Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 289

Posts Tagged ‘Realtor’

Record Participation as MIAMI Realtors Meet with Legislators in Tallahassee

Posted by fidest press agency su venerdì, 8 gennaio 2016

MIAMI — The nation’s largest local Realtor organization will bring nearly 100 members, an association record, to Tallahassee to discuss significant legislative issues impacting the South Florida real estate market. The representatives of the 41,000-member MIAMI Association of REALTORS® (MIAMI) will meet with state legislators Jan. 12-13 during the 46th annual Great American Realtor Days.MIAMI will address four major legislative issues in Tallahassee. The MIAMI Association of REALTORS® and Florida Realtors want legislators to cut the business rent sales tax by 1 percent, cap the fees charged by community associations for estoppel certificates, increase funding for affordable housing and restore water resources while protecting property rights.“Bringing this large of a contingent to Great American Realtor Days is a testament to our members’ desire to make a difference on key legislative issues,” said Danielle Blake, MIAMI’s Senior Vice President of Government Affairs & Housing. “Not only will we meet with the local delegation, but we will also meet Department of Businesmiamis and Professional Regulation Secretary Ken Lawson. The trip occurs as Florida Realtors celebrates its 100th anniversary and honors 2016 President Matey H. Veissi, a longtime MIAMI member who helped create and charter our association’s International Council.”
MIAMI, which employs two full-time government affairs executives, typically brings 20 to 25 members to Great American Realtor Days. This year, the association wanted to have a larger group to celebrate Florida Realtors’ 100th anniversary and the start of Veissi’s presidency.Instead of bringing all 100 members to each legislative meeting, MIAMI will make the experience more significant and powerful for Miami-Dade County legislators. This year, each MIAMI member traveling to Tallahassee will meet with their respective state senator and state representative. MIAMI members from Miami-Dade, Monroe, Broward, Martin and Palm Beach counties will have an opportunity to discuss issues with their respective state political leaders.The Miami-Dade County Legislative Delegation has 24 members: six state senators and 18 state representatives, representing the largest and most populated county in Florida.The entire MIAMI contingent will discuss Realtor licensing fees and other issues with Lawson on Jan. 13. The Department of Business and Professional Regulation regulates more than one million license holders and on an average issues 2,000 real estate licenses each month.Cutting the business rent sales tax by 1 percent is one of MIAMI’s top legislative priorities this year. Florida is the only state in the country that charges a sales tax on business rent, which creates a financial burden for businesses leasing space. MIAMI supports Senate Bill 116 by Sen. Dorothy Hukill (R-Port Orange) and House Bill 247 by Rep. Heather Fitzenhagen (R-Fort Myers).
MIAMI also wants legislators to cap the fees charged by community associations for estoppel certificates. Florida law allows associations to charge a “reasonable” fee to prepare an estoppel certificate. Some associations, however, charge as much as $1,000 for this payoff letter. SB 722/HB 203 from Rep. Kelli Stargel (R-Lakeland) and Rep. John Wood (R-Winter Haven) are almost identical to legislation that nearly passed last session.Affordable housing is another key statewide issue. MIAMI and Florida Realtors want state legislators to increase funding for the Sadowski Affordable Housing Programs. Last year, the Legislature allocated $175 million toward the housing trust funds, the highest funding level in eight years.Lastly, Florida needs to restore its water resources while protecting property rights. Sen. Charlie Dean (R-Inverness) and Rep. Matt Caldwell (R-Lehigh Acres), sponsors of SB 552 and HB 7005, have written bills with comprehensive statewide policy that addresses key aspects of water management, water quality and water supply.“We hope to make a compelling impact with local House Representatives and State Senators by showing up in numbers and expressing our views on these important issues,” said Mark Sadek, the 2016 MIAMI Chairman of the Board. “These issues are critical to real estate professionals, the buying and selling public and communities throughout the region and state.”

