Fort Lauderdale Homes For Sale

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 the last 12 months, the luxury Miami real estate

has experienced an unprecedented amount of growth. Many individuals interpret this information to mean that the housing market is making a comeback. While the evidence certainly points towards this, what most people do not realize is that foreign capital has become a significant driving force behind the growth of luxury sales in the city.

In particular, prospective buyers from Latin America are flocking to Miami in droves. In a recent fourth quarter report, released by Marcus & Millichap, it was stated that foreign capital from Latin American countries was the single biggest force behind multi-family acquisitions. The growth of the local economy in Miami remains so-so, but according to the report, “expanding access to acquisition debt at low interest rates and rising rents are sustaining investor demand.�

Miami homes

as well as Miami condos in upscale areas of Miami, like Miami Beach, have begun to exchange hands with a first return of roughly 5%. By comparison, similar acquisitions in nearby Coral Gables are producing first year returns in the low 6% range. Another section of the report has this to say on the subject:

“Miami-Dade also continues to cement its stature as a safe haven for Latin American and European capital, and many foreign buyers are stepping up multi-family acquisitions, frequently in all-cash deals.�

However, it is not just interest from Latin American buyers that is fueling growth. Purchases made by buyers from China, India, and Brazil have become quite common. In particular, Brazil and India have become home to individuals with new wealth, which is affording them the opportunities to purchase homes abroad that were not present before. Other buyers are choosing to sink their cash into the Miami waterfront homes as well as the housing market as a whole, creating a safe method of protecting their wealth.

Lawrence Yun, who is the head economist for the National Association of Realtors, stated that 77% of Miami’s high end realty firms had worked with foreign buyers in the last year. In contrast, only 27% of high end realty firms in the United States had worked with foreign buyers in the last year. These levels of interest have been unprecedented. In an effort to protect their privacy, many foreign buyers make their purchases behind the shield of lawyers and limited liability companies.

The prospects for the Miami housing market in 2013 appear to be solid. In addition to the influx of foreign buyers, other factors, such as falling vacancy rates and an increased pace of job growth, have the housing market looking healthier than it has in years. Another exciting component is that an increased number of Latin American based companies are now choosing to make Miami their headquarters. As more and more individuals with buying power begin to transfer their home base to Miami, it is expected to fuel the growth of the housing market even more.

It is going to be exciting to see what 2013 brings this year.

The news for Fort Lauderdale real estate

has been very good lately, as well as for the entire Broward County. According to recent reports, the median price of existing single-family homes in Broward County improved in October of 2012, compared to their performance in October of 2011.

The median price of a home was $211,000. This marks a 15.9 percent increase in the median price compared to October of 2011. A similar jump in price was reported for townhouse condominium properties, with those properties rising 14.6 percent during the same timeframe.

The performance of single-family homes in Fort Lauderdale has been bolstered by the movements of the market in general.

The Inventory

These price gains are supported by the fact that the single-family home inventory declined in Broward County over the last year. In October of 2011, there were nearly 50 percent more homes available than there were in October of this year. In fact, the inventory fell 49.1 percent during that timeframe, with 4806 units in total being available in October of 2012. This has some important implications for the market, particularly for those who are considering selling a home, though it is also good news for those who are interested in purchasing a property in Broward County.

The Real Estate Market

Declining inventory and increasing prices mean that the market is likely to be more amicable towards sellers in the near future. As the performance of real estate in Florida has started to recover, the buyer’s market has leveled out a bit, making selling a home a more attractive proposition for people in general.

Declining inventory demonstrates that homes in Broward County are most certainly in demand, which means that sellers may have a bit more leverage when trying to negotiate a good selling price for their property. The assistance of a qualified realtor is imperative in these market conditions, as it is possible to end up with a bad deal, whether you are a buyer or a seller.

How Expert Realtors Can Help

With home values on the rise, it’s easy for sellers to become unrealistic about what constitutes a good price on their home. While the market is improving all-around, there is always the possibility that sellers will get a bit too taken with the performance of the market and will assume that they can start asking unrealistic prices for the properties. Even though the median home value may be going up, that doesn’t mean that buyers are in a position where they have to take any sort of a deal offered.

