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May Numbers are IN, and Sales Keep Rising

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South Florida real estate salesThe Miami Association of Realtors and the Greater Fort Lauderdale Realtors announced the May 2013 numbers in comparison to the May 2012 numbers and they are evidence that the market continues to rebound.

Despite the lack of inventory in Broward and Miami Dade counties, sales volume has steadily risen, breaking more records. These sales volumes in turn are driving home prices up, up, up, and homes are selling nearly at list price, and in some instances, above list price.

With all of these gains, more listings are coming to the market, but still insufficient to meet the current demand

The president of the Miami Association of Realtors, Fernando Martinez, released the following statement regarding the current residential market to the Miami Herald, “In Miami, we are seeing a significant number of new listings coming on the market, yet supply is insufficient to satisfy demand, a reality that will continue to drive home price appreciation.”

Our market remains an attractive option for buyers, both foreign and domestic, as prices remain at 2003 levels despite the robust sales activity that persists. We could not agree more, and additionally, in Broward County, the inventory is even tighter, and the demand is higher.

The president of the Greater Fort Lauderdale Realtors released this statement to Miami Herald, “The steady and sustained rise in median home prices is supported by a declining amount of available housing inventory and fewer days on the market.”

Homes are remaining on the market shorter periods of time, and the inventory is limited, the time to sell is NOW

Below are bulleted statistics and numbers. If you are looking to buy or sell real estate in South Florida, contact me today.

Broward County

  •        Single Family Homes rose by 22.6% to $255,000 from $208,000, supply of 3.4 months
  •        Condos rose by 28.2% to $108,000 from $84,275, supply of 4.3 months
  •        Inventory Single Family Homes Down 19.6%
  •        Inventory Condos Down 5.6%
  •        Supply of Single Family Homes, 3.4 months, Condos, 4.3 months
  •        Median Days on Market for Single Family Home, 31 days, from 42 days in May 2012
  •        Median Days on Market for Condos, remained the same, 41 days

Miami Dade County

Celebrities Move Over, There is More Money Coming to Town

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In 2013 the amount of real estate that is being sold is truly record breaking in Miami-Dade and Broward Counties. Prices are up in every sector of the market, and most especially in the luxury condominium and luxury home markets. The inventory is so incredibly tight that homes that are priced correctly are receiving multiple offers as soon as they are listed or even before if it is a pocket listing. One thing that observers are remarking on is the continued demand. With nearly 160 new projects in developments and international cash buyers ready to put large cash down payments on pre construction condo developments, there is little doubt that this market is still on fire.

 

Celebrities are even taking advantage of the sellers market. Billy Joel sold his home last week for just under $14 million on La Gorce Island, and this week Rosie O’Donnell sold her Star Island Mansion for just under $13 million. Billy Joel will likely break even on the purchase after brokers fees are paid, however O’Donnell will nearly double the money made on the property, since she bought the property in 1999 for $6.75 million and sold it for $12.65 million. While the home was listed last year for $19.5 million, and was reduced, she was advised correctly to sell. Matt Damon also sold his home on North Bay road at an advantage. At the very least this indicates the market is back to 2006 conditions, if not approaching another level, reaching the top echelon of investor.

 

Celebrities are selling, not to leave Miami per se, but because it would be fiscally irresponsible not to. The property values are sky rocketing, and taxes will likely be raised, especially for non-homesteaded waterfront home owners. So who is buying all this incredibly expensive real estate? The answer is billionaires. Alex Rodriguez sold his home on North Bay Road to a group of the Saudi Royal Family, and Billy Joel sold his home to the largest share holder of Saks Fifth Avenue and the owner of Tod’s Shoes. So not only are the celebrities and big name athletes selling their homes, they are making profits, and making way for a newer and vastly more wealthy crowd. This real estate market is most certainly the market to watch, and if you are looking to take part in it, contact us today.

 

Elegant Listing in Golden Isles, Presenting 424 Holiday Drive

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424 Holiday Isle

We are pleased to present our featured listing 424 Holiday Drive.  It is in the gated community of Golden Isles, and is waterfront. This is one of our most majestic and elegant listings from the vaulted ceilings to the marble and red wood floors. The first story has all Travertine marble flooring and the second story is rich red wood. A chef ready kitchen is completely top of the line including Wolf gas range and generous sized kitchen island. The living room has a fireplace, should you catch a rare drift in the winter months and the living room opens to the dining room that enjoys the water views of both the canal and the pool.

