I am a real estate agent specialized in the South Florida area between Miami and Fort Lauderdale. During the previous 3 years, we saw a recovery of condo new construction. It resulted in large part from demand of out-of-town and foreign buyers.
Thank you for visiting condo-southflorida.com. You will find here many tools to prospect and research the South Florida real estate market. I mainly cover the areas between Miami and Fort Lauderdale. Please do nott hesitate to click on the LUXURY PROPERTIES tab. You can also find most of the listings for sale or rent, organized by city/neighborhood. CONDO SEARCH for existing properties; PRE CONSTRUCTION for all new condos sales. Or go on to search SINGLE FAMILY HOMES. You will be able to get a real picture of this real estate market. Then, please call me and I will assist you adequately in finding the most convenient deal. South Florida has become a preferred international destination with a multitude of convenient cities and neighborhoods should be known by an alert buyer. This is the main purpose of this website.
South Florida Real Estate Information
Average U.S. 30-year mortgage rate slips to 4.23%
Mortgage Rate Trend Index
Only 9% of the industry panelists polled by Bankrate.com this week believe mortgage rates will rise over the next week or so; 36% think rates will fall; and the majority (55%) believe rates will remain relatively stable.
WASHINGTON (AP) - March 23, 2017 - Long-term U.S. mortgage rates slid this week from their highest levels of 2017.
Mortgage buyer Freddie Mac said Thursday that the rate on 30-year, fixed-rate home loans fell to 4.23 percent from 4.30 percent last week. The benchmark rate stood at 3.71 percent a year ago and averaged 3.65 percent in 2016, lowest in records dating to 1971.
The rate on 15-year mortgages tumbled to 3.44 percent from 3.50 percent.
Last week's rates were the highest of 2017.
Mortgage rates rose sharply after the Nov. 8 election. Investors bid rates up because they expect President Trump's plans to cut taxes and increase spending on defense and infrastructure to push economic growth and inflation higher.
The Federal Reserve last week raised short-term rates for only the third time since 2006, a vote of confidence in the health of the U.S. economy.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage was unchanged this week at 0.5 point. The fee on 15-year loans also remained at 0.5 point.
Rates on adjustable five-year loans tumbled to 3.24 percent from 3.28 percent last week. The fee remained at 0.4 point.
From FloridaRealtors.org - March 23, 2017
Miami New Construction News
Improvement in South Florida Condo Sales in March 2017
The streak of 15 consecutive months of sales declines for South Florida's condo market ended in March as sales finally increased year-over-year, according to the Florida Realtors. Single-family home sales also bounced back after falling in February.
The tri-county region had 4,447 sales of existing single-family homes in March, up 7.7 percent from the same month a year ago. The median sales price surged 11.5 percent to $326,000.
Statewide, single-family home sales grew 9.3 percent to 25,921 while the median sales price increased 10.4 percent to $231,900. The Orlando and Tampa metro areas had double-digit growth in both sales and prices.
In South Florida's existing condo/townhouse market, sales increased 3.7 percent to 4,352. The median sales price grew 5.5 percent to $174,000.
The statewide market for condo/townhouse sales saw faster growth than in South Florida. Sales in Florida increased 11.4 percent to 11,193 while the median sales price climbed 9.4 percent to $171,000. The Orlando, Tampa and Jacksonville metro areas all had double-digit growth in condo sales.
"March's strong sales likely were influenced by buyers ready to take action before interest rates could move higher," said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. "Higher demand, coupled with a shortage of available homes for sale, continues to put pressure on prices - so buyers are eager to make an offer when they find the right property."
In Miami-Dade County, single-family home sales increased 9.2 percent to 1,276 - the highest total ever for March - as the median sales price jumped 15 percent to $322,000, according to the Miami Association of Realtors. Active listings declined 2 percent, reducing the supply of homes on the market to 5.8 months at the current sales pace. That's a seller's market.
For the condo/townhouse market in Miami-Dade, sales increased 2.3 percent to 1,327 - breaking the 15-month run of declines - as the median sales price grew 7.4 percent to $225,000. Active listings surged 10.5 percent so the supply of inventory reached 13.8 months. That's a buyer's market.
The strong U.S. dollar relative to many foreign currencies, in addition to economic turmoil in several major Latin American countries, hurt Miami condo sales last year. Those trends may be starting to ease.
During a speech Friday at the Greater Miami Chamber of Commerce Real Estate Summit at Jungle Island, Miami Association of Realtors CEO Teresa King Kinney said that Florida remains the No. 1 state for attracting international buyers.
