South Beach Condos For Sale

South Beach Miami Condos For Sale

The new Hallandale Condos and Hollywood Florida Condos

have reputations as luxury real estate markets and, they more than live up to that reputation. The prices of some condominiums reflect this market more than others do and, to illustrate that, here are the 10 highest prices for condominium resales that went through between April 2012 and June 2012.

According to data, the priciest condominiums were as follows. With the exception of 2 units, denoted by asterisks, they were all located in the Hollywood Beach area. The other sales were both in the Hallandale Beach area. The sales are listed from least to most expensive.

· Beach Club I Hallandale 3-bedroom unit for $900,000*
· Diplomat Residences 3-bedroom for $950,000
· Beach Club II Hallandale 3-bedroom for $955,000*
· Villas of Positano 2-bedroom for $1,000,000
· Ocean Palms 3-bedroom for $1,025,000
· Diplomat Ocean Residences 2-bedroom for $1,060,000
· Diplomat Oceanfront Residences 3-bedroom for $1,383,000
· Trump Hollywood 3-bedroom for $1,800,000
· Diplomat Oceanfront Residences 3-bedroom for $1,800,000
· Villas of Positano 3-bedroom for $2,035,000

The prices of these condominiums has actually gone down on the average compared to what they were originally listed for, but the prices are obviously still well into the luxury range and make them interesting to investors.

Despite the impressive prices for these properties, they were all offered at a discount compared to their original asking prices. The #1 spot, in fact, at Villas of Position came at an 18% discount compared to the original asking price. Even at the luxury end of the real estate spectrum—the most luxury end—it is still a buyer’s market in many regards.

Sales in the areas listed and for south Florida on the whole remain steady. While there is some nervousness in the market overall, the real estate market does seem to be well on its way to a recovery. In addition to these pricey condominiums, there have been quite a few investors making their ways back into Florida’s real estate market and they have been eager to acquire properties. A combination of international factors and low interest rates has contributed to this.

Luxury Properties in South Florida

Many of south Florida’s more desirable properties are luxury condominiums and this hasn’t been lost on investors. There are numerous projects in the works at present and, though some may have written off the south Florida real estate market only some years ago, it’s become an attractive place to invest—and live—again.

All of these prices came with discounts, which is important if you’re looking for a new home and you want to make sure you get a good deal. Even at this level of luxury, there is room to negotiate prices and prices may actually be reduced on their own compared to the original offer. If you’re in the market for luxury property, remember that the price you see advertised may well be subject to change with a bit of negotiation or with a bit more time on the market and that can make even very expensive condominiums attractive buys, indeed.


Miami Real Estate For Sale

Sunny Isles Beach Condos

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.


Miami real estate

Hallandale preconstruction condo

The latest report from Miami Herald (http://www.miamiherald.com/2012/02/08/2631956/construction-spending-finally.html) indicates that the construction spending in South Florida rose for the fourth month in a row in Broward County in November 2011, joining Miami-Dade County as areas with sustained growth in the real estate sector. “We’re seeing a lot of custom-home building,” said Bernie Navarro, head of the Latin Builders Association. “You see it in Key Biscayne and Coral Gables and Pinecrest. Those places had fallen to zero. Now they’re back on.” While construction employment is falling, the losses are more narrow than previously. “It’s going better than I expected six months ago,” said David Denslow, an economist at the University of Florida. “Remember, six months ago we were worried about a double dip. Now all of the evidence is pointing the other way.”

The Hollywood and Hallandale Condo resales

jumped in 2011 as well. Buyers purchased an average of 140 condominium units per month in the Hollywood and Hallandale Beach areas showing an increase in 2011 of nearly 20 units per month from 2010. This is due to the influx of investors chasing discounted condo resales that can be leased out to tenants who are willing to pay higher rents.

Latest report indicate that office vacancy in Miami-Dade County was at 19.1% at the end of 2011, according to data from CBRE Group’s Florida Market Perspective 2011. There was a total of 44.1 million rentable square feet in the county, and 8.4 million vacant. Last year saw net absorption of 64,238, with 359,630 square feet under construction, with the average asking lease rate in the county at $30.32. “The Miami office market has gained strength during 2011 with tenant activity picking up,” said Carter Hopkins, first vice president at CBRE. “The market should continue to strengthen in 2012.”

