Southeast Florida Home Prices Lowest Since Crash

It’s been a long time since we last blogged but it is not because we haven’t been thinking of you, it is because we have been really busy!!!

Real Estate in South Florida has taken off again and Buyers are back. In fact over the last week we were out with two new buyers and it was almost impossible to find them a house to show. This time last year, we would have had 7 or 8!!!

Inventory of houses on Miami Beach are at a low…hey SELLERS if you have a property to sell on Miami Beach, give us a call at 786-333-6200 or shoot us an email to debra@golanteam.com (saying thanks in advance!)

But don’t just take our word for it…

South Florida home prices in March hit their lowest level since the real estate crash!

Prices for Palm Beach, Broward and Miami-Dade counties were down 6 percent from the previous year and a staggering 51 percent from their peak in December 2006, according to the Standard & Poor's/Case-Shiller price index, which was released Tuesday

You can read the full article in the Palm Beach Post . Whatever the news you read, the truth is in the numbers…Buyers are out, properties are selling and inventory is lowering.

Over the next several blogs we will discuss inventory stats in closer detail.

Meanwhile, we wish you a wonderful and happy july 4th holiday and we will back at the blog next week.

2010 Semi Annual Report for Condo Sales Miami Beach - Hollywood

Our last posting on www.southfloridacondosblog.com covered sales for the first six months of the year with regards to single family homes. Now The Golan Team presents you an analysis on condo and townhome sales since the beginning of the year.

The numbers are outstanding. In the areas that we cover and specialize in: Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, North Miami and North Miami Beach, Eastern Shores, Aventura, Golden Beach, Hallandale and Hollywood East, there have been a total of 2837 units sold just this past six months.

Here is the breakdown according to area: (ranked highest to lowest no. of properties sold)

1) Miami Beach – 927 units sold so far this year ranging in price from $16,000-$15,000,000
2) Aventura – 458 units sold so far this year ranging in price from $42,500-$2,350,000
3) Hallandale Beach – 452 units sold so far this year ranging in price from $26,555-$865,000
4) Sunny Isles Beach – 346 units sold so far this year ranging in price from $42,000-$4,700,000
5) Hollywood East – 308 units sold so far this year ranging in price from $30,625-$1,225,000
6) North Miami Beach – 114 units sold so far this year ranging in price from $16,500 - $399,000
7) North Miami – 104 units sold so far this year ranging in price $17,400 - $385,000
8) Bal Harbour – 48 properties sold so far this year ranging in price from $97,500-$8,700,000
9) Bay Harbor Islands – 40 properties sold so far this year ranging in price from $65,000 to $465,000

The market is definitely picking up. If you are interested in knowing today’s value of your condo or home, contact The Golan Team at info@golanteam.com or call us at 786-333-6200.

South Florida Real Estate Market Stats.

Info above is based on 33160,33180,33154 zip codes (Sunny Isles Beach, Aventura, Bal Harbour & Bay Harbour) May 2009 info.

South Florida Market Stats:

Are we at the bottom of the market? Who defines the bottom of the market?

Is it defined as when the sales prices are move up?
Is it defined as when there are more closed property sales month on month and year on year?
Is it defined as when the inventory has shrunk?


There are probably a dozen definitions for the “bottom of the market.” The bottom line is that there are great opportunities out there. A few days The Florida Association of Realtors compiled their monthly analysis on home and condo sales and the results were very positive. For the ninth month in a row, condo and single family home sales were up!!! Is this is a sign of recovery? Perhaps.

