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In June 2009, sales of homes priced more than $1 million totaled 41 in Miami-Dade County, up from the anemic sales of only nine homes in January. Similar gains were seen in Broward County as well, according to the front page of the Miami Herald (8/2/09).
Realtors in the ultra-luxury market are seeing a return of wealthy foreign buyers, as well as locals now willing to trade up once again. Prices in the upper brackets have declined only 14 percent in Miami-Dade from the 2006 peak, as compared with a whopping 50 percent for the market as a whole. Availability of credit is seen as part of the reason for the increased sales. However, since many buyers pay cash for expensive properties, the more significant reason for the uptick is improved buyer confidence over the state of the economy.

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Jane and Jean-Marie (John) Losson +1-305 924 0262
Esslinger-Wooten-Maxwell, Inc. Realtors, Inc.

Amidst all the news reports chronicling the unemployment numbers, an article in the Miami Herald’s business section relates the return of big projects to the area. (July 20, 2009) “Turning the Corner, Multimillion-Dollar Deals Start Flowing Again in South Florida.”
“….many of South Florida’s top lawyers, investors, developers and investment bankers, who say that despite the recession, they are very busy putting together and closing multimillion-dollar deals.”
The deals are not only for big real estate projects, according to the paper, citing a $188 million purchase of a North Dakota wind farm by a Miami corporation. Many of the deals are focused on the supposed “recession-proof” businesses such as gambling, environmental and new energy companies, however, even South Florida’s hard-hit commercial real estate industry is starting to revive, according to executives quoted in the piece.

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Jane and Jean-Marie (John) Losson +1-305 924 0262
Esslinger-Wooten-Maxwell, Inc. Realtors, Inc.

Miami was the life of the party during the housing boom, and now it’s got a major hangover - or make that overhang, the real estate term for how much inventory is sitting on the market and how long it’s going to take to move, given current sales levels. Miami has three years’ worth of overhang, say some experts - in other words, it’s a buyer’s market taken to the extreme.

Indeed, prices here are down 21.7% in a year, according to the S&P/Case Shiller home price index, while median condo prices fell 10% in December. Sales have nearly ground to a halt: Condo and single-family-home sales plunged 40% last year. There’s even a thriving subculture of lawyers who help panicked buyers break their preconstruction contracts. For attractive deals, look in the tony enclaves slightly to the north, like Aventura, Bal Harbour , and Sunny Isles Beach . Slightly farther inland but still close to the Miami center, Coral Gables is offering some good deals too.

But keep in mind that across the MacArthur Causeway, trendier Miami Beach still holds its cachet, especially for foreign buyers, whose exchange-rate-favored bank accounts can buy more and more by the day. As such, says market guru Guy Trusty of Lodging & Hospitality Realty, prime Miami Beach condos can fetch $1,000 per square foot, while in other parts of the city you can find new condos for $200 to $250 per square foot.

This article was published by CNN Money Fortune July 13, 2008

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Jane and Jean-Marie (John) Losson +1-305 924 0262
Esslinger-Wooten-Maxwell, Inc. Realtors, Inc.

Miami qui était au coeur de l’action durant le “boom” immobilier, souffre maintenant d’une sacrée gueule de bois. La raison? La taille de l’inventaire de biens actuellement sur le marché et le temps qu’il faudra pour résorber cet inventaire - si l’on considère le volume actuel des ventes. Certains experts disent que l’inventaire disponible à Miami correspondant à trois ans de vente.

En d’autres termes, l’acheteur est plus que roi!

En effet, les prix ont chuté de 21.7% par rapport à l’année passée - selon l’index S&P/Case Shiller - tandis que le prix moyen des appartements est tombé de 10% en décembre. Les ventes sont pratiquement au point mort. Les ventes d’appartements et de villas ont chuté de 40% par rapport à l’année passée. C’est a ce point que certains avocats se sont spécialisés dans la rupture de contrats “pre-construction” signés par des acheteurs maintenant pris de panique.

Pour de bonnes affaires, examinez les régions de Aventura, Bal Harbor, Sunny Isles Beach. Un peu plus loin, Coral Gables offre d’excellentes opportunités.

Mais n’oubliez cependant pas qu’une fois traversé le McArthur causeway, le très en vogue Miami Beach a gardé son cachet, tout spécialement auprès des acheteurs étrangers, favorisés par les cours de change et le faible $. Et ils ne se privent pas d’acheter.

D’après Guy Trusty of Lodging & Hospitality Realty un excellent appartement à Miami Beach peut se vendre autour de $1,000 du ft2 (soit approximativement €6300/m2) tandis que dans d’autres quartiers de la ville, de nouveaux appartements se vendent à $200…$250 / ft2 (€1250…€1550 / m2).