In addition to single family homes in Miami

the pre-construction condo sector is also on the rise. Fueled by steady pre-sales at the nearby Apogee Beach Hollywood condo, Jorge Perez of the Related Group is planning a new 31-story tower with condo and hotel units fronting the Intracoastal Waterway in the Hollywood nad Hallandale Beach coastal market of Southeast Broward County.

Despite the unsold inventory, the Related Group broke ground on the 23-story Apogee Beach condo tower on the sand just north of Hallandale Beach Boulevard in December 2011. As of Jan. 30, 2012, buyers have committed to purchase 41 out of 49 units in Apogee Beach project, according to company marketing material.

The path to development for the proposed Beachwalk tower – a few blocks west of the Apogee Beach project – is shaping up to be a bit more complicated initially. The proposed Beachwalk tower – which would stand 305-feet high with 84 residential units and 432 hotel rooms. Beachwalk is the 22nd project to be proposed east of Interstate 95 in South Florida. If they are all built, the projects would add nearly 4,400 units into a market that had 4,200 developer units unsold at the end of last year.

A Related affiliate bought the Beachwalk development site, home to Manero’s Steakhouse for five decades, for more than $2.9 million from TD Bank in May 2011. The Beachwalk project is slated to cost $60 million to construct and have a market value of $80 million at completion.

Related is also planning to start construction in two weeks on its MyBrickell condominium in Miami. To date, about 80 percent of the 192 units are under contract, with buyers paying a 20 percent deposit, the company said. It would be the first new condominium project to break ground in downtown Miami in several years.

Developers seeking to launch new condo projects are focusing particularly on the high-end market, which continues to dominate because of the ability of its prospective buyer pool to pay cash for units. The 70-unit Bellini Williams Island – a high-end condominium in Aventura’s William Island recently broken ground.


Miami real estate for sale

 Miami Beach Condos For Sale

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.


Miami real estate

Miami Condos For Sale

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.


In today’s Wall Street Journal I read a great article about International buyers all over the world. The Russians are buying luxury properties in London, Miami, New York, Silicon Valley. The Brazilians are buying condos in Miami and Chinese are buying in California. The biggest players in the residential-real-estate scene today often come from halfway around the world.

If you prefer you can read the article on Wall Street Journal site (the link is below) or here is the full article:

http://online.wsj.com/article/SB10001424052748703730804576317150261940990.html

This spring, Russian billionaire Yuri Milner paid $100 million for a French chateau-style mansion in Silicon Valley, setting a record for the highest price ever paid for a single-family home in the U.S. In January, Ukraine’s Rinat Akhmetov closed on two of London’s most expensive apartments ever for a combined $222.5 million. In Paris, a Gulf princess spent $96.9 million last year for a mansion with an inner courtyard, garden and private chapel on the Left Bank.

Some of the biggest residential real-estate buyers in many cities are emerging from halfway around the globe. In London, one report finds that 65% of buyers in the Miami luxury residences hail from abroad. According to the Miami Association of Realtors, nearly 60% of all sales last year throughout the city were to buyers from foreign countries. About half of the buyers in one new luxury condominium on Manhattan’s Fifth Avenue are from overseas.

While foreign purchasers make up about 7% of the U.S. residential real-estate market, their numbers have swelled: According to the National Association of Realtors, 18% of Realtors in the U.S. market reported selling a home to at least one international buyer in 2010, up from 12% in 2009.

The makeup of these buyers is changing, reflecting changes in the global economic scene. Buyers from Russia have returned, and the numbers are growing from Brazil, where the economy grew 7.5% last year. Australians are buying ski homes in Aspen. In Tampa, Fla., Venezuelan buyers are buying heavily discounted beach condos.

One of the biggest factors in many areas is the emergence of the Chinese. As housing costs on China’s mainland skyrocket—raising concerns of a property bubble there—monied buyers are heading abroad, moving into markets that look, in comparison, like a bargain.

In Orange County, California Chinese buyers now account for more than half of his showings in tony Newport Coast, up from a very small handful two or three years ago. Many Chinese buyers seek brand-new homes with more than 10,000 square feet to use either for vacations or as a place for their children to live when they attend college.

