Coconut Grove•Coral Gables•Downtown Fort Lauderdale•High Pines•Palmetto Bay•Pinecrest•Plantation•Ponce/Davis•South Miami•

Coconut Grove

- Print Map

Read more about Coconut Grove or search for other listings in this area.

Coral Gables

- Print Map

Read more about Coral Gables or search for other listings in this area.

Downtown Fort Lauderdale

- Print Map

High Pines

- Print Map

Palmetto Bay

- Print Map

Read more about Palmetto Bay or search for other listings in this area.

Pinecrest

- Print Map

Read more about Pinecrest or search for other listings in this area.

Plantation

- Print Map

Read more about Plantation or search for other listings in this area.

Ponce/Davis

- Print Map

South Miami

- Print Map

Read more about South Miami or search for other listings in this area.

Kendall/Falls

- Print Map

Read more about Kendall or search for other listings in this area.

Fortunately, I am amongst those realtors who can claim to have sold units in this market.  Lately, Trump Palace, in Sunny Isles has shown more activity and it seems that buyers are beginning to close very good deals. Although foreclosures continue to rise, we are now seeing that sellers are pricing their units right. Please, take a look at the numbers and for more information you can always reach me at faerman.a@ewm.com 

Trump Palace Statistics 1/1/08-7/10/08

This data is based on information from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR for the period 1/1/08 through 7/01/08.

• Units Available For Sale: There are 49 available condos for sale.
• Units Pending Sale: There are currently 7 (seven) units pending sale these past 6 months with an increased activity in the past 3 (three) months.
• Units Sold:  There have been 5 (five) sales this year. 
• One bedroom units start @ $515,000

Example of some foreclosed Units: Great Views!  2 Bedroom 2 Bath: $640,000

                                                           Upgraded 2 Bedroom, 2.5 Baths: $ 795,000

For more information, call me 305.773.0253

Adriana Faerman

Your Green Friendly Realtor

Aventura and Miami Real Estate, Foreclosures, Waterfront Luxury Properties

faerman.a@ewm.com

305.773.0253

Fortunately, I am amongst those realtors who can claim to have sold units in this market.  Lately, Trump Palace, in Sunny Isles has shown more activity and it seems that buyers are beginning to close very good deals. Although foreclosures continue rising we are now seeing that sellers are pricing their units right. Please, take a look at the numbers and for more information you can always reach me at faerman.a@ewm.com

Please, take a look at the numbers and for more information you can always reach me at faerman.a@ewm.com

Trump Palace Statistics 1/1/08-7/01/08

This data is based on information from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR for the period 1/1/08 through 7/01/08.

• Units Available For Sale: There are 46 available condos for sale.
• Units Pending Sale: There are currently 6 (six) units pending sale these past 6 months with an increased activity in the past 3 (three) months.
• Units Sold:  There have been 6 (six) sales this year. 

The reduction in inventory because of reduction in new home construction will also be a major factor.  Less supply, more demand will help raise prices.

Cities with large immigrant populations will be the first to recover.

This is a good time for buyers to come back into the market and take advantage of the much lower prices in all catagories.  Eventually the demand will grow and prices will start to move up.

Housing starts were down and builders have found it difficult to get financing.  In a year or two, a scarcity of new homes, will cause buyers to buy up existing homes and the prices will go up because of lack of supply and greater demand.

The housing market is one of the most important parts of our economy.  It affects jobs, supplies of raw materials and construction.  As soon as buyers start to venture out again, all segments of the economy will begin their recovery.

Wondering what’s selling in Broward? How many Homes Sold in Broward? How many Homes sold in Broward in May? How many homes sold in Ft. Lauderdale and other Broward cities? Looking for a monthly Broward Real Estate Market Report?

When considering a future home purchase, it is important that you’re familiar with REAL data/facts about homes sold (NOT rumors about how many homes are selling, which homes sold, and what they’re selling for). When you’re ready to place an Offer, this data also assists you with making an Offer that’s based in reality, an Offer that’s more likely to be accepted. Related Market Report of Interest: Million Dollar Homes Sold in Broward County - Broward Luxury Homes Sold - Waterfront Homes sold in Broward

There are currently 17,069 Single Family Homes for Sale in Broward County.
Broward County is located between Palm Beach County and Dade County (the Miami area). The majority of Southeast Florida includes the Tri-County area of Broward, Palm Beach, and Dade County.