The home has 5 bedrooms and 5.5 baths within a spacious 4,735 square feet living area. This is a relatively new construction, finished in 2000 and the amenities of the home reflect a modern sensibility. Closets are oversized and the baths are all lavishly appointed with the latest finishes and utilities. The home is in the classic Mediterranean style. There is large covered parking in a two car garage and there is additional parking in the driveway. A deeded dock and incredible patio with salt water heated pool and gourmet Viking summer kitchen make this an incredible home for entertaining.  It is located minutes from the beach, from Aventura, and the major expressways, insuring that the entertainments of South Florida are at your back door. This home is listed for $2.3 million. For more information on this home, to schedule a showing, or to view other homes in this area, please contact us today.

 

 

Property Insurance Reform to Affect South Florida Waterfront Real Estate Owners

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South Florida insurance ratesThe Business Journal recently had an interesting article about how the state’s reforms to Citizens Property Insurance Corp. will ultimately have a huge effect on those living on South Florida’s coasts.

For those of you who aren’t aware, Citizens Property Insurance Corp is a state-run insurer.

According to the recent legislation that the state government approved, protocol for Citizens Property has changed to help reduce enrollment, which officials say will make it less vulnerable during a storm.

This is sure to have a large impact on waterfront property owners all of South Florida!

What South Florida Home Owners Should Know About the Law Change

Under the recent change, residents will be limited to 10 percent annual premium hikes, although new enrollees would have to pass through a number of other insurers before choosing Citizens.

Experts are saying that because of this change, rates will increase overtime since homeowners would need to select private coverage within 15 percent of that offered by Citizens.

Eventually, more insurance providers will be attracted to the area, experts say.

As soon as the Citizens reform was passed, shares from the Fort Lauderdale-based Unviersity Insurance Holdings increased to its highest level in a year.

Universal Insurance Holdings is the largest private insurer in Florida.

Here’s how else the reform will affect circumstances in Florida: Some experts believe Citizens’ policy limit reductions will cause the maximum coverage to decrease from $2 million to $1 million, eventually falling to $700,000.

Some experts think the changes are coming at a bad time and may curb the housing market recovery in South Florida.

After all, investors may think twice if they’re forced to choose private insurance with higher premiums, experts say.

That could in turn call the housing market recovery to slow down or stop altogether.

What’s more, the reform forbids Citizens from covering new coastal construction after July 1, 2014. This may have a direct impact on such South Florida coastal communities.

Still, some experts say the changes to coastal construction coverage may actually end up benefiting the less expensive condominiums in Brickell and Downtown Miami.

South Florida Luxury Real Estate For Sale

What do you make of the recent legislative changes concerning Citizens Property Insurance Corp?

I am always happy to offer straight-forward advice and providing you with such useful home-selling resources as:

Until next time,

Scott

 

Miami-Dade County, Florida Real Estate is Booming!

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Things are continuing to look up for the South Florida real estate market, according to the most recent data released.

Evidently, more and more investors are coming to South Florida to get a piece of the action – which in turn is strengthening our local housing market.

Miami, Florida Area Homes for Sale

According to the most recent article I read in the Miami-Herald, plenty of private equity firms in the area are snatching up prime South Florida real estate lately.

For example, Fort Capital recently purchased the historic Surf Club in Surfside. It is expected to be revitalized and later sold.

That’s what the company did after it bought most of the Capri South Beach along with other coveted pieces of South Florida real estate.

Experts say that the South Florida market is getting hotter and hotter, with demand rising.

This is particularly true in the hotel arena, where investors are buying and building hotels left and right!

The latest activity reflects a national trend in which the lodging industry is expected to spend more than $5 billion this year on upgrades that range from redesigned lobbies to additional fitness centers and restaurants.

Here in South Florida, some of the more specific drivers to this recent hotel boom include rising tourism numbers, scarcity of available land and more lenient lending policies.

Here’s what else you should know about the South Florida hotel industry:

  • Through September, hotels in Miami-Dade were more than 76 percent full, which is up slightly from the same period a year before.
  • Room rates in South Florida increased by 7 percent to almost $163.
  • Revenue per available room in South Florida also grew by about 8 percent year-over-year to $124.55.
  • Hotel transactions volume is expected to be about $650 million in the county this year, up 13 increase when compared to 2011

You may be thinking to yourself – that’s great but what exactly does this mean for the South Florida residential housing market?