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Miami Luxury Single-Family Home Sales Rise in 3Q

Posted by fidest press agency su mercoledì, 2 dicembre 2015

miamiMiami-Dade County had 258 $1-million-plus single-family home sales in 3Q 2015, an increase from 245 in the same period last year. Existing luxury condominium sales — which are competing with a significant rise of supply in pre-construction condo units east of Interstate-95 — decreased 14.8 percent year-over-year in 3Q 2015, from 237 to 202.“Miami luxury home buyers can purchase a larger home at a better price compared to other world-class global cities,” said Christopher Zoller, a 27-year Miami-based Realtor and the 2015 Residential President of MIAMI. “The strength of the dollar coupled with Miami’s growth as a leading global city is leading more executives, hedge-funders and businessmen to buy luxury properties here. South Florida offers everything a luxury buyer would want: from oceanfront views to world-class art to top-tier amenities.”Miami ranked as the sixth most important city in the world to ultra-high-net-worth individuals (UHNWI), according to the prestigious 2015 Knight Frank Wealth Report. UHNWI are defined as having a net worth of at least $30 million. Miami and New York were the only North American cities to make the top-10 list of the Wealth Report, which is issued annually by London-based real estate consultancy Knight Frank. London, New York, Hong Kong, Singapore, and Shanghai rounded out the top-five.Christie’s International “Luxury Defined” 2015 report analyzed what $5 million could buy in the world’s top global cities. The report found that $5 million in Miami would buy a six-bedroom, 6,475 custom-built waterfront home. In London, $5 million would buy a two-bedroom home at 1,319 square feet. In New York, $5 million would purchase a three-bedroom home at 1,865 square feet. In Hong Kong, the same price would only be enough for a three-bedroom home at 1,567 square feet.
Total inventory for all luxury Miami residential properties increased 32.6 percent, from 2,355 in the third quarter of 2014 to 3,122 in the third quarter of 2015. The significant rise in $1 million-plus properties listed in Miami-Dade County is a sign of strong seller confidence.
Existing single-family homes priced at $1 million or above had a median sales price of about $1.57 million in the third quarter of 2015, a 4.7 percent decrease from $1.65 million in the same time period last year. Miami-Dade County luxury homes had a $444 median sale price per square foot in 3Q 2015, a 3.7 percent increase from $428 in 3Q 2014.The $1 million-plus properties were on the market for 73 days in the third quarter, an 18.9 percent decrease from 90 days in the third quarter of 2014.Luxury single-family homes continue to see an increase in new listings. In the third quarter, 734 luxury single-family homes were placed into the market. That’s a 33.9 percent increase from 548 in the third quarter of 2014.The inventory for luxury single-family homes reached 1,331 in the recently completed third quarter, a 27.5-percent rise from the 1,044 listed in the third quarter of 2014.
Existing luxury condos posted a median sales price of $1.5 million in the third quarter, the same price recorded in the 2014 third quarter. Existing Miami-Dade county luxury condominiums had a $776 median sale price per square foot in 3Q 2015, a 9.0 percent increase from $712 in 3Q 2014.Miami luxury condo sales decreased 14.8 percent year-over-year in the third quarter of 2015, from 237 to 202. The median days on the market for luxury condos was 101, a 38.4 percent increase from 73 days in the same period in 2014.Luxury condos had 23.0 percent more new listings in the recently completed third quarter, growing from 708 to 871. In the third quarter of 2015, the number of property listings for $1 million-plus condos grew to 1,791, a 36.6 percent increase from 1,311 in the second quarter of 2014.

