Mysterious offshore trust buys Fisher Island debt

 

The trust, based on the island of Jersey, is the lead plaintiff in a foreclosure suit

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Fisher Island in Miami Beach

As if a dispute over property connected to an alleged murder in Russia weren’t trouble enough, several sites slated for development on the ultra-rich Fisher Island are also mired in foreclosure suits, with the lead plaintiff an offshore trust fund concealing the identity of its owners.
FI Properties, based on the island of Jersey, recently purchased a senior note on a $76.8 million mortgage on Fisher that is in foreclosure, the Daily Business Review reported.
An affiliate of AIG filed a foreclosure lawsuit in December against Fisher Island Holdings over about 18 acres of mostly undeveloped land on the island, which boasts one of the most exclusive zip codes in the U.S.
The mortgage is for properties including 6.7 acres at 70 Fisher Island Dr. that were being developed as residential units; 3.6 acres at 6400 Fisher Island Dr. including a 4,351-square-foot building; 8.2 acres at 66 Fisher Island Dr., at the terminal where the ferry lands; 12,572 square feet at 168 MacArthur Causeway, where the ferry takes off; and a 5,468-square-foot single-family home at 6921 Valencia Drive, the Review said. — Emily Schmall

For more information on properties you might be interested in, please visit my website at
www.debbielazoff.com
 

Jorge Pérez plans Midtown/Design District hotel

The developer spilled the beans at a Baltus House event

              

                                              

Miami’s Design District (inset: Jorge Pérez)

Jorge Pérez is moving on up — in Miami geographical terms, that is. A titan of Brickell real estate is planning condos and even a hotel in Miami’s Midtown and Design District, Related Group’s top executive told The Real Deal.
At a party for Baltus House, a Related condo to be exclusively designed by Pérez-picked furniture designer Baltus and two Spanish conceptual artists, the neat and trim 63-year-old chief revealed plans for expansion in the Design District, where family friend Craig Robins is rushing in retail outlets for luxe fashion designers, including Prada, Hermès and Louis Vuitton.
“Forty of the world’s greatest brands of all time — that’s a revolution,” Pérez quips when asked how the Design District will make the leap from a pedestrian-scarce elegiac monument to high design to a high-density retailers’ paradise. “We’re going to be doing a hotel right here, so we’ve made a commitment to the area, which I call Midtown/Design District, all the way from the water and 25th Street and North Miami Avenue. I think the whole area is exploding and is going to be a fantastic place to live.” — Emily Schmall

For more information on properties in Miami visit www.debbielazoff.com

 

Mary Brickell rental Project now a Condo called Nine

Mary Brickell rental project goes condo

Proposed as EnV, the $65M project has been rebranded Nine

                 

Rendering of Nine in Mary Brickell Village

A rental project in Miami’s Mary Brickell Village is going condo, the second Miami conversion in as many weeks.
The $65 million project was originally slated to be called EnV and offer rentals, but now the site, at 999 Southwest 1st Ave., will be developed by Starwood Capital and Lynd into a 34-story condo tower called Nine, according to BuzzBuzzHome. The 390 units start at 744 square feet and $300,000, the project’s web site said. Behar Font & Associates is the architect, and Fortune International is handling sales.
Last week Gold Krown Financial revealed plans to convert a rental tower in Miami’s Midtown as standing condo inventory dries up and demand from buyers continues to surge. — Emily Schmall

For more information go to www.debbielazoff.com
 

PRIVE - AN ISLAND BEYOND EXTRAORDINARY

OVERVIEW

The sole address on South Florida’s last undeveloped private island, Privé is an exclusive lifestyle offering with world-class services, five-star amenities and absolute privacy, all surrounded by open air, sea and sky. Privé is a secluded enclave of 160 grand residences in twin, 16-story towers. The residences range in size from 2,585 to over 5,600 square feet of indoor space, plus expansive terraces. All residences feature private elevator entries, flow-through floor plans with 10-foot glass from floor to ceiling, expansive east/west water views, European kitchens and bathrooms, and outdoor summer kitchens.

 

LOCATION

Situated on an eight-acre private island in the Intracoastal Waterway, Privé is ideally located at the epicenter of Aventura, accessible through the gated enclaves of Williams Island and Island Estates. From this enviable location, Privé residents can enjoy immediate access to the adjacent and neighboring marinas, Aventura Mall, Turnberry Country Club & Resort, Gulfstream Park, along with a myriad of fine dining options and boutiques. Within twenty minutes of Privé, one can be at the Miami or Fort Lauderdale International airport, Las Olas Boulevard, Downtown Miami, Bal Harbour, the Miami Design District, Midtown Miami, Coconut Grove, Coral Gables, or Miami Beach.

