Surfside Condos

Bal Harbour real estate

which is located in the northern portion of Miami Dade County, has experienced a recent economic and housing boom. An increasing number of home buyers are seeking out property in this area, because, while quite beautiful, it is removed from the hustle and bustle of the city. However, if current trends continue in this manner, this may not be the case for long. In 2012, the community passed the $758 million mark in home and condo sales.

As a result of this boom, a number of new housing projects are being proposed for Bal Harbour, Bay Harbor Islands, Surfside, and the surrounding communities. There are currently 10 new proposed condo developments in the works. If all are completed, these projects would bring 500 new units to the Bal Harbour community. These proposed developments are already producing an effect on existing housing prices in Bal Harbour.

What is the driving force behind Bal Harbour’s popularity? According to reports released by the Miami Dade County Property Appraiser’s office, median home prices in Bal Harbour have risen 35% over the same time last year. In addition to home buyers’ preference for the community, sales here are also being driven by the recent development of St. Regis Bal Harbour. Officially opened in January of 2012, by August, St. Regis had already passed the $658 million mark in sales. One of the highlights of these sales was the $24.6 million purchase of 5 units that a foreign investor made.

Since the condos at St. Regis

have been completed, new shops and restaurants have also opened up in the vicinity, which has further made this community much more desirable. At the average closing, home buyers have been paying between $1,200 and $1,500 per square foot of space. In the last several months, several high profile expensive developments have been proposed for Bal Harbour. While approval for these proposed projects is still pending, it has become quite clear that this community is the new, hot commodity.

The housing boom has also driven economic growth in the community. In addition to the aforementioned new shops and restaurants, the Bal Harbour Club recently sold for a total sum of $225 million. Ryan Shear, who is the managing director of Property Markets Group, has attributed the new, sudden desirability of Bal Harbour to two primary factors:

One is the lack of supply — obviously there’s only so much oceanfront in South Florida, and the other factor has been the South American buyers — these aren’t New Yorkers or Americans — in all these buildings.�

Bal Harbour Realtors

will certainly be watching the new developments in Bal Harbour with an eager eye. Already, home prices in Surfside, a barrier island just north of Bal Harbour, have begun to rise as new buyers seek out homes. In 2011, growth in Bal Harbour condos was stagnant, but its fortunes appear to be on the upswing now, and it will be with baited breath that others await to see just how far the community rises.

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.”

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.

The joint luncheon which took place at the W Hotel in Miami Beach last month, was sponsored by the Miami Beach Chamber of Commerce and the Miami Board of Realtors. It included a panel of leading experts from Banking, Real Estate Developement, Real Estate Sales & a statistical analysts who spoke on the current state of the Real Estate market in Miami and the Beaches.

A very informative, interesting and encouraging conference which discussed the following topics:

*The bottom of the real estate market was last summer 2009.

*Since the bottom , inventory of “for sale properties� went from 11,750 in 2009 to 7,800 in august 2010.

*70% of all sales are purchased all cash.

*More than 50% of buyers are from foreign countries.

*Mortgage rates are at the all-time low and should stay like that for 2011 and maybe even 2012.

*Financing is available, but not easy.

*We have more international buyers in South Florida than anywhere else in the country ,including NYC , Las Vegas & California.

*The panel of speakers all agreed than real estate prices in Miami and the Beaches are at the lowest and we will not be seeing this pricing again in the next 20 years or more…A lot of Opportunities…

*They all agreed on the bright future of the development of Miami.

*They see 2011 being a better year and coming back to a moderately booming market again in 2012.

Click here to see all currently available Miami Beach properties for sale

One of the markets hit the hardest by the economic crisis has certainly been the Miami real estate market. Sellers have been finding themselves with properties that sit on the market for months longer than expected, and buyers, while finding prices at all time lows, have been feeling economic pressure that makes it hard to buy. Thankfully, however, it seems that hope is finally on the horizon. Recent figures in major cities such as Miami show that the market is finally starting to move upward again. This increase in sales and purchases is good news for anyone looking to make a real estate transaction.

