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January 2008 Newsletter Sean Greco – Realtor®, CLHMS Buy the Beach Realty, Cell 786‐877‐9220, buybeach.com Greetings from South Florida, I hope this email finds you well and excited for what 2008 will bring. At some point we have been in touch about Real Estate here in the South Florida area, most likely property at the Beach. This is the 1st of what will be a monthly newsletter that will contain data that will help you to analyze market conditions. In addition, it is an unobtrusive way to stay in touch with you regarding my Real Estate Consulting Services. The below chart is data from the past 90 days for Condominiums, ending 12/31/07. The data is taken from South East Florida’s Multiple Listing Service (MLS) for the cities and townships of Miami Beach (South Beach, Mid Beach, & North Beach), Surfside, Bal Harbour, and Bay Harbor Islands. The paragraph below the data will explain in more detail what is included in this analysis. Please don’t hesitate to pose any questions you may have, or simply give me a call or send me an email to discuss Real Estate in general. This data will help to analyze market conditions from month to month. Price Range $0 - $199,999 $200,000 - $249,999 $250,000 - $299,999 $300,000 - $349,999 $350,000 - $399,999 $400,000 - $499,999 $500,000 - $599,999 $600,000 - $699,999 $700,000 - $799,999 $800,000 - $899,999 $900,000 - $1,179,999 $1,180,000 - $1,399,999 $1,400,000 - $1,799,999 $1,800,000 - $2,199,999 $2,200,000 - $2,699,999 $2,700,000 - $3,199,999 $3,200,000 - $3,999,999 $4,000,000 - $4,999,999 $5,000,000 + Totals:
Active 570 467 497 370 430 557 452 331 248 182 201
Closed 35 22 27 15 22 20 17 11 5 5 8
Listings Expired 151 111 131 87 89 131 86 74 66 28 46
% Listing Expired 26.49% 23.77% 26.36% 23.51% 20.70% 23.52% 19.03% 22.36% 26.61% 15.38% 22.89%
% Sold 6.14% 4.71% 5.43% 4.05% 5.12% 3.59% 3.76% 3.32% 2.02% 2.75% 3.98%
Avg DOM 173 105 176 103 180 127 118 138 153 93 256
Average Discount 11% 7% 9% 8% 5% 9% 8% 6% 13% 7% 10%
New vs. Old 3 vs. 32 0 vs. 22 1 vs. 26 0 vs. 15 3 vs. 19 8 vs. 12 8 vs. 9 6 vs. 5 2 vs. 3 4 vs. 1 6 vs. 2
177 155 79 87 45 37 24 47 4956
8 5 2 2 5 3 1 0 213
24 28 18 14 7 4 4 0 1099
13.56% 18.06% 22.78% 16.09% 15.56% 10.81% 16.67% 0.00% 22.18%
4.52% 3.23% 2.53% 2.30% 11.11% 8.11% 4.17% 0.00% 4.30%
167 122 261 160 120 185 3 n/a 147
12% 11% 11% 9% 7% 14% 11% n/a 9%
8 vs. 0 4 vs. 1 2 vs. 0 2 vs. 0 5 vs. 0 3 vs. 0 1 vs. 0 n/a 66 vs. 147
As you can see, I have broken the data into price ranges, and then you can see the amount of Active condos for sale, how many Real Buyers Closed on a condo for sale, how many of those listing agreements Expired unsold, then further calculated what percent of the Active condos for sale Expired and Sold. Then I calculated the Average Days on Market (Avg DOM), which is the amount of days it took the condos that sold to obtain a Real Buyer. Then I show the Average Discount, which is the percentage the Listed Price was discounted to the Actual Sale Price for all Closed Sales. The last column is for Closed Sales that were newer construction, which I considered to be anything built after 1995, versus older buildings built before 1995. I track this data for Condominiums and Single Family Homes separately due to their differences.
