South Florida home prices may rebound in 2011

South Florida Real Estate - Miami Condos for Sale

As we enter into 2011, South Florida real estate watchers are keeping an eye on the Florida housing market. Analysts predict that the market will “bottom out” nationally in 2011. Some forecasters believe we already have.

Zalewski showed CBS4’s Joan Murray a high rise where he says you can pick up Miami condos for sale for under $200,000. He believes east of 95, we’ve already hit bottom.

Full Article and Video.......South Florida home prices may rebound in 2011

Pending Home Sales Rise October 2010

October Pending Home Sales - Miami Real Estate

According to a report released December 2nd by the National Association of Realtors, the number of pending home sales rose in October, showing a positive upward movement since bottoming in June. Based on contracts signed in October, the Pending Home Sales Index showed that sales rose 10.4 percent to 89.3 from September’s pending home sales.

There was a 0.4 percent increased for residential Miami real estate in October compared to pending home sales in September, according to the Miami Association of Realtors. Pending sales for Miami condos was up 0.7 percent to 5,878 for the month which was 34 percent higher than in October 2009.

Full Article....Pending Home Sales Rise October 2010

Foreign buyers keep residential Miami real estate afloat

Foreign Buyers - Residential Miami real estate

The residential Miami real estate market continues to be driven by International buyers, particularly from Latin American countries like Brazil.

According to data from the Miami Association of Realtors, in October, pending home sales for single-family homes and Miami condominiums, increased 23.6 percent compared to October 2009. Last month there were 10,264 pending home sales, up from 8,304 in October 2009. Many of these residential Miami real estate sales were driven by foreign buyers, mainly from Brazil.

Full Article...Foreign buyers keep residential Miami real estate afloat

Miami real estate statistics, Miami real estate

2010 Miami Real Estate Statistics

Below is a monthly break down of the Miami real estate listings that have been sold year-to-date, according to the Realtor Association of Miami-Dade. This Miami real estate report separates the listings by the type of property including single family Miami homes, Miami condos and Miami commercial real estate. Residential income, residential land, and business opportunities are also included.

Full article...Miami real estate statistics, Miami real estate

Great Florida Bankwins $34M foreclosure, Miami real estate

Great Florida Bank wins $34M foreclosure on Hollywood project

A foreclosure judgment of $33.7 million was given to Great Florida Bank over the stalled Arden Park residential project in Hollywood.

On February 11th, Great Florida Bank, based in Miami Lakes, won the judgment against Miami real estate project, Arden Park LLC, formerly known as Coscan Shefaor.

Full article...Great Florida Bank wins foreclosure, Miami real estate

Miami homes for sale, Miami real estate

Pending home sales rise in South Florida

According to data released Tuesday by the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service Pending home sales rose in Miami-Dade and Broward counties during January compared to December.

In Miami-Dade, pending Miami homes for sale increased 0.8% to 3,741 and condos for sale in Miami rose 3.5% to 4,647.

Pending sales of condominiums in Broward rose 9.4% to 4,137 and sales of single-family homes rose 6.2% to 3,310.

Full Article...Miami homes for sale, Miami real estate

Miami Condos, Miami Real Estate

Condo Bulk Buyers Helping Miami Real Estate Market

As the year starts winding down, Miami real estate investors have begun buying large blocks of Miami condos, known as ``bulk deals'' at a rapid speed.

According to analysts, the burst of new activity indicates investors, mostly seasoned Miami real estate professionals, recognize the new construction market is nearing bottom.

Investors have closed on five bulk transactions totaling 518 units and 710,500 square feet throughout Miami-Dade County, since the end of October.

For four of the five deals the combined purchase price was $43 million.

Full Article...Miami Condos, Miami Real Estate

Altos de Miami, Miami Condos for Sale

Bulk buyer repositions Miami condos to sell in Miami’s Little Havana

Ed Pascoe made the winning $4 million bid at auction for the Altos de Miami project.

One of the first local developers to execute a takeover of a new fractured Miami condos development is a Miami-based antiques dealer and property owner.

Miami real estate meltdown is added a new twist by Ed Pascoe’s profile in which many with the ability to sign a loan added condominium developer to their resume.

But Pascoe is the owner of Miami-based Pascoe & Co. antiques. He did not want to risk the remaining 56 units in the 134-unit 17-story condominium in Miami’s Little Havana neighborhood, Altos de Miami.

