The seasonal slope since December shows figures on their way UP and Miami Beach real estate sales are looking very good. Inventory continues to fall while Pending Sales and Selling price per square foot are up over January 8% and 5% in the neighborhoods of Bal Harbour and Sunny Isles Beach respectively.. A steady confidence builds along the beaches, while news sources such as the Miami Herald & Wall Street Journal relay now is the time to own (if not last year) for the record real estate lows of the Miami Beaches.

Statistics for the month of February reflect 3,928 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach with condo inventory levels down 9% year to date; again this month condo inventory is down 2% over last month with what is now an 18.27 month supply based on the previous 30-day closed sales:

** South Beach Condos: 1,401 for sale | 81 Sales in last 30 days | Average Days on Market 139 | Average Buyer Discount 5% | Average PPSF Asking $401/Sold $371
** Miami Beach Condos: 1,044 for sale | 64 Sales in last 30 days | Average Days on Market 136 | Average Buyer Discount 5% | Average PPSF Asking $241/Sold $222
** Bal Harbour Condos: 217 for sale | 6 Sales in last 30 days | Average Days on Market 124 | Average Buyer Discount 7% | Average PPSF Asking $440/Sold $399
** North Bay Village Condos: 192 for sale | 15 Sales in last 30 days | Average Days on Market 99 | Average Buyer Discount 2% | Average PPSF Asking $123/Sold $119
** Sunny Isles Beach Condos: 1,074 for sale | 49 Sales in last 30 days | Average Days on Market 124 | Average Buyer Discount 6% | Average PPSF Asking $249/Sold $231

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory has decreased consistently 2-6% each month, sale-price to list-price ratios have reflected an average 4-6% buyer discount while active days on market have decreased to 4.13 months to sell. Each of these indicators prove to be good signs for market improvement. What I’m watching closely this year and beginning to see is the selling price per square foot jumping about depending on the location. Over the prior 90 day period, selling price per square foot has increased an average 3% along the beaches. For the prior month, Miami Beach (REO) Bank Owned foreclosures made up only 3% of our inventory and have sold at 101.58% sale to list while Miami Beach short sales made up 16% of our condo inventory and sold at 94% sale to list. 78% of all closed sales last month were cash transactions! Seasonal demand is huge, Miami’s warm and the market shift is noted as trends move in favor of a new balanced market by years end. Many buyers are in to enjoy the warmth (& coolness factor) of Miami Beach luxury condos and to explore what remains to be a vast amount of good opportunities along Miami-Dade County Beaches. For more information on oceanfront locations, luxury buildings or statistics & trends simply write, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326.

November 2010 – Real Estate Statistics for the Miami Beaches

October 2010 – Real Estate Stats for the Miami Beaches

September 2010 - Real Estate Statistics for the Miami Beaches

June 2010 – Real Estate Statistics for the Miami Beaches

The summer time condo trends have had their ups & downs and Miami Beach real estate sales did slow somewhat over the summer months, while inventory rose then fell back to April 2010 levels. Although a steady confidence builds along the beaches, the month of October again proved it to be a slower month for condo sales…

Statistics for the month reflect 4,356 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach with condo inventory levels down 6% year to date; again this month condo inventory is down 2% over last month with what is now a 27 month supply based on the previous 30-day closed sales:

** South Beach Condos: 1,535 for sale | 56 Sales in last 30 days | Average Days on Market 127 | Average Buyer Discount 6% | Average PPSF Asking $338/Sold $308
** Miami Beach Condos: 1,219 for sale | 44 Sales in last 30 days | Average Days on Market 155 | Average Buyer Discount 5% | Average PPSF Asking $254/Sold $236
** Bal Harbour Condos: 237 for sale | 7 Sales in last 30 days | Average Days on Market 184 | Average Buyer Discount 8% | Average PPSF Asking $371/Sold $329
** North Bay Village Condos: 216 for sale | 8 Sales in last 30 days | Average Days on Market 81 | Average Buyer Discount 2% | Average PPSF Asking $130/Sold $127
** Sunny Isles Beach Condos: 1,149 for sale | 46 Sales in last 30 days | Average Days on Market 127 | Average Buyer Discount 4% | Average PPSF Asking $243/Sold $227

Miami Beach | Sunny Isles Real Estate Summary

On one side of the coin, Miami Beach condo inventory has been decreasing ~2% each month, sale-price to list-price ratios have been increasing reflecting an average 4% buyer discount while active days on market have decreased to 4.5 months to sell. All of these three indicators are good signs for improvement but on the flipside, I’m also seeing selling price per square foot on the consistent, downward trend. For the prior month, Miami Beach (REO) Bank Owned foreclosures made up only 4% of our inventory and have sold at 101% sale to list while Miami Beach short sales made up 18% of our condo inventory and sold at 96% sale to list. 79% of all closed sales last month were cash transactions! Seasonal demand has been huge and short term luxury rentals available via MLS are almost completely absorbed. Many vacationers will be in for the holidays to enjoy the cool bliss of Miami Beach during winter and to explore the vast opportunity along Miami-Dade County Beaches. For more information on oceanfront locations, luxury buildings or statistics & trends simply write, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326.

