ILHM Luxury Housing Report Detail: Miami 6/4/12

Fang Oliver is a member of Institute of Luxury Home Marketing, exclusively held by less than 1% of Realtors. Call Oliver at 305-956-9978 for your special homes!

The charts below show the 7-day and 90-day rolling averages for list price, days on market, and inventory for the metro area's luxury market (e.g. top 10 zips with median prices above $500k)

ilhm-miami vs National

The charts below compare the ilhm-miami luxury market with the ILHM National Luxury Market Index and show 90-day rolling averages for Median List Price and Days on Market.




The chart below shows the Altos Market Action Index for the metro area's luxury market and the National Index.

ILHM National Luxury Market Report 6/3/2012

National Summary Charts

The charts below show the 7-day and 90-day rolling averages for median list price, days on market, and inventory for the national composite--a snapshot of how, together, the luxury markets around the country are performing.
(For additional data and analysis, download the PDF executive summary report in the sidebar above)













Altos Research developed the Market Action Index (MAI) for an at-a-glance measurement of market conditions. The MAI is a barometer of real estate supply and demand. A value above 30 indicates demand is relatively robust, we call that a Seller's Market. Below 30 is a Buyer's Market.

Also use the Market Action Index trends as a leading indicator for prices. When markets fall persistently into Buyer's territory prices will likely follow.




The definition of this market stat is:
"Percentage of homes on the market that have decreased their asking price at least once over the past 90-day period."
In any market, even in strong seller's markets, there will always be some number of properties that will decrease their listing price. These may include sellers that drastically overpriced their homes just "to see what they could get" or homes that simply entered the market at a price level above what the market will bear.
Even in strong seller's markets, the Percent Price Decreased will be 10-12%, so some repricing of individual properties is common in any market. In weaker markets, this value begins rise into the teens, 20%, 30%, and higher. Percent Price Decreased is an incredibly insightful gauge of demand levels in the residential housing market. This statistic illustrates how many listed properties may be behind the "price curve" - listed at a price above what the market is willing to pay for similar properties.
However, "Percent Price Decreased" alone does not indicate the overall health of a particular market. This statistic should be combined with other market stats to determine the overall direction of a market.

http://www.luxuryhomemarketing.com/report

America's Sprawling Cities

As American cities continue to grow in population, they are growing in physical size too. There is an interesting piece in The Atlantic Cities that delves into current census data and looks at the trends of growing urban populations (more than 80% of Americans now live in urban areas) and cities, both large and small, gobbling up more land.

These growing urban areas aren't just cities extending their borders, according to Hawley, but rather clusters of urban development on the fringes of cities that are growing towards each other. As two areas spread out and get closer together, the space in between "gets sort of swallowed as growth between the two areas happens," Hawley says.

Here's a graph which shows "How U.S. urban land area has grown since 1990 in the 10 biggest gainers of 2010"


These are clearly metro areas that have grown dramatically, but it is not just large metros that are growing. The cities with the largest percentage increases tended to be the smaller to mid-sized cities.
These trends are a reflection of our changing cities, development patterns and home buying behaviors. Understanding them is a key to understanding where future opportunities may lie.

in Luxury Trends, Research & Statistics | Permalink

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Broward County Home Prices Continue to Rise

Miami, FL – In April, the median sales price of single-family homes in Broward County was $205,000, up 17 percent compared to April 2011 and 14 percent compared to the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The median sales price for condominiums increased 17.4 percent to $84,300 compared to a year prior and 14.3 percent compared to the previous month. Broward County condominium prices have increased 15 out of the last 16 months.

The median sales prices for non-distressed properties sold in April in Broward were $264,000 for single-family homes and $99,750 for condominiums.

The average sales price for total single-family homes increased 12 percent, from $256,979 to $287,302. The average sales prices for condominiums rose 10 percent, from $120,689 in April 2011 to $137,173 last month. The average sales prices for non-distressed properties sold in April in Broward were $374,670 for single-family homes and $166,854 for condominiums.

“Home prices in Broward County are experiencing double-digit appreciation much sooner than expected, which is a very positive sign,” said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Homes sales also remain at historically strong levels, which reflects the demand that is driving home prices in our area.”

Statewide median sales prices in April increased 10.2 percent to $144,350 for single-family homes and 16.1 percent to $108,000 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $177,400 in April, a 10.1 percent increase from April 2011.

Broward Housing Inventory Declines 33 Percent
The inventory of residential listings in Broward County over the last year has decreased 30 percent from 15,781 to 11,086. Compared to the previous month, the total inventory of homes
dropped four percent. Total housing inventory nationally rose 9.5 percent at the end of April but was 20.6 percent below a year ago.

“The remarkable recovery of the Broward housing market benefits our community at large, as real estate is an integral part of the economy,” said Ernesto Vega, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Unlike other markets throughout the U.S., demand for housing in Broward County should remain strong long into the future due to both U.S. and international buyers who are increasingly attracted to the local area.”

In Broward County, single-family home sales increased 6.0 percent, from 1,124 in April 2011 to 1,190 last month. Condominium sales dropped 4.4 percent in April compared to a year earlier, from 1,645 to 1,572.

Statewide sales of existing single-family homes totaled 17,544 in April 2012, down 0.7 percent compared to a year ago. Statewide condominium sales totaled 9,765, down 4.9 percent from those sold in April 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 3.4 percent from March and were 10 percent higher than they were in April 2011, according to the National Association of Realtors (NAR).

