Miami Home Sales Continue Dramatic Increase in May

NAR Chief Economist Says Florida Market May Have Bottomed

Miami, FL – In Miami, there was a 76 percent increase of existing single-family home sales in May 2009 compared to May 2008. Miami was the strongest single-family market in Florida showing a substantial increase compared to only 16 percent statewide. The sales of existing condominiums in Miami-Dade increased by 36 percent compared to the same period last year - and to the 21 percent statewide increase. The Miami real estate market has experienced a surge in sales each of the last 10 months.

According to National Association of Realtors® (NAR) Chief Economist Lawrence Yun, the South Florida real estate market may have hit bottom. “We’re certainly near the bottom if not at the bottom already,” said Yun at the recent International Real Estate Congress and Expo in Miami.

According to Yun, the current conditions will allow buyers priced out during the real estate boom to return to the desirable South Florida market. “Affordability is the highest it’s been since 1970,” said Yun. “More people qualify to buy, but some are still sitting on the fence. More people are financially capable.”

Yun said, “The Miami real estate market is undervalued . . . but buyers recognizing the opportunity will help the market reach equilibrium. We’ve seen a boom and a bust, but the bust is too low.”

“Long term Miami will outperform the rest of the country,” said Yun. “In 10, 20, 30 years, prices will be rising faster in Miami than in the rest of the country.”

Yun believes the short term prognosis is also positive, as it is likely that those buying in June 2009 will look back in June 2010 and see appreciation.

Yun emphasized the importance of South Florida as the top market for international buyers, baby boomers, and U.S. migration – and said foreign and U.S. buyers will prefer South Florida over other affordable markets such as Nashville, Atlanta, and Birmingham.

“Baby boomers like warm weather states and no state income tax states. . . South Florida will primarily see migration from the Northeast region,” said Yun.

Referring to the impact of international buyers in South Florida, Yun said, “Miami is globally recognized. Compared to other world-recognized markets, Miami will be the most affordable.”

The number of days a property stays on the market and inventory levels continue to decrease substantially, other indicators that point to the local market bottoming. The inventory of listings in the Southeast Florida Multiple Listing Service has dropped more than 40 percent in less than a year - from 43,095 to 30,631 – and May 2009 brought a 3.4 percent decrease in just one month.


According to Yun, “Foreclosures will continue to increase from last year, but there are buyers to purchase foreclosures, so there is a healing process.”

The median sales price for single-family homes reported in Miami-Dade in May 2009 was $194,700, a 39 percent drop from the previous year. The median sales price for condominiums was $140,300, a 50 percent decrease from May 2008. Statewide, sales prices dropped 29 percent for single-family and 38 percent for condominiums. While down from a year ago, median sales prices increased in May 2009 compared to April 2009, from $177,000 to $194,700 for single-family and from $133,500 to $140,300 for condominiums.
"Copyright RAMB, Reprinted with permission."

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South Florida housing market continues rebound

The slow recovery of South Florida's housing market made steady progress in May, with sales of existing single-family homes and condos up for the ninth consecutive month.

Prices for some homes and condos also rose slightly compared to April, but were off by more than 40 percent compared to last year, according to figures released Tuesday by the Florida Association of Realtors.

The continued increases in sales, coupled with modest month-to-month price gains, offer more evidence that home values are ''bumping along the bottom'' and that the worst price declines may be over

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South Florida housing market continues rebound

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Consumers view Real Estate as Best Place to Invest for the Long Haul

Did You Know...

According to Gallup, Now more than two thirds of Americans favor savings accounts and Real Estate as the best place to park their money for the long haul.

Click on the Link below for More Details:

Where are Consumers Investing

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South Florida (Key Biscayne)... An Exciting Place to Buy Real Estate

Now is an exciting time to buy in South Florida - Key Biscayne Real Estate
Miami has come a long way since its birth in 1896. Today South Florida is a multicultural mecca, attracting business enterprises from all over the glove, tourists, and second and vacation home buyers. There are many things that make Miami and its real estate market unique.

Here are some interesting facts about Miami and South Florida, the most international real estate market in the United States - plus compelling information as to why now is an exciting time to buy your second or vacation home in South Florida:

South Florida is among the highest...
A) Markets for foreign investment in real estate
B)Destinations for immigration from around the world
C)Migration from other U.S. markets

South Florida has the perfect home for your boat or yacht...
A) Waterfront homes currently on the market -42,374
B) Ocean Access (no fixed bridges) - 7,197
C) Intracoastal access (no fixed bridges) - 1,151

Great year-round weather for recreation and sports:
A) Luxury yachts, speedboat, sailboats, jet skis
B) Swimming, sunbathing, snorkeling, scuba diving
C) Deep sea fishing, fresh water fishing
D) One of the finest artificial reef programs in the U.S.
E) Only living tropical reef in continental U.S. - 180 acres
F) Average temperature: 75 degress

Enjoy South Florida:
A) Florida has 1,800 miles of coastline including 1,000 miles of sand beaches
B) Miami has 84 miles of Atlantic Ocean coastline and 67 square miles of inland waterways
C) 9,000 acres of parks and 300 miles of trails
D) 18 public golf courses, 504 tennis courts and 18 handball/raquectball courts

South Florida is the "Gateway to the Americas"
A) More than 1,000 multinational corporations have rade with headquarters in Miami-Dade
B) Center of internationl trade with Latin America and the Caribbean
C) $59 billion owrth of trade flowes through the Miami Customs District in 2004
D)Voted the best place to do business in Latin America by AmericaEconomia Magazine for third consecutive year.