The next set of data below is the same information for Single Family Homes. The one difference is that the last column is the Average Age of the homes Sold. Price Range $0 - $399,999 $400,000 - $499,999 $500,000 - $649,999 $650,000 - $799,999 $800,000 - $999,999 $1,000,000 - $1,299,999 $1,300,000 - $1,599,999 $1,600,000 - $1,999,999 $2,000,000 - $2,999,999 $3,000,000 - $3,999,999 $4,000,000 - $4,999,999
Active 24 18 65 61 64 64 76 65 66 28 20
Closed 1 4 3 3 7 2 2 2 1 0 2
Listings Expired 9 2 16 8 9 10 4 7 8 6 3
% Listing Expired 37.50% 11.11% 24.62% 13.11% 14.06% 15.63% 5.26% 10.77% 12.12% 21.43% 15.00%
% Sold 4.17% 22.22% 4.62% 4.92% 10.94% 3.13% 2.63% 3.08% 1.52% 0.00% 10.00%
Avg DOM 161 62 95 63 123 87 168 373 404 n/a 166
Average Discount 18% 10% 8% 3% 4% 8% 14% 14% 11% n/a 22%
Average Age 1948 1949 1951 1945 1945 1976 1948 1945 1948 n/a 1957
$5,000,000 - $5,999,999 $6,000,000 - $6,999,999 $7,000,000 - $9,999,999 $10,000,000 + Totals:
20 9 19 18 617
1 1 0 2 31
1 0 0 1 84
5.00% 0.00% 0.00% 5.56% 13.61%
5.00% 11.11% 0.00% 11.11% 5.02%
52 526 n/a 254 195
15% 12% n/a 16% 12%
1939 1957 n/a 2005 1955
Below are very brief summaries on key issues that have a direct affect on South Florida Real Estate: PROPERTY TAXES & INSURANCE: These 2 issues received a lot of attention as Property Owner’s requested relief by reforming these key areas greatly affecting Florida Real Estate. As a property owner or potential property owner, I urge you to keep up to date on the various progress, legislation, and proposed legislation in order to help you better understand how this affects you. The below link will take you to the Florida Association of Realtors Legislative Center that will help to explain the numerous moving parts concerning both issues: http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/index.cfm INTERNATIONAL APPEAL: With the weak dollar and falling prices, combined with the sound fundamentals Beach property has, numerous International 2nd home buyers and investors are increasingly finding amazing deals. Property in Miami Beach (South Beach), Bal Harbour, Surfside, and Bay Harbor Islands has not seen the disproportionate growth in supply with respect to demand that Miami has. It is vital that buyer’s understand that Miami is a separate city than that of the ones listed above. The fundamentals on the Beach are solid with growing foreign and domestic demand, premiere location, upside income and appreciation potential, and the stability with regards to property rights that other tropical destinations cannot guarantee. International and Domestic buyers are able to find amazing deals on properties they can rent out to generate some income, and/or use as a second home or primary residence, and are holders of the property. Savvy buyers are taking advantage of the negative media blitz focused on the entire state of Florida and the city of Miami, realizing Miami Beach is a separate Real Estate Market with its own very sound fundamentals. One such article outlining this phenomenon: http://realtytimes.com/rtpages/20071227_secondhomes.htm MORTGAGE RATES: As the Fed Funds Target rate has been cut over the past couple months, this has made it less expensive to borrow money. I realize that different rates for various mortgages are based on numerous financial instruments, but no matter how you analyze it, cheaper money is good for the economy as a whole (of course until it creates inflation, which is another newsletter in and of itself). Please make sure to stay in touch with your mortgage broker or bank to keep up to date on interest rates, as this can directly affect many Real Estate related decisions. This is the website to the Federal Reserve’s Monetary Policy section: http://federalreserve.gov/monetarypolicy/default.htm
JOB GROWTH: Miami‐Dade and Broward Counties added 26,400 jobs over the past year, a 1.1% increase. Unemployment in Miami‐Dade is at 3.7% and in Broward 3.9%, compared with the State of Florida’s at 4.3% and the Nation’s at 4.7% ‐‐ Source: The Miami Herald 12/22/07 That is all for this month’s newsletter. I welcome suggestions, feedback, and of course I am here if you or anyone you know is thinking of buying or selling property here in South Florida. If you wish to further discuss any of the above issues in more detail, or any other Real Estate related topics, please don’t hesitate to call or email. If you wish to be removed from this mailing list, please REPLY to this email placing REMOVE in the subject line.
