Today's Florida Real Estate Market – Boom or Bust? - Press Release - Digital Journal

Florida real estate has always been different than most states - booms and busts, foreclosures and fortunes. On one hand, tiny concrete-block homes with small yards and no garage that originally sold in the 1950s in Key Biscayne for about $10,000 are now selling for well over $1 million. However, Orlando golf resort condos near Disney World that sold like hotcakes in 2006 for close to $1 million are now lucky to fetch $300,000.

Just like politics, real estate is "local" and the home buying situation varies quite a bit in Florida. Are prices going up or down? Is now a good time to buy a home? Are there any condo bust deals left? Prices are very expensive in some areas but a bargain in other parts of the state. Home selling inventory can be high in one city, but very limited in the next town just a few miles down the road.

Most of Florida seems to be in another boom period. According to the National Association of Realtors, Florida's median home sale prices have increased for 31 consecutive months. Florida real estate attracts more international buyers that anywhere else in the United States, accounting for 23 percent of all U.S. foreign buyers, and is also attractive to investors, vacation home buyers and baby boomers who are reaching retirement age. According to the Sarasota Herald-Tribune, the price discounts that were widespread from 2009 to 2012 in Southwest Florida are almost gone. The newspaper points to rising demand and fewer listings causing the price increases.

South Florida is especially hot. Based on the latest Case-Shiller Home Price Index report,    Continue reading>>> Today's Florida Real Estate Market – Boom or Bust? - Press Release - Digital Journal

Downtown Miami Condo Prices Soar 75%

By Jennifer LeClaire | Miami

Prices for resale condo units in Downtown Miami from the last boom have increased 75% over the past two years.

MIAMI—Would you believe Downtown Miami condo prices are nearing pre-recession levels? It’s true, according to a new study from the Miami Downtown Development Authority (DDA).

Prices for resale condo units in Downtown Miami from the last boom have increased 75% over the past two years, rising from an average of $230 per square foot to $400 per square foot. The DDA credits most of appreciation to value recovery stemming from market stabilization and the launch of new projects since 2011.

“Downtown Miami has long been viewed as a business hub, but we are  quickly gaining a reputation for our lifestyle offerings, everything from the Adrienne Arsht Center for the Performing Arts and Pérez Art Museum Miami, to a growing number of high-end hotels and restaurants and the addition of luxury retail,” says Alyce Robertson, executive director of the Miami DDA. “Overseas buyers eyeing U.S. real estate are finding that downtown Miami has all the amenities of a major cosmopolitan city, along with competitive pricing and easy access to Latin America and Europe.”

All told, there were 8,700 condo units for sale or under development through June 2014. Most of this inventory is expected to deliver through 2017, which would indicate the market is in the early stages of mid-cycle development. Second quarter 2014 pre-construction pricing ranges from $550 to $675 per square foot for current unsold inventory.

“Strong buyer demand, appreciating prices, and growing appeal among renters continue to fuel the downtown Miami condo market,” says Anthony M. Graziano, senior managing director for Integra Realty Resources in Miami, whose firm conducted the study. “While we expect price increases to slow with time, downtown is well positioned to absorb the new condo inventory currently under development should present-day buyer trends hold.”

Next: HOW RENTALS ARE BENEFITTING

Downtown Miami Condo Prices Soar 75% - Daily News Article - GlobeSt.com

Miami Home Sales Remain Strong Compared to Record Levels; Prices Continue to Increase at More Moderate Pace - Press Release - Digital Journal

 

Miami real estate sales, particularly for single-family homes, continue to reflect strong demand compared to record sales activity over the last three years, according to the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.

In June, residential real estate sales in Miami-Dade County increased 2.0 percent to 2,723 compared to 2,669 in June of last year. Single-family home sales increased 9.5 percent relative to June 2013, from 1,169 to 1,280. Compared to June 2013, condominium sales declined 3.8 percent from 1,500 the previous year to 1,443 last month.

