Michele Kolodner

South Florida housing market continues trend

South Florida existing home sales again posted strong gains in July, while median prices tumbled compared with a year ago. Month-to-month price declines mellowed.

In Miami-Dade, July sales of single-family homes were up 64 percent, while the median toppled 40 percent to $192,700. Condo sales also rose by 48 percent. The median condo price also dropped 40 percent to $137,600

Statewide, sales prices dropped 24 percent to $147,600 for single-family homes and 36 percent to $108,300 for condominiums, as sales rose 37 percent and 48 percent, respectively.

Prices have plateaued since the first of the year, however, suggesting that the market may have reached a trough. Month-to-month declines have slowed and even showed gains in some months, as higher-priced homes begin to sell and distressed properties draw multiple bidders, resulting in closings above the list price.

With the months-long surge in sales, the number of homes on the market continue to shrink.

In July, the number of single-family homes in Miami-Dade was down 43 percent since the same month last year, with 9,768 homes on the market for a 13.3-month supply.

Thinking if moving to Miami?

Your personal valuables are precious to you and your family so if you're moving to Miami and you're thinking of hiring a big, full-service moving company, Mayflower Transit looks like your best bet. J.D. Power and Associates, a marketing information company, just released results of its consumer satisfaction survey, and Mayflower pulled in the top score across the board, including overall satisfaction, packing, transportation, loading/unloading, the cost estimate, and insurance options.

Allied Van Lines ranked second among the seven movers in J.D. Powers' report, with scores of "better than most" across the board. Two Men and a Truck, rated average in overall satisfaction. Atlas Van Lines, Bekins Van Lines, North American Van Lines and United Van Lines all scored below average on overall consumer satisfaction.

If your budget allows it, choose to move in the safest way possible: do your research, find out about the above mentioned moving companies and trust your best judgement......and away you go!

Many celebrities from the arts, sports and other professions have chosen Miami, at one time or another, to buy fabulous properties either because they simply love Miami and/or because their professional careers have been centered in this city. Most recently, for example, this has been the case of world known Shaquille O'neal and Alex Rodriguez.

However, destiny brings along choices not foreseen when an original decision was made. Such was the case when both of sports greatest decided to purchase their respective Miami mansions: O'neal and Rodriguez bought espectacular mansions at Miami's Real Estate prime time but when the time came for them to sell these properties they found themselves with no other alternative at a loss. Why? Unfortunately, they were forced to put their homes up for sale precisely when the Real Estate market is going through a downslide situation and Buyers that are still in a position of spending millions of $$$$ on these type of properties are NOT willing to spend the X-tra price tag only because a "celebrity" is the Seller.

Bottom line: A claim to fame does not instantly turn into a draw magnet in a down Real Estate market!

Even the rich are being cautious when the time arrives to spending their money wisely especially if a property is involved. As a Realtor, I have always chosen to price my listings correctly trying to be fair for both the Seller, so he/she/they can sell faster, and the Buyer, so he/she/they can also buy faster.

MIAMI REAL ESTATE TODAY

According to the Florida Association of Realtors (FAR) sales of existing homes and condos in Florida were up again in May for the ninth consecutive month. Even better news: The statewide median sales price in May for existing homes and condos rose over the previous month phenomenon that has occured for nine consecutive months which is a strong step in the right direction.

In these last couple of months Realtors are feeling elated with the pretty nice increase in the number of buyers that are requesting to buy properties in the Southeast Florida area and Miami seems to be leading the pack in volume with a large increase in the sale of existing single-family homes: 597 homes sold in May, compared to 339 in the previous same-year period; Miami also led in condo sales, which were up 36 percent from a year ago.

According to Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness, "The improving sales of existing single-family homes and condos is a trend we have been seeing for several months in Florida - what is new in this month's data release is that we are seeing evidence of prices beginning to firm."

Another situation that has come into play refers to the loan market: Realtors are noticing that more home buyers who can get financing are paying full list price for bank-owned properties in an effort to outbid investors with lots of cash. Consequently, these cash investors are being pushed to the condo market where they can bully-down prices because average buyers are having a tough time getting condo loans.

In Sunny Isles Beach Jade Beach Condo Wins Fannie Mae Approval

Jade Beach, a brand new luxury condominium with flow-through units in Sunny Isles Beach recently won Fannie Mae approval. The 51-story oceanfront tower is an oasis unto itself. Sitting and overlooking a glorious beach space in South Florida, also known as Florida's Rivera, minutes away from the most important venues of a cosmopolitan city and nestled among some of the finest shopping in the world - Bal Harbour Shops and the Aventura Mall.

Jade Beach has been referred to as a precious gem in the Western Hemisphere due to its elegance, beauty and character. The Jade Beach expansive Sky Homes were designed with superior modern amenities to define a new standard in luxury living including a direct phone line to Epicure, the epitome of a gourmand's delight, located just across the street. From the latest in Smart Home technology for interactive communication from wherever in the world that you might be, to floor to ceiling glass terraces offering brilliant views of the ocean to the east and the city lights to the west. The 51-story landmark epitomizes spectacular design, and is accented with the finest details such as masterfully crafted Italian Snaidero cabinetry as well as European Miele appliances and private elevators that take you directly to your residence.

Jade Beach has already closed on over 80% of its residences and it's sister building Jade Ocean has just begun its closing process with those privileged buyers that bought in the pre-construction phase.