My New Blog

In the Miami Metropolitan Statistical Area (MSA), sales of homes - including existing single-family homes and condominiums - increased 27 percent in the second quarter of 2010 compared to the second quarter of 2009 and 53 percent compared to the second quarter of 2008.  This rise marks eight consecutive quarters of increasing sales according to the MIAMI REALTORS.  Sales of all residential property types have increased consistently since August 2008 in the Miami MSA.

Florida Realtors 2Q Existing Homes Sales News Release National Association of Realtors 2Q Existing Home Sales News Release

http://www.miamire.com/sites/ramb/files/FAR%202Q%202010%20stats%20release.pdf

South floridians have felt the drop of the market in some cases more
than any other state in the U.S., many homeowners have seen their once
high priced property, now being submitted to lower and lower prices
due to many homes being in foreclosure or having been sold as short
sales. Before having the nicest house on the block used to drive
adjacent home prices up. Now, no matter what upgrades you did to your
home if the properties around you are faltering, they are taking you
down with them. Many homeowners believe that things cannot get worse,
and they are holding on to their properties until the market
stabilizes, and they might just get their wish. Florida is the largest
state with international sales in the U.S. And foreign investors have
not been shy to snatch up properties. The market in Miami has been hit
hard with the most foreclosed notices according to RealtyTrac. In the
past year, over half of the sales in Florida have been to
International buyers. An in some cities like Miami, sales have picked
up. In the month of July sales went up 40 percent compared to the
previous month. So, to those of you thinking about buying: let's join
our foreign friends and turn the situation into an opportunity. While
prices are low, it's a great time to invest. And to those property
owners thinking about selling: not beign foreign to having people from
other countries right in our backyards, I say let them become our
neighbors.

Besides the great weather, beautiful beaches and vast culture. One of the reasons I love Miami is it's skyline. If you are new to Miami, have been living here for a while or are considering moving to the gorgeous city, a new research study for the Downtown Development Authority has some information which will make its citizens and potential citizens very happy. According to the report by Goodkin Consulting in the beginning of January 2009 there were as little as 100 units sold per month with the average price for Sq Ft of $239.  By the end of the year, sales went up to 486 per month in December, and the Sq Ft went up as well to $287. Not only are more and more units being sold but the the price has actually increased! Other new reports also show that since the study was completed in December 2009, the percentage of units occupied has also steadily gone up. The study included 75 buildings with a total of 22,079 units.

If you have any questions or want to see available units in this area please contact me via the website or at the office.