Florida Real Estate and Community News by MMD Realty

The Shark says 55 is his lucky number

June 27, 2016 11:15AM

Greg Norman (photo credit: Tommy Gilligan) and his ranch

Greg Norman(photo credit: Tommy Gilligan) and his ranch

From the New York website: Besides a hole in one, famed golfer Greg Norman has another favorite number: $55 million. That is the asking price on two properties the Great White Shark has put on the market in Colorado and South Florida.

Norman has relisted his Meeker, Colo., property, called Seven Lakes Ranch, on the market for $55 million. The last time he tried to sell the property was in 2011. He is asking the same price for his mansion in Jupiter Island, Fla.

Norman told the Wall Street Journal that 55 is his “lucky number,” but that the identical asking prices were a coincidence.

His 11,600-acre

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UK’s vote to ditch EU could boost Miami's commercial and residential markets.                           June 24, 2016 

Via Ina Cordle and Konrad Putzier and The Real Deal
 

2011 photo of the Miami skyline and the United Kingdom's flag

2011 photo of the Miami skyline and the United Kingdom’s flag

The day after Britain’s shock vote to leave the European Union, global markets are in freefall, with some economists already predicting a new global recession. But this worst-case scenario for Europe may actually work out in favor of the South Florida real estate industry – with one big caveat. Here’s what Miami can expect:

Continued low interest rates

The Federal Reserve already backtracked on its plans to continue raising interest rates this year. Britain’s vote to leave the EU creates

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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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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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