Twenty-two percent of the Florida's home sales in 2016 were to foreign buyers. South Florida accounted for 52 percent of all international sales in the state, she said. In addition to traditional markets like Venezuela, Argentina and Brazil, South Florida has seen significantly more transactions from buyers in Colombia, Canada, France and China, she added.
King Kinney noted that homes priced from $250,000 to $600,000 experienced the greatest demand in Miami-Dade.
In Broward County, single-family home sales increased 3.8 percent to 1,495 while the median sales price grew 10.9 percent to $331,000, according to the Greater Fort Lauderdale Realtors. Active listings declined 6.9 percent, so the supply of inventory tightened to 3.8 months. That's a seller's market with few homes for buyers to choose from.
The Broward condo/townhouse market saw sales inched up 2.8 percent to 1,673 while the median sales price increased 7.6 percent to $148,000. Active listings fell 8.9 percent, causing the supply of inventory to drop to 6.2 percent. That's a balanced market.
In Palm Beach County, single-family home sales grew 10.3 percent to 1,676 while the median sales price increased 8.9 percent to $325,000, according to the Realtors Association of the Palm Beaches. Active listings were essentially flat. The 5.2 months of supply of inventory was a seller's market.
Condo/townhouse sales in Palm Beach grew 6.5 percent to 1,352 while the median sales price increased 4.5 percent to $162,000. Active listings inched up 2 percent so the supply of inventory increased to 6 months. That's a fairly balanced market.
"All of the figures for March point to robust market conditions for sellers," said Jeffrey Levine, president-elect of the Realtors Association of the Palm Beaches. "We are starting to see more momentum in the condo market as well, likely due to affordability in comparison to single-family homes."
Read in the South Florida Business Journal - April 21 2017
|Among the most luxurious
Hallandale Beach Condos, and Sunny Isles CondosAs an Aventura Realtor and a Hallandale Realtor, I usually recommend the Beach Club as a great option. A new condominium complex right on Hallandale Beach, it consists of 3 buildings right on the sand, on 9 acres and 800 feet of ocean frontage. Tremendous amenities make the difference at the Beach Club in Hallandale. 7 pools, great direct ocean views from the large deck areas, a restaurant, a wonderful spa, a professional two-story gym, modern social areas, the Beach Club Condos are full-service buildings.
Residents of the Beach Club in Hallandale love the overall atmosphere of a world-class beach resort. Beach Club One and Beach Club Three Condos are twin 44- floor structures. Beach Club Two, with 51 floors has some of the best water views. In general, most of the units have either ocean or intracoastal views. As a Beach Club Realtor, I recommend you to check inside the Beach Club Condo units, where top brands appliances, European style kitchens and bathrooms, hurricane-proof windows, complement the overall value.
Sunny Isles Beach Real Estate nowhas seen more luxury construction and new projects in the last decade:
The main change has been the grade of luxury that tops anything built on South Florida beaches.
Residences by Armani are much mentioned as a top pre-construction project, as is Jade Signature with its multi-million-dollar units.
How can we not mention the Mansions at Acqualina, or the iconic MUSE in Sunny Isles ? However a building that has drawn top attention is PORSCHE DESIGN with its famous “we park your car at your condo door” concept.
Parque Towers on the Intracoastal and Aurora are also great examples of high class new construction real estate in Sunny Isles. Once a long strip of motels, built in the 50's, Sunny Isles is now home to magnificent high rise Sunny Isles Beach condos. Almost overnight, shops, cafes, restaurants, have made Sunny Isles a fashionable and coveted location.
New buildings have populated the beach area since the last 90’s. Large condominiums, built in the 70's, such as Winston Towers, Plaza Americas Condos coexist with the new giant structures: Ocean 1, Ocean 2 Condos, Ocean 3, Ocean 4, the Pinnacle Condos, Turnberry Ocean Colony, Acqualina Condos, The Jade Ocean, The Meridien Condos, Millenium Condominiums.
The Trump Palace, Trump Towers, Sands Point Condos, Sayan Condos, are just a few in the growing Sunny Isles Condos' skyline. More affordable but still very good options are La Perla Condos,The King David Condos, Porto Bellagio; across from the beach, the Coastal Towers, Arlen House Condos.
Miami Beach Real Estate News
Annual inflation hit a 21/2-year high in December amid rising gasoline prices as a core measure of inflation increased moderately.
The consumer price index rose 0.3 percent, the Labor Department said Wednesday, matching economists' estimates. Prices were up 2.1 percent the past year, the largest annual jump since May 2014.