Traduction d’un article paru dans CNN Money Fortune July 13, 2008

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Jane et Jean-Marie Losson: +1-305 924 0232
Esslinger-Wooten-Maxwell, Inc. Realtors, Inc.

“Market Recovery Picking Its Spots,” proclaims the Miami Herald, July 10,2008. Neighborhoods close to downtown Miami and metrorail are showing signs of renewed buyer interest, along with the “perennially attractive markets like Miami Beach,” according to the paper.

As we’ve been reporting for some time, foreign buyers – particularly Europeans with their strong currency – are helping support the market strength in Miami Beach. “Indeed that city saw more sales in May than almost any other area of Miami Dade with 136 condos sold…. the median price has remained virtually flat compared to a year ago at $376,000.”

Those statistics confirm that Miami Beach continues to do well despite the general downturn in Florida and U.S. real estate. To be sure there are good bargains on the Beach, however, the notion that fire sales are taking place everywhere at all price levels is not borne out by the facts.

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Jane and Jean-Marie (John) Losson +1-305 924 0262
Esslinger-Wooten-Maxwell, Inc. Realtors, Inc.

Movers and shakers in Miami, in both political and business spheres, are engaged in plans to reshape downtown Miami. Most significantly, plans call for a tunnel carrying traffic under Biscayne Bay to the increasingly important Port of Miami, rather than through the downtown area. Getting huge container trucks out of downtown seems like a brilliant idea, though the plan does have its opponents.

Less controversial is the creation of Museum Park on 29 acres of underutilized land on the shores of Biscayne Bay, where an exciting new art museum has been designed by Swiss architects Jacques Herzog and Pierre de Meuron. The Miami Art Museum building is scheduled to be completed in 2011. It is destined to become a signature building for Miami with its stunning design, unparalleled location and world- renowned architects. The Miami Science Museum and parks will also anchor the space, providing an interesting destination for visitors and residents alike.

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Jane and Jean-Marie (John) Losson +1-305 924 0262
Esslinger-Wooten-Maxwell, Inc. Realtors, Inc.

Falling prices are pulling more buyers in, but it’s too soon to tell whether the market is turning.
BY MONICA HATCHER — mhatcher@miamiherald.com
From the Miami Herald Fri, Jun. 27, 2008

South Florida’s long-dormant housing market showed further signs of life in May: Home sales picked up from April, the third consecutive monthly increase. Miami-Dade County posted small price increases in condos and single-family houses, while prices in Broward remained essentially flat.
Real estate professionals, ever hopeful, pointed to the month-to-month improvements as evidence the market is feeling for a bottom — with some saying interest from investors in dirt-cheap foreclosures is restoring boom-like excitement to certain parts of town.
”The number of closings we had in [2006 and 2007] we did the same amount in May,” said Jay Phillip Parker, a title attorney and owner of Miami Beach-based Clear Title Group. “I’ve seen an increase in sales and much more momentum, more vigorous negotiations.”
Monthly sales figures released Thursday by the Florida Association of Realtors showed that year-over-year local figures remain grim, and few would say outright that the era of price declines is over.
”Sales volume does not equate with price appreciation, not in the short-term, and there is a huge inventory,” cautioned William Hardin, director of real estate programs at Florida International University.
”I hate to be the naysayer, but we’re in a weak economic environment and ultimately what drives demand for housing is jobs,” Hardin said.
He did agree, however, that swiftly sliding prices, abetted by record foreclosures, are starting to draw buyers into the market.
The median price of an existing single-family house fell in both counties by roughly 20 percent in May, dropping to $320,900 in Miami-Dade and $296,800 in Broward. While the number of houses sold rose 20 percent between April and May in Miami-Dade and 2 percent in Broward, sales were down 31 percent in Miami-Dade and 8 percent in Broward for the year.
Richard Barkett, chief executive of The Realtor Association of Greater Fort Lauderdale, said summer is typically the busiest of the year for the industry, suggesting the numbers may be seasonal.
Compared to houses listed for sale, the raw sales numbers are striking. In both counties, 33,678 houses were for offered for sale, yet fewer than 900 changed hands. The figures represent only houses listed and sold by licensed agents.
Existing condo sales dropped dismally from last year but, like houses, inched up in May from April. The median price in Miami-Dade rose by 3 percent to $280,700 compared to the same period a year ago.
In Broward, the median plunged 31 percent to $138,900. Real estate agents have attributed Broward’s steeper declines to the high number of conversion projects. The two counties had a combined 49,255 units for sale; 1,059 were sold.

Read more in the Miami Herald:
http://www.miamiherald.com/519/story/584951.html

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Jane and Jean-Marie (John) Losson 001-305 924 0262
Esslinger-Wooten-Maxwell, Inc. Realtors, Inc.