Tag Archive | "Florida"

Billy Joel joins Lil Wayne and Ricky Martin in Miami Home For Sale

Billy Joel recently listed his Miami beach home for sale this week for $14,750,000.  Mr. Joel says he used this home for a winter getaway.  He joins his neighbors Ricky Martin and Lil Wayne on the real estate for sale who each had already listed their homes on the market as well with Ricky selling his this year.  Tax records are showing that Billy Joel purchased the home 6 years ago in 2006 for $13,600,000.  Listing his home so close to his purchase price it seems he’s just trying to break even.

The home was built in 2004 and is located in the Miami 33141 zip code.  This celebrity home has a 4 car garage and is all located on 2 stories.  It also has ocean access with 150 feet of water frontage and dock.  It’s located on prestigious La Gorce island and has some very nice views of the bay.

Inside, the home boasts a luxurious bar, wine cellar, gourmet chefs kitchen, formal living and dining rooms.  It also comes with an office, a huge master suite.  For entertaining purposes when you aren’t accessing the beach, it comes with an outdoor summer kitchen and dining area.

One of his neighbors, Lil Wayne, put his La Gorce winter home on sale as well last year for about $1.5 million less than what he purchased it for.  It makes you wonder why these super celebrities are putting their magnificent homes for sale at a discount or just breaking even.  Another neighbor of Billy Joel’s, Ricky Martin, had put his La Gorce home for sale in 2008 and finally sold it this year for about the same price he had purchased it for.  If interested in Billy Joel’s home, the MLS # is A1638001.

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Housing Market in Florida on the Rise

The residential real estate market of Florida continues to show signs of recovery. While the rest of the nation continues to struggle through inconsistent performance, the Florida market has greatly benefitted from the combination of record low interest rates and declining inventory numbers.

 

The Florida housing market had been boosted by the city of Miami over the last twelve to eighteen months, though the state has now shown remarkable improvement as a whole. For example, the city of Fort Lauderdale has seen sales figures for single-family homes jump nearly thirty percent. Sales for townhouses and condos are also up nearly twenty percent.

 

The median price for homes across the state is up more than ten percent from last year. The median price for condos and townhouses is up more than twenty percent from last year as well.

 

With inventory levels shrinking, and prices starting to increase, more potential buyers are entering the market for the first time in hopes of catching the market on its way to recovery. If the current trends continue, the Florida housing market may pace the recovery for the rest of the United States.

 

While declining inventory levels are playing a major role in the recovery process, the low mortgage rates are also a major contributing factor. The rates are down nearly one percent from one year ago, making now a more affordable time than ever to buy a home. While many states have seen a rise in sales, home prices have generally fallen. However, Florida has bucked that trend, with sales and prices both increasing over the past few months.

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Miami Condo Market Soars

The residential real estate market in Miami continues to impress with incredibly strong performances. Data from the latest report indicates that condo sales are stronger than ever before with the average sales price up more than forty percent from just one year earlier.

 

The average sales price topped one hundred and thirty-one thousand dollars in February, and will likely increase even more over the next few months. The average sales price for single-family homes also experienced a moderate increase of nearly nineteen percent during the month of February.

 

Although many expected the Miami residential real estate market to continue gaining strength, nobody realized it would be as strong as it is now. Inventory levels continue to drop, which will likely lead to even further price increases. Inventory levels are currently less than a five-month total supply.

 

The average price for condos statewide rose by sixteen percent in the month of February, though much of that increase can be attributed to the city of Miami. Economists and real estate analysts believe that the increasing prices are the direct result of the record-setting year that the city had during the previous year. The city has become a hotbed for international investors, many of which are purchasing their homes in Miami with cash. Investors have also flocked to Miami to take advantage of the expected growth of the city’s residential real estate market.

 

The number of international buyers in Miami is higher than ever. Due to their influence, nearly two-thirds of closed sales during the month of February were cash-only sales.

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Miami’s Commercial Real Estate Market Is Best in the Nation

Both the residential and commercial real estate markets in Miami have grown exponentially in the past year. According to the most recent data, that exponential growth has catapulted the city to the top of the commercial real estate market in the United States. Economists are now calling Miami the healthiest commercial real estate market in the country.

