Miami Condo Sales Takeoff in Mid 2018!

According to the Miami Association of Realtors, Miami-Dade County existing condominium sales surged 5.6 percent in 2Q 2018 as median prices for all properties rose for the 26th consecutive quarter.

Miami condo transactions jumped 5.6 percent, from 3,818 in 2Q 2017 to 4,033 in 2Q 2018. Miami existing single-family sales decreased 2.6 percent, from 3,882 to 3,782. The change is due to a lack of single-family home inventory in lower and mid-price points.

"Miami condo home buyers are finding great opportunities particularly in the $250,000 to $600,000 range," MIAMI Chairman of the Board George C. Jalil said. "Miami condo sales in the $250,000 to $600,000 range increased 15.7 percent year-over-year, which helped fuel the sector's robust quarter."

Total Home Sales Increase in 1Q 2018

Total existing Miami-Dade County residential sales increased 1.5 percent year-over-year in 2Q 2018, from 7,700 to 7,815.

Total sales volume accounted for $3.9 billion in 1Q 2018, an increase from the $3.3 billion sales volume a year ago. The sales do not include Miami's multi-billion dollar new construction condo market.

Non-distressed sales comprised 94 percent of all closed residential sales in 2Q 2018 vs. 90 percent in 2Q 2017. Only 6.3 percent of all closed residential sales in Miami were distressed in 2Q 2018, including REO (bank-owned properties) and short sales, compared to 9.7 percent in 2Q 2017. In 2009, distressed sales comprised nearly 70 percent of Miami sales.

Short sales and REOs accounted for 1.5 and 4.8 percent, respectively, of total Miami sales in 2Q 2018. Short sale transactions decreased 36.8 percent year-over-year while REOs fell 33.6 percent

Miami Luxury Homes Sales Jump 18.2 Percent

Total luxury home sales ($1 million and above) jumped 18.2 percent, from 500 in 2Q 2017 to 591 in 2Q 2018.

Condo luxury sales fueled the $1-million-and-above transaction surge, increasing 37.1 percent in 2Q 2018. Single-family luxury transactions increased 5.9 percent in 2Q 2018.

A rise in sales among mid-priced condos also played a key role in 2Q 2018. Miami condo sales in the $250,000 to $600,000 range increased 15.7 percent year-over-year, from 1,213 sales to 1,403.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.54 percent for 2Q 2018, up from the 3.99 percent recorded during the same quarter a year earlier.

Miami Median Prices Rise for 26th Consecutive Quarter

The median price for single-family homes in Miami-Dade County increased to $350,000 in the second quarter, a 6.6 percent jump from $328,300 in the same period last year. The median price for existing condominiums increased 5.2 percent year-over-year from $229,000 to $240,875.

Median prices have now increased for 26 consecutive quarters, a streak spanning 6.5 years.

Statewide, the median sales price for single-family existing homes in 2Q 2018 was $256,150, up 6.7 percent from the same time a year ago, according to Florida Realtors. The statewide median price for condo-townhouse properties during the quarter was $189,900, up 8.5 percent over the year-ago figure.

The national median existing single-family home price in the second quarter was $269,000, which is up 5.3 percent from the second quarter of 2017 ($255,400) and surpasses last year's second quarter as the new peak, according to the National Association of Realtors.

Hot Markets Overview Reveals Strong Demand and Limited Supply in Many Local Areas

Months' supply of inventory is a strong indicator of real estate activity. Top Miami neighborhoods with the lowest months of supply of inventory in 2Q 2018:

Single-Family Homes

Richmond Heights, a small community south of Kendall, had 8 months supply
Miami Gardens, a north Dade community along the Broward line, had 2 months supply
South Miami Heights, a south Dade community west of Cutler Bay, had 2.3 months supply
Palm Springs North, a northwestern Dade community south of the Broward line, had 2.3 months supply
Palmetto Estates, a South Dade community west of Palmetto Bay, had 2.4 months supply
 
