condo: Sellers still reducing their asking price for homes - 04/15/11 03:45 AM
With the homebuying market still struggling, real estate agencies are trying to lure potential homeowners into moving to their area by slashing home prices.In a soon to be released report from the real estate website Trulia.com, home sellers have cut more than $24 billion in potential home equity over the past year and trimmed the cost of properties approximately 79 days after posting the initial asking price. What's more, according to the website, 35 percent of sellers will cut their prices again.Trulia.com reports that the average home seller dropped their asking price by an average of 8 percent, but that rate … (2 comments)

condo: Miami New-Condo Sales Revive As Biggest Markets Fall - 03/08/11 05:01 AM
The new-condo boom struck louder in Miami than it did in other markets and fell hardest there when the thunder stopped.Now the area stands out again. Its new-condo market is coming back stronger in sales and pricing, though it's a fraction of its old self.Thank all-cash buyers from Venezuela, Argentina, Brazil, Canada, Europe and other locales. They see Miami's luxury condos at discounted prices as safe havens for investment money.Positive sales trends continue."These people are parking their cash," said Peter Zalewski, principal of real estate consultancy Condo Vultures. "In Venezuela, they're fearful they're going to lose it (under President Hugo Chavez's … (0 comments)

condo: Cash Buyers Lift Housing - 02/08/11 02:39 AM
Buyers in markets around the U.S. are snapping up homes in all-cash deals, betting that prices are at or near bottom and breathing life into some of the nation's most battered housing markets. Cash buyers represented more than half of all transactions in the Miami-Fort Lauderdale area last year, according to an analysis from real-estate portal Zillow.com. In the fourth quarter of 2006, they represented just 13% of deals. Meanwhile, downtown Miami prices rose 15% in 2010 from a year earlier, according to the Miami Downtown Development Authority. The percentage of buyers in Phoenix paying cash hit 42% in 2010-more than … (0 comments)

condo: Homebuyers get creative to close the deal - 11/24/10 06:41 AM
MIAMI - - When Efrain Hernandez couldn't seal a deal before the first-time home buyer tax credit expired this year, he lost faith that he would ever own a house in this real estate climate.But the enforced wait got him more than the $8,000 federal tax credit.Hernandez negotiated a contract on a five-bedroom, three-bath home in a development near Homestead, Fla., talking homebuilder Lennar into $40,000 off the list price, getting it to pay $18,000 in closing costs and scoring a $7,500 no-interest loan from Miami-Dade County to lighten his down payment."I was finally able to buy the house of my … (1 comments)

condo: Miami Home Sales Jumped - 11/23/10 06:23 AM
Miami, FL -- The median sales price of single-family homes in October in the Miami Metropolitan Statistical Area increased 12 percent to $199,100 from a year earlier, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS). Miami was one of only three home markets and the only major metropolitan area in Florida posting an increase for median sales price of single-family homes. Compared to the previous month, the median sales price rose six percent. "Rising median sales prices reflect strengthening and stability of the Miami real estate market," said Jack H. Levine, 2010 Chairman of … (0 comments)

condo: Add 2.1 million houses to the glut - 11/22/10 07:13 AM
There's a large number of homes, either already repossessed by lenders or very seriously delinquent, that are poised to be added to the already glutted regular supply of homes on the market. This "shadow inventory" jumped 10% during the past year, to an eight-month supply at the current rate of home sales, according to a report issued Monday.According to CoreLogic, a financial information provider, there were 2.1 million homes in this uncounted inventory as of the end of August, up from 1.9 million units 12 months earlier.Adding the shadow inventory to the visible supply of homes on the market boosted the … (1 comments)

condo: Tough times for REO buyers - 11/19/10 03:39 AM
Q: My family wants to buy a house in Miami. They are looking for a foreclosed property around $60,000, and will pay all cash. Do you think the time is right to buy now? If not, when would be the best time to buy? --Mehmet, FloridaA: First, I'd like to ask you and your family to rethink a core element of your approach to this process. I'm often approached with questions by buyers-to-be who say they "are looking for a foreclosure."I submit that what you're actually looking for is a good deal -- even a really good deal -- on a … (2 comments)