October 2010 – Real Estate Stats for the Miami Beaches

September 2010 - Real Estate Statistics for the Miami Beaches

June 2010 – Real Estate Statistics for the Miami Beaches

The summer time buyer mentality is that Miami Beach real estate sales slow down and although a steady confidence builds, the month of September again proved it to be so…

Statistics for the month reflect 4,434 total condos for sale along the oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach and down 5% over this time last year; down 2% over last month:

** South Beach Condos: 1,621 for sale | 58 Sales in last 30 days | Average Days on Market 138 | Average Buyer Discount 4% | Average PPSF Asking $337/Sold $311
** Miami Beach Condos: 1,205 for sale | 39 Sales in last 30 days | Average Days on Market 150 | Average Buyer Discount 6% | Average PPSF Asking $255/Sold $236
** Bal Harbour Condos: 232 for sale | 4 Sales in last 30 days | Average Days on Market 147 | Average Buyer Discount 9% | Average PPSF Asking $380/Sold $332
** North Bay Village Condos: 232 for sale | 12 Sales in last 30 days | Average Days on Market 79 | Average Buyer Discount 3% | Average PPSF Asking $136/Sold $130
** Sunny Isles Beach Condos: 1,144 for sale | 51 Sales in last 30 days | Average Days on Market 142 | Average Buyer Discount 4% | Average PPSF Asking $240/Sold $231

Seasonal demand is huge and short term luxury rentals are rare. Customers will be in for the holidays to enjoy the bliss of Miami during winter and to explore the vast opportunity along Miami-Dade County Beaches. For more information on oceanfront locations, buildings or statistics simply write, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326.

September 2010 - Real Estate Statistics for the Miami Beaches

Edition #6 of the 2010 Sunny Isles Condo Index

I’ll be reviewing the latest  trends & comparing the luxury oceanfront market from the 3Q 2009 Sunny Isles Condo Index to today’s updated 3Q 2010 Sunny Isles Condo Index including premier oceanfront towers such as Turnberry Ocean Colony, Acqualina, JADE Ocean, JADE Beach, Trump Palace, Trump Royale, Ocean Four, Sayan, Trump Towers, Pinnacle & Millennium. I’ve excluded condo hotel properties from this research including the Trump International Beach Resort, Merenas Resort, Ocean Point and Sole.

Sunny Isles Beach Condo Index (3Q 2010)

As of July 14th, we are noting 1,089 total condos for sale in Sunny Isles Beach down 15% from the July 2009 Condo Index. So far in 2010, there have been 391 total closed sales (Figures are derived from the South Florida Regional Multiple Listing Service on July 14th, 2010) this year. In the last 90 days, 176 condos have sold averaging $256 per square foot with a 93% Sale to List Price Ratio and 164 days on market. In the same 90 day period of July 14th 2009, there had been 163 condos sold averaging $225 per square foot (Sold values up 12% YTD) with a 90% Sale to List Price Ratio and 168 days on market. What will be analyzed more specifically in this post are luxury oceanfront condo building statistics & new trends for the most desirable luxury towers along the coastline of Sunny Isles Beach.

Percentage Available Inventory, Average List Price & Average Price Per Square Foot for leading luxury condo towers currently listed & Active on the MLS

• Acqualina- 17875 Collins Avenue | 9 of 247 or 4%| Ave List Price $2.581M | Ave PPSF $832
• JADE Beach – 17001 Collins Avenue | 40 of 248 or 16%| Ave List Price $1.367M | Ave PPSF $636
• JADE Ocean – (190 rec. deeds per County records) – 17121 Collins Avenue | 9 of 250 w/Developer units remaining | Ave List Price $1.935M | Ave PPSF $744
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 8 of 130 or 6%| Ave List Price $2.526M | Ave PPSF $812
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 17 of 130 or 13%| Ave List Price $2.3M | Ave PPSF $765
• Trump Palace – 18101 Collins Avenue | 32 of 275 or 12%| Ave List Price $1.170M | Ave PPSF $595
• Trump Royale – 18201 Collins Avenue | 20 of 384 or 5%| Ave list Price $1.018M | Ave PPSF $538
• Trump Tower I- 16001 Collins Avenue | 23 of 271 or 8%| Ave List Price $1.217M | Ave PPSF $524
• Trump Tower II – 15901 Collins Avenue | 7 of 271 w/Developer units remaining | Ave List Price $1.062M | Ave PPSF $459
• Trump Tower III – 15850 Collins Avenue | Not Yet Released to Public
• Sayan- 16275 Collins Avenue | 22 of 88 or 25%| Ave List Price $1.075M | Ave PPSF $538
• Ocean Four – 17201 Collins Avenue | 45 of 281 or 16%| Ave List Price $922k | Ave PPSF $468
• Ocean Three – 18911 Collins Avenue | 27 of 215 or 13%| Ave List Price $1.110M | Ave PPSF $449
• Ocean Two – 19111 Collins Avenue | 20 of 254 or 8%| Ave List Price $1.071M | Ave PPSF $460
• Ocean One – 19333 Collins Avenue | 8 of 241 or 3%| Ave List Price $862K | Ave PPSF $368
• Millennium – 18671 Collins Avenue | 6 of 120 or 5%| Ave List Price $1.082M | Ave PPSF $498
• Pinnacle – 17555 Collins Avenue | 28 of 244 or 11%| Ave List Price $984k | Ave PPSF $484
• La Perla- 16699 Collins Avenue | 39 of 326 or 12%| Ave List Price $614k| Ave PPSF $412