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Miami-Dade County Residential Sales Rise in August

Posted by fidest press agency su giovedì, 24 settembre 2015

miamiMiami-Dade County residential sales rose nearly three percent year-over-year in August while median sales prices for single-family and condominium properties continued their upward trend, according to a new report by the 38,000-member MIAMI Association of REALTORS® (MIAMI) and Multiple Listing Service (MLS) system.Total existing Miami-Dade County residential sales, including single-family and condo markets, rose 2.9 percent to 2,479 last month compared to 2,409 a year ago. Single-family home transactions decreased a negligible 1.0 percent year-over-year in August 2015, from 1,157 to 1,145. Existing condominium sales increased 6.5 percent, from 1,252 to 1,334.“After several record-breaking months of sales, Miami real estate continued its positive momentum in August,” said Christopher Zoller, a 27-year Miami-based Realtor and the 2015 Residential President of MIAMI. “Single-family transactions, which only declined one percent in August, remain on pace to finish as one of the top sales years on record in Miami history. And despite continued competition from South Florida’s strong pre-construction market, existing condos registered 6.5 percent sales growth year-over-year.”Today’s mortgage rates, which remain at historically-low levels, continue to encourage more home-buying activity. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.91 percent in August 2015, down from the 4.12 percent average recorded during the same month a year earlier.Despite the rise in sales of existing Miami-Dade County condominiums in August, access to mortgage loans for existing condominium buyers remains limited.The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 8,523 condominium buildings in Miami-Dade and Broward Counties, only 29 are approved for FHA loans, according to statistics released earlier this year from the Florida Department of Business and Professional Regulation and FHA. Just .0034 percent of local condo buildings are approved for FHA loans. The U.S. average is 30 percent.“The MIAMI Association of REALTORS continues to work on ways and programs to increase the number of local condo buildings that are approved for FHA loans,” said Danielle Blake, MIAMI’s Senior Vice President of Government Affairs & Housing.Like other places around the nation, the South Florida region has benefited from the return of portfolio lending. With the rise in national and local median prices, many lenders have opted to hold the loans they originate rather than selling them.
Single-family home prices, which again increased in August, remain at 2004 levels despite four years of consistent year-over-year increases. Condo prices also increased in August 2015, marking growth in 50 of the last 51 months. The median sales price for single-family homes rose 4.2 percent, up to $260,500 in August 2015 from $250,000 in August 2014. The median sales price for condominiums increased 12.1 percent in August to $204,000 from $182,000 a year ago.Despite the increase in median prices, Miami’s residential properties are still a bargain in the world market. A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost $149,900 on average, according to the National Association of Realtors 2015 Profile of Home Buying Activity of International Clients. The price for the same condo in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) were at least five times higher, according to NAR.
Miami properties continue to sell close to asking price, reflecting strong consumer demand. The median number of days on the market for Miami single-family homes dropped 19.1 percent to 38 days in August 2015 from 47 days in August 2014. The average percent of original list price received was 96.1 percent, an increase of 0.7 percent from a year earlier.The median number of days on the market for condominiums sold in August 2015 was 64 days, a 20.8 percent increase from 53 days in August 2014. The average percent of original list price received was 93.2 percent, a 1.6 percent year-over-year decrease.Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops fell 4.8 percent to a seasonally adjusted annual rate of 5.31 million in August from a slight downward revision of 5.58 million in July, according to the National Association of Realtors (NAR). National sales, however, have risen year–over–year for 11 consecutive months and are 6.2 percent above a year ago (5.00 million).Statewide, closed sales of existing single-family homes totaled 23,605 last month, up 8.6 percent over August 2014, according to Florida Realtors. Florida’s condominium sales jumped to a total of 9,262 transactions, up 4.1 percent compared to August 2014.The national median existing-home price for all housing types in August was $228,700, which is 4.7 percent above August 2014 ($218,400), according to NAR. August’s price increase marks the 42nd consecutive month of year–over–year gains.The statewide median sales price for single-family existing homes last month was $199,900, up 11.1 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties was $150,000, up 10.3 percent over the year-ago figure.Miami’s Cash Buyers Represent More than Twice the National Average
