June 28, 2016
Colombia has officially replaced Brazil as the top foreign country searching for property in South Florida. In April, Colombia registered the most searches for South Florida real estate for the fifth straight month. Prior to this, Brazil led the rankings for 13 consecutive months through June 2015. Since then, they have fluctuated between the top 2 positions, before landing at number 5 in the most recent report.
June 24, 2016
Condominium and single-family home sales in Miami-Dade County continued their downward slide in May. Single-family home sales decreased by 7.2 percent year-over-year, while condo sales fell 13.3 percent. The reasons for the slowdown remain the same. Many luxury condominiums entered the market at around the same time major South American markets began experiencing volatility. New construction projects continue to enter the market, and some buyers continue to wait and see what else may be entering the market in the near future.
June 22, 2016
The developer of Paramount Miami Worldcenter recently announced yet another unique amenity that will be available to residents of the luxury condo development currently under construction in downtown Miami. Open space on the 60th-floor SkyDeck will now become a glass-enclosed observatory, with a telescope. The telescope will be connected to a digital screen, so that everyone present in the 1,200-square-foot room will be able to view the sky. A glass elevator from the 56th-floor lounge will lead up to the observatory.
June 17, 2016
Mortgage rates dropped to the lowest level since May 2013 amid concerns about the global economy and the Federal Reserve's recent decision to keep interest rates from rising. A 15-year mortgage fell to 2.81 percent, and a 30-year fixed-rate mortgage dropped to 3.54 percent. The all-time low for 30-year mortgages was 3.31 percent in November 2012.
June 14, 2016
Moving right along according to the schedule, Ritz-Carlton Residences Sunny Isles Beach just broke ground. The ultra-luxury, 52-story tower was 65 percent sold out as of last month, with 3 of 5 lavish penthouse residences already under contract. A top-floor penthouse sold for 16.5 million dollars, and a 51st-floor penthouse comprised of 2 units sold for a record-breaking 21 million dollars. The Ritz-Carlton Sunny Isles is aiming for a 2018 completion date.
June 10, 2016
There has been plenty written recently about the real estate market cool down in Miami. While this is not usually something completely welcome to read about, the situation in Miami is a lot more nuanced than other major luxury markets in the United States, and experts believe the situation is not nearly as ominous as the media occasionally reports. In fact, the current conditions make this a perfect time to purchase Miami real estate.
June 7, 2016
Aria on the Bay in Miami's trendy Arts and Entertainment District is now 70 percent sold out. Construction on the 53-story tower is currently at the 11th floor, and now that the foundation work is complete, the developers expect to complete one full floor per week. The luxury waterfront project will top off in April 2017, with building completion scheduled for the end of that year.
June 3, 2016
Home price growth in South Florida is continuing to cool off. While prices in Broward, Miami-Dade and Palm Beach counties rose 6.2 percent year-over-year, they only rose 1.1 percent between February and March of this year. This is yet another sign the South Florida real estate market is taking a break from the boom of the past 3 years, which often saw double-digit price growth.
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