Core inflation, which excludes volatile food and energy items, advanced 0.2 percent, also in line with economists' forecasts. The reading was up 2.2 percent the past 12 months.
Pump prices increased 3 percent last month and have climbed steadily since August. Regular unleaded gas averaged $2.34 a gallon Tuesday, up from $2.24 a month ago, according to AAA. But grocery prices fell for the eighth consecutive month. Prices increased 0.3 percent for rent, 1.9 percent for airline fares, 0.5 percent for used cars and trucks and 0.8 percent for motor vehicle insurance. Clothing prices fell 0.7 percent.
"Overall, inflationary pressures at the consumer level still remain modest but are rising now compared to year-ago levels," Contingent Macro Research wrote in a note to clients.
The Federal Reserve raised its benchmark interest rate last month for the first time in a year and forecast three hikes in 2017. Fed policymakers cited inflation that could accelerate as a result of a low unemployment rate that's likely to push up wages and President-elect Donald Trump's fiscal stimulus plan. Fed Chair Janet Yellen has said she still expects only gradual hikes as consumer prices increase moderately.
From FloridaRealtors.org - Jan. 20, 2017
Hallandale Real Estate News
Few buyers understand PMI use for lower downpayments
For many Americans, the biggest hurdle in buying a home is the 20 percent
downpayment they think is required for mortgage approval. According to a
recent survey by the National Association of Realtors®, 34 percent of
respondents believe they need more than 20 percent. Meanwhile, low
downpayment mortgages account for a significant amount of homebuying
Families with downpayments as low as 3 or 5 percent have been able to purchase a home thanks to private mortgage insurance (PMI) for 60 years. Since 1957, PMI has helped 25 million families become homeowners. In the past year alone, PMI helped more than 795,000 homeowners purchase or refinance a mortgage. Nearly half were first-time homebuyers and more than 40 percent had incomes below $75,000.
How PMI works
Mortgage insurance is simple. In addition to the other parts of mortgage underwriting process, such as verifying employment and determining the borrower's ability to afford the monthly payment, lenders traditionally required 20 percent down to ensure the borrower had some of their own money committed before the bank would provide a loan. This is where MI enters, bridging the downpayment divide to qualify borrowers for mortgage financing.
Benefits of PMI
It helps buy a home sooner. For the average person, it could take years to save the typical downpayment. Private mortgage insurers help borrowers qualify with as little as 3 percent down.
It's temporary, leading to lower monthly payments. PMI can be cancelled once you build 20 percent equity, either through payments or home price appreciation typically in the first five to seven years. This is not the case for FHA loans, the federal government's form of PMI, the majority of which require PMI for the life of the loan.
It provides several flexible payment options. A lender can offer several options for PMI payment, with the most common paid monthly along with the mortgage.
It's tax-deductible. Subject to income limits, PMI premiums are tax deductible similar to interest paid on a mortgage. In 2014, 4 million taxpayers benefited from this deduction with the average being $1,402.
PMI is a stable, cost effective way to obtain low downpayment mortgages, and offers distinct benefits to borrowers. It's been a cornerstone of the U.S. housing market for decades, providing millions the opportunity to own homes despite financial barriers.
From FloridaRealtors.org - Jan. 24, 2017
Fort Lauderdale Real EstateSome new developments draw out much attention.
We can mention THE GALE HOTEL and Residences, which will be a very nice boutique condominium buildings with only 128 condos,
the attractive RIVA FORT LAUDERDALE ON Ft. Lauderdale Middle River; the magnificent Auberge Beach;
the W Hotel Residences which draws the attention of many local and foreign buyers;
the luxurious Paramount Beach 18 stories new condo building,
the OCEAN RESORT with added luxury waterfront condo units, and its new Conrad Hotel.
Alongside the New River, the River Grand is an example of posh living. Traditional luxury features, such as expansive social areas, lavishly decorated, billiard ad card rooms, fitness center, blend well with state-of-the-art elements, such as floor-to-ceiling windows, large terraces and balconies, marble and granite generously spread on floors, kitchens, and baths. The Nu-River Landing condominiums attract a younger crowd with modern appearance and architecture, a wonderful roof-top pool area, basket ball courts, and the electronic gimmicks you could ask for as far as high-speed internet, central controlled air conditioned, modern gyms, executive rooms and more. Las Olas River-House is another notable venue on the River, as well as the gorgeous riverfront Symphony Condominiums building. If we want to talk top high-end properties, the Harbourage Place, in Harbor Beach is the place to be. I also like Il Lugano condominiums, a new construction, with boat slips, a boaters' paradise. The two L'Hermitage condo buildings, right on the beach, are some of the most desirable options in Fort Lauderdale real estate.