Amy Williamson, the vice president of sales for Prodigy Network, which markets condo buildings like Trump Soho Hotel Condominium in New York, visited Shanghai last month, meeting with local brokers and potential buyers there. Beverly Hills-based broker Joyce Rey traveled to Beijing in October, arranging a reception at an art gallery where photographs of homes priced between $10 million and $125 million were displayed around the room like artwork. Tim Swannie, the Valbonne, France, director of Home Hunts, says one of his agents is working with two Chinese clients who are looking for vineyards in the $5 million-to-$10 million range in the Bordeaux region.

In the U.S., many foreign buyers are taking advantage of the relatively weak dollar. In March, Pascale Saliou, a 44-year-old from Brittany, France, paid about $600,000 for studio in a building with a contemporary art-filled lobby in Manhattan’s Chelsea neighborhood. Ms. Saliou has been visiting the city regularly for more than 20 years and finally decided to buy a New York apartment because of the exchange rate. “We never imagined we could one day do this,” she says.

Not all foreign purchasers are shelling out millions (in the U.S., the median price paid for a home by an overseas buyer was just under $220,000, according to the National Association of Realtors). And not all are traveling thousands of miles. Canadians are the largest group of foreign buyers in the U.S. today, representing about 23% of foreign buyers, up from about 17.6% in 2009, according to the National Association of Realtors.

Global property buyers gravitate to a handful of highly specific locales: In London, Russians and people from the Middle East flock to central Knightsbridge, where blocks of sleek condos offer top-of-the-line amenities. In New York, newer condos packed with contemporary design attract foreign buyers. Here’s a look at some of the top global real-estate markets for foreign buyers.

Last month, Russian composer Igor Krutoy—who has recorded more than 100 songs in Russia and collaborated with many of the country’s music stars—made headlines when he and his wife, Olga, purchased a 6,000-square-foot 12th floor condo at the Plaza for $48 million. It was one of the highest prices ever paid for a condo in New York.

According to Jonathan Miller, CEO of appraisal and consulting firm Miller Samuel, foreign buyers make up 15% to 20% of all home sales in Manhattan. They’re particularly strong buyers of thoroughly renovated or newly built condos priced at several million dollars or more. Pamela Liebman, president and CEO of New York-based brokerage Corcoran Group, says that in the first quarter of this year, nearly 20% of new condo sales at Corcoran went to foreign buyers. One deal under way includes a group of Asian investors who are buying 13 apartments in a building, each priced between $1.5 million and $2.5 million.

Manhattan has long been one of the most popular markets in the world for international buyers. But the makeup of international buyers has shifted. Gone are the investors from Ireland who were snapping up condos amid the economic boom in their homeland, says Mr. Miller. Today, it’s buyers from China and Brazil. In the past 18 months, brokers say Russians—known during the boom years for making large real-estate purchases in opulent trophy buildings—have returned after sitting on the sidelines during the recession.

International buyers tend to gravitate to certain buildings. Luigi Rosabianca, a real-estate lawyer who works with international buyers, says the André Balasz-designed William Beaver House in the Financial District is popular with his Latin American clients. “Certain people are attracted to certain energy and aesthetics,” he says. At the Sheffield, a 582-unit condo building at Columbus Circle where 28% of sold units have gone to overseas buyers, sales staff now print marketing materials in Mandarin, French, Spanish and Italian.

At midtown’s Setai Fifth Avenue Residences, where apartments are priced from $1.2 million to $15 million, about half of the buyers have been from overseas. Giuseppe Rossi, the executive vice president of Bizzi & Partners Development, who is originally from Italy, notes that many Italians have purchased apartments there. “We’re Italian developers so there’s a certain appeal to Italian products and the way we built,” he says. Brazilian buyers have also made several purchases there, including Brazilian soccer star Kaka, who recently bought three apartments in the building which he plans to combine, says Mr. Rossi. (Kaka didn’t respond to requests for comment.)

Giorgio Castro, a 62-year-old Rome-based entrepreneur, says he dreamed of owning a place in Manhattan for decades. Last year, with the euro-dollar exchange rate giving him more than a 40% discount, he finally snagged a $1.3 million one-bedroom condo in a Wall Street building designed by David Rockwell.

