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Miami Home Sales Rise in SeptemberStrong Demand for Existing Homes and New Construction

Tuesday, October 28th, 2014


Miami, FL (PRWEB) October 21, 2014

Strong demand for existing Miami properties fueled sales and price growth in September despite strong new construction sales, according to the 33,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.

Single-family home prices, which again increased in September, remain at affordable 2004 levels despite 34 months of consistent year-over-year increases for single-family homes. Condo prices also increased in September, marking 39 months of growth in the last 40 months. Condo prices declined in August for the first time in more than three years but rebounded in September.

The median sale price for single-family homes increased 11.1 percent, up to $ 250,000 from $ 225,000 in September 2013. The average sale price for single-family homes decreased 0.4 percent from $ 372,191 in September 2013 to $ 370,880 last month.

Compared to September 2013, the median sale price for condominiums increased by 7.3 percent to $ 195,000 from $ 181,749 a year prior. The average sale price for condominiums increased 12.5 percent to $ 355,156 from $ 315,615 in September 2013.

Strong demand for Miami real estate is fueling healthy market activity for both single-family homes and condominiums, said 2014 Chairman of the Board of the MIAMI Association of REALTORS Liza Mendez. New construction condos are also selling rapidly, reflecting all-around robust market performance fueled by both domestic and international buyers.

Sales Rise for Single-family Homes, Condos

Single-family home sales in Miami-Dade County increased 5.3 percent relative to September 2013, from 1,107 to 1,166. Compared to September 2013, condominium sales also increased 5.3 percent from 1,353 the previous year to 1,425 last month. Combined, residential real estate sales therefore also increased 5.3 percent to 2,591 compared to 2,460 in September of last year.

Miami Real Estate Selling Fast, Close to List Price

Miami properties continue to sell at a rapid pace and at nearly asking price, reflecting strong demand.

The median number of days on the market for single-family homes sold in September was just 46 days, an increase of 12.2 percent from September 2013. The average percent of original list price received was 95.6 percent, down a negligible 0.3 percent from a year earlier.

The median number of days on the market for condominiums sold in September was 59 days, an increase of 28.3 percent compared to the same period in 2013. The average sales price was 93.9 percent of the asking price, a decrease of 2.9 percent.

While greater supply is creating more opportunities for buyers, particularly for condominiums, lack of financing for condominiums and new construction sales are impacting existing sales, said 2014 MIAMI Association of REALTORS Residential President Francisco Angulo. The Miami real estate market remains very competitive depending on neighborhood, price point and property type.

National and State Figures

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops also bounced back in September, increasing 2.4 percent from August but remain 1.7 percent below what they were in September 2013, according to the National Association of Realtors (NAR). Statewide closed sales of existing single-family homes totaled 20,792 in September, up 13.5 percent compared to the year-ago figure, according to Florida Realtors. Statewide sales of condominiums totaled 8,622, up 2.0 percent from September 2013.

The national median existing-home price for all housing types was $ 209,700 in September, a 5.6 percent increase from September 2013, according to NAR. The statewide median sale price for single-family existing homes last month was $ 180,000, up 5.9 percent from the previous year, while that of townhouse-condo properties was $ 142,700, up 9.8 percent over the previous year.

Cash Sales Decline

Cash sales in Miami continue to decline as more financing becomes available. Still, access to mortgage loans for condominium buyers remains limited, impeding further market strengthening.

In Miami-Dade County, 55.8 percent of total closed sales in September were all-cash transactions, compared to 60.5 percent in September 2013. Cash sales in Miami are still more than double the national figure of 24 percent. All-cash sales accounted for 40.3 percent of single-family home and 68.4 percent of condominium closings, compared to a year earlier when cash sales were 47.8 percent of single-family home sales and 71 percent of condominium sales.

Since nearly 90 percent of foreign buyers in Florida purchase properties all cash, this continues to reflect the much stronger presence of international buyers in the Miami real estate market.

Short Sales Continue to Decrease

While traditional sales continue to increase, distressed property transactions in September again declined in Miami-Dade due to fewer short sales. In September, only 34.5 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 37.6 percent in September 2013.

Short sales and REOs accounted for 8.8 and 25.8 percent, respectively, of total Miami sales in September. Sales of REOs increased 24.6 percent while that of short sales declined by 41.5 percent.

Nationally, distressed homes accounted for 10 percent of September sales compared to 14 percent in September 2013.

Active Inventory Continues to Rise

After three years of record sales activity that resulted in an inventory shortage, seller confidence continues to result in more properties being listed for sale in Miami.

