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.

Location, location, location is always the truth in real estate. While numerous areas of the Miami real estate market offer a variety of single family homes for individual buyers and investors, the properties that continue to remain the most attractive to buyers are those with waterfront views or direct waterfront access.

Available oceanfront, bayfront and Intracoastal lots between South Beach and Fort Lauderdale are growing in popularity among individual investors and developers. Vacant lots as well as homes ripe for teardown and reconstruction are both drawing the attention of local and international buyers. One of the most recent sales along this prominent coastline includes a two acre lot offering 200 feet of waterfront footage within the Miami Beach community which sold for $15 million. Miami waterfront properties are limited, and therefore always in demand. In addition to single family residences, Miami condos are also in demand along the coastal fronts.

South Beach real estate

has been on the rise in regards to luxury waterfront condo sales. There are many popular condos currently available for sale at great prices. Here is a short list of most popular newer construction buildings which are in demand on South Beach: Apogee Miami, both Continuum and Continuum II, <a href="http://www.sunnyislesmiamirealestate.com/South-Beach/Il-Villagio, Icon, Murano to name just a few.

“While the inventory has dropped in recent months, a variety of luxury condominiums still remain available along the desirable Miami coastline, including both new developer construction and prime resales,� said Lana Bell of Sunny Realty.

Of the 5,000 condos recently built in the Fort Lauderdale area, only 70 still remain unsold from the original developers. In the Hollywood and Hallandale beach areas, there are also just a handful of the available developer condo units still available for purchase.

What does this mean? Much of the available inventory has changed hands, from the developers to individual investors and buyers. This capital exchange has freed up funds developers need to begin new projects in the surrounding area. While developer properties have been selling strongly, new developments aren’t expected to pop up quickly. In fact, there is only one project currently slated to begin construction in the area. This project – Apogee Beach, is being developed by Jorge Perez and scheduled to break ground in early 2012.

While the future of new developments are unsure, Miami real estate experts suggest most of the developer attention will be focused on oceanfront or ocean view properties as opposed to downtown opportunities due to the consistent demand for these locations. After the recent market turmoil, many developers are sitting back, waiting to assess what their next move or next project will be.

Regardless of new developments in the area, which will certainly come, single family properties and condos are still in high demand along the Miami coastline, which is certain to remain strong over the coming years.

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.

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.

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.

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,â€� Metrostudy’s Brad Hunter said. “That’s a necessary thing. That puts less downward pressure on prices.”

About 85% of the 50,000 condos built during Miami condo boom era have sold.

You can read more about it here: http://www.miamiherald.com/2011/01/27/2036345/condo-inventory-detailed-in-new.html#ixzz1E31liat2 or down below:

Developers have sold 85 percent of the condos built in Miami during the building boom beginning in 2002, according to a report released this week by Bal Harbour-based consultancy Condo Vultures.

The report, which studies condo markets from South Beach to West Palm Beach, found that developers have sold 41,258 condos in the last eight years, with the largest chunk of sales taking place in downtown Miami.

“People are certainly taking advantage of the fact that [condos] are affordable and available both to live in and also to invest in,” said Leo Zabezhinsky, manager of business development and real estate for the Miami Downtown Development Authority.

While many of the boom-time buyers were speculators , many of today’s buyers are investors and vultures, hoping to capitalize on the troubled market by renting out the units.

That explains much of the shift in sales activity taking place between South Beach and downtown Miami, as rental demand is up in places like Brickell and purchase prices are lower in the city than by the ocean.

“An investor comes in, they look in South Beach, and they get sticker shock,” he said. “If they want to be on the sand, they go up to Sunny Isles Beach. If they’re looking for investment value, new construction, they go to downtown Miami.”

Spurred by bulk buyers and lender takeovers, condo sales in downtown Miami reached 3,675 in 2010, up 57 percent from 2009, according to the report, based on county records. Condo sales in South Beach totaled only 123 last year, up from 107 in 2009. At the current sales pace, it would take about a year to sell out the remaining developer inventory in downtown, and more than a decade to sellthe 1,300 new condos in South Beach.

Areas like downtown Fort Lauderdale benefitted from good timing, as developers completed most of their condo projects before their housing market crashed. There are only 160 new condos yet-to-sell in downtown Fort Lauderdale, where more than 5,000 units were built during the boom.

Condo Vultures focused its report on seven housing markets in Miami-Dade, Broward and Palm Beach counties, concentrating on areas east of I-95 and near bodies of water. During the 8-year span covered in the report, 244 new condo projects were created in those markets, for a total of nearly 50,000 units.

The epicenter of the building, sales and developer default activity has been in downtown Miami and Brickell, where more condo units were built in the 2000s than in the previous four decades combined.

About 18,675 new condos have sold in the downtown area in the last 8 years, totaling about 84 percent of the inventory, according to the report, based on county records.

Developers “built 23,000 condos, and when over 80 percent have been sold and occupied, clearly it tells you that this is where people want to live and invest,” said Zabezhinsky. “The condos have single handedly helped lead the transformation of downtown Miami into a 24/7 global city.”

Miami Condos

have always been popular with those who want to call Florida home. There are also plenty of condominiums, particularly on the ocean in Fort Lauderdale and Miami Beach that are owned by people who call the area their second home. The inventory for properties at luxury developments such as Jade Ocean, located in Sunny Isle Beach, has been dropping consistently over the past couple of years. As the shocks of 2008 have faded, investors, developers and individuals are all looking to acquire properties in luxury markets and at luxury developments.

The inventory of Miami Beach homes on the market

including luxury and condominium properties, has dropped almost 40 percent in the last two years, according to recent reports. People are buying Miami real estate again, particularly at the high end. Not all of these buyers are bargain shoppers, however. Luxury properties such as those at Jade Ocean Sunny Isles are commanding high prices per square foot, proving that selling real estate has become viable as a way to turn a profit again.