Cash deals represented 49.6 percent of Miami’s total closed sales in August 2015. That is more than double the national average as just 22 percent of all U.S. housing sales were made in cash in August, according to NAR. Cash transactions represented 54.4 percent of total Miami deals in August 2014. Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash.Condominiums comprise a large portion of Miami’s cash purchases as 63.1 percent of condo closings were made in cash in August compared to 33.8 percent of single-family home sales.Distressed property transactions declined in Miami. Only 25.7 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 34.3 percent in August 2014.Short sales and REOs accounted for 5.6 percent and 20.1 percent, respectively, of total Miami sales in August. Short sale transactions decreased 39.6 percent year-over-year while REOs decreased 16.4 percent.Nationally, distressed sales were 7 percent of sales in August, down from 8 percent a year ago.Active listings at the end of August increased 2.6 percent year-over-year, from 17,244 to 17,699. Active listings remain about 60 percent below 2008 levels when sales bottomed.August data details a seller’s market for Miami single-family homes as active listings continued to decrease in the sector. The supply of existing condominiums, meanwhile, reflects a balanced market. Inventory of single-family homes decreased 6.4 percent from 6,284 active listings last year to 5,880 last month. Condominium inventory increased 7.8 percent to 11,819 from 10,960 listings during the same period in 2014.At the current sales pace, there is a 5.0-month supply of Miami single-family homes, a decrease of 12.8 percent from 5.7 months in August 2014. There is an 8.7-month supply of condominium inventory, up from 8.0 months in August 2014, an increase of 8.5 percent. A balanced market between buyers and sellers offers between six and nine months supply of inventory.New listings of Miami single-family homes decreased 5.2 percent from 2,140 in August of last year to 2,028 last month. New listings of condominiums decreased 3.3 percent to 2,699 last month, compared to 2,791 during the same time period in 2014.Nationally, total housing inventory at the end of August rose 1.3 percent to 2.29 million existing homes available for sale, but is 1.7 percent lower than a year ago (2.33 million). Unsold inventory is at a 5.2–month supply at the current sales pace, up from 4.9 months in July.Strong sales in the preconstruction condominium Miami market east of Interstate 95 continue to reflect significant demand for new properties, according to the latest New Construction Market Status Report released from the preconstruction condo projects website Cranespotters.com and MIAMI.
Twenty-six towers with 570 floors and 3,098 units have been completed in Miami-Dade County east of I-95 in the four years since 2011, according to the Sept. 14 report. There are 71 towers with 1,515 floors and 8,900 units under construction in Miami east of I-95. About 70 towers with 1,613 floors and 10,771 units are planned, but have not begun development. There are also 66 towers with 1,642 floors and 9,626 units that have been proposed in Miami east of I-95.As of May 2015, developers in Miami-Dade County have announced 215 towers with 5,160 floors and 31,530 units since 2011. Of the above projects:
▪103 projects with 119 towers comprising 17,199 units are selling.
▪71 percent of units have been sold.
▪The mean minimum price per square foot of these units is $949, compared to $952 last month.

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Brazilians Lead List of Global Consumers Searching Miami Properties

Posted by fidest press agency su lunedì, 23 marzo 2015

Miami-skyline-for-wikipediaMiami – The nation’s largest local Realtor association registered 192,987 visits to its website, Miamire.com, in January, a 46.8-percent increase compared to the same month last year, according to the 36,000-member MIAMI Association of REALTORS® (MIAMI). Miamire.com had 66,222 unique visitors searching for properties and information about the South Florida real estate market in January, a 39.3-percent rise compared to January 2014. Brazil topped the list of foreign countries conducting searches on the MIAMI site in January. Colombia, Russia, Venezuela, and Canada were the next top-four searching nations. The countries differ from those who led the search on Miamire.com in January 2014, when Venezuela, Brazil, Canada, Bolivia and Colombia comprised the top-five.
“The Miami real estate market continues to attract buyers and investors from around the world,” said Christopher Zoller, 2015 MIAMI Residential President. “Miami remains affordable compared to other world-class, global cities and offers many benefits and amenities, including strategic location, moderate year-round weather, multicultural environment, and an exciting lifestyle.”

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