PROPERTY FEATURES & AMENITIES

Access via private road, attended gatehouse and private bridge

Full-service valet
Five-star concierge
24-hour security – roving and permanent
Poolside Café – in-home service and light catering available during certain hours
Beach-entry pool
North-South lap pool
Outdoor whirlpool
Lighted tennis court
Jogging trail
Private jetty for guest boat landing and fishing
Private marina with boat slips available for purchase (limited availability)
Nature path*
Private beach & beach club *
Pet grooming arena
Kids’ playground
Private garages available for purchase
* Subject to DERM approval and other governmental agencies

 

BUILDING FEATURES & AMENITIES

The following features & amenities are contained in both Privé towers:

Two-story, 10,000-square-foot gym/spa containing:
Men’s and women’s steam and sauna
Massage treatment rooms
Aerobic & cardiovascular equipment
Weight facility
Fitness studio
Toddlers’ playroom visible from the fitness studio
Social room – billiards, board games, HD television
Private dining room with catering kitchen
Dining terrace
Wine cellar and tasting room
Cigar lounge
Guest suites – available for purchase by residents only
Business center

RESIDENCES

Prices start at $1.7 Million

Unit sizes ranging from 2,585 to over 5,600 square feet
Average unit size approximately 3,400 square feet
160 total units (80 units per building)
10-foot ceilings
10-foot-deep balconies
Floor-to-ceiling glass on all exterior walls
Penthouse units have private rooftops and pools
Intracoastal, Bay, and Ocean views
Spacious, open-plan living, dining, and kitchen areas
Private elevator access
Modern, custom-designed cabinetry and European-style kitchens
Outdoor summer kitchens
Service suites

Call Debbie Lazoff to 305.903.0118 or email at debbielazoff@gmail.com for more information on Privé. You may also visit my website at www.debbielazoff.com

 

 

Canyon Ranch & Spa Miami on the Market

Miami’s Canyon Ranch condo-resort on the block

Sans listing price for the building and adjacent beachfront site, the sky's the limit

August 13, 2013 02:00PM
By Emily Schmall                                    

Canyon Ranch & Spa Miami

A subsidiary of Lehman Brothers Holdings has put Canyon Ranch Hotel & Spa Miami Beach on the market along with its next-door neighbor, the development site of the long-shuttered Golden Sands hotel, according to CBRE, the listings’ broker.
Lehman ended up owner of Canyon Ranch, the swanky condo-hotel with a 65,000-square-foot spa, after developer Eric Sheppard defaulted on more than $200 million in loans.
The properties, listed without a price, including Canyon Ranch’s common areas, including swimming pools and spa, the lobby and restaurant, and a handful of condo-hotel units and townhomes, as well as the Golden Sands site. Canyon Ranch, which the estate of then-bankrupt Lehman inherited with only about 200 of 580 units sold, has been nearly 100-percent sold as of the last six months, according to a Lehman spokesperson.
A year ago, eight penthouses at Canyon Ranch sold within 2 hours for a cumulative $7 million, as The Real Deal previously reported.
“For highly-competitive assets like these, we don’t want to cap pricing. Miami Beach has proven that people reach for the sky,” said Christian Charre, a senior vice president of CBRE’s hotels division, who is paired up with CBRE vice chairman Robert Given of the multi-family division to represent the Lehman Holdings subsidiary, FL 6801 Spirits LLC and subsidiaries.
While still in the throes of its own bankruptcy, Lehman Brothers became owner of Canyon Ranch in lieu of foreclosure in November 2009. Lehman took ownership of the adjacent Golden Sands, a low-rise hotel built in 1951, in 2012.
Sheppard, a Miami Beach native, has no remaining ties to the Canyon Ranch management company that now runs the building, the tower itself or the Golden Sands, which he bought for $19 million intending to raze and replace with a 20-story condo tower.
Potential buyers are already making their interest known, Charre told TRD. “A lot of developers have had their eyes on Golden Sands, a lot of people have been following Lehman for when they would dispose of the asset. There are a lot of people lining up,” he said, adding that he expects the sale of the two properties – whether separately or together – to draw U.S. and Latin American private-equity groups with appetites for property and cash.

