Miami Condos, Miami Real Estate

Miami Real Estate Market, Miami Condos

We are already aware that South Florida and the Miami condos market is in a slump, but some buildings are managing worse than others.

fallen by at least 75% since peaking, bringing on huge financial losses for some owners and lenders.

According to a new analysis of first-quarter sales from Miami condos research firm CondoReports.com in a ranking of the 10 worst-performing projects, Keystone Towers in North Miami topped the list, with unit prices dropping 81 percent since peaking in 2007.

Sales in Keystone Towers which was converted to condominiums during the boom peaked in 2007 with 20 units selling for an average of $334 per square foot. The price had fallen to $62 per square foot, at the end of March.

Miami Luxury Homes, Miami Beach Real Estate

Shaq's Miami Luxury Home sells for $16 million

According to a posting on the Multiple Listing Service, NBA star Shaquille O'Neal got $16 million for his Miami luxury homes on Miami Beach's Star Island. Shaquille O'Neal paid $18.8 million for the property in August of 2004. He'd been trying to sell the 2.45-acre estate for four years, asking a high of $35 million to a recent low of $22.5 million.

There is still no information on who the buyer is that scored one of the finest Miami luxury homes, unfurnished, at a deep discount. The buyer's agent is listed as PhilipFreedman. He is a broker with Flagstone Realty of Miami.

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Miami Homes, Florida housing market

South Florida Housing Market, Is the Worst Over?

Is the South Florida housing market finally bottoming out? Analysts agree that the scariest part of the downward slide is behind us.

New monthly figures from the Florida Association of Realtors shows existing Miami homes and Miami condos continued to post gains in May, the ninth consecutive month-to-month increase and a strong step in the right direction. Monthly declines appear to be stabilizing though sale prices are still way down from last year's numbers.

''If you look at the yardstick of housing sales, which is a typical yardstick, we are in the recovery stage and we're in the bottoming phases on pricing,'' said Coral Gables-based real estate analyst David Dabby.

Miami Real Estate, Florida Commercial Real Estate

South Florida Commercial Real Estate Market, It’s a Steal

While booming, South Florida commercial real estate market is still considered a steal.
John Bell, managing director of DTZ Rockwood's investment sales activities in Miami says, "We're still viewed as very reasonable by investors".

Since Miami doesn’t command the prices Manhattan does, many investors are seeking office and industrial deals in the region. Bell and other real estate brokers report more interest than actual inventory.

According to CB Richard Ellis, real estate investment trusts have become more aggressive, as have equity funds. As a result, current acquisitions require hard money up front and short closing periods.

Full Article....South Florida commercial Real Estate, Its a Steal!

Florida Economy, Miami Beach Real Estate

South Florida Economy, Recovery May Be Near

According to data in a report released Wednesday by an influential Washington thinktank, South Florida economy may finally be close to turning the corner on a recession that has hit the region far harder than most major U.S. metropolitan areas.

As of March 2009, the report published by the Brookings Institution, ranks South Florida #85 among the nation's 100 largest metropolitan areas in economic performance, based on employment, unemployment rates, wages, gross metropolitan product, housing prices and Florida foreclosures rates.

The gross metropolitan product is the value of all the goods and services produced in Broward, Miami-Dade and Palm Beach counties.

Full Article...Florida Economy, Miami Beach Real Estate

Miami Homes, South Florida Foreclosures,

South Florida Foreclosures Continue to Rise

As high unemployment, risky loans and plunging property values continued to affect borrowers, South Florida foreclosures increased in April from the previous month, rising in both Miami-Dade and Broward counties by triple digit percentages.

South Florida Foreclosures filings soared by 111% between March and April, according to RealtyTrac, a private foreclosure tracking firm. Between March and April, Broward foreclosures surged 124%. South Florida foreclosures were up around 90% in both counties, compared to April 2008.

Michael Sichenzia, president of Dynamic Consulting Enterprises, a Deerfield Beach-based loan modification company says behind the sharp monthly rise is the increased speed with which lenders are filing foreclosures.

Full Article...Miami Homes, South Florida Foreclosures

Miami Condos, Miami Beach Real Estate

Occupancy Rates are Soaring in Downtown Miami Condos

With most downtown Miami Condos’ dark and desolate, newly built condo towers may look ghostly. But as the downtown area quickly fills up with residents, that's changing.

Renters are marching in to help lighten things up, although Miami condos sales remain sluggish. Sales are picking up, too.

An occupancy report released Wednesday by the Miami Downtown Development Authority, found that 62% of the new condos built since 2003 are, in fact, inhabited by humans.

Full Article...Miami Condos, Miami Beach Real Estate