“It was a good opportunity to buy something I longed for,” says Mr. Castro. “With the money I spent, I could not have bought something equivalent in Rome.”

The Paris real-estate market is booming, driven in part by the high prices foreigners are willing to pay. In the “Golden Triangle”—the tony area near the Champs-Élysées—apartment prices rose 38% in the last year, according to the Paris Notary Chamber. For Paris apartments costing over $2.8 million (€2 million), three foreigners buy into the market for every one foreign seller, says Charles-Marie Jottras, president of the Daniel Féau network of real-estate agencies.

Mr. Jottras just closed his first deal with a mainland Chinese buyer, an apartment on the luxurious Avenue George V for $14.2 million (€10 million). The six-bedroom apartment, down the street from the Chinese embassy, features a 2,150-square-foot living room. A new influx of Chinese buyers is also looking at the 16th arrondissement near the Trocadéro Place, where stately buildings appeal to foreign buyers. The Brazilian presence is also growing; Jean-Philippe Roux, manager of luxury real-estate agency John Taylor’s new Paris office, says he has nine Brazilians interested in the seventh and eighth arrondissements.

France’s neighbors Italy and Britain account for about a third of the international market. These buyers often seek apartments on the Left Bank, in the Saint-Germain neighborhood, as well as in the more bohemian Marais area because of the central location for train stations.

Russian and Middle Eastern buyers tend to concentrate in the “Golden Triangle,” where there are the most luxurious hotels and boutiques. A 1960s-era building at 12-18 Avenue Montaigne, near the Louis Vuitton and Chanel stores, is a big draw, as is the recently renovated building at number 51-53 on the opposite side of the street.

There are only a handful of mansions in Paris. Mr. Jottras’s record sale happened last year and was for the Hôtel de Bourbon-Condé, a mansion with an inner courtyard, garden and private chapel, in the seventh arrondissement on the Left Bank. For $96.9 million (€68 million), a Gulf princess had a new home.

China’s housing boom spilled over to Hong Kong, where property prices have surpassed previous historic highs and are now some of the highest in the world. According to property agency Savills, Hong Kong’s homes are 52% more expensive than London’s—and 111% more than New York’s.

In April 2011, a 5,636-square-foot condo at 39 Conduit Rd. in the Mid-Levels district sold for $46.4 million (HK$361 million). Local newspaper Ming Pao reported that it was bought by Shi Yuzhu, the Shanghai-based founder of online gaming company Giant Interactive. Forbes magazine reported his net worth at $1.6 billion.

Meanwhile, a house on 11 Headland Rd. in Hong Kong’s Repulse Bay neighborhood recently sold for $84.9 million (HK$660 million). Newspaper Ming Pao reported the buyer as Gao Yanming, chairman of Hebei-based shipping company Hosco Group. Henderson Land, the developer, confirmed the transaction but declined to comment as to the identity of the purchaser.

Mainland Chinese buyers are more concentrated in the new luxury sector of condos priced over $1.5 million (HK$12 million), like the Cullinan in West Kowloon. In this sector, they represented 28.8% of the deals during the last half of 2010. In the ultra-expensive range—$25.7 million (HK$200 million) and above—Joseph Tsang, managing director at Jones Lang Lasalle in Hong Kong, estimates that almost all the transactions involve buyers from China.

Mr. Tsang says Chinese buyers look for luxury finishes, ornate decorations and grand hotel-style lobbies. “They’re into glamour and bling,” he says. “In order to attract the Chinese buyer [from the mainland], you need to put out the most expensive stuff on display.”

In the past, the pricey homes along the southern coast of Hong Kong island were popular among well-heeled expatriate bankers from the U.K., Australia and the U.S. But the influx of Chinese buyers and the resulting spike in prices has even forced some members of this wealthy class out of their traditional stomping grounds.

The city’s largest brokers routinely organize bus tours for interested buyers from mainland China to visit new development sites.

Local brokerage firm Midland Realty recently organized three tours during the May 1 weekend, a public holiday. By the end of the weekend, the agency had 10 deals signed, starting at $643,000 (HK$5 million) for new condos. During a tour earlier this year, the agency says some buyers purchased units for $1.3 million (HK$10 million) on their first visit to Hong Kong.