Hollywood is getting some action! Christopher Barnhart at ArtWalk

Last night at Hollywood's monthly ArtWalk, the streets were full of art lovers. At the Muzart Gallery, Christopher Barnhart was telling his story and spoke about Infinity, his mixed media art piece. Impressive art work! You may see his work at www.christopherbarnhart.com 

 

Cheaper to Buy than to Rent

With inventory scarce in Miami-Dade County, it’s cheaper to buy than rent, according to a National Housing Conference study reported in the Miami Herald.

The national housing group found depressed real estate values have put homeownership within reach for many middle-class workers, but with supply far exceeded by demand, rents in South Florida are surging.

“It’s much better off on the homeownership side,’’ Maya Brennan, a researcher for the center, told the Herald. “In Miami, the negative part of the story is how expensive the rental market has become.”
The recession and South Florida’s collapsed real estate market did wonders for easing home prices, but cash-paying investors appear to have benefited most. Mortgages are still difficult to obtain, forcing would-be homebuyers to join the renters pool and inspiring landlords to jack up rents.
In Miami-Dade, a worker needs to earn about $43,000 to buy a house and $45,000 to rent. In 2007, the average rent was $1,018 a month in Miami-Dade, compared to $1,122 now. But the median price for a home went from $290,000 to $160,000. Miami Herald — Emily Schmall

Miami Beach High End Market Roars Ahead

Double-digit gains for $500K-plus single-family homes and condos!

The sales prices of single-family homes and condominium units in Miami Beach’s luxury real estate market gained from a year ago, according to a report by Miami-based Zilbert Realty broker Arno de Vos.

From August 1, 2012 to July 31, 2013, 826 condos and 304 single-family homes sold in Miami Beach’s luxury residential market, which de Vos defines as homes valued at $500,000 and higher.
The average sales price of a single-family home in this category rose 14.1 percent, from $2.21 million to $2.52 million, while the sales price per square foot rose 11.2 percent, from $480 to $534.
During the same period, the average sales price of a luxury Miami Beach condo rose to $1.49 million from $1.41 million, a 6.5 percent increase, while average sales per square foot rose 5.6 percent, from $765 to $808.

The priciest sales in Miami Beach as of the year ending July 31 have been a $30 million single-family home, compared to a $14.3 million single-family home sold during the previous year, and a $27 million condo, a 25.5 percent gain over the highest sale a year ago of $21.5 million. –- Emily Schmall

The Versace Mansion Update

Posh & Becks Are Thinking About Buying The Versace Mansion

    by Sean McCaughan    

 

   

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[Photo Via Wikipedia]
With David Beckham planning to launch a US Soccer team, and Miami as a strong contending city for that team to call home, it's easy to take the latest bit of news that he and Victoria are shopping around for a house here as a sign that Beckham's plans must be developing absolutely swimmingly. The former soccer star and former Spice Girl are not just eyeballing any home, however. According to a confidential source that blabbed to NOWdaily Magazine, a gossipy U.K. celebrity rag, the Beckhams are very interested in non other than the palatial Ocean Drive mansion of Gianni Versace himself, Casa Casuarina. And things are moving fast! With the palazzo scheduled to be auctioned off September 17th, if the Beckhams decide on the house, they could own it in a month. According to the source, the Beckhams have so far been making 'hush hush inquiries.' The source continues:

'Posh would be in heaven. She's positively drooling at the prospect of living there. It'll be very much a second home for them because they intend to be based in the UK from now on. But if all goes well with David's football venture they'll spend a lot of time in Miami and want a spectacular house right by the water.'

Private Island to Be Developed As PRIVE

Luxe, twin glass condo towers are planned for the eight-acre site in Aventura

August 12, 2013 01:00PM
By Emily Schmall               

                            

On private island, condo development and island to be called Privé

A company founded in 2009 acquiring debt on distressed South Florida projects is planning a luxe residential development on an island in Aventura they purchased and have named Privé, the principals told The Real Deal.
Gary Cohen, whose parents are credited with dredging and filling what is now Aventura during the 1960s, sold the eight-acre private island to BH3 Management LLC. The now-vacant island on the Intracoastal Waterway connects by bridge to Cohen’s Mediterranean-style single-family home development, Island Estates.
The developers, BH3 principals Daniel Lebensohn, Charlie Phelan and Greg Freedman, have submitted plans for the Miami-based architectural firm Sieger Suarez to build twin, 16-story glass towers with a raised, glass floor-to-ceiling lobby at 68 feet above sea level to offer 360-degree views of the waterway and the ocean, according to renderings shared with TRD. The 160 apartments will range in price from $1.7 million to $6 million. The towers — as well as the island — are to be known as Privé.
“We believe that South Florida has a very bright future,” Lebensohn told TRD.
The company learned of the island through mutual acquaintances of Cohen after buying the debt on a handful of high-profile properties that stalled during the recession, including Trump Hollywood, Fontainebleau Sorrento and 1805 Ponce in Coral Gables. BH3 managed to sell out all the units in Trump Hollywood in Hollywood Beach in 18 months, and subsequently bought the distressed debt on 1805 Ponce from Ocean Bank last December.

