Category Archives: Miami Real Estate

Miami, Florida, Real Estate Guide

Imagine living in a lush tropical paradise filled with sun-drenched beaches and warm tropical nights. The beautiful and exotic neighborhoods of Miami offer an enticing beauty unlike any other. Homes of many shapes, styles and varieties are available, from high rise condos to sweeping mansions and everything in between.

Miami offers a unique Latin flavor with diverse neighborhoods suitable for any type of buyer. Brand new and older condos offer breathtaking views of the Atlantic Ocean off of Brickell Avenue, close to the heart of downtown Miami. Exclusive Aventura offers enchanting residences near exclusive shops, delightful restaurants and the expansive Aventura Mall. You can watch the sun rise over the ocean and then take a relaxing stroll down famous Lincoln Avenue. Single family homes offer close proximity to beautiful Bayside where you can shop, eat or take a taxi – on the water! The differing homes offer all types of price points, suitable for varying needs.

Many different types of homes are available in this busy market. New suburban neighborhoods offer homes characterized by colorful stucco and Spanish features with all the modern amenities. Older homes under mature trees offer sprawling land. Condos provide breathtaking views right in the heart of downtown, where nightlife and the beach are just steps away. Continue reading

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Miami Home Prices Soar

The median sales price for a single-family home in Miami was up 25.1 percent in March from a year earlier, the largest year-over-year price increase since 2005, according to data released today by the Miami Association of Realtors.

Prices for condominiums, which have rallied steadily for 21 consecutive months, were 19.3 percent higher in March than a year ago.

The median price for a single family home in Miami in March was$225,000, 16 percent higher than February. Condominiums sold for a median price of $167,000, which is 1.2 percent higher than the previous month.

“The Miami real estate market is experiencing comprehensive strengthening fueled by robust demand and limited supply,” said Natascha Tello, chairman of the board of the Miami Association of Realtors, in a press release.  “The local market has seen consistent double-digit appreciation for a significant number of months while inventory declines in every price point, reflecting the demand that exists for all types of Miami properties.”

More points from the report:

  • Miami-Dade County residential sales increased 2.7 percent in March compared to record sales levels a year earlier.
  • Active listings at the end of March dropped 5.0 percent compared to a year earlier, “when the market was already experiencing a housing shortage.”
  • Sixty-four percent of total closed sales in Miami-Dade March were all-cash sales, compared to 66.4 percent in March, 2012. “Since nearly 90 percent of foreign buyers in Florida purchase properties all cash, this reflects the much stronger presence of international buyers in the Miami real estate market,” MAR concludes.
  • “Strong demand for bank-owned (REO) properties and improved processing of short sales continues to yield absorption of distressed listings and to contribute to price appreciation.” Sales of distressed properties accounted for 41 percent of all closed residential sales in Miami-Dade County, including REOs (bank-owned properties) and short sales, compared to 49 percent in March, 2012.

Miami Home Prices Soar. By WPC Staff, April 22, 2013. Retrieved from http://www.worldpropertychannel.com/north-america-residential-news/miami-home-prices-miami-association-of-realtors-6752.php?previ.ew=true

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Miami ranks 8th luxury real estate market worldwide

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Miami’s luxury real estate market has blasted to the No. 8 spot among the top global locations, according a Christie’s International Real Estate report.

The Miami Herald reports that Miami had a high percentage of cash buyers, foreign buyers and second-home buyers that contributed to its inclusion on the list.

A 22,000-square-foot mansion in Indian Creek is the most expensive home to sell in Miami at $47 million.

Click through the slideshow included with this post for images of the mansion at 3 Indian Creek Drive.

Other cities included as top luxury real estate markets were Dallas, London, Hong Kong, San Francisco and New York.

Miami ranks 8th luxury real estate market worldwide. Retrieved from

http://www.bizjournals.com/southflorida/blog/morning-edition/2013/03/miami-ranks-no-8-luxury-real-estate.html?ana=twt.

 

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4.2M Borrowers to Start Receiving Foreclosure Payouts

About 4.2 million eligible home owners who underwent foreclosure in 2009 and 2010 will start receiving cash payments on Friday, ranging from $300 to $125,000. The payouts are part of a $3.6 billion settlement over foreclosure mishandlings reached among 13 mortgage servicers and the government.

Military service members whose homes were repossessed while they were on active duty will receive the largest checks — $125,000. The Servicemembers Civil Relief Act prevents military personnel from being foreclosed on while on active duty.

