Tag Archives: Miami Real Estate Statistics

Where did Miami’s International Home Buyers come from in 2012?

In 2012,  61% of the Buyers for existing Miami/Miami Beach homes were International Buyers.

 

Top Miami and Miami Beach Homebuyers in 2012…

Venezuela…16%

Argentina…15%

Brazil…14%

Colombia…6%

France…5%

Peru…5%

 

In Contrast, Ft. Lauderdale’s International Buyers came from…

Canada…34%

Brasil…14%

*Miami real estate statistics courtesy of the Miami Association of Realtors.

If you are Selling your Miami home or condo, it is critical to have an international team coordinating the sale for you.  ShowcaseMiami Realty has multi-lingual capabilities.  We can assist our clientele in English, Spanish, German and French.

 

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

 

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

 

 

 

 

 

 

 

 

 

 

ShowcaseMiami Grand Opening welcomes 120 attendees and City of Miami Commissioner Marc Sarnoff

Commissioner Sarnoff and Jason Smith

Commissioner Sarnoff and Jason Smith at ShowcaseMiami Realty Grand Opening

ShowcaseMiami Realty’s Grand Opening took place last Thursday, November 15th, 2012.  It was an honor to see so much support from Coconut Grove residents, business owners, Realtors and past customers. Special thanks to City of Commissioner Marc Sarnoff for showing his support on this Big Day.

ShowcaseMiami Realty Grand Opening

ShowcaseMiami Realty Grand Opening

Interior Designer Vincenzo Avanzato entertains at ShowcaseMiami Realty Opening

Interior Designer Vincenzo Avanzato entertains at ShowcaseMiami Realty Opening

2nd and 3rd from left

Event Sponsors Dave Fernandez (Mortgage Broker) & Attorney Jose Castro

Burley Smith and Guest engaged in lively discussion

Burley Smith and Guest engage in lively discussion

ShowcaseMiami Realty's Office Manager, Alina Choy

ShowcaseMiami Realty’s Office Manager, Alina Choy

ShowcaseMiami Realty Grand Opening

ShowcaseMiami Realty Grand Opening

ShowcaseMiami Realtor Juan Garcia engaged in lively conversation

ShowcaseMiami Realty’s Juan F. Garcia engaged in lively conversation

ShowcaseMiami Realty's Paul Krebes smiles to the camera

ShowcaseMiami Realty’s Paul Krebes smiles to the camera

Catered by Dominic and Daniel (former owners of Focaccia Rustica Restaurant)

Catered by Dominic and Daniel (former owners of Focaccia Rustica Restaurant)

 

ShowcaseMiami Realty Grand Opening

ShowcaseMiami Realty Grand Opening

 

Thank you again to all those who came out to support this new Coconut Grove business, ShowcaseMiami Realty.  It was a wonderful evening!

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

 

 

One Sotheby’s factoids on South Florida’s Luxury Real Estate Recovery…

150 Arvida Pkwy, Coral Gables, FL 33156

150 Arvida Parkway, Coral Gables, FL 33156

Gables Estates

(Living Room View to Biscayne Bay)

Listed by Mirce Curkoski and Ralph Arias of One Sotheby’s International

in Collaboration with Jason Smith of Keller Williams Realty Coral Gables

 

  • Pending Sales of all waterfront properties in Miami Dade County over $1 ,000,000 are up 44% from this time last year

  • Homes in South Florida over $5,000,000 are purchased 50% of the time with full cash.

  • The Average Sales price of waterfront homes in Coral Gables increased 100% (from $1,825,333 to $3,698,796) from mid year 2011 to mid year 2012.

  • Distressed properties (Short Sales and REOs) make up less than 2% of the South Florida $1,000,000 plus real estate market.

  • The total number of pending condos over $1,000,000 in Miami-Dade County is up 125% from this time last year.

  • The current inventory is down 22% in Miami Dade County for all properties over $1,000,000 from this time last year.

  • The Days on the Market from listed to sold is down 48% from this time last year to now for Miami-Dade Condos over $1,000,000.

  • Average Sales Prices Climbing…

  • South Florida leads the national real estate recovery, with the average sales price up 20% in Miami-Dade and 21% in Broward compared to this time last year.  South Florida is second in the nation for enjoying the most robust recovery, following only Phoenix, AZ.

