Active Foreign Buyer Market in South Florida

A recent report prepared by CondoVultures.com shows that international buyers are pending an average of $318 million – mostly in cash – each month purchasing residential real estate in South Florida. The National Association of Realtors released a report that shows investors from Latin America, Canada and Western Europe bought more than $3.8 billion worth of residential real estate in Miami, Fort Lauderdale and Miami Beach alone in 2010. More than 86% of those buyers also paid cash. If lenders made it easier for international buyers tofinance, we would see even more investment in South Florida. Local buyers would also benefit from less stringent lending practices and fair appraisals.

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Coral Gables Market Update

The Market in Coral Gables on the move... +As of August 2019 there were 383 single family homes on the market for sale. The average LIST price was $3,173,000 The average SOLD price was $1,208,000 The MEDIAN sold price was $901,000 +There are 122 homes out of 383 homes that are priced under $1,000,000, or 32% of the total +There are 261 homes priced over $1,000,000 in the Gables which is 68% of the Total. + Over the past year there were 446 homes sold in the Gables ( 241 were under $1.0M or 54%) and ( 205 were priced over $1,000,000 or 46%) +The average time a listing is on the market is 63 days. + The average price per square foot is up this year about 3.6%, May-July 2018 to May-July 2019. I think this is due to the sale of many homes that are updated and ready to go. They have been setting records.

SOUTHCOM Change of Command Presided over by Defense Secretary Panetta and Veteran's Day Ceremony at Jungle Island

General Douglas Fraser, U.S. Southern Command, giving the keynote address at the Jungle Island Veteran's Day event. U.S. Secretary of Defense Leon Panetta, Chairman of the Joint Chiefs of Staff Army General Martin Dempsey, incoming SOUTHCOM Commander Gen. John Kelly and outgoing SOUTHCOM Commander Gen. Douglas Fraser at Change of Command Ceremony on November 19, 2012 . General Douglas Fraser of the Southern Command is retiring after nearly 40 years of service to the United States Air Force. At a Veteran's Day celebration held at Jungle Island in Miami, the General was recognized along with other veterans for their outstanding dedication to protecting our country. Last week, Gen. Fraser was also honored by United States Secretary of Defense Leon E. Panetta, who commended his accomplishments in leading SOUTHCOM. Secretary Panetta described the Genera...

Current Market Conditions in the Gables

Over the past several months, the number of homes on the market for sale, in the Gables, has been decreasing, ever so slightly. Since May of 2019, the number of homes for sale has decreased by 8%. Even though, for that same period, the number of homes sold is down by 13%, the number of homes going under contract is beginning to rise by 2%. This could be a positive thing. For all those homes in the Gables, priced under $1M, there is a slight bit of positive information, as well. The total number of homes on the market has been decreasing by about 10% over the past three months. Comparing the July 2019 numbers with July 2018, the number of homes sold is up by 15% and the number of homes going under contract is up by 38%. The same thing holds true for all those homes priced over $1.0M. Inventory has been coming down slightly, over the past three months. The number of homes sold is down by 12%, but the number of homes going under contract is up by 14% In conclu...

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