Condominiums

Naranja, a south Dade community north of Leisure City, had 8 months supply
The Crossings, a South Dade community west of Kendall, had 0 months supply
Tamiami, a South Dade community west of Kendall, had 2.5 months supply
Three Lakes, a South Dade community west of Kendall, had 2.7 months supply
Hialeah Gardens, a North Dade community west of Hialeah, had 2.7 months supply

National, State Home Sales in 2Q 2018

Nationwide existing-home sales, including single family and condos, decreased 1.7 percent to a seasonally adjusted annual rate of 5.41 million in the second quarter from 5.51 million in the first quarter, and are 2.4 percent lower than the 5.55 million pace during the second quarter of 2017, according to NAR. 

Closed sales of single-family homes statewide totaled 80,711 in 2Q 2018, up 1 percent from the 2Q 2017 figure, according to Florida Realtors. Looking at Florida's condo-townhouse market, statewide closed sales totaled 34,376 during 2Q 2018, up 4.7 percent compared to 2Q 2017.

Balanced Market for Single-Family Homes, Buyer's Market for Condos 

At the current sales pace, the number of active listings represents 6.0 months of inventory for single-family homes and 13.9 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.

Miami real estate had 21,470 active listings in the second quarter, a 1.7 percent increase from the 21,119 listings at the same time last year. The inventory for single-family homes increased 2.5 percent, from 6,052 to 6,206. Miami existing condo inventory grew 1.3 percent, from 15,067 to 15,264.

Miami Homes Selling Close to List Price 

The median percent of original list price received was 95.9 percent for single-family homes and 93.5 percent for condos in 2Q 2018.

The median time to contract for single-family home listings was 44 days, a 10.2 percent decrease from 49 days in 2Q 2017. The median time to contract for existing condos was 77 days, a 4.1 percent increase from 74 days in 2Q 2017.

The median time to sale for single-family homes decreased 7 percent, from 100 days to 93. The median time to sale for existing condos stayed the same at 116 days.

Miami Cash Sales Almost Double National Figure 

Cash sales represented 38.1 percent of Miami closed sales in the second quarter of 2018, compared to 38.6 percent in 2Q 2017. About 20 percent of U.S. home properties are made in cash, according to the latest NAR statistics. The high percentage of cash buyers reflects Miami's top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash.

Cash sales accounted for 52.2 percent of all Miami existing condo sales and 23.1 percent of single-family transactions.

The week in luxury: A map of Miami-Dade’s priciest condo sales

Condo sales in Miami-Dade rose last week, led by a sale on Fisher Island.
Condo sales totaled 173 closings for a combined $63.2 million, 49 units and about $15 million more than the previous week. Condos last week sold for an average price of about $365,000 or about $300 per square foot.
The priciest closing was at Seaside Villas on Fisher Island in Miami Beach. Unit 19251 sold for $2.6 million, or $938 per foot. The three-bedroom, 2,800-square-foot condo was listed with Zhanna Block. Don Pingaro brought the buyer.
The second most-expensive sale was unit 3701 at Acqualina in Sunny Isles Beach, which sold for $2.55 million, or $932 per square foot. Michael Goldstein, head of sales for Acqualina’s projects, represented the seller. Marla Cohen represented the buyer. The unit sat on the market for 456 days before it closed.
Here’s a breakdown of the top 10 sales from July 29 to Aug. 4. Click on the map for more information:
Most expensive
Seaside Villas #19251, Miami Beach | 171 days on market | $2.6M | $938 psf | Listing agent: Zhanna Block | Buyer’s agent: Don Pingaro
Least expensive
Echo Brickell #1903, Miami | 78 days on market | $950k | $581 psf | Listing agent: Zachary Fernandez | Buyer’s agent: Lauren Snell
Most days on market
Acqualina #3701, Sunny Isles Beach | 456 days on market | $2.55M | $932 psf | Listing agent: Michael Goldstein | Buyer’s agent: Marla Cohen
Fewest days on market
Indian Creek #20CD, Miami Beach | 67 days on market | $971k | $335 psf | Listing agent: Cinthia Ane | Buyer’s agent: Anthony DeRosa-Marra

Top 10 condo sales

Seaside Villas

Acqualina

101 Key Biscayne

Williams Island 7000

Caribbean

Trump Towers

Aventura Marina Two

Grand Marina

Indian Creek

Echo Brickell

(https://therealdeal.com/miami/2018/08/07/the

-week-in-luxury-a-map-of-miami-dades-priciest-condo-sales-182/)

Biscayne Shores Hidden Gem!

