Miami, Fort Lauderdale and Palm Beach Home Sales Rises Again

We did it again....  Luxury Home Sales risen in August/September 2019 Period, The number of Luxury Homes listed for One Million and up ($ 1 Million USD), and this increased we ought to New Yorkers moving down South, with High Taxes and Regulations in New York, New Jersey and Connecticut more northern home buyers are moving to South Florida, where there is no state income tax and it’s cheaper to buy and maintain a home, according to 2019 JTHS-MIAMI President Kim Price.

 

Palm Beach single-family home sales decreased 0.6%, from 1,576 to 1,566. Palm Beach condo sales decreased 4.8%, from 1,198 to 1,141.

 

A new condo approval process could increase sales in the future. The new guidance, which goes into effect in mid-October, extends certifications from two years to three, allows for single-unit mortgage approvals, provides more flexibility with owner/occupancy ratios, and increases the allowable number of FHA loans in a single project. The changes, many of which MIAMI and NAR has championed, should yield thousands of new homeownership opportunities.

 

Single-family home dollar volume increased 1.5%, from $789.7 million to $801.7 million. Condo dollar volume increased 12.3%, from $326.2 million to $366.2 million.

 

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.62% in August, down from 3.77% in July. The average commitment rate across all of 2018 was 4.54%.

 

Palm Beach Single-Family Home Median Prices Continue Rising Palm Beach County single-family home prices increased 4.4%, from $340,000 to $355,000. Existing condo prices decreased 1.4%, from $185,000 to $182,500.

 

Palm Beach Distressed Sales Comprise Just 3.0% of Total Sales Only 3.0% of all closed residential sales in Palm Beach were distressed in August 2019, including REO (bank-owned properties) and short sales, compared to 2.9% in August 2018.

 

Total Palm Beach distressed sales decreased 1.2% year-over-year, from 83 to 82.

 

Short sales and REOs accounted for 0.5% and 2.5%, respectively, of total Palm Beach sales in August 2019. Short sale transactions decreased 35% percent, from 20 to 13. REOs increased 9.5%, from 63 to 69.

 

Nationally, distressed sales represented 2% of sales in August, unchanged from July, but down from 3% in August 2018.

Florida Lifestyle is booming.... It is a Sellers Market but also a Buyers Market, get advantage... 
call me Analou Manent, 754-245-7501
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Setai PH sells for $ 15 Million - Luxury Real Estate Sales are Back

This is a good indication of the return of luxury buying and that the market is coming back. The Setai's PH-B closed this week for $15,000,000, just over $2,400/sq ft. This now tops the highest condo sales in Miami Beach in the past 5 years. Other recent Luxury Penthouses sales are the Fontainebleau Penthouse at $9,000,000 and One Bal Harbour Penthouse at $ 8,700.000, both closed in May 2010.

Read the article in the Wall Street Journal:

Luxury Sales Bounce Back
http://online.wsj.com/article/SB10001424052748704717004575268573660359734.html

The Wall Street Journal released last week the results of a study by MDA DataQuick, a real-estate provider, suggesting that the Luxury real estate market is aggressively rebounding. Markets such as San Francisco, Manhattan, The Hamptons, Menlo Park and Beverly Hills are seeing numbers reminiscent of 2005. The report also lists Las Vegas and Miami as showing great promise.