Since everything is inter-connected, more interest and investments in the South Florida hotel market will likely lead to more interest and investments in the South Florida real estate market as well!

Your South Florida Real Estate Expert

To learn more about how the current hotel industry boom here in South Florida will benefit the local residential housing market, please contact me, Scott Patterson.

I’ll also be happy to assist you with all of your home-buying and home-selling needs on any one of the following South Florida real estate markets:

Until next time,

Scott

Now is the Time to Become a Harbor Islands Resident in South Florida!

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Hollywood Florida listingsOver the last several weeks, I’ve been telling you a little bit about the Harbor Islands neighborhood on the Hollywood, Florida real estate market.

If you’ve reached a point where you’re interested in becoming a current resident in this elite residential community, then today’s South Florida real estate blog is just for you!

Today, I’m going to tell you about the various active listings in this community.

Hollywood Homes for Sale

No matter what price range you’re in, there is likely a home for you in the Harbor Islands community.

That’s because this diverse neighborhood features numerous distinctive enclaves – which run the gambit from luxury town homes to stately single-family homes.

Thus, if you’re in the market for a single-family home, you’ll be pleased to learn there are currently 29 listings in Harbor Islands – ranging in price from $580,000 to $3,850,000.

While single-family homes are certainly the largest search category when it comes to Harbor Islands, there are also plenty of options for those looking for a townhome.

In fact, there are currently 6 active listings in Harbor Islands for townhomes. These properties tend to range in price from $499,000 to $1,349,000.

Even if you’re not in the market to buy a property, there are still opportunities for you to become a resident of this Hollywood community thanks to four available rental homes in the community.

These properties tend to cost anywhere from $5,500 per month to $8,500 per month.

Your South Florida REALTOR

If while browsing the available listings mentioned above you find one you’re really interested in, please don’t hesitate to contact me, Scott Patterson.

I’ll be happy to provide you with additional information about these listings, answer any questions you may have and even schedule a showing for you!

For now, please take some time to browse some of my online home-buying resources, which include:

Until next time,

Scott

South Florida Real Estate Market Recovery Ranked Best in the Nation

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South Florida real estate salesThe South Florida real estate market is experiencing a larger bounce back than most housing markets around the nation.

Evidently, Palm Beach County, Broward County and Miami-Dade County are all seeing major jumps in their median sales price – making them some of the fastest improving markets in the country!

This is obviously great news for luxury South Florida home sellers who are hoping to get a respectable price for their South Florida property!

South Florida Home Sales

Here’s a breakdown of recent South Florida real estate market activity:

  • Broward County’s median price was $127,000, up 21 percent from the year before.
  • During that previous year, the median sales price in Broward County was $105,000.
  • That jump in Broward County was the highest jump of any housing market in the nation!
  • In Miami Dade County, the median sales price was $165,000, up 20 percent from the year before.
  • During that previous year, the median price in Miami-Dade was $138,000.

Although a lot of South Florida homes lost nearly half their value during the housing crisis, experts are now saying that the market is bouncing back from that drop.

Helping the situation is a lot of demand from investors as well as a shrinking supply of available South Florida homes for sale.

Rising rental prices are also driving more home buyers to the market.

List Your South Florida Home on the Market Now

South Florida home sellers who have been hesitant to list their home on the market in recent years can start doing so with confidence.

After all, given the recent data, it appears that home sales prices in the area are on a steady climb.

For help listing your home on the South Florida real estate market, please contact me, Scott Patterson.

I’m an experienced area REALTOR who can help you set the right list price on your home and create an effective marketing plan tailored to you.

For now, be sure to browse some of my online home-selling resources, such as:

Until next time,

Scott

South Florida Commercial Real Estate Market Showing Signs of Improvement

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The South Florida commercial real estate market is making great strides – albeit at a slow pace.

Evidently, recent data suggests that office vacancies are on the decline. In addition, regional and national retailers are expanding once again.

This has huge implications to the greater South Florida real estate market. After all, everything is connected when it comes to economics.

Thus, as the commercial real estate market continues to improve, that is only bound to help the residential real estate market continue to improve as well.

Commercial Real Estate in South Florida

According to the recent article I read in the Sun-Sentinel, office vacancies in both Broward County and Palm Beach County are down year-over-year, although they are still relatively high.

