S & J Journal

Take a look at this first quarter, year to year comparison, of single family home sales in the Gables. The market is on a steady path to recovery.

Canada's national newspaper, The Globe and Mail , reported Canadians are helping the Florida real estate market recover by being their number one foreign buyer... Citing the most recent S&P Case-Shiller data, the report says the price of a single family home in South Florida surged 12% from its low point in April 2011. In 2010, transactions involving Canadian buyers accounted for 36% of all real estate purchases by foreigners, it says. More than 500,000 Canadians now own Florida property, according to the report. “Florida properties are a bargain compared to real estate in Canada. The median priced home in Florida is nearly half than that in Canada,” said Jack Ablin, chief investment officer at BMO Private Bank. Among the most desirable locations for Canadians are Sarasota-Bradenton-Venice, Orlando-Kissimmee and Miami-Ft. Lauderdale-Palm Beach. Read the article.

I wanted to share this interesting article from CNN news: "The housing market has made a big comeback over the past year; home prices have surged some 8% and homebuyers can't seem to buy up properties fast enough. But just as quickly as the market is gaining ground, some industry experts worry it will come crashing back to Earth. Here are three reasons the housing market recovery may not last..." Read more.

Florida Realtors reported yesterday that U.S. home prices “jumped in February by the largest amount in 7 years, evidence that the housing recovery strengthened ahead of the all-important spring-buying season.” The real estate data research company CoreLogic reported that home prices rose 10.2% in February compared to the same time last year. For 12 months straight, prices have been steadily climbing. (Coral Gables has also seen a steady increase in home prices in the past year. Several reasons were cited for the increase in prices: more sales of previously owned homes and a very low inventory of homes for sale. The cities with the largest home price increases were Atlanta, Los Angeles, New York, Phoenix and Riverside, Calif. Although home values remain low, down 26% since April of 2006, consumer confidence is being fueled by higher home prices - enticing buyers to act quickly on a purchase before prices rise further and making homeowners feel the...

The Junior League of Miami will honor three outstanding women at the awards luncheon this Sunday, April 7, 2013, at 11:00 a.m. at the Jungle Island Treetop Ballroom.   Click here for tickets and information.