Miami Beach Real Estate News

Real Estate News

Every day is a different experience in Miami Beach.  Its ever-changing landscape and the diversity of the Miami Beach real estate market present exciting new ventures, opportunities and events that make it one of the most dynamic cities in all of sunny South Florida.

Our Miami Beach real estate blog is always being updated with the latest real estate news about Miami Beach and its neighboring areas, including local events and exciting new happenings.  As part our ongoing efforts to provide you with the most comprehensive information on Miami Beach and its collection of varied property, we will highlight and acquaint you with a new, acclaimed Miami Beach condo each month.

We encourage you to comment on our latest Miami Beach real estate and South Beach real estate news postings and contribute to the discussion.  The eclectic lifestyle and community always presents new perspectives and we’d love for you to share our postings with friends and family through your preferred social networking websites.  Thank you for reading our Miami Beach blog!

 
Monthly Archives         
 
Stunning Penthouse at Apogee
Wednesday, July 18, 2012
Rarely does a penthouse come on the market in the Apogee of Miami Beach. When it does, it is a real estate opportunity for only the most privileged. Residence 2201 is a triplex in the corner top floor of the Apogee. Within this triplex’s 6,853 square feet are 6 bedrooms, 7 bathrooms, and 1 half bath. The living area is impeccable with 22 ft. ceilings marble and hardwood floorings, top of the line appliances throughout, and clean lines that typify Miami Beach architecture and interior design. Outdoor living space is nearly 11,000 square feet including rooftop palazzo with 360 degree views, a private swimming pool and 2 outdoor summer kitchens. This residence is listed for $25 million, and is one of the most exclusive penthouses on the market in Miami Beach.
The Apogee Miami Beach is one of the most coveted addresses in Miami and it is comprised of 67 residences on 22 floors. Located in the highly desirable South of Fifth neighborhood of South Beach, it is in the midst of the nightlife of Miami, however has the European feel of a close knit neighborhood and has many attractions in walking distance. A marina is in walking distance for yachts there are a number of casual cafés and a grocery store are close by. The dining in the South of Fifth neighborhood is considered some of the best in Miami. The famous Joe’s Stone Crab is in the South of Fifth Neighborhood, along with Smith and Wollensky, Prime Italian, Prime 112, and the recently opened and critically acclaimed, Milos Estatorria.  The Miami International Airport is 15 minutes away via 395, and for those traveling executively, the Opa Locka Executive Airport is a 30 minute drive. For more information on this listing and others at The Apogee Miami Beach, please contact us today!
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Mortgage Rates Drop!
Thursday, July 12, 2012
The 30 year fixed rate mortgage dropped today to 3.56%. This is down from 3.62% last week and is the lowest since the 1950’s. Mortgage buyer Freddie Mac also announced that 15 year fixed rate mortgages have dropped to 2.86% from 2.89% last week, which are often used for those looking to refinance. The 30 year loan rate has fallen or matched record lows for 11 of the past 12 weeks. These rates can help the economy since people will be refinancing and making improvements. Investors can take advantage of these rates since often the rental revenue is higher than the mortgage payment.
We are seeing this clearly in Miami, since the rental prices are increasing, new projects are being developed, and home prices are on the uptick. This is hardly a trickle down effect since jobs are created whether it is through a new building or simply through labor needed to make improvements on homes. New developments in the commercial sector are also increasing. The proposed development in the Design District will likely spur buying in the surrounding areas of Little Havana and Wynwood. Investors are snapping up properties everywhere in South Florida and for good reason, Miami is a sound investment for rental properties or commercial centers. If you are looking for properties in South Florida, contact us today to get the inside track on the latest developments.
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Happy 4th of July from Miami Beach Condos and Homes
Monday, July 2, 2012
The 4th of July is celebrated in the US to commemorate the adoption of the Declaration of Independence from the Kingdom of Great Britain in 1776. This federal holiday often is observed with fireworks, parades, and barbeques. Miami Beach Condos and Homes is pleased to share with you the events in Miami and Miami Beach dedicated to this festive occasion. Enjoy this day with your family and friends and Happy 4th of July!!
  • City of Miami Beach Fourth of July Celebration: This is a truly unique, touching demonstration of our independence. Beginning at 6:30 PM, music will bring the crowd to its feet. Fireworks will start at 9:00 PM. I can't think of a more patriotic or more purely Miami way to celebrate! Festivities will be on the beach at 8th Street and Ocean Drive. For more information, call the Miami Beach Tourism Center at (305) 673-7400.
  • Old Fashioned July Fourth at the Barnacle: Celebrate the Fourth the old-fashioned way at Miami's first house still standing on its original ground. Open from 11 AM - 4 PM, the Monroe House will be opened to visitors for tours. There will be children's activities, kite-making, and knot demonstrations, among other period-inspired activities. You're invited to bring a picnic lunch or purchase food on site, but you should make other dinner plans: there are no fireworks at this celebration, Barnacle State Historic Site is located in the heart of the Grove at 3485 Main Highway. Call the Historical Society at (305) 442-6866 for more information.
  • Peacock Park Fireworks in Coconut Grove: If you spend the day at the Barnacle, why not cap it off with fireworks at Peacock Park? The Coconut Grove Chamber of Commerce is sponsoring an evening celebration from 5-10PM that will feature a dozen food trucks, live music, a children's play area and an evening fireworks celebration. For more details, call (305) 444-7270.
  • Key Biscayne Fourth of July Parade: It's a good old-fashioned parade in Key Biscayne this Independence Day! This Key Biscayne tradition features floats, music and fireworks. The parade begins along Crandon Boulevard at 11AM.
