JTHS Council of the MIAMI Association of REALTORS - Jupiter, Tequesta, Hope Sound

     

                

  • JTHS-MIAMI Golf Tournament to Benefit Veterans Organization on 9/11

    Aug 10, 2017
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) will host its 32nd annual JTHS-MIAMI Golf Tournament on Monday, Sept. 11 at the PGA National Resort & Spa in Palm Beach Gardens. Partial proceeds will benefit the Renewal Coalition, a Jupiter-based organization that assists wounded veterans and their families.
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  • JTHS-MIAMI Realtors Collect 240 Pounds of Food for Needy Palm Beach Residents

    May 16, 2017
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) collected 240 pounds of non-perishable food for the Palm Beach County Food Bank in April as part of the JTHS-MIAMI Leadership Academy’s “Move for Hunger” Food Drive.
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  • JTHS-MIAMI Rock the Market Attracts Top Experts, Panels

    Mar 09, 2017
    Palm Beach County real estate will continue outperforming the national average because of continued population gains, a growing economy and spectacular amenities, South Florida top brokers and real estate analysts said at the Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) Rock the Market conference on Feb. 28 in Jupiter.
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  • JTHS-MIAMI Realtors to Host Rock the Market in Jupiter

    Feb 27, 2017
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) will host JTHS-MIAMI Rock the Market on Tuesday, Feb. 28 at the Wyndham Grand Jupiter at Harbourside Place. The conference is designed to equip local Realtors with the latest market information, services and trends so they can better serve their clients.
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  • Lynne Rifkin Elected 2017 JTHS President of the MIAMI Association of REALTORS

    Feb 10, 2017
    The MIAMI Association of REALTORS® (MIAMI) has elected Lynne Rifkin, Broker Associate, ABR, MRP, PMN, SRES as the 2017 President of the Jupiter-Tequesta-Hobe Sound Association of Realtors (JTHS) Council. She and the entire 2017 JTHS Board of Governors were installed Dec. 2 at Frenchman’s Creek Beach & Country Club in Palm Beach Gardens.
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  • JTHS Realtors Collect More than 500 Holiday Toys for Local Children

    Jan 09, 2017
    The Jupiter Tequesta Hobe Sound (JTHS) Council of the MIAMI Association of REALTORS® (MIAMI) collected more than 500 toys for local families in need this holiday season during its first JTHS Young Professionals Network Toy Drive on December 15.
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  • JTHS Realtors to Host Educational Breakfast with Palm Beach Schools Superintendent

    Jan 09, 2017
    The Jupiter Tequesta Hobe Sound (JTHS) Council of the MIAMI Association of REALTORS® (MIAMI) will host a “Make a Connection” Breakfast with Palm Beach County Schools Superintendent Dr. Robert Avossa as the featured speaker on Wednesday, Jan. 18 at the Eastpointe Country Club in Palm Beach Gardens.
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  • YOUR July Minute with the JTHS President

    Jul 29, 2016
    Announcing Important Upcoming Events
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  • Jupiter Broker Patti Fitzgerald Appointed to Florida Real Estate Commission

    Mar 03, 2016
    The MIAMI Association of REALTORS® is honored to have one of its members, Patti Fitzgerald, named to the Florida Real Estate Commission, which administers and enforces real estate license law. Fitzgerald is a past president of the statewide Florida Realtors association and is currently a real estate broker associate and manager for Illustrated Properties in Hobe Sound.
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  • YOUR February Minute with the JTHS President

    Feb 18, 2016
    We are halfway through February. Time goes by so quickly. Our JTHS Leaders continue to focus on goals to maximize our Member's strengths. Our Professional staff continue to make enhancements to products and service offerings.
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  • Sue Gaieski Elected 2016 JTHS Council President of the MIAMI Association of REALTORS

    Feb 18, 2016
    The MIAMI Association of REALTORS® (MIAMI) has elected Sue Gaieski, e-PRO, SFR as the 2016 President of the Jupiter-Tequesta-Hobe Sound Association of Realtors (JTHS) Council. She and the entire 2016 JTHS Board of Governors were installed Dec. 11 at Frenchman’s Creek Beach & Country Club in Palm Beach Gardens.
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Miami: THE Global Destination

by | Dec 17, 2014

Print version

Miami is a unique city and world-class global destination. In 2011, the Wall Street Journal featured Miami along with Hong Kong, London, Paris, and New York as The New Global City. And this year Knight Frank's Wealth Report ranked Miami seventh in the world on the list of most important global cities to the world's wealthy. Rankings are based on economic activity, quality of life, knowledge, influence, political power, and number of residents who are high net worth individuals.

Miami offers a strategic location between Latin America and Europe, enviable year-round weather, cultural affinity for all, and an exciting lifestyle. Affordability compared to other world-class markets, strong rental returns, and favorable currency exchange rates for foreign buyers enhance Miami's appeal.

Miami continues to expand, attracting new residents, visitors and tourists and global business enterprises. The local area offers world-class shopping venues, prime restaurants featuring worldwide cuisine, sporting activities and events, all types of entertainment and endless recreational options amidst a refreshing global culture. These factors will continue to attract commerce and domestic and foreign buyers to Miami unlike any other market long into the future.