“If you look at the new apartments [in West Kowloon], over 60% are mainland Chinese buyers, but if you count the lights at night, you won’t see many. It’s sold out, but it’s pitch dark,” Mr. Tsang says.

According to Liam Bailey, head of residential research at real-estate agent Knight Frank, London’s ratio of international to domestic buyers for prime real estate is the highest of any major city in the world. According to his report last month, 64% of buyers of central London homes priced over $8.1 million (£5 million) are foreign—”the highest of any major city, without a doubt”—and probably the highest it’s ever been, Mr. Bailey says.

The number of nationalities represented has also swelled; 61 nationalities purchased homes in London last year, up from 46 in 2009, with Russian, Chinese, Indian and Middle Eastern buyers seeing the biggest growth, according to Knight Frank.

For many, the U.K.’s steady political environment and stable economy make London a safe haven for wealth. Sterling’s decline against the dollar—around 20% since 2008—makes property even more enticing. But currency arbitrage and safe-haven status aside, different nationalities are drawn by different aspects.

For U.S. buyers, it’s London’s leafy Hampstead Village, according to Marcus Oliver, associate director at real-estate agent Chesterton Humbert’s Hampstead office. He said 80% of foreign buyers in Hampstead over the past three months have been from the U.S. “Americans are attracted to the quintessentially ‘London village’ feel of Hampstead, with its quaint Victorian houses and the rolling Heath. It matches up with the clichéd impression of London.”

Meanwhile, the status and bright lights of a pad in central Knightsbridge are luring the newly monied Eastern Europeans and Middle Eastern buyers, says Roarie Scarisbrick of HSBC-owned buying agent Property Vision. “Knightsbridge property is the ultimate status symbol for the new settlers of Eastern Europe with their newly amassed fortunes.” Properties like the Knightsbridge, One Hyde Park and the Lancasters, where residents enjoy 24-hour security and amenities ranging from golf simulators to private movie theaters, are attracting some of the world’s wealthiest oligarchs and sheiks.

One such buyer is Ukranian billionaire Rinat Akhmetov, who in January closed on two apartments in the Candy Brothers’ new One Hyde Park development in Knightsbridge for a reported $222.5 million (£136.6 million) to combine into a triplex penthouse. Mr. Akhmatov’s press secretary Olena Dovzhenko confirmed the property was purchased as investment through the oligarch’s company, SCM Capital Management.

In neighboring Kensington, with its proximity to museums and coffee shops, the typical buyer is French, Swiss or Italian, says independent search agent Charles McDowell. He recently found a home for 38-year-old Parisian Michelle Dellion, in South Kensington. The five-bedroom townhouse on Mulberry Walk cost $16.3 million (£10 million) and has 5,000 square feet of living space. “We had to be in London for my husband’s job. Kensington is near the Lycée [Français Charles de Gaulle] and the park—with our three children it was the best area for us,” said Ms. Dellion, a stay-at-home mom whose husband works in finance.

Mindful of this tendency to flock together, developers have launched targeted marketing drives. Within the last six months, luxury London developments The Heron, Bramah Chelsea, Wellington House and Neo Bankside have held marketing exhibitions in Singapore and Hong Kong. Last September, Bramah hosted a successful exhibition at the Mandarin Oriental hotel in Hong Kong. “We sold 50 apartments off plan over two weekends,” says sales executive Matt Shenton.

In the Greater Miami area, nearly 60% of all sales last year were to buyers from overseas, according to the Miami Association of Realtors. For sales of newly built condos downtown, like Icon Brickell that figure jumps to 90%, says the group.

Many of the buyers are from Brazil, which experienced an economic growth rate of 7.5% last year. Brazil’s currency, the real, has risen about 40% against the U.S. dollar in the last two years.

Property developer and marketer Fortune International focused heavily on Brazil to sell Jade Ocean, a 50-story building the company is marketing with infinity pools, a private movie theater and a children’s playroom decorated with Philippe Starck furniture. Its two-story penthouse loft apartments sold for between $3.5 million and $10 million. Nearly 85% of Jade Ocean’s sales have gone to overseas buyers.

