The Bath Club in Miami Beach

offers luxury living just minutes away from Bal Harbour and South Beach, two super popular neighborhoods in Miami Florida. The highly esteemed condominiums at the Bath Club Miami are located directly on the beach on Millionaire’s Row, one of the most famous spots along the Atlantic Ocean. If you are ready to have all of the comforts of life right at your fingertips, the Bath Club will deliver in spades.

Residents of the Bath Club Miami Beach

enjoy their condos set on 5.3 acres where there are six beachfront and oceanfront villas and 112 luxury condo units. The gated enclave includes a health club, spa, tennis courts, beautiful walking gardens, a swimming pool, poolside cabanas, formal ballrooms, a billiards and game room, courtyard, outdoor hot tub, gorgeously landscaped grounds, and much more. Services at the Bath Club include fine dining, full-service concierge, 24-hour security, valet, catering, a gourmet market, newsstand, and in-residence dining. Perhaps the greatest luxury of all is the white sand beach located on the blue waters of the Atlantic that will sit at your doorstep.

Residents of the Bath Club condo

will enjoy the world renowned shops in Bal Harbour and the exciting nightlife in South Beach. There is no shortage of superb dining experiences, arts and culture, stunning beaches, and other unique activities in the area. The Bath Club is a rare gem in the middle of one of the most highly sought after areas in the world. Bath Club residents never run out of fantastic weather, great food, and invigorating experiences.

For those interested in purchasing or renting a Bath Club condo, there are a wide variety of choices from 2-bedroom to 5-bedroom units with unique floor plans. All units offer state-of-the-art features and 5 star amenities. The lifestyle you’ve always dreamed of is just a step away with the purchase of a Bath Club apartment.

Sunny Isles Condos Sales

jumped almost 70% (that’s right seventy percent) when comparing to last year’s 3rd quarter. There were 175 condos sold in Sunny Isles Beach within the 3 month period from July to September for a total of $114 million which is 105 transactions more for the same period last year.

Sunny Isles Beach

is projected to sell out of new condo inventory in the next 12 to 15 months according to the number of projected transaction reports in the first three quarters of 2011.

Developers Propose Construction Of Four New Condo Towers In Sunny Isles Beach

Recently major real estate development groups have proposed the construction of at least four oceanfront condos in Sunny Isles Beach

Developers of all four proposed towers have approached the city of Sunny Isles Beach with their respective plans, the city’s attorney Hans Ottinot said.

Each of the proposed projects – with a combined 648 units – is currently categorized as “planned,” “under construction,” or “planned / active” on the city of Sunny Isles Beach’s “Existing & Planned Developments” list, according to a February 2011 report posted on the city’s website as of Nov. 3.

At the current 2011 sales pace of nearly 45 new condo transactions per month, the unsold developer units in Sunny Isles Beach would be absorbed by the end of 2012, according to an analysis based on the Condo Buyers Guide To Sunny Isles Beach.

Given the shrinking inventory of developer units from the real estate boom, Sunny Isles Beach is poised to follow the emerging South Florida trend of new condo construction as 13 towers with nearly 3,500 units are already being proposed for the tricounty region of Miami-Dade, Broward, and Palm Beach as of Oct. 31, 2011.

The new ultra-luxury Regalia condo tower is proposed as one unit per floor and will be one of the first new Sunny Isles Beach project to launch pre-construction sales since the recent downturn in the Florida real estate market. The 42 story Regalia building is projected to start selling at more than $1,000 per square foot which will be a test of the newly improved Sunny Isles Beach real estate market.

The are as many as six additional projects being proposed in Sunny Isles – five condo towers and one townhouse community, all in various stages of planning development and currently categorized as “planned / active,”.

The six new residential projects, as originally proposed, are slated to create more than 450 condo units and townhouses in Sunny Isles Beach, according to the government report.

Overall, the South Florida condo boom has generated nearly $4.1 billion in developer sales of newly created units in Sunny Isles Beach as of Sept. 30, 2011.

Between 2003 and the third quarter of 2011, developers have sold nearly 5,700 condos with more than 9.2 million square feet of space, according to the report.

Sunny Isles Beach is a 40-block stretch from the city of Golden Beach single family homes boundary south to Haulover Beach Park, Biscayne Bay east to the Atlantic Ocean. Sunny Isles Beach is divided up into three neighborhoods separated by causeways: North, Central, and South.

