Average Listing price in Sunny Isles Beach Up $15,139

Acqualina Condo Brosda & Bentley Realtors™ (786) 406-1757

Compared to the same period last year, in Sunny Isles Beach the average price per square foot is up 23.1 percent and the number of home sales increased 8.3 percent.

Acqualina Condo in Sunny Isles Beach Sales (786) 406-1757

The average listing price for homes for sale in Sunny Isles Beach was $836,919 for the week ending March 3, which represents an increase of 1.8 percent or $15,139 compared to the prior week.

Source: Trulia.com

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About Brosda & Bentley Realtors®

Brosda & Bentley Realtors® is the premier Miami real estate authority for home buying, home selling, financing and property listings in Aventura, Sunny Isles Beach, Golden Beach, Bal Harbour, Surfside, Miami Beach and Downtown Miami. Whether it’s a house an estate, beachfront mansion, luxurious oceanfront condo, pristine pre-construction, commercial or any other type of property, a Brosda & Bentley™ Real Estate Consultants can assist you with all your real estate needs in the Greater Miami area and the Beaches. Brosda & Bentley Realtors® is specialized in luxurious developments like Acqualina, Apogee South Beach, Continuum Towers SoBe, Fisher Island, Fontainebleau, Gansevoort SoBe, ICON South Beach, Jade Beach, Jade Ocean Sunny Isles, Ocean IV, Trump Palace, Trump Royale, Trump Hollywood, Trump Towers Miami, Turnberry Ocean Colony, Ten Museum Park, St. Regis Bal Harbour, Portofino Tower, St. Tropez Condo Sunny Isles Beach and many, many more.

On a worldwide scale Brosda & Bentley™ is a leading professional real estate services firm specializing in marketing planned unit developments, residential and commercial properties located in exclusive real estate markets throughout the globe.

via Acqualina Resort & Spa Condo Residences (786) 406-1757.

One of the restaurants at Acqualina is the elegant and acclaimed Italian restaurant Il Mulino New York renowned for its bustling and energetic atmosphere, market fresh daily specials, extensive selection of fine Italian wines and impeccably polished wait staff. Il Mulino New York has been honored as #1 Italian restaurant on the New York City Zagat Survey.

The Brosda and Bentley website features more than 50,000 real estate listings. Users may search the MLS for free for the most comprehensive real estate data available. More than 20 Acqualina listings can be searched on www.BrosdaandBentley.com.

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Click here for more information: Miami Real Estate

About Brosda & Bentley Realtors®

Brosda & Bentley Realtors® is the premier Miami real estate authority for home buying, home selling, financing and property listings. Whether it’s a house an estate, beachfront mansion, luxurious oceanfront condo, pristine pre-construction, commercial or any other type of property, a Brosda & Bentley™ Real Estate Consultants can assist you with all your real estate needs in the Greater Miami area and the Beaches. Brosda & Bentley Realtors® is specialized in luxurious developments like Acqualina, Apogee South Beach, Continuum Towers SoBe, Fisher Island, Fontainebleau, Gansevoort SoBe, ICON South Beach, Jade Beach, Jade Ocean Sunny Isles, Ocean IV, Trump Palace, Trump Royale, Trump Hollywood, Trump Towers Miami, Turnberry Ocean Colony, Ten Museum Park, St. Regis Bal Harbour, Portofino Tower, St. Tropez Condo Sunny Isles Beach and many, many more.

On a worldwide scale Brosda & Bentley™ is a leading professional real estate services firm specializing in marketing planned unit developments, residential and commercial properties located in exclusive real estate markets throughout the globe.

Miami Home Sales Continue Steady Increase in August

In the Miami metropolitan statistical area (MSA), there was a 22 percent increase of existing single-family home sales in August 2009 compared to August 2008. The sales of existing condominiums in the Miami MSA increased by 17 percent compared to the same period last year. The year-to-date (January to August 2009) average increase of single-family home and condominium sales in the Miami MSA is 62 percent and 40 percent respectively.

The Miami real estate market has experienced a surge in sales each of the last 13 months. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 2.7 percent.

