Miami real estate for sale

Brickell Condos For Sale

For the 11th consecutive month, sales in the Miami area housing market continues to rise. This is a direct result of absentee buyers and overseas investors seeing the advantage of scooping up many of the deals offered in the local home real estate market. The average price paid for a Miami luxury homes has risen over 14% in the last 12 months. This is just one more indicator of the nearly 18 months of consecutive increases in the housing market of Southeast Florida.

Even sales month-to-month are on the rise. March sales on new and resale homes and condominiums rose significantly, to nearly 19% over February sales. There is also a significant rise in the number of sales from the previous year, up over 7%. While it is typical to have higher generated sales during both February and March, there is a significant change in the overall market, as demand continues to rise.

Continuous Sustainable Real Estate Growth

It was not that long ago when Miami served as the poster child when the bubble burst in the housing market. The entire real estate market in southeast Florida seemed to be the last to respond to the nation’s devastating recession beginning in late 2007. However, since then the numbers in both demand and prices are beginning to look up. While many “experts” believe that these rising numbers are nothing more than smoke and mirrors, there are indicators that the higher demand for housing in southeast Florida is real, and can provide a continuous, sustainable growth.

Many of the naysayers are indicating that over six out of 10 homes purchased in southeast Florida are bought by institutional investors, absentee buyers, and those looking to put their money in a solid real estate market in the US. Supposedly, many of these investors are purchasing homes in large numbers with the desire that the real estate values in southeast Florida will remain on the rise. Some of this might be true, in that there is a growing need for rental properties that can be supplied by these absentee buyers.

Either way, the news is great for the local economy. The stimulation of outside money, and the sales of many condominiums and homes that have at empty for years, can finally be filled. This will help increase local taxes, and bring new energy into many communities all across southeast Florida.

What Is Next?

While the price for a single-family detached house, per square foot, rose more than 17% from the year earlier, it might make it more challenging for the first-time homebuyer to achieve the American dream. This at least might be true in the Miami area.

However, with local developers eager to restart new home construction, the supply might quickly overcome the demand, and once again lower home prices. This in effect will reverse the situation, and make it affordable for nearly anyone eager to purchase a home to do so.

The Miami real estate market proves to be on the rise, with the come back from the recent recession finally beginning to show progress.


Miami Beach Waterfront Properties for sale

Oceanfront condos in Miami Beach

With the rise of the baby boomers heading toward the retirement years, and real estate investors from the Latin American countries, the real estate market in southeast Florida is in high demand. Many buyers are seeking out oceanfront and waterfront properties in Miami Beach.

For decades, developers had built up much of the raw land throughout the Miami Beach area to take advantage of the last real estate boom. It was not until 2007, when construction halted due to the recent recession. However, now that the tide seems to be turning in the southeast Florida real estate market, Miami Beach is seeing resurgence in both the need for waterfront and oceanfront properties, along with near-beachfront condominiums and homes.

The real estate market in southeast Florida has always been buoyed by tourism, and the ever increasing demand from retirees hoping to find better year-round weather. Miami Beach is always served as a pivotal city in the area, and has served as an entertainment and cultural epicenter for decades. Its year-round weather is remarkable, as it embraces the cool waters of the Atlantic, and the sub tropic heat pushed upwards from the Caribbean islands.

A Solid Miami Beach Real Estate Market

Miami Beach has served as a major tourist spot for anyone interested in spending time in South Florida. The real estate market has always been solid, even through harsh economic times. As a result, many beachfront and waterfront condominiums and homes have been developed in an effort to meet the ongoing demand of investors and vacationers looking for vacation or permanent homes in the area.

The Miami Beach area is an ideal location to experience all the rich diversity of southern Florida. It provides an easy lifestyle with year-round phenomenal weather, and one of the few places in the US to enjoy golf every day of the year.

Miami Beach offers miles of beautiful beaches that are all available within walking distance. The convenience of the Atlantic Ocean is enjoyed by all of the Miami Beach residents that are here to spend the winter months, or on permanent vacation in southeast Florida year-round.