Developers created 27 projects with nearly 6,400 units in the Sunny Isles Beach market since 2003. Prior to the boom, developers had built nearly 60 projects with nearly 12,000 units in Sunny Isles Beach.

Being a broker of Sunny Realty and providing one of the most used resource for Miami real estate (http://www.sunnyislesmiamirealestate.com/) I’m often asked: “how’s (Miami) real estate these day?”. Unfortunately I can’t just answer this question simply – “good” or “great” or “better”. When I start to explain that Miami basically has the best and worst real estate in the country, people think I’ve gone nuts and trying to sell them a story. However, here is The New York Post recent article By ANDY WANG.

Summer was hardly a vacation for those in the business of selling Miami condos.

“I didnt go to St. Tropez because of this”, says developer Gil Dezer, whose Sunny Isles Beach condo projects include the 384-unit Trump Royale and the three-building, 813-unit Trump Towers.
Dezer reports that he sold more than $100 million in Trump units during June, July and August ($50 million alone in August, including a $29 million, 34-unit bulk deal). He has closed more than $1 billion in Trump condos overall and has only about 75 units left.

Recent Trump Towers Condos sales

have been priced at about $525 per square foot. Thats significantly less than the $1,000-per-square-foot contracts buyers walked away from in 2009 after the financial crisis hit, but Dezer, whos paid off the construction loans for all four buildings, seems satisfied. (Donald Trump participated in a ceremonial Trump Royale condo mortgage-burning ritual, lighting the document on fire himself, in January.) The downturn made the job challenging, Dezer says. Every day was a battle. But when youre winning, its fun.

Winning could also be used to describe the situation at Icon Brickell. That nearly 1,800-unit downtown colossus, built by the Related Group with designs by Philippe Starck, seemed to be in peril not long ago, and two of its three towers were deeded back to its lenders in May 2010. But Icon Brickell Condos now nearly sold out, with more than 1,500 units closing for a total of more than $700 million. When you factor in units in contract, only about 30 condos remain.

I think the market has consumed the inventory in a much more rapid way than I and probably everybody thought, says Related Group chairman and CEO Jorge Perez, who adds that most buyers have been foreign. The Latin American economy has been strong.

The forecast was that we would sell all the units in three years at an average price of $350 per square foot, says Edgardo Defortuna, president of Fortune International Realty, which started selling Icon Brickell apartments in June 2010.

Less than a year and half later, Fortune is almost done and seeing prices at about $400 per square foot.

Demand has been so strong that Perez is now building another downtown development. The 192-unit MyBrickell is a couple years away from completion, but Relateds received over 60 reservations for condos before officially launching sales. Unlike Icon Brickell, MyBrickell isnt on the water, and Perez is passing on the cheaper construction costs and the deal we got on the land to offer units, with interiors by Karim Rashid, for about $300 per square foot.

Defortuna, meanwhile, is now selling downtowns Paramount Bay, a 346-unit building resurrected out of foreclosure by owners iStar Residential and ST Residential. Musician Lenny Kravitzs Kravitz Design firm is working on the building, where prices are about $400 per square foot.

South Beach real estate

with significantly pricier properties, is seeing lots of action, too. The summer was uncharacteristically busy, says Lana Bell, president of Sunny Realty, which has an office in South Beach and Sunny Isles Beach. We certainly didnt take a vacation.

According to Sunny Realty latest Miami market report, South Beach condos sold for an average of $515 per square foot during the third quarter. But this factors in distressed properties, including units bought out of foreclosure.

At the markets top end, the W South Beach Hotel & Residences has closed about $260 million in condos at an average of $1,700-plus per square foot, developer David Edelstein says. The W South Beach sold more than $50 million during the summer. One penthouse went for $7.7 million, north of $3,000 per square foot, Edelstein says.

As with much of Miami, foreign buyers have been key at the W. (Douglas Elliman translated its market report into Spanish and Portuguese to spur international interest.) From May through September, about 65 percent of Edelsteins purchasers were foreign, and about half of those were from Brazil.

The allure of the W has helped nearby condo buildings lure in buyers, including those from New York.

