Fisher Island Real Estate

If Miami real estate history

does repeat and the economists are correct, 2012 was the new 2002.

Last year was the return to normal for Miami real estate. With annualized homes sales at $4.6 million nationally in 2012, we are close to 2002’s $5.5 million mark, which has now been defined as the normal level for sustainable real estate sales. Interestingly enough, a look back at 2002 in South Florida looks very similar to 2012. Ten years ago, combined numbers for Miami–Dade and Broward showed an overall inventory level of just over 20,000 residential properties for sale which at the rate of sales represented about 5 months of inventory, very similar to the numbers for 2012. It is when you start evaluating pricing that things really get interesting and the differences start to emerge.

The average Miami home sales price

in both Dade and Broward counties combined has risen from $446,000 to $620,000 in the last 10 years, with many peaks and valleys along the way. The most significant growth trend has been in what is referred to as the “super� luxury market. Not a high end grocery store, the super luxury market are those properties that define the top tier of property sales in a market. In the last 10 years, that market has gone from above $5 million to above $20 million. In 2002, 768 residential properties were sold over $1 million in both counties. By 2012, that number had grown to 1,911. The over $5 million market growth was even more pronounced in the same time period, with 4 times as many sales in 2012 as compared to 2002. In the super luxury category, over $10 million, there were no sales in 2002 and 30 sales in 2012. This is clearly an entirely different market now.

Rental prices continue to rise as well: 41% of all investors purchased more than one property last year. With rental prices going up, and a continuing strong demand, this too will remain an active segment of the market.

2012 also saw the return of the U.S. Northeast buyer in a very strong way. Income tax changes in many states in the U.S. and countries abroad has been the final impetus to clench that purchase decision in Florida, and South Florida in particular. These are buyers that can claim residency anywhere in the world and choose our backyard. Who can blame them?

It appears as though the sale of luxury homes in Miami

might once again be on the rise. Last month, a penthouse in The Setai sold for approximately $27 million. Currently, this amount has set a new record for the most amount of money ever paid for a condo in the South Florida region. Neatly situated on the 40th floor of the high rise building, this penthouse suite boasts 4 bedrooms, 4.5 bathrooms, and an overall size of 7,100 square feet. Prior to that there was a sale of $21.5 million dollar condo in the same building back in 2011. The previous record for the amount of money ever paid for a single condo in South Florida was $25 million, which was sold in May of 2012.

Whether or not these signs are indicative of a recovery for the housing market of Miami is going to depend upon who you talk too. At the 2012 Miami International Real Estate Congress event at the Miami Biltmore Hotel, Lawrence Yun, the chief economist for the National Association of Realtors, stated that approximately 77% of Miami’s higher end realty firms had worked with international buyers. By comparison, only 27% of high end realty firms, across the United States, have worked with international buyers in the last year.

Miami’s exposure on an international level has been primarily responsible for the increase in growth from foreign buyers. The majority of foreign buyers have come from South America, Russia, Europe and recently sectors like China and India have shown interest from buyers seeking for a safe haven for their cash at the moment.

The sale of luxury homes in Miami

as well as non-distressed properties is certainly a desirable commodity right now. Available inventory levels have been tight since the summer of 2012. Many residential homeowners are still reluctant to place their homes on the market until they have begun to recover more of their pre-housing crisis values. On the downside, if the value of Miami homes continues to rise at its slow pace, the National Association of Realtors believes that it will be 2017 before these homes return to their pre-crisis levels.

The signs of recovery are there. Between August of 2011 and August of 2012, the median home prices in Broward County rose by 12.5% to an average value of $215,000.00. Is it safe to say that the housing slump is over? It is too early to tell at this point, but if the sale of luxury Miami homes is any indication, buyers are, once again, looking to Miami as a city worth investing in.

In November of 2012, famous producer and rapper Pharrell Williams made headlines when he listed his home for sale for a sum of $16.8 million. This property is located on the 40th floor of Miami’s famed Bristol Tower, which falls into category of most expensive properties currently on the market in Miami today.

Today, we are seeing a nice surge in sold and also pending sale high-end homes and Miami penthouse sales. The South Beach real estate market continues to be strong and continues to attract both domestic and foreign buyers. The market for luxury properties in Miami and South Beach has experienced tremendous growth in the last year, but the front in Brickell has remained rather quiet up until now. A similar penthouse in Brickell, located at the Four Seasons, is currently for sale for $15 million.