A Shift to the Miami Real Estate Market

There has been a major shift in the real estate market in southeast Florida, just within the last year or two. Many overseas investors are still eager to get their hands on an up-and-coming real estate market in the Miami Beach area. As many more individuals move into town every day, there is a higher demand in the home and condominium rental market, which suits the real estate investor to a tee.

Likewise, the market is quickly accommodating many of the retirees, and individuals hoping to purchase the real estate at a low price, so it is ready for them in the next few years when they retire.

Fortunately, there are still many great oceanfront Miami real estate deals still available. Prices on residential properties all through Miami Beach are still significantly lower than they were during the last construction boom.


Miami Beach real estate

Miami Beach Homes for sale

When you think of Miami Beach homes

chances are good the name conjures images of white sand beaches, swaying palm trees, elegant dining options and exciting nightlife. Miami Beach is all of that and more – it’s an amazing place to call home. What’s more, you’ll find Miami Beach homes on offer that offer tremendous luxury within a broad range of different price points. This ensures that anyone can find an amazing place to live in this exciting area. Here’s a look at some of the options available.

Aqua Allison Island

Aqua is actually a private island and the home at 6103 Aqua Avenue (unit 506) lies within a private, gated community offering the utmost in terms of privacy, as well as peace and quiet. The unit is up for sale with a price point of $1,150,000 and features three bedrooms, three baths and a total square footage of 2,347. Built in 2004, the condominium is one of the newer options available on the market, and the unit features an oversized balcony, top of the line kitchen appliances and comes with two parking spaces, which makes it ideal for families.

Another great property for sale is located on Dilido Drive. This stunning two-story home is the epitome of Miami Beach living. It features a Mediterranean style, complete with mature palms. The interior of the home is decked out in lavish marble, and features custom cabinetry, marble counters and 26-foot ceilings with correspondingly tall windows on the walls facing the water. It also comes with a saltwater infinity-edge pool ideal for relaxing at the end of the day or entertaining, and provides views over both Biscayne Bay and the city of Miami proper. With parking for three cars, this is one of the most opulent Miami Beach homes on the market, and can be had for $8,200,000.

Murano at Portofino

The Murano South Beach is one of the most acclaimed condo properties in the area, and this mansion is available for less than you might think. Combining the services and amenities of a condominium property and the independence of a single property, the Mansion at Murano is available for just over $4,500,000 and is one of the most opulent Miami Beach homes on the market currently. With three levels and waterfront access, combined with a private two-car garage and a terrace on the roof, it simply doesn’t get much better than this.

Finding Help with Searching for Miami Beach Homes

Of course the properties listed above, while opulent and luxurious, are just the tip of the iceberg when it comes to what’s available in terms of Miami Beach homes on the market. You’ll need the assistance available from a renowned realtor – that means ONE Sotheby’s International Realty. Whether you’re looking for a place to call home within walking distance of SoFi, closer to South Beach or on the Intracoastal Waterway, this real estate agency can help you find the perfect home for your needs. There’s no better choice than the area’s leading authority on luxury homes.


Miami Listings For Sale

Porsche Tower Condo

The Miami real estate market

continues to show progress. Broward county overall showed inventory absorption with an 18% decrease in the number of properties for sale over the first quarter of 2012. Sales showed a slight increase while prices rose on average 13.7%. The Miami-Dade overall outlook is similar with a slight uptick in the number of sales while price per square foot jumped 15.2%.

Turning to the luxury properties in Miami, residential properties in the $1–5 million range showed sales increases around 30% over the same quarter last year, outperforming the $5 million plus market and the $500,000 – $1 million bracket, which saw modest increases.

The Miami single family home market jumped 40%

in the number of homes sold, while prices increased 7.5%. The condo market posted gains as well, with the average price per square foot now averaging $721. The 33160 zip code area, which includes Sunny Isles and Aventura, continues to be the leader in the number of units closed, with a whopping 72.7% increase in sales over the first quarter last year while prices increased 8.3%. The Coconut Grove / Miami / Brickell market also saw big increases and the average price per square foot is hovering at the $500 mark.