Fashion designer Irina Shabayeva, who won season six of Project Runway, owns a one-bedroom with a balcony at the 52-unit Boulan South Beach development just south of the W, but on the other side of Collins Avenue.

I like the Boulan because it was so new, really fresh and modern, says Shabayeva, who primarily lives in the East Village. And its across the street from the beach and the W.

Shabayeva says she enjoys the New Yorker-friendly amenities at the W, which include a Warren Tricomi salon and a Mr. Chow restaurant. And Edelstein says that the Dutch, an outpost of Andrew Carmellinis SoHo restaurant, will open in the W by Thanksgiving.

Boulan, which has sold 22 condos and has one-bedrooms on the market for upward of $600 per square foot, is busy filling its own retail spaces, as well. An art gallery should open in time for Decembers Art Basel festival. A Mexican/Asian fusion restaurant and a nightclub are also in the works.

Neighborhoods all over Miami are getting big residential and retail makeovers. The 56-acre Midtown Miami developments second phase, which will start next year, will include a boutique hotel, a movie theater and 100,000 square feet of retail.

Well definitely have a fashion component, says developer Jack Cayre.

And the nearby Design District is getting a Louis Vuitton store.

There was probably a point in time here someone said, Whats Chelsea? or Whats Meatpacking? and eventually, they became a place because New York was ready to have another place, says Greg Masin, senior director at commercial real estate firm Cushman & Wakefield. When we look at the Design District and at Midtown, what we see is the evolution of the next place in Miami.

Plus, the downtown Metropolitan Miami developments third phase will include rental apartments and a Whole Foods Market. Plans for downtowns eight-block Miami Worldcenter site include residences, restaurants and retailers. And the Genting Group, an Asian casino operator, has unveiled plans for its $3.8 billion Resorts World Miami mixed-use complex. But the scope of the latter two projects will depend on approval for casino gaming, something thats the object of much speculation and uncertainty all over Miami.

Dezer says he has been talking to major Las Vegas casino operators about land he owns in Sunny Isles (13/ acres on the beach and 6/ acres directly across the street that hits the intracoastal waterway) that could accommodate a gaming resort with more than 2,000 rooms and 3 million square feet.

They’re both good real estate, Masin says of the Genting and Dezer sites. If they both had a casino, theyd both be successful.

Whatever happens, Dezer has options.

We originally bought [the land] to build condos, he says. We could build five condo buildings.

That idea would have seemed ridiculous in 2009, but now its more plausible.

Defortuna has sold out the 256-unit Jade Beach condo building in Sunny Isles Beach and has just three apartments left (for about $700 per square foot) at its 252-unit Jade Ocean sister property.

In terms of quality inventory, oceanfront, he says, you can make a strong argument that you need to start building now.

Originally published by ANDY WANG.

(c) 2011 The New York Post. Provided by ProQuest LLC. All rights Reserved.

How’s Miami real estate prices per square foot compare to the rest of world?

Some economists and journalists may still say that Miami real estate is overpriced, but the truth of the matter is that the prices for real estate in Miami are way less expensive that the rest of the world.

The chart above was compiled by credit management system Credit Sesame and shows price per square foot in major cities all over the world. At an average of $1,068 per square foot, Manhattan homes seems cheap compared to Paris, which costs an average of $3,287 per square foot for a residence, according to Credit Sesame’s data.

Also more expensive than Manhattan are cities such as Oslo, Luxembourg, London, Hong Kong and Beirut. Living in Houston, Texas is much more affordable than living in Al Kut, Iraq, $54 per square foot compared to $262 per square foot respectively.

Miami homes for sale

comes in at an average of $182 per square foot, which is really cheap in comparison to Europe, South Africa, Russia and even Poland.

What makes real estate in Miami more attractive?

Buyers have always been attracted to the properties in Miami and South Florida as a result of the natural beauty of living right on the shores of the ocean as well as the close proximity to so many prestigious shops and dining venues. Combine this with the 21st century modern ultra-luxury construction on the ocean and one of the most sophisticated metropolitan cultural living and you will have an idea of what Miami has to offer. The truth of the matter is that this season is going to be one of the best times in recent history to make a purchase in Miami Beach which is most sought after area as a result of the number of bargains coming onto the market.