Fortune’s principal developer Edgardo Defortuna says that last fall, he worked with American Airlines to invite a group of potential buyers and American Airlines contacts to a dinner party at a restaurant in Brasilia. “The Black Eyed Peas were having dinner in the next room,” he says. His company is also encouraging the airline to add new flights from different cities in Brazil to Miami, which American Airlines says is in the works. In an e-mail, an American Airlines spokeswoman said, “it makes business sense to promote Miami not only as a place to visit but a place to live.”

Russian buyers tend to cluster in northern, beachfront areas. Mr. Defortuna says he’s planning a trip to Moscow and St. Petersburg to pitch several of his Miami-area buildings. There, he hopes to throw a dinner party with Donald Trump Jr., an executive vice president with the Trump Organization.

Unlike Americans, who tend to look for single-family homes, overseas buyers favor condos. Italians have been drawn to the Capri South Beach, a condo building with downtown views and its own marina, says broker Nelson Gonzalez. The Icon Brickell Condo, a three-tower complex downtown, has a large number of British and Brazilian owners.

Venezuelans are also a growing presence, as are buyers from Italy, Spain and Switzerland.

Henrik Wiingaard-Madsen, a shoe-manufacturing company owner from Denmark, says he got a 30% discount in July for two apartments in the Icon Brickell Tower—$520,000 for a two-bedroom and $840,000 for a three-bedroom—plus a rebate. Icon “had so many units, they were kind of desperate at the time,” he says. “The price was so low compared to the quality.” Mr. Defortuna says his company took over marketing for the complex last June, and that the building “has filled in significantly since then.” So far, about 80% of the units have been sold.


Miami Beach Homes For Sale

Luxury Condos On The Ocean in Sunny Isles Beach

The real estate market in Miami Florida

is seeing significant recovery of late and investors, as well as those simply looking for a new place to call home, are back in the market looking to buy. According to the Florida Realtors, there has been significant growth in different sectors of the market.

Condominiums in Miami

Miami luxury condominiums are some of the most distinctive features of the Miami real estate market. Popular as second homes and, increasingly, with those who want a luxurious place to call their primary home, these condominiums have been selling very well in recent months. In February, 2011, these properties jumped 29% in sales volume compared to the same month in 2010.

Sunny Isles Beach, in particular, a very popular hub for luxury condominiums. Developments such as Trump Towers, Trump Palace, Trump Royale constructed by the Trump Group and many others constitute some of the most desirable properties in the region. If you’re looking to get into one of these great homes, you’re not alone. This is the third consecutive year that the Miami Realtors have been able to report that the sales of these properties have increased over the previous year, boding well for the future of this real estate sector.

Miami Beach Home sales are also up. In 17 of the state’s metropolitan areas, increases in home sales were reported. There was a 13% increase in the sale of homes and there was an increase of more than 10,000 homes reported over a year ago: 12,164 in February 2010 versus 13,701 in February 2011.

This trend has been statewide and shows that the market is making a steady recovery after the crash. There are other factors that are driving this increase in sales, as well.

Mortgage Rates

The credit score requirements for taking out lending may be much higher than they were a few years ago, but the terms being offered are much more desirable. Interest rates are very low and this has made it apparent to those who can take out the lending that now is a good time to consider buying into the real estate market.

Because both homes and condominiums have been selling better compared to 2010, it’s an indication that the pickup is across the board, from those seeking to live next to the ocean in one of Florida’s famous high-rises to those seeking a simple single-family home in the city. There are fewer vacant homes statewide, as well, indicating that the worst of the real estate woes are past and that the future is looking up.

Sustained Improvement

This improvement in Miami home sales has been seen for the last two years, indicating that it is not a short-term trend. There has also been improvement over the prior month—January, 2011—which indicates that the upward curve has some welcome relief and some improvement that isn’t coming too slowly to be an advantage to homeowners.

Active Months

The month of April is always one of the most active for Florida realtors. This is the time of year when the snowbirds head home for the summer, but it is also the time of year when many of them decide that they want to buy a new or better property in Florida. With the traditionally slower months of January and February showing increases in sales, realtors are optimistic that the busy season will be better yet and that many more homeowners will be interested in getting new properties and that those who haven’t purchased a home in Miami as of yet will decide that now is the right time to go ahead and do it.

