Miami Beach Real Estate Blog

A spectacular winter afternoon in Miami Beach!

Living in Miami Beach is as close as you can get to Paradise on earth in the Winter months!  We’re introducing a new video series where we share our unique perspective on living in North America’s only subtropical state.  This short introductory segment was filmed in South Pointe Park, which is located at the southernmost tip of Miami Beach and recently underwent a multi-million dollar renovation.  This South Beach waterfront park is especially popular with dog owners, and has many available activities for children and adults.  Outdoor yoga classes, areas dedicated to sunbathing, and social rooms for special events and even children’s parties!  Stay tuned to this blog or join our Facebook Fan page titled Miami Beach Living.

This past weekend, as I was jogging along South Beach’s Ocean Drive, I was able to witness the impressive set up for the upcoming South Beach Food and Wine Festival, which runs from February 25 – 28.  This incredible Festival just keeps getting better and more elaborate.  The 2010 Festival is expected to attract well over 40,000 visitors to the massive tents that are located right on the beach.  This star-studded food and wine extravaganza showcases chefs from around the world, and fans can attend events and seminars highlighting the latest culinary trends.  The main event occurs at the Grand Tasting tent located close to the intersections of Ocean Drive and 12th Streets.

This festival began as a simple one day event at the Biscayne Campus of Florida International University, and since 2002 has been taking place on the magnificent beachfront setting of Miami Beach’s Ocean Drive.  The Grand Tasting Village is a three block mini-city of oversized tents built right on the beach with non-stop wine tastings sponsored by local vendors and samples of the best gourmet foods that local restaurants and sponsors have to offer.

The Food & Wine Festival also consists of a week-long series of special lunch and dinner events that are held around Miami Beach.  These are invitation-only dinners that feature some of the hottest chefs from around the USA, including Bobby Flay, Rachel Ray, Thomas Connell, Michelle Bernstein, Sandra Lee, Laurent Tourondel, Michael Psilakis, and Paula Deen among a few of the more notable.

This wonderful Festival is also a great cause, as it is a significant fundraiser for student scholarships and facility enhancements for Florida International University.  Since its inception, the wine and food festival has raised more than $6 Million, so local students are the real winners!  As a matter of fact, along with VIP’s and notable chefs are student volunteers, who provide support and generously donate their time so that the costs of putting on the Festival are kept to a minimum.

A few of my personal favorite events to attend:

Perrier-Jouet Bubble Q- Hosted by Emeril Lagasse & Friends, Friday February 26 starting at 7PM at the Delano Beachside, 1685 Collins Avenue, Miami Beach.  General Admission is $350 per person, this will be a night of bliss with a combination of barbeque and South Beach glam.  Many stations are set up in the sand with a selection of seared meats and seafood, fire roasted vegetables, and amazing desserts along with flowing Perrier-Jouet Champagne.  Many other local chefs will be on hand showcasing all of their latest culinary creations.

Dolce Brunch, Saturday February 27 starting at 11AM at The Blue Door @ Delano Hotel, 1685 Collins Avenue, Miami Beach.  General Admission is $200 per person.  As a wine lover, this is one event that I look forward to all year!  Dolce wine (an amazing dessert wine) from Napa valley complements all of the food that is served, which has been selected by star chef Michelle Bernstein and gifted pastry chef Hedy Goldsmith.

Dim Sum & Disco, Saturday February 27 starting at 11:00PM at The Setai Hotel, 2001 Collins Avenue, Miami Beach.  General Admission is $150 per person.  Bringing together Dim Sum and the some of the hottest local DJ’s!  Fusion forward chef Ming Tsai and Setai executive chef Jonathan Wright, chef David Munoz Rosillo of DiverXo of Madrid, chef Tom Cushman of O Ya of Boston, and Miami’s Tropical Chinese Restaurant will serve traditional small plates of dumplings and many other dim sum fare.  Due to the late night starting hour, a nap is highly recommended prior to the incredible event!

