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Residential sales across South Florida were up in Miami-Dade, Broward and Palm Beach in October, with condo closings rising roughly 20 percent in each county.

Increases in both home sales and median prices last month were due in part to heightened demand spurred by concerns of rising interest rates, according to the Miami Association of Realtors.

Miami-Dade

Residential closings rose nearly 15 percent year-over-year in Miami-Dade County to 2,284, marking the fourth consecutive month of sales increases. Condo closings jumped 21.3 percent to 1,211, with the bulk of deals occurring in the $150,000 to $400,000 range.

Sales of single-family homes increased 8.1 percent, up to 1,073. The majority of deals were for homes in the $250,000 to $600,000 range. Overall sales volume totaled $949 million in Miami-Dade. Read more here:The Real Deal Miami

Pordes Residential is taking over sales of a boutique townhouse development in Bay Harbor Islands as it nears completion.

Land Developers Group hired the brokerage to handle the remaining nine townhomes, which is about 64 percent of the 14-unit Palm Villas project at 9870-9880 East Bay Harbor Drive. It launched sales in 2016, and has only sold five townhouses since then.

Over the past year, Pordes Residential was also brought in to take over sales and marketing by the project developers of KAI Residences, 101 Bay Harbor and Bijou Bay Harbor, all in Bay Harbor Islands.

The brokerage, led by Mark Pordes and Adam Kaufman, plans to reach out to buyers in the Northeast and Canada.

“The market in general has been a little slow, but there definitely are sales here,” Kaufman said. Read more here:The Real Deal Miami

Miami-Dade condo sales fell back down again last week, likely thanks in part to the July 4 holiday.

The county recorded 109 closings for a total of $55 million, up from the previous week’s $79.2 million sales volume. Condos last week sold for an average price of about $503,000 or $366 per square foot.

The priciest deal was the $5.45 million sale of unit 1002 at Mansions at Acqualina. The 4,609-square-foot condo traded hands for nearly $1,200 per square foot. It was listed with Yansy Checa. Marla Cohen brought the buyer.

The second most expensive condo closing last week was the $3.5 million sale of unit 1204-S at Oceana Key Biscayne. The 1,873-square-foot condo was on the market for slightly over a year. Bruno Ricci represented the seller, and Giulietta Ulloa brought the buyer.

Closing prices in the top 10 deals ranged from about $1.5 million to the $5.5 million Mansions at Acqualina unit.

Here’s a breakdown of the top 10 sales from July 1 to July 7. Click on the map for more information:

Most expensive
Mansions at Acqualina #1002, Sunny Isles Beach | 67 days on market | $5.45M | $1,182 psf | Listing agent: Yansy Checa | Buyer’s agent: Marla Cohen

Read more here: The Real Deal

Venezuela outspent other countries in Miami-Dade for second-straight year

Despite the residential market’s lackluster year, foreign investors spent $7.1 billion on South Florida homes in 2017, up nearly 15 percent from the previous year’s $6.2 billion.

Leading the pack in South Florida was Argentina with 15 percent of all foreign purchases last year, according to the Miami Association of Realtors. Venezuelans spent the second most in Miami-Dade, Broward, Palm Beach and Martin counties with 11 percent, followed by Canada and Colombia with 9 percent each, and Brazil with 8 percent.

Foreign buyers picked up 15,400 residential properties last year, up more than 40 percent from the 10,900 homes international buyers closed on in 2016, according to the report.

In Miami-Dade, which captured 51 percent of foreign deals in South Florida, Venezuelans spent the most of any other country with 12 percent, as the wealthy continue to move their money to the U.S. amid the political and economic crisis in their home country. The South Florida cities of Doral, nicknamed “Dorazuela,” and Weston, also known as “Westonzuela” are home to large Venezuelan populations.  Read more here:The Real Deal

 

Curious just how far your dollar goes in Miami?

We’ve rounded up the latest rental listings via rental site Zumper to get a sense of what to expect when it comes to hunting down a place in Miami if you’ve got $2,000 / month earmarked for your rent. (Note: prices and availability are subject to change.)

Take a peek at what rentals the city has to offer, below.

2630 Southwest 27th Ave. (Coral Way)

Read more here: The Miami Herald

Developers Ugo Colombo and Valerio Morabito just bought the Bay Harbor Continental site for $20.5 million.

Property records show the partnership paid P3 Investments about $400 per square foot for the 1.2-acre development site at 1135 103rd Street in Bay Harbor Islands. It was previously approved for a seven-story, 29-unit boutique condo project designed by Italian design firm Pininfarina.

Colliers International South Florida’s Larry Stockton and his team represented both the buyer and seller.

Colombo was out of the country and unavailable to comment on plans for the site, according to a spokesperson.

P3, led by Carlos Malagoni, paid $16.5 million in April 2016 for the site, records show. It has 300 feet of bay frontage, according to a release.

P3 spent several years overcoming hurdles to prepare the site for development. The Bay Harbor Continental, a 35-unit co-op built in 1938 and designed by architect Charles McKirahan, was granted historic designation status early 2015 by the Miami-Dade Historic Preservation Board. Click Here to Read More on The Real Deal

After a recent bout of heavy rains, some Mid-Miami Beach homeowners say city sea level mitigation plans could make things worse.

Two weeks ago, developer Matis Cohen was busy helping motorists push their stranded cars as waist-high water flushed through the streets of Miami Beach. Unlike many residents who were hunkered down at home or at work as more than six inches of rain flooded the city in two hours, Cohen was out in the streets, checking on tenants of his rental properties.

Cohen, who said he was lucky to have a Jeep, wants the city to speed up its plans to raise streets and install pumps. “We’ve spent somewhere around $80 million so far out of a $400 million plan, and clearly a system cannot be judged if it is only 15-percent implemented,” he added. Click Here to Read More on The Real Deal

Miami home prices rose at a slower rate in June, according to a newly released report by CoreLogic.

Home prices in the Miami-Miami Beach-Kendall metro area increased 4.4 percent year-over-year, marking the seventh-highest increase in the U.S. From May to June, home prices increased by 0.1 percent.

Prices rose 6.1 percent statewide and 6.7 percent nationally.

Four of the 10 biggest metros in the U.S. were overvalued in June, including Miami, according to CoreLogic. The research firm compared home prices to income levels. Markets where home prices were at least 10 percent higher than the long-term, sustainable level were considered overvalued.

Affordability is “rapidly deteriorating” in those markets and across the country, Frank Martell, president and CEO of CoreLogic, said in the report.

In Miami, prices have been increasing for more than 5.5 years.

According to a recent Miami Association of Realtors report, the median price of a single-family home in Miami-Dade increased 6.3 percent in June, year-over-year, to $335,000. Condo prices were up 6.8 percent to $235,000.

Denver, also an overvalued market, reported the biggest annual gains in home prices at 8.7 percent in June. Las Vegas, Los Angeles, Boston, San Francisco and Washington, D.C., followed. Click Here to Read More on The Real Deal