Of the 17,069 Single Family Homes currently listed for Sale in Broward County:
5,087 are priced under $250,000 Search Broward Homes for Sale under $250,000
7,718 are priced between $250,000 and $499,999 Search Broward Homes for Sale under $500,000
2,819 are priced between $500,000 and $999,999 Search Broward Homes for Sale under 1 Million
1,445 are priced at $1,000,000 and above with the highest priced at $28,500,000, a Single Family Home for Sale in Rio Vista Isles with 11 Bedrooms, 12 Full Bathrooms, and 5 Half Bathrooms
Search Broward Luxury Homes for Sale and Broward Million Dollar Homes for Sale

During the month of May, 2008, there were 689 Single Family Homes SOLD in Broward County (they were sold at final sales prices between $44,000 and $15,500,000). Of the 689 Single Family Homes SOLD in Broward County in May 2008: (The “Sold” prices below mean the final sale price, NOT the listing price at the time of the sale).

222 sold under $250,000 View them here
362 sold between $250,000 and $499,999 View them here
75 sold between $500,000 and $999,999 View them here
30 sold at $1,000,000 and above View them here

There are 1,549 PENDING Sales of Single Family Homes in Broward County (priced between $34,900 and $5,500,000). “Pending” means that a Buyer submitted an Offer to the Seller, the Seller accepted the Offer, and there is now a Contract for the Sale of the Home. “Pending” means the sale of the home is not final yet because many items still have to be completed before the home is actually sold (examples include, but aren’t limited to, Home Inspection, Home Appraisal, Lender Approval of the Offer, Title Search, Securing a Home Loan, Building Completion, etc.)

There are currently 22,394 Condos, Townhouses, and Coops currently listed for Sale in Broward County.7,918 are priced under $150,000 (many Condos within this price range are 1-Bedroom Condos OR are located in age 55+ Senior communities OR are in need of significant repair or updates).7,494 are priced between $150,000 and $249,999
4,752 are priced between $250,000 and $499,999
1,493 are priced between $500,000 and $999,999
736 are priced at $1,000,000 and above with the highest priced at $10,000,000. The $10,000,000 Unit is a Las Olas River House Condo for Sale featuring 3 Bedrooms, 4 Full Baths, and 2 Half baths in 8,300 square feet with beautiful waterfront views.

Click to search Broward Condos, Townhouses, and Villas for Sale

During the month of May, 2008, there were 790 CLOSED sales of Condos, Townhouses, and Coops in Broward County (they were sold at final sales prices between $18,000 and $2,275,000).397 were sold under $150,000
223 were sold between $150,000 and $249,999
117 were sold between $250,000 and $499,999
44 were sold between $500,000 and $999,999
9 were sold at $1,000,000 and above

There are 1,425 PENDING sales of Condos, Townhouses, and Coops in Broward County (priced between $21,900 and $6,200,000). The $6,200,000 Condo is located in Coconut Grove Beach Residences in Ft. Lauderdale, a 3-Acre Oceanfront Condo Site with 62 Residences.

Information gathered from the S.E. Florida MLS and is deemed reliable, but not guaranteed

Today’s tax assessed value is based on the over priced properties of the past. The appraisers’ office is still working on formulas to derive to the true tax assessed value of homes.  Per my analysis it appears that the market value of homes can be calculated anywhere from 65% to 100% of the tax assessments.  I have calculated quite a few sales that were an average of 68%.

When you come to think of it, it brings the values back to approximately the value of the 2002 -2003 of the housing industry before the bubble started to blow up.  So when calculating todays value of a home, my perception is do not go by the Active home prices,  but to recalculate the value of a home not only by the last few sales (thats if you could find any) but based on at least 20% off the Tax Assessment Value that has been inflated due to the last few years of high prices!