Commercial Real Estate in Miami

Miami commercial real estate has also been a big seller. Investors are flocking to the area to make purchases and much of their investment activity has been good for the state all around.

Shopping centers in Miami have been particularly popular with these investors. With the economy improving, these are fixing up to be hot properties in the near future. Currently, investors are buying up shopping centers that have become run down over the years and transforming them into destination spots for those who want a bit of retail fun. Because of the very low cost of borrowing money at present, it makes sense for them to be making this move right now.

Finding a good real estate deal has never been an easier proposition in Miami Florida and that, no doubt, is part of what’s driving the increase in sales. If you’ve been hesitating, you’re becoming part of a smaller number of people by the day. Today, the trend is to buy and that trend has been growing for the last couple of years. The current balance between investor interest and affordable investment properties makes it an ideal time to consider making your move and getting back into this historically very hot real estate market, whether you’re buying commercial or residential.

For more information please contact our office at 1.877.368.2318.


Miami real estate

You can read more about it here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=257042 or down below:

Florida home sales and condo sales rose in February

according to the latest housing data released by Florida Realtors®. Existing home sales increased 13% last month with a total of 13,701 homes sold statewide compared to 12,164 homes sold in February 2010, according to Florida Realtors. February’s statewide sales of existing condos rose 29 percent compared to the previous year’s sales figure.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in February; 18 MSAs had higher condo sales. It’s the third month in a row that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.

“Current market conditions and very low mortgage rates continue to offer great opportunities to anyone looking to buy a home in Florida,” said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Every day, Realtors® help people realize their dreams of homeownership – they see the positive impact that homeownership has on families and communities.”

She added, “To showcase homeownership opportunities across the state, Florida Realtors is sponsoring its second annual Florida Open House Weekend, March 26-27. Realtors will host open houses on behalf of home sellers in neighborhoods from the Panhandle to the Keys, giving buyers a chance to tour dozens of homes in a single weekend. Talk to a local Realtor about Florida Open House Weekend and look for participating open houses throughout your community.”

Florida’s median sales price for existing homes last month was $121,900; a year ago, it was $124,500 for a 2 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in January 2011 was $159,400, down 2.7 percent from a year ago, according to NAR. In Massachusetts, the statewide median resales price was $284,500 in January; in California, it was $278,900; in New York, it was $227,000; and in Maryland, it was $222,535.

NAR’s latest outlook notes that continuing improvements in the economy is a positive sign for the housing sector. “The housing market is healing with sales fluctuating at times, depending on the flow of distressed properties coming on the market,” said NAR Chief Economist Lawrence Yun. “The broad fundamentals for a housing recovery are developing. Job growth, high housing affordability and rising apartment rent are conducive to bringing more buyers into the market.”

In Florida’s year-to-year comparison for condos, 6,984 units sold statewide last month compared to 5,424 units in February 2010 for an increase of 29 percent. The statewide existing condo median sales price last month was $77,300; in February 2010 it was $90,400 for a 14 percent decrease. The national median existing condo price was $154,900 in January 2011, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.95 percent in February, down slightly from the 4.99 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.


Waterfront properties in Miami

Miami water front Houses For Sale

Miami water front properties

are the most popular real estate in Miami. However, the reign of cut-rate mortgages and easy home loans is over in South Florida, making way for the return of the king – cash.

About 54 percent of home purchases in Palm Beach, Broward and Miami-Dade counties were cash buys in the final quarter of 2010. That’s about 7,530 homes and condominiums between October and December that were paid for with Benjamins instead of borrowing, according to real estate analysts at Zillow.

In South Florida’s real estate zenith of 2006

just 13 percent of sales were in cash. In pre-boom 1997, cash buys made up 31 percent of the market.

Of 11 major metropolitan areas in the country studied by Zillow, South Florida had the highest percentage of cash buys in the fourth quarter of last year.

“I haven’t pulled a mortgage in six months,” said Corcoran Group agent Anthony Pizzarelli, who specializes in downtown West Palm Beach condos. “You just have a lot of people with a lot of cash running around.”

Many of those financially gifted consumers, however, are not South Floridians buying a homestead.