In Broward county, the condo market in the $1–5 million range increased a dramatic 85.7%, sounding the signs of real recovery, where prices overall are still lower than most Miami-Dade markets.

The increases in this segment of the market show the return of the working wealthy, who have been mostly absent from the recovery so far. These buyers join a good number of foreign buyers still in the market primarily from Brazil, Venezuela, Canada and Russia. The emergence of financing in this market also contributes to the increases. Although the majority of sales are still cash, financing to these well qualified buyers is available from a variety of lenders.

Read our 1st Quarter 2013 Report »


North Bay Road Miami homes for sale

N. Bay Road real estate

Interesting things have been happening for New York Yankees baseball player, Alex Rodriquez. Better known as A-Rod, this pro player is a fan favorite and he recently had his Miami home on the real estate market. This mansion style house includes 19,861 total square feet located on North Bay Road, right on Biscayne Bay.

The home, with the address of 4358 North Bay Road in Miami Beach, has a wide variety of features and amenities, like:

• A full sized gym
• A built-in sauna
• A steam room
• A full sized swimming pool
• 16 security cameras
• And much more

It may seem like a surprise that A-Rod decided not to sell at this time. However, since the real estate in Miami appreciates so quickly, it might be a wise decision. He left it for sale for a while, but at $38,000,000 it did not find buyers, but found renters.

Not just any renter could choose to pay the price for this house. Reportedly, the lease is for $125,000 a month. It seems like only another star or baseball player could afford it. However, an interesting group has taken residence in the mansion: royalty.

According to sources, the renters of Rodriguez’ mansion are Saudi princes. Of course, this makes sense with an American house fit for royalty. The only change that the princes have made is to bring in more air conditioning. Reports are that the princes chose to add a total of four all-new units to ensure the large house is as comfortable as possible.

Perhaps the reason why this gained so much attention would be the cavalcade of black Escalades that have recently been seen parked in front of the mansion.

By renting out his home, A-Rod can get steady money from the residence and then wait until the market reaches a higher upswing before attempting to sell it again. More and more developers and investors have found themselves doing the same thing in the hope that the market will continue its turnaround.

The good news is that experts say it will. Hopes are that the market will be on a long-term upswing with no new crashes or bubble bursts. This means more people will be buying and more investors will be selling, opening up the housing market extensively. People can expect to see housing prices going up and more buyers paying closer to the asking price than they once would have.

It’s not every day that a professional baseball player rents out his home to princes, but it does happen. It seems true that A-Rod’s mansion was actually fit for a king. With a hefty rental tag, it would take a prince to pay the lease on the house.


Miami real estate for sale

Miami real estate

Not too long ago, everyone was a little afraid to buy any type of property. This real estate downturn led to a big problem for developers and for anyone who wished to sell their property. However, things have changed and the housing market all across the country has begun a new cycle. Of course, this leaves many wondering, will there be another bubble? With the problems of the past, it only makes sense to be wary. However, real estate experts and developers all indicate there is nothing to fear.

The Words of Don Peebles

For instance, Don Peebles, who is the chairman of the Peebles Corporation, is one of the most renowned developers of the day. Recently, he spoke out on the Fox News Channel’s, Neal Cavuto Show, with his own reaction to the real estate boom. According to Don, there will be no bubble now or in the future. Instead, he says that the housing recovery will be ongoing and long-term. This will lead to a continued rise in the housing market and numerous new developments across the country. Peebles says that now is the time to get into the real estate market. This way, as housing prices continue to go up, anyone who has invested will be able to enjoy the higher value.

How the Boom Effects Miami real estate

Peebles, and other real estate developers, all say that Florida and South Florida are the places to develop properties. That has to do with higher sales taxes in states like New York. More businesses will choose the lower cost areas like Florida in an attempt to save money.

