Miami-Dade pending home sales spiked in October - Business - MiamiHerald.com#storylink=fbuser

The number of sales contracts on single-family homes and condos in Miami-Dade jumped sharply in October despite the very low inventory of homes on the market.

By Martha Brannigan

Despite a dearth of homes and condos on the market in Miami-Dade County, pending sales in October rose 18 percent from the prior month and 67 percent year over year, according to the Miami Association of Realtors.

The number of pending sales was 4,172 in October compared with 2,488 a year earlier, the group said.
Prospective buyers are more confident about investing in a home after seeing a string of steady price increases in Miami, and they want to get in before they miss out.
“There is a general feeling of optimism that the market is coming back,” said Carole Smith, a Realtor with Esslinger-Wooten-Maxwell in Miami.
With healthy demand and little on the market, properties are selling for closer to their asking price and sellers aren’t inclined to offer discounts, agents say. For October, single-family homes in Miami-Dade sold at 95 percent of the original listing price, while condos went for 97.1 percent of original listing price on average, the Miami Realtors said. In October 2011, single family homes fetched 91 percent of listing price on average and condos got 93.6 percent of listing price.
Pending sales are a forward indicator based on the number of contracts signed over a given period.
“People are feeling much better,” said Anthony Askowitz, a real estate agent with RE/MAX Advance Realty in Miami, who sees strong sales momentum heading into the end of the year. “People want to get in to their homes before the holidays.”
For some buyers looking for a permanent residence, he added, getting in by year-end means an opportunity to declare homestead exemption for a property tax break in 2013.
“Many of our sales now are happening within a matter of days,” said Ronald Shuffield, president of EWM in Coral Gables, who sees more buyers in the market than last year. “People are sensing that prices are going up and they want to get something before the prices go up more.”
While a high percentage of Miami residences still have negative equity, the recent rise in prices means more homeowners who have been underwater with their mortgage finally are seeing an opportunity to sell.
The inventory of residences for sale in Miami-Dade inched up 1.5 percent in October. Still, it’s a seller’s market with just a 4.2-month supply of homes for sale in the county. A for-sale supply of six to nine times the number of homes sold in a month is considered a balanced market.
“I think more properties will come on the market in January,” said EWM’s Smith.
“The Miami real estate market is poised for another record year that would surpass the all-time sales record set in 2011,” Martha Pomares, chairman of the board of the Miami Association of Realtors, said in a statement. “Strong demand persists despite the shortage of housing inventory, and listings are increasingly selling at a more rapid pace, driving in significant price appreciation.”
The number of single-family homes that went under contract in October leaped 85 percent while pending sales of condos climbed 55.7 percent from a year earlier, according to the Miami Association of Realtors.    

 

Miami-Dade pending home sales spiked in October - Business - MiamiHerald.com#storylink=fbuser

Miami Tower changes colors instantly with new LED lights - Business - MiamiHerald.com

The downtown landmark is reducing its energy costs and saving money by upgrading its lighting system. The new LED lights can produce millions of colors and change in a matter of seconds with a just few keystrokes. Read more here: http://www.miamiherald.com/2012/09/21/3014802/miami-tower-changes-colors-instantly.html#storylink=cpyMiami Tower changes colors instantly with new LED lights - Business - MiamiHerald.com

A housing market on the mend, needing more houses

A housing market on the mend, needing more houses In South Florida, the buyers are back, for the right price. With values still depressed, sellers aren’t eager to enter the market. By Douglas Hanks MiamiHerald Housing sales figures

These figures for August 2012 reflect increases from August 2011: Condo sales in Broward: up 2.4%; Total number of sales: 1,419 Condo sales in Miami-Dade: up 8% to 1,492 House sales in Broward: up 15% to 1,369 House sales in Miami-Dade: up 5% to 1,059 SOURCE: Miami Association of Realtors