Investors and international buyers are driving the cash deals, including Canadians who get loans in their own country to buy winter escapes here with ready money.

Stricter lending standards also are contributing to the plethora of cash buys, as well as snowbirds Bill and Clara Marie Jessup.

Spring Hill, Tenn.-residents during the summer, the Jessups typically rent a place in South Florida through the fall and winter.

This year, with bargain-basement home prices, the couple decided to buy. They shopped for about two weeks before getting a $149,000 cash contract on a three-bedroom, two-bathroom pool home in Palm Beach Gardens that is bank-owned.

Clara Marie Jessup said they decided to pay cash because they believe a home will bring a better return on their money than a CD or other investment.

“Any kind of interest income is so low right now, we might as well put it into a house,” she said. “If prices go down any more, they’re not likely to go down appreciably.”

Ally Bank was offering 1.84 percent interest last week on a three-year CD. Nationwide Bank offered 1.85 percent.

Sales of existing homes jumped nationally and in Florida in January, according to reports released last week by Realtor groups. Statewide, sales were up 14 percent compared with January last year. They rose 36 percent in Palm Beach County.

The National Association of Realtors said the increases were fueled by cash purchases, which accounted for 32 percent of January home buys nationwide. That’s the highest level since the group started measuring cash deals in Oct. 2008 when they accounted for 15 percent of the market.

In Palm Beach County, 2,039 cash deals were done in the last few months of 2010, up 45 percent compared with the same time in 2009, according to Kent Clothier, CEO of REI Marketing, LLC in Boca Raton.

“Hopefully it’s a good sign that the economy is turning around,” said the Jessups’ Realtor Shannon Brink, of Re/Max Prestige Realty in West Palm Beach. “People are spending money again on Florida real estate.”

William Stronge, a professor emeritus in economics at Florida Atlantic University, said the cash buys are indicative of how far the market has fallen, and will have both a negative and positive effect on South Florida.

While cash is helping sell homes to international investors, it’s not helping create financial sector jobs in the mortgage industry.

“In that sense, there might be a slight negative,” Stronge said. “But on the other hand, you’re attracting people into the market who might not have come otherwise.”

A cash deal is a necessity for Paul Advani. A Toronto Realtor looking to buy a place in South Florida, Advani said he wouldn’t qualify for a U.S. loan.

“That doesn’t mean I have cash, cash, cash in my pocket,” Advani said. “But I can borrow here and pay cash there.”

Plus, Advani said he thinks he’ll get a lower price with cash.

“They know the deal is done when it’s cash, there’s no waiting” he said. “Cash has power, cash is king.”


Several positive articles appeared in Sun Sentinel as well as Miami associations of Realtors:

Sales of Miami condominium

units jumped 134% in January of 2011 compared to January 2010, according to a report from the Miami Association of Realtors. A total of 1,262 condo unit were sold last month, compared to just 540 in January of 2010. The report is based on data from the 25,000 member Miami Association of Realtors and the Southeast Florida Multiple Listing Service. Sales of single-family homes rose 55 percent last month compared to January 2010. “These significant increases in sales for both single-family homes and condominiums reflect the strength of the Miami real estate market,” said Jack Levine, chairman of the board of the Miami Association of Realtors.

Also, there are Fewer vacant new homes in South Florida

Paul Owers reports on February 25, 2011 that the surge in buying existing homes in January did not translate to new home sales, which fell 12.6 percent last month. People aren’t bothering to buy new homes when they can scoop up low-priced foreclosures and short sales.

But here’s a bright spot for home builders: the inventory of finished vacant new homes is declining in many markets across the country. South Florida’s inventory dropped 10 percent in the fourth quarter compared to a year ago, according to Metrostudy. The Palm Beach Gardens research firm considers South Florida to be Miami-Dade, Broward, Palm Beach, Martin, St. Lucie and Indian River counties.

Of the 33 markets nationwide that Metrostudy analyzes, 26 saw year-over-year declines in inventory.

“South Florida, like most markets in the country, is seeing a nice reduction,” Metrostudy’s Brad Hunter said. “That’s a necessary thing. That puts less downward pressure on prices.”


Content published by Lana Bell

Content published by Lana Bell