“International and first time buyers continue to fuel the current uptick in South Florida home sales,” said Rick Burch, 2009 Chairman of the Realtor Association of Greater Miami and the Beaches. “Inventory levels are decreasing due to increased number of sales and decreases in price are significantly less than what we had been seeing. Another positive indicator is that agents are again witnessing bidding wars for properties priced competitively.”

Median and Average Sales Prices Moving Up
The median sales price for single-family homes reported in Miami-Dade in August 2009 was $194,800, a 29 percent drop from the previous year compared with 40 percent last month. The median sales price for condominiums was $144,700, a 31 percent decrease from August 2008, compared with a 49 percent drop two months ago. Statewide, median sales prices dropped 22 percent to $147,400 for single-family and 32 percent to $109,900 for condominiums.

The average sales price for residential properties that sold in Miami-Dade County in August was $278,620 for single-family homes and $283,453 for condominiums, decreases of 33.9 percent and 18.7 percent respectively.

Low Interest Rates not Expected to Last
“These are the lowest interest rates we’ve seen in 40 years. Common statistical evidence would indicate, based upon the money we have pumped into the economy over the last 18 months, interest rates should increase substantially in the next 18 to 24 months,” said Maurice “Moe” J. Veissi, 2007-2008 RAMB President. “Given these economic opportunities, this window of low interest opportunity will not last long. Buyers need to act now.”

Days on the Market and Inventory Levels
The number of days a property stays on the market and inventory levels both continue to decrease substantially, other indicators that point to the local market recovery.

The inventory of listings in Miami-Dade County according to the Southeast Florida Multiple Listing Service has dropped more than 37 percent in the last 13 months – from 43,095 to 27,255 – and August 2009 brought a 5.9 percent decrease in just one month. Nationally, total housing inventory at the end of August fell 10.8 percent from the previous month, and inventory totals were only 16.4 percent lower than a year ago.

In August the average number of days a property stayed on the market in Miami-Dade County averaged 112, an 8.4 percent decrease from the previous year.

Florida, South Florida Top Areas for International Buyers
For the fourth consecutive year, Florida is by far the top state in the U.S. for international real estate buyers, according to the just-released 2009 National Association of Realtors®
(NAR) Profile of International Home Buying Activity. The Miami-Fort Lauderdale-Miami Beach area was the most frequently reported location of a home purchased by a foreign buyer in Florida, according the Profile of International Home Buyers in Florida.

Nationally international buyers continue to account for a significant share of REALTORS business. Four states accounted for the bulk of foreign purchases: Florida, Arizona, California and Texas. Florida ranked first, representing 23 percent of all international buyer purchases. California was second, accounting for only 13 percent. Texas and Arizona account for 11 and 7 percent.

International Buyers in Florida
With nearly one in four international sales in the U. S., Florida is the top state for international buyers and represented an estimated 30 percent of all Florida existing home purchases in the past twelve months. Also, foreign buyers in Florida were responsible for approximately 32 percent of new and existing home sales.

Miami and South Florida is the Top Destination for International Buyers
More than one in four foreign buyers (27 percent) purchased a home in the Miami/Ft. Lauderdale area, followed by 11 percent who purchased a home in the Orlando and Sarasota areas. Tampa, Fort Myers and Naples rounded out the top six accounting for approximately 5 percent of purchases by foreign buyers.

Miami-Dade pending existing home sales rose by 4.95 % in July or 3, 599 properties. Pending condo sales jumped 7.98 % or 3.332 units.

In Broward County pending existing home sales rose by 5.16% or 3,141 properties in July. Pending condo sales where even higher percentagewise than in Miami-Dade with 9.22 % or 3,101 units.

Pending homes sales are predicted to close within two month, not all pending sales close, however.

Brosda & Bentley Realtors™

(786) 406-1757

Check out Pre-Foreclosure and Short Sales listings in North Miami Beach for under $150,000.00

SUNNY ISLES BEACH, Fla., July 27, 2009 – Florida’s existing home sales rose in June – the 10th consecutive month that sales activity showed gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide sales in June also increased over the previous month’s sales level in both the existing home and existing condominium markets. And, for the second month in a row, the statewide median sales price for existing homes was higher than the previous month’s statewide median.

