Decline in home price index is good for buyers, not the economy

Home price index - Miami real estate

December 28th, 2010 -Robert Shiller talks about the decline in home prices in October on Bloomberg TV.

Contact MLR Realty at 305-673-3303 to speak with a Miami real estate agent regarding homes and condos for sale in Miami.

Luxury home for sale in Miami Beach, Biggest price cut

Luxury homes for sale in Miami Beach - Miami real estate

The Miami real estate property to see the biggest price cut this week was a luxury home for sale in Miami Beach.

The $2.495 million luxury home for sale in Miami Beach saw a $255,000, or 9 percent, price drop since it was originally placed on the market at $2.8 million in March. The price was last cut to $2.75 million in April.

Full Details...Luxury home for sale in Miami Beach, Biggest price cut

LaSalle to buy famous 'Miami Vice' tower

Miami Office Building - Miami Commercial Properties

A Chicago-based real estate investment giant is approaching a deal to buy the ‘Miami Vice’ tower. This iconic Miami office building, located at 100 S.E. 2nd Street, came to symbolize the city by being featured weekly in the opening of 1980s TV show “Miami Vice.”

In 2003, the current owner paid $85 million for the multi-tiered, 600,000-square-foot, high-rise in downtown Miami. The Miami commercial property however faces some challenges....

Full Article....LaSalle to buy famous 'Miami Vice' tower

Management picked for Royal Palm Hotel

The Royal Palm Hotel - Miami Commercial Real Estate

Sunstone Hotel Investors has selected Denihan Hospitality Group to manage The 407-unit Royal Palm Hotel at 1545 Collins Avenue in South Beach. This will be the first entry for the company in the Miami hotel market. The Miami commercial property was sold at auction this summer for $126.1 million and will undergo renovations aimed at a 2011 reopening. Denihan manages 14 properties in four cities under the James and Affinia brands.

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 Office Space – 3rd Quarter Statistics

Miami office space - Miami Commercial Real Estate

Vacancy rates for office space in cities have been rising throughout the United States and in South Florida. But the situation is especially serious for Miami because its downtown market needs to absorb 1.3 million square feet of new Miami office space. This comes at a time when businesses throughout the region and across the country have been contracting.

Full Article...Miami Office Space – 3rd Quarter Statistics

Fisher Island Condos – Biggest Price Cut

Fisher Island Condo - Miami Beach real estate

The Miami Beach real estate listing to see the biggest price cut this week is a Fisher Island condo. This three-bedroom, three-and-a-half-bathroom condominium was originally listed for $3.3 million when it hit the market in May.

Full Article...Fisher Island Condos – Biggest Price Cut

Merger creates largest U.S. realtor association

Miami Realtors - Miami Realtor Association

Joining with the Northwestern Association of Realtors (NDAR), the Miami Association of Realtors has completed its second merger in three months forming the largest local realtor association in the United States. The merger combines the Miami Association of Realtors' 23,500 members with NDAR's 500 members.

Full Article....Merger creates largest U.S. Realtor association

Land near downtown Miami Freedom Tower sold

Downtown Miami Condos - Miami Real Estate

The Miami real estate property located behind the landmark Freedom Tower, where developer Pedro Martin proposed building downtown Miami condos, has been purchased by a Hollywood investment group.

Martin, CEO of Terra Group, received city approval to build downtown Miami condos at the 63 story Freedom Square building. The proposal was controversial however because the Miami real estate condo tower would rise behind the 15-story Freedom Tower, which was an entryway to the U.S. for thousands of Cuban immigrants.

Full Article...Land near downtown Miami Freedom Tower sold

Bank of America halts US foreclosure sales

Miami homes - Miami real estate news

On Friday, October 8, 2010, Bank of America announced it is stopping all foreclosure sales and proceedings in all 50 states, though it's unclear how this action will impact homeowners who are currently negotiating with their lender.

To see VIDEO click here.

In the video above, experts told CNBC that it's bad news for the housing market. The Charlotte based bank and the largest in the Country, decided to halt foreclosures after JPMorgan Chase and GMAC Mortgage's stopped foreclosures last week to examine what it has been shown to be a flawe d process for documenting and filing foreclosures.

The Heat’s Chris Bosh buys Miami Beach Home

Miami Beach Homes, Miami Real Estate

Following his joining Miami’s basketball team, Heat’s big man, Chris Bosh, has purchased one of the Miami Beach homes located on North Bay Road. The 12,000-square-foot mansion is just south of La Gorce Island and was purchased by Chris Bosh for $12.5 million. The seven-bedroom, eight-bathroom mansion was built in 2009 and sold for $12.5 million, $3.5 million less than the listing price.

Full Article...The Heat’s Chris Bosh buys Miami Beach Home

Miami Realtors believe US home prices are dropping

Miami Realtors believe US home prices are dropping, Miami real estate

According to a third-quarter survey from home price tracking website HomeGain.com, real estate professionals, homeowners and Miami Realtors alike have taken a negative view about the U.S. housing market. The survey, which interview roughly 1,100 real estate professionals and 2,600 homeowners, discovered that 90 percent of real estate agents and brokers believe now that home prices will remain flat or will experience a decline over the next six months.

