What has happened to Aventura’s Luxury Condominiums over $750,000 during the First Quarter (Q1) of 2011?

One tasks I was requested to tackle after I joined ONE Sotheby’s International Realty was to compare what  happened to the Aventura luxury condo market between 2008 – 2011. Although I already knew that this has been a great year, I did not realize how good it had been  until I put together the information I am about to share with you. And I am sure that from here we can only go in one direction … forward (meaning more sales and a more stable market).

AVERAGE DAYS ON THE MARKET (DOM)

I am looking at the chart above and I am happy to see that the Average Days on the Market (DOM) for luxury Condominiums in the City of Aventura has gone down by 28%. This means that in the First Quarter of 2011 it took 140 days to sell a condominium in Aventura as compared to 194 days in the first quarter of 2008.

For this Blog I took into account the following condominiums:

Porto Vita
Peninsula
Bella Mare
Atlantic I, II and III
One Island Place
Hamptons South

SUPPLY AND DEMAND

There’s a similar behavior in the number of condos for Sale in Aventura. In the First Quarter of 2008 we had 481 condos for sale above $700,000 as compared to only 276 in the First Quarter of 2011.

And the numbers of sold condos doubled from 11 in Q1 of 2008 to 22 in Q1 of 2011.

Lately the Aventura Luxury Condominium market became a cash market with just a few conventional mortgages and some short sales and foreclosures every now and then but they were exceptional in this price range.

As of the date I am posting this blog the most expensive condominium for sale is the PH-01 at Porto Vita offered at $12,000,000 with its own private terrace and pool overlooking Golden Beach, the Intracoastal Waterways and the Ocean. It is evident that Porto Vita is the most expensive condominium in Aventura.

And the last reported sale was also in Porto Vita! The 3 bedroom 5 bath condominium on the 20th floor with 3374 sq.ft  offered at $2,450,000.

So, this blog post is telling us that it is taking less time to sell a luxury condominium, that we have a lower inventory and more

Are you ready to jump and buy? You don’t want to  miss out on  a great “deal”? Well, I am not sure if you have much time …

Why people from all over the world come to Miami?

Because of the beach, the sun, the fun, great weather all year round.  Because it is easy to get here.

I guess that they come for these and other innumerable reasons. So, can we compare the real estate market in towns like Bal Harbour and Sunny Isles to other towns in the country or even in the State of Florida?

When I read the Real Estate Reports issued nationally I cannot understand how, these “specialists” come up with those numbers. Here in  Sunny Isles or Bal Harbour the market behaves differently.

Distressed Condos in Bal Harbour and Sunny Isles Beach - All Price Ranges

The chart above represents all distressed properties in Sunny Isles and Bal Harbour. There are 315  condos for sale either under short sale or  foreclosure  in these towns.  There are about 30 of them selling per month, and about 52  being pended on a monthly basis.

We came from 74 pended in April to 50 in June. Why? Because our season ends in June, and these figures make sense.

I have been marketing properties and servicing my clients in Sunny Isles and Bal Harbour for over 9 years now. Most of my clients come   from out of town and they contact me on a daily basis concerned about the “double dip” recession, the falling of prices and the increase in foreclosures. And I am there to dissipate their doubts by providing them the real information and actual statistics.

So, as I tell many of my clients. Do not miss out on properties you like and want to buy because you take any information you read seriously. You’d better contact your local expert and find out from real sources what is going on in your real estate market.

Good News for the South Florida Real Estate Market

Florida’s existing home sales rose in November, marking 15 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

According to the report from Florida Realtors, existing home sales rose 61 percent lIn Florida’s year-to-year comparison for condos, 4,889 units sold statewide last month compared to 2,320 units in November 2008 for an increase of 111 percent. The statewide existing condo median sales price last month was $104,400; in November 2008 it was $131,400 for a 21 percent decrease. The national median existing condo price was $172,900 in October 2009, according to NAR.Interest rates for a 30-year fixed-rate mortgage averaged 4.88 percent last month, a significant drop from the average rate of 6.09 percent in November 2008, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are writtenast month with a total of 14,026 homes sold statewide compared to 8,694 homes sold in November 2008, according to Florida Realtors. Statewide sales of existing condos increased 111 percent last month compared to November 2008′s sales figure.

For the second month in a row, all of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in November. A majority of the state’s MSAs have reported increased sales for 17 consecutive months.

With a continued trend of increased number of sales, inventory will shrink and we will see light at the end of the Real Estate Tunnel.

What is happening in the Aventura Market in Particular? Are you interested  Sunny Isles condos, or Miami, or Brickell condos for sale? Or in Miami Beach and Bal Harbour real estate sales report? You are just one click away. Simply subscribe to the market trends report and receive them free  in your inbox.