condo: Real estate market improves as bargain hunters begin buying - 11/05/10 04:23 AM
Amid South Florida's recession-battered real estate market, there's some pretty good news: We haven't lost our allure and bargain hunters have moved in.That's the feedback from a panel of real estate experts gathered for the 10th Business Journal Critical Conversation for 2010. Previous installments of the news series have covered topics ranging from health care and manufacturing to cloud computing and the cruise industry.Residential real estate shows considerable movement, with bargains spurring sales and some builders starting new single-family homes with little competition left, our experts said. Industrial space is tight in some areas, but office space is expected to lag … (1 comments)

condo: Florida Real Estate Prices On the Rise in Miami and Orlando? - 11/03/10 03:25 AM
As we all know, Florida has seen some of the most dramatic falls in real estate prices and the total number of homes sold since the housing market collapsed. Although things are bad in much of the state, it seems that the real estate market in Florida may be on the mend. Some of the most hard hit areas such as the Orlando, Miami, and Fort Myers areas have seen nice rebounds in the number of homes sold over the last several months, raising hope that prices will soon follow. Fort Myers, located in Southwest Florida, has seen the number of … (0 comments)

condo: Market bright spot: condos in Dade - 11/01/10 04:40 AM
As South Florida's shaky real estate market searches for recovery, an investor group's $1 billion bet on the local condominium market is about to be put to the test. Starwood Capital-led investor group ST Residential -- in charge of more than 1,200 new condo units in South Florida -- launched its ST Miami initiative this month, announcing plans to release hundreds of new condo units into South Florida's fragile market in the coming months. Condo sales were the standout figure in the September existing sales report released Monday by the Miami Association of Realtors. Existing condo sales in Miami-Dade County rose … (0 comments)

condo: Firm can buy debt of downtown condo - 10/29/10 04:10 AM
A New York-based real estate investment firm has won a bank auction and court approval to buy the debt of downtown Miami's Everglades on the Bay condominium towers.Rockwood Capital paid about $142 million for the note, according to South Florida real estate consultancy Condo Vultures. But the sale of the 849-unit project on Biscayne Boulevard did not go smoothly, with the developer, another bidder and the bank holding the debt battling over terms.Developer Cabi Downtown LLC -- which faced a 2009 foreclosure suit by Bank of America on a $209 million construction loan -- claimed in U.S. Bankruptcy Court this week … (0 comments)

condo: Take a dip - Miami luxury stays afloat - 10/28/10 07:16 AM
There are many ways to take the pulse of the Miami market, many methods of observing and appreciating and worrying about its real estate. But as developer Gil Dezer says, "You haven't really seen Miami until you've seen it by boat."So, late on a recent Saturday afternoon, obligations are ignored, schedules re-jiggered, and a sunset cruise on Miami jewelry mogul Bobby Yampolsky's 72-foot boat commences. The small group of VIP guests includes Dezer and Francois-Henry Bennahmias, president and CEO of Audemars Piguet North America. (This is a friendly gathering, but Yampolsky is in business with his guests, too: One of his … (0 comments)

condo: Miami Heat's Big Three a boon to neigjboring condos - 10/25/10 04:13 AM
Drivers making their way east on Interstate 395 toward the exit marked ``Arenas'' can't help but notice the four skyscrapers towering over downtown Miami -- the highway seems to steer directly into them before curving off to the shores of South Beach.As more cars and more cameras will be taking that exit to the arena where basketball giant LeBron James will bring his talents this season, downtown Miami's condo developers are looking to cash in on the new-found cachet of the Miami Heat team. Developers of the four skyline-shaping condo towers across the street from AmericanAirlines Arena -- Marina Blue, 900 … (0 comments)

