South Florida Real Estate Blog - MMD Realty

South Florida prices for condominiums and single-family homes climbed even higher in March, despite more inventory.

In Miami-Dade County, the median price for condo resales was up by almost 20 percent to $235,000 year-over-year. The change was a 13 percent increase compared to the previous month. The resale price of single-family homes in the county climbed 4.4 percent to $235,000 year-over-year.

In Broward County, existing single-family homes saw a 10.7 percent year-over-year boost in median price to $268,500. Median condo prices surged by almost 26 percent to $120,000, compared to March 2013.

76 Views, 0 Comments.

Prices for single-family homes and condos rose again in March for Palm Beach County.

The single-family median price in Palm Beach County was $265,000 last month, according to data released by the Realtors Association of the Palm Beaches. That represents a 6 percent year-over-year increase. Single-family prices rose by nearly 30 percent year-over-year last spring.

Closed single-family sales increased 8 percent to 1,369 in March. The median condo sale price jumped 21 percent to $122,000, but existing condo sales had a 24 percent year-over-year plunge.

95 Views, 0 Comments.

Miami was the second-most searched-for housing market in the U.S. among international buyers in February, per data released from the National Association of Realtors' monthly report. 

Orlando, Number 4, and Fort Lauderdale, Number 5, also made the list. Florida was represented in the top 10 more than any other state. Los Angeles landed at the top of the chart.

Residents of Spain, Italy, Switzerland, Brazil, and France were the most recurring visitors to the National Association of Realtors website in February.

97 Views, 0 Comments.

The residential market in Miami has completed its most first-quarter residential sales over 8 years, a new report shows.

Coastal communities in Miami posted a combined 5,133 closed sales during the first quarter for a year-over-year gain of nearly 4 percent, according to the latest Elliman report from Douglas Elliman Real Estate. Miami's year-over-year median sale price rose 16.1 percent to $244,000. Homes and condos spent an average of just 60 days on the market, the fastest in the eight years that Douglas Elliman has produced their quarterly report, they said.

Fort Lauderdale's year-over-year luxury condo and townhome median sale prices jumped 28.6 percent to more than $1.1 million, while luxury single-family prices rose 32.7 percent to nearly

106 Views, 0 Comments.

Fashion icon Tommy Hilfiger has officially purchased the Raleigh Hotel in Miami Beach for $56.5 million.

Hilfiger closed on the acquisition of the 105 room hotel at 1775 Collins Avenue on Friday, according to Miami-Dade County records. The seller, a partnership between W South Beach developer David Edelstein and sbe founder and CEO Sam Nazarian, paid $55 million for the two-property site in December 2012. Nazarian's company, sbe, is staying on-board to manage the hotel.

This will be Hilfiger's first incursion into the hospitality industry. A major renovation for the hotel is expected to begin very soon.

130 Views, 0 Comments.

Once a life boat for struggling homeowners in a sinking housing market, short sales are now on a significant decline, according to a new analysis by CoreLogic.

The report conducted by the market analytics company showed that Palm Beach County had only 83 short sales in February, a whopping 52 percent decline over the same period in 2013, a possible indicator that these types of transactions may be on the way out.

The report credits the drop to rising home equity. About 26 percent of county borrowers have underwater mortgages, down from 43 percent in 2011. On top of that, Congress did not extend the Mortgage Forgiveness Debt Relief Act, which was first used in 2007 to save homeowners thousands on their taxes by exempting forgiven debt as income.

45 Views, 0 Comments.

The millions of dollars spent on marketing the Sunshine State is paying off. 

The Florida Restaurant and Lodging Association recently released an annual report that the state received revenue per available room of $79.34, high above the national average of $68.59. Florida tourism revenue is up 8.3 percent from 2012 to 2013 compared to 5.4 percent for the rest of the U.S.

Florida has consistently led the nation when it comes to comparing hotel occupancy rates, average daily room rates, and revenue per available room, which is calculated by room revenue divided by rooms available. The data compares hotel occupancy rates from 2010-2013 with the national average, which has consistently shown Florida in the lead.

34 Views, 0 Comments.

Fort Lauderdale-based Spirit Airlines is ready to finalize a deal to begin service at Miami International Airport, with reported plans to become the airport's second-largest carrier.

Spirit has been in negotiations with Miami-Dade county officials for nearly a year, but agreed to terms at a meeting last week. While so far, nothing has been signed, it is simply a matter of finalizing the paperwork according to sources closely connected with both parties.

Spirit CEO Ben Baldanza, CFO Ted Christie, General Counsel Thomas Canfield, Vice President Jake Filene, and attorney Javier Vazquez have all registered in Miami-Dade county as lobbyists on behalf of the airline within the past week.

The airline will continue to serve Fort Lauderdale while

60 Views, 0 Comments.

It has been several months since Bravo announced they would be expanding their wildly successful Million Dollar Listing franchise to Miami and they have finally gone public with the cast.

The network announced earlier this week that Samantha DeBianchi, of Fort Lauderdale-based DeBianchi Real Estate, and Douglas Elliman Real Estate's Chad Carrol and Chris Leavitt are the three brokers to be features on the show, which premieres this summer. World of Wonder Productions is the producer of the Miami edition of the show. Bravo is betting big on the Miami series to emulate the popular New York and Los Angeles versions.

"With a surging market in South Florida, properties are selling for record rates and agents are cashing in on massive commissions like

74 Views, 0 Comments.

Homes priced between $250,000 and $500,000 in Miami-Dade and Broward counties enjoyed a 35 percent jump in sales from 2012 to 2013, according to new reports.

Miami-Dade's residential market totaled 31,909 transactions in 2013, an increase of 8 percent from 2012. The county's average per square foot sale price rose 8.3 percent to $273.

Broward County recorded 29,952 transactions in 2013 for a gain of just under 6 percent from 2012. Prices per square foot in the county increased 15.3 percent from 2012 to $155.

With an average sale price per square foot of $1,692, La Gorce Island was Miami-Dade's priciest residential market in 2013. Hilsboro Beach was Broward's most expensive, selling at an average of $919 per square foot.

239 Views, 0 Comments.