Miami High-End Condos Experience a Miniboom, According to Brosda & Bentley
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North Miami Beach, FL
It is past half-time for 2010 Southeast Florida real estate sales. After a rocky 2009, how did 2010 weather so far, is the million dollar question many are asking. Prices started tumbling since September 2008 – and in certain market segments, housing values are still down significantly, but there is also good news to report as to market research provided by Brosda & Bentley Realtors. Especially for new luxury oceanfront condo developments in Sunny Isles Beach, Miami Beach and downtown Miami in particular, sales are booming and prices in some areas are on the rise.
Jade Beach condo tower, in North Miami Beach was nearly sold out during 2009, despite the dramatic economic downturn in the United States. Jade Beach resales are now strong and closed units are setting new retail sales records. Its sister tower Jade Ocean condos, is an oceanfront, ultra-luxurious glass palace, towering 50 stories above the Atlantic Ocean and reporting more than 60 percent of sold condominium units. The Acqualina Resort & condos, a landmark in Sunny Isles Beach, claim the title of highest retail sales price per square foot in the city. During the summer, two units closed at $784 and $714 per square foot respectively. The elite Turnberry Ocean Colony condos boasts six retail sales, with the highest being at $733 per square foot.
Some of the most expensive Miami penthouses sold thus far in 2010 include the Marquis penthouse in downtown Miami. It sold a few days after LeBron James announced his engagement with the Miami Heat. Entrepreneur Russell Wright closed on the 67-story Marquis luxury residential condo, with reportedly the highest terrace and hot tub in Miami. Dwayne Wade of the Miami Heat sold his house in Davie and is now apparently looking for a trophy property in Miami, as is Chris Bosh of the trio. Russell Wright is quoted as saying that the economic force of the three basketball superstars playing in Miami “Is going to have an impact, I probably already made money on the condo.”
In June, the ‘Imperial Suite’ or Penthouse Villa B sold at the über-luxurious Setai Resort & Residences in Miami Beach for a record breaking $15 million or $2,416 per square foot.
Downtown Miami condo sales were up 110 percent with 1,933 units sold in the first 6 months of 2010. Great downtown Miami condos that sell due to drastic price reductions include Met I, Epic and Icon Brickell, which sold 49 units, including at least one with a $100,000 over-the-odds premium, after LeBron James announced his switch to the Miami Heat. The average sales price of a downtown Miami condo in the first two quarters of 2010 was reportedly $356,100 or about 16 percent higher than in 2009.
In March, April and May of 2010, 135 condos sold in Miami-Dade County priced $1 million and above, nearly double the number compared to the same time period in 2009. At the beginning of the summer, impressive sales at One Bal Harbour for $8.7 million, at the Fontainebleau for $9 million and Santa Maria Brickell for $11 million kept Miami luxury real estate brokers abuzz.
A highly anticipated new oceanfront condo development is the St. Regis Resort and condo residences in Bal Harbour, destined to open in 2011. The three glass towers replaced the famous Sheraton in front of the gated entrance to the renowned Bal Harbour Shops. Over $40 million in sales were reported in the first half of 2010.
Brosda & Bentley Realtors features more than 50,000 residential and commercial Southeast Florida property listings on its website BrosdaandBentley.com. The company provides free usage of the database to registered users. Consumers may also opt to receive automatic updates on new listings, pre-foreclosure and short sale properties. Katerina Brosda, Broker and CEO of the company sold the 10 Museum Park penthouse in downtown Miami with its very own rooftop pool. “Most of our clients during 2009 and 2010 were cash buyers, not investing into Miami real estate per se, but actually pursuing to live in the homes they bought. Yes, these may still be third or fourth trophy properties, this goes especially for condos, but our clients invested heavily in upgrades, eclectic designs, electronic SMART Home features, custom fittings and furniture,” Katerina Brosda stated. Brosda & Bentley also provides a one stop, turnkey, white-glove home furnishings and design conceptualization service to its clients.
“Miami Condo sales above the $1 million mark will continue to outpace single-family home sales in the same price category for the rest of 2010 and into 2011. Condominium living is the new lifestyle choice of the wealthy,” said Katerina Brosda.
