Miami Home Prices Post Strong Gains for Third Consecutive Month in February
The good news continues to pour in for the Miami real estate market. Earlier today, the Miami Association of Realtors released a report showing that Miami home prices had posted strong gains for a third consecutive month in February. Here’s an excerpt from the press release that was issued:
For the third consecutive month,Miami home prices posted strong gains in February. The median sales price of condominiums in the Miami-Dade County surged 40.4 percent to $131,950 in February compared to a year earlier, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of single-family homes rose 19 percent to $175,000.
“Miami home prices have rebounded sooner and stronger than predicted, which is a very encouraging sign for the Miami real estate market,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “Months supply of inventory has dipped below 5 months, as housing inventory continues to dwindle. Limited supply should further strengthen home prices.”
Miami Condo Sales Up 58% Year-Over-Year in September; Prices Rise
The Miami real estate recovery continues, according to a report released Wednesday by the National Association of Realtors. September sales of existing condominiums in Miami rose 58 percent year-over-year while sales of existing single-family homes increased 46 percent in the same time period. Prices were also on the rise in September. The average sales price for condominiums in Miami-Dade County increased 13 percent, from $187,185 in September 2010 to $211,455 last month while the average sales price for single-family homes increased 29.8 percent, from $264,602 in September 2010 to $343,497 in September 2011.
Miami Condo Market Hot Again According to CNBC’s Diana Olick
Yesterday afternoon, Diana Olick of CNBC discussed the Miami condo market on her segment “Spring Realty Check”. The Miami condo market has made an amazing recovery over the past four years and is once again heating up. Miami condo sales are up 134 percent from a year ago and investors are rushing in to scoop up condos. As Diana says, “Investors should pay attention, or miss the boat”.
Starwood Capital Group Hungry for More Distressed Condos
Acquiring $4.5B in property 15 months ago wasn’t enough. Starwood Capital Group is back for more, and this time, according to the Wall Street Journal, they are targeting individual properties and portfolios offered by banks and the FDIC. Recently, as the article points out, Starwood Capital Group bid on Everglades on the Bay (now known as Vizcayne Southand Vizcayne North) but lost out to Rockwood Capital LLC.
Through the acquisition of Corus Bank’s portfolio in October 2009, Starwood controls roughly 6,700 units throughout the country, with a good chunk of them residing in South Florida. Paramount Bay and Mint at Riverfront are two luxury condominium developments under Starwood’s control. Both Miami developments are scheduled to begin sales in the first quarter of this year.
Trump Towers 3 condos in Sunny Isles Beach are now available for sale
1800 Club announces a developer blow-out sale of their last 30 remaining condos
Media towers passes final vote
The developer of Artecity, a South Beach condo development, filed for Chapter 11 bankruptcy protection
Prices Slashed at Icon Brickell
Late last Friday afternoon prices were slashed at Icon Brickell. In the video below, we provide an overview of the Icon Brickell price reduction and end the show with the morning-breaking news that Dwyane Wade and Chris Bosh will sign with the Miami Heat tomorrow.
Miami Real Estate Review – Episode One
Over the past couple of months, we’ve been working on a project that we hope will separate ourselves from other South Florida Realtors and allow us to disseminate market news and information to our audience in an efficient and innovative way. The video that you see below is the result of an idea that was born a few months ago. We decided to launch a real estate video show. This initial video provides an overview of what we have in mind for our video show and demonstrates how we’ll utilize the iPad in conjunction with it.
Marina Blue Receives Fannie Mae Approval
On April 20, 2010, Marina Blue received a letter from Fannie Mae stating that the building has been accepted under Fannie Mae’s Special Approval Designation for twelve months. Qualified buyers will now be able to obtain financing using a Fannie Mae conventional loan.
Potential buyers may want to take a look at unit 2203 at Marina Blue. It’s a 1 bedroom + den/1.5 bath condo with 943 square feet of interior, 9-foot ceilings and a balcony that stretches the length of the unit. The condo offers views of Biscayne Bay, Key Biscayne, the Miami Beach skyline and Downtown Miami. At an asking price of $300,000, it is being offered at the lowest price per square foot of any 1 bedroom condo at Marina Blue currently active in the MLS. Take a look at the video tour below.
A few weeks ago, The Miami Herald reported that the city of Miami, along with the Hollo family, acquired a one-acre parcel along Brickell Avenue which will be converted into a park by the end of this year. There has been a dire need for more green space in the Brickell area over the past couple of years as an influx of people have moved into the area. I had a chance to take an aerial shot of the site yesterday afternoon while showing property at Santa Maria.