Distressed Properties
In April, 38 percent of all closed residential sales in Broward County were distressed, including REOs (bank-owned properties) and short sales, compared to 50 percent in April 2011 and 41 percent the previous month.

International Buyers Fuel Cash Sales
In April, cash sales accounted for 64 percent of all residential sales, 40 percent of single-family and 83 percent of condominium closings, in Broward County. Nearly 90 percent of international buyers in South Florida purchase properties all cash. Nationally, all-cash sales fell to 29 percent in April - from 32 percent in March and 21 percent in April 2011 - reflecting the stronger presence of international buyers in the South Florida real estate market.


Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NAR’s rebenchmarking efforts. MIAMI reports exact statistics directly from its MLS system.

About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 25,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 100 international organizations worldwide. MIAMI’s official website is www.miamire.com.

Billy Joel's Miami Mansion asking $14.75 million

Billy Joel's Miami Mansion

In the spirit of, er, honesty, we have to lament that Billy Joel's Miami mansion, which just hit the market for $14.75 million, is a little much. When it comes to the opulent details, our favorite six-time-Grammy-winning "Piano Man" (pictured below) has clearly pulled out all the stops. The sheer amount of marble, limestone, wrought iron -- and crystal dripping from the ceilings in chandelier form -- almost borders on excessive.

But here at AOL Real Estate, we're not opposed to a dash of frivolity here and there (who could forget NYC's penthouse with a slide?). And Billy Joel's Mediterranean-style manse of is right up there with the best of them. Silk drapes, plush oriental rugs, polished marble floors and dramatic staircases adorn this 8,881-square-foot home. Outside, you can enjoy lush, Spanish-style paved courtyards, a luxury pool and spa with cabana, a deep-water dock, and more than 150 feet of direct water frontage on Biscayne Bay. (It's built on star-studded La Gorce Island, which has also been home to Shakira and rapper Lil' Wayne).

 

http://realestate.aol.com/blog/2012/05/15/house-of-the-day-billy-joels-miami-mansion/

 

Sunny Isles Beach, Miami in Sydney, Australia 邁阿密商會在澳洲雪梨召開世界台灣商會年會

Where in the world is the Sunny Isles Beach Sun?

Perhaps in Sydney, Australia Fang Oliver 邱芳玉 holds a copy of the SIB Sun Community Newspaper with the Sydney Opera House in the background. At the 650 attendee conference in Sydney Australia, Fang Oliver as Sunny Isles Beach International Ambassador to Asia met many new friends & old friends like outgoing Overseas Chinese Affairs, Taiwan Senator Wu Sung Buo, incoming Senator Mark Chan and World Taiwanese Chamber of Commerce (WTCC) President Jonathon Huang. Mr. Huang donated ten million dollars to pay off the mortgage of the new WTCC office building in Taipei, Taiwan. As WTCC President, Mr. Huang also donated two new ambulances to Sydney and invited all attendees on a ten bus, two day tour of mountains and city with a final day on a 450 person dinner cruise. Mr. Huang is a real estate developer and President of the Taiwanese/Australian Hehuan Construction. At the conference, the Taiwanese Russian delegation met with Fang, enjoyed lunch together and stopped for a photo before the dinner cruise. One of the Russian delegates was our SIB neighbor in Coral Gables. After the conference it was back to a nature preserve cuddling up close with Koalas, feeding kangaroos and relaxing before returning to Sunny Isles Beach to open her new website www.FangOliver.com Next month a local Chinese newspaper will feature Fang and other Realtors in their first monthly multi-color real estate photo section. Sunny Isles Beach will sure be on their list. Left: WTCC President Jonathan Huang & Fang Oliver 世界台灣商會黃正勝總會長和陽光小島邱大使 Right: Russian Delegation & Fang Oliver 從蘇俄來的台灣企業家和邱大使 http://www.sibfl.net/news_archive/news_120521/where-in-the-world2.asp

Don’t lose to competitors who “buy” listings by overpricing

 

It’s a common complaint. Another agent is competing with you for a listing and “buys” the listing by agreeing to list it at a price you know the market will not support. The seller likes the idea of the higher price and either you lose the listing and hope to be agent number two, or you feel trapped into accepting the listing at the higher price. Neither of these options is attractive. So, what’s the solution? Here’s one way to approach it with a script based on a strategy suggested by one of our members…

“I understand that the higher price, which the other agent is suggesting, is attractive to you. However, the question a savvy seller like you will want to ask is whether the other agent is doing what real estate professionals call, “buying the listing.” In other words, does the agent really believe that he or she can sell the home at or near that price, or does the agent plan to just ride the price down, down, down over time?
“This strategy hurts you several ways. The listing quickly becomes identified as overpriced, showing activity drops, and low ball offers come in. The time it takes to sell your house goes way up.
“My recommendation is to price it right from the start. However, if you truly want to try the other agent and the higher price, test the other agent’s commitment to that price by asking if he or she would release the listing to me if at some point the price is reduced to $________, the list price I’m recommending. If the answer is no, that’s a sign that the agent may not believe he or she can sell your home for more that I’m recommending. If I were a seller, that answer would make me uncomfortable”

You might want to end by adding something about your track record in getting homes sold (your days on market and percent of list price statistics for example). Then, ask for action.

“Would you be willing to test the other agent’s commitment to the higher price by asking them to agree in writing to release the listing to me if the price is reduced to $_______?”

 http://blog.luxuryhomemarketing.com/2012/04/dont-lose-to-competitors-who-buy-listings-by-overpricing.html