Pharrell Williams might have garnered attention when he listed his home for sale, but he is far from the only celebrity who calls Miami home. Other notable names who currently maintain at least part time residences in Miami include Gianni Versace, Rickey Martin, Jennifer Lopez, Lenny Kravitz, and Madonna, amongst many others. O.J. Simpson used to maintain a residence in Miami until he was forced to sell, due to his ongoing legal troubles.

While Mr. Williams did not have a problem with his name being attached to the property that was for sale, other celebrities make a concentrated effort to hide their identities when it comes to selling their luxury pads. Even if a celebrity, like Mariah Carey, has posed for magazine photos inside of their home, they generally do want to acquire these same level of attention when it comes to selling the property. According to an article published in the New York Times, most celebrities will require the realty firms they hire to sign confidentiality agreements, or they will have the sale conducted behind the privacy scree that a limited liability company and lawyers provide.

Before opening the homes to tours from prospective buyers, realtors will actively scrub the property to ensure that any evidence a celebrity lives there is erased. The jury is still out on whether or not having a famous name attached to it will actually assist a property in selling more quickly, but the efforts taken in ensuring the privacy of famous homeowners prevents the curiosity seekers from attempting visit where their presence is unwelcome.

Ricky Martin, famous for the song “La Vida Loca”, recently sold his Golden Beach home for $12.8 million, according to reports. The home is located at 641 Ocean Boulevard. It’s situated on the island on the northern edge of Miami-Dade County.

The identity of the buyer isn’t known, but they certainly did purchase quite a bit of luxury in the transaction. This isn’t the first large-scale real estate transaction for the singer in Miami. In 2011, he sold a different Golden Beach house for $6.3 million. Earlier this year, he sold a home on North Bay Road in Miami Beach for $10.6 million.

The Property

Luxury homes for sale in Miami

rather lacking title to describe the property that Ricky Martin sold. The $12.8 million property includes 108-feet of private beachfront along with the deal. It is a five-bedroom, seven-bathroom property with two stories. The design is Mediterranean in flavor.

Among the amenities the home includes are a gourmet kitchen and a home theater, according to reports.

Other Properties

The property that Martin managed to sell in April of this year was 10,000 square feet in total size. This property was located at 5130 N. Bay Road in Miami Beach. The $10.6 million price tag was picked up by an undisclosed buyer for this home, as well. This particular home has seven bedrooms and 10 bathrooms. It had garnered the interest of celebrities, including Beyonce and Jay-Z, who visited the home in 2011, according to reports. At that time, the asking price was $2.5 million.

Other Celebrity Properties For Sale in Miami

Miami is, of course, one of the richest real estate markets in the world in terms of the sheer amount of celebrities who own at least a vacation home in the city. Combined with very private gated properties, the ability to live on islands where security is assured and condominium developments that come with 24-hour security as an amenity, there are plenty of properties in the area that have consistently appealed to the rich and famous. Some of those rich and famous individuals, such as Ricky Martin, end up purchasing several homes in the area to get in on the Miami real estate market.

Some of the most opulent homes in Miami, however, do not belong to celebrities. In addition, some of the most expensive properties in Miami are actually located in the condominium towers that make up integral parts of the Miami skyline. Some of the Miami condos for sale rival any freestanding home in terms of luxury, amenities and, in some cases, square footage.

Realtors can help individuals who have a high net worth to find properties that are suitable for them. Whether those properties formerly belonged to a movie star, a recording artist or some other high profile individual or they just happen to belong to a successful businessperson who decided to purchase a vacation or permanent home in Miami makes little difference. With the right realtor, even individuals who want to purchase at the absolute top end of the luxury market will find plenty of options available in Miami.

It started out as a dream project in 2008, Shlomi Alexander and Felix Cohen, two lifelong friends, invested $10.7M into the Indian Creek Island land in 2007 to build a spectacular, one of a kind home in the most sought after islands of Miami Beach. However, after completing the project, the times were tough for the real estate across the country and Miami Beach was no exception.

As of this week, 3 Indian Creek was closed for a whopping $47 million, a new residential sale record in the history of Miami-Dade. The mansion offers 30,000 square feet of ultra modern design (designed by architect Rene Gonzalez) with 10 bedrooms, 14 bathrooms on an 80,000 square foot lot, 100-foot pool, a glass-encased waterfront gym, 205 feet of bay frontage, and its own beach.

The foreign buyer paid over $47 million in cash and placed the house in the name of a limited liability company. The previous Miami Dade County record was set in March of this year, when Edward Lampert paid $40 million for another Indian Creek Island home.