Brosda & Bentley Realtors projects luxury Miami condominium sales to remain strong. The average sales price for residential properties that sold in Miami-Dade County increased by 8.3 percent in July. Inventory levels have dropped 11.4 percent compared to July 2009. Condominium listings have dropped 11 percent and the average days a property stays on the market decreased 10.3 percent for single-family homes and 11.9 percent for condominiums or 100 and 114 days respectively.
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Lenders Cushion Loan Pricing After Spike in Refinance Demand
August 20, 2010 by admin
Filed under Positive Real Estate
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Los Angeles, Calif. (VOCUS)
The Mortgage Bankers Association (MBA) released its results to its Weekly Survey. This survey covers over 50% of all U.S. residential mortgage loan applications taken by retail mortgage bankers, commercial banks, and thrifts. This extremely accurate data gives economists a great look into the consumer demand for mortgage loans. This trend of increasing refinance applications implies consumers are seeking out a lower monthly payment, a fairly predictable assessment. But, the long term effects of this action paint a better picture.
If these consumers are actually able to reduce their monthly mortgage payments they will increase their disposable income, or their “spending money”, giving them the opportunity to spend that spending money which would in turn revitalize the economy. This would create more consumer spending or even allow debtors to pay down personal liabilities like credit cards. This effect could spiral to astronomical proportions because as the more people spend their surplus disposable income, the better the economy gets and the lower the mortgage payments are, creating the effect all over again.
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Ballard Named One of the Best Places to Live in Seattle Positively Affecting Local Real Estate Values
August 17, 2010 by admin
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Seattle, WA
Seattle’s Ballard neighborhood has just been named one of the city’s “Best Places to Live” in 2010 by the Seattle Metropolitan magazine. Leading Ballard Seattle real estate agent Rick Benson sees this as a result of the many new developments in the Ballard real estate market, as well as the community’s high quality of life.
“Ballard has always been the kind of neighborhood that people move into and never want to move out of,” says Benson, a longtime Ballardite. “The fact that Ballard has been receiving all these accolades comes as no surprise to those of us who’ve watched the neighborhood grow over the years. The strong sense of community and affordable housing prices are top attractions to the area; couple that with breathtaking views, especially in Sunset Hill and Blue Ridge, and you have the makings for a community that is priceless,” he says.
Known for its strong maritime heritage and Scandinavian culture, Ballard is situated in northwestern Seattle overlooking the Puget Sound. The neighborhood has seen a great deal of condominium development in recent years, but has managed to keep its established neighborhoods intact. According to Seattle Metropolitan, over 350 homes were sold here in 2009, many more than the combined total of homes sold in Columbia City, East Renton and Maple Leaf.
“Ballard is a great place to live, raise a family and start a business,” says Benson, who was also a local business owner in the community for 30 years. “The real estate market here still has reasonable prices and you’d be pleasantly surprised at the different housing possibilities – anything from Craftsman homes to new Ballard Seattle condos.”
To view some of the Ballard Seattle homes for sale currently available, visit Benson’s website, www.RickBensonRealEstate.com.
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Denver Among Best Places to Live, Work and Play in the US; Boosting Local Real Estate Values
August 17, 2010 by admin
Filed under Positive Real Estate
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Denver, CO
Recently ranked 6th in Forbes’ recently released “Best Places for Business and Careers” list and landing in the top 25 cities in Men’s Journal’s “Best Places to Live in 2010;” the city of Denver has received quite a bit of positive attention this year. Residents and experts alike remain positive about the current and future of the city’s economic and real estate market. Leading Denver Real Estate Specialist, Donavon Paschall, notes that The Mile-High City is no stranger to such accolades, thus the success of the city can be reflected in its bolstering real estate market.
“Denver seems to have a perennial spot on lists like these,” he says, “which is not something that comes as a surprise for those who live and work in the area. Denver is doing a lot of things right.”
Paschall particularly agrees with Men’s Journal’s praise of the city’s vibrant downtown area. “Denver’s urban neighborhoods are loaded with old world charm and are just steps away from offices, restaurants, open spaces and cultural venues. Denver urban living is something that many people aspire to these days.” The magazine called Denver’s downtown “one of the best in the country for work, owning a condo, and walking to everything.”
A top-selling real estate agent in the 80205 and 80207 zip codes, Paschall specializes in Northeast Denver real estate and Denver classic homes. “Denver has entire neighborhoods of beautifully maintained and remodeled historic homes,” he says. “Those who’ve always dreamed about living in classic homes along tree-lined streets that are just minutes from parks, schools and commercial areas will find more than a few options here.” Paschall himself has had a great deal of personal experience in renovating classic homes within Denver’s downtown area.
