A new report from the Attorneys’ Title Insurance Fund Inc. finds that Florida’s housing market slowed in 2007 in nearly every county it analyzed. The report also showed that real estate markets flattened out in spring 2007, before the subprime mortgage crisis in August knocked markets down another 10 percent across the state. Since then, the state’s housing market has flattened and is expected to begin to recover during the next several years. The 2008 Fund Florida Real Estate Forecast, commissioned by Florida based Attorneys’ Title Insurance Fund’s Consumer Education Campaign, created by economist Dr. Hank Fishkind using deed data for more than 30 Florida counties. The report provides us a snapshot of the national economic outlook and 33 county specific forecasts for 2008 through 2010.

“Florida is one of the leading states for job creation and outperformed the rest of the country despite the housing market meltdown,” Fishkind says. ‘The state’s population growth also slowed, but is still nearly greater than all of the other Southeastern states put together. Florida has a very large and powerful economy that has gone through a cyclical downshift, but Florida’s economy is still outperforming compared to the rest of the nation. Florida has created a tremendous amount of wealth and despite many of the problems that loose lending practices and subprime mortgages have caused the state now has the highest level of homeownership ever. The market has had some indigestion now, but housing markets will return to normal during the next few years. The damage for some is significant, but in the aggregate, Florida still had some significant economic gains.”

Florida is netting 750 new residents each day. Since November 2007, I’ve been experiencing an increase in inquiries and sales from both International and National customers. In attempting to time the bottom of the market, there may be greater risk by waiting too long with the could have, should have mentality. If you love Miami’s excitement and waterfront lifestyle today is a great time to get a bargain deal. I advise customers to have a 3 to 5 year outlook as a place to love & enjoy with family and friends. I believe there are bottom line bargains each week and promote them regularly to my direct clients.

In studying Sunny Isles real estate to South Beach real estate for the last 30 days, there have been 30 closed sales on Collins Avenue (partly because of the Holiday season). In the last 90 days there were 117 closed sales and 286 closed units in the previous 6 months. Today’s Collins Avenue inventory stands at 2172 total condos over a 15 mile stretch (Jan 8^th, 2008). The condos priced in the top 1% are selling on average at 95% sales price to list price ratio. The deals are exciting as my buyer clients are saving sometimes 10 to 20% off. The seller’s I represent are pricing there’s competitively (in the top 1% range) and the luxury condos of Sunny Isles are getting serious offers accepted. In the next 18 months my forecast is a distinct separation between the mainland of Downtown Miami Dade and the Miami Beach FL real estate market. Think about this as tourists and International customers want the luxury oceanfront living the beaches of Miami offer. It’s a great big part what makes Miami so amazing! Let me know if you have any thoughts or a suggestion on this topic of Florida’s rebound occurring in the following years. I will be updating new statistics and trends after this first quarter 08. Best regards!

Florida doesn’t follow tourism trends, it makes them. So, it’s no surprise that spa life, one of the fastest growing branches of tourism, is booming. More than 100 major resort spas have sprung up throughout the state, appealing to a range of tastes, budgets and lifestyles, from clothing optional to black tie. One thing is for sure. It’s no longer your mother’s Florida. The warm, relatively tranquil Gulf waters are ideal for parasailing, kite boarding, dolphin watching, charter fishing for shark and red snapper and spa life.

The state boasts 1,770 kilometers of warm, sandy beaches and more golf courses, 1,370 and counting, than any other U.S. state. It’s an agora of tourism, welcoming 84 million visitors per year, most of who are from other parts of the United States but more than 2 million from Canada. Florida’s Gold Coast is a shimmering oceanfront strip of sand and sun drenched resorts in the vacation towns of Miami Beach, Palm Beach, Boca Raton and Fort Lauderdale. Some of the Gold Coast’s classic, palatial hotels have been temples to the sun for a century or more, attracting golfers and spa goers from north of the Mason Dixon line. Miami and Miami Beach FL real estate likely encompass the highest concentration of luxury resort spas in the world, and at least a dozen splendid new destinations have opened in the past year or will open this year, including Canyon Ranch Living, a branch of the best known wellness center in the United States.

