura neighborhoods, including:

Until next time,

Scott

 

 

 

South Florida Real Estate Market Update for June

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Several South Florida cities saw increases in their property values in 2010, according to a recent article in The Miami Herald.

Although property values for both commercial and residential real estate are still down in Miami-Dade and Broward counties for 2010, they’re still doing considerably better than in 2008 or 2009.

Continue reading to learn more about how specific South Florida communities stacked up in terms of property values.

South Florida Property Values

According to the most recent data:

  • 10 municipalities in Miami-Dade County saw increases in value in 2010.  In contrast, all 37 municipalities saw decreases in value in 2009.
  • Downtown Miami saw the largest year-over-year value increases in South Florida.  The community’s tax base grew by 10.9 percent in 2010.  In 2009, Downtown Miami’s tax base decreased by 11.2 percent.
  • In 2009, new construction in downtown Miami was valued at $362 million.  In 2010, that value had climbed to $1.4 billion.
  • Key Biscayne’s taxable property value grew by 1.5 percent.
  • Sunny Isle’s taxable property value grew by 2.9 percent.
  • Pinecrest’s taxable property value grew by 0.8 percent.
  • New construction in Miami-Dade County fell from $2.7 billion to $1.5 billion.
  • New construction in Broward County also fell, from $1.5 billion to $633 million.
  • Homestead taxable property value fell by 9.6 percent. Still, that’s considerably better than in 2009, when property values in Homestead dropped by more than 31 percent.
  • Florida City’s taxable property value fell by 15.4 percent.

According to most South Florida real estate analysts, the recent numbers suggest that the South Florida real estate market has weathered the worst of the recent housing bust, but a complete recovery might not be for several months or even years.

Investing in South Florida Real Estate

Now is actually a fantastic time to invest in South Florida real estate.

Why? Because South Florida home values are still fractions of what they used to be before the South Florida housing bubble burst.

Thus, South Florida home buyers have the opportunity to get a great deal on a piece of South Florida real estate before prices start climbing.

If you’re interested in investing in South Florida real estate, then contact me, Scott Patterson.

As your South Florida real estate expert, I’ll answer any questions you might have about the South Florida real estate market as well as tell you about all of  South Florida neighborhoods, including:

Until next time,

Scott

Several New South Florida Condominiums Planned

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The Related Group, a prominent Miami-based developer, plans to break ground on six new high rise condominiums in the next year, according to a recent article in the Miami Herald.

The development group recently created a new partnership with Miami-based marketing firm International Sales Group.

The partnership, now called Related ISG, plans to market the six new condominiums to international buyers, particularly those living in Latin America.

Purchasing a South Florida Condominium For Sale

According to the article in The Miami Herald, Related ISG’s strategy is to focus on those buyers who invest with nothing but cash. The company hopes such investments will help pay for much of the construction costs upfront.

Although most of the details about the projects are unknown, the developer did provide locations of the proposed six condos:

  • Two will be built in the Brickell neighborhood of Miami
  • One will be a waterfront condominium community in North Miami
  • Two will be waterfront condominium communities in the Hallandale and Hollywood area.

Although the South Florida real estate market has struggled with a number of homes underwater as well as a large inventory of unsold condominiums, Related ISG said that the high demand for South Florida real estate by Latin American investors as well as recent strong condo sales justify the company’s plans.

And according to one estimate, buyers will pay as much as 80 percent of the purchase price before the building has ever been completed.  This minimizes the risk that these new condominiums will go into foreclosure, said spokespeople from Related ISG.

Thinking About Investing in a South Florida Condominium for Sale?

Now is a fantastic time to do so!

Contact me,  Scott Patterson, today to talk with me about all of the  luxury condominiums in the various South Florida communities, including:

Until next time,

Scott

Affordability on South Florida Real Estate Market is Breaking Records

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I recently read a rather interesting article in The Palm Beach Post that discussed the record-breaking affordability on South Florida homes for sale.

Evidently, affordability on Palm Beach County homes for sale reached a new high during the first quarter of 2011.

Palm Beach County isn’t the only county that’s enjoying this record-breaking affordability.  Broward County as well as Miami-Dade County are also experiencing fantastic affordability on their homes for sale.

Purchasing A South Florida Home for Sale

There is a lot of data on the South Florida real estate market that illustrate just how affordable South Florida homes are right now:

  • A median-income family in South Florida could have purchased 77.5 percent of all the homes sold in the first quarter of 2011.
  • According to the National Association of Home Builders, the last time homes were this affordable in Palm Beach County was in early 1999, when a median-income family in South Florida could have purchased 77.4 percent of all the homes sold that year.
  • In comparison, a median-income family in South Florida could have only afforded about 30 percent of Palm Beach County homes during the real estate boom.