It’s the second large-scale deal on the Miami Beach barrier island in less than two weeks, following the combination $24.6 million purchase by a foreign buyer at the St. Regis Bal Harbour condominium at the end of July.

This indicates that the Miami real estate market still really hasn’t reached its potential. Miami Beach luxury homes are still underpriced compared to other markets internationally, like New York, Los Angeles, Sao Paulo and Mexico City. People still see Miami as a great potential for an investment.

There may have been a time when the housing market throughout the United States has struggled, but that time is over. Now, South Florida is seeing a rise in homes and home construction that is sure to appeal to any buyer interested in the area. Just take a moment to look at Sunny Isle Beach real estate. This greatly sought after area, ideally located on the Atlantic ocean in the North Miami Beach, has quickly become the most desirable area to live in. In fact, according to Forbes magazine, Sunny Isles Beach falls into the top three cities in the world to live in. With its close proximity to the city and its perfect location along the beach, this is a residential area with lots of shops, supermarkets and activities, which makes it the area to move to. Nestled on a strip of beach between the upper scale areas of Golden Beach and Bal Harbour, Sunny Isle Beach is certainly a hot spot.

Nine New Condominiums In Sunny Isles Beach

The best way to see just how hot Sunny Isle Beach is would be to look toward the future. Not just one or two condominiums will soon be built. In fact, nine new condominiums will go up in the near future. Are you looking for luxury living right on the ocean? Then consider one of these luxury condominiums that will soon grace the sandy waters of Sunny Isle Beach:

• Regalia
• Porsche Tower
• Mansions at Acqualina
• 400 Sunny Isles
• Chateau Beach Residences
• Three new St. Tropez Towers

The Life of Luxury

Anyone knows that condominiums on the beaches of Miami offer the life of luxury. Why not choose to live in a location that is brand new? These new condominiums are sure to offer the very best security from top of the line security and technology to pampering options like spas and saunas.

Sunny Isle Beach itself offers plenty of luxury as well. For the most part, this area has not been discovered like other areas of the coastline. For that reason, the area offers more parks than any other community in the Miami area. This means you will be able to offer a more private life of luxury. You will be able to get away from the busy life of Miami so that you can enjoy beautiful beaches and plenty of open space. Then, when you want, you will just be minutes away from the main areas of Miami. It is like having the best of both worlds!

Choosing South Florida

There are many reasons to choose South Florida for a condominium. This area offers plenty of sunshine and golden beaches. In addition, there is plenty to see and do. The Miami area is the center of activity for Sunny South Florida making it a sought after place to live. Sunny Isle Beach is certainly gaining attention as the best location in the South Florida and Miami area.

Are you ready to choose a top of the line condo with plenty of private beaches? This is just what you can gain from Sunny Isle Beach. There are plans for not one or two condominiums but actually nine different condos that will offer the true life of luxury in the world renown city of Miami. Come home to the sun and sand.

The luxury market in South Florida is exploding, with record-breaking residential listings as high as $125 million for the recently-listed former Versace mansion. But with prices that look like those of 2006, some are warning that Miami’s high-end market might be forming another bubble, CNBC reported. It is the type of speculative, largely foreign buyer in South Florida that worries experts. If Europe’s economy collapses, or if global markets fall back into a recession or even slow, the market for Miami’s pricey real estate could collapse overnight. “This is flight to safety for these buyers, an investment decision,� said Jonathan Miller of Miller Samuel Real Estate Appraisers and Consultants. “The question is, how long and how far will it go? Does this create a bubble at the very high end in these specific markets?�

In the meantime, the new condo transactions at the St. Regis Bal Harbour Resort & Residences as well as Mansions at Acqualina are off to a great start. About 170 units have been closed at St. Regis Bal Harbour Resort & Residences totaling more than $623 million in the first seven month of sales! In addition, deposits for about 80 units were collected at Mansions at Acqualina in the first 5 weeks of the sales center being open.

Buyers are purchasing these super-luxury, ultra-exclusive properties at an average $1,500 sq.ft. and paying on average between $1,2M to $13.5M dollars. This is a sure sign of Miami real estate exploding once again with prices breaking all previous records. The properties are up by 20 percent just this year, which even breaks the peak of 2006 year.
“Miami is hot and it’s not just the weather!� said Jack Levin, chairman of the Miami Association of Realtors.

Consider the stats: The lion’s share of Miami’s high-end real estate is now bought by foreigners. In 2010, according to the National Association of Realtors, Florida accounted for more than a quarter of the $82 billion in sales to international buyers.