Jade Beach

is situated on Collins Avenue in Sunny Isles Beach, Florida. This makes it a good representation of luxury real estate in the area. Collins Avenue is one of the most desirable places for the affluent, packed with high-end shopping, dining and other diversions. Easy access to the Intercostals waterway and to the ocean make this area even more desirable. Some properties listed at Jade Beach Miami sell for in excess of $800 per square foot. There are even some that command more than $900 per square foot. While this may have seemed like the result of huge demand during the boom days of the real estate market, today it’s simply a testament to the fact that people are willing to pay for luxury properties.

Properties such as Jade Beach Sunny Isles

appeal, of course, to a particular clientele. With the least-expensive units at the property hovering around $600,000, this is obviously not the type of development that appeals to first-time homeowners, unless they’ve done very well for themselves. This property needs to be marketed to the right segment of the population, and that means the luxury market. While FSBO—For Sale By Owner—properties might be common sights in the residential neighborhoods of the US, the luxury neighborhoods and the expectations of the market demand that a realtor be used to sell these properties. In South Florida, realtors have been able to unload a lot of the inventory that built up after the real estate market crash of 2008, and that has been good news for property owners and buyers.

Jade Beach condo

is a recently-built property, like many of the condominium properties in Sunny Isles Beach. The real estate boom brought tremendous development in this area and, today, it is home to some of the most upscale properties in the area. Though South Beach real estate is usually recognized as the most affluent of the real estate markets in the area, Sunny Isles Beach real estate has established itself as the place to be, with many celebrities and international business people calling the area home. With the number of properties for sale in southern Florida having diminished by over 40,000 total since 2008, listings are becoming scarcer and more valuable.

Jade Beach apartments

offer one-, two- and three-bedroom units available for sale as of the last quarter of 2010. These units ranged in price from $600,000 to over $11 million for the property’s 6-bedroom unit, which was also on the market. These unites have actually gone up in price, on the whole, indicating that the luxury market is not suffering, even in an economy that is generally rated as being very down. These luxury properties, however, are not as ubiquitous on the market as they so recently were. Developers have been snatching them up, as have individual property owners, and the numbers of units available at such luxury establishments as Jade Beach is steadily dropping.

With few listings on the market relative to just a couple of years ago, it may be a good time to list your own condominium. With a good realtor, the market is more favorable than it has been in years and sales are no longer difficult to make happen. In fact, the luxury market seems to have vastly improved over the last couple of years!

For the level of Jade Beach real estate

be sure you engage the services of a suitable realtor. Luxury property is its own market and it takes a realtor who has familiarity with it to make a sale. A good realtor will be able to help you take advantage of the diminishing inventory on the market and the increased enthusiasm in the upscale market. With prices increasing, inventory decreasing and the economy seeming to recover, it’s a good time to consider consulting with a realtor about your property.

A very happy new year to you, hope it started out well. It certainly did for me and my beloved Sunny Isles real estate and Miami Beach real estate. This is my first newsletter in 2011 and I thought I’d start it on a positive note.

Sales of condos and homes in Sunny Isles Beach

and Miami Beach have been growing since late 2010. We are pleased to see strong demand for luxury oceanfront properties from wealthy buyers, a trend likely to continue in 2011 according to Florida Realtor analysts as well as brokers.

The latest Miami MLS data

indicates that the high-end market had increased dramatically in both activity and closed units. Thus sales of homes for the first nine month of 2010 in the $1 million to $2 million range were up 42% and sales over $2 million were up 78% compared with 2009. That’s a sign everyone believes the market is turning.

Recently a retired Michigan tire company owner purchase a $22,5 million oceanfront mansion in Palm Beach. That was the town’s ninth 2010 transaction over $10 million, compared with just one such sale in 2009.

“We don’t expect to see a dramatic turn-around�, says economist Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida in Orlando. “At least, the worst is behind us now.�

From a statistical standpoint, 2011 is expected to be a growth year for Florida’s economy. Florida is expected to add about 63,000 new jobs this year. The strongest industries will be healthcare, education, business services and real estate.

Interesting facts about Florida:

· 1,000 People move to Florida each day

· The state population will rise by 140,000 in 2011, compared with 100,000 in 2010

· Florida offers 1,800 miles of costilne

· 1,200 miles of sand beaches

· 12 International airports

· 19 major commercial airports

· 14 deepwater ports

· More than 1,250 golf courses

· Over 370,000 hotel rooms

A more optimistic forecast from Moody’s Economy.com, a national consulting firm, projects that Florida will achieve 3% job growth in 2011- more than any other state. The report says Orlando and Tampa are expected to grow the most at 3.4%. Others project to grow are Jacksonville – 2,6%, Miami at 1.7%, Pensacola at 3.1% and Tallahassee at 2.7%.

Once again, the new construction has picked up on the Gulf Coast, particularly single-family homes in master-planned communities. None of it is speculative building as each home has an owner who will move in at closing. We are also seeing high-end luxury homes taking shape on infill parcels throughout the city – a sign of confidence.

Another sign of health for Florida’s real estate market – today’s buyers are focusing more on using their new house or condo themselves, rather than buying it as an investment or even worst, to flip. The demand for luxury condominiums in Miami are predominantly by foreign buyers who view hosing as shelter rather than a financial investment. Tighter lender requirements will combine to make the market healthier as well.

Florida home prices are now comparable to the preboom years. In August 2010, the median price of a single-family home statewide was $134,000, according to Florida Realtors statistics. In August 2001, the median price was $130,000.

Whether it’s a buyer’s or seller’s market, we understand the current Miami real estate market conditions and are able to deliver the best deals to our customers.