S & J Journal

The National Association of Realtors recently released its  Cost vs. Value Remodeling Report  that found exterior projects like replacing old windows and doors added the most value to a property. Interior projects with high returns were minor kitchen and bath remodels. Results vary by city but in Miami, Fla., some of the projects with the biggest returns were entry door replacements, back-up power generators, and wood deck additions. When renovating your home, consider consulting a Realtor. They have the experience to know what upgrades will give you the best return on your investment. Read the full report.

The Miami Association of Realtors held a conference last week at the Biltmore called the Miami International Real Estate Congress where 250 agents from the United States and ten foreign countries joined together to network and discuss the Miami/Miami Beach residential markets. These remain highly sought-after cities for international buyers and investors. The Association reported that the largest amount of foreign real estate purchases here are from Venezuelans, followed by Argentinians and Brazilians. Generally this is because prices are still better in Miami than in those countries' markets. Latin Americans account for about 70% of the international real estate transactions in Miami and Miami Beach (Western Europeans 18%). Read more here:   http://www.miamiherald.com/ 2012/11/05/3083404/foreign- interest-in-miami-property. html#storylink=cpy

Read the article from Miami Today where Ron Shuffield is quoted as well as Mike Pappas. However, we are seeing an uptick again in the Gables and I think it will continue through February... Click link to see article: http://www.miamitodaynews.com/news/121108/story1.shtml

51 listings are actively for sale in the market in Coral Gables and Coconut Grove in this price range.  28 went under contract or sold in the last 12 months; of these, 21 are on navigable water. In the Gables and the Grove, the average price per sq.ft. over the last 12 months is almost $430, and $450 per sq.ft. for those listings on the water. 

Out of the four states where 51% of foreign buyers purchase homes - Florida, California, Texas and Arizona - Florida has the largest share at 26%. This data stems from a study conducted from June 2011 to June 2012. Read the complete report online at Florida Realtors’ website: Profile of International Home Buyers in Florida 2012. Excerpts from the report: • 82% of international sales were cash transactions. • The median price paid by international buyers was $194,700 compared to an overall Florida median price of $125,100 and a U.S. median price of $167,758. • Canadian buyers tended to buy in the lower price range; European and Latin American buyers bought at a higher price range. • Condos account for 45% of properties, townhouses 10% and detached single-family homes 36% .

Florida Realtors reported yesterday that Trulia performed an assessment of the number of foreign buyers that accessed their website to search for a home in the U.S. and it seems foreigners are dropping off as home prices rebound. However, international investors remain interested in U.S. real estate primarily in Florida. Trulia listed the top 10 cities searched by foreign buyers through its website, and six are in Florida: 1. Miami (15.7% of the Miami searches done through Trulia were by foreigners) 2. Los Angeles 3. Fort Lauderdale 4. Lakeland-Winter Haven 5. Orlando 6. West Palm Beach 7. Cape Coral-Fort Myers 8. Honolulu 9. San Francisco 10. Las Vegas Home searches by foreigners on Trulia are regularly from Canada, the United Kingdom, Germany and Australia. On this real estate blog, Jeannett’s Journal , foreign readers are mainly from Russia, Slovenia, Canada and Germany, and make up 5% of our total blog visitors. At Slesnick & Jochem, we specialize in propert...

-- Inventory in this sought-after neighborhood is down to 252 active listings on the MLS, so do not delay in purchasing your next property. --

First-time homebuyers are struggling to buy in this recovering real estate market, the Sun Sentinel reported last week. Although prices are affordable and mortgage interest rates are at an all-time low, first-timers are facing competition from banks who have tightened lending requirements and investors who are cash buyers. Sellers prefer cash or even buyers that have pre-approved conventional loans because they are weary of FHA loan transactions. Even when these first-time buyers put down offers on a home over the list price, they often lose it to cash buyers. Today’s first-time buyers also face a shortage of available homes. First-time buyers accounted for roughly a third of all home sales nationwide in May, according to the National Association of Realtors. Ideally, the percentage should be 40 percent or more, said Walter Molony, a spokesman for the Realtor trade group. It is conventionally first-time buyers that stimulate confidence in the real estate market. To compete...

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...

Demand is up, inventory is low and prices are rising. That is what a Miami Herald article is saying today. In South Florida communities stretching from Homestead up to Weston, bidding wars are exploding and real estate inventory is quickly diminishing. Read more.

Despite the sluggishness of national numbers, a few markets are downright hot again. You may recognize some as boom markets from years past. Bidding wars are erupting over some homes for sale in cities like Seattle; Sacramento, Calif.; Reno, Nev.; San Francisco; Washington, D.C.; and Miami, according to the The Wall Street Journal.  The limited number of homes for sale is causing the increased competition at some price points in some cities. Massive purchases of foreclosures by investors have helped gobble up much of the excess. But while sales volumes are increasing, prices aren't yet showing much of an increase, if any, says the Journal.

Miami-Dade high schools ranked among the top in the nation for the number of Hispanic students passing the college-level Advanced Placement exams. Out of 4,000 high schools nationwide, Coral Reef Senior High came in second, Miami Palmetto High in third, Southwest in fourth, Coral Gables High right behind in fifth, Dr. Krop High in sixth and Coral Park High in eighth place. We want to salute those students and their families.

A recent New York Times article reported that 1.2 million Brazilians visited Florida in 2010 and spent $5.9 billion. Among some of their purchases were condos in Miami-Dade County. Brazilians enjoy our local lifestyle, affordable shopping and a safer environment.