Full Article...Realtors believe US home prices are dropping

Miami Realtors believe US home prices are dropping

Miami Realtors believe US home prices are dropping, Miami real estate

According to a third-quarter survey from home price tracking website HomeGain.com, real estate professionals, homeowners and Miami Realtors alike have taken a negative view about the U.S. housing market. The survey, which interview roughly 1,100 real estate professionals and 2,600 homeowners, discovered that 90 percent of real estate agents and brokers believe now that home prices will remain flat or will experience a decline over the next six months.

Full Article...Realtors believe US home prices are dropping

Prices slashed: Homes for sale in Miami

Homes for sale in Miami-Miami real estate

According to data from real estate website Trulia.com, eighteen percent of homes for sale in Miami saw their prices slashed in August by an average of 12 percent.

On the list of 50 cities, Miami homes actually ranked fairly low at Number 49 with $123.8 million in price reductions. Number 50 was Detroit, which had 16 percent of homeowners reducing prices, though they did cut deeper, at 25 percent.

Full Article....Prices slashed: Homes for sale in Miami

46 units purchased at the Capri South Beach Condos

Capri South Beach condos, Miami Beach real estate

With the intent of performing various renovations, Nadim Achi and Miami-based Fort Capital Management purchased 46 units out of a total 69 in the Capri South Beach condo building at the end of May. They have a five-year plan to sell the units with an eye toward buyers in New York and Brazil. Fort Capital's Achi is part of a new trend of bulk buyers that are now purchasing Miami Beach real estate but taking a more patient approach instead of flipping quickly like some investors do.

Peter Zalewski, founder of Condo Vultures, comments that: "It's kind of the trend now. There's a commitment of capital by the bulk buyer, it's different than what you had seen previously, where you buy and then try to resell. Now they buy and wait, and they're going to be more stringent on the prices they accept."

Full Article....46 units purchased at the Capri South Beach Condos

Homes prices fall as inventories rise nationwide

Miami home prices fall as inventories rise, Miami real estate

Some indicators show the real estate market has begun to turn a corner. The National Association of Realtors reported on September 2 that pending sales of existing houses increased 5.2 percent from June to July. According to the median of 37 forecasts in a Bloomberg survey, economists had estimated a 1 percent decline.

Nicolas Retsinas, director emeritus of Harvard University's Joint Center for Housing Studies, said during an August 31st interview on Bloomberg Television's that ''The market is starting to show some signs of stabilization but a robust recovery is a long time away.''

Lender Processing Services Inc., a Florida-based mortgage servicing company, reported on September 2nd that as of July 31st the number of U.S. homes in default or foreclosure fell to 7.04 million from a high of 8.12 million in January.

Full Article...Homes prices fall as inventories rise nationwide

Experts say: Now is good time to refinance your mortgage

Mortgage Rates - Miami homes

Howard Atkins, CEO of Wells Fargo, stated in the CNBC video below that any homeowners who can, should refinance now, given the low rates and subsequent wealth effect they would benefit from. He added that refinancing is good not only for Wells Fargo's mortgage business, but also for the economy. Atkins said that the $1.4 billion in reserves that banks have is enough to buy back the Fannie Mae and Freddie Mac sponsored troubled mortgages. Commercial real estate loans have been a definite drag on earnings for banks, according to CNBC's Brian Shactman, but will not threaten their businesses going forward.

Watch CNBC VIDEO

Foreclosures in Florida, Year-to-date stats for September

Foreclosures in Florida, Miami Real estate

Based on the most recent data available from Broward, Miami-Dade and Palm Beach counties, as of September 10th, 2009, there are 34,508 foreclosures in Florida year-to-date. That is 26,533 less than the 70,898 foreclosures this time last year. The graph below reflects the foreclosure activity for Broward, Palm Beach and Miami real estate. However, Broward’s records are not current through September 10th.

For more information on foreclosures in Miami or to speak with a Realtor regarding other Miami real estate for sale or for lease, you may contact MLR Realty at 305-673-3303 or go to www.MiamiLodgeRealty.com.

Pending Miami home sales jump 33%

Miami homes - Miami Beach real estate

According to data by Miami Realtors, pending sales of Miami homes were up 33.7 percent in August compared to the same month last year. “Pending sales” are homes with that have contracts but have not yet been closed.

There are 10,119 pending Miami home sale contracts in Miami-Dade County, 2,549 more than last year. Month-over-month, pending sales were up 0.6 percent from August.

Full Article...Pending Miami home sales jump 33%

Terra Beachside Villas sees turnaround

Terra Beachside Villas, Miami Beach condos

Terra Beachside Villas broke ground seven years ago and for the past two years have sat unoccupied. This once distressed Miami Beach condo project has new owners, lower prices and local officials have given permission to begin occupancy.

According to Gregory Freedman, a principal at BH III, construction has restarted and more than half of the units have buyers. The developers for the Miami Beach condos located at 6000 Collins Avenue received a Temporary Certificate of Occupancy this week which allowed them to finalize contracts so new owners can move in. Residences at Terra Beachside Villas are priced between $250,000 and $685,000 and buyers have been found for almost 65% of the 117 units.

Full Article...Terra Beachside Villas sees turnaround