DEVELOPERS AND DREAMERS EYE DOWNTOWN’S WATERFRONT...

T Miami Wave’s 550-foot-tall observation wheel would go “hand-in-hand with how Miami has evolved...waves of immigrants developing this great international destination.” MiamiEye Development Group he Cuban Exile History Museum, proposed for public waterfront land behind American Airlines Arena, is in limbo. After four years of negotiations, county commission chairman Esteban Bovo is questioning the wisdom of allowing a non-profit organization to build a museum on taxpayer-owned land that was long promised as a park. That’s a big deal because Bovo is the one who has been championing a 55-year lease with Cuban Exile History Museum Inc. that would allow the group to build an $80 million, 80,000-square-foot museum and plaza, funded with donations, on three acres of land the county calls Parcel B, all in exchange for $1 a year. So instead of discussing the museum lease on June 19, as originally scheduled, the county commission deferred it “to a date uncertain.” Nicolas Gutierrez, the group’s secretary, acknowledged that his fellow board members are, reluctantly, considering other locations. Yet while one project slated for public land may be in trouble, another is waiting in the wings -- and it might have some support from at least one county commissioner. Oh, and it features a giant wheel. Haskel Mayer, founder of Mayer Structural Design in Miami Beach, wants to build Miami Wave, a wave-shaped complex that would include a 550-foot-tall observation wheel, a hotel, and perhaps space for two museums, dedicated to Cuban and African-American history. And Meyer is looking to build it above the FEC boat slip, a watery nine acres located between the AmericanAirlines Arena and Museum Park, although he is very flexible. The project, he says, can be built anywhere on the waterfront, anywhere on the planet. “This is a work in progress,” Mayer says. “We’re looking at a number of cities throughout the world. But I’ve lived here for most of my life, and we’d like to see it built here.” The FEC slip, however, is owned by the City of Miami, which means that Mayer would have to make a deal with officials. So far he has only approached county officials. “Like I said, this is a very preliminary idea that was floated out there,” he says. “We believe that it would be a natural fit for [the FEC slip], but we would let the powers that be, be the judge of that.” The ambitious Miami Wave project could include a hotel and perhaps two museums -- for Cuban and African-American history. The Miami Wave (presumably it would be called something else if it’s constructed in, say, San Diego), has nothing to do with Skyrise Miami, a 1000-foot-tall observation tower expected to be built by developer Jeffrey Berkowitz on a 1.9-acre Miamarina surface parking lot within easy walking distance of the FEC slip. Nor does the Miami Wave have anything to do with the Miami Wheel, a 650-foot-tall Ferris wheel with retail on the ground and a bar and restaurant 250 feet in the air. Rigoberto Valdes, whom the BT couldn’t reach by deadline, had proposed to build this project on the FEC slip in 2014. The Miami Wave, Mayer insists, is not a Ferris wheel. “George Ferris designed his wheel many years ago,” he says. Miami Wave would be based on his patented designs, and its wave design “goes hand-in-hand with how Miami has evolved [with] waves of immigrants developing this great international destination. We feel we have a project that would complement that.” Mayer says Miami Wave would cost around $400 million to build and would be funded by private investors affiliated with MiamiEye Development LLC. Although Mayer declined to name these investors, Sunbiz.org lists MiamiEye’s directors as Mayer and architect Cyril Silberman, founder of Uni-Systems, an architecture and engineering firm with offices in Miami Beach and Minneapolis. Mayer did not say what rent, if any, he was willing to pay the City of Miami for Miami Wave to occupy public property. Roosevelt Bradley, Miami Wave’s lobbyist, claims the observation-wheel complex could bring more people to Museum Park, home to the Pérez Art Museum Miami and the Frost Museum of Science, as well as to Parcel B. Plus, he notes, it could ensure that Cuban and African-American museums would have plenty of visitors. “We’re looking at how we can get all the museums together,” says Bradley, who is the former director of Miami-Dade Transit. In July 2014, the Miami-Dade County Commission, by a vote of 8-4, directed Mayor Carlos Gimenez’s administration to negotiate a long-term lease with Cuban Exile History Museum Inc. on Parcel B. Commissioner Dennis Moss supported the resolution in exchange for his colleague’s support for an African-American history museum, preferably on the waterfront and partially funded with taxpayer money. The vote was controversial, considering that county officials had promised to turn Parcel B into a public park in exchange for voter support in 1996 for the construction of a sports stadium for the Miami Heat (AmericanAirlines Arena) on public land (see “Political Intrigue and Parcel B,” March 2018). The view from Jeffrey Berkowitz’s 1000-foot-tall Skyrise Miami, with the FEC boat slip visible just north of the AAA. As negotiations dragged on between the museum group and the mayor’s office, demands