Archive for the ‘Miami Beach’ Category

Affluent French Make Plans To Relocate

May 14, 2012

 

PARIS – May 14, 2012 – France’s national election will mean a change of residence for many more French than simply outgoing President Nicolas Sarkozy, a real estate firm says.

Winkworth, a real estate firm in South Kensington, Britain, said there has been a 50 percent jump in customer traffic from France since last weekend’s election, which analysts attribute to Socialist President-elect Francois Hollande’s plans to raise taxes on the wealthy, The Daily Telegraph reported Sunday.

Hollande, who defeated the center-right Sarkozy last weekend, has said his tax policy would include raising the tax rate to 75 percent for those earning $1.2 million per year or more. He also expects to raise the tax rate to 45 percent for those earning $193,000 per year or more.

On the other side of the English Channel, British Prime Minister David Cameron is planning to cut the 50 percent tax rate for those earning $241,000 per year or more to 45 percent. This explains the sudden interest in relocating, said one banker.

Hollande has also said, flat out, “I don’t like the rich.”

One French financier remarked that the new French president has triggered “the third-biggest exodus from France – the first being the Revolution and the second when (Socialist President Francois) Mitterrand got into power.”

Copyright © United Press International 2012

Florida Real Estate Buzz: THE HEIGHT OF COOL

May 10, 2012

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.

South Florida’s High-End Properties In High Demand

May 9, 2012

This excellent story by Miami Herald: The Rich Niche: South Florida’s High-End Properties In High Demand – Breaking News – MiamiHerald.com., offers good insights on what is really happening in our lovely South East Florida. Before I share it with you all, I would like to include the following “Points To Ponder”:

Where do the affluent buyers shift their attention to? 

The scene: Luxury Real Estate, SE Florida- Sunny Isles, Miami Beach, Down Town Miami.

The players: Europe, South America, US, Israel, Russia. 

The circumstances: Europe’s Political and economic tensions not only push up U.S. bond prices, but also boost the US real estate markets, as some of its most affluent residents start looking for stability and comfort elsewhere. Political instability in South America, has always been the driving force out for some of these countries’ investors. General disappointment and loss of confidence in the stock market was the determining factor for the local luxury buyer. Israel has a technologically advanced market economy and although the global financial crisis of 2008-09 spurred a brief recession in Israel, the economy has recovered better than most advanced, comparably sized economies, thus producing a number of substantial investors. Russia: as the number of Russian billionaires almost doubled over the last year to 101, (reported by Forbes), our sunny coast plays host to some.

The results:Luxury homes in SE Florida are selling for nearly what they were at the peak, even if the market as a whole remains in the dumps. 

The article below is one of the many articles in the last 6 months or so, attesting to the fast recovery in SE Florida’s real estate. It offers truthful reports and statistical figures making two points: the luxury market in SE Florida not only remains the most resilient market, but continues to grow, and second, it creates an “after effect”, that influences positively many other segments of the local market, causing them to recover faster. With that said, why I wonder, so many people are still waiting for our local market to bottom out??? 

Read more here: http://www.miamiherald.com/2012/05/05/2785509_p3/the-rich-niche-south-floridas.html#storylink=cpy

For accurate real estate reports, services and helping you find your real estate deal, contact:

Kate Smith, Realtor®, ABR, CRS, CLHMS, CDPE, E-Pro, SFR, TRC
Luxury Residential, Commercial and Distressed Properties Specialist
Direct: 786.412.8510
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