Realtors have excellent information about the market, inventory and all of the other factors that play into pricing a property. If you are considering selling your home or if you’re interested in purchasing a house in Broward County, contacting a qualified Fort Lauderdale real estate agent to give you assistance will ensure that you get the best possible deal, no matter which side of the transaction you happen to be on. With the real estate market improving, there’s never been a better time to investigate your options, whether you are a buyer or a seller.

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.

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.

Florida businesses have seen an upsurge in activity, as people become more confident in the direction that the economy is heading. According to data released by the Florida Department of Revenue, sales records were broken in the month of January, and a 12.5% jump was recorded for the first time since 2006. Florida businesses are seeing the best year that they have in the past half-decade, and they recently reported $71.6 billion in net profits in the month of January. Businesses that reported the strongest returns were service firms, wholesalers, and electronics providers.

While these figures show a promising shift in the economy, all sectors are not rebounding as quickly. The recovery has affected different sectors of the economy differently, and as such, some industries are not seeing as significant of a change as others. Some counties did not show significant sales increases, like Sarasota and Manatee counties, both of which reported only minimal increases in sales that were actually down from the prior year.

The hotel, retail, and auto industries all reported significant sales figures for the month of January 2012. With these figures showing significant increases in revenue for businesses in several different industries, economists are seeing that as a positive indication as to where the economy is headed in the future. With business sales soaring and the housing market showing sure signs of recovery, there are many reasons to believe that the business market and housing market alike will show significant promise in the future.

Miami Homes sales and Miami Condos sales figures

have been significantly on the rise in the beginning of 2012, and some analysts are predicting a sizeable increase in home values by the end of the year. With job growth and the expansion of businesses, the market is continuing to provide valuable insight into the stability of the economy. While there are many reasons that the economy may still be in recovery mode, there are also several indicators that seem to show that the economy is well on its way to recovery. Economists agree that the recovery is underway, but many believe that it will take quite a bit longer before the full recovery will take hold and Americans will feel the growth all across the country.

The Florida housing and business markets provide a glimpse into the type of recovery that can be expected to occur in other parts of the country in the coming months.

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.

When talking about “booms” in any sort of market or industry, we are usually trying to illustrate some sort of massive growth in production or sales. When we discuss Fort Lauderdale real estate or Miami Beach real estate we are talking about condominium projects constructed between 1999 and 2009.

After that period, there was a downturn in the economy (and particularly in the housing industry) and much of the purchasing and construction slowed substantially. Things have started to rapidly change, however, and recent data indicates some very surprising results. For example, of the 5,135 condos constructed in Ft. Lauderdale during the boom years, only roughly 140 remain available as of February 2012. This represents only 2.7% of all of the units built.

This means that Ft. Lauderdale has surpassed the Miami market, which is most often viewed as the “hottest” in terms of sales.
Currently, the Miami and Brickell areas have around ten to fifteen percent of their “boom” units unsold – which also seems a bit unprecedented when thinking of the modern economic conditions.

What is behind this? In all areas, there is a tremendous amount of interest from Canadian and Latin American buyers. Their housing prices run at much larger figures than those of the Miami area, and without all of the benefits that come from a property in a dynamic region. Consider that condominiums in Ft. Lauderdale, Miami or Brickell can make ideal retirement, vacation or rental properties.

Thus, international buyers used to high “price per square foot” figures or substantial rental amounts are more than happy to get into the current Miami area markets. Consider that the current average price per square foot for a Miami condominium (whether pre-existing or in preconstruction) is going to be around $400 per square foot. This is a huge difference between the $1,000 per square foot being demanded in locations such as Rio de Janeiro, Bogota, Buenos Aires or Toronto.

A recent article in the “New York Post” pointed out that it is the top of the line condominiums selling at the $1,000 per square foot prices and that the traditionally upscale projects are now at this remarkable $400 average. This is a tremendous value to international buyers who are looking for a new home, a second home, or some fabulous income properties that are also seeing increasing rates. For example, rentals have risen by seven percent in the last year alone.

This all speaks well for the condominium market throughout this entire region.