Miami is also considered a business hub for Latin American companies, for technology, and for logistics and transportation. Building on the momentum of Art Basel and the Perez Art Museum (PAM), Miami has also quickly become a center for international artists, collectors and art dealers.

Consistently the top market for foreign buyers, Miami continues to benefit from rising international buying activity – but also from local, U.S. and international buyers. Miami remains a top market for vacation and second homebuyers, for baby boomers, and for net migration from other states.

2014: Another Record Year?
Following three years of record sales activity, the Miami real estate market continued to strengthen in 2014 while reflecting more balance between buyers and sellers due to increased existing and new construction supply. Despite more new listings finally coming on the market, strong sales continue to drive home values, which have experienced double-digit appreciation since December 2011.

Current market fundamentals create opportunities for both buyers and sellers. While many homeowners have recovered equity lost during the market downturn and can now make a profit if they sell, median sales prices in Miami remain at pre-boom levels of 2004. Those who purchased in the last three or four years are yielding strong returns on their investments.

Demand Continues to Fuel Strong Price Appreciation
Single-family home prices, which again increased in October, remain at affordable 2004 levels despite 35 months of consistent year-over-year increases. Condo prices also increased in October, marking 40 months of growth in the last 41 months.

The median sale price for single-family homes increased 9.1 percent, up to $240,000 from $220,000 in October 2013, while the median sale price for condominiums increased by 8.8 percent to $185,000.

Miami-Dade Sales • 2008 - Oct. 2014

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Miami Properties Selling Fast, Near Asking Price
Miami properties continue to sell rapidly and at nearly asking price, reflecting strong demand. In October, single-family home and condominium sales respectively received 95.3 and 93.7 percent of the original list price, compared to 96.3 percent and 97.5 percent in October 2013. The median number of days on the market for single-family homes sold in October was just 43 days, while that of condos was 58 days.

Distressed Sales Continue to Decline
The percentage of distressed sales again dropped significantly in 2014, as strong demand for bank-owned (REO) properties, improved processing of short sales, and limited short sale supply yield rapid absorption and strong price appreciation. Currently distressed sales account for approximately 34 percent of all closed residential sales in Miami-Dade County, including REOs (bank-owned properties)and short sales, compared to 39 percent a year ago. During the market downturn, distressed sales accounted for two-thirds of all closed transactions.

Cash Sales in Miami Double the National Average
In Miami-Dade County, 55.8 percent of total residential transactions in October were all-cash sales, compared to 60 percent in October 2013. Cash sales accounted for 40.8 percent of single-family and 67.8 percent of condominium closings. Nearly 90 percent of foreign buyers in Florida purchase properties all cash, not included in above percentage. This reflects the much stronger presence of international buyers in the Miami real estate market. Cash sales in Miami are still more than double the national figure of 27 percent, reflecting the strong presence of international buyers in the local market.

Inventory Supply Rises, Creates More Balance
Subsequent to the downturn during the last decade, excess housing inventory locally was absorbed at a record pace, years faster than experts predicted, resulting in limited supply in 2011 and a housing shortage in 2012. In 2014, MIAMI's initiatives to increase inventory and to focus on assisting members to get more listings proved successful along with some additional distressed properties also coming on the market. Seller confidence continues to result in more properties being listed for sale in Miami.

Currently, there are 5.8 and 8.2 months supply of inventory for single-family homes and condominiums, respectively, in Miami-Dade. A healthy market that is balanced between buyers and sellers typically offers six to nine months of supply.

With 17,801 active listings, residential inventory in Miami-Dade County is currently 19.5 percent higher than it was at the end of 2013, when active listings totaled 14,892. Since August 2008, when sales bottomed, existing housing inventory has dropped more than 60 percent, down from 43,095 active listings.

New Construction Market Update
New construction supply is impacting existing condo sales, as consumers are drawn to newly built product. Strong sales in the coastal new construction condominium Miami market (east of I-95) continue to reflect significant demand for new properties, according to the latest New Construction Market Status Report by Cranespotters.com and MIAMI.

At the end of October, there were nine (9) towers that had been completed in 2014 in Miami-Dade County east of I-95, 54 under construction, and 62 are planned but have not begun development. There are also 66 towers that have been announced but not approved.

Of the above projects in Miami-Dade:

  • 84 projects with 98 towers comprising
  • 15,050 units are currently selling
  • 67 percent of the above units have been sold
  • The mean price per square foot of these units is $855, compared to $850 last month

Global Media Exposure
The MIAMI Association of REALTORS® strategically positions its members and the local market for continued strengthening and success through unprecedented global media exposure and strategic relationships with more than 125 worldwide partner organizations. As the "Central Address" for South Florida real estate, MIAMI is the source for accurate market statistics to Realtors®, the media, and the consumers.

MIAMI is featured in hundreds of leading media outlets – including television, radio, print and electronic – throughout the world, generating millions of dollars in coverage for you and our market!