Ave. Price Per Square Foot on Condos SOLD within the last 6 months, Sale Price to List and # Days On Market

• Acqualina- 17875 Collins Avenue | 4 Closed Sales at $677 PSF (1% increase in PPSF since 3Q 2009) | 86% SP/LP | 426  DOM
• JADE Beach- 17001 Collins Avenue | 5 Closed Sales at $427 PSF (14% increase in PPSF since 3Q 2009) | 86% SP/LP | 196 DOM
• JADE Ocean- 17121 Collins Avenue | Released (TCO) June 2009 with No Closed MLS resales
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 5 Closed Sales at $679 PSF (23% decrease in PPSF since 3Q 2009) | 92% SP/LP | 291 DOM
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 3 Closed Sales at $648 PSF (23% increase in PPSF since 3Q 2009) | 95% SP/LP | 207  DOM
• Trump Palace- 18101 Collins Avenue | 8 Closed Sales at $490 PSF (8% increase in PPSF since 3Q 2009)| 90% SP/LP | 118 DOM
• Trump Royale – 18201 Collins Avenue | 6 Closed Sales at $496 PSF (9% increase in PPSF since 3Q 2009) | 91% SP/LP | 227 DOM
• Trump Tower I- 16001 Collins Avenue | 4 Closed Sales at $399 PSF (3% increase in PPSF since 3Q 2009) | 86% SP/LP | 206 DOM
• Trump Tower II – 15901 Collins Avenue | 3 Closed Sales at $385 PSF | 87% SP/LP | 174 DOM
• Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales
• Sayan- 16275 Collins Avenue | 5 Closed Sale at $331 PSF | only 1 resale last year at $308 PSF | 92% SP/LP | 416 DOM
• Ocean Four – 17201 Collins Avenue | 9 Closed Sales at $365 PSF (1% decrease in PPSF since 3Q 2009) | 100% SP/LP | 128 DOM
• Ocean Three – 18911 Collins Avenue | 7 Closed Sales at $343 PSF (3% decrease in PPSF since 3Q 2009) | 91% SP/LP | 109 DOM
• Ocean Two – 19111 Collins Avenue | 8 Closed Sales at $415 PSF (7% increase in PPSF since 3Q 2009) | 87% SP/LP | 128 DOM
• Ocean One – 19333 Collins Avenue | 5 Closed Sales at $322 PSF (10% increase in PPSF since 3Q 2009) | 90% SP/LP | 193 DOM
• Millennium – 18671 Collins Avenue | 3 Closed Sales at $464 PSF (28% increase in PPSF since 3Q 2009) | 95% SP/LP | 157 DOM
• Pinnacle – 17555 Collins Avenue | 6 Closed Sales at $373 PSF (6% increase in PPSF since 3Q 2009) | 81% SP/LP | 540 DOM
• La Perla- 16699 Collins Avenue | 13 Closed Sales at $331 PSF (6% decrease in PPSF since 3Q 2009) | 92% SP/LP | 102 DOM

Sunny Isles Beach Condo Index Summary

Sunny Isles Beach condo inventory is down hovering 1,000+ total condos for sale while property values have increased considerably as International & domestic buyers note the deals. The majority of oceanfront condo towers now have healthy inventory figures as shown above in blue with anything less 15% available for sale. Each building tells a different story and the bottom line is this Sunny Isles Beach condo market showing significant signs of improvement on oceanfront real estate. It’s time to buy Miami Beaches as long as you & the family will use it and enjoy it for at least the next 3+ years.

Selling or Leasing Your Condo? Are you trying to sell or lease with no results, communication, market value updates, aggressive marketing & overall progress.. Call or email for a personalized market report and global marketing plan surely to gain proper exposure for your condominium. Let’s get started today at 1.888.383.7326 or direct 1.305.978.7704.

Buyer’s ready for a great property? Call or email for the very best condo deals along Sunny Isles Beach, Bal Harbour, North Bay Village, Miami Beach & South Beach. The buyer advantage is still selection & leverage but we are consistently seeing multiple cash offers driving up values as we noted the 12% gain over a year ago today. The low-end residential condo market is accelerating with 60% of condo sales under $250k. As this year progresses and inventory continues to decrease, I believe prices will show in favor for continued improvement.

If you’d like to receive local Miami Beach FL real estate news via these valuable blog posts, you can easily be notified by RSS feed (see upper right column) or by email each time a new real estate news post occurs. Visit JADE Condos Sunny Isles website & JADE Condo Blog relaying great information on JADE Beach & JADE Ocean along with Turnberry Ocean Colony Sunny Isles website & Ocean Colony Condo Blog for intimate luxury condo knowledge! The truth is in the numbers 1.888.383.7326 and I welcome your knowledge, opinions, comments & feedback.

Showing You the Very Best from Sunny Isles to South Beach!

Have we seen the bottom of the Sunny Isles Beach condo market and when was it exactly? Is this the “bouncing bottom” or did “rock bottom” hit already with continued improvements in 2010 as Sunny Isles condo inventory decreases? I’ve been wanting to know this too and we’ll soon discover Sunny Isles Beach condo pricing trends over the past 2.5 years and onwards as this year continues..

