Fort Lauderdale and Miami ranked in the top 20 markets in the country for real estate home searches during March, according to data released by Realtor.com
Fort Lauderdale ranked No. 17 and Miami at No. 18 in the country. Chicago was the top searched market and Tampa-St. Petersburg-Clearwater ranked tops in Florida, coming in No. 5 in the country.
Median list prices for homes in Fort Lauderdale hit $168,000 in March 2012, a 8.39 percent increase from the same month last year and a 1.82 percent increase from February 2012. Median list prices for homes in Miami, FL hit $269,000 in March 2012, a 22.27 percent increase over last March and a 1.51 percent increase from February 2012.
The national median list price in March 2012 was $189,900, a 5.56 percent increase compared to March 2011.
Inventory levels are dropping dramatically in both Miami and Fort Lauderdale. Homes actively for sale in Miami in March 2012 leveled out at 11,914, a 42.34 percent decrease compared to March 2011. Inventory of sale homes in Fort Lauderdale for March 2012 were at 12,434, a 39.66 percent decrease compared to March 2011. National inventory levels have dropped 21.48 percent compared to march 2011.
New Yorkers, Washingtonians and Atlantans are logging more and more internet searches for South Florida real estate, a sign that the region’s troubled housing market could receive even more outside investment in the future.
In the wake of a severe housing bust, Florida has become one of the most popular locales for Americans seeking low-priced real estate, according to a report released Wednesday by real estate website Trulia.com.
“Despite the big price declines, and probably because of the big price declines, we’re seeing so much inbound search activity from people within Florida and especially from outside Florida,” said Jed Kolko, chief economist for Trulia.
The report compared the number of inbound searches for South Florida real estate to the number of outbound searches to gauge how many people are thinking about moving to the region. In Broward County, the ratio was 2.15, meaning twice as many people are looking to potentially move into Broward County than are looking to move out.
In Miami-Dade, the ratio was 0.8, a net negative but still one of the highest ratios among the nation’s larger metro areas. The report did not include international searchers, which make up a large chunk of South Florida homebuyers. More than two-thirds of all searches for South Florida real estate came from more than 500 miles away.
New Yorkers have shown a growing interest in South Florida real estate, according to the report. New York is the top non-Florida locale searching for homes in South Florida and Miami-Dade ranks as the second most popular search destination for New Yorkers, after Los Angeles.
At Canyon Ranch, a luxury condo building in Miami Beach, about 100 of the 130 unit sales this year have gone to buyers from New York and other states in the Northeast, said Michael Sadoff, director of sales.
“It’s a combination of people who are planning to retire here, and people who see that the prices are anywhere from 25 to 30 percent less,” he said.
Because of the high levels of housing distress, South Florida’s real estate market is in need of outside investment to prop itself up. With nearly half of South Florida mortgages underwater, local homeowners do not have the purchasing power to absorb the huge crop of distressed inventory set to hit the market in the near future.
At the same time, the region’s discounted prices are attracting unprecedented investment from outside the region, and particularly outside the country, with international buyers spending more than $3.8 billion on South Florida real estate this year.
As one of the most battered real estate markets in the U.S. few would think Miami was in any position to be setting records. But the sale of homes, townhouses and condominiums is on pace to set a new record for the year in the Florida market, according to the Miami Realtors Association.
Driven by discount priced foreclosures, short sales and a bevy of cash buyers existing single family home sales soared 46% in September, but only mustered 848 homes for the month compared to 582 a year ago for the same month. Sales of condos rose 58%.
The inventory of residential listings in Miami-Dade County has dropped more than 65% from its peak in August 2008 when the sale of condos and homes nearly froze at the height of the financial crisis.
More than half or 59% of residential real estate sales were distressed last month, including bank owned REOs and short sales, compared to 69% in September 2010. The decline is expected to reverse in coming months as more foreclosures are listed for sale by banks and mortgage servicers.
“At the current sales pace, the local market is expected to reach 29,000 transactions this year, which would set a sales record and would surpass the sales volume during the height of the boom in 2005,” said Jack Levine, chairman of the board of the Miami Realtors group.
Almost two out of three transactions were paid for in cash in September, with 76% of condos purchased bought without mortgage financing. International buyers make up a large percentage of condo and second home buyers in Miami. Ninety percent of their purchases are paid for in cash.
Average prices are rising as a result of the increase in sales, but are expected to be buffered in the last part of the year as more bank foreclosures are listed for sale pressuring values of surrounding properties. Single family homes spiked an average of 29.8% higher from year ago levels, sales statistics from the Miami association said.
Published October 26, 2011 by http://www.housingpredictor.com/2011/miami-may-set-record.html
Demand from Local and Foreign buyers have kept the Miami Real Estate Market sales going up on a consistent basis.
Recent data shows that Bank owned Foreclosures are becoming available and are increasing the available inventory of properties for sale.
But bank owned foreclosures are not the only foreclosures dominating the market. Private investor owned properties have the most control in the market. The goal of a foreclosure private investor is to mark their properties below the competition to sell quickly thereby obtaining an edge over the competition.
If you would like to become a foreclosure private investor in Miami visit www.abelgilbert.com
Up for Auction in the month of August is a 12 unit Apartment Building in the Surfside area of Miami Beach. This is an excellent area for income producing properties and this building is located 1 block from the beach!
This is a property to be sold at the Dade County Auction, therefore, operating expenses are an approximation. A complete Due Diligence inspection has been done on this property.
Over 500 properties are being auctioned every week in Miami Dade County but very few investors have the tools and resources to we possess to acquire the best Miami Deals.
If you would like to bid on this property or would like to know more about getting the Best Miami Real Estate Deals contact Abel Gilbert at 786-970-3820 or visit www.abelgilbert.com
I’m happy to announce that the Costa Linda Townhouse is under contract after only 2 days of being listed for sale. We will keep bringing properties with excellent prices to this blog.
This property is in the Costa Linda gated community in Doral. Location is excellent for rental and investment. Priced to sell fast.
Property Type: Townhouse
Beds, Baths: 3/3
Living Area: 1,642
Year Built: 2002
Market Value: $197,000
Association Fee: $199
Asking Price: $174,900