The median price of an existing home climbed to 10.1 % to $177,400 from $161,000 in April 2011, the strongest year to year gain since  2006 when the median price level since July 2010 was $182,000.

I noticed that since inventories have been shrinking in Aventura, prices have steadily increased.  This is a good time to sell.  Buyers are anxious to get a good deal before there is a shortage of properties.  Sellers will be appreciated greater prices this year than we have seen in a long time.

Here in the South, we are experiencing a 6.5% in prices year to year.  Southeast Florida has the advantage of more foreign buyers than other parts of the country.

If you have been thinking of moving but have been waiting for better days…now is a good time.  Call me for a private consultation.

If you are thinking of selling, now that inventories have shrunk, it is a great time.  You probably will get as much today for your property as you will if you wait another couple of years. We have buyers from Latin America, Europe and Canada.  South Florida has a great influx of people willing to invest in American real estate.

BUT THINK OF THE GREAT OPPORTUNITY THIS IS TO BUY YOUR NEXT HOUSE WITH INTEREST RATES THIS LOW!

Take advantage of this opportunity.  Properties above your price limit, may now be affordable.  Let me know how I can help you both sell your home and buy a new one.

15% said it was a good time to sell. 

The percentage of Americans who believe the economy is on the right track in this survey was 37%.  56% said it was on the wrong rack.

This survey was based on a national representative sample of 1000 respondents who were 18 and older from April 2011 through April 27, 2012.

We, here in South Florida are seeing very good sales.  Our inventories are going down every week because of the influx of foreign buyers from South America and Canada.

Our sellers have been pricing their properties correctly listening to the comparables in their areas and it has paid off.  Condos that are priced right disappear almost as soon as they are listed.  So keep up the good work and South Florida will experience a terrific renaissance.

There is now  only 6 months inventory of rental units in Sunny Isles.  This translates into 400 properties available for rent.

Sales of new condos in Sunny Isles Beach fell by 9% for several reasons….Boom Era inventory decreased….prices for developer units increased and there are 5 more new luxury condo towers being planned.

Watch for information from me about a fantastic new tower called PORSCHE.  Different in all ways!!!

OTHER NEWS….SOUTH FLORIDA FORECLOSLURES ARE UP 60%.

THERE WERE 4,122 FORECLOSURES FILED IN SOUTH FLORIDA IN APRIL OF THIS YEAR (according to Condo Vultures).  Half 2,025 came in Broward County.

One thing, for sure, our market is moving in all directions.  But I see inventories shrinking in AVENTURA.  I see prices not only stabilizing but rising especially in communities like GOLDEN POINTE.

RECENT SALES WERE $471k FOR A 1900 sq. ft unit ON THE DRY SIDE AND $800k FOR A 2500 sq.ft.unit ON THE WATERFRONT.!

In 2011, luxury condo resale activity jumped by 29 percent according to Condo Vultures. But while foreign buyers, with strong currency drove the market last year, indications are that the market is here to stay for now.

There is a wave of new developments like the proposed Porsche Tower for Sunny Isles B each.

The high rises in Sunny Isles Beach have been selling steadily and for good prices all last year and the thriving beachfront is reason to hope that South Florida’s condo market will continue to do well in 2012 as well. 

FORECLOSURE SALES IN THE TRI COUNTY AREA FELL BY 25% in the third quarter of last ear according to data from Realty Trac.  This was a symptom of foreclosure freeze of 2010.

However this freeze may be thawing and forecosures will be flooding the market with prices declining in face of the rising inventory levels.  These forecosures will be in the single family market as well as in the condo market.

This will present itself as a good time to buy. Opportunities will abound with affordable prices and attractive properties. 

Well, that’s it for now.  I will keep you posted as new information is available.

I was invited to a presentation breakfast this weekand listened to the descriptions of the units and this is what I came away with.

For those of you who need an exclusive, boutique style building with only 70 residences, this 24 story building is for you!!

These apartments are large, 2300 square feet to 2700 square feet, each with 3 bedrooms and 2 1/2 or 3 1/2 baths.

The top two floors will have extraordinary penthouses that will each encompass nearly 5000 square feet.

Poggenpohl kitchens and marble in baths and granite counters in kitchens, private elevators and 10 foot ceilings and hurricane-rated impact resistant glass,

SO many amenities….24 hour concierge, 2 story lobby, fitness center, media room, Kid’s game room, beautifully landscaped sundeck with resort style pool and spa and a large cabana area, all overlooking the Williams Island Marina.

Bellini will be a wonderful addition to Aventura with completion scheduled for 2013.  Remember the best apartments will be sold first, so if this seems interesting to you, call me as soon as possible to see the property floor plans.

There is good news going into 2012….real estate inventories are shrinking.  Every week, we see more and more condos and homes being bought.  In fact, in Golden Pointe, in the Waterways, nine units were sold in the past year after a long dry spell.  These were all waterfront townhouses.

These homes ranged from 1900 square feet to 2500 sq. feet and many of them needed complete updating.  Buyers found them very desirable because of the great location, quiet, yet close to everything.  Also I must mention that another great incentive was the low mortgage interest rates

THE NEXT GOOD NEWS IS THAT BUYERS FROM BRAZIL AND CANADA ARE BUYING OUR PROPERTIES QUICKLY BECAUSE BRAZIL IS EXPERIENCING AN ECONOMIC BOOM AND CANADA’S EXCHANGE RATE IS VERY FAVORABLE TO THEM..

According to the latest studies, real estate appreciation will start to show up in the next three years.  There is a light at the end of the tunnel! WHILE PRICES ARE STILL SOFT, NOW IS THE BEST TIME TO BUY!  TAKE A LOOK AT MY INVENTORY AT THE TOP OF THIS PAGE AND CALL ME TO SHOW THE ONES YOU WANT TO BUY!!

Interest rates today, for a 30 year fixed loan is 3.85 %.  A mortgage of $150k will cost $703 a month.  What can you rent that is in decent shape for $703 a month?    A mortgage 250k will cost $1172 a month.  In Aventura, it costs $1500 a month to rent a two bedroom apartment.

Townhomes in Golden Pointe in Aventura that sold for over $620k several years ago are now selling below $500k.

Prices at The Point of Aventura are on average 15%k less than they were several years ago.

Call me today, tell me what you are dreaming of and let’s go shopping to buy a new home.

Brazil

BRAZILIAN BUYERS are buying real estate here but nearly half of all Brazilian homebuyers in Florida spend less than 200k.  There are a significant number of buyers from Rio de Janeiro and Sao Paulo that are actually in Miami looking for bargains.  The Brazilian economy is stronger than ever. They are the second largest foreign buyers in Florida.  The first largest buyers are the Canadians.

Canadians represent  the largest foreign buyer demographic in Florida.  They, too, have a strong currency.  Now they expanded their reach across South Florida especially attracted to projects like Canyon Ranch. They used to concentrate their buying solely in Broward County especially Hollywood and Hollywood Beach but now take in Miami, too.

All this is good.  It gives us a needed shot in the arm!

The average asking price is$ 583K and the average sold price is$ 339K so we have a way to go before prices start to climb again.

So to sum up, the average price per square foot for sold properties os $219K and the average days on the market are 129 days.

These figures are a good guide for pricing your home for sale.  Call me today for information in your particular development.