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Miami Beach, Miami-Dade County continue to see very active real estate market

As we head into the traditionally slower “dog days” of summer, it appears no one told the local real estate market. Sales are setting record numbers, and the available inventory of existing properties for sale is experiencing a sharp decline. Several area indicators all point to significant growth patterns as sales and average sales prices are climbing steadily.

In May, for the first time in four years, Miami-Dade tax roll property values had shown an increase. Bal Harbour saw a leap of $172,000,000, due to the re-evaluation of some of the condominiums there, plus the addition of the new St. Regis project.

I’m Aleksandra Marzec, a Broker- Associate at the Miami Beach Office of Coldwell Banker Residential Real Estate, and I see the upsurge in activity across the board. Many high-end properties – both homes and condos – are being purchased in all-cash transactions. From the Beach to Brickell, brokers are seeing a huge increase in traffic and contracts.

INTERNATIONAL INVESTMENT A HUGE PIECE OF THE PUZZLE

Last week, the Florida Association of REALTORS® reported in their Profile of International Home Buyers in Florida 2012 that almost 1 out of 5 sales transactions in Florida involved a buyer from outside the United States. The study covered the 12- month period ending in June 2012. Research also indicated that of those transactions, nearly 82% were cash deals, and that the median price paid for a Florida property by an international buyer was $194,700, compared to the overall Florida median price of $125,100. Condominiums accounted for 45% of residential purchases by foreign buyers, 36% single-family homes 10% were townhomes. Canadians continue to be the most active in the Florida market, with Brazil and Venezuela showing a marked increase. 49% of all buyers from Brazil selected Miami Dade County properties.

Another recent study conducted by Focus Real Estate Advisors and Goodkin Consulting, showed a 24% sales increase for the first half of 2012 in downtown Miami condominium residences, and a 9.1% increase in the average sales price. Their research, conducted for the Miami Downtown Development Authority, reports that sales data “reflects a strong demand for the limited remaining inventory of new units in major buildings”. The number of available condo units downtown declined more than 30% from the same period a year ago.

PLANNED NEW PROJECTS SHOWS HUGE GAIN

Additionally, developers and builders are deciding that now is the time to take action. Contracts for planned future construction rose a dramatic 46% year-to-date over the same period of 2011, according to a study by McGraw-Hill Construction.

These are measurable indicators that the bottom has indeed come and gone, and people are becoming much more serious about getting into the South Florida real estate market. I have a steady stream of interested buyers calling me, ready to act. I have had listings that sold within 60 days, and many REALTORS® are receiving multiple offers on a property, oftentimes exceeding the asking price.

If you have been contemplating a move anywhere in the Miami Beach area, now could be an excellent time. Through the right research and up-to-date market trend statistics, you can discover the ideal residential opportunity, and make an informed decision.

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The 3rd Annual South Beach Seafood Festival, presented by Hess Wines and hosted by Coca-Cola, will hit the sands of South Beach October 21-24, 2015, with the main festival to be held Saturday, October 24 from 1-9PM at 7th and Ocean Drive in Lummus Park. Events will be happening all week to showcase the great local culinary talent of Miami and Miami Beach and kick off Miami’s favorite season, Stone Crab Season. Events will be happening all week to showcase the great local culinary talent of Miami and Miami Beach and kick off Miami’s favorite season, Stone Crab Season. Events will begin on Wednesday night with the Hess Select Wine Pairing Evening at Joe’s Stone Crab, Thursday night is the GOYA Foods’s Cooking & Cocktails Interactive Dinner, hosted by STOLI, the Vodka, Friday night is the annual Chef Showdown, sponsored by Range Rover, Whole Foods, & Bacardi, and Saturday features the all-day South Beach Seafood Festival. In addition to promoting all the local culinary talent in the area, the event benefits Community Initiatives Foundation in support of the EAT SMART Campaign to fight against childhood hunger, childhood obesity, and assisting the community to find the perfect balance through nutritional awareness & individual development in Miami Dade County. The festival is proud to announce the current participating restaurants at this year’s Main Event, the Saturday All Day Festival. What makes us unique? These top Miami restaurants and chefs will pop up mini café’s on the sand to create not a sampling event, but an EATING Paradise with over 50 Menu Items for seafoodies to choose from and indulge for ONE Day Only. This year’s participating restaurants at the Saturday October 24th festival include Joe’s Stone Crabs, Naked Taco, Red, the Steakhouse, Smith & Wollensky, Red Fish Grill, CJs Crab Shack, Drunken Dragon, A Fish Called Avalon, Oceanaire, City Hall the Restaurant, CIBO, Tarpon Bend, Poseidon, and Whole Foods. Guests will dive in to items like Stone Crabs, Lobster Waffle Cones, Steak & Lobster Skewers, Shrimp Tacos, Oysters, Shrimp Cocktail, Gyros, Crab Cakes, Grouper in a Bag, Lobster Mac ‘N Cheese and more. These delicious menu items are available for guests between $5-$10. Thousands will flock to the sands of SoBe on October 24th to experience these seasonal selections of Miami’s top chefs and restaurants. The festival also features live music, culinary and mixology demonstrations, a kids zone, health village, and VIP hospitality benefits for the all access guests. There is fun for all ages with countless interactive zones, retail villages, and more. Festival major sponsors include title sponsor, Hess Select Wines, supporting title sponsors, Premier Beverage, Bacardi, Stoli the Vodka, and Herradura, presenting sponsors Coca-Cola, GOYA, Range Rover and the Warren Henry Automotive Group, and hosting sponsors Heineken Light and Whole Foods Market, among others. For a limited time- EARLY BITE Tickets start at $25 Festival Access. This year, ALL Festival Access tickets include complimentary all day open bar*. For more information & to purchase tickets, please visit sobeseafoodfest.com, follow us @SobeSeafoodFeston Facebook, Twitter, or Instagram. Check out our #SobeSeafood! To celebrate this announcement, Sobe Seafood Fest in partnership with Guerra Marketing is launching a giveaway contest valued at $3,800. Get ready to enter to win the: CHEF STONEY’S #AREYOUSHUCKINGME VIP EXPERIENCE, which includes package tickets for the VIP tickets for the weekend events, a 2 night stay at the W Hotel South Beach, restaurant certificates, Hess Wine gift baskets, beach lounges, Boucher Brothers Management jetski rides, cooking classes, and more.

3rd Annual South Beach Seafood Festival returns

The 3rd Annual South Beach Seafood Festival, presented by Hess Wines and hosted by Coca-Cola, ...