Active listings at the end of September increased 23.5 percent, from 14,274 in 2013 to 17,480 last month but remain 60 percent below levels 2008, when sales bottomed. Inventory of single-family homes increased 19.7 percent from 5,304 in September 2013 to 6,347 last month. Condominium inventory increased 24.1 percent to 11,133 from 8,970 active listings during the same period in 2013. At the current sales pace, there is a 5.7-month supply of single-family homes, an increase of 16.2 percent from 4.9 months in September 2013, and an 8.1-month supply of condominiums, up from 6.3 months in September 2013, an increase of 29.1 percent. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

New listings of single-family homes increased 2.1 percent, up to 2,021 in September 2014 from 1,601 during the same period in 2013. New condominium listings increased 4.0 percent from 2,727 in September 2013 to 2,837 last month.

At the end of the September, total housing inventory nationally declined 1.3 percent to 2.30 million existing homes available for sale compared to the previous month, which represents a 5.3-month supply at the current sales pace. Unsold inventory nationally is 6.0 percent higher than a year ago.

New Construction Market Update

Strong sales in the coastal new construction condominium Miami market (east of I-95) reflect significant demand for new properties, according to the latest New Construction Market Status Report released today by Cranespotters.com and MIAMI.

Currently, there are 188 new construction towers that have been announced in Miami-Dade County east of I-95, of which 66 have not been approved, 60 are planned but have not begun development, 55 are under construction, and 7 were completed in 2014.

Of the above projects in Miami-Dade:

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Demand for Solo 401(k) Plan to Continue to Grow In Light of Annual Self-Directed IRA SEP Contribution Limitation Increase for 2014, According to IRA Financial Group

Wednesday, January 29th, 2014


New York, NY (PRWEB) January 14, 2014

Starting on January 1, 2014, the Internal Revenue Services (IRS) announced that the maximum one can contribute to a SEP IRA cannot exceed the lesser of: (1) 25% of compensation, or (2) $ 52,000 for 2014. Although the self-directed SEP IRA contribution limitation have increased by $ 1,000 to $ 52,000 for 2014, one is still able to reach the maximum contribution faster with a solo 401(k) Plan, stated Susan Glass, a tax professional with the IRA Financial Group.

Under the 2014 Solo 401(k) contribution rules, a plan participant under the age of 50 can make a maximum employee deferral contribution in the amount of $ 17,500 to an IRA Financial Group solo 401(k) Plan. That amount can be made in pre-tax or after-tax (Roth). On the profit sharing side, the business can make a 25% (20% in the case of a sole proprietorship or single member LLC) profit sharing contribution up to a combined maximum, including the employee deferral, of $ 52,000, an increase of $ 1,000 from 2013.

For plan participants over the age of 50, an individual can make a maximum employee deferral contribution in the amount of $ 23,000. That amount can be made in pre-tax or after-tax (Roth). On the profit sharing side, the business can make a 25% (20% in the case of a sole proprietorship or single member LLC) profit sharing contribution up to a combined maximum, including the employee deferral, of $ 57,500, an increase of $ 1,000 from 2013.

The annual Solo 401k contribution consists of 2 parts, an employee salary deferral contribution and an employer profit sharing contribution. The total allowable contribution limits are combined to get the maximum Solo 401K contribution limit.

According to Ms. Glass, Establishing a self-directed solo 401(k) Plan versus a self-directed SEP IRA provides many exciting advantages, including the ability to make employee deferrals in pre-tax or Roth of up to $ 17,500 or $ 23,000 if over the age of 50, borrow up to $ 50,000 tax-free and penalty-free, and the ability to buy real estate with a nonrecourse loan with any tax,

IRA Financial Groups solo 401K plan is unique and so popular because it is designed explicitly for small, owner only business. With IRA Financial Groups solo 401K plan, self-employed individuals or small business owners with no employees can benefit by making high annual contributions up to $ 52,000 – with an additional $ 5,500 catch-up contribution for those over age 50, make traditional as well as non-traditional investments, such as real estate, as well as borrow up to $ 50,000 or 50% of their account value tax-free and penalty free. IRA Financial Groups self-directed 401(k) plan is a trustee directed plan meaning the trustee and not the custodian is in charge of making investment decisions on behalf of the plan. With a solo 401(k) plan, in most cases the trustee will be the plan participant providing the plan participant with greater control and investment authority over his or her retirement funds. In addition, with IRA Financial Groups solo 401K Plan, the plan account can be opened at any local bank, including Chase, Wells Fargo, and even Fidelity.

