Miami Home Prices Up for Fourth Consecutive Month; Condo Prices Skyrocket 46% Year-Over-Year in March

The March figures for Miami real estate were released yesterday by the Miami Association of Realtors. The report showed that Miami home prices increased for a fourth consecutive month. The median sales price of condominiums in Miami-Dade County skyrocketed 46 percent while the median sales price of single-family homes rose 13 percent year-over-year.

“The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers, and migrating U.S. residents.”

A Look Inside Penthouse 3401 at Asia

I had the opportunity earlier this afternoon to tour one of the most amazing penthouses that Miami has to offer – Penthouse 3401 at Asia.  The 5 bedroom/6.5 bath, tri-level penthouse has 4,954 square feet of interior with 12-foot ceilings on each floor, a maids quarters off the laundry room and white marble floors throughout.  All together, the Asia Brickell Key penthouse has 1,602 exterior square feet which includes an outdoor wet kitchen and a roof-top pool offering breathtaking water and city views.  The unit also includes an in-unit elevator for those who find the walk to the third floor master bedroom too grueling after a long day at work.  To top it all off, the penthouse comes fully furnished and decorated courtesy of Artefacto.  The price to live the high life on Brickell Key – $8.8M.

Pat Riley Sells Miami Mansion for $16.75M

Pat Riley, president of the Miami Heat, and his wife, Christine, have sold their waterfront mansion located at 180 Arvida Parkway in the posh subdivision of Coral Gables called Gables Estates for $16.75M.  The 5 bedroom/8 bath estate sits on approximately 2 acres with 900 linear feet of watefrontage.  The sales price represents a discount of over 25% from its $23M asking price.  Pat and Christine Riley purchased the home for $6.3M in 1996.  The couple will likely now reside in their penthouse at Apogee South Beach.

For other star-studded real estate in Miami and Miami Beach, be sure to check out our collection of Miami luxury homes in areas such as Star Island, Fisher Island, Gables Estates, North Bay Road, and more.

Miami Luxury Real Estate Prices Post 3rd Largest Percentage Increase in the World in 2011

The luxury real estate market in Miami had a remarkable year in 2011 and now, thanks to an annual report released by real estate consultants Knight Frank, we know how it compared to other international markets.  The Wealth Report 2012 showed that Miami luxury real estate prices in 2011 increased 19.1 percent from the year before.  The increase was the third largest when compared to other international luxury real estate markets, well ahead of London and Vancouver. Luxury properties in Miami are finally on the radar of the world’s elite!

New Luxury Listing of the Day

A beautiful 6 bedroom/7 bath waterfront home at 943 N Venetian Drive on the Venetian Islands hit the market earlier today.  The asking price is $14.9M for the 9,255 square foot home which sits on a 47,250 square foot lot with 175 feet of water-frontage.

Nestled behind 15ft grandiose wooden gates is a perfectly manicured Mediterranean estate on a rare 47,250 sqft bayfront lot on N.Venetian Dr. This 6BR/7BA home was meticulously renovated by Peter Galo in 2004. Renovated for easy living with open spaces for formal/informal living. Great for entertaining with dining/living and family rooms flowing to the picturesque backyard overlooking 175ft on Biscayne Bay.

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.”

The Related Group announces Pre-construction Sales for 1100 Millecento Residences

The building will feature studios, 1 bedrooms, 1 bedroom + den units and 2 bedrooms.  Reservations are now being accepted with the following price ranges in mind:

• Studios from $226,000-$290,000
• One Bedrooms from $286,000-$390,000
• One Bedroom + Den units from $326,000-$440,000
• Two Bedrooms/1 Bath units from $347,000-$490,000
• Two Bedrooms/2 Bath units from $397,000-$550,000
• Two Bedrooms/2 Bath + den units from $415,000-$550,000

The deposit structure for 1100 Millecento Residences is as follows:

• 10% of purchase price at reservation
• 10% of purchase price at contract (expected to be in June 2012)
• 15% of purchase price at groundbreaking (expected to be at the end of 2012)
• 15% of purchase price at top-off (expected to be at the end of 2013)
• Balance due at closing (expected to be at the end of 2014)

Contact us if you have any questions about 1100 Millecento Residences or if you would to reserve a unit.

61 Units Re-released at Midtown 2

As some of you may recall, an investment group acquired 539 units at Midtown Miami last October in a bulk transaction.  Over 300 of those units are located in the 32-story Midtown 4 tower, 172 units reside in the rental building called Midblock and 61 of those units are located in the 29-story Midtown 2 tower.  The investment group recently announced the re-release of the 61 units at Midtown 2 with prices starting at $184,900.  Below, you will find the price ranges for the various types of units that are available for sale at Midtown 2. The monthly maintenance fee is 72 cents per square foot.  The pricing for units at Midtown 4 is expected to be higher so this will likely be your best opportunity to acquire a unit in one of  the towers.  Contact us if you would like to schedule an appointment to tour Midtown 2 and/or learn more about the units available for sale. Feel free to download the Midtown 2 fact sheet for an overview of building.

Miami Ranked 4th Priciest City to Rent in the U.S.

As pointed out by Diana Olick in yesterday’s CNBC segment about Miami’s booming real estate market, the rental market in Miami has also been particularly robust.  Rental prices have increased significantly over the past 3 years fueled by strong demand and shrinking rental inventory.  So much so, in fact, that Miami now ranks as the fourth priciest city to rent in the U.S., according to a data team at John Burns Real Estate Consulting.  The team looked at the rent-to-income ratios in 40 major U.S. cities to determine the rankings.  In Miami, where the median household income is $45,219, the rent-to-income ratio was 29%.  Only San Francisco with 33%, Los Angeles with 36% and New York City with 52% had higher rent-to-income ratios than Miami.