This trend is also backed by the amount of individuals who have long enjoyed renting properties in Miami in order to escape the icy winters up north and European travelers will now have the opportunity to enjoy even more about living in Miami. Currently Miami offers wide variety of properties available for sale and rent to prospective buyers who are looking to improve their life style and enjoy the warm weather and vibrant night life that Miami has to offer.

Buyers who are looking for a bargain will find that they will be able to purchase a far more luxurious property than they can in their country or city. Miami style residences typically offer larger square footage, great amount of amenities, convenience and magnificent ocean or bay views. Whether you plan to bring family with you, you are enjoying the single life or it is just the two of you, you will certainly be able to find an opulent residence that will suit your needs superbly.

There has never been a better time to consider investing into some of the most prestigious and sought after real estate in world – a Miami residence. For lower prices than you might have ever dreamed, you can now own an opulent residence with top-notch amenities including your own gym, spa, pool, 24-hour concierge, valet parking, on-site cafe, and much more located right on the ocean.

For more information please contact Lana Bell – expert Miami investments realtor today – 1.954.336.1016

Most recent Miami real estate report

indicates that single family and condominium sales in Miami jumped 49 percent in the second quarter, with a total of 6,768 sales, according to the Miami Association of Realtors. “Miami sales have increased consistently for nearly three years,” said Jack Levine, chairman of the board of the Miami Association of Realtors. “Residential sales exceeded last year’s levels, which were boosted by the homebuyer tax credit. International buyers and investors continue to fuel the Miami real estate market unlike any other in the U.S.” The median sales price in Miami-Dade county fell to $178,800 in the first quarter, according to the report.

Miami Real Estate Prices are up 12.5% on Non-Distressed Sales

A review of the Miami-Dade County home prices in their entirety can be somewhat misleading. The County, like the remainder of the nation, has been facing a higher percentage of foreclosures than in prior years due to the downturn in the economy. While these home sales certainly contribute to the region’s bottom line sales figures, they are not representative of the overall health of the market.

When distressed properties are pulled out of the equation, home prices within Miami-Dade County are actually up 12.5% year-to-date, based upon a recent report published by CoreLogic, a real estate research firm. This significant growth rate makes the County one of the fastest to rebound in the nation.

What this suggests is that among typical home buyers and sellers, the market is strong. While this is certainly positive news for current homeowners in the area looking to preserve the value of their current properties, it is important to step back to review the entire picture.

To capture this more complete view of the real estate market in the area, all sales should be accounted for. When the foreclosure and other distressed sales are added back into the equation, the growth rate shrinks to just above 0.9 percent year-to-date.

What do these figures tell us about the overall area’s real estate market? Price declines have been heavily concentrated within the distressed market, while the remainder of the market has managed to maintain pricing levels, and in some cases, raised pricing levels. For those buyers seeking non-distressed properties to purchase, they will find a shrinking inventory and rapidly rising prices, according to Sunny Realty. Naturally, as supply decreases, demand increases which will be the primary driver of real estate prices.

Based upon a recent report from the Miami Association of Realtors, inventory in the Miami-Dade area is currently sitting near 30,000, down from over 45,000 from this time last year.

According to Lana Bell of Sunny Realty, “For buyers seeking luxury properties listed in a non-distressed state; now is the time to act.”

While a variety of non-distressed properties are currently available throughout the county, there are still a number of distressed properties listed, and more to come, appealing to investors domestically and internationally.

As we head into the third and fourth quarters of 2011, there still remains some uncertainty about the direction of the Miami-Dade real estate market due to the volatile macro-economic factors that affect such things as the local job market. Despite this uncertainty, based upon the data pointing to positive trends in the market, professionals like Lana Bell of Sunny Realty remain ‘bullish’ about the state of Miami-Dad real estate.

Like many projects that broker ground around 2008 when the mortgage market tightened, the Bellini Williams Island condo project to be build in Aventura was placed on hold. However, the stabilizing economy along with the rising strength of the South Florida real estate market (sales in Aventura alone are up nearly 27% year to date), the project is back underway!

The $100 million, 24-story condominium complex, is scheduled to house 70 luxury units. Each unit will come standard with water views, over-the-top amenities and even a private elevator. Unit pricing will start at $1 million, or $400 per square foot.

Who is an Avenura Luxury Condo Buyer?

