Miami’s Cash Buyers Represent More than Twice the National Average!

Cash deals represented 54.2 percent of Miami's total closed sales in March 2015, down from 60.5 percent in March 2014. Nationally, just 24 percent of all national housing transactions are m ade in cash. Since 82 percent of foreign buyers in Florida purchase properties all cash, Miami's high percentage of cash buyers continues to reflect South Florida's ability to attract international buyers.

The Miami real estate market, one of the most popular in the nation with international and domestic buyers, continued to gain momentum in March, as single-family home transactions registered double-digit growth year-over-year and existing condominium sales rose despite an increase in new condo construction, according to a new report by the 35,000-member MIAMI Association of REALTORS® (MIAMI) and the local Multiple Listing Service (MLS) system.

Pending home sales in March continued their recent momentum, rising for the third straight month and remaining at their highest level since June 2013, according to the National Association of Realtors®.

(Source: http://miamire.com/miami-news/2015/04/22/miami-residential-sales-prices-continue-upward-trend-in-march)

Wow! Paraiso Bayviews unveils its Penthouse Collection!

Paraiso Bayviews is excited to unveil its Penthouse Collection! Located between the 41st and 44th floors, these penthouses will boast spectacular views within spacious residences up to 4 bedrooms, have 10 ft. ceilings, and sprawling terraces. This is fabulous opportunity to own a penthouse in the most sought-after luxury community in Edgewater...

Some of the Luxurious Penthouses Available:

UNIT RESIDENCE TYPE PRICE UNIT DESCRIPTION SQ.FT.
PH 4101 PH-NORTH $ 1,639,900.00 4 BEDROOMS + DEN / 4 BATHS 2522
PH 4302 PH-EAST $ 1,674,900.00 4 BEDROOMS / 4 BATHS 2551
PH 4203 PH-EAST $ 1,472,900.00 4 BEDROOMS / 4 BATHS 2020
PH 4104 PH-SW $ 760,900.00 1 BEDROOM + DEN / 1.5 BATHS 1152
PH 4105 PH-WEST $ 618,900.00 2 BEDROOM + DEN / 2 BATHS 1019
PH 4206 PH-WEST $ 628,900.00 2 BEDROOM / 2 BATHS 1094
(Pricing and Availability subject to change)

Payment Structure:

(Tentative and subject to change)

20% now at Contract
10% at Groundbreaking, May 2015
10% at 10th Floor, October 2015
10% Top-off, May 2016
50% at Closing, May 2017
PROPERTY FEATURES:

44-story residential tower designed by Arquitectonica
396 designer units with fabulous views of Biscayne Bay
Prices starting at $340k, with retail on the ground floor
Units delivered move-in ready, with flooring included
Sophisticated lobby with permanent art installation
AMENITIES:

Incredible list of amenities on the 9th floor, including a state-of-the-art gym, 75 ft sunset pool, tennis courts, bbqs, gardens and business center
An exclusive 44th-floor Roof-top Club with luxurious spa and infinity pool, plus private treatment pools and jacuzzis
Memberships to Michael Schwartz Beach Club and Restaurant
Marina with water sports activities and available boat slips
*3000 sqft social event space*

If you want to join me for a Private Showing, call me directly at
(786) 525-9430 for more information.

Florida leads in all-cash home purchases!

Cash buyers still make up a large percentage of the home sales market, but their grip has slipped for at least two consecutive years now, data provider CoreLogic reported on Thursday.

The company's analysis showed that 38.9 percent of buyers nationwide were all-cash transactions during January. That compared with 41.4 percent during the same month last year.

Florida, which is seeing a resurgence of baby boomer retirees buying as the housing market and general economy have healed, saw 56 percent of sales occur through cash-only transactions -- higher than any other state, the CoreLogic data showed.

The only other state approaching Florida's tally was Alabama, with 55 percent. In the North Port-Sarasota-Bradenton market, by CoreLogic’s measure, 56.33 percent of buyers were cash only during January, down about 5.2 percent from the same month in 2014.

In the Miami-Miami Beach-Kendall market -- one of the top 25 metros that CoreLogic tracked in its report -- 59 percent of sales were cash. That was down about 7 percent year-over-year but still the highest of any of the top metros.

The Tampa-St. Petersburg-Clearwater market was 48.8 percent cash transactions during January, down about 8.9 percent from a year ago in January.

Nationally, the year-over-year share has fallen each month since January 2013.

Month-over-month, the cash sales share increased by 3.2 percentage points, which is typical in the month of January, CoreLogic said.

"The cash sales share peak occurred in January 2011, when cash transactions made up 46.5 percent of total home sales in the U.S.," CoreLogic said. "Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent.

"Should the cash sales share continue to fall at the same rate that it did in January 2015, the share should decrease to 25 percent in mid-2018," the company said.

(Ref: http://www.heraldtribune.com/article/20150409/ARTICLE/150409690/2107/BUSINESS?Title=Florida-leads-in-all-cash-home-purchases)

Pending Sales Rise 3.1 Percent, Inventory Remains a Concern

Miami Beach Real Estate Market Activity For The 1st Quarter Of 2015

What does 2015 have in store for the Miami Beach real estate market? Is 2015 a good time to buy or sell a Miami Beach condo or a Miami Beach single-family home? Is it still a good time to buy or sell Miami Beach real estate? These are the questions we receive every day, and they are important questions to buyers and sellers.

Maybe you have to sell because you are moving to another state or you want to buy because you need more space. Life usually takes precedence over market statistics, but buyers and sellers never want to buy or sell in a market where they don’t feel like they have an “advantage”. Unfortunately, that’s not always easy to do or predict. However, with a good grasp on the market we can always give you the best advice on buying or selling at this current time.

Now, let’s move on to the Miami Beach real estate market activity.

Below are two tables comparing the activities for the first quarter of 2015, the last quarter of 2014 and the first quarter of 2014. The first table shows the Miami Beach condo activity and the second Miami Beach single-family activity.

These tables represent the numbers for the entire Miami Beach neighborhood. It is important to note that the data is generated from our local MLS database. If there are any pre-construction properties, the bulk would not be displayed with these results as the developers don’t usually post the fully closed data in the MLS. Although they will eventually be published in the local tax records. These numbers will change based on different areas of Miami Beach, for instance waterfront homes, direct ocean front condos and pre-construction properties.

Miami Beach Market Condos:

Single -family homes sales are down 7% from the 1st quarter of year 2015 in comparison to the 1st quarter of 2014. The average sales price also declined from around 21%, but the average sales price per square foot is about the same. The median sales price increased from $1,340,000 to $1,505,000.

There are currently 318 active single family homes on the market and 64 under contract. This year will be interesting too as there are new listings on the market with price tags like $74 million at over $7600 per square foot.

See what single-family homes are available for sale in Miami Beach today

The compilation of listing and market data information is provided by our local MLS system Miami Association of REALTOR(R) ®s and other closed tax data provided by use from our local MLS resources. All information provided is deemed reliable but is not guaranteed and should be independently verified. I am human and errors can occur, if you note something off, let me know so I can check into it.

Effective April 7, 2015, Zillow and Trulia will no longer receive direct feeds of real estate listings from ListHub!