Real Estate, Community News & More from My Desk to Yours

Tuesday, November 18, 2014

Join Us for a Discussion of Education Feform in Florida's Public Schools

 Join Us for a Discussion of Education Feform in Florida's Public Schools

What is Common Core? 
How about the Sunshine State Standards? 

Join the Good Government Initiative as we discuss the pros and cons of the latest attempt at education reform in Florida's public schools - the benefits, the politics, and what the future holds.

Featuring: Miami-Dade County Public Schools Superintendent
Alberto Carvalho, Miami-Dade County Public Schools teacher and Florida State Senator Dwight Bullard, Miami-Dade Public Schools Board Member Raquel Regalado, and University of Miami's School of Education and Human Development Senior Associate Dean Walter Secada. Moderated by President and CEO of the Good Government Initiative Katy Sorenson.
11:30 am registration, 12 noon lunch and 12:30 pm conversation
Register Now!
$35 Individual Ticket
$50 GGI Contributor
$20 ECOB (Engaged Citizen on a Budget)
$10 Student (with valid I.D.)

Monday November 24, 2014 from 11:30 AM to 1:30 PM EST

BankUnited Center, Hurricane 100 Room
1245 Dauer Drive
Coral Gables, FL 33146

Thursday, November 6, 2014

Florida leads the nation in all-cash sales

Florida had more cash sales in the third quarter of 2014 than any other U.S. state, and a closer look at metro areas finds five Florida cities in the top five – and eight in the top 10. The data includes both single-family homes and condos.

According to RealtyTrac'sQ3 2014 U.S. Institutional Investor & Cash Sales Report, the state also has four of the top 10 cities for cash sales by institutional investors – buyers who purchase 10 or more homes per year.

In the third quarter (July-September), over half of all Florida sales (53.5 percent) were all-cash. Only Maine came close with 50.0 percent, followed by Alabama with 42.2 percent. Still, the percentage of all-cash Florida sales has declined over time. In the second quarter it was 57.6 percent; a year earlier, it was 56.2 percent.

Drilling down by metro area, Florida is also home to the U.S. leader: In Miami-Fort Lauderdale-Pompano Beach, two out of three sales are all-cash (59.1 percent), though in both the quarter and a year earlier, the percentage was above 63 percent. The following Florida cities round out RealtyTrac's top five for all-cash sales:
  • Cape Coral-Fort Myers (55.8%)
  • Sarasota-Bradenton-Venice (54.5%)
  • Tampa-St. Petersburg-Clearwater (51.1%)
  • Palm Bay-Melbourne-Titusville (50.9%)
Two other Florida metro areas are added if looking at the top 10 all-cash list: Orlando-Kissimmee (47.6 percent) at No. 7 and Jacksonville (47.1 percent) and No. 9.

RealtyTrac also broke down the all-cash sales for a look at institutional investors. While national cities landed the top four spots, Florida metro areas ranked for the next four spots – five through eight. Cities and percent of institutional investor activity include:
  • No. 5 Orlando-Kissimmee (11.0% in 3Q, up from 9.4% year-to-year)
  • No. 6 Jacksonville (10.9%, down from 12.6% year-to-year)
  • No. 7 Miami-Fort Lauderdale-Pompano Beach (8.6%, up from 6.3% year-to-year)
  • No. 8 Tampa-St. Petersburg-Clearwater (8.6%, up from 7.5% year-to-year)
National all-cash sales
In the U.S., all-cash sales accounted for 33.9 percent of all single-family and condo sales in the third quarter, down from 36.9 percent in the second quarter. It's unchanged from a year ago.

Cash sales helped "drive up U.S. median home prices 38 percent over the last two and half years," says Daren Blomquist, vice president at RealtyTrac. "As institutional investors and other cash buyers slow down their purchasing … more traditional buyers – including first-time homebuyers and move-up buyers – will need to increasingly fill in the missing puzzle pieces to maintain the momentum of the housing recovery.

"Institutional investors are still actively purchasing single family rentals, but continue to gravitate toward markets where lower-end inventory is still available," Blomquist adds.

The share of institutional investor sales increased from a year ago in eight states, including Florida. The share of cash sales increased from a year ago in 22 states. Cash sales represented 54.6 percent of distressed sales in the foreclosure process or bank-owned.

Source: Florida Realtors®