Miami, FL – For the fifth consecutive month, Miami home prices posted strong gains in April. The median sales price of condominiums in the Miami-Dade County increased 30 percent to $150,000 compared to a year earlier, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of single-family homes rose 8.2 percent to $183,000. The median sales prices for non-distressed properties sold in April in Miami-Dade were $253,400 for single-family homes and $246,250 for condominiums.
“Miami single-family home and condominium prices continue to trend upwards due to the record demand experienced last year,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “Price appreciation should continue due to limited supply and strong demand from both U.S. and international buyers and investors.”
Statewide median sales prices in April increased 10.2 percent to $144,350 for single-family homes and 16.1 percent to $108,000 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $177,400 in April, a 10.1 percent increase from April 2011.
The April average sales price for single-family homes in Miami-Dade County increased 17 percent, from $355,342 in 2011 to $415,046 in 2012. The average sales prices for condominiums jumped 22.3 percent, from $242,616 to $293,717. The average sales prices for non-distressed properties sold in April in Miami-Dade were $626,877 for single-family homes and $414,664 for condominiums.
The sales of existing single-family homes in Miami-Dade increased 7.2 percent in April, from 830 to 890, compared to record sales levels in April 2011. Sales of condominiums were down 12.0 percent, from 1,404 to 1,237, compared to April 2011.
Statewide sales of existing single-family homes totaled 17,544 in April 2012, down 0.7 percent compared to a year ago. Statewide condominium sales totaled 9,765, down 4.9 percent from those sold in April 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 3.4 percent from March and were 10 percent higher than they were in April 2011, according to the National Association of Realtors (NAR).
“The Miami residential real estate market continues to show remarkable strengthening compared to the rest of the nation,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Miami is unique in many ways, including being the top market in nation for foreign buyers and investors. There are many benefits to living and working in Miami, which is why migrating U.S. residents and retiring baby boomers as well as vacation and second home buyers, and global business headquarters are increasingly attracted to our amazing city.”
Inventory Continues Sharp Decline
Over the last year, the inventory of residential listings in Miami-Dade County has decreased 34 percent from 17,897 to 11,878. Compared to the previous month, the total inventory of homes dropped 4.04 percent. Total housing inventory nationally rose 9.5 percent at the end of April but was 20.6 percent below a year ago.
Distressed Properties
Strong demand for bank-owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In April, 47 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 59 percent in April 2011 and 49 percent the previous month.
International Buyers Fuel Cash Sales
In Miami-Dade County, 64 percent of total closed sales in March were all-cash sales, compared to 65 percent in March and 63 percent a year earlier. Cash sales accounted for 46 percent of single-family and 77 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales fell to 29 percent in April - from 32 percent in March and 21 percent in April 2011 - reflecting the stronger presence of international buyers in the Miami real estate market.
Friday, June 1, 2012
Thursday, May 31, 2012
Wednesday, May 30, 2012
What's happeing at 900 Biscayne Bay
Hi - just got back from showing my listing at 900 Biscayne Bay. Not only do I love Apartment 2306 - but I love what is happening in the Neighborhood. The restaurant HOOPS on the first floor of 900 Biscayne Bay and is a blast.
You need a new watch spot. Directly in front of the Triple A, let’s say.
Prepare to meet the sports equivalent of a NASA control room: Hoops Sports Bar & Grill, now open in Downtown.
To help you appreciate the technology there are 184 plasma TVs (several that clock in at a respectable 150 inches). Forty-two beers on draft (including Kona Longboard Island Lager and Brooklyn Lager). And then more plasmas gracing every single commode in the establishment. (Which reminds us: this place also serves 128-ounce towers of beer.)
It all starts on the ground floor of the 900 Biscayne building, where you’ll first lay eyes on the breezy outdoor patio overlooking the bay. Inside: a multi tiered dining room with dark wood floors, marble-topped bars and a glass-enclosed room guarding the kegs from the elements (e.g., Bulls fans).
You’ll come here for a pre-Heat-game pint and fill up on dive-bar delicacies like bourbon-peppercorn burgers and nachos—all served by a bartender in a special-issue referee corset. It is the greatest sports bar restaurant around. In addition to HOOPs -
There is Miss Yip. Best and best priced Asian cuisine around. newly opened in a 4,000 square foot space at the 900 Biscayne Bay condo, Miss Yip Chinese Cafe features is traditional Hong Kong fare along with dim sum, dumplings and assorted Chinese snacks. Capitalizing on its enormous space, Miss Yip also aspires to be a downtown nightlife destination with vast outdoor terrace, couches, flat screen TVs, happy hour specials and, for those who just can't be without it, free Wi-Fi. Its location across from the AAA And it is always nice to have a carry out available so close.
