real estate: 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)

real estate: 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)

real estate: It’s cheaper to buy than rent in Miami - 01/25/11 03:00 AM
Miami tops the list of places in the country where it's cheaper to own than rent a home, according to Trulia.com's latest Rent vs. Buy Index.The San Francisco-based real estate website noted that the foreclosure crisis has pushed many homeowners to become renters, thus jacking up the cost of rentals."Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets," Trulia CEO and co-founder Pete Flint said in a news release.In fact, Trulia found that it is more affordable to buy than rent a two-bedroom home in 72 percent of America's 50 largest cities.Trulia … (0 comments)

real estate: Foreigners flock to Florida for real estate bargains - 12/16/10 02:30 AM
MIAMI -- Foreign tourists who for years have crowded Florida's shopping malls to buy clothes and electronics, are now flocking to real estate offices to snatch up apartments and homes at bargain-basement prices. The investors, mainly from Europe and Latin America, are jostling over apartments in Miami's trendy South Beach neighborhood selling for $70,000-$100,000, and in less exclusive areas to the north where they start at around $50,000."The buying opportunities are maybe the best ever. Who knows if we'll see prices again like today's in Miami Beach," Keys Real Estate agent Michelle Iglesias told AFP.Property prices in Miami have fallen by … (1 comments)

real estate: 3 hotels sold in South Beach - 12/15/10 02:27 AM
A trio of historic buildings in Miami Beach has been purchased by South American real estate and hotel group Lennox Miami Corp.The $14.7 million sale included the 62-room Peter Miller Hotel at 1900 Collins Ave.; the 12-unit Miller Apartments at 229 19th St. and the 12-unit Peter Miller Apartments at 1915 Liberty Ave. All of the buildings were designed in the 1930s by architect Russell Pancoast. The seller was Kabo Realty Corp., based in Miami. M1 Hospitality Group, a division of real estate brokerage and investment firm Metro 1 Properties in Miami, represented both parties.Plans for the properties have not been … (2 comments)

real estate: Documentations For Purchasing Miami Real Estate Buildings - 12/10/10 03:16 AM
After the long period of waiting, when you finally get to accumulate the funds to afford a Property, you start looking for prospective homes. After some days of consideration, you produce up your mind to purchase a specific Home. Regardless of the fact that that you are experienced or not, the mile long list of essentials for Buying a Property will surely bewilder you. Property sellers, bucks lenders and Miami Real Estate agents have every Correct to stipulate for relevant documents so that they might rightly evaluate your ability to pay them back. When you fail to submit even one of … (0 comments)

real estate: 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)

real estate: 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)

real estate: 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)

real estate: Slide in South Florida home prices continues - 11/10/10 04:06 AM
South Florida homes continued to shed value, sellers were still slashing prices and distressed sales were still dominating the market in the third quarter of the year-- all signs that the real estate recovery has a long way to go.A report released Wednesday by real estate firm Zillow found that 45.2 percent of South Florida homes sold between June and September were sold for a loss, up slightly from the previous quarter, but down 2 percent for the month.``Distressed sales have contributed to that 50 percent decline,'' said David Dabby, president of Coral Gables-based Dabby Group. ``They will continue to put … (1 comments)

real estate: 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)

real estate: 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)

real estate: Foreign buyers see big opportunity in housing bust - 10/06/10 09:11 AM
The Viceroy, a swanky condominium complex in downtown Miami, gives the impression that the United States is in another real estate boom. The sales office is strangely exuberant. Buyers gush about the glam condos - designed by hipster tastemaker Kelly Wearstler - and their hotel-like amenities: poolside libations, daily housekeeping and room service food stirred up by a celebrity chef.Since January, 262 of the Viceroy's 372 units have sold. But there's a twist: Almost 90 percent of the buyers are foreigners. And they all paid cash.The Viceroy's story is playing out across Miami. Individual investors from as far as Argentina, Canada, … (1 comments)

real estate: Heat's Chris Bosh scores a deal for Miami Beach home - 10/01/10 04:50 AM
Miami Heat big man Chris Bosh has purchased a 12,000-square-foot home on North Bay Road in Miami Beach, the real estate firm listing the property said Friday, shortly after the sale closed.The 7-bedroom, 8-bath mansion just south of La Gorce Island sold for $12.5 million, said listing agent Lourdes Alatriste, of real estate firm Engel & Voelkers.Built in 2009, the home features 20-foot ceilings, a gourmet kitchen, gym, elevator and an infinity pool with unobstructed views of Biscayne Bay. ``When he saw the house, he was overwhelmed,'' Alatriste said. ``It's perfect for him. He's seen a lot of houses, but he … (0 comments)

real estate: Miami Real Estate Market Continues To Strengthen - 09/29/10 03:49 AM
Miami, Fl, US - The Miami real estate market continues to strengthen compared to last year, the homes and condo/apartment prices are stabilizing and more buyers are acquiring properties in Miami. The sales of single family homes increased 12% compared to august 2009 and 59% in condo/apartments. The median price for a single family home in Miami decreased 6% to $182.000 compared to 2009 and the condominiums median price in august was $104.000, down 28% from last year. Days in the market and inventory levels decreased, and this is a good sign that shows that the market it's getting strong again. … (0 comments)

real estate: Active Miami-Dade home-sale market bucking national trend - 09/24/10 04:57 AM
Since a federal tax break expired June 30, home sales have fallen 20.9 percent in Phoenix, 32.5 percent in Las Vegas, 19.9 percent in San Diego, and even 25 percent in Austin's recession-resistant housing market.But in Miami-Dade, which continues to battle massive amounts of foreclosures, a bloated inventory of homes and high unemployment, sales have outperformed the national market for the past two months, ignoring the post-tax credit hangover. Since June, Miami-Dade combined sales are flat, according to data from the Florida Association of Realtors. Miami-Dade's numbers stack up well next to national numbers, an indication that falling prices and international … (0 comments)

real estate: Miami home sellers cut prices by $123.8M in August - 09/20/10 04:44 AM
Nearly one in five home sellers in the city of Miami reduced prices in August, according to a report released Wednesday by real estate search firm Trulia.com. The average reduction was 10 percent, according to the report, which tracked the nation's 50 largest cities.Miami recorded a total of $123.8 million in home price reductions in August, the report found.Nationally, price reductions have increased for three months in a row, totaling 26 percent of all properties for sale. Home sellers have slashed prices by more than $29 billion since July, Trulia found. The average reduction nationally was 10 percent, or $33,892, in … (0 comments)

real estate: Elegant and great property at Miami Beach Condos - 09/17/10 07:30 AM
The best advice real estate experts give is for one to examine more recent sales data and use these as basis for pricing a home appropriately. Studies have shown that pricing homes appropriately would sell them faster and at a higher price show than pricing them aggressively. The Findire backhand team all equipped with professionals gives you an opportunity to dwell in the best of Miami property locations.As prices fall in places like the USA and UK, rental incomes relative to purchase price are increasing. At the point that yields is sufficiently high we start to see value as the level … (0 comments)

real estate: 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)

real estate: Bulk Buying Real Estate - 09/09/10 04:49 AM
If you're one that loves a "steal of a deal," South Florida's real estate market is ready to love you back.But, the big catch--and in these economic times, it's a Big Catch--you've got to have all cash. But if you do, you can buy a $50,000 condo in Miami Beach, just 2 blocks from the sand and breaking waves. Keep in mind, this is a condo that previously had sold for $172,000. And, in Miami-Dade, Broward and Palm Beach Counties, there are 6000 of these foreclosed or distressed properties on the market."This is pure capitalism. If you don't have all cash, … (1 comments)