While these units will certainly appeal to anyone seeking the best of the best in luxury condominiums in the Aventura areas, the developer believes that the community of buyers will comprised of a significant number of international buyers. This statement would be on point with the recent trend of international buyers calling South Florida a piece of home. While this area isn’t as well known as other South Florida hotspots, like it’s sister property – Bellini Bal Harbour, competitive pricing coupled with a strong market should be enough to get the draw this project is expecting. And while foreign buyers are expected to make their presence known in the area, real estate experts believe that a domestic presence will certainly be seen as well, particularly as inventory has been dropping in the area due to an increase in property sales.

Bellini Williams Island Project Funding……

While many of the units are expected to sell during the pre-construction phase, the builder is assuring buyers and the Miami real estate community that he will not be utilizing the deposit funds to pay for construction costs. In fact, an unnamed private funding source has been secured for the project, giving added confidence to interested buyers. It is important to note that in order to counterbalance some risk associated with pre-construction sales, buyers may be required to place a more substantial down payment deposit to hold their unit, than the 10-20% standard deposit during the pre-recession timeframe. While a common practice among many developers in the industry, financing a project of this magnitude solely in this fashion can present significant financial problems should the economy turn once again, placing stricter limitations on funding availability for developers.

While there is still some level of uncertainty in the marketplace, mostly due to the instability of the investment marketplace, the re-birth of this project which began nearly 3 years ago, is stirring up excitement within the surrounding communities.

For more information about Bellini Williams Island Condos For Sale please contact Lana Bell at 954.560.7802.

The St. Regis Bal Harbour Resort & Residences

Construction Milestones

The construction for the most anticipated St. Regis Bal Harbour Condo Hotel continue to advance toward the scheduled completion date slated for this fall.

Among the highlights are the Center Tower pre-cast stonework on the west façade – reminiscent of fine marble, the newly planted tropical landscaping along Collins Avenue, and the advanced state of the pool decks, surrounding masonry and accompanying esplanades.

More good new – world-renowned chef and restaurateur Jean-Georges Vongerichten will oversee the fine dining restaurant at The St. Regis Bal Harbour Resort.

With more than three decades of delectable experience, Mr. Vongerichten has directed numerous three and four star restaurants worldwide. The J&G Grill at The St. Regis Bal Harbour Resort promises to be an exciting new experience for Residents and guests to savor.

The menu will feature a unique presentation of the finest appetizers, signature side dishes and infused accompaniments. Each selection is prepared with the highest quality meats and freshest seafood and ingredients available from the local marketplace. It promises to be a dining experience unlike any other in South Florida.

Most popular floor plan in St. Regis Bal Harbour is Residence D:

Residence D at St Regis Bal Harbour is 2 Bedroom 2 ½ Baths Corner Residence, offering over 1900 sq.f.t plus almost 600 sq.ft. of terraces. This spacious 2 bedrooms residence features tranquil ocean views, 10ft. ceilings, and floor to ceiling walls of glass. Top of the line appliances and sleek Italian cabinetry enhance your state of the art kitchen. Enjoy all of the white glove services and amenities and convenient location across form the The Bal Harbour Shops. Prices starting at $1,775,000 *

* Please note that all prices and availability are subject to change without notice.

The drawings herein are conceptual only and are subject to change without notice at the discretion of the developer. The developer reserves the right to make additions, deletions, and modifications to the drawings as the developer may deem appropriate or desirable. Any furniture or decorator items herein are shown for artistic and illustrative purposes only and are not included in the purchase and sale of the residence. Dimensions and square footages are approximate and may vary with actual construction.

More St. Regis Hotel News – New York, Bahia Beach, Qatar & Polo

New York –The iconic St. Regis hotel in Manhattan just opened a newly redesigned Tiffany’s suite, it’s everything a girl could dream of, and it’s going for $8,500/night. Tour The Glamorous New Tiffany’s Hotel Suite

Bahia Beach – In November 2010, St. Regis Hotels and Resorts opened its 21st hotel, St. Regis Bahia Beach Resort, Puerto Rico, the first St. Regis resort in the Caribbean. Luxury Puerto Rico Resorts | The St. Regis Bahia Beach Resort, Puerto Rico

Qatar – The St. Regis is scheduled to open in Doha by the end of the 2011, and depending on the opening of another property in Abu Dhabi, will become the first hotel carrying the brand’s name in the Middle East. Hotel promises ‘a new luxury experience’ :

