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Mid-priced condos are selling fast |
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Written by Site Admin
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Friday, 10 November 2006 |
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Mid-priced condos are selling fast A proposed downtown Miami condominium is demonstrating that there is life in the low- to mid-priced end of the housing market, despite the overall slowdown. This year the sales centers for many proposed housing developments have been quiet as a library. Not at Loft 3.
Last weekend, the downtown Miami project aimed at middle-income buyers had to keep its doors open to sales past midnight. The 33-story project is on track to be sold out by the end of this week.
Amid the ongoing slump in the housing market, there appear to be pockets of strong demand for well-located housing at prices middle-income buyers can afford. In Loft 3, for example, one-bedrooms start at $159,000 and two-bedrooms at $293,000.
BY MATTHEW HAGGMAN of the Miami Herald |
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Home prices in Miami-Dade surpass those in Broward |
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Written by Site Admin
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Thursday, 31 August 2006 |
By Charlotte Libov of Miami Today News
For the first time in years, the median price of a house in Miami-Dade County is slightly higher than in Broward County, according to second-quarter figures released Tuesday by the Florida Association of Realtors.
The quarter ended with the median price of a single-family house in Miami-Dade at $377,500 and in Broward at $373,000. The median price of a condominium here totaled $253,400 and in Broward $212,900.
Real estate analysts Jack McCabe and Michael Cannon said it is an anomaly that Miami-Dade's prices surpassed Broward's.
"I don't think it means that much," said Mr. McCabe. "I don't necessarily consider it a trend. Regarding single-family homes, it's hard to put your finger on it. And in condominiums, there were higher-priced condos, but I think that signals a shift from single-family homes to multifamily homes.
"But the important thing is that in both Miami and Fort Lauderdale, we've seen a sales-rate drop in the past six or seven consecutive months."
Mr. Cannon, managing director of Integra Realty Resources-South Florida, said the shift is "an anomaly. It doesn't mean anything." He said housing was more expensive in Miami-Dade than in Broward and Palm Beach counties years ago because Broward and Palm Beach "were geared for the retirement village."
But the Broward and Palm Beach demographic got younger and the housing industry in Miami-Dade "has been building to a higher niche," he said.
Meanwhile, the new figures show that housing sales here are continuing to slide. Sales of single-family homes in Miami-Dade totaled 2,602 in the second quarter, compared with 3,721 in second-quarter 2005, a 30% decline. Condominium sales for the quarter were 3,190, a 23% decline from 4,126 in the same period last year.
The median sale price of a single-family house was $377,500 in the second quarter, compared with $351,000 last year, an 8% increase.
Mr. McCabe said he expects prices to fall by the end of the year. "There's going to be some pain while we go through this for the next few years," he said.
But Mr. Cannon said a price drop is unlikely. "We are seeing the wring-out of the excess expected price increase, but we are not seeing a decline," he said. "My forecast is that there will be a leveling-out to a 3% rise in prices." |
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Displaced Condo Residents Going Home |
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Written by Raul Estrada
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Wednesday, 26 July 2006 |
MIAMI BEACH -- Local 10 has learned the end could be in sight for hundreds of residents who were forced out of their condominiums 15 months ago.
Two owners on the condo association board at the Castle Beach Club have been told 25 percent of the owners will be allowed to move back sometime in August. They were also told all of the 576 units at Castle Beach should be finished by the end of November.
"I've been out of my apartment for 15 months," said Robert Berman, the owner of a two-bedroom condo and treasurer of the condo association board. "I can't wait to get back." Berman was allowed to take a look at the reconstruction today.
Residents were forced out on April 14, 2005, because of structural and electrical problems. The building was condemned.
Repairs were delayed because of battles with the condo association's former Board of Directors and the court-appointed receiver in charge of assets. Residents even sued three former members of the board, saying they knew of the building's mounting problems and ignored them. Hurricane Wilma caused further damage to the Castle Beach Club last October.
For the past six months, work has been going on at least six days a week. And the receiver was replaced by an attorney for the condo association board, Joseph Ganguzza, an expert in resolving condominium problems.
"The first priority was life safety issues," Ganguzza said. "After that, we then took care of the cosmetic and aesthetic issues."
Electrical wiring has been replaced, as have fire sprinklers and alarms. The air conditioning system has been repaired. And problems with mold have been resolved. What was first estimated to be a $10 million project has grown to $25 million.
The Castle Beach Club's insurance policy may pay for some of it. But that's not clear. So owners have also helped fund the reconstruction through a special assessment. They've also had to keep paying their mortgages, taxes and maintenance fees of a few hundred dollars a month.
Cari Amores, who lives in Miami Springs but owns a condo as a second home, said "I've really missed it. I'm looking forward to enjoying it again." She and Berman are among the 25 percent expecting their condos to be ready next month.
Berman said, "In September, 25 percent more will return, the same in October and November."
Castle Beach was once the home of the Playboy Club. Berman said Playboy founder Hugh Hefner used to own a condo at Castle Beach. Berman said 80 of the 576 units are occupied by owners. He said the rest are owned by investors or those like Amores wanting a second home.
Looking out from his ground-floor, ocean-front condo, Berman said, "You can't beat a view like this. There's nothing like it. I miss it."
www.local10.com/news/9530251/detail.html
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