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

Marina Blue space to open eatery across from AAA

Miami retail space, Miami commercial property

The Miami Heat and their new dream team have possibly had an effect on another downtown Miami real estate property, the Marina Blue Condos. According to a report from Condo Vultures, Sergey Novov, a Sunny Isles Beach investor, paid $410 per square foot, $2.1 million, for 5,100 square feet of ground-floor Miami retail space. The Miami commercial property is across the street from American Airlines Arena and is expected to become a restaurant and bar, possibly including a micro-brewery.

Full Article...Marina Blue space to open eatery

"Leftover" Luxury Miami Beach Homes

Luxury Miami Beach Homes, Miami real estate

At the peak of the market in 2005 there were many ultra luxury Miami Beach homes built. Some of these Miami Beach homes were priced over $20 million and sat on the market idle through the end of the boom. Now these homes in Miami, referred to as "leftover houses" by Nelson Gonzalez, senior vice president at Esslinger-Wooten-Maxwell, are selling quickly.

Gonzalez says that "They put in all the best appliances, doors, hardware, landscaping, and moldings where before people used to skimp a bit, and the developers thought that the market was never going to end, and put in all the best of the best."

Full Article...."Leftover" Luxury Miami Beach Homes

10 Most Expensive Miami Homes Sold

Miami Homes - Miami Beach Real Estate

Follow the link below to see a list of the ten most expensive Miami homes sold in the area of Miami-Dade in the last three months. Four out of these ten Miami homes were Miami Beach real estate properties. The other Miami homes were sold in the Upper East Side, Coconut Grove, the Gables, Key Biscayne and Kendall.

Full Article...10 Most Expensive Miami Homes Sold

10 Most Expensive Miami Condos Sold

Miami Condos - Miami Beach Real Estate

Click on the link below to see a list of the ten most expensive Miami condos sold in the area of Miami-Dade in the last three months. Nearly half, or 40 percent, of these sales were Miami Beach real estate properties. The other Miami condos sold were spread out equally between the areas of Coral Gables, Key Biscayne, downtown Miami and Bal Harbor.

Full Article...10 Most Expensive Miami Condos Sold

Miami foreclosure auction brings in $9.3 million

Miami Homes - Miami Real Estate

On August 1st, South Florida bargain hunters bought 154 foreclosed Miami real estate properties totaling $9.3 million at an auction in the Miami Beach Convention Center. That averages out to $60,390 per property.

The auction company, REDC, said that one home in Fort Lauderdale sold for $20,000. That was 91 percent less than its previous high value. And in Delray a home sold for $99,750, which was 51 percent off its highest value.

Full Article...Miami foreclosure auction brings in $9.3 million

Royal Palm Hotel auctioned for $126M

Miami Beach Hotel - Miami Foreclosure

The Royal Palm, a Miami Beach hotel located at 1545 Collins Avenue, was bought for $126.1 million by Sunstone Hotel Investors at a Miami foreclosure auction on Monday. The company, based in California, now owns 31 hotels with 11,722 rooms, including the 409 rooms at the Royal Palm. The Royal Palm was the first Miami Beach hotel to be owned by an African American almost 20 years ago. Developer Guy Mitchell lost it now to Miami foreclosure.

Full Article...Royal Palm Hotel auctioned for $126M

Bankruptcy for Onyx condos in Miami

Condos in Miami - Miami Real Estate

Onyx on the Bay condos in Miami might soon be completed, now that the developer has reached a settlement in bankruptcy court, which would allow the unsold units to change hands.

An affiliate of Miami-based BAP Development Group, developer Biscayne Bay Lofts owns 40 of the 118 condos in Miami at the 28 story Onyx building. The building’s temporary certificate of occupancy has expired and they have yet to secure a final certificate of occupancy from the city.

Full Article....Bankruptcy for Onyx condos in Miami