We continue our look into local real estate markets with large gay and lesbian communities. Today, Miami, Florida: Hot and sultry, with a killer tan. HereÃ¢â‚¬â„¢s a sampling of whatÃ¢â‚¬â„¢s going on in the Miami real estate market at the moment:
Miami luxury stays afloatÃ¢â‚¬Å½ -Ã‚Â There are many ways to take the pulse of the Miami market, many methods of observing and appreciating and worrying about its real estate. But as developer Gil Dezer says, “You haven’t really seen Miami until youÃ¢â‚¬â„¢ve seen it by boat.”Ã‚Â So, late on a recent Saturday afternoon, obligations are ignored, schedules re-jiggered, and a sunset cruise on Miami jewelry mogul Bobby YampolskyÃ¢â‚¬â„¢s 72-foot boat commences. The small group of VIP guests includes Dezer and Francois-Henry Bennahmias, president and CEO of Audemars Piguet North America.
South Florida foreclosure rate among nation’s highest -Ã‚Â In the months before robo-signing scandals threw much of the foreclosure system into distress, lenders had hit stride in South Florida’s civil courts, reclaiming homes at an increasingly fast pace, a report released Thursday by real estate research firm RealtyTrac shows.Ã‚Â In the third quarter of 2010, South Florida led the nation with the highest number of foreclosure filings among large metropolitan areas, with more than 59,064 homes in distress. That’s a 24 percent increase from the previous quarter, and a 9 percent jump from the same period in 2009.
MIAMI Association of REALTORS Announces International Delegates -Ã‚Â The MIAMI Association of REALTORS will host foreign delegates from Brazil, France, Peru, Russia, Spain and other markets at its 17th Annual Miami International Real Estate Congress at the Miami Beach Resort on November 1 and 2.
South Beach New Condo Sales Stymied As Developers Unwilling To Lower Price -Ã‚Â Nearly 18 years worth of new condo inventory was sitting on the active sale market in South Beach, Fla., on Sept. 30, as sales in the third quarter were virtually nonexistent.Ã‚Â According to third-quarter data released by real estate consultant CondoVultures, only 19 new condo units were purchased and 1,300 were left unsold in the 24-block tip of Miami Beach known as South Beach. More than 23% of the 5,600 condos created since 2003 remain unsold, CondoVultures said.
Miami Existing Condominium Sales Continue to Rise -Ã‚Â In the Miami Metropolitan Statistical Area (MSA), there was a 36 percent increase in condominium sales in September compared to the same month in 2009 and a 136 percent increase compared to two years ago, when sales were already rising, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS). This was the highest increase in condominium sales of any major metropolitan area in Florida.