6,000 sf Furnished Residence at Bristol Tower

This architectural masterpiece in Bristol Tower is unmatched in design and luxury. Designed by internationally renowned interior designer, Sam Robin, this 5 bedroom, 5.5 bathroom, 5,890 sqft residence features chic and contemporary style, creating beautiful living space. Elegant and bright, this residence is surrounded by floor to ceiling glass walls, wrap around terraces, private elevator entry and an integrated smart house system that control audio/visual, lighting and draperies. Every detail has been meticulously planned and with the panoramic views of Biscayne Bay, the Atlantic Ocean and the Miami skyline, it will surely take your breath away.

Bristol Tower Unit 2401-02 Virtual Tour

Those who are familiar with Sam Robin’s design prowess understand that she comes by it naturally, but the extent to which it is alive in her may surprise even those who are close to her. “If I was your babysitter when I was young, you’d come home and the entire house would be redecorated!” she recalls. “I was the only babysitter in Chicago who would have the kids saying, ‘Can we go to bed now?’ in order to avoid moving furniture!”

Those guerilla tactics have gone by the wayside, but Robin’s current clients enjoy the same rapt attention she gave those early impulses, and the designer credits her father for at least some of her exuberance. “My dad was actually a frustrated designer,” she explains. “He was a glazer, and he owned a company that outfitted homes with shower and tub enclosures, and patio doors, which he brought in from Los Angeles.”

As a girl, Robin accompanied her father when he visited clients on the weekends, soaking in the luxury of the homes they entered. “One lady, who had a four-story penthouse on Lakeshore Drive, had the entire staircase glassed in so she could have an aviary for her birds,” she remarks. “I had access to some outrageously fabulous homes back then, and Chicago was such an inspiring city architecturally.”

In fact, architecture, design and art saturated her life. She attended the Art Institute of Chicago where she studied painting. “When I was attending the art institute, I was hired to catalog Buddy [Robert B.] Mayer’s art collection,” she recalls. “He had an entire wing for Ming Dynasty artifacts, and there were Picassos hanging in his bathroom and Lichtenstein’s everywhere!”

All of this stimuli coalesced to inform her design process as she matured, and she opened her eponymous Sam Robin Interior Design in Chicago in 1972. Robin came to Miami in 1979 when she was hired to design the interior of a 707 aircraft. “I came here for a month and a half, and a year and a half later, we were still designing the project,” she remarks. “Since I left Chicago in February during an ice storm, there was something about Miami that enticed me to stay—namely the weather!”
After designing aircraft interiors for a string of well known clients, including Sheik Mohammed of Dubai, and Harry and Leona Helmsley, she was tapped by Don Johnson, who was filming the television series Miami Vice at the time, to design his office and residence in Miami, and his Aspen and Beverly Hills residences (with wife Melanie Griffith).

“Designing Johnson’s homes was a big break for me because I wanted to return to residential design,” says Robin. “That said; I still consider designing the aircraft interiors to be my most transformative experience.”

Robin, who has been featured on HGTV, continues to design residential projects as well as some choice commercial spaces, such as the Astor Hotel in South Beach and 900 Biscayne Bay. In 1996, she launched her own furniture line, Sirio, which she produces with Italian furniture designer Francesco Caracciolo di Marano. They debuted the Margutta Collection in her Champagne Lounge at Casa Decor ’06. Sam is also a Condo Whisperer, making magic even in these tough times in the condo market.

Though Robin draws her inspiration from an incredible bank of knowledge, including an immense catalog of photos she’s taken of things that have inspired her through the years, and extensive travels (she confesses to a love affair with Italy), she is glad to call Miami home. “I’ve had the opportunity to grow here,” she says, “and to watch Miami become an international city.”

The True Definition of Luxury !

Spacious waterfront residence in Aventura’s coveted Peninsula II

The Miami Herald

   

 

A combination of marble and hardwood flooring is displayed in the generously scaled living room.