The full article goes on to explain how month on month we are up 16% on sales. Click to read more about South Florida Home Sales and Market Stats

Locally our numbers are holding though May seemed a better closed sale month than June (except in Bal Harbour/Bay Harbor Islands which increased), the number of pending sales in June 2009 are still holding strong.:


Aventura, Florida

No of Condo Properties Sold in June 2009: 68

No of Condo Properties Sold in May 2009: 98

No of Condo Properties Pending Sale June 2009: 94

No of Condo Properties Pending Sale May 2009: 60

Sunny Isles Beach, Florida:

No of Condo Properties Sold in June 2009: 32

No of Condo Properties Sold in May 2009: 41
No of Condo Properties Pending Sale June 2009: 55
No of Condo Properties Pending Sale May 2009: 55

Bal Harbour/Bay Harbour, Florida

No of Condo Properties Sold in June 2009: 12

No of Condo Properties Sold in May 2009: 10
No of Condo Properties Pending Sale June 2009: 8

No of Condo Properties Pending Sale May 2009: 10

Interesting to note, in Miami Dade County total inventory of property available is down 26%.

If you are interested in a particular condo building stats or other area stats sent us an email to info@golanteam.com and we will send you the requested information.

IRA accounts - a great way to invest in South Florida Real Estate

Buying Real Estate with your IRA account.

With the current instability of the stock market, many individuals are wondering what to do with their IRA accounts.

Investing in real estate through an IRA is one of the hottest new areas of investment.

Why invest in Real Estate now?

1) The stock market has tanked. Stock portfolios on average are down 30-50% and even more in certain instances.

2) Real Estate prices are dramatically lower than just two-three years ago creating a tremendous upside through both a higher further resale value and current return on investment (rental revenue).

3) There are a tremendous amount of foreclosures and auctions where you can pick up properties at 20-40% of their original values.

4) By purchasing real estate through your IRAs you are not changing your retirement plan funds, which was to build tax-free value for a later date, you are simply changing the type of investment you are investing in.

How to purchase Real Estate with an IRA account:

There are a couple of technical requirements that allow people to purchase Real Estate in an IRA. (Note always consult a tax professional as well as a Realtor for all the conditions you must meet). The most important of these requirements is that you must have a separate investment account with the required documentation and not commingle this account with any other funds. i.e. if you buy a property for investment then the rent money must be paid into that account. Also if you need to do repairs on improvement on the property you must use funds from this account, not your personal account.

If you are interested in learning more about purchasing property with your IRA send us an email to info@golanteam.com.

Foreclosure properties available for sale:

If you want to search foreclosure properties in Aventura, Sunny Isles Beach, Bal Harbour and Miami Beach click on the following resources.

Current Foreclosures Available for Sale in Aventura

Current Foreclosures Available for Sale in Sunny Isles Beach

Current Foreclosures Available for Sale in Bal Harbour

Current Foreclosures Available for Sale in Miami Beach

Do you want $8000 - Buy a house and it's yours!!!! Certain restrictions apply!!!!

Can you use $8000?

Well the government is willing to give it to you to buy a house!

The federal tax credit is actually available for anyone purchasing a home that has not owned a principal home in the previous 3 years. Note they call it a “first time home buyer tax credit” but it does not mean you are purchasing a property for the first time!

There are certain limitations and criteria that you must meet in order to be eligible for the tax credit:

1 The deduction is worth 10% of the home’s value up to $8,000 (this means that every house valued over $80,000 can qualify for the maximum amount).

2.Income qualifications:
a) A married couple’s modified adjusted income (MAGI) should be under $150,000.
b) A single filer’s income should be less than $75,000
c) Partial credits may be available for married couples with MAGI incomes over $150,000 but under $170,000.
d) Partial credits may be available for single incomes over $75,000 but under $95,000.
e) If a married couple files individual returns, they can both claim 5% of the home purchase ($4000 each if home value is over $80,000) on their tax returns.

3. This is a tax credit not deduction. This means the entire amount goes back to the “first time homebuyer” unlike other deductions like interest on your mortgage which is deducted from gross income before tax is calculated. If you qualify for the $8000 credit, you will get $8000 even if they would not owe that much in taxes.

4. The tax credit applies to homes purchased from Jan 1, 2009 through Nov 30, 2009.

5. The tax credit does not have to be paid back, as long as the Buyer keeps the home for at least 36 months and resides in the home. This means you must make this your principle residence for 36 months in order to keep the credit.