Hollywood Preconstruction Condos Information
Foreign Buyers pulling back, say realtors.
Rising home prices have undermined foreign buyers' demand for U.S. residential real estate, according to the National Association of Realtors® (NAR).
In January, the median price of existing U.S. homes had increased 67 percent for a buyer from Brazil once the monetary exchange rate is factored into the equation compared to January 2015. For a buyer from Canada, the median price increased 27 percent year-to-year, and 14 percent for a Chinese buyer.
Foreign buyers remain a small chunk of America's housing market. However, pullback could have a disproportionate effect on demand for high-end condominiums in such markets as Miami and Manhattan.
On the other hand, falling foreign demand could help make residences more affordable for U.S. buyers. "Given that the U.S. currently has a housing shortage, any demand pullback helps," says Lawrence Yun, NAR's chief economist.
Sunny Isles Estate News
Searching for Florida properties for sale?Are you looking for that relaxing, beach-side resort or do you prefer luxury condominiums in South Florida ? Are you looking for a family friendly South Florida condo for sale?
Sunny Isles Beach real estate is one of the most coveted in South Florida. Numerous choices, a long stretch alongside the beach, provide many great options of Luxury Waterfront Condos in Sunny Isles Beach.
We are seeing new construction and pre-construction projects oriented to the high-luxury segment.
The Jade Signature is an outstanding example, as is the Porsche Design pre-construction building, where you will be able to park your car at the door of your apartment, in the highest floors.
Mansions of Acqualina is another perfectly designed sample of Italian art right in front of the beach.
Regalia, a one-apartment-per-floor pre-construction project, is geared to million-dollars buyers.
The Jade Signature will be another great architectural design of Carlos Ott.
Add this to the recently completed or to be completed St Tropez in Sunny Isles, the Jade Ocean and the Jade Beach, the Sole and the 3 Trump Towers.
Now letâ€™s check what is already existing.
Some outstanding buildings: The Acqualina Condos, which is considered as one of the highest quality properties in Sunny Isles Beach . at 17875 Collins Avenue.
The Jade Beach and the Jade Ocean, upscale construction, wonderful architecture, new waterfront Sunny Isles Condos.
The Trump Royale, the Trump Palace, the Trump Sonesta, and the three new Trump Towers at the South end of Sunny Isles Beach are great options.
The Pinnacle with a very distinctive silhouette, on 175th St. and the beach, was for a long time a Sunny Isles landmark, famous for its elegance and luxurious condos.
The Millenium condominiums, built in 2000, at Collins and 187th Street.
On 173th Street, the Ocean Four, recently completed, is the last of a series of luxury condo buildings in Sunny Isles. The Ocean Two and Ocean One condos, at the very North end of Sunny Isles Beach, are a favorite of luxury beachfront condos buyers. Specially Ocean Two with great amenities and common areas. Ocean Three, a few yards down Collins Avenue, on Sunny Isles Beach, are the next of the series.
Turnberry Ocean Colony on 160th Street and Collins had been considered by many as the top of Sunny Isles Luxury Condos. The property is right on Sunny Isles Beach, and its amenities and luxury are second to none.
We should also consider the Oceania series of buildings, of which some are right on the beach in Sunny Isles, and some across the street and facing the intracoastal canals. On 167th Street and Collins, La Perla Condos provide a good option of Sunny Isles Waterfront properties. Sands Point Condos, at the same location are also beautiful beachfront condos. On the lower price range, the Porto Bellagio condos, the King David condos, the Ocean View Condos, the Ocean Reserve; the Winston Towers at 174th Street and Collins, Arlen House Condos, are more affordable alternatives of Sunny Isles Beach properties.
The Poinciana townhomes on the water are a favorite Sunny Isles Beach real estate option. Other South Florida condos near the beach, can be easily found in cities as Aventura, Hollywood Beach, Hallandale Beach, perhaps the Beach Club Condos in Hallandale. Have you narrowed your search down to luxury condominiums to Miami Beach Real Estate? Did you think about South Beach Properties?
Owning a condominium in the Miami Beach area will place you near the famous South Beach area and it world-famous restaurants, bars, discos, Lincoln Road, and Ocean Drive. Luxury condominiums can be found for sale at Millionaire Row, Indian Creek.
Great condo buildings can be found at North Bay Village, a 10 minutes drive from the Beach.