South Florida’s housing market lacks a certain something: houses for sale. Tight inventory levels continued to help boost prices this summer as buyers competed for the limited number of houses and condos on the market. Despite the modest bump over last year’s prices, homeowners are balking at putting their properties on the market until values recover more. “They still feel they won’t get they want,’’ said Jason Smith, a broker with Keller Williams in Coral Gables. “They say, “If I hold off for two years, I’ll get what I want.’ ’’ Maybe. If South Florida home values continue rising at their current pace, it will be 2017 before they return to peaks hit in 2006, according to the latest results from the Case-Shiller real estate index. But numbers released Wednesday show the healing continues. In Broward, the number of sales of single-family homes increased 15 percent in August from August 2011, and the median price increased 12.5 percent to $215,000. August sales of single-family houses in Miami-Dade increased 5 percent compared to a year ago, and the median prices was up 11 percent to $195,00, according to the Miami Association of Realtors. That marked the ninth consecutive month of yearly price increases in Florida’s largest housing market, the first such streak since September 2006. A recovering economy, looser credit and the attractiveness of depressed prices all led to the ongoing rebound. But a lack of real estate listings is boosting prices, too. Inventory figures tracked by Esslinger-Wooten-Maxwell show the 9,200 houses and condos for sale in Broward would last for 14 weeks under the current pace of about 2,500 units sold every 30 days. That’s far tighter than the 26 weeks of inventory on the market at the end of last summer. In Miami-Dade, the inventory isn’t quite as tight; with about 11,400 houses and condos for sale, Miami-Dade’s current inventory would last for 18 weeks compared to 25 weeks a year ago. A lack of affordable condos — and not the European financial crisis — continues to hold back sales for Brigitte Respaut Degrave, who pairs French buyers with real estate investments in the Miami area. “Two weeks ago, I met a buyer in France,’’ she said. “He wanted to spend $150,000. It ended up being $350,000 for what he wanted.” For Degrave, Europe’s financial woes have been a boon. “The Europeans are afraid of the euro,’’ she said. “They want to diversify.” Condo sales continue gaining steam in South Florida, although monthly numbers are typically more erratic than those related to single-family homes. The August Realtors report showed the volume of condo sales increased 8 percent in Miami-Dade and 2 percent in Broward from 12 months earlier. Prices were also up: 28 percent in Miami-Dade, to a median of $146,500, and 7 percent in Broward, to $86,000 . The improved numbers belie the damage done to South Florida’s housing market that still hasn’t been erased. For instance, single-family sales in Miami-Dade remain down about 20 percent from past peaks hit in 2004, and values are off 47 percent across South Florida since the height of the housing bubble six years ago, according to the Realtors group and the Case-Shiller index. www.orerealestate.com

Weston: Limited options for family homes under $500,000

Weston: Limited options for family homes under $500,000

Read more here: http://www.miamiherald.com/2012/06/17/2851944/weston-limited-options-for-family.html#storylink=cpy