The residence offers sweeping views of Biscayne Bay, the Atlantic Ocean and Intracoastal Waterway from nearly every room.

Fullsize Buy Photo

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ADVERTORIAL

EWM Realty International, the exclusive affiliate of Christie’s International Real Estate for Miami-Dade and Broward counties, is offering prospective buyers a closer look at a lavish four-bedroom, four-and-one-half-bath waterfront condominium in Aventura. Exemplifying its moniker, the sprawling residence at Peninsula II — Unit 1004 at 3301 NE 183rd St. — offers sweeping views of Biscayne Bay, the Atlantic Ocean and Intracoastal Waterway from nearly every room. Priced at $1,595,000, it’s an amenity-rich residence, complemented by glittering marble and onyx mosaic at the entrance, electric shades in every floor-to-ceiling glass door, and an audio system that extends throughout the entire home, including the balcony.
No detail has been overlooked within the home’s 3,464-square-foot interior. A combination of marble and hardwood flooring is displayed in the generously scaled living room. Among the residence’s elegant finishes are recessed lighting and custom wood doors. The gourmet-style kitchen is outfitted with stainless steel appliances, European cabinetry and imported granite countertops. In the spacious bedroom suites, residents can enjoy handsome walk-in closets and large baths finished with Venetian plaster, mother-of-pearl and stone wall coverings. A home theater with a larger-than-life mounted screen and top-of-the-line surround sound system adds to the unique appointments found within the luxury residence.
Outside, an expansive balcony with glass-paneled railings frames stunning water vistas. Conveniently located on Williams Island Boulevard, Peninsula II is minutes from the renowned shops of Aventura Mall and Bal Harbour, as well as the exciting nightlife, restaurants and cultural activities of the surrounding city. Peninsula II also has tennis courts, a heated pool, picnic area, spa and an exercise room. This move-in-ready home will satisfy even the most meticulous of buyers.  
For more information, contact Debbie Lazoff at 305-903-0118.

Read more here: http://www.miamiherald.com/2013/08/09/3552711/spacious-waterfront-residence.html#storylink=cpy

A Mixed-Use Complex is Scheduled for the Former Herald Site

Genting gets go-ahead to wreck former Herald site

The Malaysian gaming giant plans a mixed-use complex on the nearly 14 acres of bayfront.            

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From left, former Herald headquarters and previous Genting renderings for the site

The Genting Group, the Malaysian gaming company that purchased the Miami Herald site, has received a permit to demolish the media company’s former headquarters, the Herald reported.
The demolition of the iconic white-and-yellow structure on Biscayne Bay is set to take place by the end of the year, the Herald reported, citing a statement released by Bill Thompson, senior vice president of development for Resorts World Miami, a Genting Group subsidiary.
Genting’s initial $3.8 billion casino project has been significantly scaled back, according to plans revealed in March. The company now plans a mixed-use complex with a five-star hotel, luxury condos, restaurants, retail and a 800-foot promenade along Biscayne Bay, the Herald said.
Genting paid $236 million for the former Herald site, which includes almost 14 bayfront acres.
The Herald moved from its former downtown location to Doral in May. Miami Herald— Emily Schmall

Homeownership for Florida Decline

 

August 06, 2013             
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Mike Larson

Homeownership rates in Florida, which began to dwindle even during the last real estate boom, are unlikely to recover to their historic highs, the Sun-Sentinel reported, citing a U.S. Census Bureau report.
The latest Census report found that Florida’s rate of owner-occupied homes dropped to 66 percent in the second quarter this year, down from 72.1 percent in the second quarter of 2005.
“You have a whole generation that might like to be homeowners but are not afraid to rent if they need to. In many cases that’s all they can afford to do,” Mike Larson, a housing analyst at Weiss Research in Jupiter, told the Sentinel.
From the end of World War II, Florida boasted consistently higher rates of home ownership than the national average for five decades as retirees migrated to the Sunshine State in search of low prices and low taxes, the Sentinel said.
The trend began to shift after insurance companies jacked up rates following a bout of devastating hurricanes in 2005.
The coup de grâce for Florida homeownership, though, was 2007’s housing bust, triggering one of the highest rates of foreclosure in the U.S. Sun Sentinel – Emily Schmall

17 Oceanfront Luxury Residences on Hollywood Beach

Prepare to be spoiled at Positano Beach located at 3415 N Ocean Drive, Hollywood Beach, Florida.  No detail has been overlooked in the design and construction of this community. With only 17 units, Positano Beach provides you with the intimacy and exclusivity you're looking for without sacrificing the full-service amenities of a large building.