Existing home sales rose 28 percent last month with a total of 15,850 homes sold statewide compared to 12,339 homes sold in June 2008, according to FAR. Statewide existing home sales in June increased 13.8 percent over May’s statewide activity.

Florida Realtors also reported a 39 percent rise in statewide sales of existing condos in June; existing condo sales last month rose 8.3 percent over the total units sold in May.

Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in June and 14 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for the past year (12 consecutive months).

Florida’s median sales price for existing homes last month was $148,000; a year ago, it was $205,300 for a 28 percent decrease. However, the statewide existing home median price in June increased 2.49 percent over May’s median price; it also was higher than the statewide median price reported each month since the start of 2009. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in May 2009 was $172,900, down 16.1 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $284,000 in May; in California, it was $267,570; in Maryland, it was $265,724; and in New York, it was $189,000.

NAR’s latest housing industry outlook notes the $8,000 tax credit for first-time homebuyers is boosting the sector. “Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade,” said NAR Chief Economist Lawrence Yun. “However, the increase in sales is less than expected because poor appraisals are stalling transactions. The big question is how much the appraisal issue will impact the ability of contracts to go to closing.”

In Florida’s year-to-year comparison for condos, 5,241 units sold statewide compared to 3,771 units in June 2008 for a 39 percent increase. The statewide existing condo median sales price last month was $112,900; in June 2008 it was $180,400 for a 37 percent decrease. The national median existing condo price was $173,800 in May 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.42 percent last month, down significantly from the average rate of 6.32 percent in June 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Existing home sales rose 30 percent last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR. Statewide existing home sales in March were 32.7 percent higher than February’s statewide sales.

Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in March and 13 MSAs also showed gains in condo sales. It marks the ninth consecutive month that a majority of markets have reported increased sales.

Florida’s median sales price for existing homes last month was $141,300; a year ago, it was $201,700 for a 30 percent decrease. Industry analysts with the National Association of Realtors® (NAR) report there is a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in February 2009 was $164,600, down 15 percent from a year earlier, according to NAR. In California, the statewide median resales price was $247,590 in February; in Massachusetts, it was $252,500; in Maryland, it was $253,200; and in New York, it was $210,000.

NAR’s latest housing industry outlook reported that entry-level buyers are seeking bargains, which resulted in sales of distressed properties accounting for 40 to 45 percent of February’s transactions. “Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” said NAR Chief Economist Lawrence Yun.

In Florida’s year-to-year comparison for condos, 4,388 units sold statewide compared to 3,503 units in March 2008 for a 25 percent increase. The statewide existing condo median sales price last month was $108,700; in March 2008 it was $172,300 for a 37 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $172,200 in February 2009.

Interest rates for a 30-year fixed-rate mortgage averaged 5 percent last month, down significantly from the average rate of 5.97 percent in March 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

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Existing home sales rose 20 percent last month with a total of 9,858 homes sold statewide compared to 8,181 homes sold in February 2008, according to FAR. February’s statewide existing home sales were 16.7 percent higher than January’s statewide sales.

Florida Realtors also reported a 15 percent gain in statewide sales of existing condominiums in February, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 25.1 percent over the total units sold in January.

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in February while 11 MSAs also showed gains in condo sales. It marks the eighth month in a row that a number of markets have reported increased sales.

Florida’s median sales price for existing homes last month was $141,900; a year ago, it was $199,300 for a 29 percent decrease. Industry analysts with the National Association of Realtors® (NAR) report a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in January 2009 was $169,900, down 13.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $254,350 in January; in Massachusetts, it was $321,000; in Maryland, it was $244,820; and in New York, it was $205,000.

Significant variations in local markets continue, according to NAR’s latest housing outlook, which also notes that it will take time for the impact of the economic stimulus to show in housing data. “Some markets appear to have reached the tipping point of accelerating home buying,” said NAR Chief Economist Lawrence Yun. “Improvement from the economic stimulus isn’t likely to show as closed home sales before summer, although we may see an earlier lift from lower mortgage interest rates.”

