Katerina Brosda

Miami Real Estate Sales Up 46 Percent in 7 Months

Pending home sales increased 4.5 percent in just one month, from 7,944 in September 2009 to 8,304 in October 2009 in Miami-Dade County as more buyers continue to take advantage of record-setting affordability conditions, the first-time home buyer tax credit, and a wide selection of properties to choose from according to the Realtor Association of Greater Miami and the Beaches (RAMB) and the Southeast Florida Multiple Listing Service. This coupled with the number of closed sales increasing each of the last 14 months is indicative of a stabilizing market.

Pending sales of single-family homes in Miami-Dade County rose 4 percent in October 2009 from the previous month, from 3,722 to 3,919. Pending sales of condominiums performed better than that of single-family homes in October, rising 5.1 percent from 4,172 to 4,385.

Miami-Dade Pending Sales Jump 40 Percent in Six Months
In the last seven months in Miami-Dade, pending sales of single-family homes rose a 33.3 percent, while pending sales of condominiums increased 60.1 percent. The total number of pending sales increased a significant 46.2 percent from March 2009 to October 2009.

"Pending home sales have increased substantially in South Florida over the last seven months," said Rick Burch, RAMB Chairman of the Board. "Pending sales are a strong indication of future sales and, in the current market, point to the stabilization of the local market."

Broward County Pending Sales
In Broward County pending home sales increased 0.9 percent, from 7,204 to 7,266 in October 2009. Pending sales of single-family homes fell 1.2 percent in October 2009 from the previous month, from 3,458 to 3,418. Pending sales of condominiums in Broward County rose 2.7 percent from 3,746 to 3,848.

In the last Seven months Broward pending sales of single-family homes rose 35.2 percent, while pending sales of condominiums increased 67.7 percent. The total number of pending sales increased 50.7 percent from March 2009 to October 2009.

A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Increased pending sales are an indication of increased future sales, and in the current market, are signs that the South Florida market is stabilizing.

Related Article: http://news.yahoo.com/s/ap/20091106/ap_on_go_co/us_jobless_benefits_homebuyers

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Miami metropolitan area, is the seventh-largest metro area in the United States with over 5.4 million residents. Miami is recognized as a global city because of its importance in finance, commerce, media, entertainment, arts and international trade. The city is home to many company headquarters, banks, and television studios. It is an international center for popular entertainment in television, music, fashion, film, and the performing arts. The city's Port of Miami is known for accommodating the largest volume of cruise ships in the world. Miami is also home to the largest concentration of international banks in the United States.

Since 2001, Miami has been undergoing a large building boom with more than 50 skyscrapers rising over 400 feet (122 m) built or currently under construction in the city. Miami's skyline is ranked third most impressive in the U.S., behind New York City and Chicago, and 18th in the world according to the Almanac of Architecture and Design. Its growth has made it the ninth tallest skyline in the United States and 25th tallest in the world. The city currently has the eight tallest (as well as thirteen of the fourteen tallest) skyscrapers in the state of Florida, with the tallest being the 789-foot (240 m) Four Seasons Hotel & Tower.

In 2008, Miami was ranked as "America's Cleanest City" according to Forbes Magazine for its year-round good air quality, vast green spaces, clean drinking water, clean streets and city-wide recycling programs. In 2008, Miami was also ranked the 3rd-richest city in the United States and the world's 22nd-richest city in a UBS study.

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Miami Real Estate News: Florida's Existing Condo Sales Up 77% in September 2009

Florida's existing home sales rose in September, which marks more than a year (13 months) that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. September's statewide sales also increased over sales activity in August in both the existing home and existing condominium markets.

Existing home sales rose 34 percent last month with a total of 14,419 homes sold statewide compared to 10,778 homes sold in September 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.1 percent over statewide sales activity in August.

Florida Realtors also reported a 77 percent increase in statewide sales of existing condos in September compared to the previous year's sales figure; statewide existing condo sales last month rose 8.9 percent over the total units sold in August.

All of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in September; all but one MSA also showed gains in condo sales. A majority of the state's MSAs have reported increased sales for 15 consecutive months.

Florida's median sales price for existing homes last month was $142,000; a year ago, it was $174,900 for a 19 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in August 2009 was $177,500, down 12.1 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $315,000 in August; in California, it was $292,960; in Maryland, it was $265,862; and in New York, it was $205,000.

NAR's latest industry outlook notes positive signs in the housing sector, but adds that extension of the federal first-time homebuyer tax credit would help sustain a fragile recovery."Now that the market is showing some momentum, we have an opportunity to achieve a more rapid and broader stabilization in home prices," said NAR Chief Economist Lawrence Yun. The outlook for home sales and prices depends on whether the tax credit is extended, he said, describing it as "the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit."

In Florida's year-to-year comparison for condos, 5,088 units sold statewide last month compared to 2,870 units in September 2008 for a 77 percent increase. The statewide existing condo median sales price last month was $102,500; in September 2008 it was $153,500 for a 33 percent decrease. The national median existing condo price was $179,300 in August 2009, according to NAR.

Interestrates for a 30-year fixed-rate mortgage averaged 5.06 percent last month, a significant drop from the average rate of 6.04 percent in September 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's smaller markets, the Pensacola MSA reported a total of 275 homes sold in September compared to 267 homes a year earlier for a 3 percent increase. The market's existing home median sales price last month was $135,000; a year ago it was $146,900 for an 8 percent decrease. A total of 48 condos sold in the MSA in September, up 41 percent over the 34 units sold in September 2008. The existing condo median price last month was $190,000; a year earlier, it was $180,000 for a 6 percent gain.

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Florida, South Florida Top Areas for International Buyers

For the fourth consecutive year, Florida is by far the top state in the U.S. for international real estate buyers, according to the just-released 2009 National Association of Realtors®
(NAR) Profile of International Home Buying Activity. The Miami-Fort Lauderdale-Miami Beach area was the most frequently reported location of a home purchased by a foreign buyer in Florida, according the Profile of International Home Buyers in Florida.

Miami and South Florida is the Top Destination for International Buyers

More than one in four foreign buyers (27%) purchased a home in the Miami/Ft. Lauderdale area, followed by 11% who purchased a home in the Orlando and Sarasota areas. Tampa, Fort Myers and Naples rounded out the top six accounting for approximately 5 percent of purchases by foreign buyers.

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