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

Miami Realtor Jason Smith discusses the local real estate market in Doug Hanks’ front page Miami Herald article…Sept. 20th, 2012

        Real Estate News

 

Posted on Wed, Sep. 19, 2012

A housing market on the mend, needing more houses

By Douglas Hanks dhanks@MiamiHerald.com

 

South Florida’s housing market lacks a certain something: houses for sale.

Tight inventory levels continued to help boost prices this summer as buyers competed for the limited number of houses and condos on the market. Despite the modest bump over last year’s prices, homeowners are balking at putting their properties on the market until values recover more.

“They still feel they won’t get they want,’’ said Jason Smith, a broker with Keller Williams in Coral Gables. “They say, “If I hold off for two years, I’ll get what I want.’ ’’

Maybe. If South Florida home values continue rising at their current pace, it will be 2017 before they return to peaks hit in 2006, according to the latest results from the Case-Shiller real estate index. But numbers released Wednesday show the healing continues.

In Broward, the number of sales of single-family homes increased 15 percent in August from August 2011, and the median price increased 12.5 percent to $215,000. August sales of single-family houses in Miami-Dade increased 5 percent compared to a year ago, and the median prices was up 11 percent to $195,00, according to the Miami Association of Realtors.

That marked the ninth consecutive month of yearly price increases in Florida’s largest housing market, the first such streak since September 2006.

A recovering economy, looser credit and the attractiveness of depressed prices all led to the ongoing rebound. But a lack of real estate listings is boosting prices, too.

Inventory figures tracked by Esslinger-Wooten-Maxwell show the 9,200 houses and condos for sale in Broward would last for 14 weeks under the current pace of about 2,500 units sold every 30 days. That’s far tighter than the 26 weeks of inventory on the market at the end of last summer.

In Miami-Dade, the inventory isn’t quite as tight; with about 11,400 houses and condos for sale, Miami-Dade’s current inventory would last for 18 weeks compared to 25 weeks a year ago.

A lack of affordable condos — and not the European financial crisis — continues to hold back sales for Brigitte Respaut Degrave, who pairs French buyers with real estate investments in the Miami area. “Two weeks ago, I met a buyer in France,’’ she said. “He wanted to spend $150,000. It ended up being $350,000 for what he wanted.”

For Degrave, Europe’s financial woes have been a boon. “The Europeans are afraid of the euro,’’ she said. “They want to diversify.”

Condo sales continue gaining steam in South Florida, although monthly numbers are typically more erratic than those related to single-family homes. The August Realtors report showed the volume of condo sales increased 8 percent in Miami-Dade and 2 percent in Broward from 12 months earlier. Prices were also up: 28 percent in Miami-Dade, to a median of $146,500, and 7 percent in Broward, to $86,000 .

The improved numbers belie the damage done to South Florida’s housing market that still hasn’t been erased. For instance, single-family sales in Miami-Dade remain down about 20 percent from past peaks hit in 2004, and values are off 47 percent across South Florida since the height of the housing bubble six years ago, according to the Realtors group and the Case-Shiller index.

An improved housing market hasn’t been enough to turn around South Florida’s nearly five-year-long decline in construction hiring, which is about 50 percent lower than it was during the housing boom. But construction activity is picking up, with a scattering of high-rises underway in downtown Miami and other commercial projects once against attracting crews.

“It’s a lot better than last year, no doubt,’’ said Roy MacRobert, head of sales for Supermix, which recently purchased the concrete plants and fleet of mixing trucks from Continental Florida Materials in South Florida as his companyit prepares for a rebound in the commercial sector. “The market has hit bottom,’’ said Bernardo Dias, a Supermix executive. “A lot of work that was being bid is finally going forward.”

For Smith, this summer has brought more interest from buyers than the Gables broker has seen since the boom. But a recent open house highlighted the ups and downs of the current market.

Smith got the listing — a three-bedroom house with a pool near South Miami — after it sat unsold for six months with a $560,000 listing price. Smith convinced the owner, a retiree eager to move north, to lower the price to $489,000.

The result: More than 150 people showed up last weekend to see the property — more than Smith can remember for an open house in 12 years in South Florida real estate. By Tuesday, he had about a dozen offers — half of them prequalified for a mortgage, and half of them offering to buy the house with their own cash.

“It was a frenzy,’’ he said. “It was like 2005 all over again.”


It was an honor to be featured on the front page of yesterday’s Miami Herald real estate article written by Doug Hanks.

 

Addendum…

Our South Miami listing mentioned by Doug Hanks at the end of the article (that generated 11 offers) sold for tens of thousands over list price.