"We continue to see strong sales activity in Miami compared to the three previous record sales years," said 2014 Chairman of the Board of the MIAMI Association of REALTORS Liza Mendez. "Activity is mostly declining for transactions in the lowest price points and for short sales. Increased inventory is generating more moderate price growth."

Median Sale Prices Continue to Rise
Median sale prices again increased for both single-family homes and condominiums in June. Prices remain at affordable 2004 levels despite Continued >>> Miami Home Sales Remain Strong Compared to Record Levels; Prices Continue to Increase at More Moderate Pace - Press Release - Digital Journal

Unlocking Trapped Real Estate Value - Daily News Article - GlobeSt.com

 

Unlocking Trapped Real Estate Value

Mesa Real Estate assembled the property of energy portfolios over a period of two and a half years.

MIAMI—If you want an alternate view on sale-leasebacks, ask the attorneys that work out the details. GlobeSt.com caught up with Joseph M. Marger, a partner at the law firm Reed Smith, to get his thoughts on the state of the sale-leaseback market in part one of this two-part interview. Be sure to come back this afternoon, when Marger will discuss when sale-leasebacks work best and the challenge involved in getting these deals done.

GlobeSt.com: Did strategies for sale-lease back change through the downturn? Are they changing in the recovery?  

Marger: Although capital was tight, companies were not expanding so demand was somewhat flat. At the same time, more players entered the sale-leaseback lending market in search of better returns, creating more competition for quality transactions. Sale-leaseback finance companies had to be more creative to unlock value for potential tenants.

GlobeSt.com: For corporations, is monetizing real estate through sale-leasebacks still a useful option? How can it unlock value?

Marger: Yes. Now that corporate borrowing rates are moving up, sale-leaseback financing will be a more viable option. The sale-leaseback allows companies to unlock 100% of the trapped value of their real estate as opposed to the lower LTVs of a mortgage financing. It can provide cash for expansion or operations without tying up a company’s line of credit.       

GlobeSt.com: Can you give me an example of how a sale-lease back unlocked value for a corporate real estate owner? 

Marger: We’ve done numerous transactions where the sale-leaseback was a key component of a larger acquisition, or was the best way to finance an expansion of a plant or key facility, or was combined with TI financing to refurbish an aging headquarters. Additionally, as mentioned, the company can utilize the rent from the lease for more favorable accounting treatment.

Be sure to check out GlobeSt.com's NEW PropertyALERT which provides owners and brokers a dynamic new marketing platform in which to showcase properties and initiate deals. This economical marketing tool will create increased awareness for your property for a minimal investment.

Unlocking Trapped Real Estate Value - Daily News Article - GlobeSt.com

Facebook Calculator Drives Auto Loans for Chicago Credit Union - American Banker Article

Facebook Calculator Drives Auto Loans for Chicago Credit Union

by Mary Wisniewski
JUL 17, 2014 4:20pm ET

As financial institutions struggle to find revenue-generating social media strategies, a Chicago credit union has achieved a surprising level of success from a simple tool: a loan calculator app on its Facebook page. Calcubot, the name of the calculator tool that connects to one running on its website, has helped generate nearly $1 million of auto loans for Alliant Credit Union since its November debut.

The tool, which lets people determine their monthly loan payments and optionally share them with friends and family, drove 478 prospects to Alliant's online auto loan application within the first four months, when the credit union actively promoted the tool on its website's homepage and through posts written on its social media channels. The credit union plans to prominently feature Calcubot again in coming months to grow sales leads.

"We are looking to increase engagement with social media and to drive more traffic to loan applications," says George Balchev, manager of digital channels for Alliant, an $8.1 billion-asset financial institution.

Alliant Credit Union, which has more than 270,000 members, created its Facebook page in 2009 and now counts more than 13,000 page likes.

Calcubot, created by a Berkeley, Calif.- based company called Shastic, estimates loan payments once a person enters in information like the selling price and down payment. It directs those interested to websites where they can apply for a loan.

Research shows the majority of U.S. car buyers use Facebook in their research.

