According to the Miami Association of Realtors local Multiple Listing Service (MLS), sales of existing condominiums in the Miami Metropolitan Statistical Area (MSA) increased 54 percent, from 855 to 1,316, compared to June 2010 but decreased seven percent compared to the previous month.
Sales of existing single-family homes rose 35 percent in June, from 686 to 923, and six percent compared to the previous month. In June, 59 percent of closed sales were cash transactions. Cash sales accounted for 39 percent of single-family and 73 percent of condominium closings. Statewide sales increased eight percent to 7,941 for condominiums and dropped four percent to 17,597 for single-family homes.
Nationally, sales of existing single-family homes, town homes, condominiums, and co-ops decreased 0.8 percent from May and remain 8.8 percent below June 2010, according to the National Association of Realtors (NAR).
“The Miami market has taken a lead position in sales growth and strengthening compared to the rest of the nation,” said Jack H. Levine, 2011 Chairman of the Board of the Miami Association of Realtors. “Current levels of supply and demand denote a healthy market that is expected to outperform others throughout the U.S. long-term. The demand from foreign buyers and investors, the expansion of the Panama Canal, and the vibrant tourism industry are just some of the factors that are expected to have positive effects on the local economy and real estate marketplace.”
Prices Continue to Stabilize. The effect of short sales and foreclosures on the median and average sales prices for both single-family homes and condominiums has lessened particularly in some areas of the county. In June, 57 percent of all closed residential sales in Miami-Dade County were distressed, including REOs and short sales, compared to 60 percent a year earlier.
My name is Pamela Diez, and this is my Blog, PamelasBlog.com. We've created PamelasBlog and PamelasList.com as a one stop shop for Condos and Single Family homes in South Florida. If you are buying or selling real estate, whether in Miami, South Beach or other parts of Miami Beach, I can help you find exactly what you are looking to buy or sell. Real estate is very much alive in Miami, and we will help you discover it. Thank you for visiting our amazing Real Estate World of condos and homes in South Beach and Miami, Downtown, Design District and Brickell. South Florida has always been known as one of the best resort setting for fun in the Sun and Night Life compared to anywhere else in the world. South Florida is best-know for the exciting lifestyle of South Beach. When people around the world think Miami, they're really thinking of Miami Beach, and more importantly, South Beach. South Beach is really just a small part of Miami Beach, which can extend up to Bal Harbour and Sunny Iles. Our condos, hotels, beaches and amenities are among the best in the world. We offer South Beach real estate, South Beach condos and residential homes. We can also help you with commercial real estate in Miami. Many people are still finding pre-construction condos in Miami, and drastically-reduced prices make many condos in Miami and South Beach and Miami Beach more affordable. Pre-construction condos in South Beach are numbering fewer than past years. That's because South Beach condos are now taking up the very last of the South Beach coastline, and there's really little room to grow. There are some condo hotels for sale in South Beach. This is an interesting type of real estate, as there are normally rental programs built-in to the condo management. Miami also has some condo hotel pre-construction developments, and when you work with a Realtor like myself, the best of Miami and South Beach opens up to you. Miami and South Beach Real Estate and Condos have something for everyone. Whether you are looking to buy or sell houses, condos, and residential and commercial property, our realtors are here to help you. It's all for sale in Miami, Miami Beach, and South Beach, Florida. Apartments and office space for rent or lease are very plentiful in Florida. Buy a house or condo, or find rentals. Luxury Home and office buildings for sale with an ocean view may also interest you. If you are investing in apartment and commercial office buildings. The right place may be waiting for you on the waterfront, with an ocean view or in Downtown Miami where condos and pre-construction condos are thriving. Luxury homes and living services are waiting for you, and South Beach Real Estate is now waiting for you. In Florida, we have real estate laws designed to protect every buyer or seller of real estate. The real estate laws protect everyone, not just residents or citizens of Florida. Also, Miami-Dade County, which covers Miami and Miami Beach (including South Beach), controls the property tax structure. If you own real estate, you can apply for certain benefits that allow the real estate tax on your condo or home to be capped every year. This benefit is now offered to commercial owners, as well as non-residents of Florida. Some of our favorite South Beach Condos (frankly, the best South Beach Real Estate) include condos such as Apogee, Continuum, Murano and Murano Grande, ICON, Portofino Tower, The Cosmopolitan, The Waverly, The Floridian and The Yacht Club. There are others, too, that we really like. Some of our favorite Bal Harbour Condos (also, the best Bal Harbour Real Estate) include condos such as One Bal Harbour, The Bellini and The St. Regis Bal Harbour. Some of our favorite Sunny Isles Beach Condos (these, too are among the best Sunny Isles Beach Real Estate) include condos such as Turnberry Ocean Colony, Ocean 4, Trump Towers, Jade Beach and others.
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