I’d like to take this opportunity to share with our readers that latest general Miami Beach real estate sales data courtesy of the Greater Miami & Miami Beach’s Board of Realtors:

For the Miami metropolitan statistical area (MSA), there was a 53 percent increase of existing single-family home sales year-end 2009 compared to 2008.  This represents the highest year-end increase for single-family homes of any major metro market in Florida and is 20 percent higher than the statewide increase of 31 percent.  The sales of existing condominiums in the Miami MSA also increased 50 percent year-end 2009 compared to 2008.

The 2009 average monthly increase of single-family home and condominium sales in the Miami MSA is 56 percent and 52.8 percent respectively.

The Miami real estate market has experienced a surge in sales each of the last 17 months compared to same periods the previous year, and 2009 marked the first full year of monthly increases of home sales.

In the Miami MSA, there was a 45 percent increase of existing single-family home sales December 2009 compared to December 2008.  This also was the highest December 2009 increase for single-family homes of any major metro market in Florida.  Statewide single-family sales increased 33 percent.  The sales of existing condominiums in the Miami MSA increased 68 percent December 2009 compared to the same period the previous year.

Nationally, sales of existing single-family homes, townhouses, condominiums, and co-ops fell 16.7 percent from the previous month and 4.74 percent from December 2008.

Overall, we are seeing a leveling off of prices, and a consistently declining inventory of unsold homes.

Average Sales Prices Increasing:
The median sales price for single-family homes reported in Miami-Dade in December 2009 was $204,300, down a negligible 5 percent from the previous year but up from the previous month. The median sales price for condominiums was $148,200, down only 16 percent from the previous year but an xx percent increase from the previous month.

The median sales price for single-family homes reported in Miami-Dade year-end 2009 was $195,300, down 29 percent. The median sales price for condominiums was $142,500, down 40 percent from the previous year.

According to the Southeast Florida Multiple Listing Service, the average sales price for residential properties that sold in Miami-Dade County in December was $323,308 for single-family homes and $248,107 for condominiums, decreases of 1.5 percent and 7.4 percent respectively compared to the previous year.

Days on the Market and Inventory Levels:
Inventory levels continue to decrease substantially, another indicator that supports the local market’s recovery.

The inventory of listings in Miami-Dade County according to the Southeast Florida Multiple Listing Service has dropped more than 42 percent in the last 17 months – from 43,095 to 25,021 – and December 2009 brought a 2.0 percent decrease in just one month.    Nationally, total housing inventory at the end of December declined 6.6 percent from the previous month

Miami Beach Inventory Levels:

Below is the supply of houses listed for sale in Miami-Dade County in October, according to the MLS:

• Under $500,000: eight-month supply of homes
• $300,000 to $1 million: 21-month supply
• Over $1 million: four-year supply

Miami Beach’s luxury housing market falls into mainly in the over $500K category, however, the supply is much more restricted due to the fact that these are islands communities.  Also, since there is no new construction taking place, I continue to expect Miami Beach’s housing inventory to slowly work it’s way down to a healthy six to nine month supply for the luxury segment of the market.

Miami Beach Housing Inventory:

• $300,000 to $500,000: less than six month supply
• $500,000 to $1 million: 15 month supply
• Over $1 million : 24 months supply

I’m often asked by both buyers and sellers interested in purchasing or selling a waterfront (and non-waterfront) single family home on Miami Beach if we’ve reached a housing market bottom?  The answer for PRIME waterfront properties located on island communities such as Palm, Star, Hibiscus, Sunset Islands I – IV, and the various Venetian Island communities is that homes that are priced according to latest closed sales comparables are selling quickly.  As inventory continues to be absorbed, we are seeing price stabilization (especially for remodeled and turnkey homes and condos).

Waterfront condos, especially premier waterfront and oceanfront buildings such as Continuum North and South Towers, Apogee, The Portofino, The Murano at Portofino, Murano Grande, Icon, and even The Bentley Bay on West Avenue are also seeing significant sales taking place in the past several months AT REDUCED PRICES.  For South Beach landmark luxury buildings completed after 2001, if the price is right, we are seeing plenty of buyers willing to make reasonable offers.  Therefore, if you’re a seller that needs to sell, my advice is the same- work with an experienced and knowledgeable sales agent/broker that will price your property realistically and then market as agressively as possible.