Sunny Isles Beach (159th to 193rd Streets) MIAMI Condo Pricing Trends:

2008 (559 total sales | Average SP/PSF $414)

2009 (668 total sales | Average SP/PSF $235)

2010 (so far.. 265 sales | Average SP/PSF $234)

Have we seen the bottom and when was it exactly? Is this the “bouncing bottom” or did “rock bottom” hit already with continued improvements in 2010 as South Beach condo inventory decreases? I’ve been wanting to know this too and we’ll soon discover South Beach condo pricing trends over the past 2.5 years and onwards as this year continues..

Yes, I have been absent from blogging. As KT once said, I’m a Realtor (Broker) first and blogger second (maybe third) but I will always have a passion voicing my opinions, analyzing the facts and speaking out loudly here for other to see and know. My personal business is explosive this year with normal sales, REO’s, short sales selling and buyers on an all time high with renewed confidence in the Miami “Beach” condo market since mid-2009. I believe it was the latest MiamiDreamRealty blog where I became overwhelmed, had to step back for awhile, and build a killer real estate team to handle the leads across the Miami Dade County beaches; finally finding & making time to blog here again!

South Beach (1st to 30th Streets) MIAMI Condo Pricing Trends:

2008 (873 total sales | Average SP/PSF $461)

January – 47 Sales at an average selling price per square foot of $515 and 92% SP/LP% (average buyer discount of 8%)

February - 48 Sales at an average selling price per square foot of $472 and 90% SP/LP% (average buyer discount of 10%)

March - 76 Sales at an average selling price per square foot of $467 and 91% SP/LP% (average buyer discount of 9%)

April - 86 Sales at an average selling price per square foot of $487 and 90% SP/LP% (average buyer discount of 10%)

May - 103 Sales at an average selling price per square foot of $492 and 91% SP/LP% (average buyer discount of 9%)

June - 98 Sales at an average selling price per square foot of $513 and 92% SP/LP% (average buyer discount of 8%)

July - 90 Sales at an average selling price per square foot of $468 and 92.5% SP/LP% (average buyer discount of 7.5%)

August - 80 Sales at an average selling price per square foot of $418 and 89% SP/LP% (average buyer discount of 11%)

September - 69 Sales at an average selling price per square foot of $470 and 92% SP/LP% (average buyer discount of 8%)

October - 62 Sales at an average selling price per square foot of $377 and 91% SP/LP% (average buyer discount of 9%)

November - 39 Sales at an average selling price per square foot of $364 and 91% SP/LP% (average buyer discount of 9%)

December - 75 Sales at an average selling price per square foot of $419 and 90% SP/LP% (average buyer discount of 10%)

2009 (912 total sales | Average SP/PSF $368)

January - 49 Sales at an average selling price per square foot of $457 and 88% SP/LP% (average buyer discount of 12%)

February - 55 Sales at an average selling price per square foot of $348 and 93% SP/LP% (average buyer discount of 7%)

March - 69 Sales at an average selling price per square foot of $368 and 91% SP/LP% (average buyer discount of 9%)

April – 71 Sales at an average selling price per square foot of $346 and 91% SP/LP% (average buyer discount of 9%)

May - 82 Sales at an average selling price per square foot of $381 and 89% SP/LP% (average buyer discount of 11%)

June - 104 Sales at an average selling price per square foot of $370 and 91% SP/LP% (average buyer discount of 9%)

July - 77 Sales at an average selling price per square foot of $356 and 90% SP/LP% (average buyer discount of 10%)

August - 80 Sales at an average selling price per square foot of $334 and 89% SP/LP% (average buyer discount of 11%)

September - 80 Sales at an average selling price per square foot of $396 and 92% SP/LP% (average buyer discount of 8%)

October - 75 Sales at an average selling price per square foot of $364 and 93% SP/LP% (average buyer discount of 7%)

November - 88 Sales at an average selling price per square foot of $334 and 90% SP/LP% (average buyer discount of 10%)

December - 82 Sales at an average selling price per square foot of $388 and 92% SP/LP% (average buyer discount of 8%)

2010 (so far.. 640 sales | Average SP/PSF $355)

January - 69 Sales at an average selling price per square foot of $353 and 92% SP/LP% (average buyer discount of 8%)

February - 75 Sales at an average selling price per square foot of $328 and 93% SP/LP% (average buyer discount of 7%)

March - 132 Sales at an average selling price per square foot of $335 and 94% SP/LP% (average buyer discount of 6%)

April - 89 Sales at an average selling price per square foot of $408 and 92% SP/LP% (average buyer discount of 8%)

PS. 2007 Sales Totaled 867 at an average PPSF of $504!

Check out more Miami Beach & Sunny Isles Real Estate juice here on Facebook! YouTube, Twitter, etc. Or you can easily reach me toll free at 1.888.383.DREAM (37326).

Related Group was bought out by Dezer Properties selling at new, discounted prices..   I decided to take the forbidden tour of the Trump Towers Sunny Isles Beach in January after years of stressful phone calls from speculators trying to sell & get out. To top it off, the news came from every direction of the Dezer family buying out Related’s stake in the entire project assuming the remaining debt after paying off Tower I. After seeing the finishes both condo interior and throughout, noting the well appointed amenities & hearing what had occurred with financial backing by the lender for the next 4 years, I’m now promoting it with all the other Sunny Isles Beach ”greats“ to clients & customers looking for the very best values on new oceanfront construction. Here are the interesting facts on the buyout..

