Florida Real Estate Buzz: THE HEIGHT OF COOL

Luxury resort development and sky-scraping sports cars jazz up miami’s soaring real estate scene. It’s not just foreign investors fueling Miami’s comeback. As the local real estate market faces a renaissance and prices rise, heavyweight developers – Donald Trump in Doral and Gil Dezer in Sunny Isles Beach – are jumping back on the investing wagon to get a piece of the pie before there’s nothing left. Trump plans to work his magic (and millions) on a weathered Doral golf course and hotel and turn it into a luxury resort. Dezer is teaming up with sports car maker Porsche for a one-of-a-kind futuristic condo tower. In general, Luxury homes in SE Florida are selling for nearly what they were at the peak, even if the market in the other states and markets remains in the dumps.

And, the today’s headlines from Miami Association Of Realtors anounce: Miami condo prices jump 38% in the first quarter of 2012, inventory drops 33%.

The median sales price of a Miami-Dade County condominium rose by 38 percent in the first quarter, compared to the same period in 2011, according to a report from the Miami Association of Realtors. The median single-family home sales price rose to $174,799, a 14 percent increase compared to the first three months of 2011. “In the first quarter, we have seen further decline of housing inventory in Miami-Dade County, coupled with consistent and significant price appreciation,” said Martha Pomares, 2012 Chairman of the Board of the Miami Association of Realtors.

Record home sales, which were greatly boosted by foreign buyers and investors in Miami-Dade County, have further strengthened the local real estate market and economy.” The price increases came despite short sales and REOs continuing to account for a significant proportion of closed home sales.

Whereas the prices went up by 38%, the inventory in Miami fell by 33 percent in the same period.

Stay tuned for more real estate news.


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