 

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

 

 

 

Miami Real Estate Market Update (Will the Presidential Election affect sales?)…

August 2012 Activity…

For the ShowcaseMiami Team, the last half of August was quite slow.  There weren’t many phone calls inquiring about our Miami Seller Listings.  Our Buyers, in general,  were not ready to make offers and secure a Miami house or condo.

September 2012 Activity…

Once September arrived, the phones started ringing off the hook for showing appointments for our Miami Listings.  It just goes to show the mini-cycles in the Miami real estate market. There are periods of time that are significantly busier than others. We attribute the slowdown in August to many people (Buyers, Sellers, Listing Agents and Buyer Agents) going out of town before school starts back up.  One would think that September would be a slower month with the Miami relocation season (February-August) coming to a close.

Jason’s Forecast for September-December 2012…

I think this year (September-December) will be much different than in years past.  At last weekend’s open houses, we saw an urgency on the part of buyers that was reminiscent of the frenzied market of 2005 (a Record 150 Buyers and Realtors came to our High Pines Open House over the course of 4 hours).  (See Sept 9th Blog Post at www.ShowcaseMiami.com)  Today’s Miami Buyers understand that inventory has declined significantly and they are seeking to lock in a contract and secure a home.  Miami Listing Inventory remains extremely low (today there are 10,000 available Seller Listings in Miami on the Multiple Listing Service (MLS)…5 years ago there were over 50,000 available Seller Listings in Miami).

Will the Upcoming Presidential Election slow Miami Real Estate Sales?

In the last 2 elections, we noticed a significant slowdown in the 2-3 months before the Presidential Election.  The Buyers’ conventional wisdom was to see which regime was elected and how would the Miami real estate market be affected.  Today, however, limited supply trumps Presidential Election considerations.

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

Coconut Grove Builder asks…”What should I build on this lot in Coconut Grove?”

I had a terrific conversation this week with a local builder in Coconut Grove.

This Coconut Grove builder’s question was…

What should I build on this property?  What does the market need right now?

Here is the analysis that I shared with him…
“I selected closed sales in Coconut Grove over the past 365 days between 2000-3500 sq feet (that were built between 2000-2012). There are three sales that match this criteria.  They can be found in the link below.

 

  • 4040 Matheson Avenue sale was a distressed short sale and sold for under market value in my opinion at $213/sq foot.  Therefore, it is not a good indicator of market value for new construction in the Grove.

 

  • 3740 Irvington… 3472 sq feet 6850 lot size built in 2007.  4 Bedrooms/4 Bathrooms/ 2 car garage.  It was located on a no-thru street with minimal traffic and a community park for the homeowners to enjoy.  It Sold for $1,275,000 ($367/sq foot).  It Sold in December 2011.

 

  • 2635 SW 17 Avenue… 3471 sq feet… 7700 lot size.  It was built in 2005.  It featured 4 Bedrooms/ 3.5 Bathrooms/2 car garage.  It Sold for $1,000,000 ($288/sq foot) in August 2012.

 

My Recommendation…

I recommend building a contemporary home over 3,000 sq feet.  Something with clean open spaces and ample natural light.  My recommendation is not to over-improve the property with too many high end finishes.  Allow the buyer to do this after they purchase.  The most important thing to do is build the home as large as you can (3,000 sq ft plus) and present it to the market at $899,000 or below.  We find that the market is extremely active under $800K.  Above that, buyers are more timid and financing is more of a challenge. At $899,000, your 3,000 sq foot creation would be priced at $300/sq foot (close to that $800K sweet spot).  The market would respond very well to a brand new contemporary design home in Coconut Grove at that price point.

 

Another Factor…

Buyers today remain very sensitive to lot size.  They seek value and lot size is one of those value components. The two recent closed sales at 3740 Irvington and 2635 SW 17 Avenue had lot sizes of 6,850 and 7,700 respectively.

 

Conclusion…

Overall, I think you are very well positioned given that today there are only 11,000 listings for sale in the Dade County MLS (5 years ago, there were over 44,000 listings for sale in the Dade County MLS).  Supply is tight…realtors and buyers are noting low Miami inventory and quality offerings.  Your new construction project will definitely command the market’s attention (especially if you introduce it to the market at the start of peak home buying season in early January).

 

P.S. As a matter of fact, I may have a buyer to present to you.  They are seeking a home in Coconut Grove up to $1 million.  We’ve been searching for 3 months but they have not yet found anything that interests them.