Following months of negotiations with lenders, Dezer Properties assumed the former partnership’s $265 million loan on Dec. 31, 2009 with the bank then renegotiating the construction loan with Dezer Properties directly after seeing successful performance from Tower I sales allowing Dezer to then lower the prices by 30% and now causing a success of new sales in Trump Tower II.  Tower II was relaunched to the public as the premier tower of the three offering an onsite restaurant with an oceanfront setting and great food along with 2 swimming pools to choose from depending on which side of the bed you wake up on.

 The Dezer’s are the real estate moguls & godfather of Sunny Isles Beach condo development. The Dezer family owned business holds 45 acres of oceanfront land in Sunny Isles Beach, with sites for eight more buildings. Gil and father Michael Dezer have also developed and almost sold out Trump Grande in Sunny Isles Beach, a three building premium oceanfront enclave that includes the Trump International Beach Resort built in 2003, the Trump Palace (2006) and the latest Trump Royale (2008) which is now 60+ percent sold out. In addition to their South Florida properties, the Dezers’ holdings include 27 buildings in New York.

“Prices now range from $350 per square foot for most units to $600 a square foot for penthouses. Each of the three 45 story towers has 271 units. Tower I has 260 units sold, and Tower II is about 40 percent sold with 105 sold, Dezer said. During the next two to three months, Dezer will send out closing notices to those who put down deposits on Tower III, and give them the option to move over at a reduced price to Tower II. Tower III was sold out at an average price of $720 per square foot, with some sales at more than $1,000 a square foot!“    - MiamiHerald

 We’re seeing the very best value on a price per square foot basis at $350-$600psf as the low end price point of the luxury oceanfront condos are now reflective along the Miami Dade Beaches.. Sunny Isles Beach real estate specific to condo inventory, has seen a decrease in inventory consistently with 1,053 total condos on the market (Southeast Florida Regional MLS) with 272pending contracts, 96 of which went pending in the last 30 days. Our Sunny Isles Beach short sales are comprised of 193 (18%) condos down from 33% a year ago. Bank owned REO’s make up only 13 Sunny Isles Beach foreclosures or 0.01%. Call to chat 1.888.383.7326 or Contact me here.

Trump Towers Sunny Isles Condos for Sale | Trump Towers Condos for Rent

Shaky but Worthy; Sunny Isles Beach Video (2008)

Significant RESPA changes coming

The new RESPA (Real Estate Settlement Procedures Act) regulations that were published on November 17, 2008, are going into effect January 1, 2010.  These changes were primarily enacted to protect borrowers against excessive loan fee charges, and to make it easier for borrowers to understand their key loan terms and to determine the exact charges they are responsible for paying at closing. Such terms include:

• Loan term.
• Interest rate and whether it is fixed or variable.
• Whether there is a pre-payment penalty should the borrower choose to refinance at a later date.
• If there is a balloon payment.
• Total closing costs.

Good Faith Estimate (GFE) and HUD-1 Regulations

HUD, the primary agency for enforcing RESPA laws, is requiring that loan originators (lenders and mortgage brokers) must provide borrowers with a standard Good Faith Estimate that specifically discloses all their key loan terms and closing costs. Closing agents (including title companies) must provide borrowers with the revised HUD-1 settlement statement. It will now be easier for borrowers to compare their GFE with their HUD-1 Settlement Statement because each designated line on the final HUD-1 will make a reference to the appropriate line from their GFE.

Borrowers can shop around and compare loan products quicker and easier as well. HUD estimates that consumers will also save as much as $700.00 at closing under the new regulations as a result of the elimination of many junk fees that lenders and closing agents were charging borrowers such as fees for courier, wiring, notary, photocopying, postage, overnight delivery, document preparation and document review.

The new regulations affect mortgage loan transactions and not cash transaction. However, cash buyers are also provided with a HUD-1 closing statement a few days before closing by the closing agent to determine their closing fees. Cash buyers should request a closing statement if it is not provided. These new regulations will help prevent lender fraud and make it easier for borrowers to shop for competitive loan products. For more information on the new regulations, visit the HUD website at http://www.hud.gov/offices/hsg/ramh/res/resparulefaqs.pdf.

A Few More Reasons

Just a few more reasons why buyers should be taking advantage of the many loan products available today to help them with their purchase of Miami Beach real estate, South Beach real estate, Bal Harbour real estate, Sunny Isles Beach real estate, or Golden Beach real estate. These loan rates and affordable luxury condos & homes won’t be around for ever so take advantage now!

New Tax Credits for Home Buyers

Some good news for a change! Congress approved the extension of the $8,000 federal first-time home buyer tax credit, and President Obama signed the law into effect on November 9, 2009. The tax credit was supposed to expire December 1, 2009, and has now been extended through April 30, 2010.

Even better, there has been an addition to the law allowing existing homeowners who want to move up or down to another home to receive a tax credit in the sum of $6,500.00, so long as they have owned and lived in their previous home for five consecutive years out of the last eight years.

Whether you are looking for Miami Beach real estate, South Beach real estate, Sunny Isles Beach real estate, Bal Harbour real estate or Golden Beach real estate, you should take advantage of these great tax credits, the current low interest rates and affordable prices these communities have to offer.  Those of who have been sitting patiently on the sideline waiting, you no longer have any reasons to delay the purchase of your Miami Beach and surrounding area luxury condos and homes.
Here are some highlights of the new tax credit law:

First Time Home Buyer Credit

• First time home buyers who purchase a home on or after January 1, 2009 and before April 30, 2010, are eligible to receive an $8,000 tax credit. If your purchase and sales contract is signed on April 30, 2010, and you complete your transaction by June 30, 2010, you will qualify for the credit.