2011 is certainly looking like it will be a better year for the Miami real estate market. While there will still be no fast solution where everything returns back to being perfect, the market options are increasing. Buyers are still faced with better deals than sellers, but the selling market is improving. The improving economy will give buyers the ability to purchase more homes, but because the market is so saturated with homes that have been for sale for some time, it will take a bit of time for the market to swing back to the point of being a seller’s market.

The selling price for Miami homes is expected to rise in 2011. The number of people facing foreclosures and other major issues has forced many people to sell not only below market value, but below the replacement cost of their homes. With many people taking advantage of foreclosure prevention programs, these people are able to retain their homes and can be expected to see them return to the market soon at a price that is much more reasonable from a selling standpoint. While it is unclear how long this change will take, it is certainly not going to be immediate.

In essence, the real estate market in Miami is definitely starting to move upwards

but there is no magic solution. The road to recovery for the real estate market is certainly going to be a lengthy one. The good news for sellers and homeowners right now is that change is finally on the horizon. For buyers, the good news is that right now there are still a number of amazing Miami waterfront homes on the market for prices much lower than you can expect to see them again any time in the near future.

More than ever, Florida’s real estate opportunities

are drawing foreign investors from around the world. As the US dollar remains weak, many foreign currencies provide a significant discount on real estate, making luxury ocean front properties in Miami a possibility for more and more international investors.

Also consider that properties such as Turnberry Ocean Colony, Jade Ocean, Jade Beach, and Trump Towers are all going up in value. For instance, the average price for a Turnberry Ocean Colony condo was $538 per square foot in 2009, but had an increase in price to $634 in 2010. Purchasing one of these condos provides an excellent return on investment.

International investors also know that the amenities these condos provide have great appeal for many people. Each one of these condos provides a living experience that is both comfortable and luxurious. For example, Jade condos have large terraces with panoramic views, floor-to-ceiling glass walls, European designer fixtures, whirlpools, and spacious walk-in closets. This condo has a private beach, which offers a café and cabanas. You’ll also find a health club, spa, and the infinity-edge boat shaped Sunrise Pool, which overlooks the ocean. These amenities are just a few of what’s on offer at the beautiful Jade Beach condos.

The location of these ocean front properties are, of course, another great draw. They are all accessible to what Miami and Fort Lauderdale have to offer. Both cities offer an abundance of vibrant nightlife, attractions and dining options. All of this in addition to views of the blue Atlantic water and abundance of beaches makes South Florida’s luxury ocean front properties prime real estate.

Sunny Realty’s team speaks English, Russian, Spanish, German and Portoguese, and is available 24 hours a day, seven days a week to answer any questions you may have about buying, selling or investing in real estate in South Florida.

WEST PALM BEACH, Fla. – Oct. 20, 2010 – Bargain buyers have to look harder to find foreclosed homes as bank-owned properties were yanked from the South Florida real estate market during the past three weeks.

Four lenders froze foreclosure homes proceedings several weeks ago

after allegations that paperwork was faulty, or in some cases even fraudulent. Since then, the inventory of distressed homes in Palm Beach, Broward and Miami-Dade counties dropped 19 percent from the end of September.

Court auctions also continue to be down, with 59 percent of scheduled foreclosure sales in Palm Beach County canceled Monday. About 45 percent were pulled from the clerk of court’s online auction on Tuesday. Before the foreclosure freeze, the average auction would have about 30 percent of its sales canceled.

It’s unknown how fast Bank of America, which said Monday that it was restarting its foreclosure proceedings, will be able to get its repossessed homes into circulation, but Realtors and investors say they hope the uncertainty clouding the process clears soon.

Also Tuesday, the White House said that an interagency task force on financial fraud has launched an investigation into the foreclosure process.

“If this turns into a lengthy situation, it could really destabilize the marketplace as discount buyers compete for properties or decide to sit on the sidelines if prices get too high,� said Peter Zalewski, a principal with the Miami-based Condo Vultures.

