[Three Cents Worth #249 Miami] The Miami Housing Trend Breakdown

Posted by Jonathan Miller - Monday, October 28, 2013, 7:56 PM

It’s time to share my Three Cents Worth (3CW) on Curbed Miami, at the intersection of neighborhood and real estate in the Magic City. And I’m simply here to observe.

Check out my 3CW column on @CurbedMiami:

Miami has become a market with a lot of moving parts so it’s best not to throw all the data into one bucket and call it a day. Last week Douglas Elliman released the 4 South Florida market reports I author for them including Miami and this week’s charts were taken from data compiled in the report. I presented a bunch of metrics in the single family and condo market broken out by the distressed and non-distressed markets. Distressed property are defined here as short sales and foreclosures…

[click to expand chart]

My latest Three Cents Worth column on Curbed: The Miami Housing Trend Breakdown [Curbed]

Three Cents Worth Archive Curbed NY
Three Cents Worth Archive Curbed DC
Three Cents Worth Archive Curbed Miami
Three Cents Worth Archive Curbed Hamptons

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[Up + Less Distressed] 2Q 2013 Miami Report

Posted by Jonathan Miller - Thursday, July 18, 2013, 2:58 PM

We just published our report on the Miami Coastal Community housing markets. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Inventory fell to 8-year low.
Jump in both number of sales and signed contracts.
Housing prices rose above year ago level.
Median sales price rose to highest level for second quarter in 8 years.
Credit remains tight keeping inventory low.
Heavy contract momentum carrying into next quarter.

Here’s an excerpt from the report:

The overall number of sales rose by 15.4% to 6,416 to the highest total since we began tracking this metric in 2006. The market share for non-distressed sales comprised 67.2% of all market sales, up from 46.6% in the same quarter three years ago…There were 9,490 listings at the end of the second quarter, 18.8% less than in the prior year quarter. Distressed inventory fell by 44.1% and non-distressed inventory was down by 12% over the same period…

You can build your own custom data tables for Miami as well as view charts on the Miami market, all updated with 2Q13 data.

The Elliman Report: 2Q 2013 Miami Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Miami Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Miami Market Charts [Miller Samuel]

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[Three Cents Worth Miami #209] The Miami Vice Of Sales & Price

Posted by Jonathan Miller - Saturday, September 15, 2012, 12:23 PM

It’s time to share my Three Cents Worth (3CW) on Curbed Miami, at the intersection of neighborhood and real estate in the Magic City. And I’m simply here to take measurements.

Read this week’s 3CW column on @CurbedMiami:

…I’ve been on a “rotating gif” tear lately so I took a look at the ebb and flow of Miami sales and price trends since the mid-decade peak and the current market resurgence. I think people get hung up on the idea that prices represent the health of a housing market when they really are a vice. As prices continued to surge during the boom, sales fell sharply and most consumers looked the other way. I contend a recovery is all about sales activity because it leads prices – and Miami is seeing more sales activity these days…

[click to read column]

Curbed NY : Three Cents Worth Archive
Curbed DC : Three Cents Worth Archive
Curbed Miami : Three Cents Worth Archive

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In Miami Housing Market, Cash Really is King

Posted by Jonathan J. Miller -Friday, May 4, 2012, 8:16 AM
Comments Off

[click to expand]

I wanted to illustrate how little of the Miami housing market today is financed with a mortgage. And despite that, sales activity is trending higher. Counter intuitive but a reflection of its two drivers of demand: investor at the lower end and cash buyers, often foreign, at the upper end.

Any thoughts on the FHA, Conventional financing cross over back in 2Q 2011?

I’m slowly starting to build our Miami chart archive.

View the original article here

[Not Feeling Distressed] 2Q 2012 Miami Sales Report

Posted by Jonathan Miller - Thursday, July 12, 2012, 5:16 PM

We published our report on the Miami sales market for 2Q 2012 this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

-Distressed sale market share has fallen to 40.6% of all sales from 2/3 in early 2011. Fewer lower priced distressed sales are skewing prices higher.
-Non-distressed sales showed stable to modest price appreciation.
-Listing inventory continues to fall sharply.
-Days on market had second fastest rate in more than six years.

Here’s an excerpt from the report:

…The housing market in Miami’s coastal communities continued to show increases in nondistressed sales, falling inventory, and demand from foreign buyers from Europe and South America.

The median sales price jumped 20.9% to $196,500 from $162,500 in the prior year quarter. The $399,440 average sales price and $257 price per square foot both showed the same pattern, with respective gains of 17.7% and 14.2% over the same period. The 28.5% year-over-year gain in median condo prices largely outpaced the 4.4% gain in median single-family home prices. This was largely due to the drop in lower priced distressed sales activity over the past year, related to the “robo-signing” scandal at the end of 2010. In addition to the court-related foreclosure backlog, servicers slowed the volume of property entering the market during most of 2011 and early 2012. Condo sales saw more of a decline related to this matter; distressed condo sales fell 31.9% over the past year, while distressed single family sales fell only 11.7% over the same period…

You can build your own custom data tables on the Miami sales market – now updated with 2Q 12 data. I’ll have the latest charts on the Miami sales market uploaded this evening.