• The IRS definition of first-time home buyer is a buyer who has not owned a principal residence during a three year period prior to their purchase.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

• The tax credit applies only to homes priced at $800,000 or less that are primary residences. No investment properties or second homes qualify.

• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Long-Time Residences/ Same Residences  (Move Up/ Down) Buyers

• Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

• The tax credit applies only to homes priced at $800,000 or less that are primary residences. No investment or second homes are eligible.

• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. If your purchase and sales contract is signed on April 30, 2010, and you complete your transaction by June 30, 2010, you also will qualify for the credit.

• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

In order to avoid fraud, the IRS will require a copy of the HUD-1 closing statement from all buyers.

Military Buyers

If a Military member is deployed outside of the United States for a minimum of 90 days between December 31, 2008 and May 1, 2010, the tax credit is extended on purchases to on or before April 30, 2011.  If a purchase and sale contract is signed on April 30, 2011, the transaction must close on or before June 30, 2011 in order to qualify for the tax credit.

The new law is expected to further boost and help strengthen our recovering real estate market because it is beneficial to buyers, sellers and the entire real estate industry.

Thank you Coldwell!

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Miami Beach Green Real Estate

California and the west coast are not the only green conscious areas. Miami Beach and surrounding area homeowners are just as energy conscious. They recycle, conserve water and energy.  Here are some energy tips that can help you make your home more green:

• Save up to a third of your energy bill by purchasing EnergyStar Appliances.
• Insulate the attic and walls to prevent heat from coming in, thus making a huge difference on your power bill.

• Install programmable thermostats which automatically adjust your home’s temperature whether you are home or away. Keep your thermostat at 78 degrees.  Clean and maintain your air filters every 90 days. It can increase air conditioner efficiency by 5 to 15 percent.  Here in South Florida you don’t need to worry to worry about your heating bills like the people in the Northeast or Midwest.
• Install ceiling fans and cut down on your air conditioning use. In the Florida winter months, you can get by with using your ceiling fans and keeping your windows open so you can enjoy the fresh air.
• Use green cleaning products. Look for cleaners in large containers or bulk packages, and buy concentrates, which use less water. Look for products packaged in post-consumer recycled plastic or cardboard.
• Heat your pool with a solar cover or blanket. Use natural alternatives to pool cleaning chemicals as well.
• Use light paint colors outside. They will keep your home cooler inside. Look for low or no VOC paint. VOCs create ground-level ozone pollution and carry potential health risks
• Recycle your grass by leaving clippings on the lawn when mowing. The clipping recycle and you save water use and fertilizer and waste disposal removal costs as well.

• Use caulking and weather stripping to prevent your air conditioning from escaping and moisture from coming in your home. Moisture is a big problem here in South Florida causing mold and other problems.
• You can also save costs on your energy bill by doing your laundry and running your dishwasher on off peak hours between midnight and 6:00 a.m. Wash your clothes with cold water. Clean the lint filter in the dryer after each use.
• Cut down on your water consumption with low flow toilets and showerheads and recirculation systems in your hot water heaters.  Turn the water off when you are brushing your teeth.  You will save at least two gallons of water.
• Repair any plumbing leaks immediately.
• Install a drinking water filter under your kitchen sink. This way you don’t have to buy bottled water, and you can save the environment by cutting down the use of plastics.
• You would be surprised on how much of a savings installing insulated and impact resistant windows can make.  Insulated windows help with noise as well.
• Install compact fluorescent light bulbs. They produce less heat and are more efficient.

• Plant leafy trees on the south and west side of your home to add shade.
• Use an electric lawn mower instead of gas.

Visitors and area residents appreciate the beautiful eco friendly environment that Miami Beach real estate, Sunny Isles Beach real estate, South Beach real estate and Bal Harbour real estate each have to offer. With miles and miles of expansive beachfront property consisting of luxury condos and homes, Miami Beach and the surrounding area residents are conscious of preserving its extraordinary habitats and surroundings while enjoying the South Florida lifestyle.

Let’s go “green” Miami!

Mocha Shakes Miami

The mystery begins this year on November 7, 2009, at 6:00 p.m. with the Mocha Shakers Mystery event. This Mystery Dates charity fundraiser is organized by the MOCA Shakers, the museum’s young international patrons. The proceeds will benefit MOCA exhibitions of new and experimental artists.

Expect an evening of art, fabulous food and mystery guests. Festivities start with a party at Museo Vault, a state of the art storage facility located in Wynwood at 349 NW 29 Street, Miami, FL 33127. You can enjoy specialty Grey Goose Vodka cocktails, great music and terrific appetizers.

From there the party moves on to a post modern home in Coral Gables, a MiMO Morningside home,  and then to a beautiful South Beach condominium.  The mystery is what glamour surprise dinner guest will attend each dinner. Guests will learn which dinner they will attend as well, as the festivities move on from there.

Tickets for the event range from $125.00 – $1,000.00. For seating information contact address is http://www.mocanomi.org/mystery-dates/#, and the phone number is 305 893-6211. Chair Persons, Ivonne Ronderos and Erin Newberg.