St. Regis Hotels & Resorts Announces 2011 Global Polo Programming – St. Regis Hotels & Resorts continues to celebrate its commitment to the international sport of polo in new destinations around the world including Bangkok and returns to the United Kingdom and Singapore, where the brand will further establish its polo presence in partnership with American Express, the official card of St. Regis Polo. News & Events Global Polo Programming

The Miami Association of Realtors just reported that the current inventory of pending home sales has increased nearly 15% from one year ago. While several attributing factors have been noted for the rise in activity, one prominent change has been the increase in foreign buyer interest in the area.

Total Contract Activity- May 2011

The total volume of pending sale listings increased in the month of May nearly 29% over the previous year. Increased pending sales are a strong indicator of future sales, as pending sales generally close within 1-2 months of initial contract signing. While Miami single-family homes are currently driving this increase, Miami condo sales have been holding their own.

Miami real estate experts

point to the dramatic increase in international buyers over the previous year for such promising gains. South Florida’s real estate market remains one of the strongest in the country. In addition to the Florida marketplace, foreign buyers are driving activity in California, Texas and Arizona.

International Buyer Activity

According to the National Association of Realtors, the surge of foreign money into the U.S. real estate market surged by $16 billion in 2011, representing a 24% increase over 2010. The U.S. continues to retain the strongest international real estate interest among buyers. While the U.S. has always seen strong foreign interest, the increased inventory and lowered prices have caused an increase in purchasing activity. Foreign buyers are also taking advantage of favorable exchange rates, allowing them to take advantage of even greater property savings. With reduced pricing and favorable monetary conversions, foreign buyers are getting nearly double the discount on their purchases.

In addition to permanent international residents purchasing properties, many executives working within the U.S. on a temporary basis have been opting to purchase properties over renting, traditionally done in the past, due to the current pricing making the option more affordable.

Another contributing factor to foreign investment in U.S. real estate is the influx of international students seeking a college education. Many foreign families are purchasing properties for their children during their attendance.

Miami real estate

as well as sales of existing condos in the Miami metropolitan area rose 46 percent in May, 2011 compared to the same period in 2010, according to data from the Miami Association of Realtors. There were a total of 1,420 condo sales last month, up from 972 in May 2010. Miami single family home sales also showed an increase, jumping 20 percent to a total of 875 sales last month.

Most of Miami condos

are purchased by International buyers who continued to dominate the Miami real estate market, with 60 percent of closed residential resales last month transacted by foreign buyers, who also bought a staggering 90 percent of new construction sales. “The current performance of the Miami market is exceeding expectations,” said Jack Levine, Chairman of the Board of the Miami Association of Realtors.

In fact, the volume of Miami home sales rose, continuing a record-setting pace. However prices are still on the decline, although there are signs of stabilization. This logic-defying housing market phenomenon continued to embrace interesting trend lines in May of 2011 — Miami condo sales soared, slashing down the inventory even further, but overall prices fell once again. Furthermore, local sales are increasing while the national market slumps, but local prices are falling faster than the national average.

Here is a full story from Miami Herald – http://www.miamiherald.com/2011/06/21/2277801_p2/south-florida-real-estate-paradox.html or you can read it below:

The region’s real estate narrative is also at odds with traditional market economics. The coexistence of shrinking supply, rising demand and falling prices has left analysts with a number of questions: How long can this frenzied sales pace —fueled by Latin American and cash investors’ appetite for discounted real estate — continue? With inventory shrinking rapidly, when will the strong sales activity translate into price stability and appreciation, as market economics dictate? How large is the “shadow inventory,” and how will those unlisted bank-owned homes affect the recovery?

In Miami-Dade, there were 875 sales of existing single-family homes and 1,420 condo sales, increases of 20 percent and 46 percent from last May, respectively. Compared to April, home sales were up 5.4 percent and condo sales were up 1.1 percent.

In Broward County, 1,142 single-family sales and 1,537 condo sales represented increases of 6 percent and 14 percent over last May, respectively.

In the first five months of the year, more than 23,000 homes and condos have traded hands in South Florida, one of the strongest five-month runs on record. Nationally, 2011 has been a poor year for sales, with double-digit declines nearly each month.