It may be about as far you can get from the beach in Broward, but Weston — city of master-planned communities, top-rated schools and low crime rates — has long been a pricey bauble in the region’s real estate portfolio. So when we wanted to find a large house with lots of amenities — five bedrooms, three baths, pool, waterfront view (well we can fantasize), roomy garage and gleaming kitchen for $500,000 — we headed to Weston and its seemingly endless developments of lushly landscaped homes. The endless part turned out to be an exaggeration. Like many places in South Florida, Weston’s inventory is way down. The city only had 245 single-family homes for sale as of last week and 11 of those were five-bedroom homes under $500,000. We opened our pocket a little more and found 37 under $600,000. If your budget is under $300,000 there were 28 choices. A Bloomberg Businessweek survey identifying the markets with the biggest gains and losses in home value, ranked Weston the best-performing city since President Obama took office. The median home value in the city has risen 15.1 percent to $280,000 from February 2009 to August 2011 — in comparison, the U.S. median home value fell by 9.9 percent over the same period, according to the survey. “Weston has the infrastructure people want,” says Dean Sklar, a real estate agent and former golf pro who left New Jersey for Weston because he “fell in love” with the city. He and his wife Rose specialize in Weston sales for Coldwell Banker Residential Real Estate. “The slogan here is ‘It’s all here in your hometown,’ and it’s true.” We asked the Sklars to help us find a sampling of three homes for $500,000. We wound up looking at four — two for under $500,000 and two for over $500,000; only one had five bedrooms. While it was the priciest we saw, the $589,000 on Windward Way featured all the bells and whistles for living the Weston dream. Five good-size bedrooms, three bathrooms on a lovely corner lot, making it our favorite. It also has a heated pool (though not screened in, which might deter some buyers), a lake view, three-car garage, new appliances and lots of crown molding. “Windward, in the height of the market, would have gone in the $800,000 range,” says agent Rose Sklar. A $549,000 Country Isles Manor home we saw was a close second. While it had four bedrooms, it featured a screened-in pool and lake view. The options we saw for less than $400,000 were just on smaller lots in close proximity to their neighbors and didn’t have pools. “Weston has always been desirable — now it’s become more affordable,” said Chip Rowand, assistant manager at Keyes’ Weston office. Houses are getting back to 2003-2004 pricing in Weston, “but we’re not up to pre-recession prices,” says Henrick Hesselman, a real estate agent focusing on Weston for Better Homes and Gardens Real Estate. Given the low interest rates, “demand is there,” but there aren’t enough houses,” says JM Padron, who owns the RE/MAX franchise in Weston. “Traditionally, homeowners stay in their house five to seven years, so if they bought at the height of the market and they wanted to sell now, they’d probably take a loss,’’ Hesselman says. “So they’re choosing either to stay in their home or to rent it out.” If you’re looking “to lowball a foreclosure,” Rowand says, “you’re out of luck.” As of last week, only six of Weston’s sales were foreclosures. International buyers have helped elevate sales in Weston, which has long been dubbed “Westonzuela.” “Everyone in the world is looking to buy in Weston,” says Ana Rodriguez, a Coldwell Banker real estate agent in Weston. “It’s not only Latin Americans.” Fuente Miami Herald -Rochelle Koff Cortesia Juan Ore Realtor Weston FL Tel (954) 349 8300 Read more here: http://www.miamiherald.com/2012/06/17/2851944/weston-limited-options-for-family.html#storylink=cpy

House of the Day: Billy Joel's Miami Mansion

House of the Day: Billy Joel's Miami Mansion In the spirit of, er, honesty, we have to lament that Billy Joel's Miami mansion, which just hit the market for $14.75 million, is a little much. When it comes to the opulent details, our favorite six-time-Grammy-winning "Piano Man" (pictured below) has clearly pulled out all the stops. The sheer amount of marble, limestone, wrought iron -- and crystal dripping from the ceilings in chandelier form -- almost borders on excessive. But here at AOL Real Estate, we're not opposed to a dash of frivolity here and there (who could forget NYC's penthouse with a slide?). And Billy Joel's Mediterranean-style manse of is right up there with the best of them. Silk drapes, plush oriental rugs, polished marble floors and dramatic staircases adorn this 8,881-square-foot home. Outside, you can enjoy lush, Spanish-style paved courtyards, a luxury pool and spa with cabana, a deep-water dock, and more than 150 feet of direct water frontage on Biscayne Bay. (It's built on star-studded La Gorce Island, which has also been home to Shakira and rapper Lil' Wayne). Jorge Uribe and Joanna Berg of ONE Sotheby's International Realty have the listing. Click on the images below to see more homes for sale in Miami. See more Houses of the Day on AOL Real Estate. www.orerealestate.com

Weston,FL December Market Update

Weston,FL December Market UpdatePosted by Karen Hurst on Jan 23, 2012
Weston
•Currently there 283 Weston Single Family Homes for sale
•Highest price listing is $7,950,000 (3305 Fairfeild Ln.-Windmill Ranches Estate)
•Lowest price listing $182,000 ( 1424 Seagrape Cir– Country Isles- Bank Owned)
•Pending Sales (Properties under contract): 119
•Closed Sales in: 54 (last month)


•Highest Price home sold $1,500,00 (3033 Lake Ridge Ln – Windmill Reserve- Short Sale)
•Lowest priced home sold for $163,000 (615 Turtle Rn- Bank Owned)
•Average Days on Market: 66.33
•List Price to Sale Price Ratio: 93.95% (Homes were sold at 93.95% of their asking prices on average)
• The Median sales being $415,500 and
•Average sales coming in at $$425,192,
•38% of December homes sales were distressed
Posted by Karen Hurst on Jan 23 in SofloLivin