 

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

 

 

4 Observations on the Changing Miami Condo Market…

The Condo Facts:

 

There is a great deal of mis-information out there regarding the Miami real estate market.  One of the areas where this mis-information exists concerns the % of the market that is REO/Bank Owned, Short Sale or Regular Sale.

Below, you will see data straight from the Miami MLS (Condo & Townhouse only)…

Available Listings in Dade County on Miami MLS:

Total…6249

Regular Listings (non-distressed)…5257 (84%)

Short Sale (pre-foreclosure)…710 (11%)

REO (bank owned foreclosures)…282 (5%)

Closed Sales in Dade County (past 90 days)

Total…575

Regular Listings (non-distressed)…395 (69%)

Short Sale (pre-foreclosure)… 29 (5%)

REO (bank owned foreclosures)…151 (26%)

Observations…

    • Surprisingly, only 11% of the available condo listings today are short sales (aka pre-foreclosure)
    • 2 years ago, 35% of the available condo listings were short sales.
    • Today, 26% of closed sales are REO/Foreclosure
  • 2 years ago, 50% of all closed sale were REO/Foreclosure
****The Miami MLS data above continues to indicate a recovering Miami real estate market****

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

What percentage of Miami Listings are REO/Foreclosure/Bank Owned and Short Sales, etc?

The Facts:

 

There is a great deal of mis-information out there regarding the Miami real estate market.  One of the areas where this mis-information exists concerns the % of the market that is REO/Bank Owned, Short Sale or Regular Sale.

Below, you will see data straight from the Miami MLS (Single Family only)…

 

Available Listings in Dade County on Miami MLS:

Total…4,096

Regular Listings (non-distressed)…2,926 (71%)

Short Sale (pre-foreclosure)…893 (22%)

REO (bank owned foreclosures)…277 (7%) 

Closed Sales in Dade County (past 90 days)

Total…343

Regular Listings (non-distressed)…199 (58%)

Short Sale (pre-foreclosure)…23 (7%)

REO (bank owned foreclosures)…121 (35%)

Noteworthy changes to the Miami real estate data over the past 2 years:

1) 2 years ago, short sales accounted for 35% of the available Miami listing inventory.

Today, short sales account for 22% of the available Miami listing inventory.

2)  Today, 35% of all Miami sales on MLS are REO (bank owned foreclosures).

2 years ago, REO’s accounted for 50% of all sales on the Miami MLS.

—————————————————————–

Miami MLS data indicates that the following figures have not changed over the past 2 years:

1) The % of Miami closings that are short sales remains at 6-7%.

2)  The % of Miami listings that are REO’s has not changed significantly.

(Today, 7% of all listings on the Miami MLS are REO.

2 years ago, 10% of all listings on the Miami MLS were REO.

****These Miami MLS data above continues to indicate a recovering Miami real estate market****

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

Miami Dade MLS Market Trends (Today vs 10 years ago)…

Miami Dade Residential Real Estate Stats (past 10 years)…

What is particularly noteworthy?

#1) Today, there is only 15.4% more inventory for sale than 10 years ago.

#2) Today, there are 6.6% more units sold than during the same quarter 10 years ago.

#3) Today, there are 57% more pending sales (under contract to close) than during the same quarter 10 years ago.

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

3 Reasons that Miami Realtor valuations are more accurate than Zillow or Trulia…

    

 

Oftentimes, the sellers that we interview prior to listing their Miami homes for sale are gauging the value of their home based on Zillow and Trulia estimates.  We find that these Trulia and Zillow estimates are often not representative of true market value.  These estimates frequently err on the high and the low side.

These estimates can be an indication of value for Miami home sellers but they do not take into consideration intagible factors that a local, professional realtor will.

Here are the 3 Reasons that Miami Realtor valuations are more accurate than Zillow and Trulia…

1)  Updates..a professional Miami Realtor will take into consideration the cost of updates of one home vs. another when calculating value.

2)  Seasonality…a professional Miami Realtor knows that a single family home in Coconut Grove, Coral Gables or Pinecrest will attract more buyer interest between late January to July than August to December.  Therefore, this factor must be considered when assigning a value to list a home.  Zillow does not do this.

3)  Subtle differences in property locations…a professional Miami Realtor knows that a home on a quiet street generally attracts more buyer interest than one on busy street.  Zillow does not factor this in.

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115