Pascoe joined with an experienced broker from Douglas Elliman, Brian Carter, and the investor who lost out to Pascoe on the Altos de Miami auction to resurrect the building, made the winning $4 million bid at auction for the units on February 24.

Miami Condos, Miami Real Estate

Miami Real Estate Market, Miami Condos

We are already aware that South Florida and the Miami condos market is in a slump, but some buildings are managing worse than others.

fallen by at least 75% since peaking, bringing on huge financial losses for some owners and lenders.

According to a new analysis of first-quarter sales from Miami condos research firm CondoReports.com in a ranking of the 10 worst-performing projects, Keystone Towers in North Miami topped the list, with unit prices dropping 81 percent since peaking in 2007.

Sales in Keystone Towers which was converted to condominiums during the boom peaked in 2007 with 20 units selling for an average of $334 per square foot. The price had fallen to $62 per square foot, at the end of March.

Full Article...Miami Condos, Miami Real Estate Market

Miami Condos, Miami Beach Real Estate

Occupancy Rates are Soaring in Downtown Miami Condos

With most downtown Miami Condos’ dark and desolate, newly built condo towers may look ghostly. But as the downtown area quickly fills up with residents, that's changing.

Renters are marching in to help lighten things up, although Miami condos sales remain sluggish. Sales are picking up, too.

An occupancy report released Wednesday by the Miami Downtown Development Authority, found that 62% of the new condos built since 2003 are, in fact, inhabited by humans.

Full Article...Miami Condos, Miami Beach Real Estate

Miami Condos, Miami Beach Real Estate

Borrowing for Miami Condos Easier in 2009

Twenty six Miami Condos have been approved by Fannie Mae for Federally backed mortgages this year, compared to zero in 2008, according to Condovultures.com. Fannie Mae refused to finance units in condo towers where values had dropped too much or where a large portion of the condos were in foreclosure, as the housing market collapsed last year.

The higher number of projects in Fannie Mae's mirrors the quickening pace of sales in the battered Miami real estate market. Fannie Mae approved 25 South Florida condo projects in 2007 and 19 condo projects in 2006.

Miami Homes, Miami Beach Real Estate

Feds get Tough on Mortgage Fraud, Miami Homes

The string of rapid-fire sales at a Coral Gables home was emblematic of the cause and consequences of South Florida's housing bust, to neighboring residents. In less than three years, the four-bedroom house, now vacant and deteriorating, was sold, bought and foreclosed on three times.

Neighbors always suspected that something wasn't right with one of the Miami homes on Alesio Avenue as the value of the home more than doubled to $1.2 million in the short time span. As it turns out they were right.

This week a federal judge sentenced Jose G. Martin to 65 months in prison. Martin had once posed as a renter in the home and was charged with orchestrating a $6.6 million mortgage fraud scheme involving the Alesio property and six other homes in Miami-Dade County.

Full Story....Miami Homes, Miami Beach Real Estate

Miami Condos, Miami Beach Real Estate

Miami Foreclosure-Ridden Complexes are Now Top Sellers

Miami condos complexes that had the worst foreclosure problems are now showing high condosales. In a reversal of fortune, seven of the top 10 most foreclosure-ridden complexes last year ranked among the 10 top-selling projects in the first three months of 2009, mostly because banks slashed prices in order to speed sales.

The new figures come from Miami-based market research firm CondoReports.com, which compared foreclosure and sales transactions in its database of 2,000 Miami-Dade projects built before 2008.

Three of thr best selling Miami condos projects were in Miami-Dade's farthest flung suburbs. Shoma at Keys Cove in Homestead ranked first with 50 sales; followed by Mandarin Lakes near South Miami Heights, with 32 sales; and, Bluewaters subdivision in the Country Walk area, also with 32 sales.

Full article...Miami Foreclosures, Miami Beach Real Estate

Miami Homes, Miami Beach Real Estate

Miami Homes, April Sales Rise by 2.9%

From March to April, sales of previously occupied homes rose modestly as buyers who were brave enough to dive into the market took advantage of prices that were 15.4% below year-ago levels.

On Wednesday, the National Association of Realtors said that home sales rose 2.9% to an annual rate of 4.68 million last month, from a downwardly revised pace of 4.55 million in March.

The results slightly more then economists' forecasted. According to Thomson Reuter, sales had been expected to rise to an annual pace of 4.66 million units.

