Florida Real Estate and Community News by MMD Realty


 

Paradise Island in the Bahamas is a long time favorite winter destination for people from both the east coast of the US and Europe. Supermarket heir, Huntington Hartford developed the small island in the 1950s turning it into a winter resort destination. Hartford also built the legendary Kilkee House, which is one of the island’s prize estate properties. His vision for Paradise Island was to recreate a winter playground for his friends that included a casino, nightlife, and fine dining to support a life of leisure.

Paradise Island underwent a revival in recent years, and is now back in full force as one of the most popular destinations to buy in the Caribbean. As part of its resurgence, the island has attracted a steady stream of celebrity chefs

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May sales numbers for Miami-Dade and Broward real estate reflect rising prices for single family homes and a decline in all cash sales. The median sale price for Miami-Dade in May was $295,000 representing a 4.6% increase from May of last year. Meanwhile, the number of buyers who paid in cash declined by 12.1%. The average sale price for a single-family home was $444,938 and the dollar volume $525M. Homes are selling faster than they did last year at 98-days and inventory is down 7.8%. Single-family homes closed a total of 1,180 for the month of May.

Meanwhile, Broward real estate market is exploding. There were a total of 1,671 closed single-family home sales for the month of May with 440 cash buyers. The median sale price for a single-family

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With the announcement of Brexit last week, the international community went into shock guessing the consequences of London exiting the EU. Panic set in early, but for South Florida, the exit may actually fair well for the real estate market here.  As The Real Deal recently reported, Miami-Dade property values hit a record $251B in July. The surge in values does not appear to be slowing down either. It’s a “$5 billion increase in values since they last peaked before the crash in 2008.”

Demand is beginning to pick up from the foreign buyer cool off. What we’re seeing right now is a very fickle market when it comes to international buyers. Some are looking to exit their home countries for more stable markets abroad. While others want to sell off

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                                    Image Courtesy of Gulf Stream School

 

Palm Beach County is experiencing an explosion of full-time residents with families searching for great schools. The bounce back of the Florida economy from double-digit unemployment and the creation of new wealth has fueled a region full of opportunity. As of July 2015, Palm Beach County welcomed an estimated 24,000 new residents for the year, and the population just topped $1.4 million for the first time ever. Palm Beach County has some of the best school options in South Florida. For those looking to Miami, Coral Gables is regarded as the strongest community for school options.


According to the U.S. Department of Education, Palm Beach County’s public schools spent

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South Florida home values rose and sales volume increased significantly from January’s sluggish sales in April. Palm Beach retains the strongest South Florida real estate market with soaring home values and sales. Miami experienced slower sales and rising home prices largely due to the significant loss of foreign buyers.

In April, the median sale price for a home in Palm Beach County, combined single family, and condos was $220,000. In less than six months, property values more than doubled at a 52% increase. Sales volume hit $1,220,085,854 in April, a significant increase from January’s $730,809,724 total in sales. The Palm Beach market continues to thrive. It’s an aggressive market with rising prices and homes selling faster than any other region

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Despite falling sales, South Florida’s real estate market remains strong and healthy. We have hit a record low of distressed properties since the crash almost a decade ago. In addition, the region's large reliance on cash buyers coupled with tighter lending standards creates a relatively stable market. Buyers today have substantially more equity in their homes than they did during the housing crash almost ten years ago now, which is a significant difference between now and then. Today’s buyers are in a more financially secure place whether it be the luxury buyer or upper-middle-income buyer. 

According to a recent article in South Florida Business Journal, the slowing sales is largely driven by the decline in distressed sales. In April, the number of

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A recent report from Christie’s noted that HNW buyers are turning their attention away from mature real estate markets and toward emerging markets where there is more room for appreciation and less risk of economic turmoil and civil unrest. This theme emerged at the end of 2015 and continuing into 2016. While Miami is contracting, markets such as Auckland and Jackson Hole are booming. In South Florida, towns such as Delray Beach continue to be a very hot market. We’ve seen a big drop in luxury sales in Miami, while sales in secondary beach communities continues to be fairly strong.

Across the board, buyers are more cautious and mid-tier properties are barely moving. As we’ve noted in the past, we’re seeing sales in the lower tier markets but

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While sales have cooled off across Miami-Dade, Palm Beach County continues to be the hottest South Florida market. In April, Miami-Dade did a total sales volume of $460,641,000 for single family homes, and $512,633,311 for condos. Broward brought in $530,168,724 for single family homes and $276,907.503 for condos. Palm Beach totaled $734,791,414 in single family homes and $355,565,555 in condos. Palm Beach county beat both Miami-Dade and Broward in single family homes sales for the month of April, and continues to be the strongest market in South Florida. While the area has less available inventory than Miami-Dade or Broward, what is available is in demand. Miami continues to show strong condo sales overall as the demand is there but the decline in

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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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