Florida real estate tips, traps for foreign buyers - Business Monday - MiamiHerald.com

Florida real estate tips, traps for foreign buyers - Business Monday - MiamiHerald.com
The real estate market Florida is offering foreign buyers presents a doubly good opportunity rarely seen in the region: Prices are flat or declining and foreign currencies are rising relative to the U.S. dollar.
Current conditions are especially attractive to investors who have seen prices rise sharply in their native countries to levels that now well exceed comparable properties in Florida.
Buying a bargain is not that simple. Real estate agents must guide foreign buyers through a complex maze of visas, real estate regulations and currency rules.
Prospective buyers need to be educated to avoid mistakes that will cause them to be turned away at U.S. Customs or the bank. And foreign buyers need to know that the U.S. government takes a different view of a real estate transaction when a foreign individual or corporation is involved.
• Structuring the deal
Even before viewing residential or commercial properties, a real estate agent should help the buyer structure the purchase. Tax experts advise that because of estate tax and other issues, a foreign buyer should hold the property in the name of a corporate entity.
Depending on the value of the property, the title holder could be an offshore company. It could also be a Florida LLC that’s owned by an offshore company. In any case, the companies should be set up well before settling on a home or a building so as not to impede the closing due to corporate paperwork.
The biggest possible mistake: Buying in an individual’s name. That could result in U.S. estate tax problems. Buying in a personal name could also create tax or political issues in the client’s native country. Last, the purchaser should use a corporation when buying an investment property to avoid personal liability.
• Financing the deal
After the mortgage crisis, lending institutions are no longer accommodating to foreign buyers. At best, they will get 50 to 60 percent financing from U.S. lenders.
More challenging is moving the money into the United States. Federal agencies will want to know where the money came from. When corporations transfer funds to a bank, whether a branch of a foreign institution or a U.S. bank, money-laundering regulations can come into play, especially if the sum is substantial or there are frequent transactions.
Most foreign clients keep funds offshore and transfer them bank to bank. It’s not that simple. They must comply with currency rules in their home country and may encounter withholding requirements. The more complicated the transfer process, the more time buyers should allot to get funds ready.
For commercial transactions, real estate agents must time the cash and the transaction. Buyers should understand that deadlines for escrow funds and closing cannot be moved.
For home purchases, timing is even more crucial. About 80 percent of deals are all-cash transactions. If the property is a second or third home, the client may seek financing, but the rate will be higher than an American client would pay. Tip: Foreign buyers or investors should establish an investment relationship with a private bank. The firm will be happy to lend based on the balance in that account.
• Visiting or managing the property
In working with a foreign client, real estate agents also need to be a bit of an immigration expert. After 9/11, the United States clamped down hard on visas.
Depending on how long the person wants to stay in the United States, a B-1 tourist visa of one to two weeks may suffice. The person can come and go through the state’s many international airports. But if the individual stays in the United States too many days, he or she could be taxed as an American. To avoid that trap the visitor can become a full-time student and get an F-1 visa.
Investors and property managers can also arrange long-term stays. The best visas require a direct investment in an American company in the United States or establishment of a local subsidiary of a foreign company.
The investment could cost buyers more than a downtown condo, but it will enable them to stay in the United States legally for a period of years — instead of a period of weeks. Business visa options include the E-1 Treaty Trader and E-2 Treaty Investor visas, L-1(A) Visa, TN Visa, H-1B1 Visa and the most popular, EB-5. The U.S. State Department provides basic visa definitions at http://www.travel.state.gov/visa/visa_1750.html that may help buyers understand their basic options.
Paperwork and complex rules shouldn’t scare away a potential buyer. When the right property is found at the right price, buyers can bring in legal and tax consultants so that the transaction goes smoothly, the property is managed properly and a visa is obtained with a minimum of trouble

Read more here: http://www.miamiherald.com/2012/01/09/2580783_florida-real-estate-tips-traps.html#storylink=addthis#storylink=cpy