condo: Interest Rates And Property Prices Are Going Down In Miami - 10/04/10 05:17 AM
Miami, Fl - When interest rates and property prices drop many renters start to wonder - "will be this the right time to become a homeowner instead of a renter? " This is the biggest question for many residents of Miami in these days, and since property prices and interest rates went down, in many cases buying can be a better choice.The prices of properties in South Florida are being affected by the big number of short sales and foreclosures; making homes more affordable for investors and home buyers.These days, international investors are putting their eyes in Miami as one of … (2 comments)

condo: Buyers Cashing In On Miami Real Estate Market - 09/16/10 07:15 AM
It's a problem for thousands of families in South Florida and around the country: Is it better to rent or buy? A national research service now says the answer in Miami is getting a lot easier.Trulia, a national real estate service, found rock bottom pricing and record low interest rates are teaming up for a one-two punch that's giving the Miami market one of the top ratings in the country for communities where it's now cheaper to buy than rent.Trulia listed Miami number 3 nationally behind only Arlington Texas and Minneapolis, for reduced home prices.But local real estate experts warned property … (0 comments)

condo: Miami homeowners continue to slash prices - 09/15/10 05:42 AM
Eighteen percent of homes for sale in Miami saw their prices slashed in August by an average of 12 percent, according to data from real estate website Trulia.com.Still, Miami actually ranks fairly low - at No. 49 on the list of 50 cities - with $123.8 million in price reductions. It was ahead of only Detroit, which saw 16 percent of homeowners slashing prices - though they did cut deeper, at 25 percent.Nationwide, 26 percent of homeowners cut prices to account for a total reduction of more than $29 billion nationwide. The average national price reduction was 10 percent.Despite the increase … (0 comments)

condo: Just like home: Vacation rentals more popular - 09/14/10 04:54 AM
After Charlie Ramirez's two grown daughters moved out and left him and his wife in a 5-bedroom, 3 ½-bathroom empty nest, the Pembroke Pines residents decided it was time to downsize.The couple moved into a smaller apartment and, earlier this year, listed the family home on vacation rental website HomeAway.com as a ``secluded mansion'' that sleeps 11 and starts at $1,250 a week.``It was a perfect choice'' for offsetting his costs, said Ramirez, 54, an unemployed Realtor. With that, Ramirez joined the burgeoning crowd of South Floridians offering second homes, investment condos -- and yes, even couches -- as vacation options … (0 comments)

condo: Investors buying South Florida condos in bulk - 09/10/10 05:51 AM
Attracted by plunging prices, big-time investors have begun buying South Florida condo units by the dozens, in bulk deals valued in the tens of millions of dollars.Since July 2008, 63 sales have closed in Palm Beach, Broward and Miami-Dade counties representing 6,000 condo units worth $1.6 billion, according to CondoVultures.com, a Bal Harbour-based consulting firm. There were no such deals in 2006 or 2007.Miami-Dade has been the site of most of the bulk sales, but available properties there are becoming scarce, leading investors to move north into Broward and Palm Beach counties, CondoVultures said.The bulk sales are good for existing owners, … (0 comments)

condo: Perfect Selling Point for Miami Florida Condos - 09/08/10 04:34 AM
Think like a businessman when you are looking for real estate that you can put down large sums of hard earned money. You may be looking to grow your retirement funds by investing in a property, or you may simply be looking for a place to stay. For whatever the reason, it's always beneficial for you if you can hone your ability to spot opportunities. And a great opportunity is when you spot a piece of real estate that allows you to buy at a price lower than expected. This can happen for many reasons.Some home owners are forced to sell … (0 comments)

condo: Miami Existing Home Sales Rise, Home Prices Edge Up in 2Q - 08/11/10 07:56 AM
Miami, FL (Vocus) August 11, 2010 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. Miami sales of existing single-family homes increased 10 percent in the second quarter of 2010 from a year earlier and 89 … (0 comments)