 

The vacancy rate for commercial properties in Miami is well below the national average in every single sector. In fact, the vacancy rate for each of the sectors, which include retail, multifamily, industrial, and office, is less than every other market in the United States.

 

The city’s industrial vacancy rate is at an astounding seven and a half percent. That figure is four percentage points less than the national average. It’s retail vacancy rate is also more than four percentage points lower than the national average, checking in at seven percent.

 

Commercial real estate vacancy rates are expected to fall on a grand scale throughout the nation in 2013, as the economy is expected to improve. With that said, it is unlikely that any other city will experience the same remarkable growth that is being see in Miami.

 

Demand continues to grow for commercial real estate properties in Miami. It is for that reason that many economists believe that Miami’s commercial real estate market will continue its outstanding growth for the long term.

 

The United States as a whole may soon begin to experience similar growth in the next year, as the unemployment rate continues to fall, and the job market is gaining strength.

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Venezuelans Buying Up Miami Properties

Miami continues to be the top choice of international investors from South America. Venezuelans have become the latest group of foreign buyers to take interest in residential real estate prices in Miami.

 

Like other international buyers, Venezuelans are attracted to the bargain prices that are still available in the city, and they are paying cash to obtain them. They have purchased a significant number of condos, apartments, and houses in Miami. Many of the wealthiest Venezuelans are looking to the United States for property investment opportunities due to limited options in their native countries. In Venezuela, President Chavez has started to crack down on the domestic housing market, thus eliminating the options available for investors.

 

Venezuelans are not only focusing on just the city of Miami. They have also shown serious interest in various suburbs of the city. Areas such as Doral and Weston have seen their real estate markets experience growth largely due in part to the growing Venezuelan community.

 

The low prices in Miami have attracted more than just Venezuelan investors. International investors from Brazil, Argentina, and Colombia have also been active buyers of investment properties in Miami. Prices in the prime areas of Miami are less than half the price per square foot than they are in their native countries.

 

Wealthy buyers from the mentioned countries are buying homes that sell for more than one million dollars. For many of these investors, the limited investment options in their home country are driving the push to buy Miami properties. Political instability is also a contributing factor, particularly for Venezuelans.

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Miami Had Record Breaking Year in Housing Sales in 2011

It should come as no surprise that the residential real estate market in Miami had a banner year in 2011. The city posted record sales numbers week in and week out throughout the year, and saw a massive twenty-three percent increase in the fourth quarter alone.

 

Sales of both single-family homes and condominiums exceeded expectations in 2011. The city has now experienced an increase in its residential real estate market for fourteen straight months, and that trend will likely continue.

 

Miami has far outpaced the rest of the state of Florida in terms of residential property sales. Florida has long struggled since the real estate crash, and only recently started to show signs of improvement. It can be said, in fact, that the record-breaking performance of Miami’s residential real estate market is keeping the state from posting a loss. Statewide, the residential real estate market grew by roughly seven percent.

 

The impressive growth in sales experienced in Miami in 2011 can be attributed to international investors showing increased interest in properties in the area. Miami has become the ideal location for international business gurus to establish a residence in the United States. By properties in Miami, international buyers can use the home for vacation purposes, or to give them a venue to conduct business in the United States.

 

With total housing inventory in Miami down more than forty percent, it is likely that the record sales will continue into 2012. International buyers are still expressing great interest in the city, and with an improving job market, the city is set to flourish even more than it already has.

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Orlando Housing Market Experiences Growth in 2011

Housing prices in Orlando, Florida finished the year strong, helping the city to post a gain from last year with respect to the average sale price. The average home price jumped twelve percent in December, raising the average yearly price to roughly one hundred and ten thousand dollars. The average home price from 2010 was one hundred eight thousand and five hundred dollars.

The average price for a home in Orlando in 2011 experienced a massive gain from January to December. Prices had fallen as low as ninety-four thousand dollars in January. Thus, within the span of a year, housing prices have jumped almost twenty-five thousand dollars in the city.