Also right next door is Tommy Pooch, of Pucci’s Pizza, is a Brooklyn native who lived in New York City and later relocated to Miami Beach, where he is considered a local. The story of Pucci’s pizza began in NYC in 1988 at the famous nightlife spot, Spo-dee-o-dee. While Spo-dee-o-dee was the hippest nightclub in NYC at the time, the pizza that Tommy provided for guests (served as a nighttime snack) became as famous as the venue itself. The first Pucci’s Pizza opened on 6th Street in Miami Beach in 1992 and now in the Neighborhood. Tommy operates the new venture with his long-time business partner, Alan Roth. Together, Tommy and Alan are proud to welcome their longtime friend, DJ Irie, as one of the business investors. Today, Pucci's Pizza is still a traditional Brooklyn-style pizzeria serving pasta dishes, salads and heros until the wee hours of the morning.
And if you want a sandwich - just walk around the corner to Subway. So it's happening at 900 Biscayne -
My listing is so cool too. click here to link 900 Biscayne Bay - #2306 .Timeless Masterpiece designed by Anna Majkowska in Downtown Miami. Corner property with over 2,300 square feet of living space. The luxury residence comes fully furnished featuring 3 bedrooms plus an expanded den and private elevator. Waterfront views practically from every room of Biscayne Bay and an terrace expanding over 637 square feet. The Open floor plan captures the flawless design features in every room with carved walls with detailed engraved ceilings down to the custom mosaic keyboard flooring. Just reduced to $1.4 million. A great value.
See video below of the place and enjoy - Please give me your feedback or thoughts - love to hear from you.
You need a new watch spot. Directly in front of the Triple A, let’s say.
Prepare to meet the sports equivalent of a NASA control room: Hoops Sports Bar & Grill, now open in Downtown.
To help you appreciate the technology there are 184 plasma TVs (several that clock in at a respectable 150 inches). Forty-two beers on draft (including Kona Longboard Island Lager and Brooklyn Lager). And then more plasmas gracing every single commode in the establishment. (Which reminds us: this place also serves 128-ounce towers of beer.)
It all starts on the ground floor of the 900 Biscayne building, where you’ll first lay eyes on the breezy outdoor patio overlooking the bay. Inside: a multi tiered dining room with dark wood floors, marble-topped bars and a glass-enclosed room guarding the kegs from the elements (e.g., Bulls fans).
You’ll come here for a pre-Heat-game pint and fill up on dive-bar delicacies like bourbon-peppercorn burgers and nachos—all served by a bartender in a special-issue referee corset. It is the greatest sports bar restaurant around. In addition to HOOPs -
There is Miss Yip. Best and best priced Asian cuisine around. newly opened in a 4,000 square foot space at the 900 Biscayne Bay condo, Miss Yip Chinese Cafe features is traditional Hong Kong fare along with dim sum, dumplings and assorted Chinese snacks. Capitalizing on its enormous space, Miss Yip also aspires to be a downtown nightlife destination with vast outdoor terrace, couches, flat screen TVs, happy hour specials and, for those who just can't be without it, free Wi-Fi. Its location across from the AAA And it is always nice to have a carry out available so close.
Also right next door is Tommy Pooch, of Pucci’s Pizza, is a Brooklyn native who lived in New York City and later relocated to Miami Beach, where he is considered a local. The story of Pucci’s pizza began in NYC in 1988 at the famous nightlife spot, Spo-dee-o-dee. While Spo-dee-o-dee was the hippest nightclub in NYC at the time, the pizza that Tommy provided for guests (served as a nighttime snack) became as famous as the venue itself. The first Pucci’s Pizza opened on 6th Street in Miami Beach in 1992 and now in the Neighborhood. Tommy operates the new venture with his long-time business partner, Alan Roth. Together, Tommy and Alan are proud to welcome their longtime friend, DJ Irie, as one of the business investors. Today, Pucci's Pizza is still a traditional Brooklyn-style pizzeria serving pasta dishes, salads and heros until the wee hours of the morning.
And if you want a sandwich - just walk around the corner to Subway. So it's happening at 900 Biscayne -
My listing is so cool too. click here to link 900 Biscayne Bay - #2306 .Timeless Masterpiece designed by Anna Majkowska in Downtown Miami. Corner property with over 2,300 square feet of living space. The luxury residence comes fully furnished featuring 3 bedrooms plus an expanded den and private elevator. Waterfront views practically from every room of Biscayne Bay and an terrace expanding over 637 square feet. The Open floor plan captures the flawless design features in every room with carved walls with detailed engraved ceilings down to the custom mosaic keyboard flooring. Just reduced to $1.4 million. A great value.
See video below of the place and enjoy - Please give me your feedback or thoughts - love to hear from you.