So what exactly is causing this great affordability in South Florida? A few factors are at play right now, including:

  • Low home prices
  • Steady incomes
  • Low mortgage rates

And even though home sales have picked up in recent months, it hasn’t caused prices to rise like they did during the housing boom a couple of years ago.

This is great news for South Florida home buyers looking for a deal on the South Florida real estate market.

Navigating the South Florida Real Estate Market

There’s never been a better time to be a South Florida home buyer.   With record low interest rates and low South Florida list prices, there’s a good chance that you’ll find an amazing deal on a South Florida home for sale.

As a South Florida real estate expert, I am experienced working in several of the area real estate markets, including:

Until next time,

Scott

South Florida Real Estate Market Update

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Last time I discussed with you a trend on the South Florida real estate market in which home prices are dropping and South Florida home buyer interest is rising.

Today I’d like to discuss with you a recent report by Zillow.com that further breaks down the drop in South Florida home prices.

Zillow.com is a Seattle-based company that studies real estate trends all across the country.

South Florida Homes for Sale

According to the recent report by Zillow.com, South Florida home values decreased by 12.8 percent during the first quarter of 2011 when compared to the first quarter of 2010.

Compared with the 25 largest metropolitan areas, the South Florida area (which includes Palm Beach County, Broward County and Miami-Dade County) ranked number five for steepest drops in home values.

Detroit and Atlanta tied for the largest annual decline in home values at 17.3 percent.

Here’s what else the real estate website reported about our South Florida real estate market:

  • South Florida home values have dropped to 2002 levels.
  • Miami-Dade and Broward County home values are less than half of what they were five years ago.

And although Zillow.com previously predicted that the national housing market would bottom out by late 2011, experts are now saying that the housing market won’t bottom out until 2012.

Since Florida’s housing market crashed before much of the rest of the country, my prediction is that our housing market will bottom out earlier than that.

Purchasing a South Florida Home for Sale

The news from Zillow.com is likely grim news for South Florida home sellers looking to get a great price for their South Florida home for sale.

But for South Florida home buyers, conditions are just right to enter the South Florida real estate market.

For more information contact me today to further discuss your options on the South Florida real estate market as a South Florida home buyer.

Feel free to browse some of our amazing residential communities in South Florida online.  These include:

Until next time,

Scott

National & International Exposure of South Florida’s Premiere Island on Fox News

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Island Estates Fox News Shepard Smith / Phil Keating

It’s been a good year for one of my listings in Aventura, Florida.  Matter of fact, it’s been a great year!

Considered the last developable island in South Florida, the 8-acre island is located between Miami Dade and Broward counties.  It offers potential buyers scenic views of the Intracoastal waterway, not to mention unbeatable privacy.

It’s listed for $49.5 million on the South Florida real estate market.

Since we put the island on the market, we’ve received plenty of coverage in the media – from a front page article in the Miami Herald to an extended feature segment on Fox News.

South Florida Real Estate

Thinking about entering the South Florida real estate market as a South Florida home buyer? Then contact me, Scott Patterson.

I’ll help make your South Florida home buying experience easier with such South Florida real estate resources as:

Until next time,

Scott

 

 

 

Island Estates Fox News Shepard Smith / Phil Keating from Scott Patterson on Vimeo.

South Florida Real Estate Market Update for First Quarter, 2011

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Our South Florida real estate company is expected to sell more total South Florida properties this year than ever before , according to Ron Shuffield, president of our company, Esslinger-Wooten-Maxwell, Inc. Realtors

Here’s some of the  South Florida real estate market news Ron recently shared with us:

  • Miami home and condo sales in the first quarter are up by 38 percent year over year.
  • Broward County home and condo sales in the first quarter are up by 9 percent year over year!
  • There is 55 percent less South Florida property inventory than three years ago.

All of this is great news for both South Florida home buyers and South Florida home sellers.

For South Florida home buyers, it means that they can find great deals on homes on the South Florida real estate market. After all, the median sales price has been steadily dropping over the last four to five years.

For South Florida home sellers, it means that the market will soon begin shifting in their favor.  Think about it:  the more home sales there are, the less inventory there is on the South Florida real estate market.

That scarcity of homes for sale, coupled with the demand for South Florida real estate, means that home prices will start to climb once again.

Learn more about the current state of the South Florida real estate market by watching the below video from our company’s president.

Entering the South Florida Real Estate Market

If you’re thinking about entering the South Florida real estate market as a home buyer or home seller, contact me, Scott Patterson, your South Florida real estate expert, today.

I’ll provide you with a number of invaluable South Florida real estate resources and help make navigating the South Florida real estate market easier for you and your family.

Until next time,

Scott