Florida Real Estate and Community News by MMD Realty

For investors and individuals looking for a good deal on a property, foreclosures can offer a lot of upside. However, due to the circumstances surrounding a foreclosure, it is important to approach these transactions carefully. Foreclosures are often a farm more complicated process than purchasing a home from an individual owner. With an REO, you are purchasing property from a bank where the previous owner probably left under unpleasant circumstances. It can be expected that with most foreclosures the property will need major repairs and may even be uninhabitable in its current condition. The title to the property may also be complicated. It can be a great investment opportunity for people looking for alternative investments strategies to build wealth

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Across South Florida, residential real estate prices rise while sales fall everywhere except Palm Beach County. Both Miami and Fort Lauderdale have undergone a lot of development in the last five years, while Palm Beach has less inventory in highly desirable areas. According to the US Census board, in the last five years, South Florida’s population has grown by 7.8%.

Here’s what we see across all three counties:


MIAMI-DADE

In Miami-Dade, the median single family home price rose 12.24% from $245,000 in the first quarter of 2015 to $275,000 in the first quarter of 2016. Condo prices rose 4.5% from $196,000 to $205,000. While sales volume fell in Miami-Dade in both the single family and condo market. In 2015, the total sales volume for single

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Residential real estate prices continue to escalate across South Florida and in key cities within key US markets. According to a recent report from Miami Realtors, Miami residential real estate prices have reached 2004 levels. In February, residential real estate and did a total of $812.5 million sales. Miami is also recognized as the fourth most expensive luxury market in the US with a median luxury home price of $2.73M. New York is first followed by San Francisco, Los Angeles and then Silicon Valley. While some claim that home prices are at historic highs, we have definitely seen luxury market prices climb higher than in other regions. In competitive cities, the real estate market is booming. At the same time, in cities such as Miami and across South

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Home prices are setting new records across South Florida. According to Miami Realtors, Miami-Dade County single-family home sales set an all-time annual record in 2015, and existing properties reached the third highest sales in history. It’s been a dynamite year for real estate, and in 2016 prices continue to rise across all three South Florida counties. Miami is now the third most expensive city in the US. South Florida is a hot market. Sales remain the strongest in the top tier as well as bottom price ranges.

South Florida is one of the fastest rising markets in the country with a Standard & Poor index of 8%. Driving prices up is a shortage of inventory coupled with demand. While South Florida is now seeing the bidding wars of San Francisco or New

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South Florida single family home prices are up with heavy sales volume in February 2016. Property sales continue to make gains at a steady pace with strong demand. The sales volume in Palm Beach County was $129,386,563 representing a significant increase from January’s $85,964,976. Meanwhile, the median sale price in the county was $324,900 with 2,594 active listings, a substantial increase from the number of listings this time last year. Broward County’s sales volume was also up in February at $429,954,487 with $299,000 as the median sale price. Both Broward and Palm Beach are experiencing strong demand in key communities.

There’s more inventory on the market but home values continue to appreciate. The median sale price in Delray Beach in February

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While both Fort Lauderdale and Miami experienced a mild slowdown in sales over January, the market outlook through 2016 remains positive. Prices continue to appreciate across the board in both condos and single family homes. Sales hold steady experiencing a significant rebound from 2010 dramatic lows.


In 2016, the median price per square foot in Miami was $270, marking a 7% increase from December’s $252. 1071 properties sold in January, which was a 12% decrease in sales compared to December. However, compared to the last five years of January sales, the numbers suggest sales volume is holding steady and no where near 2010’s low of 749 sold properties for the month. It also still significantly higher than 2013’s 995 sales. List prices continue to

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I held a series of Open Houses this weekend at my Savannah listing, 1461 Blue Jay Circle, beginning on Friday night. There weren't streams of people, however, the quality of buyers that stopped by the home proved to be quality! Out of a total of 13 guests who attended one of the Open Houses, two groups are serious buyers and have made offers. We have created a multiple offer situation and the seller's are over the moon!

Thanks to Nicholas DeSantis and Christine Pirkle for hosting two of the days.

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