Read Complete Story >>Facebook Calculator Drives Auto Loans for Chicago Credit Union - American Banker Article

Miami Dade announces ordinance to eliminate unregulated animal breeding | News - Home

 

MIAMI DADE, Fla. -

On Wednesday, Miami-Dade County commissioners voted unanimously for an ordinance that will eliminate unregulated animal breeding.

"Let me be clear," Miami Dade County Commission Vice Chair Lynda Bell states, "We’re not making it illegal to breed animals. We are establishing new standards of care. We are protecting female dogs and cats by allowing them to be bred no more than once every 12 months."

In Miami, breeding animals for sale has been an unregulated industry.

Often times, abandoned cats and dogs are forced to live in inhumane and unsanitary conditions in breeding facilities. Many of those animals are sold to pet shops and eventually develop health problems. It becomes a never-ending cycle triggered by roadside breeders that only increases the pet population.

Under this new ordinance, anyone who sells a dog or a cat, regardless the number, will be considered a pet dealer and will have to register with the county.

Many pet organizations have expressed approval of this ordinance. However, the American Kennel Club believes that these new provisions alienates breeders and limits choices of potential pet owners.

The ordinance will become final in September if it receives one additional commission vote.

Miami Dade announces ordinance to eliminate unregulated animal breeding | News - Home

Average Rate on 30-Year Mortgages Dips This Week :: EDGE on the Net

 

Average U.S. mortgage rates are near historically low levels.
Mortgage company Freddie Mac said Thursday that the nationwide average rate for a 30-year loan dipped to 4.12 percent, down from 4.14 last week. The average for the 15-year mortgage, which had taken a big dip the previous week, was unchanged this week at 3.22 percent.
Rates on one-year adjustable mortgages averaged 2.38 percent this week, down from 2.40 percent last week.
Mortgage rates are slightly lower than they were at the same time last year, having fallen recently after climbing last summer when the Federal Reserve began talking about trimming back the monthly bond purchases it has been using to keep long-term rates low.
At 4.12 percent, the rate on 30-year mortgages is down from 4.53 percent at the beginning of this year. Rates have fallen modestly this year as Fed officials have sent strong signals that while they are trimming their monthly bond purchases, they are in no rush to start boosting a key short-term rate the Fed controls.
To calculate average mortgage rate, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage was 0.5 point this week, the same as last week. The fee for a 15-year loan, popular in refinancing, was also 0.5 point, unchanged from last week.
The fee on a one-year adjustable rate mortgage was 0.4 point, unchanged from last week.
The average rate on a five-year adjustable rate mortgage was 2.98 percent, unchanged from last week. The fee was 0.4 point, up from 0.3 point last week.

Average Rate on 30-Year Mortgages Dips This Week :: EDGE on the Net

Miami’s Condo Boom REDUX

By Martha Brannigan The Miami Herald
A Metromover passes by Reach, a condominium under construction at Brickell City Centre.

mbrannigan@MiamiHerald.com

The grand opening of the pre-construction sales center for the SLS Lux Brickell condominium drew hundreds of real estate agents on a sultry June evening. With the imposing bronze sculpture Male Torso by Fernando Botero looming above, Related Group chairman and CEO Jorge Pérez made the rounds as the crowd tipped stemmed glasses of bubbly and nibbled hors d’oeuvres. Pérez was in high spirits. And why not? SLS Lux Brickell already had reservations from buyers to purchase $200 million in units — half the project’s total sales — before the formal launch of the sales center June 11, according to Related, which is jointly developing the prime site with real estate baron W. Allen Morris, who owns the land. “Miami is the sweetheart of the world,” said Pérez, who is leading a new boom in condominium construction six years after the last one ended in a spectacular crash. Back then, thousands of buyers reneged on contracts for newly built Miami condos amid nosediving values. Now, he said, “Everyone wants a place here.” Along with the reliable stream of investors from Brazil, Argentina, Venezuela and Mexico, Miami keeps attracting buyers from Russia, England, France and Canada, among other places. All eyes are on the Chinese to see if they will join the fray in any significant way.  Continued>>> Miami’s condo boom redux - Business Monday - MiamiHerald.com