While the final numbers from 2011 are similar to those of 2010, there are some unique differences. The average home price faltered towards the end of 2010, indicating a downward trend in the market. On the other hand, the average home price experienced incredibly growth from the start of the year to the end in 2011. Real estate analysts hope that the momentum gained in 2011 will carry over to 2012 so as to provide for further growth.

Interest rates hit an all time low in Orlando in 2011, which certainly may have contributed to the gaining momentum. The average interest rate paid in December was just 3.99 percent. Housing inventory has fallen in Orlando when compared to November, as well as the previous year. Affordability in the city also experienced a decrease, though that should not come as a surprise with the increase in the average home price.

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New Multimillion Industrial Park Coming to Miami

New Multimillion Industrial Park Coming to Miami

Miami continues to be the city of real estate growth in the United States. Liberty Property Trust announced this week its intentions to build a one hundred and thirty-five million dollar institutional warehouse and distribution space. Not only will the building of the new facility generate thousands of construction jobs, but it will also bolster the city’s commercial real estate market.

Liberty Property Trust recently purchased one hundred and twenty-six acres of land with the intentions of developing a trade port industrial complex on the land. The purchase of the land was one of the biggest commercial real estate transactions that Miami has had in nearly half a decade.

The overall project is expected to take five to seven years, and construction will begin towards the end of 2012.

This announcement by Liberty Property Trust reflects the tremendous growth that Miami has, and will likely continue to have in its commercial property sector. The city of Miami has quickly become one of hottest real estate markets in the country across all sectors. Both businesses and international investors alike have targeted the city more than ever in the past year.

The construction of Miami International Tradeport will open up further opportunity for growth in the city and surrounding suburbs. The enormity of the port will make it one of only three East Coast ports to accommodate the new massive Panamax ships.

The development of the port will not only bring jobs, but will likely spur more new commercial real estate development in the region with other businesses looking to capitalize on the opportunities that await in Miami.

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Uncertainty Ahead for Florida Real Estate Market

Florida’s residential real estate market has defied expectations in the last six months, with Miami leading the way as one of the hottest property markets in the nation. Both sales and prices in the state’s real estate market have increased despite initial predictions that the state would face a dismal year in 2011. International investors have provided the unexpected boost to Florida’s property market, as they have essentially flocked to South and Central Florida.

Despite the recent success, however, there exists an uncertainty that the state’s property market may soon stall, or experience a mini decline. Restrictive policies on property sales and lending that were imposed earlier this year in China are now indirectly impacting Florida’s real estate sales.

The actions taken by the Chinese government to curb property prices in China has caused a massive slowdown of their overall economy, particularly in areas such as construction and housing development. Countries that export raw materials to China, such as Brazil, are experiencing economic slowdowns as well due to a drop in sales.

Brazilian buyers have made up a significant portion of homebuyers in the Miami market. As Brazil’s economy experiences a slow down, it is likely that the number of homebuyers from the South American nation will decline in the coming months. The reduction in international homebuyers will certainly have a negative impact against Florida’s real estate market.

While Brazilian homebuyers have played a significant role in the recent growth of Miami’s housing market, they are not the only international investors to target the city. As such, the predictions of a slowdown in pricing may or may not come to be reality.

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International Buyers Drive Miami Market

Condo sales and prices continue to rise in Miami, which has quickly become the hottest residential real estate market in the United States. International buyers have been the driving force of the market, which is up more than sixty percent from last year. International buyers have thus more than made up for the lack of domestic buyers in the current market.

With international buyers making up a significant number of the purchases, cash transactions have increased during the last year. In fact, nearly every single international buyer bought his or her property using cash. That figure is in stark contrast to the national average for cash sales, which is roughly around thirty percent.

Residential real estate prices have now increased for three straight months in Miami. Condominiums have performed very well, and have risen more than eight percent. The improving performance in Miami’s real estate market has led to a decrease in inventory. While the national inventory also declined in the past month, Miami’s decline in listings has thus far outpaced the national rate.

A decline in short sales and foreclosures in the Miami area are also playing a role in the increase in prices. Both categories had contributed to depressed prices in the last year.

Analysts believe that Miami’s success will continue well into the next year, as it remains a target market for international investors around the globe. While the outlook for the rest of the state is not as strong, Miami will likely remain one of the strongest residential real estate markets in the United States.

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