South Beach Miami is a world apart, a living architecture museum of nearly 1,000 art deco buildings and more than 100 fashionable design oriented hotels, most with unique spas. South Beach is the epicenter of cool that buzzes year round with the energy of an international set of the young and gorgeous and celebs like Jennifer Lopez, Tom Cruise, Matt Damon and Paris Hilton. The party scene is exhilarating and exhausting. The beauty requirements are demanding. And spas are essential antidotes to the meltdowns on both fronts. Let me know if you have any additional news, ideas and thoughts on this topic…

With it’s dynamic business climate, the Miami metro area ranked first in the nation on the 2007 Kauffman Index of Entrepreneurial Activity, an annual study that measures business start up activity across the United States. In the coming year, IEC expects the Miami Dade area to rank near the top of the state in per capital personal income level, average annual wage and gross metropolitan product. Outside of the new housing sector, Miami’s economy is in very good shape. New jobs are being created in tourism, health care and especially trade, thanks to the strong economies in Latin America. With it’s international business orientation, Miami continues to attract multinationals, such as Touchbase, a British voice and data communications company that plans to hire 30 people over the next three years for it’s new Miami regional office. Miami’s easy access to Latin America, Europe and elsewhere makes it an ideal hub for those whose lives keep them on the move. Miami Dades multicultural, multilingual environment makes the region very welcoming to international buyers. Miami is a convenient port of entry from South America and Europe, and offers major cultural, sports and recreational events. For instance, the December Art Basel show on Miami Beach FL real estate attracts affluent Europeans who tell family and friends about south Florida.

Miami Beach FL Real Estate values have been dropping for the last 18 months. What we see is high inventory and good selection everywhere. My belief is that besides each market being “local” we will soon see another local separation between the Beaches and the mainland of Miami. While Miami including Brickell and Downtown Miami are desirable, the strong demand will always be Miami Beach FL oceanfront condos and homes. With limited space to build and an increase in tourism the beaches have and will continue to be very desirable. Today’s foreigners are coming in droves to take advantage of a soft real estate market and weak US dollar. Florida itself is number 1 in the Nation for International buyers. Being a Florida native, there is no other city like Miami Beach FL. According to the 2007 National Association of Realtors profile of International home buying activity, NAR’s latest and most comprehensive research exploring the characteristics of second home purchases in the US made by International clients, Florida is the top state destination for international buying!  Despite the housing slowdown, international clients still account for a significant share of Realtors business in the US. Twenty six percent of all international home buying transactions in the US take place in Florida. California was next at 16 percent followed by Texas at 10 percent. Each of these states is recognized as a major “gateway” for visitors to the US from other countries. South Florida is additionally known as the “Gateway to the Americas”. 2008 should be another year where International buying in Florida will occur more aggressively as the educated buyers take advantage of the excellent value of Miami Beach FL Real Estate.

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Most expensive property for sale in Miami Beach FL real estate: $32 Million (December, 2007) 

  The U. S. housing market overall may be suffering from the doldrums, but wealthy home buyers continue to invest in homes at the very top of the market. Evidence of the strength of the luxury home segment was revealed by the late November with the sale of the Trinchera Ranch in Colorado for a record-setting $175 million.  This sale breaks the U.S. residential sales record of $103 million set earlier this year in New York’s Hamptons.  By comparison, the most expensive property currently on the market is $32 Million and located south of Bal Harbour real estate, according to Ashton Coleman, a real estate professional with Keller Williams Miami Beach FL Realty.  “This property is certainly more affordable than the $165 million home in Los Angles that is the priciest listing in America today,” said Coleman.

 Sellers of the Colorado property were the heirs of the late Malcolm Forbes, who acquired control of the historic Trinchera ranch in 1969.  The buyer is billionaire hedge fund manager Louis Moore Bacon, who appears as number 286 on the Forbes list of the wealthiest Americans. Trinchera is the largest ranch in Colorado and its 171,400 acres contain five residences and a Western style lodge with 16 bedrooms.  Although the Colorado sale set a U.S. sales record, it fell short of the world record residential purchase, also set this year, with Sheikh Hamad of Qatar’s acquisition of a penthouse condominium in London for £100 million – equivalent to about $200 million at the time of the sale.“Although the vast Colorado ranch, the ocean front lot in the Hamptons, and the London penthouse condominium are not apples-to-apples comparisons, they are each indicative of the health of the very top of the world’s luxury home market,” said Laurie Moore-Moore, Founder of The Institute for Luxury Home Marketing, an international organization which tracks the luxury home market and trains luxury real estate agents.   “These sales illustrate the fact that there are more rich households than ever before and the world’s wealthiest have shifted more of their investment dollars out of alternative investments like commodities and into multiple residences.  Based on this year’s World Wealth Report from Merrill Lynch and CapGemini, the world’s über rich have invested 12% of their total portfolios in homes other than a primary residence,” said Moore-Moore. 

 “In short, there is more money than ever competing for homes at the very top of the market. The US luxury residential market is the good news story in real estate.” Coleman, a member of The Institute for Luxury Home Marketing, agrees.  “In most markets across the country, the very top of the market remains healthy – luxury is the ‘sweet spot’ in real estate.”