  • America's Birthday Bash at Bayfront Park: Enjoy live multicultural music while eating delicious food from one of the many booths. Stay until dark for the fireworks, the highlight of the celebration. While most spectacular here in the ampitheatre, the display should be visible throughout most of downtown and over the water. The festival begins at 3PM and concludes with fireworks at 9PM. The Bayside Ampitheatre is located at 301 Biscayne Blvd in downtown Miami. For more information, call (305) 358-7550.
  • City of Homestead Concert and Fireworks: For those in southern Miami-Dade County, the Homestead Miami Speedway is also hosting an Independence Day festival and fireworks show. The festival runs from 5-10PM and will feature entertainment, food and music with a fireworks show. For more, call the City of Homestead Department of Parks and Recreation at (305) 224-4570.
  • Fort Lauderdale Fourth of July Celebration: If you're looking to travel up north a bit, Fort Lauderdale is hosting the City of Fort Lauderdale Fourth of July Spectacular at A1A and Las Olas. The celebration begins at 1PM with family activities including a DJ and beach games. Music will continue throughout the evening with fireworks on the beach at 9PM. For more information, contact the City of Fort Lauderdale at (954) 828-5363.
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Lower Inventory Equals a Boost in Prices!
Thursday, June 28, 2012
In the month of May, home price purchases were mixed with non-distressed prices up and short sales down according to Campbell Inside Mortgage Finance Housing Pulse survey. The average prices for distressed properties rose 1.7% and average price of short sales fell .7%. Most experts attribute the stabilization of non-distressed home prices to the shortage in inventory. Further, those homeowners who are experiencing financial woes are holding onto their homes until price move up accordingly. Mortgage service providers are processing foreclosures at a slower rate, which also controls the amount of distressed property on the market at a given time.
The Housing Pulse 3 month moving average, using the Distressed Property Index, showed that the share of distressed properties in the housing market was at 46.1%, in May, which is the 27th consecutive month above 40%. The shortage of inventory of distressed homes is excellent news for home sellers. Since distressed properties usually drive a comparative market analysis down, fewer distressed homes on the market mean your home will sell for higher amounts. In Miami Beach in particular, the amount of inventory of distressed properties is down. Further, the demand for distressed properties in Miami Beach is up, which creates a bidding war between the interested buyers. So, even for the properties on the market that are distressed, their prices are much higher since buyers are pushing prices up by bidding on these properties. The luxury real estate market has remained relatively stable if not improved by these increases in prices in 2011. Prices are still down from the boom, which makes it still a very good time to buy, but one must act fast. For more information on purchasing property in Miami Beach, please contact us today!
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News on the Vacation Home Market and Investment Buyer Practice
Wednesday, June 20, 2012
The National Association of Realtors announced its results for the Investment and Vacation Home Buyer Survey. Overwhelmingly it found that vacation home buyers were in the South, were of the median age 50, had an income under $100,000, and paid cash for their properties. Further, it stated that investment buyers held similar practices, paying in cash, purchasing multiple properties, many of which were distressed properties, and when financing was used the down payment was steep approximately 27% of the purchase price. Chief Economist for NAR has this to say about the recent findings, “During the past year investors have been swooping into the market to take advantage of bargain home prices. Rising rental income easily beat cash sitting in banks as an added inducement. In addition, 41% of investment buyers purchased more than one property. Clearly, we’re looking at investors with financial resources who see real estate as a good investment and who aren’t hesitant to use cash. Of buyers who financed their purchase with a mortgage, large down payments were typical. The median down payment for both investment and vacation home buyers in 2011 was 27%.” We are pleased to offer some of the most interesting findings below, we hope you enjoy this update!
·         Total sales of vacation homes went up 10% from 2010
·         Investment Property Purchases were up 64.5%
·         Vacation Home Sales went up 7%
·         49% of investment buyers paid cash in 2011
·         42% of vacation home buyers paid cash
·         The median vacation home price was down 19.1% from 2010
·         35% of vacation homes were within 100 miles of the primary residence
·         37% were more than 500 miles from the primary residence
·         42% of vacation homes were purchased in the South
·         30% of vacation homes were purchased in the West
·         15% of vacation homes were purchased in the Northeast
·         12% of vacation homes were purchased in the Midwest
 
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Big News from the National Association of Home Builders
Tuesday, June 19, 2012
20% of the housing market is comprised of new homes. With every new home built, 3 jobs are created and it is estimated that $90,000 is brought in in revenue according to the National Association of Home Builders. For this reason the builder sentiment index is a powerful, yet early, indicator of housing recovery. Builder sentiment was at its highest, 50, in April 2006, which was the peak of the housing boom. The best sales levels were reported in April 2007 by builders. It has just been announced that in June the best sales were reported since April 2007 of new homes.
The six month sales outlook remains the same since May findings, however the Builder Sentiment Index has risen to 29, the highest in 5 years. In the past 7 of 9 months the Builder Sentiment Index has risen, and with the reports of the highest sales in June, builders are optimistic about the housing recovery market. Consumers are continuing to buy new homes and pre-owned homes at steady sales levels. This may be the result of the slowing jobelessness rate, low mortgage rates, and tax incentives for first time home buyers. This is incredible news for the real estate market and Miami in particular. We have seen recent ground breakings for new buildings such as My Brickell and Mansions at Acqualina, and will likely continue to see more condominium projects crop up in the future. For more information on new developments and for the latest news, contact us today!
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