The average price paid by those buyers was $400,000, against an overall U.S. average of $212,000. Sixty-two percent of international purchases were all cash, a percentage that has been increasing since 2007.

Real-estate economists and brokers say most of the foreigner investors are rich families from Brazil, Argentina, Venezuela and Russia. These families are growing increasingly nervous about threats to their wealth from economies and governments back home and are looking for a safe place to store their cash.

Miami is an ideal location, offering all the safety of the United States with the fun and mildly exotic feel of southern Florida.

In other words, Miami’s boom is not a broad-based market recovery driven by local families needing a home. It’s being fueled by a tiny top slice of super-rich overseas buyer looking for the latest hot investment.

As of the end first quarter in 2012, buyers had purchased nearly 45,000 condos in Miami, Fort Lauderdale and Palm Beach areas. They’ve spent over $22 billion dollars. Currently the developers are proposing at least 32 new condo projects with nearly 6,300 units in each of the tri counties Miami-Date, Broward and Palm Beach.

As of June 2012, nearly 1,300 luxury condos priced at $1 million or more are available for resale in the South Florida market where buyers are purchasing an average of about 75 units monthly between January and May of this year, according to the data.

A thousand years ago it was said that “all roads lead to Rome”. Today, there are real estate buyers from Rome as well as hundreds of other cities around the world are all buying Miami real estate as well as properties in South Florida.

During the most recent 2012 Real Estate and Economic Forecast Conference in Orlando, John Tuccillo, chief economist of Florida realtors, had said “I think we’ll see a steady and stable stream of international sales this year”. The residential demand is up again this year from buyers from Canada, Latin America, Europe and other parts of the world. Lower prices and favorable exchange rates have promoted purchases in Florida.

International buyers are ideal clients. They buy higher priced properties and most of the transactions are all cash, according to studies done in 2011 – Profile of International Home Buyers in Florida, prepared by National Association of Realtors. In fact, 77% of sales professionals reported that they had worked with an international customer in the preceding 12 months, up from 65% in 2010.

“This number may even be lower than the true number, because many foreign buyers do not use their foreign address” said Lana Bell, owner and founder of Sunny Realty. Many foreign buyers have already established residences in Miami and are looking to upgrade. In addition, many companies are relocating to Florida, including job-creating multinational companies, which is another positive factor for Miami’s international market.

According to 2011 survey, Canada is Florida’s top international market, accounting approximately 39% (up from 36%). In contrast, United Kingdom accounts for 7%, German buyers – 5%. The biggest jumps occurred in Latin America, where Brazil’s share of International market rose to 8% and Venezuela’s to 7% (both had been 3% in 2010).

Overall, foreign buyers were likely to purchase in a resort area or in a central city, like Miami. In Miami, Brazil and Russia are leading sources of international buyers, especially for condominium purchases in areas like Sunny Isles Beach, Miami Beach, Hollywood, Hallandale, Aventura and Bal Harbour. In areas like Key Biscayne, we see buyers from Argentina, Peru and Europe.

“Our agency serving buyers from South Africa, Australia, UK, Norway, France, Brazil, Russia, Canada and Latin America”, says Lana Bell, founder and owner of Sunny Realty. “About 85% of our transactions involved a foreign buyer” said Lana. From luxury Miami homes to stunning Sunny Isles Beach condos the real estate in Miami offers more than anywhere else in the world.

Two words sum up Florida’s appeal for international buyers: vacation and value. With its beaches, golf, tennis, shopping, boating and cultural and tourist attractions, Florida has been a global vacation destination for four decades now. Today, Florida also offers excellent value for international buyers compared with vacation destinations in Europe, the Middle East and Latin America.

The 2011 survey found that 41% of foreign buyers purchased a property as a vacation home, 23% intended to rent it, 25% planned a dual use and 6% bought it for a retirement home. While many foreign buyers prefer easy to maintain condos, others buy single family homes and some purchase multiple properties in the same location. “We attract international buyers in many different ways”, says Lana Bell of Sunny Realty. “I speak Russian, but my agents speak Spanish, Portuguese, French, German, Hebrew, so there is never a language barrier between us”.

We can expect a continued pattern of strong activity in the international sector, led by demand from Latin America as well as other emerging markets, according to Lawrence Yun, chief economist of the NAR (National Association of Realtors). Follow the trends in foreign currencies, because exchange rates are definitely a driver for international buyers, and Florida continues to be seen as a desirable place to buy.

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.

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.