Broward Council of the MIAMI Association of REALTORS

                                                                                                     

                

  • Colombia Continues to be Top Country Searching for Miami Homes

    Jul 09, 2018
    Colombian consumers registered the most international web searches for Miami homes in March, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia registered 11.9 percent of all international searches on MIAMI’s portal, www.MiamiRealtors.com, in March 2018. Colombia has led the rankings for four consecutive months.
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  • South Florida Multifamily Transactions, Prices Rise in 1Q

    Jun 26, 2018
    South Florida multifamily real estate transactions jumped 8.5 percent year-over-year in 1Q 2018 and per-unit multifamily prices increased in Miami-Dade, Broward and Palm Beach counties, according to the new 1Q 2018 The Quarterly Report – South Florida Commercial Real Estate
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  • JTHS-MIAMI Realtors Collect 364 Pounds of Food for Needy Palm Beach Residents

    Jun 25, 2018
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) collected 364 pounds of non-perishable food for the Palm Beach County Food Bank in April as part of its annual JTHS-MIAMI’s “Move for Hunger” Food Drive.
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  • Colombia Leads Countries Looking for Miami Homes in February

    Jun 25, 2018
    Colombian consumers registered the most international web searches for Miami homes in February, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida remains the most-searched U.S. market by international consumers and a top-five market for homebuyers in the world’s six largest regions, according to February data.
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  • Miami Luxury Home Sales Jump in May 2018

    Jun 20, 2018
    Total Miami luxury home sales rose 24.1 percent year-over-year in May as existing condominium sales rose for the second consecutive month, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Miami Realtors Join Chapman Partnership to Feed Homeless

    Jun 18, 2018
    Continuing its changing communities initiative, MIAMI Association of Realtors (MIAMI) members and peers again fed dinner to 500 homeless residents on June 14 at the Chapman Partnership’s Downtown Miami Homeless Assistance Center.
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  • Miami Existing Condo Sales Jump 24.6 Percent in April

    May 24, 2018
    Miami’s existing condominium market posted its best April in three years as condo transactions jumped 24.6 percent and condo dollar volume surged 40.8 percent year-over-year, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Miami single-family home sales and residential prices rose.
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  • MIAMI REALTORS® Launches MIAMI Platinum PLUS for its Members

    May 17, 2018
    The MIAMI Association of REALTORS® (MIAMI) is now offering its members subscriptions to MIAMI Platinum PLUS, an exclusive and unparalleled suite of upgraded Realtor products and services, so Realtors can utilize an even higher level of industry tools to improve and expand their business while enhancing the home buying and home selling process for the public.
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  • Miami Luxury Home Sales Soar in 1Q 2018

    May 15, 2018
    Total Miami luxury home sales surged 12.3 percent in 1Q 2018 as median prices rose for the 25th consecutive quarter, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • MIAMI REALTORS CEO Named to South Florida’s Most Influential Business Women

    May 14, 2018
    MIAMI Association of REALTORS® (MIAMI) Chief Executive Officer Teresa King Kinney was named one of the top 25 Most Influential Business Women in South Florida. The South Florida Business Journal honored Kinney’s strong record of leadership, community involvement and industry innovation at an event on May 11 in Fort Lauderdale.
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  • Miami Luxury Single-Family Home Sales Jump in March

    Apr 23, 2018
    Miami luxury single-family home sales posted double-digit gains as median prices for all properties continued rising in March, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • South Florida Industrial Real Estate Prices, Transactions Rise in 4Q

    Apr 23, 2018
    South Florida industrial real estate prices increased 11.4 percent year-over-year in the 4Q 2017 and the Miami-Dade, Broward and Palm Beach tri-county region posted its second highest industrial transaction volume for the year,
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  • Patricia Anglero Elected 2018 Broward President of the MIAMI Realtors

    Apr 07, 2018
    The MIAMI Association of REALTORS® (MIAMI) has elected Fort Lauderdale broker Patricia C. Anglero as its 2018 Broward Council president. She and all of MIAMI’s leadership boards were installed Feb. 2 at the MIAMI 2018 Inaugural and Awards Celebration.
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  • MIAMI REALTORS Commercial Partners with Research and Data Firm Vizzda to Provide South Florida Commercial Statistics Reports

    Apr 05, 2018
    MIAMI Association of Realtors Commercial (MIAMI Commercial) has formed a strategic alliance with Vizzda (Visual Data) to provide The Quarterly Report – South Florida Commercial Real Estate, which will offer comprehensive commercial research and statistics to MIAMI’s 46,000 members and the consumers they serve.
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  • MIAMI Realtors Commercial Association Rebrands as MIAMI Commercial

    Apr 05, 2018
    The MIAMI Association of REALTORS® (MIAMI) has rebranded its commercial real estate organization, to MIAMI Commercial. MIAMI Commercial’s new name and logo is part of MIAMI’s successful expansion of the commercial reach of the Miami Association of Realtors that enhances the 25-year-old organization, which was formerly the Realtors Commercial Alliance MIAMI (RCA MIAMI).
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  • Miami Condo, Luxury Home Sales Rise in February  

    Mar 21, 2018
    Miami existing condominium and total luxury home sales increased in February, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Miami Realtors Expands Presence of South Florida Real Estate at Global Expo

    Mar 14, 2018
    The MIAMI Association of REALTORS® (MIAMI) has increased its presence by 400 percent at the world’s largest commercial real estate conference, MIPIM. MIAMI Realtors will have exhibits promoting South Florida at MIPIM from March 13-16 in Cannes, France as part of the National Association of REALTORS® (NAR) expanded U.S. pavilion. This year, MIAMI has significantly expanded the U.S. and MIAMI/South Florida presence by adding its own adjacent exhibit space.
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  • Colombia Leads Countries Looking for Miami Homes in January

    Mar 13, 2018
    Colombian consumers registered the most international web searches for Miami homes in January, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida remains the most-searched U.S. market by international consumers and a top-five market for homebuyers in the world’s six largest regions, according to January data.
    Full story
  • Urgent Legal Alert from Florida REALTORS General Counsel

    Mar 06, 2018
    Recently, Florida Realtors became aware of several lawsuits filed against real estate brokers in Miami Dade and Broward counties concerning allegations of discriminatory advertising—a violation of fair housing laws. Specifically, brokers are being sued for discriminating against tenants with Section 8 vouchers. These violations, however, pertain to local ordinances, not the Federal Fair Housing Act. Under these local ordinances, landlords and Realtors are precluded from discriminating against tenants with Section 8 vouchers, as this falls under the protected class "source of income."
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  • Miami Condo, Single-Family Home Sales Jump in January

    Feb 22, 2018
    Miami existing condominium and single-family home sales rose in January as $1 million-and-up luxury transactions jumped for all properties, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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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!

 

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