Zalewski’s numbers show 925 bank-owned homes dropped off the market between Sept. 27 and Monday. It was on Sept. 20 that Ally Financial Inc., previously GMAC, acknowledged it was freezing its foreclosure sales, auctions and evictions to review possibly flawed records. The company said this week it is moving forward with foreclosures as documents are reviewed and, if necessary, corrected.

The reduction of bank-owned homes leaves fewer than 4,000 foreclosures on the market in South Florida, including 1,650 single-family homes and 2,271 condominiums.

“The person I wouldn’t want to be is the listing agent on bank-owned properties because effectively they are going on vacation for the next quarter,� Zalewski said.

Some economists have said a foreclosure delay will pump up the economy by slowing the number of discounted properties going to market, which could even out or bolster home prices.

But investor Don Cameron, who owns a South Florida franchise of We Buy Ugly Houses, disagrees. Cameron buys many of his homes at Palm Beach County’s thrice-weekly foreclosure auctions, carefully researching the condition and history of each property before bidding.

When sales are pulled because of the moratorium, that research is wasted, he said.

Also, Cameron’s business involves rehabilitating homes, which means hiring people for construction jobs. Through the sales of the houses, Realtors make commissions, title companies have business, and taxes get paid.

“It’s all a domino effect and it’s stunting and halting economic recovery here,� Cameron said.

Copyright © 2010 The Palm Beach Post, Fla., Kimberly Miller. Distributed by McClatchy-Tribune Information Services.

Keeping up with Miami real estate market today

can be tough. New Miami Beach condos and waterfront properties are being sold and listed every day, and prices change rapidly. Today’s prices are at record lows, but that can change at any time. If you have your eye on any of the Miami area properties listed here, you can easily ensure that you are the first to know when there are any changes. Our email notification system allows you to track one or more properties so that you are always informed if the property you are interested in experiences a listing change.

When you sign up for Miami email notifications

you will be instantly alerted when properties that you are tracking are sold or when prices and inclusions are added or dropped. This can help you monitor potential investments and can keep you from missing the perfect buying opportunity. You can also learn when properties go under contract and can find out what changes sellers are making to their listings. The feature offers many benefits and is remarkably easy to use and understand.

If you are interested in receiving email notifications for a property, simply fill out the form on the request page. You can add properties by name or you can select a number of bedrooms or price range. All information is kept strictly confidential and will never be shared with outside parties. Because the system is automated, you will be sent notifications as soon as they become available, ensuring that you are always the first to know when a property that interests you is listed or changed. To sign up for email notifications or to learn more about this feature, you can simply click the appropriate link or type http://www.sunnyislesmiamirealestate.com/receive_notifications.htm into your web browser to visit the page.

If you are considering getting a second home in Miami

or if you want to sell your current home and move to a Miami beachfront property, now could be the best time to do it. Miami waterfront homes have dropped to 2002-2003 prices. That means that you will save a lot of money when you invest in these properties.

Miami real estate

has a lot to offer residents, from the interesting culture and entertainment the city boasts to the wonderful beaches. Florida is no longer just a place to visit when you take a vacation – it is the perfect place to setup your new home.

While the housing market may seem to be in a state of flux, those who have the means to buy a new home will find that great Miami homes are now priced to sell. This means that you will be able to get a lot more for your money, including oceanfront Miami condos.

Because so many Miami luxury homes

prices have dropped to 2002-2003 prices, you will find great places to live in a variety of different areas of the city. You can choose a home that is located close to the South Beach area or one that is found in Bal Harbor Island in Bal Harbour. No matter the area you want to live, you are sure to find a great property with homes priced right.

When you own a Miami house

you will be able to live the luxurious lifestyle that you always wanted. Best of all, you will be able to do it with money left to spare since Miami houses for sale prices have dropped to 2002-2003 prices. Start checking out all of the great properties and you are sure to find something that you will love and that you will be able to afford.