If you would like to be a little closer to Bal Harbour and its famous Bal Harbour Shoppes, you can find many new, as well as well maintained condo buildings in Bal Harbour at now much affordable prices. Bal Harbour Condos on the beach include some newer buildings such as the One Bal Harbour condos, or the venerable Balmoral Condos, all marble and space, with some great Bal Harbour apartments with wonderful water views. The New Harbour House condos, which are a condo conversion, are the result of gutting a rental building and converting it to a condominium community. Driving South of Bal Harbour, Surfside Real Estate is in a coveted location, with good walking traffic, restaurants and stores, as well as its Surfside condominium buildings right on the beach, such as the Waverly Condos, the Champlain Towers Condos, three attractive buildings, right on the sand. A new condo building, the Azure Condominiums, is an good alternative.
Other Surfside Condos to mention: The Wave Condos, the Manatee Condos, the Spiaggia condominium building, which has been completely gutted and redone. Surfside offers a small town setting which also includes some older Surfside single family homes. South of Surfside, Nobe condominiums can be a good alternative. Nobe or North Beach is an area alongside the ocean, with a stretch of restaurants and entertainment places, blending with the North Beach condo buildings. Luxury Miami Beach condos are an exciting blend of modern and old rehabilitated buildings.
The Blue Diamond condos and the Green Diamond condos, the Fountainebleau condos, the Canyon Ranch condominiums, and many other Miami Beach condo buildings are some of the newer Miami Beach condo developments. Great opportunities are waiting for you since the turn of the market has brought to the market many Miami Beach real estate opportunities, Miami Beach foreclosures and Miami Beach short sales.
If you go further South, you will be able to choose between the older, but now affordable condos in South Beach, or if you can afford it, the high-class condo buildings such as the Continuum condos, the Apogee condos, the Murano at Portofino condominiums, the Icon South Beach condos, the Setai condos, the Il Villaggio condos.
Traditional buildings at the cozy location called Belle Isle are an affordable yet wonderful option in South Beach real estate. Close to Lincoln Road and South Beach lively environment, you will be right at the center of the action, living in an affordable Belle Isle condo. We can present you with different alternative of foreclosure deals, short sales opportunities but, in general, motivated sellers constitute some of the best South Beach real estate buying opportunities.
Florida Condominiums for Sale as an Investment . Florida is one of the premier retirement areas in the world. With its temperate climate, variety of Atlantic and Gulf shore beaches, and plethora of pleasure activities, no wonder it's such a desirable place to own a piece of South Florida Real Estate.
Planning your retirement? It is never too early! Do you see retirement a long way down the road but want the security of owning a vacation villa in an upscale environment like in the Sunny Isles Florida area near Aventura?
Owning your own South Florida property will give you the security of knowing there is always a place for family vacations awaiting you. Amidst your busy life, think of how hassle-free your next vacation will be. No more booking those reservations months in advance or trying to find just the right lodging at the last minute or around peak holiday season. Hallandale Beach Condos can also be a great refuge, with all these entertainment venues, such as the Gulfstream race track and Casino, the new Village at Gulfstream, the shops at Diplomat Mall, restaurants for all tastes and budgets, the beach and the stunning views on the intracoastal waterway, the proximity to Aventura Mall and Downtown Hollywood.
Renting Your Luxury Condominium in South Florida
Owning your own piece of Bal Harbour, Florida real estate will give you the option of using it for you and your family when you choose or renting it to some of the millions of tourists streaming to Florida. You can choose either to be in charge of the advertising and renting details or hire a real estate management company to take care of the details for you. Weighing the pros and cons is important. You will take home more profit being in charge of the vacation villa rental yourself but you will also have to deal with the worries that go along with rental properties. Putting yourself in charge, however, will give you the ability to negotiate deals with your customers and will also allow you to offer specials of your choosing at the best price.
Luxury Condominiums in Aventura
So, youâ€™d rather not take the plunge to own a Florida condominium just yet. Thatâ€™s alright. Some people could choose to rent first which will give you great insight into location and market. Looking for condominiums to rent in all these attractive areas will produce many results. You will have many options from which to choose, all of which can place you near Disneyworld and other major and lesser-known tourist activities. Along with the various opportunities to rent, Aventura Condos and Sunny Isles Beach Condos can offer wonderful opportunities.
Bal Harbour Condos, with the exception of a few new Bal Harbour condo buildings, are mostly in great buildings from the 70's which preserve all their grandeur and luxury, right on Bal Harbour Beach. Surfside Condos give you the opportunity to live in a small city, which has preserved their most beloved wealth, which is the beach. Surfside condo buildings are limited in their height. Surfside streets are friendly and you will notice that it is more of a walking city. Whatever your choice, buying or renting Florida condominiums, you will never regret the once-in-a lifetime opportunity now that prices are at a very low level.