6. To qualify, as a “first time Buyer” the purchaser cannot have owned a home within the previous three years. However ownership of a vacation home or rental home does not disqualify the Buyer.

7. The credit only applies from the day the Buyer takes possession of the property. For example if you purchase a pre construction home between Jan 1, 2009 and Nov 30, 2009, but you do not take possession until Jan 2010 you will not be eligible for the credit.

8. The tax credit can be claimed on 2008 income taxes even if you purchase the property in 2009.

It is important to note that the tax credit is not a down payment. However, if you know you are definitely purchasing between Jan 1 2009 and Nov 30 2009 and you are a US Taxpayer who has money withheld from their paychecks for income taxes and you owe more tax then the amount deducted you can pay the IRS: but if you owe less you can get a refund. If you could anticipate at least an $8000 refund in early 2010 when you file your 2009 taxes, you could technically cut down on your tax withholding this year and save the money toward a downpayment. There is one important caveat to remember – if you don’t purchase a home in the qualifying period you would still owe the money to the IRS, and not withholding can lead to a high bill at tax time.

You can visit the IRS website to learn more: IRS HOMEBUYING CREDIT
To check out neighborhood properties click here: Buy A Home

Sotuh Florida Real Estate - it depends on how you decide to see things

I had the pleasure of reading some wonderful lessons from a business coach and there was one lesson that resonated deeply with me. It was not phrased as a question but as a statement:

“Success depends on your mind-set”

Never have I heard a more truthful statement. The economy is telling us that we are suffering, that we cannot be successful because the economy is so bad. This self-limiting belief can prevent us all from achieving.

The coach went on to explain, as a child you are already programmed with self-limiting beliefs such as, “don’t talk to strangers” or “don’t be too forward” etc. These beliefs can actually hinder you in the future as they put negative and limiting beliefs.

Think of it like this: if you become excited and enthused about something no matter who you speak to about it they too will “catch your enthusiasm” and feed off your positive energy. Unfortunately the opposite also holds true.

As an active Realtor in today’s market, I am always hearing about how negative the market is. The fact is what can be negative to one person can also be an opportunity in disguise. Today’s Real Estate market has plenty of these opportunities to find. Prices are lower. Banks are more willing to negotiate and more and more Sellers have become realistic. Remember as a Seller you cannot think of what you need to sell for the price will only be set by what Buyers will be willing to pay for it.

As a Realtor I am having these conversations daily with my Sellers. I explain that there are ways to capitalize on this market but that you must also be willing to invest. For instance, did you know that staging a property can help not only sell a property faster but also for a higher dollar amount. De-cluttering is also another useful tool. I explain to Sellers that the moment you decide to list a property for sale is the moment that your property goes from being your “home” to an “investment”. Working with an experienced Realtor will benefit you tremendously.

To find out the current market value of your property send us an email at info@golanteam.com.

Statistics for February 2009 condo activity in Aventura, FL

Aventura sales were up but so was inventory in February 2009.

Below please find a chart of activity, pending sales and closed sales for Aventura in February 2009.

New condos listings in the market

Feb 2009 - 199

Feb 2008 - 49

# of listings of condos available

Feb 2009 - 1821

Feb 2008 - 401

Pending Sales

Feb 2009 - 79

Feb 2008 - 6

Closed Sales

Feb 2009 - 261

Feb 2008 - 51

The most expensive condo on the market in Aventura in February 2009 was a 6 bedroom apartment in Williams Island asking price $4.9 million. The lowest price was a one bedroom condo in Point East (an over 55 community) for $65,000.

Stayed tuned later this week for statistics on homes in Aventura as well as condos and homes in surrounding areas.

If you are interested in seeing any of these properties contact the Golan Team at 786-271-1235 or visit us on the web at www.golanteam.com

Sunny Isles Beach - Ocean III Best Deal - Stunning 3 bed Oceanfront unit

Ocean III is a beautiful oceanfront complex in Sunny Isles Beach, Florida built in 2003 by The Related Group and designed by the architectural firm of Sieger Suarez. It soars 32 stories and boasts oceanfront amenities such as pool, gym, café, party rooms, tennis courts, roof top Jacuzzi and sundeck as well as conference rooms, valet, security and self parking privileges.