grew louder for Parcel B to become a park. Commissioner Audrey Edmonson, a downtown Miami resident whose district includes Parcel B, became the strongest voice on the commission against building a museum behind the arena. Commission chairman Esteban Bovo, whose father was a Bay of Pigs veteran, remained the project’s advocate. Then in March of this year, a compromise was reached between Bovo, Moss, and Edmonson: a Cuban Exile History Museum and an African-American History Museum would be built on two of the twenty acres of open space in Museum Park. All that was needed was support from the City of Miami, which controls the park. That didn’t happen. Bovo reported during a special “sunshine meeting” with Edmonson and Moss last month that City of Miami Mayor Francis Suarez was opposed to more buildings in Museum Park. William “Bill” Muir, a Bay of Pigs veteran who is president of Cuban Exile History Museum Inc., says he met with Miami City Commissioner Joe Carollo at Museum Park. Carollo is also the chairman of the Bayfront Park Management Trust, a city board that oversees Bayfront Park, the FEC boat slip, and Museum Park. “We looked at where it would be possible to do something,” Muir says. “We had one or two text messages back and forth, and that was it.” Carollo says he stopped meeting with Muir because he just didn’t think his group would be able to raise the money needed to build a museum. “They don’t have any money in the bank,” Carollo says. “Neither the Cuban Exile History Museum nor the African-American Museum, in my mind, will ever be a reality. The only way is if [taxpayers] put some money into it like they did with the Frost Museum and the Pérez Museum.” During the June 12 sunshine meeting, Edmonson remained resolute against any museums being built on Parcel B. “My concern is that no one really cares about my constituents,” she said to Bovo and Moss. “Everybody wants to do what they want. I’ve never gone into your districts and done anything, yet you all come into mine.” Bovo’s district includes Hialeah and Miami Lakes. Moss’s district includes Florida City and Homestead. Edmonson’s strenuous objections were enough to give Bovo second thoughts. “I just want to say that I have been agonizing about this,” Bovo said at the meeting. “Agonizing because you [Edmonson] are fulfilling your fiduciary responsibility to the residents of your district.” Bovo later told the Miami Herald that he wasn’t sure “if there’s an appetite to move forward on this.” Moss’s appetite, though, was just fine. He mentioned that there was a group wanting to build an attraction with a “Ferris wheel” and a hotel that was willing to include space for the African-American and Cuban exile history museums. “This development interest could come in and build out the wheel and hotel, and said they will build out the museum,” Moss said at the sunshine meeting. Moss also brought up the possibility of the county doing a “land swap” with the City of Miami that could allow Parcel B to become an official park and enable the attraction with the museums to be built in Museum Park. “You would have there 24/7 museums on the park. You will have a customer base right there!” Moss declared. The Miami Wave would rise up from the FEC boat slip, shown here at bottom, and echo the shape of American Airlines Arena. Edmonson wasn’t opposed to the idea. “That’s why I was pushing that to be on Museum Park!” she exclaimed. “The museums are already there!” She added that in exchange for allowing two additional museums to be built in Museum Park, she would support the elimination of an old agreement between the City of Miami and the county requiring the Omni Community Redevelopment Agency to make $2 million annual payments over the next 15 years for the maintenance of Museum Park. But that idea didn’t sit well with Andres Althabe, president of the Biscayne Neighborhood Association. Althabe said that downtown residents don’t want more structures to be built on either Parcel B or Museum Park. “We all agree that we don’t want more buildings in our parks,” he said. “That’s the bottom line.” As for the FEC slip, which has been used to dock boats since the late 1890s, the Miami Wave concept may soon have some competition. At the end of July, the Bayfront Park Management Trust will discuss a request for proposals for businesses interested in leasing the boat slip for marine purposes, as a means of raising revenue. Bob Weinreb, a consultant on waterfront issues for Miami’s city manager, insists that filling in the FEC slip for development isn’t contemplated, although he admits that developers, entrepreneurs, and even county officials keep coming up with proposals. Past ideas included filling the FEC boat slip for a David Beckham soccer stadium, covering the FEC slip with a two-level floating parking garage, or docking an aircraft carrier within the boat slip. “They tried all kinds of things there,” Weinreb says, “and nothing has stuck.” Nicolas Gutierrez of Cuban Exile History Museum says his group has talked with Mayer and Roosevelt about placing their museum within the proposed Miami Wave complex. Gutierrez admits he’s skeptical. “We don’t know enough about them to be on board,” he tells the BT. “Anybody has an idea, we’ll listen, especially if we’re asked to do so by the county commission.”