As more people move to the Florida area, this will put a greater demand on available real estate. Of course, this will push prices higher and continue to provide successful ventures to real estate developers.

Of course, this is good news all the way around for Florida. As developers take greater interest in the area, they will propose new projects, spend more money on property, and bring new industry.

Experts Believe in the “New Boom”

Experts in the real estate market aren’t just talking about the long-term effects of the real estate boom either, though. They are taking action because they realize just the opportunity that is currently presenting itself.

Peebles himself just recently proposed a development for a 13,500 square foot building to be located in Harlem, New York. With his real estate expertise, obviously, he wouldn’t build if he didn’t feel confident in his advice. This should give anyone the courage to invest in real estate as well.

Whether you are mildly interested in the real estate in Miami or other markets, or you wish to become a developer, now is the time to buy properties and get into construction. The country is on the cusp of what should be a long-term boom. That means properties will continue to go up in value as the years roll by. Anyone who invests now will see excellent returns in the coming years. This is especially true for states like Florida, who will likely see the most out of the upswing.


Indian Creek Real Estate

Indian Creek Miami Real Estate

Recent changes in the South Florida real estate market

have led to surprising doors being opened for high end real estate developers. A few years ago, a housing market downturn caused detrimental changes for developers. No one was buying and no bank was willing to finance. Together, this meant that high end properties were left unsold. However, things have changed and this can best be seen through projects of developers like Oren Alexander.

Indian Creek Real Estate

This developer recently put together a deal that would have been unheard of just two years ago. They sold the 3 Indian Creek property in Miami for $50 million in cash. This sale was for a 30,000 square foot mansion that was actually built by patriarch, Shlomi Alexander. No one expected the housing market to take an upswing that would lead to new sales of high end properties, but in the last year, that happened.

After the sale of 3 Indian Creek, Alexander saw options in that more buyers are interested in exclusive properties in South Florida. A new project for a house described as “island colonial” is now in the works, and it is expected to sell for around $30 million. The hefty price tag is still considered appealing because the 11,000 square foot home is located right on the beach.

Why Are People Buying Luxury Miami Beach Homes

$30 million seems like a lot of money, especially in light of the real estate crash, but buyers have changed. In fact, the buyers interested in these types of properties are purchasing their third, fourth, or even fifth homes. This type of money isn’t as much of an issue. For a while, they didn’t buy because the market was so slow. However, with the new upswing, the luxury buyers are back on the market.

In fact, developers, like Alexander, realize the buyers are now out there, and instead of putting their mansion-like homes on the general market, they shop them exclusively to specific buyers. This makes the properties even more exclusive.

It may come as a surprise, but according to the CEO of Sotheby’s, almost half a dozen properties in Miami-Dade closed for more than $19.5 million each in 2012 alone. In 2011, there were only two sales of this caliber. This makes it all the more obvious that buyers are actively searching for new luxury homes as the real estate market takes a swing upwards.

What Miami Beach Realtors Notice

The realtors are also noticing this change. For example, Alex Rodriguez of the New York Yankees recently put his home up for sale at around $38 million. While he ended up renting out the property, numerous people came for viewings while it was for sale. This indicates that people consider these higher price tags reasonable.

Just a few years ago, luxury homes were not selling. No one was willing to take a risk. However, things have changed, and experts think that soon, properties will be selling for more than $3,000 a square foot in the Miami area. This spurs developers forward with new projects.


Miami real estate

Miami Beach real estate for sale

When the housing market struggled, there was a big gap between asking price and selling price. In other words, with so few buyers available, people simply couldn’t get what they asked for out of a property. This was especially evident in the South Florida area, where numerous properties were sold to those relocating from out of state.

From 2008 until 2011, there was a noticeable gap between prices, forcing sellers to get much less out of their properties than they needed. It created a cycle that made the real estate market suffer even more. However, the Miami real estate market is in an upswing, and things are changing for sellers. For people who live, develop property, or work in real estate, this is definitely a change for the better.