Full Article....Miami Homes, Miami Beach Real Estate

Miami Homes in Foreclosure, Miami Real Estate

Florida Foreclosures, Treasury Rolls out Relief for More Homeowners

ON THE WEB:
Treasury fact sheet: http://tinyurl.com/qlbn9m
Progress Report: http://www.treas.gov/press/releases/docs/05142009ProgressReport.pdf
Making Home Affordable site: http://www.makinghomeaffordable.gov/about.html

The Obama administration unveiled new programs Thursday designed to make it easier for homeowners who owe far more than their houses are now worth to sell those homes at a loss and have their remaining debt forgiven.

These programs are the latest additions to Making Home Affordable, an evolving $75 billion plan that tries to break the national housing crisis into separate pieces, attacking the problem on several fronts.

The first two legs of the program sought to help borrowers refinance into today's low mortgage rates, or if they're behind on payments, to seek loan modifications to avoid foreclosure.

MIami Condos, Florida Foreclosures

Florida Foreclosures, Onyx on the Bay Units Face Action

The developer of Onyx on the Bay, a 28-story highrise in Miami, faces foreclosure.

According to court records, Corus Bank has filed a foreclosure action targeting 41 unsold units within the 118-unit condo tower.

Named in the lawsuit, which was filed April 29 in Miami-Dade Circuit Court, is Developer Biscayne Bay Lofts and the principals of the development partners, Willy Bermello and Luis Ajamil, of Miami-based BAP Developers, and Gustavo Micuslitzki, of Argentina’s GGM Developers.

Onyx appears to be the first to fall-Last month; the troubled Chicago-based Corus Bank warned that it was preparing to foreclose on three South Florida projects.

Full Article....Miami Condos, Florida Foreclosures

Are you thinking about buying a Miami property?

You may want to consider the following:

1) Average home prices in South Florida went back to 2003 prices and some brand new ones are selling for less than it would cost to build one from scratch.
Furthermore, the average price for a single-family home – nowadays about $217,000 -is starting to be affordable to people earning the average income in Miami-Dade and Broward counties. This could start raising the demand from people who never thought about owning a home before.
2) Today interest rates are at a record low. This could mean that buyers can save more money buying now, rather than wait for lower prices, but at a higher interest rate.
3) Lets not forget about the incredible opportunities of foreclosures and short sales! The overflow of homes, condos villas and lofts on the market also means lower prices.
4) A new $7,500 tax credit is available for first-time home buyers until July 1. This can be used lower the down payment

Miami Beach real estate morgages

The Miami Beach real estate market is definitely seeing some light from the buyer’s point of view. The 30 years mortgage rates have reached a record low. Freddie Mac stated that the 30 year fixed mortgages are at an average of 5.1 percent. The average for a 15 year mortgage dropped to 4.83 percent, on five-year, adjustable-rate mortgages rose to 5.57 and on one-year, and adjustable-rate mortgages fell to 4.85 percent. Miami Beach homes and Miami Beach condos buyers are taking advantage of this situation. International and domestic buyers really started to look into all kinds of properties, from waterfront homes to South Beach lofts, Miami commercial real estate properties and Miami foreclosures...

Florida Home Seizures, Florida Foreclosures

Home Seizures up Drastically, Florida Foreclosures

In the third quarter, failing Florida economy helped push 90,000 more homes into foreclosure, amid mounting job losses and falling home prices, according to an industry report released Friday.

The Mortgage Bankers Association reported at the end of September, Florida foreclosures stood at 7.32%, representing 261,027 homes. The percentage of all homes in foreclosure in Florida easily outranked those of other states. Nevada's rate of 5.58 was second highest.

Jay Brinkmann, MBA chief economist says ''Florida has lost 156,000 jobs [this year], the highest in the country, and that now is clearly driving problems in Florida in addition to some of the overbuilding issues we saw there''. He noted that speculation and poor underwriting had contributed to both Florida and California's high rates.

Full Article...Florida Home Seizures, Florida Foreclosures

Prices Down Even with South Florida Home Sales Up

As more and more are snapping up properties sold at levels not seen in four years, falling home values continued to stimulate sales in October. But South Florida's housing market remains weighted down by a huge surplus of Miami homes for sale.

According to numbers released Monday by the Florida Association of Realtors, prices for existing single-family homes dropped 30% in Miami-Dade County and 29% in Broward Compared to October last year,. Also, condominium prices fell 26% in Miami-Dade and 28% in Broward compared to the same period a year ago.

Full Article...South Florida Home Sales Up