The Elliman Report: 2Q 2012 Miami Sales [Miller Samuel]
The Elliman Report: 2Q 2012 Miami Sales [Prudential Douglas Elliman]

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Sold Stuff: The Miami Beach penthouse-cum-"traditional Thai home...

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Tuesday, March 27, 2012, by Sarah Firshein

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? Previous: Google Doodles

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[5.8+] US Housing + Miami Market Insights

Now that we are past the earthquake thing, here are a couple of aftershock observations I’ve made (that were released more or less during the 20 second tremor) that I’d like to share:

The first piece is something I wrote for Knight Frank, a property consultant based in London who provides extensive global insight to their clients and has some of the best research I’ve ever seen. My piece sits restlessly on their Global Briefing blog where there is a lot of cool research to look at. I’ll be writing for them periodically.

They dubbed my post:
Letter from America – The state of the US housing market

The second piece is from The Real Deal South Florida. I did a Q & A with their editor on the Miami housing market. My research comes from the report I write for Douglas Elliman Florida. It’s amazing how misunderstood and misrepresented the Miami housing market is. I thought this piece provides a reasonable take on the state of the Miami housing market.

The interview was titled:
Q & A with Jonathan Miller.

View the original article here

[Douglas Elliman Florida] 1Q 2011 Miami Market “Preview” Available For Download

[click to open report]

The inaugural Douglas Elliman Florida Report: Miami 1Q 2011 was published today. It’s been a journey to say the least and there is a lot more to come. This a preview of the coming quarterly analysis of the condo, townhouse and single family sales markets covering the coastal communities of Miami.

It’s the first detailed market analysis of its kind on the Miami market and the series content will be expanded in coming quarters with break outs for new development, distressed, non-distressed and locations.

We’ll be updating our chart gallery and custom data tables shortly.

UPDATE: Custom data tables are now live.

Here’s an excerpt from the report:

…There were 5,101 condo, townhouse and single family sales in the first quarter, 29.5% more than the same period last year. Sales activity remained above any prior quarter in the past 5 years. The increase in activity is due to a consistent absorption of distressed sales. The number of short sales expanded 10% over the past year and comprised 20.5% of all sales. REO sales nearly doubled over the same period representing 44.2% of the first quarter market…

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Miami Beach (South Beach) Real Estate, General Information

South Beach, or SoBe, is a truly international city with a multi-cultural flair that is sure to excite and thrill all who choose to call this unique place home. Real estate surrounding this neighborhood includes the southernmost part of Miami Beach; approximately 23 blocks of trendy boutiques, world-class restaurants, and exclusive waterfront condos. The area draws people from around the world with residents hailing from Latin America, Europe, Canada, Israel and the Caribbean. Other residents include those from all over America. Wherever they are from, residents buy real estate in South Beach to experience a genuine melting pot of cultures, tastes, and walks of life; as well as an abundance of activities and entertainment options.

Those looking to buy condos in South Beach have several different areas to choose from including the Art Deco District, South of Fifth (SoFi), and fabulous Ocean Drive. The Art Deco District is a compilation of more than 800 buildings originally built between the 1920s and 1940s. Many of these buildings have been revamped to become some of the most posh and glamorous buildings in all of South Beach. The buildings are currently architecturally protected to ensure the integrity of the area and the style. The South of Fifth district is home to some of the highest valued properties in all of South Beach. The area houses multi-million dollar homes as well as ultra-luxurious condos such as the Portofino Tower, ICON South Beach, The Apogee, and The Continuum. Real estate near Miami Beach Marina offers fabulous views of the Atlantic and the boats passing by, while Ocean Drive is the perfect place for oceanfront condos.

The more residential neighborhoods for those looking to buy South Beach homes or low-rise condos include Flamingo Park, Espanola Way District, Collins Park, and Flamingo West, with each offering its own distinct characteristics. Flamingo Park and Espanola Way consist mostly of low-rise buildings with art deco style. Collins Park is one of the most trendy new neighborhoods with both older low-rise and brand new high rise buildings. Flamingo West is a unique single family home neighborhood near Lincoln Road.

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Article Submitted On: February 11, 2011

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Miami <b>Real Estate</b> Searches Rise In 2010 « CBS Miami – News, Sports <b>...</b>

MIAMI (CBS4) – The real estate bubble in South Florida that exploded with the onset of the Great Recession hasn’t recovered and may not for awhile.

Nevertheless, plenty of home buyers are still heavily searching the South Florida area looking for cheap real estate to buy ahead of the next bubble.

Realtor.com found that Miami was the fifth most searched city when it comes to real estate. Miami was behind Los Vegas, Los Angeles, Orlando, and San Antonio.

Las Vegas was the most searched city for real estate in all but one month in 2010. Los Angeles held the number two spot except for November when they flip-flopped with Las Vegas.

Miami’s searching varied from as low as sixth to as high as third in July and October 2010. But, even with the increase in searches, it doesn’t mean that the local real estate market will improve dramatically.

The sale of homes and condos dropped off sharply after the Federal home buyer tax credit expired at the end of April. Low mortgage rates helped stymie the a steep drop, but list prices and sale prices continued to fluctuate throughout 2010.

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