 

Biscayne Shores Hidden Gem!

Biscayne Shores Hidden Gem!

Biscayne Shores Hidden Gem!

South Florida Luxury Condo sales up, home sales rise despite low inventory...

The luxury condo market, a recent sore spot in South Florida due to over development in places like Miami Beach and the Miami mainland, saw strong sales activity and price increases.
Luxury condo inventory in Miami Beach and the barrier islands fell 20% from a year ago. It’s a positive sign that new development, which wound down in 2016 amid tough market conditions, will likely pick up again soon.

The median sales price for a luxury condo in Miami Beach soared to $3.37 million in the second quarter, up 47.6% from $2.28 million last year. Luxury single-family homes on Miami Beach hit $10.76 million in the second quarter, up 34% from $8 million last year.
In mainland Miami, the median price for luxury condos rose 6% year-over-year to nearly $815,000.
Fort Lauderdale’s luxury condo market is moving twice as fast as it was a year ago. And high-end condo markets heated up in Delray and in Palm Beach, which by the end of June had only six months of condo inventory, according to the report.

The strength in areas north of Miami underscores a shift in buying patterns. The historical focus of the second home buyer was Miami, Miami Beach. While that market hasn’t experienced any pain as a result of the shift to the north, buyers from other markets are recognizing the value opportunities in Broward County and elsewhere in South Florida.

South Florida logged robust home sales, especially among luxury condos, in the second quarter of 2018, according to reports Thursday from Douglas Elliman.

Palm Beach saw the greatest number of sales in a single quarter in three years, with 160 homes changing hands on the exclusive island north of Miami. Luxury condo sales in Miami Beach and the barrier islands increased more than 13% compared to this time last year, while luxury condo sales and prices soared in Fort Lauderdale, according to market reports prepared for the brokerage by appraisal firm Miller Samuel.

We’re seeing overall and consistently strong gains in each of our markets. Some of the boost in South Florida are snowbirds leaving high-tax states like New York and Connecticut for good in response to the federal tax overhaul that Congress passed in December.

By the end of June, Miami Beach had 31 months’ worth of luxury condos on the market, down from 44 months a year ago. "The pace of the market feels faster, it’s not fast but it’s faster.  The second quarter also marked a jump in the size of units trading hands a sign that big spenders are back in play and looking for more lavish homes.