In Hallandalethe three La Mer Condo buildings and the Parker Plaza , right on the beach, have been superbly remodeled. The four Hemispheres buildings on both sides of Ocean Drive are known for a busy social life at the pool deck. The Parker Plaza and Parker Dorado have been partially renovated and are affordable options. The Malaga Towers Condos are a well kept luxury complex on Hallandale Beach. 2080 Condos on the beach attract many foreign buyers. Speaking new construction, the BEACH CLUB is the outstanding value: At the Beach Club you will find great amenities, and beautiful oceanfront pool decks. Their main spa (they have three) is stunning. Wide open ocean and intracoastal views through their floor-to-ceiling windows and glass doors. The 2080 Condominiums in Hallandale are a relatively new construction. They offer nice condos right on the beach, and a balance between luxury and affordability. A few blocks away from the Beach, at the Diplomat Shopping Center, the new DUO twin towers are a great addition to Hallandale Condo market. On the Intracoastal canals, at Three Islands and Golden Isles Drive, consider older but affordable and well maintained buildings such as Oceanview Tower Condo, or the Olympus complex. Golden Isles is a waterfront community of luxury million-dollar homes, most of them with a dock and ocean access. Golden Isles is a great option for boaters who need ocean access; a good location at the limit between Broward and Dade, close to Aventura, Gulfstream Racetrack and Casino, convenient entertainment and shopping areas.
Home flipping is back .
And Florida a national hot spot.
According to RealtyTrac's Year-End and Q4 2015 U.S. Home Flipping Report, Florida trails only one other state, Nevada, for the number of home flips in 2015. RealtyTrac defines a home flip as a property sold in an arms-length sale for a second time within a 12-month period.
Nationwide, property flipping involved 5.5 percent of all single-family and condo sales last year, an increase from 5.3 percent one year earlier.
"As confidence in the housing recovery spreads, more real estate investors and would-be real estate investors are hopping on the home flipping bandwagon," says Daren Blomquist, senior vice president at RealtyTrac.
Blomquist says it's not just the number of flips that's changing - it's also the people doing the flipping.
"We also see the flipping trend trickling down to smaller investors who are completing fewer flips per year," he says. "The total number of investors who completed at least one flip in 2015 was at the highest level since 2007, and the number of flips per investor was at the lowest level since 2008." The number of active home flippers peaked in 2005.
"More inexperienced home flippers with a smaller financial cushion could be a sign of an over-speculative market, but the data indicates that flippers in 2015 continued to operate within relatively conservative margins," Blomquist says. "Homes flipped in 2015 were on average purchased at a 26 percent discount below estimated market value and re-sold by the flipper at a 5 percent premium above estimated market value."
"The problem with a rise in home flipping is that these sales artificially inflate home prices, making housing even less affordable for buyers and increasing the risk of a bubble," says Matthew Gardner, chief economist at Windermere Real Estate in Seattle.
2015 U.S. homes flipped yielded an average gross profit of $55,000 nationwide - the difference between the purchase price and the flipped price without including rehab costs and other expenses. The average gross return on investment (ROI) was 45.8 percent, up from 44.2 percent in 2014 and 35.3 percent in 2005.
The Miami metro area had the most homes flipped last year in the U.S. -10,658 or 8.6 percent of all Miami-area home sales for the year, a 4 percent year-to-year increase.
Two Florida cities made the top five when looking at flips as a percentage of all home sales. Tampa (9.2 percent of all home sales) andDeltona-Daytona Beach-Ormond Beach (9.1 percent) ranked fourth and fifth, respectively. The three U.S. cities at the top: Memphis (11.1 percent); Fresno, Calif. (9.2 percent) and Las Vegas (9.2 percent).
Looking at the increase in the number of flips as a share of all single-family home sales, Lakeland, Fla., topped the list with a 50 percent increase. It was followed by New Haven, Conn. (up 45 percent); Jacksonville (up 41 percent); Homosassa Springs, Fla. (up 40 percent); and Akron, Ohio (up 37 percent).
"We continue to see distressed properties funnel through the pipeline in South Florida, which makes it ripe for investors to profit in a strong selling market," says Mike Pappas, CEO and president at the Keyes Company in South Florida. "There are always sellers that will discount for a quick cash sale and open the door for astute investors to make a good return by repositioning the property."