Most units feature private high speed elevators that open into private foyer areas. The building was specifically designed that every unit will have ocean views.

Currently there are 28 units for sale at Ocean III showing this is a very healthy building even though the economy is struggling. The building has 215 residences in total ranging from 2-4 bedrooms and 1591 sf to almost 4000 sf.

We have had the privilege of listing 2307, located on the 23rd floor. It is a flowthrough residence with 2649 sf under air + two huge entertaining style terraces.

This residence features 3 bedrooms 4.5 bathrooms and has two balconies allowing for direct east (oceanfront) and west (open bay and City of Aventura) views. In a word, “Breathtaking.” With brazilian cherry ¾” solid wood floors throughout, this residence is vacant and available for sale or rent. The bedrooms are all spacious and have ensuite bathrooms. The master suite includes his and her walk in closets, his bathroom and her bathroom with a jacuzzi overlooking the ocean. The kitchen is eat in and features Miele cooktop, oven, subzero Refrigerator and a Miele dishwasher.

The last sale of a similar unit was December 2007 when the same unit, two floors higher, sold for $1,270,000.

We have just reduced this unit to $1,065,000 an unbelievable opportunity for the right Buyer.
Please call us at 786-271-1235 to schedule a visit and we hope you can call this magnificent place “home” soon. PS It is also available for rent at $5000/month unfurnished.

Aventura Condo Stats: Closed Sales Up...Have we hit bottom?

Yesterday there was yet another prediction report by a major research company that stated that it won’t be until 2011 until we see the market turning around, well what I believe is fact not fiction.

FACT: There were 53 closed condo units that closed in Aventura between January 1, 2009 and January 31, 2009. In the same period a year ago, only 44 condos sold.

FACT: Between January 1, 2009 and January 31, 2009 – 218 condos in the Aventura were listed for sale. In the same period a year ago, there were only 48 condos that were listed.

FACT: In the month of January 2009 of all the 218 condos that came on the market, 28 were short sales and 7 were Bank owned foreclosures. In the same period in 2008: 10 were short sales and none were bank owned foreclosures.

FACT: In the month of January 2009 the average price of a condo that sold was $303,997. A year ago for the same period the average price of a condo that sold was $490,098.

The analysis is there for all to see. More properties are still coming on the market but there are Buyers out there seeing the value and getting off the fence to buy. It will be interesting as we track these same statistics month on month, and year on year if we will continue to see a rise in closed sales, whether the average price will stay stable go up or go down? And whether ultimately we have hit bottom or are still on the way down.

EWM - The State of the market - Credit crises impact South Florida real estate market

This posting references the wise words and thoughts of Ron Shuffield, EWM Realtors President

"As we enter 2009, it's important to note that while the changes to our residential real estate market during 2008 were unprecedented, the opportunities that are evolving today are equally compelling. When all is said and done, it’s hard to imagine that we will ever see again a buyer’s market similar to what we will experience in the year ahead. Opportunities abound to purchase all types of housing at prices that we didn't dream possible two years ago. But, we will still have to dig out the real values. 33% of the total Miami-Dade and Broward MLS inventories are now listed as short sales and another 10% are listed as REO properties. That means that we are at a point where our buyers are now finding exceptional values in almost 50% of our listing inventory. While 2008 was the year of "analysis", 2009 will be the year of a sharp increase in the number of homes sold. Our industry sold 43% more single-family homes and condos in the 4th quarter of 2008 than we did in the same period in 2007; and, we believe that we will continue to see many more sales in 2009 than we experienced in 2008. Our buyers are recognizing the values that we are now offering."

Ron Shuffield's thoughts on the credit situation and how it affected Real Estate in 2008 and what his predictions will be for 2009.