Monday, May 28, 2012
Friday, May 11, 2012
1835 West 27th Street
Tuesday, March 6, 2012
Just Reduced 7207 Bay Drive in Miami Beach
I thought I would post this - to explain why I see value in my listing of 7207 Bay Drive. There are 8 - One bedroom units with 8 boat slips within a 34 units condominium conversion that was done in 2006. The entire building was gutted and renovated back in 2006. New roof, kitchens, bathrooms, refinished floors -windows and central A/C. About 4 years ago 11 boat slips were added to the community. Therefore, only 1/3 of the properties have boat slips. All the units are rented and the boat slips are rented too. 100% occupancy. These 8 units with 8 boat slips generates a 8.8% capitalization rate. Pretty good for Miami Beach and a waterfront property. The price for all 8 units plus 8 - 35 FOOT BOAT SLIPS is $1 million. $125,000 per unit including a 35 FOOT BOAT SLIP. The most misconception of the comments I get from buyers and Realtors are the comparable properties are $80,000 per unit. FALSE - FALSE - FALSE. That is the comparable price WITHOUT the boat slip. The boat slip has got to be worth at least $50,000. Don't you agree? So this waterfront gated pool community is of great value. I have financials, floor plans and I have attached a video for you to review. Call me for more details or post your comments. Thanks Darrell
Monday, December 26, 2011
Brickell House
LOCATION: 1300 Brickell Bay Drive Miami, FL 33131
For Sales Information: Darrell Burks - DarrellBurks@me.com - 305-898-8198
FACT SHEET: BrickellHouse
OVERVIEW:
LOCATION:
DEVELOPER:
BrickellHouse, a 46-story, luxury residential tower under development by Newgard Development Group, will become the first newly-conceived condominium project to launch since 2008, reflecting the rising demand for urban living in South Florida and fast-improving market dynamics in Downtown Miami. Development of the $170 million project will begin with a groundbreaking in the second quarter of 2012 – with construction expected to be completed within two years.
BrickellHouse will comprise 374 residential units ranging from spacious modern studios to 5,000 square foot, exclusive penthouses. Residences will sport expansive private balconies offering views of Biscayne Bay and the Brickell Financial District, gourmet kitchens and bathrooms with imported European cabinetry, and premium appliances and finishes. Pre- construction sale prices range from below $200,000 to magnificent penthouses at prices upon request.
BrickellHouse is located at 1300 Brickell Bay Drive, just one block off Brickell Avenue in the center of Miami’s financial district, which is home to the highest concentration of international banks in the U.S. outside New York City. Dozens of high-end restaurants, lounges, hotels and shops are within a few blocks. The Mary Brickell Village dining and retail district and the now-underway Brickell CitiCentre mixed-use project are both a short walk away. Multiple public transit options connect BrickellHouse with Miami’s star attractions, including AmericanAirlinesArena, the Adrienne Arsht Center for the Performing Arts, Miami Art Museum and Miami Science Museum in Museum Park, Bayfront Park and the site for the proposed Genting project, a 3.5 billion dollar convention center and casino. Miami International Airport is located less than 10 miles away.
Newgard Development Group’s partners benefit from more than 15 years of experience developing multifamily properties in South Florida. Newgard’s principals have spearheaded past projects including Solaris at Brickell, City Palms in downtown West Palm Beach, and Gallery Art in the Miami Arts District. They have built a total of about 1200 units, equaling over $700 million in development
SALES:
ARCHITECT: INTERIOR DESIGN:
CONTRACTOR:
FEATURES & AMENITIES:
Harvey Hernandez, Chairman & Managing Partner Marc Coleman, Senior Vice President/Development Kenneth Baboun, Vice President of Development
Coldwell Banker Real Estate -
Phone: (305) 898-8198Email:DarrellBurks@me.com www.DarrellBurks.com
Sieger Suarez Architectural Partnership is serving as the building’s design architect.
Nationally renowned YabuPushelberg and Artefacto are overseeing interior design components.
John Moriarty & Associates will serve as general contractor.
Prime location by the bay in Downtown Miami’s prestigious Brickell Neighborhood
Stunning landmark architecture Pedestrian-friendly, street-front restaurant/retail space with outdoor
terraces Glass enclosed corner café/bar with perimeter reflecting pool Cutting-edge green-building technology, including a secure, state-of-
the-art, fully automated parking garage Advanced smart-building technology throughout with high-speed
wireless internet access in common areas 2 pools, one is a 50-foot-long lap pool with poolside cabanas and large
heated whirlpool spa located on the resort deck. Second pool is located at the exclusive member/residents-only 46th
floor roof-top swimming pool and sun deck with stunning water and
sky-line views Approximately 3,000 sqft of Luxury Health spa and fully equipped,
state-of-the-art fitness center. With HD TVs, wireless audio, sauna,
steam and private treatment rooms. 4000 sqft Grand triple-height lobby accented with stone, wood and
stainless steel finishes 24-hour welcome desk with concierge 24-hour guest valet 24-hour access control 6 high-speed controlled-access elevators Private Owner’s Lounge with event bar, catering kitchen, daily world
newspapers High-definition screening room with 10-foot screen and theater-style
seating Beautifully landscaped, elevated Resort Deck with putting green and
SUSTAINABILITY:
summer kitchen Elegantly furnished Resident Club Room with conference/meeting
rooms Children’s play lounge with access to Resort Deck
The addition of one of the nation’s first fully-automated robotic parking garages will yield significant convenience and security, as well as environmental benefits, including reducing the building’s carbon footprint by 70% compared to a similarly-sized building. BrickellHouse has been designed to achieve LEED certification from the U.S. Green Building Council.
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