A Closing Gap

In 2011, the actual selling price of Miami homes, on average in the United States, was around 97.1 percent, which was up from previous years as well. In the most recent survey, the national average is 98.3 percent, which is a significant change.

In today’s real estate world in South Florida and throughout the United States, more sellers are getting much closer to their asking price for the actual selling price of their properties. This will continue to push the real estate market toward the upswing.

Why Is the Gap Closing?

Many people wonder why there is such an upswing and why buyers are willing to pay more money. Most professionals and real estate experts all agree that there are a couple of reasons why things are changing.

• Loans are becoming more readily available. During the downturn of the real estate market, it was extremely difficult to get a home loan, but now it has changed. That means more people can get the financing they need to buy property.

• Inventory isn’t as available as before. Now, when the market is going upward, such a short supply of property inventory is leading to more buyers willing to pay more money for available real estate. This will force the gap to close even more.

Essentially, everything goes back to the economic law of supply and demand. Fewer properties are available and there is greater demand for them. People are willing to spend more in an effort to get the real estate they want, pushing the selling price up much closer to the asking price.

For South Florida, this means good things. Now, more real estate properties will sell and more developers will be willing to move forward with their projects. New projects becoming available in the area shouldn’t push the gap wider either. Analysts believe the real estate boom will continue, and this means there will be plenty of buyers waiting to purchase properties in the area. For the real estate investor or for someone wishing to sell their private home, this is all good news.


Miami real estate

Miami real estate for sale

In the last year, the housing market in Miami has begun to make a serious comeback. Part of this has been due to the fact that there is a shortage of inventory. Many homeowners are forgoing placing their homes on the market in the hopes that they will continue to recover more of their pre-housing crisis value. This is essentially forcing current buyers to choose from among the properties that are currently on the market. For example, in 2012, distressed properties held a 40.1% share on the available amount of inventory in Miami. These were the lowest levels of available distressed properties since 2008.

As a direct result of these homeowners’ actions, the number of pending sales in the Miami housing market has increased dramatically. According to a recent report released by the Miami Association of Realtors, the number of pending sales for condos and single family homes has risen 67% over this same time last year. For example, in October of 2011, there were 2,488 pending sales in Miami Dade County. In October of 2012, there were 4,172 listings pending. This number also represents an 18% increase over the number of pending sales in September of 2012. Many are rejoicing in these signs of economic recovery.

Martha Pomares, who served as the chair of the Miami Association of Realtors in 2012, had this to say about the subject:

“The Miami real estate market is poised for another record year, that would surpass the all-time sales record set in 2011. Strong demand persists despite the shortage of housing inventory, and listings are increasingly selling at a more rapid pace, driving in significant price appreciation.”

In a similar sign of economic recovery for the Miami condos as well as single family housing market, the average sale price of condominiums rose 31.7% in November of 2012 versus what they were in November of 2011. This is the 17th straight month of appreciation for townhomes and condos that Miami has seen. In a report released by the MAR, it was noted that the average sale price of single family homes also 15.9% in the same period. This was the 12th straight month of appreciation gains for Miami single family homes.

In fact, these numbers have allowed Miami to set new sales records for 2012, even exceeding the number of sales that were conducted in 2005 before the housing bubble burst. Martha Pomares also noted that, given the shortage of available inventory, it was remarkable that these numbers continued to increase so. For example, in November of 2012 alone, sales activity increased by 23%.

The effects and fallout from the housing crisis are still being felt, and some experts have suggested that it could be 2017 before the market makes a full recovery. However, these signs of growth are encouraging, and it is making buyers feel less fearless when it comes to making purchases. While the future is still somewhat shaky and uncertain, the new growth is an encouraging sign.


Fisher Island Real Estate For Sale

Fisher Island Condo

If Miami real estate history

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

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

The average Miami home sales price

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

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

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


Content published by Lana Bell

Content published by Lana Bell