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The Miami real estate slowdown is becoming a meltdown a€” with the most expensive areas getting hit hardest. The number of sales and prices in posh Miami Beach a€” home to many of the city's most expensive and highest-profile properties a€” fell during the first quarter, according to a new report.
The total number of sales in the area also fell during the period, dropping 21.1 percent to 810 properties.
Real estate experts said the combination of weaker demand from overseas buyers and a vast crop of luxury condo towers under construction is driving down prices and sales, especially at the top end of the market. Condos in the hyper-exclusive community of Bal Harbour saw the average sale price fall 38 percent over the year, to $1.02 million. Miami's loss, however, may be a gain for communities farther up the coast, as retirees and families increasingly find better value and a quieter lifestyle in Boca Raton, Fort Lauderdale and Palm Beach. The average sale price in Boca Raton jumped 12 percent, to $304,196, while the number of sales increased 21 percent over the prior-year period, to 607. The city is experiencing a significant slowdown in sales volume, according to the newly released Elliman reports, and even its most well-regarded markets like Miami Beach are seeing some of their first price cuts in years. The reports, commissioned by brokerage Douglas Elliman, cover first-quarter data from several major housing markets in the U.S.
What the numbers show is that both mainland Miami and its barrier island Miami Beach are continuing to cool off as sales and price growth slow. In the mainland, which covers neighborhoods east of I-95, 3,583 condos and single-family homes were sold in the first quarter, a reduction of 17.5 percent from the 4,344 closings made during the same period a year ago.
The Miami Beach section of the report, which covers everything from Sunny Isles Beach to Fisher Island, shows an even larger dip. The slower sales pace is leading to a large buildup of inventory, which can further drag down the market. And while the aggregate sales numbers could be blamed on the condo market in previous months, thata€™s not the case anymore. As for why the market has curbed, Miller cited the same factors that industry members have come to memorize in recent months: weak economies in foreign countries, especially those in Latin America, have narrowed the buyer pools Miami relied on to fuel the market in previous years. Also contributing to that slowdown in sales, Miller said, is a shrinking supply of distressed properties.
Even the fact that ita€™s an election year could cause hesitancy for home buyers, he said, as they wait for the new administrationa€™s effect on federal mortgage rates to get hashed out in the months following inauguration day in January. Though the short-term numbers paint a gloomy picture, Miller pointed out a statistic that could assuage some industry membersa€™ fears for the future: in the years before the housing crash, when the market was healthy, Miami and Miami Beach averaged 2,558 home sales per quarter. While the greater Miami area continues to slow, other South Florida markets are starting to show volatility.

The only South Florida market to show a positive sales trend in the report was Boca Raton, a wealthy city known for its golf course communities. Florida's 39% Reduction in Foreclosure Activity in 2015 was the sharpest decline of any state according to the Black Knight Financial Services Mortgage Monitor Report. Nice Two bedrooms, Two bath condo in the sought after community of Belmont in North Lauderdale. Spectacular and bright unit two bedroom two bathroom, gorgeous kitchen, microwave, new laminated floors throughout the unit, washer and dryer inside unit, corner unit, with balcony, plenty of windows allows natural sunlight, lake view, inside gated c ity, where you'll find gym, state of the art pool, clubhouse. The data relating to North Lauderdale 33068 real estate and Belmont homes for sale or lease on the Access USA Realty website comes in part from a cooperative data exchange program of the multiple listing service (MLS) in which this real estate Broker participates. As we wait for the January residential inventory, transaction and price data, we will take a quick look at the state of the single-family home market through the end of 2013 and a quick glance at the foreclosure numbers for January 2014.
In 2013, the monthly average of new foreclosure filings (for houses only) was 1,624, representing a 59% increase over 2012. In January 2014, there were 1,877 new foreclosure filings (for houses only), representing a 16% increase over the 2013 monthly average. Our next chart clearly shows why there will continue to be a massive shadow inventory of foreclosures in the Broward County area for at least the next few years.
As for the median sale price for each transaction type, our last chart today shows the wide gap in selling price between a traditional sale and a short sale or REO transaction. This entry was posted in Foreclosure activity, Market Insight, Residential Property and tagged distressed property, Florida foreclosures, Fort Lauderdale condo market, Fort Lauderdale foreclosures, Fort Lauderdale real estate, housing bubble, South Florida real estate. BEAUTIFUL 2 BEDROOMS 2 BATHROOMS BY THE BEACH, MAGNIFICENT OCEANFRONT BUILDING, LOW MONTHLY MAINTENANCE ON BEACH FRONT COMPLEX, TURNKEY FURNISH UNIT 2 BUILD-IN CONTEMPORARY MURPHY , ALL RENOVATED, TRULY TURNKEY UNIT. Prices saw a small 2.7 percent bump, from a median of $393,343 per property last year to $404,020 in the first quarter.
Both condos and single-family home sales were down significantly in the mainland and the beach during the first quarter. So while homes continue to become more expensive in the short term when you look at the market as a whole, Miami could start seeing prices flatten out as soon as next year. Home sales in Fort Lauderdale dipped 8.3 percent year-over-year, from 504 to 462 properties. Miller said the number of Palm Beach signed contracts jumped up in the first quarter, despite the huge dip in recorded closings. Property features Living areas with laminate wood flooring, nice size kitchen and laundry room .
The homes in North Lauderdale Belmont displayed may not be all of the properties in the MLS's database, or all of the properties listed with Brokers participating in the cooperative data exchange program.

That pileup means homes are taking longer to sell, with the number of days on market nearly doubling from 53 to 97 days year over year. Meanwhile, inventory for those properties skyrocketed 58 percent, contributing to a roughly 3A?-year supply. Still, the number of sales declined 17.5 percent year over year, to 3,583, and inventory was up 15 percent.
And for the third quarter in a row, prices on the beach for both condos and single-family homes have dropped. North Lauderdale Belmont homes for sale that are listed by Brokers other than this Broker are marked with either the listing Broker's name or the MLS name or a logo provided by the MLS. TOTALLY REMODELED KITCHEN, NO CARPETS, TWO MAGNIFICENT BALCONIES, IMPACT WINDOWS AND SLIDERS, AMPLE GUEST PARKING, GREAT BBQ AREA, GARDENS, STUNNING PRIVATE BEACH, TEN SAUNA, GYM, BALLROOM & MORE. Spacious split floor plan featuring 2 Balconies with all Impact windows and Sliders, 20x20 tile throughout, updated eat in Kitchen with Corian counters , Classic Marble baths. ONE BALCONY OFF OF LIVING AREA & ANOTHER SEPARATE BALCONY OFF OF BOTH BEDRO THIS PENTHOUSE CORNER UNIT GIVES YOU EVERYTHING YOU ARE LOOKING FOR & A PLACE TO DOCK YOUR BOAT UP TO 40 FT!
Median prices fell from $437,750 a year ago to $408,750 last quarter, according to the report. Private beach access with Resort type living, roof Top sky Lounge, Heated Pool and spa, Tennis, billiard, ping pong, game room, banquet room, Exercise Room, 24 hour security, Come and fall in Love with the Renaissance!
Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you.
No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. This property has many amenities including, Panoramic Roof Top Lounge for entertaining friends. The Florida Association of Realtors and its cooperating MLS's do not create, control or review the property data displayed herein and take no responsibility for the content of such records. Fully equipped CYBEX fitness center, heated pool & sparkling ocean is just steps from your front door.
Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing. Access USA Realty is an equal housing opportunity real estate broker serving North Lauderdale Belmont.

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