Miami Internation Airport (MIA) ... The Hub of the Americas
A) Primary connecting point for air travel between the Americas and the Caribbean and a major gateway to Europe
B) More than 100 airlines serving MIA to approximately 150 destinations
C) Ranks third in the U.S. for transporting international passengers
D) Ranks first for international freight and third for international cargo
E) Economic impact on Miami-Dade County is $18.6 billion.
F) $4.6 billion improvement program, one of the nation's largest construction programs, to meet the pasenger and cargo traffic growth at MIA
G) $4.6 bilion improvement program, one of the nation's largest construction programs, to meet the passener and cargo traffic growth at MIA

Port of Miami... Cruise Capital of the World
A) 3,605,201 cruise passengers in 2006
B) New state-of-the-art terminals, container yard and wharf improvements, communications command and control center, cargo and security gate complex, dredging and channel deepening, new parking facilities and tunnel and access improvements

Foreign trade offices and consulates
A) 61 foreign consulates
B) 25 foreign trade offices
C) 40 bi-national chambers of commerce

There are many things about South Florida that ocntinue to attract buyers from the U.S. and abroad. And now is the right time to take advantage of incredible opportunites in this unique real estate market.

Buy now because...
A) 2007 marks the first buyers' market South Florida has experienced in nearly 15 years.
B) Interest rates are the lowest they have been in 25 years.
C) Buyers have the best inventory of homes to chosse from in nearly 15 years
D) Median sales price continues to rise (but at a slower pace than in the past five record-breaking years).
E) South Florida is a top markets for second-home buyers.
F) South Florida is a top destination for international buyers.
G) Retiring baby boomers will purchase properties in South Florida, and more than 80 million baby boomers are expected to retire during the next 10 years.
H) Population is the biggest driver in real estate. And South Florida continues to experience strong population growth. Florida welcomes over 1,200 new residents every day.
I) Florida is also the top state for net migration from other states in the U.S.

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Source: Official Real Estate Guide - South Florida & International. by RAMB Realtor Association of Greater Miami and the Beaches. Fall/Winter 2007-2008. Article by Rick Burch - RAMB 2007 Residentail President and Terri Bersach RAMB 2007 President Elect

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Why Invest in Key Biscayne Real Estate

Below are the top 10 Reasons Why you should Invest in Key Biscayne Florida Real Estate:

1.- One of the 5 best permanent vacation spots in the United States.
2.- Key Biscayne was awarded an A+ rating by Standard & Poors and Key Biscayne’s beaches
3.- Crandon Park and Cape Florida State Park ranked among the top 10 beaches in the U.S.
4.- The island is 18 miles from Miami International Airport; minutes away from the Port of Miami, Coconut Grove, Miami Beach and Coral Gables.
5.- The Key Biscayne area has the only sub tropical climate in the United States, other than Hawaii. In December the high temperatures average 77 degrees F; the lows, 61degrees F. In August, average highs of 90 and average lows 75.
6.- Crandon Tennis Center is a public facility and is home to the Nasdaq-100 International Tennis Tournament.
7.- Crandon Golf Course is rated among the top 10 public golf courses in the United States.
8.- Very safe.
9.- Strong resale & rental market
10.- Very limited amount of Inventory.

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Cape Florida in Key Biscayne Real Estate One of Nation's top beaches

The Beach at Bill Baggs Cape Florida State Park has once again been listed as one of the best in the United States in an annual ranking which makes Key Biscayne Florida Real Estate even more valuable.

Dr. Stepehn P. Leatherman, a.k.a. "Dr Beach," ranked the beach at Key Biscayne's southern tip number eight on his list. Leatherman is the director of Florida International University's Laboratory for Coastal Research, and has been selecting the nation's best beaches since 1991. He bases his picks on 50 critgeria, including water and sand quality, facilities and environmnetal management.

He said Bill Baggs offers"clear , esmerald-colored waters and gentle surf. This fine, white coral sand beach is great for swiming , as waves are knocked down by a large sand shoal offshore. In addition, the Cape Florida Lighthouse allows for a breath-taking view of this beautiful beach."
Source: Islander News

More information at http://www.dr-beach.org/ or http://www.nhbc.fiu.edu/


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