I did some analysis using single-family homes in Miami-Dade County. As of this morning there were 1585 homes in “pending” or “backup” status. Of those, 1482 were in “pending” status, meaning that there was one contract and 103 were in “backup” status, meaning that there was one contract and one or more other contracts offered in the hope that the first contract failed for some reason. County-wide, almost 7% of all contracted homes are in “backup” status. I believe that this is more than has been seen in a long time.

Which areas are the hottest? I broke the data down for the different parts of town to determine which areas had the highest percentage of backup offers. I figured that this indicates where the most buyers were finding the best values. Here are the results:

14% Lake Lucerne
12% Opa Locka
11% Miami Lakes
10% N. Miami/N. Miami Beach
10% Tamiami/Kendale Lakes
7% Westchester/Olympia Heights
7% Country Walk
7% Silver Palm/Naranja
6% Doral
4% C. Gables/S. Miami
4% Pinecrest/Palmetto Bay
4% Fla. City
4% Homestead
3% Miami Beach
2% SE Hialeah/Model City

You can see that the northern part of the county is where the “backup activity index” is highest.

If you’re a seller, one strategy would be to drop your price significantly and hope to start a bidding war. I was speaking with another agent day before yesterday and he said that he had a property with many offers. It was a foreclosure that the bank, in its eagerness to sell, had priced too low. So the price was being bid up!

If you’re a buyer now may well be the time to plunge in. Remember, we’ll never know where the bottom was until we’re way past it.

If you’d like to know more about home prices or real estate in South Florida, you can reach me at 305-401-8058 or bishopric.r@ewm.com.

Buy: $3200 per month

Rent: $1600 per month

Read on:

Neo Vertika is a luxury condominium development west of Brickell on the Miami River. It features a state of the art gym, infinity pool, clubhouse with full kitchen, spa, parlor and it is located in the heart of the lively city that is Miami.

Completed in 2006, Neo Vertika is only one of the buildings that has been affected by the adjusting real estate market in South Florida - particularly the speculation in the condo market.

As of today, May 26, 2008, there are 20,580 condos for sale through our local MLS (multiple listing service). This is very good news for people who are on the sidelines waiting to buy at the best possible price, but it is very bad news for those who bought at the top of the market. A typical 2/2 condo in Neo Vertica sold for near $400,000 (some as high as $500,000) and they rarely lasted a month on the market in the peak months. The peak of the “boom” was April of 2005 when our inventory was lowest and sales were at their highest (see graph below). Our market currently has a condo inventory of about 45 months. This means if every condo that is for sale STAYED for sale and condos continued to sell at a rate of about 1000 per month, it would take almost 4 years to sell them all if nothing else came on the market.

If one were to buy a 2/2 luxury condo for about $400,000 right now, putting 20% down (we assume 20% down because lending requirements are very strict at the moment and require higher down payments than single family home financing), the monthly payment of principal and interest would be about $1900 per month plus condominium association fees which can range from $400 per month to over $1000 depending on the building. You would be paying about $2,500 per month to own having put down 20%.

Currently there are 2/2 units available for rent in this building starting at $1600 per month.

With adjustable rates (initially very low and now as high as 9.5%) on 100% financing (in the 80/20 days of the early 2000s), owners could have monthly payments in excess of $4300 a month for these condos.

In this market there is plenty of opportunity to purchase condos at a major discount through foreclosures, auctions, and short sales. This can be a good investment given a good location and solid construction but it can also be a risk.

The rental market in Miami, FL is currently very hot as buyers wait for “the bottom” to buy and sellers place properties on the market for rent “until the market comes back”.

I just found a luxury rental 1/1 bath rental for my clients in “The Opera Tower” on North Biscayne and 19th for $1400 per month. They are leasing this unit for just over half of what they would pay had they bought it.

As a result of this overbuilding, young professionals are living a very luxurious lifestyle that would otherwise be out of reach.

Drive around Miami at night, and a lot of these new buildings will have rows and rows of dark balconies.

It is tempting to live in the lap of luxury for half the price and THAT, I think, is what will keep our market healthy until all the overbuilding is absorbed.