Experience the Excitement and Beauty of Miami Beach and Surrounding Areas

This is just one of many exciting charity events, festivals and music events held in the Miami Beach and surrounding areas throughout the year. There is also the Miami Beach Dance Festival held in April each year, the Jazz Roots Larry Rosen concert series, and don’t forget the Festival of Miami music festival, which is the opening of Miami’s Art Season.  The festival closes this year on October 30, 2009 at 8:00 p.m at the  Gusman Concert Hall at the University. of Miami Frost School of Music with the “Open Me First” with Jeff Hamilton and John Clayton concert series.

That’s why so many buyers choose to live, work and play here.  International buyers and celebrities recognize that  Miami Beach real estate, South Beach real estate, Bal Harbour real estate, Sunny Isles Beach real estate and Golden Beach real estate is some of the most gorgeous and affordable real estate found anywhere in the world. With luxury condos and homes at today’s affordable prices, there are no better bargains than here.

If you are looking for an international flair with great cuisine, shopping and beaches and a luxurious and exciting Florida lifestyle, you won’t be disappointed by the many area attractions, outstanding architecture and beautiful eco surroundings of the Miami Beach, South Beach, Bal Harbour, Sunny Isles Beach and Golden Beach areas.

Edition #4 of the 2009 Sunny Isles Beach Condo Index

I’ll be reviewing & comparing the luxury oceanfront market from the 1Q 2009 Sunny Isles Condo Index to today’s updated 3Q 2009 Sunny Isles Condo Index including premier oceanfront towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Ocean 4 and Sayan with a few older but desirable towers now added such as Ocean One, Two & Three, Pinnacle & Millennium. I’ve excluded condo hotel properties from this study including the Trump International Beach Resort, Le Meridian (M Resort), Ocean Point and Sole.

On to the Sunny Isles (3Q 2009) Condo Index…

As of today we are noting 1,276 total condos for sale in the city of Sunny Isles Beach. This year there have been 303 total closed sales (ALL figures are derived from the Multiple Listing Service MLS on July 20th, 2009). What will be analyzed in this post are statistics and trends for the most desirable luxury towers along the coast of Sunny Isles Beach.

Percentage Available Inventory, Average List Price & Average Price Per Square Foot for leading luxury condo towers currently listed & Active on the MLS

Sunny Isles Condo Index Summary

Trump Palace Penthouse #5507 just sold in an unsurprising 10 days. This Trump Palace gem has a 915 Square Foot Terrace for that special “unique factor” required for a fast sale in today’s market. Another special unique factor is the spiral staircase leading to the private Master Bedroom and entertainment terrace with rooftop jacuzzi.  The asking price was set at $1.925M for a 3 bedroom, 4.5 bath  or $705 per square foot ($527 PSF including the terraces).

Trump Palace PH Entertainment Terrace

Trump Palace Penthouse Views South

An amazing price considering it was sold in 2007 at $2.8M!

BUYER UPDATE: #TS5505 is also a 2-story and is listed here for $1.890M, purchased in 2007 for $2.750M, this one’s sure to sell soon.. It was just listed (Exclusive Waterfront) on March 14th!!

Trump Palace condos were built in 2006 and is one of the more desireable developments found on Sunny Isles Beach today.  Great features of the Trump Palace condo development are the gated entryway with stellar security, resident privacy yet with access to the Trump Int’l Beach Resort next door, a private lap swimming pool, tennis courts,  child care facilities, restaurant and bars along with other luxury services found within this three tower development. Average days on the market from the last 90 days has dropped to only 63 DOM with an increase in inventory reflecting a high 21% of 275 total Trump Palace condos.. excellent deals are being made with 1 bedrooms as low as $400k! Other average sold values from the last 90 days reflect $510PSF with a $606PSF asking price. 2 bedroom deals are to be had with a turn key 2 Bedroom (1,600 SqFt) #1005 hovering the ocean here. Other great Trump Palace condos for sale can be found on MiamiDreamRealty.com along with other great Sunny Isles Beach real estate. 1.888.383.7326

SOLE on the Ocean

Sonesta International Hotels Corporation

is finally coming back to Sunny Isles Beach real estate. What was once the Trump International Sonesta Resort fell out of contract in April 08 as International Resorts Corporation took over the Trump Sunny Isles Beach Resort.

Sonesta International Hotels announced this month that they are back and now representing the new SOLE on the Ocean (Sonesta Sole). The completion of the new Sonesta addition is scheduled for the winter 08 as the new luxury resort, developed by Wavestone Properties, is in it’s final building stages.

“The resort will offer a swimming pool on the beach overlooking the ocean, a health club with several private treatment rooms, boutique shopping, a fine-dining ocean-view restaurant, and pool bar & grille. The resort also features 5,000 square feet of meeting and event space. Guest rooms will highlight contemporary decor and luxurious amenities. 147 of the 249 guest rooms are two rooms with full kitchens. Guest rooms are steps to the ocean. A soft opening is planned in January.” MarketWatch.com

Sonesta SOLE

will be a great new vacation destination in Miami with 249 condo hotel rooms and 4 diamond service and amenities. The new SOLE is 23 stories featuring a world famous beach known as “The Florida Riviera”, a dramatic 2 story lobby, destination restaurant, rooms with floor to ceiling windows with individual balconies capturing panoramic views of the ocean & intracoastal waterways. The Sonesta Colletion is a distinctive international collection of upscale hotels & resorts offering the best in luxury resort living.