NAR analysts estimate the impact of the federal economic stimulus package and lower interest rates on the housing market to be about 900,000 additional home sales in 2009 compared to conditions before the stimulus package. By the end of the year, NAR expects inventory to fall below an eight-month supply, which would be consistent with home price stabilization.

In Florida’s year-to-year comparison for condos, 3,198 units sold statewide compared to 2,785 sold in February 2008 for a 15 percent increase. The statewide existing condo median sales price last month was $109,300; in February 2008 it was $173,900 for a 37 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $174,400 in January 2009.

Interest rates for a 30-year fixed-rate mortgage averaged 5.13 percent last month, down significantly from the average rate of 5.92 percent in February 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

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Sunny Isles Beach Broker Real Estate News

Florida’s existing home sales rose in January, making it the fifth month in a row that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).  Existing home sales rose 24 percent last month with a total of 8,450 homes sold statewide compared to 6,810 homes sold in January 2008, according to FAR.

“Many people are looking at today’s market and seeing opportunities to find the home or business they’ve always wanted,” said 2009 FAR President Cynthia Shelton. “With a range of available housing options, historically low mortgage interest rates and affordable prices, buyers who may have been hesitant before should take a closer look at the current opportunities for homeownership. As real estate professionals who know all aspects of their local market conditions, Florida Realtors are here to help counsel consumers making sound long-term decisions for their homes and their businesses.”

Florida Realtors also reported a 13 percent gain in statewide sales of existing condominiums in January, making it the fourth recent month (following September, October and December) that statewide existing home and existing condo sales were higher compared to year-ago levels.

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in January while 11 MSAs also showed gains in condo sales; it marks the seventh consecutive month that a number of markets have reported increased sales.

Florida’s median sales price for existing homes last month was $139,500; a year ago, it was $206,900 for a 33 percent decrease. According to industry analysts with the National Association of Realtors® (NAR), there remains a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in December 2008 was $174,700, down 14.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $281,100 in December; in Massachusetts, it was $275,000; in Maryland, it was $267,925; and in New York, it was $220,000.

NAR’s latest housing outlook shows that home prices continue to fall, but also notes a trend of increasing sales activity in the Florida, California, Arizona and Nevada markets. “It appears some buyers are taking advantage of much lower home prices,” said NAR Chief Economist Lawrence Yun. “The higher monthly sales gain and falling inventory are steps in the right direction, but buyers will continue to have an edge over sellers for the foreseeable future.”

In Florida’s year-to-year comparison for condos, 2,556 units sold statewide compared to 2,266 sold in January 2008 for a 13 percent increase. The statewide existing condo median sales price last month was $113,400; in January 2008 it was $190,200 for a 40 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $181,400 in December 2008.

Interest rates for a 30-year fixed-rate mortgage averaged 5.05 percent last month, down from the average rate of 5.76 percent in January 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

http://www.sunnyislesbeachbroker.com/ (786) 406-1757

Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank.

The minimum bid in most foreclosure auctions equals the outstanding loan amount, the accrued interest and any costs associated with the foreclosure sale including attorneys’ fees.

After an unsuccessful auction, the bank will go through the process of trying to sell the property on its own. It will remove some of the liens and other expenses on the home and try to resell it to the public, either through future auctions or direct marketing through a REALTOR.

Generally speaking, bank REO properties are in poor shape in terms of repairs and maintenance; however, real estate investors will often go after these properties as banks are not in the business of owning homes and so, in some cases, the low price can more than compensate for the condition of the property.

Once a property is REO, the bank or lender will try to get rid of the property by either selling it directly or through an established broker. Many larger banks such as Bank of America, Chase  and Wells Fargo have REO/asset management departments that will field bids and offers, oversee upkeep and handle sales.

Brosda & Bentley Realtors™ is an established broker serving Aventura, Hallandale Beach, Golden Beach, Sunny Isles Beach, Bal Harbour, Surfside, Miami Beach and Downtown Miami.

Call the Brosda & Bentley Realtors™ REO Department for more information (786) 406-1757