Some fine examples of Denver classic homes currently on the market can be found in Paschall’s recently launched website, www.HomesByDonavon.com. The new site also features virtual tours of the featured homes, as well as a property search tool where users can search for real estate throughout Denver’s historic neighborhoods.
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USDA: Nebraska farm real estate value up 9 percent
August 17, 2010 by admin
Filed under Positive Real Estate
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LINCOLN, Nebraska
Recent figures from the U.S. Department of Agriculture reveal that Nebraska farm real estate value rose a whole 9 percent over the year of 2009, to a astonishing record of $1,460 an acre. The statistics say that the increase continues a trend dating back to 1993. The Nebraska farm real estate value on January 1 was $120 an acre higher than that of Jan. 1, 2009, another impressive record. Average croplan rose 11 percent from last year while dryland average $2,000 an acre.
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Housing Market Boast Brilliant Numbers
August 4, 2010 by admin
Filed under Home Resales, Investors, Mortgages, Positive Real Estate, Real Estate Articles
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New home sales jumped 23.6% in June to an annual rate of 330k compared to market expectations for a somewhat smaller increase to a rate of 320k. Also, the S&P/Case-Shiller 20-city home price index increased 0.5% in May from April and 4.6% from May one year ago. This was the second monthly increase and the fourth year-over-year gain in home prices. 15 of the 20 metro areas tracked by this index showed monthly price gains.
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Miami-Dade Pending Home Sales Increase 40.5 Percent from a Year Ago
August 4, 2010 by admin
Filed under Florida, Home Resales, Mortgages, new homes, Pending Home Sales, Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles
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Total pending home sales in the Miami-Dade County increased 40.5 percent in July 2010, when compared to the July 2009 numbers. This real estate includes single-family style homes and condominiums. Even though the tax credit, which helped boost the South Florida real estate market, expired, Miamia-Dade Couny has shown impressive signs as it continues to strengthen.
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Middlefield Banc Corp. Reports Strong Second Quarter Earnings and Continued Asset Growth
August 4, 2010 by admin
Filed under Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles
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Midfield banc Corp announced some positive numbers today. First of all, net income has risen 55.1% up to 715,000 dollars. Total assets have increased to 12.9 million dollars while net loans grew to 4.5 million dollars. “In the second quarter, Middlefield Banc Corp. again delivered a strong financial performance in an economic environment that continues to be extremely challenging,” stated Thomas G. Caldwell, President and Chief Executive Officer, “The results for the quarter continued to demonstrate solid performance on many fronts, including continued core deposit growth, an expanded net interest margin, and additions to our capital base.” He went on to explain “Our focus remains sharply on sound, fundamental banking practices designed to deliver excellence in customer service. By so doing, we will work to ensure an increase in value to our shareholders.”
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Top Ten Places to Live for Working Class Women
August 3, 2010 by admin
Filed under Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles
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ForbesWoman just released the best cities for working women with children. It acknowledged crime rates, quality of schools, availability of quality healthcare, employment, and budget-friendly cost of living.
The list is:
Minneapolis-St. Paul, Minn.
Washington, D.C.
Boston, Mass.
Pittsburgh, Pa.
Baltimore-Towson, Md.
Denver, Colo.
Hartford, Conn.
New York
Seattle-Tacoma, Wash.
Buffalo-Niagara Falls, N.Y.
Source: ForbesWoman, Meghan Casserly (07/26/2010)
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Neighborhood Shopping Center Sells for $16,000,000 in La Cañada, Calif.
August 3, 2010 by admin
Filed under california, Investors, Positive Real Estate, Real Estate Articles
The 42,093-square-foot shopping center, known as Foothill Promenade, sold for as much as 16 million dollars recently. Tenant’s include Trader Joe’s, Union Bank, Petco, Aaron Brothers, Starbucks and Han’s Beauty. The purchase is part of the buyers’ plan to acquire high quality shopping centers in Southern California. “This combined with an increased demand from investors has created a very competitive environment so far this year. In the past couple of months, the market has started to see an increase in neighborhood shopping centers sold and marketed for sale in southern California. Watch for this trend to continue and pick up momentum moving into the fourth quarter,” reported William B. Asher of Hanley Investment Group.