Victoria Park homes for sale

include a wide range of homes, many of which offer stellar locations and up to date features. Victoria Park, which includes the community of Victoria Isles, is a large area that offers a great number of options in terms of home styles and pricing. In the specific Victoria Isles portion of the city, which is more exclusive there are just 38 single family homes located on the Island on North Gordon Road. The entire region is to the south and east of the Fort Lauderdale city region, but it takes just a few minutes to get to the downtown area or to Las Olas itself.

Location is important. The homes at Victoria Park are located within minutes of other prominent areas as well, including Fort Lauderdale Beach. Some of the homes in this area are on the waterfront itself. This is usually off the canals located here. If you wish to live on the water, do keep in mind that some of the homes in the area have modern features, including docking or marina options. This means you are just a few minutes’ walk from the heart of the waterfront area. One of the added benefits of this location is that it is off some of the deep canals off the ocean. This means that your larger yachts and boats will have no trouble navigating the waters. There are no fixed bridges, either.

The community of Victoria Park

is welcoming and friendly. It has sidewalk lined streets that you can feel comfortable walking your pet on. The homes are spacious and beautiful, with many of them having modern amenities and renovations. Some of the homes or property areas are less modern and are priced based on their location. For those who are looking for an upscale neighborhood, within minutes of the waterway and waterfront, as well as numerous area attractions, this may be the ideal place to visit.

The Victoria Park real estate

is within minutes of all of the Fort Lauderdale benefits, including the beaches and boating, but also the area entertainment, shopping and restaurants. You will find spacious homes here, as well as smaller options. However, there is a community feel to the neighborhood.

Do keep in mind that Victoria Park is a well-priced region. It is full of luxury homes with some of the best décor and architecture available. In addition to this, you will find lush greenery, spacious landscapes and plenty of room to spread out. This is all just a few minutes from the main downtown region of Fort Lauderdale, too.

The Victoria Park house

is a great place to retire to, or to purchase your secondary home in. You may want to live here year round once you learn of all the area benefits available. For those who want luxury, well-priced properties that allow you to create the look and feel you are after, Victoria Park and the Victoria Park Isles may be the ideal place to look. Find out what fits your needs here.

Rio Vista Real Estate

could be one of the best options for buying a home if you want true Fort Lauderdale getaways. This region is a neighborhood of the Fort Lauderdale metropolitan area. It is near to the downtown Fort Lauderdale region, as well as to the neighborhoods of Las Olas and Fort Lauderdale Beach. Any of these communities can be an ideal place to live, but Rio Vista homes offer an additional benefits for those looking for an ultra luxury home away.

The community called Rio Vista includes the neighborhood of Rio Vista Isles. It is a popular location in the area, and one of the more affluent regions of the city. For those who are looking for a place to call home, whether it is all year or just when you want to, this area has plenty to offer. The neighborhood is close enough to all of the luxuries of Fort Lauderdale, including ll of the shopping, entertainment, restaurants and amenities. However, it is far enough away from the downtown area of the city to give you the feeling of seclusion and peace that you may be looking for.

There are several key benefits to choosing the Rio Vista homes to buy into rather than other areas in this getaway city.
· The neighborhood itself is unique because it is one of the few areas of the Fort Lauderdale region that has ocean access without fixed bridges holding you back. This means easy access to the ocean when you want it.
· In addition to this, if you are a boat owner, you will appreciate the deep canals and the wider access. Some of the homes are waterfront homes, which mean you could pull your boat right along your home and sail when you would like to do so.
· You have various waterfront home types. Some of the homes in Rio Vista are on the New River, others are on the Intracoastal Waterway and still others are on the Canals, giving you full access to the ocean.
The value of the homes here ranges widely. The values do range from a low of $500,000 up to $10 million or more. The location is prime and that is why prices are so high. In addition to this, the benefits of being on the water add value since you can accommodate enough mega yachts in some areas. When it comes to the community life here, you will find an upscale, modern residential area, with mostly single-family homes. You can walk your dog along the tree-lined streets or simply sit back and relax as you watch the waves come in.

The Rio Vista Isles homes

have been popular since the 1920′s and some homes do date to that time period. Other homes are much more modern or are renovated. You can find a wide range of cultural and architectural influences in the area, too. The Rio Vista region is desirable for most people, especially those who want an upscale, modern place to call home and access to the ocean or to the waterways for boating.