Every Positano Beach residence is filled with the conveniences you expect and the luxuries you deserve. From the latest in top of the line appliances to energy-saving solar tinted hurricane windows, we invite you explore our floor plans to find the beach front retreat that is right for you.
Explore the many styles of Positano Beach from our penthouse residences to condos and villa residences. Please visit us at www.positanobeach.com
   



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The Point of Aventura - One of the Most Distinguished Luxury Condo Communities in Aventura

The Point of Aventura, a dazzling waterfront community of luxury condos, offers the most outstanding amenities and exclusive spa in Aventura, directly east of the Atlantic Ocean.

In a private tropical resort setting, The Point of  Aventura  consists of five superb residential towers and Courtyard Homes, beautifully situated on 35 landscaped acres of parks and gardens. The towers include Atlantic One, Atlantic Two, Atlantic Three, North Tower and South Tower, all with abundant amenities and incredible panoramic views of marinas and Intracoastal waterways, synonymous with Aventura.

The luxury condos at The Point of Aventura boast a Resident Club and Spa that is the jewel of the Aventura waterfront community. Residents enjoy the Spa, only steps away, and three gorgeous swimming pools, each ideally located for sun or shade. One pool at the edge of the Intracoastal boasts a tropical island of palms, a private bathhouse, heated whirlpool, children's pool and even a stroll-up snack bar. When you live at The Point, the Resident Club and Spa are exclusively yours.

 

 

 

 

 

 

 

 

 

 

 

 

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Housing Shortage in Miami Persists

 

Active listings at the end of June increased 5.1 percent, from 12,544 to 13,179, compared to June 2012, when the market was already experiencing a housing shortage. Despite the slight increase due to more new listings coming on the market, current active inventory remains insufficient to satisfy intense demand for Miami properties. Inventory of single-family homes decreased 2.8 percent to 5,006 active listings, while that of condominiums increased 10.5 percent to 8,173 active listings. At the current sales pace, there is 4.9 months of supply of single-family homes and 5.8 months of supply of condominiums in Miami-Dade, representing a decrease of 15.6 percent and an increase of 2.8 percent respectively compared to year-ago levels.

"Limited months supply of inventory in Miami reflects a seller's market, which means buyers have to be more focused and savvy while sellers can sell fast if properties are priced right," said 2013 MIAMI Association of REALTORS® Residential President Fernando I. Martinez. "Properties that are competitively priced will sell very rapidly, particularly in the lower price points, and will generate multiple offers close to or above asking price."
Total housing inventory nationally increased 1.9 percent at the end of June but remains 10.1 percent below year-ago levels, representing a 5.2-month supply.
by Miami Admin | Jul 31, 2013

Miami Single-Family Home Sales, Prices Surge in June

                   

60 Percent of Residential Sales All Cash

Increased demand for single-family homes in Miami-Dade County continued in June amid very tight supply that is fueling double-digit price appreciation, according to the 29,000-member MIAMI Association of REALTORS® and the local Multiple Listing Service (MLS) system.
Single-family home sales surged 25 percent, up from 935 in June 2012 to 1,170 this June. Condominium sales increased 5.5 percent, up from 1,421 in June 2012 compared to 1,499 last month.
June's real estate market performance marks 19 consecutive months of appreciation for both single-family homes and condominiums. The median sales price of single-family homesntly increased each month over the last two years, rose 15.9 percent to $185,500 compared to a year earlier and 3.1 percent compared to the previous mont increased 21.1 percent to $230,000 year-over-year and 3.6 percent compared to the previous month. The median sales price of condominiums, which has significah.
"The Miami real estate market continues to gain momentum fueled by intense demand coupled with very tight supply particularly in the lower price ranges due to investors," said 2013 Chairman of the Board of the MIAMI Association of Realtors® Natascha Tello. "Miami real estate is definitely thriving. Factors such as population growth and foreign buyers are driving record sales for the third consecutive year, which will continue to result in strong price appreciation until more supply comes on the market."
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 1.2 percent from May but were 15.2 percent higher than they were in June 2012, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said there is enough momentum in the market, even with higher interest rates. "Affordability conditions remain favorable in most of the country, and we're still dealing with a large pent-up demand," he said. "However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market."
Compared to last year's figures, the average sales price for single-family homes in Miami-Dade County in June increased 27.1 percent to $509,515, while the average sales price for condominiums increased 9.9 percent to $351,608.
by Miami Admin | Jul 31, 2013