Here’s the most recent data on commercial real estate in South Florida:

  • The office vacancy rate in Broward County was 14.3 percent from July to September, down from 14.6 percent a year ago.
  • Meanwhile, Palm Beach County’s vacancy fell from 19.5 percent to 18.7 percent in that same year.
  • Generally speaking, a strong market would have vacancy rates between 8 to 10 percent.
  • During the third quarter of 2012, Broward County’s office rental rates fell from $24.75 to $23.75 when compared year-over-year.
  • Meanwhile, rates in Palm Beach County fell from $26 to $25.75 during that same period.
  • More restaurants and retail shops are leasing space as well.

Although these may seem like small improvements, this recent commercial real estate data suggests that the market is currently experiencing a rather positive trend.

This will pay off on the South Florida real estate market. After all, a more robust commercial real estate market will attract more workers and home buyers to the area – which will in turn create positive growth on the local housing market.

Buying and Selling South Florida Real Estate

If you’re thinking about investing in a piece of South Florida real estate anytime soon, please don’t hesitate to contact me, Scott Patterson.

When you do, I’ll tell you about available South Florida listings as well as offer you such helpful resources as:

Already living in South Florida and considering listing? Contact me today to learn about some of the home-selling resources I offer for free!

Until next time,

Scott

Luxury South Florida Condos Planned for Aventura and Hollywood Florida

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Two more luxury condominiums are coming to the South Florida real estate market, according to a recent article I read.

The Miami Herald reported that Property Markets Group is planning luxury condos for both Aventura and Hollywood!

Evidently, PMG is working with the well-respected architect Carlos Otton in planning these new projects.

This is tremendous news for interested South Florida condo buyers who are in the market for a luxury condominium.

Aventura and Hollywood, Florida Condos for Sale

Here’s some additional information about the two condominiums planned for Aventura and Hollywood.

In Hollywood, the 24-unit Sage Beach will feature two-, three- and four-bedroom residences.

These units will all come with private elevators, a plunge pool and grand foyer.

The units at Sage will range from 2,000 to 2,850 square feet and will have an average price per square foot of roughly $650.

In Aventura, PMG is planning a 190-unit condominium community known as ECHO.

This community will feature 2-, 3- and 4- bedroom floor plans with interior designs by Yabu Pushelberg.

In each one of these Aventura condominium units, interested South Florida buyers will find such desirable features as kitchens on each terrace, private elevators, Apple technology-compatible infrastructure and more!

ECHO’s units are expected to range from 1,600 to 4,000 square feet, with an average price per square foot of $550.

Find Your Dream South Florida Condominium Today!

The newest luxury condominiums that are currently in the planning stages are guaranteed to be quite distinctive on the South Florida real estate market!

If you’re interested in learning more about possibly investing at Echo in Aventura or Sage Beach in Hollywood, please contact me, Scott Patterson.

If, however, you’d prefer to continue looking for your dream South Florida residence, please be sure to check out some of these other residential neighborhoods in the area:

Until next time,

Scott

 

More Canadians Flocking to South Florida to Invest in Real Estate

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Canadians investing in South FloridaFor the last several years, the focus on the South Florida real estate market in terms of international investors has been on Brazilians.

Now it appears that there’s another country whose citizens are entering the South Florida real estate market en masse: Canada.

According to a recent article I read, more Canadians are coming to the South Florida real estate market on account of a strong Canadian dollar and a weaker American dollar.

Translation: Canadians are seeing this as a prime opportunity to get a great return on their investment.

South Florida Real Estate for Sale

As Canadian baby boomers are looking for a place to invest their dollar, they’re finding a fantastic welcoming in South Florida.

Given the strong Canadian dollar and the already great deals to be found on the South Florida real estate market, it’s an obvious choice, experts say.

In fact, Canadians have become the No. 1 international visitors to Florida and the largest foreign buyers of second homes in the state of Florida, according to recent data.

Broken down further, 3.3 million Canadians visited the state in 2011, up 7 percent from 2010.

During that time, they spent $4 billion, up nearly 14 percent from the year before.

In Broward and Palm Beach counties alone, snowbirds from Canada and other places spent more than $2 billion last year!

This winter season, their tourist spending should rise about 2 percent.

And that’s just in tourism dollars!

Home investment-wise, Canadians are major players on the South Florida real estate market.

This is great news for the South Florida real estate market because these investments are breathing new life and energy into the market and making it more stable and robust.

Invest in South Florida Real Estate Today!

Contact me, Scott Patterson, to learn about the various available listings in such South Florida real estate markets as:

Until next time,

Scott