Two Florida cities ranked in the top 10 for flippers' return on investment. While Boise, Idaho, topped the list (85 percent increase) followed by Hartford, Conn. (51 percent increase); Ocala came in at No. 3 with a 49 percent increase, and Homosassa Springs followed with a 41 percent increase.
Overall, 8.0 percent of Florida home sales were flips, according to RealtyTrac. Only Nevada, at 8.8 percent, ranked higher. Alabama (7.4 percent), Arizona (7.1 percent) and Tennessee (6.9 percent) rounded out the top five list.
From FloridaRealtors.org - March 3, 2016
Hollywood Beach Condoshave always been very popular with Canadian snowbirds. There are several condominium buildings in Hollywood, Florida, either on the beach side of Ocean Drive, or across the street, facing the Intracoastal Waterway. Can we mention on this side the Allington Towers condos, the Hallmark condos. On the beach side, right on the sand, let's mention The Wave condos as one of the well designed condo conversions on Hollywood Beach, as well as the Tides Condos, and the Residences of Hollywood. The Quadomain condo towers are also affordable buildings. The luxury developments of Diplomat Residences Condos, and Ocean Palms Condos and the Trump Hollywood appeal to buyers seeking the best options close to the Hollywood Broadwalk. A special mention to the Ocean Palms condos, a new luxury Hollywood building. Right on the Broadwalk, practically on the sand very few but deserving your consideration are buildings as La Playa Condos, or the Baker Tower condos.
|Conveniently located in Hallandale, Golden Isles is a gated community of 304 single family homes. Most are waterfront lots with deep water docks, on wide canals, and easy access to the Ocean. Amenities in Golden Isles include a park, tennis center, playground. For boaters, Golden Isles waterfront homes are some the best choices in Florida. Golden Isles offers a family neighborhood with superbly landscaped homes, many with beautiful architectural designs. Golden Isles is a short distance from Haulover Cut, and easy access to both Ft. Lauderdale and Miami airports. Aventura Mall is a 5 minutes drive, Hollywood Circle with its dining and entertainment venues, Gulf- stream Racetrack & Casino, Mardi Gras Dog Track/Casino, the shops at Diplomat Mall, are exciting options. And of course: Hollywood Beach boardwalk and the cafes and bars on the intracoastal you can reach by car or with your boat and sip a drink while watching a magnificent South Florida sunset.|
What is exactly my function as a Florida real estate agent?Essentially matching buyers with their ideal property. Taking account of age, motivations, way of life, and many other considerations, I must make sure that my client will effectively enjoy living in his Florida property. Regardless of the potential of investment gains which are an important factor, if I know that my client will use the Florida Condo or Florida home only as a Florida rental property, I will direct him differently than another client who is primarily looking for a South Florida vacation home or Florida vacation condo. The education of my real estate clients starts by giving them a chance to discover within all South Florida real estate locations, what better fits their needs. Not only bargain price are essential; Florida Real Estate Agents should always make sure that their clients will enjoy their new home, or if it is a Florida Investment Property, make the most of their new South Florida Property to maximize their future profits or income generation. Showing my clients the tremendous quantity of real estate South Florida Realtors are offering through the Florida MLS system on my website, I make sure buyers of South Florida real estate will get the most valuable MLS information. While I assist my clients with their Aventura real estate needs, I always try to locate the best Aventura Condos or Aventura Homes. Sunny Isles Condos and Hallandale Condos are also on the top of my priorities. Choosing an Aventura Condo, or some luxury Sunny Isles Beach luxury condo without the help of a South Florida area specialist is not the best recipe for success.
Investir a Miami - Agent Immobilier Miami Henry B. Nathan is an experienced Hallandale Realtor and Sunny Isles Beach Realtor, and has a great knowledge of both Dade County real estate and Broward County real estate. Since I am strategically located in Hallandale Beach, I will of course enlighten you with the best Hallandale real estate opportunities; especially the magnificent Beach Club Condos in Hallandale. And at the same time, I can show you the best Hollywood homes for sale, or Hollywood Beach Condos
United Realty Group - Henry B. Nathan is a specialist in Foreign Buyers. If my client is a seller looking to sell his South Florida Condo or South Florida home, I can offer him the most advanced technology and methods, and an outstanding exposure to get his South Florida Condo or Home on the market in the shortest delay, conveniently displayed to the largest quantity of South Florida property buyers.
