S & J Journal

The New York Times reported this week that evidence is showing a recovery in the housing market. This is due to reports that prices are going up…and so are sales. Builders are constructing again. Homes are also being sold for asking price and sometimes above asking. Although the article says this is a positive movement, it says it will be slow. Many Americans are still in default of their loans, and owe more than their home is worth, making it impossible to sell. But the positive, upward trend is evident in the data: ·          S.&P./Case-Shiller index reported earlier this week that sales prices for existing homes rose in April for the first time this year. ·          National Association of Realtors said Wednesday that pending home sales climbed to the highest level since the end of a federal tax credit for first-time buyers in September 2010. ·       ...

The City of Coral Gables, Bacardi U.S.A., Inc. and the Biltmore Hotel together with the Coral Gables Chamber of Commerce, the University of Miami, Doctor’s Hospital and Waste Management, Inc. bring the fireworks back to Coral Gables (event last held in 2006). As Bacardi celebrates 150 years, they are “... proud to be involved with this Independence Day event,” said Mr. Whitmoyer, Bacardi Vice President. Event includes a Greater Miami Symphonic Band concert, concessions, and more. For VIP Cabanas and special hotel room rates, call (305) 913-3246 ext. 2387 or email 4thofJuly@biltmorehotel.com . Wednesday, July 4th Free Admission to Grounds and Parking Biltmore Hotel, 1200 Anastasia Ave. Concert at 7 p.m., Fireworks at 9 p.m. Call 305-446-6800

Business and civic leaders from around Miami and South Florida joined last week at the Biltmore Hotel to honor Peter Dolara for his service to the South Florida community as Vice President of American Airlines. M r. Dolara, who joined the airline in 1963, will retire handing over the Vice President post to Art Torno. American Airlines has about 9,000 employees in South Florida and more than 300 flights a day, up from just 18 flights in 1989 when Mr. Dolara took the helm. Pictured:  Art Torno, Miami International Airport Director Jose Abreu (receiving Eagle Award) and Peter Dolara.

Region’s Bank hosted the Chamber in Coral Gables at a well-attended reception on June 14th.  Members and their guests enjoyed refreshments and connected with other members of the community. Pictured: Women's Chamber of Commerce of Miami-Dade County President-Elect Nordis Alvarez and President Suzanne Wheatley. County Court Judge Candidate Ivonne Cuesta, Ann Bloom and Jan Cheezem of Cohen-Fox, P.A. (sponsor). Women's Chamber of Commerce of Miami-Dade County Past Presidents Barbara Riesberg, Lisa McGill and Gayle Bainbridge. Circuit Court Judge Candidate Maria Santovenia, Realtor Jeannett Slesnick, Miami-Dade Court Judge Candidate Michelle Alvarez Barakat and Rena Fraser, wife of Southcom’s General Douglas Fraser.

We have been touting the same information for the past 12 months : Inventory is down to the lowest levels we’ve seen in 6 years. And...in Coral Gables, prices are creeping up for homes listed under $1M. The total number of homes for sale under $1M has dropped to about 39% of the C.G. inventory. Lately, the average list price has equaled the average sales price. In fact, the last 5 homes that Slesnick & Jochem sold between $475,000 and $775,000 went under contract within a week and sold for asking price or up to 7% over asking. None of these were short sales or foreclosures. We typically get multiple offers because our properties are fairly priced. Read the Miami Herald article.

The amount of homes on the market is continuing to decline from a year ago. From May 2011 to May 2012, according to data from Realtor.com , most metropolitan cities’ single family homes inventory fell while prices continued to rise, indicating a real estate upward-bound recovery. Some Florida markets where inventories have dropped are – ·         Tampa-St. Petersburg-Clearwater, Fla.:    -39.76 % ·         Miami-Dade County, Fla.:   -33% ·         Coral Gables, Fla.:   -29.6% Prices rose in Coral Gables by 7.9% and in Miami-Dade County by 12.9%. Visit Slesnick &Jochem for available MLS listings.

Florida’s Office of Economic and Demographic Research released a report last week that shows positive news for the state’s real estate market. Although real estate is contributing less to the Gross Domestic Product (GDP) as compared to 2006 and prior, it is still currently the state’s largest industry, government being Florida’s second-largest industry. Read more at the Jacksonville Daily Record . And don’t forget to check back here at our blog often, where Slesnick & Jochem provide interesting real estate tidbits concerning Coral Gables, its environs, and more.

We salute the Junior League of Miami (a volunteer organization of close to 1,000 women) and its new leadership for the coming year. From their annual Women Who Make a Difference awards banquet and the yearly Golf Tournament, the Junior League of Miami’s memorable fundraising activities directly benefit their community ventures. Their projects focus on families at risk of homelessness, violence, children's and women's health, early childhood education and foster care. The JLM’s mission is to promote volunteerism, developing the potential of women, and improving communities through the leadership of volunteers. At the JLM Annual Meeting on May 8, 2012 at the University of Miami, Past President Dana Martorella announced the new 2012-13 executive board.  Pictured: Past President Dana Martorella with Mel Black (father of Kadie Black, winner of the Rebecca Herndon Bush Community Service Award) . Most of the 2012-13 JLM Board: VP Finance Sandi Sides, VP Communications Marlene Fe...

The International Studies Preparatory Academy (ISPA) located at 1570 Madruga Ave. celebrated its new Coral Gables location this year. The only program of its kind in the U.S., it gives students the opportunity to take core subjects in a foreign language (French, Italian or Spanish) and uses both U.S. and European Union educational systems, thereby awarding dual diplomas. PHOTOS: Exec. Director of Dade Assoc. of School Administrators Delio Diaz with Coral Gables High Principal Adolfo Costa. Gemma Santos greets guests. Regional Superintendent Alexis Martinez, Principal of ISPA High School Alejandro Perez and former Coral Gables Mayor Don Slesnick.

The Gables Good Government (GGG) Committee hosted a reception last week honoring special guests Gus Barrera (2005-2008 Chairman of the Miami-Dade County School Board) and Dr. Larry Feldman (2010-2012 Vice-Chairman of the Miami-Dade School Board) with Outstanding Service Awards for their hard work and dedication as school board members and for making a new international high school in Coral Gables possible. PHOTOS: Honoree Gus Barrera receiving award. Honoree Dr. Larry Feldman with his wife Avis. New GGG officers installed at the meeting: Vice Presidents Enrique Lopez and Evelyn Budde, President-Elect Debbie Swain, Immediate Past President Jorge Alvarez, 2012 President Jeannett Slesnick, and Treasurer Richard Dewitt.