Sonesta SOLE in Sunny Isles Beach is Announced – Watch more Videos at Vodpod.

Here are available Sole condo hotel suites for sale through the MLS (Multiple Listing Service).

For more information on The Sonesta Sole Resort, call or write. If you’d like to receive the latest local real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper left column) or by email above every time a new posting occurs. Have a great week and call any time toll free 1.888.383.7326 or view new condos here.

Trump Int

The Trump Sonesta is no longer the “Sonesta”

Sonesta moved out in APR 08 and now it’s managed by a rookie company which belongs to a powerful worldwide network Leading Hotels of the World. Based on the weak dollar, tourism is at a record high so even without Sonesta, they have done a fantastic job in their first year. However, I believe the name sells itself. Unit #1102 is in the final 30-40 days of short sale progress. The appraisal has been done and my calculations show it to be worth around $235 to $250,000 based on 2008 closed sales. This #1102 Trump Resort Jr. Suite (667 Sq Ft) faces West over the new school and Bay with very pretty sunset views.

There are other hidden miscellaneous fees such as the Trump name usage, travel agency fees, corporate/group discount fees, which add to another 12% approximately. What is most important is your net and you will soon find no one will quote you on this as it can change at any time based on season, events,

Trump Beach Resort Pool

holidays, acts of God (ie. Tropical Storm FAY). 2008 Income for 3 MO INCOME on #1102 show $2,147 – $1,172 – $1,883 (Averages $20,808 Year End NET). My understanding is a 70% occupancy for 2007 with the number estimated higher this year based on the weak dollar. Sunny Isles Beach is rated as Americas top emerging travel destination by TripAdvisor and we are seeing a great demand pent up for purchasing in this price point. When priced at today’s market value such as #1102, I do not see the Trump International Beach Resort prices dropping any more than 10% below where they are today. If you’d like to receive new blog postings & updates once available, you can easily be notified by RSS feed (see upper left column) or by email every time a new posting occurs. Have a productive day and call any time toll free 1.888.383.7326.

So when is our Miami Beach Real Estate Market going to recover? Everyone wants to know and no one has a clear answer. Lawrence Yun, the chief economist for the National Assocaition of Realtors (NAR), expects a soft first half of 2008 with notable improvement in the second half of this year.

Evening Sunset in North Bay Village

Then the U.S. Treasury Secretary Henry M. Paulson Jr. notes in a recent speech that most forecasters expect a prolonged period of adjustment in housing. These two opinions from respected economists illustrate the differences of opinion when some tell us the recovery and rebound is right around the corner while others say years just to get started again. “Experts” love to make predictions on the US housing markets and when home prices will stabilize & recover but even top forecasters and analysts disagree. The United States housing market is such a large scale to encompass a wide variety of trends in different locations and different time lines. What is noted in this Miami Beach real estate blog is different markets behaving in different ways even when these expert forecasters predictions do become reality. The disconnection of broad forecasts and small scale “local markets” present a troublesome analysis for buyer’s and sellers attempting to decipher what they read & hear in our trusted media sources. When major financial decisions are required, decisions must be made on facts instead of fiction. At the end of the day, you must make your own best judgement for yourself and family.

Rely on current local data from a local area expert.The media uses puffery to make headlines as negativity sells and people feed off the media. What percentage of media news is positive? Negativity sells for the most part. European countries are in some cases now required to report 50 percent positive news! READ THIS. Let me not get off the subject at hand which is local real estate market conditions in Miami Beach. Local data is much more meaningful when accurate and current. Combine local data with information on the national trends to make your own conclusions. Investors use the most precise data to realize market trends and values. They acquire data and make sound decisions based on careful analysis. A little bold luck is always helpful and I’m happy to hear when sellers tell me they sold there Miami home or condo 4Q 2005 just prior to the correction.

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Reuters.com is a trusted source for businesses and professionals looking for industry expertise. An article came up yesterday regarding the South East Florida (Miami) market ”Florida Luxury Home Market Showing Signs of Wear” Read Here. It goes on to talk about the influx of investors from Canada and Europe pouring their strong currencies into luxury properties and how Donald Trump lowered his Palm Beach mansion by 20% as housing woes now touch the wealthy.

“The surprisingly healthy market for oceanfront mansions and palatial condos in Florida, one of the most toxic states in America’s housing meltdown, may finally be showing some cracks.”

They go on to quote local Miami brokers and FAR (Florida Association of Realtors) sales figures relaying that Miami is overbuilt and overpriced for the United States… but really though, for a major metropolitan city with the Forbes vote on the cleanest City in America along with perfect 80 degree weather year round, I’d have to disagree on it being overpriced today. YES, overdeveloped and the market is and has been correcting itself with prices back to 2002 levels. DOWNTOWN MIAMI still has a lot of new inventory coming and not as desirable or in demand as the oceanfront luxury condos. Tourists, Baby Boomers, Foreign Investors and alike want what? OCEANFRONT. Enough said. There is a great selection of luxury condos in Miami available today along the Atlantic ocean but my figures show inventory going down each consecutive month since the 1st quarter 2008 along the Miami Dade oceanfront communities including Sunny Isles Beach, Bal Harbour,  North Bay Village, South Beach and Miami Beach.   (continue reading…)