Although I specialize in Hallandale Florida real estate, I can assist my clients with any and all of their needs in the South Florida area. Prices kept their descending tendency during 2008 and beginning of 2009, in Miami real estate, as well as Miami Beach Real Estate. In Brickell Short Sales and Brickell Foreclosures, there are many great opportunitiesWhy not make the most of the present buyers' market? I can search on your behalf all of the South Beach real estate for sale, as well as Surfside real estate, to find the best deals in South Beach foreclosures and short sale propertie. With prices being reduced so quickly, not only Miami Beach real estate sold as short sale or foreclosure is attractive; Very often, we are finding motivated sellers of South Florida real estate who understand the buyer's market and are ready to negotiate incredible opportunities to purchase real estate in Miami.
I am constantly educating our customers on the fact that they should not assume that real estate in Sunny Isles is best purchased as Sunny Isles short sales or a Sunny Isles Foreclosures. South Florida Short sales and Foreclosures situations could have many pitfalls. I have seen buyers locate Hollywood-Florida properties and Hollywood Beach real estate situations where a seller wants to cash in the small equity still available in his property, and is just not in a distressing or foreclosure condition. Many South Florida oceanfront properties are being gradually absorbed by out-of-town buyers taking advantage of this once-in-a-lifetime-opportunity to own an oceanfront luxury condo in South Florida. Even new homes in Pembroke Pines, or homes in Weston, or Coral Springs homes can be acquired in the same manner. The best real estate in Aventura will not usually be a foreclosure property, but motivated sellers with Homes for sale in Aventura . In Sunny Isles Beach, we have noticed the same pattern. And so many great Sunny Isles luxury condos, on the beach, or across the street from the beach are being sold at prices often half of what they were a couple of years ago.
FORECLOSURES AND SHORT SALES IN SOUTH FLORIDA. Many of our international and domestic clients are asking about Hallandale real estate and Hallandale short sales opportunities; as well as real estate in Aventura and Aventura foreclosures. While it is true that a buyer's market has created a substantial amount of inventory in the form of both short sale properties (properties in which the home value is less than the outstanding mortgage loan.) and foreclosures, this does not necessarily mean they are a good buy. However, they constitute a good field for a search of South Florida foreclosures and South Florida short sales.
Of course, the condition of the property is an important factor. Imagine a seller who is almost sure to end up losing his condo. It often happens that the property is neglected during these long months of uncertainty. No money will be invested by its owner and repairs will be reduced to a minimum. It's not as often as you imagine, but homes could sometimes be deliberately damaged or stripped of accessories and appliances. These are issues that affect the marketability of the property; and while they have to be factored in when presenting an offer for a South Florida Short sale, they can also be a great negotiating asset. Banks do not want to invest a penny in a distressed property. Therefore, many prospective buyers will refuse to even consider a property where they would have to invest time and money to fix and repair. That will automatically limit buyers presenting offers. And a smart real estate investor knows that for every dollar spent repairing a home, he might get a reduction of two or three dollars in the purchase price. In all cases, if you are shopping for a South Florida short sale you better be prepared to be patient. If you are in a hurry or have limited resources, most short sales are not going to work for you.
They typically require far more effort on the part of all parties involved and can be very cumbersome and frustrating. In the Sunny Isles Beach area there are many Sunny Isles Beach Condos going through this process right now. They range from Luxury waterfront condos in Sunny Isles, luxury homes in Golden Beach, Waterfront homes in Golden Isles, to Miami Beach or South Beach Condos. The economic downturn has affected homeowners in all parts of South Florida and at all price levels. I try to recommend that our clients look to purchase homes that are not South Florida short sells but great values directly from motivated sellers. These are usually the best prospects for finding great Hallandale Real Estate, and good values in all South Florida real estate. If you think you might be a candidate for purchasing a short sale property or a foreclosure please let me know. I have a good experience in both selling and buying these types of properties in Aventura and Hallandale, as well as Fort Lauderdale and Hollywood Beach.
Henry B. Nathan
We specialize in South Florida Real Estate, in most areas in Miami-Dade and Broward Counties.Click on one the following locations for more information
AVENTURA REAL ESTATE
SUNNY ISLES REAL ESTATE
HALLANDALE BEACH REAL ESTATE
BRICKELL REAL ESTATE
DOWNTOWN MIAMI REAL ESTATE
BAL HARBOUR REAL ESTATE
HOLLYWOOD REAL ESTATE
FT. LAUDERDALE REAL ESTATE
SURFSIDE REAL ESTATE
GOLDEN ISLES REAL ESTATE
GOLDEN BEACH REAL ESTATE
CORAL GABLES REAL ESTATE
KEY BISCAYNE REAL ESTATE
COCONUT GROVE REAL ESTATE
Review all new construction in South Florida