Single family homes and Condominium sales in Miami increased by 51% in the 3rd quarter, making this the 13th consecutive quarter of increased sales as reported by the Miami Association of Realtors. The average sale price of single family residences rose by 19%, and for condos 21%. Total inventory has also dropped by 38% from the same period last year and 65% from 2008. This trend can be attributed mostly to Miami's international appeal which continues to draw investors looking for bargains.
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A recent Miami Association of Realtors report indicates that May condo sales were up 46% from the same time last year, and home sales were up 20%. A total of 1,420 condos were sold, up from 962 last May. Single family home sales increased up to 875. International buyers are still the driving force behind closed sales as 60% of transactions were completed by foreign nationals. Brazilians continue to be the hot topic in South Florida. The value of the Real is up, thus Brazilian purchasing power in South Florida makes for a great investment.
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So far, 2011 has seen this general trend of increased pending sales and decreased active sales. Over the past month prospective buyers are sure to have noticed their options decrease. Of course, this means that houses are selling. This should provide the impetus for homeowners to "test the market" thus seeing an increase in inventory in the near future.
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Historic Designation is a multi-faceted topic. It basically boils down to being pro-devlopment or pro-preservation. The designation can stand in the way of an individual or groups objectives, but there is an overall intrinsic value to living amidst history. It encourages a sense of community by providing living examples of that areas longevity. Take a look at Miami's neighborhood's and see where home value's are highest. You'll find that you are also in an area with a higher incident of historic preservation. In essence, this designation adds value to everything around it, both in the ethereal sense, and the bottom line.
The city of Miami has a beautiful site dedicated to Historic Preservation, HistoricPreservationMiami.com. If you would like to learn more about this designation, its guidelines, as well as see some great pictures of Old Miami please take a look and enjoy!
Clockwise from top left: Ransom Everglades School Pagoda, Ayars House, Warner House, Trapp House.
South Florida residential real estate inventory.
Due to Brazil's booming economy, one that is expected to be the world's fifth largest by 2016, record low unemployment, and the fact that the Brazilian Real is strong against the Dollar, South Florida is experiencing a tidal wave of Brazilian consumerism. The numbers for 2010 indicate that over 500,000 Brazilian tourists spent over one billion dollars in Miami-Dade alone. And merely as a point of observation, it seems that more and more of our beach-goers here in Miami seems to be able to play volleyball with their feet.
In the world of Real Estate there is one simple factor lending itself to Brazilian consumerism; Brazil is up, way up, and South Florida is low. In the high end sector that the Brazilians are forging, property in Brazil might be about 35% higher than it's comparable here in South Florida. This and a love of our sub-tropic environs make the Brazilians a challenger of the Canadians for South Florida's largest foreign market.
According to the Miami Herald, concerning "The Florida/Brazil trade and business connection — Brazil ranks as South Florida’s top trading partner as well as the Sunshine State’s top trading partner. Florida’s merchandise trade with Brazil during the first 11 months of 2010, the most recent statistics available, topped $14.4 billion, a 27 percent increase over 2009 figures." It is clear that this relationship is mutually beneficial, and that there are plenty of opportunities for moving forward together.
Thank you for visiting my blog! Miami Curb Appeal serves as the online journal of Realtor-associate, Gian Traina. This blog discusses a range of interests pertaining to Miami’s real estate market including, current market trends and statistics, information on our communities and neighborhoods, its development, mortgage news, the world of green homes, notes on anything of architectural significance, historic preservation, and will of course include lots and lots of pictures and videos of Miami’s beautiful homes. I’d like to invite you all to join Miami Curb Appeal, subscribe to my newsletter, and follow me on facebook. This network should prove valuable for anyone interested in our beautiful city’s real estate market, a great marketing tool for anyone selling property in South Florida, and a fun way to stay informed.