Other home owners will receive payments from servicers that charged unfair fees or failed to do a loan modification.  Continue reading

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Casey Kasem, Legendary Radio Host, Is Selling His Los Angeles Home For $42 Million

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If you keep your feet on the ground and keep reaching for the stars, you just might be able to own Casey Kasem’s home.

Nestled in Los Angeles, the radio personality has publicly listed his seven bedroom estate for an astonishing $42 million. According to Redfin the property also has a library, bar and hair salon (perhaps so his wife can keep her fabulous blonde beehive in full splendor?).

Kasem and his wife Jean purchased the home in 1989 for a mere $1.725 million. We’re curious if it came with the heart-shaped pool, or if the couple installed it themselves, because that alone is worth throwing down a few mil.

Click through our slideshow to see photos of Kasem’s property. And be sure to head over to Redfin for more information. Oh and one more little piece of information for you to sit on: Casey is 80 years old — where does the time go?

Casey Kasem, Legendary Radio Host, Is Selling His Los Angeles Home For $42 Million. 2013, April 06. By Ann Brenoff. Retrieved from http://www.huffingtonpost.com/2013/04/06/casey-kasem-home_n_3028134.html?ncid=edlinkusaolp00000003#slide=2305681.

 

 

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Empires of the Sun

New Yorkers Invade Miami

After a series of sluggish years, Miami’s luxury condo market is reviving, thanks in part to help from an unexpected source: New Yorkers.

Although buyers from Latin America and Europe have been lauded for helping to revive the city’s property prices, developers and real-estate agents now say it’s a new crop of Americans, mostly second-home buyers from New York, that has pushed luxury prices in Miami to a new level—and stirred a buying frenzy.

“A lot of them are buying now because Miami has really changed over the last couple of years, with a ton of New York restaurants and hotels opening up, with new development, and that has really made New Yorkers more comfortable with purchasing,” says Vanessa Grout, chief executive of Douglas Elliman’s Florida brokerage. She estimates that about 60% of her firm’s luxury buyers are from New York, about double the percentage of a year ago. Edgardo Defortuna, president and founder of Fortune International, a Miami development firm, says New Yorkers now make up about 25% of all luxury buyers, compared with around 10% a year ago. Continue reading

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Miami area ranks among top global markets for luxury homes

The Miami area ranked eighth among the top 10 luxury real estate markets in the world in a report from Christie’s International Real Estate, putting it in a league with London, New York, Paris and Hong Kong, (but also Dallas and Toronto).

Miami-Dade placed high in the percentage of second-home buyers, cash buyers, and foreign and other non-local buyers, according to Christie’s, a luxury brokerage whose local affiliate is Esslinger-Wooten-Maxwell Realtors in Coral Gables.

The priciest home sold in Miami in 2012 was the spectacular bayfront estate at 3 Indian Creek Drive in Indian Creek Village, which fetched a record-setting $47-million.

The trophy property — a 10-bedroom, 14-bathroom resort-like project constructed along a series of pavilions — went to a Russian buyer, whose identity hasn’t been disclosed.

The Miami-Dade deal paled compared to the top residential sales last year in London ($121.2 million) and New York ($88 million).

“Fueled by strong interest from South American buyers, Miami had a high percentage of both international and secondary and additional home buyers,” the Christie’s paper said. In Miami, 45 percent of the luxury buyers were from out of town, including foreign buyers.

Greater Miami’s luxury homes are still a relative bargain: For the year ended Sept. 30, 2012, for Miami residences listed at more than $1 million, the average was $764 per square foot. The record price in Miami was $3,463 per square foot, the report said.

By contrast, in New York, the average price for properties over $1 million was $1,810 per square foot, and the record was $13,049 per square foot, the highest of any city.

The top end of the residential market moves to its own rhythm, according to the report. “Residential real estate is a tale of two markets — luxury and everything else,” Christie’s CEO Bonnie Stone Sellers said in the report. “Prestige residential will more likely follow growth trends in non-consumable luxury goods than trends in the general housing market.”

Miami, which has a shortage of inventory across all sectors of the residential market, ranked seventh among the top 10 cities in luxury inventory, with just 2,036 residential listings for more than $1 million as of Sept. 30, 2012.

London had 7,741 such homes, Côte d’Azur had 7,000 and New York had 4,100, the report said.

Miami area ranks among top global markets for luxury homes. 2013, March 4. By Martha Brainnigan. Retrieved from http://www.miamiherald.com/2013/03/04/3266784/miami-ranks-among-top-global-markets.html.

 

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