South Florida’s rapid sales pace has helped reduce the region’s housing inventory, which has gone from severely bloated to suddenly lean over the last couple of years.

There are now 31,659 homes and condos for sale in Miami area, down from 61,755 in May 2009.

The crucial “months-of-inventory” figure has slimmed to 7.2 months in Miami-Dade and 5.5 months in Broward, both down to a fraction of their peaks. Economists say that six months of housing inventory is indicative of a healthy market.

So why hasn’t the shrinking supply of homes led to price stabilization?

“We have a whole bunch of pent-up supply,” said William Hardin, professor of real estate and finance at Florida International University . “There’s a squeeze play going on because no one is going to sell a house in today’s market unless they have to.”

The majority of homes that are selling are under distressed circumstances —either a Miami foreclosure sale, or a short sale that doesn’t cover the cost of the mortgage. Those properties — popular among cash investors and foreign buyers — sell at deep discounts, dragging down overall prices in the market.

In the single-family market, May 2011 median prices fell 8 percent to $180,200 in Miami-Dade. Broward suffered a particularly large decrease, with single-family prices falling 17 percent to $188,500.

There are some signs that prices may be beginning to stabilize, specifically in the condo market, where sales have been the most rapid.

In Miami-Dade, median condo prices slipped just 1 percent, to $124,300. In Broward County’s condo market, there was a 9 percent year-over-year increase, with median prices reaching $80,400.

Year-to-date, median prices are up across the market: Miami-Dade condos (36.2 percent), Miami-Dade single-family homes (19.4 percent), Broward condos (16.5 percent) and Broward single-family homes (14.2 percent). While prices are up since January, the year-over-year figures provide a more reliable barometer of values, since they compare the same time periods in the region’s seasonally driven market. It’s too soon to say if sustained appreciation is here to stay, although industry insiders are pitching that message.

But even as South Florida’s market looks to rebound from its worst bust in history, a number of troubling issues threaten to drag out the recovery.

However, two of the factors that normally support a healthy housing industry — a strong job market and significant home equity — are painfully absent in South Florida. In Miami-Dade County, unemployment sits at record high 13.4 percent. Nearly half of all South Florida homeowners with mortgages owe more on their homes than the current value, one of the highest underwater rates in the country.

Stricter lending standards have made it difficult for many potential buyers to obtain a mortgage. In May 2011, 60 percent of home sales were completed without a mortgage as all-cash investors.

As of June 3rd, 2011, the number of foreclosed condos and homes in South Florida year-to-date is 11,551, down from 30,635 at the same time last year, based on the most recent data available from Broward, Miami-Dade and Palm Beach counties. Please see the graph above which shows foreclosure activity in these three counties.

South Florida real estate

is known for its boom and bust cycles. The current bust cycle, one of the worst in history, seems to have bottomed out and now on it’s way to recovery in a big way, judging by recent statistics. A rise in employment in the state and a great deal of foreign buyers are among the factors playing into what seems to be a quick climb in the desirability and the value of Miami real estate.

Of course, this is not a new phenomenon for Florida real estate. The state’s real estate market has historically gone through cycles such as this, when the value of homes declined and when it became a buyer’s market. The sales of homes have also gone up in much bigger ways than employment has gone down. Compared to 2010 figures, condo sales were up over 130%. The increase has also impacted single family homes, with an over 50% increase in those sales figures over last year.

Miami’s high-end rentals are also booming, led by Miami Beach rentals, which has seen its inventory practically vanish, led by New Yorkers looking to establish residency in South Florida. It seems right now people are establishing residency out of New York City and into South Florida, whether they’re buying or renting. We’re back to 2003 or 2004, where we have pocket listings, and things don’t need to go on the MLS to be rented. The high-end market follows the trend from downtown Miami and Brickell, which had a rental occupancy as high as 85 percent in February, according to the most recent report from the Downtown Development Authority. That was a 31% increase from 2009.

The US is slated for another round of quantitative easing, which will likely drop the value of the dollar further and which may make this market even more attractive to international buyers than it is already. Combined with an increasing rate of visitors and tourists in Miami where every year is a new record, it’s possible that the decline cycle has finally ended.

Click here to view all currently available <a href="foreclosure condos in Miami and foreclosure homes in Miami