The http://www.irafinancial Group [IRA Financial Group __title__ IRA Financial Group] was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP and Dewey & LeBoeuf LLP.

IRA Financial Group is the markets leading Checkbook Control Self Directed IRA and Solo 401k Plan Facilitator. We have helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate tax-free and without custodian consent!

To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.







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Demand for Private Mortgages Helping Self-Directed IRA LLC Investors Generate Strong Returns in 2013, According to IRA Financial Group Survey

Wednesday, January 8th, 2014


New York, NY (PRWEB) December 22, 2013

IRA Financial Group, the leading provider of self-directed IRA LLC solutions, announces the finding of a recent survey, which showed that self-directed IRA LLC clients have reaped string returns from taking advantage of opportunities in the private mortgage market. Due to the lack of bank mortgages available and the added restrictions imposed by banks on borrowers, many home buyers and real estate developers have turned to private mortgages for a source of funding.

In 2013, the self-directed IRA LLC solution was used by many IRA Financial Group clients looking to take advantage of the attractive returns available for private financing of real estate transactions. We have experienced significant demand for a specialized self-directed IRA product that focuses on the private lending industry, specifically in the real estate industry, stated Jacky Ospina, a retirement tax specialist with the IRA Financial Group. In 2013, a significant number of IRA Financial Group clients have used their checkbook IRA LLC solution to provide private mortgages to home buyers and real estate developers at very attractive rates, stated Ms. Ospina.

The primary advantage of using a Self Directed IRA LLC to make private mortgages is that the loan can be made by simply writing a check. In addition, all income and gains associated with the self directed IRA hard money loan would grow tax-deferred.

With IRA Financial Groups self directed IRA LLC for private lending transactions, traditional IRA or Roth IRA funds can be used to buy real estate throughout the United States and globally in a tax-deferred account by simply writing a check. With mortgage rates increasing, our clients are finding attractive returns in the private lending market, stated Ms. Ospina.

IRA Financial Groups Self-Directed IRA LLC for private lending transactions, is an IRS approved structure that allows one to use their retirement funds to make hard money and real estate loans tax-free and without custodian consent. The Self-Directed IRA LLC involves the establishment of a limited liability company (LLC) that is owned by the IRA (care of the Roth IRA custodian) and managed by the IRA holder or any third-party. As manager of the checkbook IRA LLC, the IRA owner will have control over the IRA assets to make traditional as well as non-traditional investments, such as hard money loans by simply writing a check

Using IRA Financial Groups self directed IRA LLC with checkbook control solution to make hard money loan investments offers hard money lenders the ability to make loans i quickly without any custodian delay. By using a checkbook control self-directed IRA LLC our clients have been able to make hard money loans quickly and without any custodian delay, stated Mr. Bergman.

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.

IRA Financial Group is the market’s leading checkbook control Self Directed IRA Facilitator. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.

To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.







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Miami Home Sales Increased 21.2% in Q3 of 2013 Increased Demand for Homes and Condos while Median Prices Soared by Double Digits

Friday, November 29th, 2013


Miami, FL (PRWEB) November 06, 2013

Following record breaking sales activity for nearly three years, the Miami real estate market saw unprecedented growth in the third quarter of 2013 as demand for local real estate and limited supply continue to fuel double-digit growth in prices, according to the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.

Sales, Listings of Homes and Condos Grew

There were 8,027 homes and condos sold in Miami-Dade County during the third quarter of 2013. This represented a significant 21.2% and 8.7% increase in the sales of homes and condos, respectively, compared with the same period in 2012.

The growth in home sales was driven by a remarkable 89.5% increase in home sales $ 250,000 to $ 299,999 and a 67.7% growth in sales $ 600,000 to $ 999,999 when compared to the same time in 2012. Meanwhile, condo sales were driven by the 50.8% growth in condo sales $ 250,000 to $ 299,999 and a similar surge of 46.9% in condos $ 400,000 – $ 599,999 relative to the third quarter of last year.

The surge in sales of Miami homes and condos is driven by a robust demand for real estate from international buyers from worldwide markets and large numbers of U. S. buyers from other states, said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. The third quarter statistics reflect a significant strengthening of our local real estate market with more homes being sold faster than last year.

Nationally, total existing-home sales, including single-family and condos, rose 5.9 percent to a seasonally adjusted annual rate of 5.36 million in the third quarter from 5.06 million in the second quarter, and were 13 percent above the 4.74 million pace during the third quarter of 2012, according to the National Association of Realtors.

Statewide closed sales of existing single-family homes totaled 60,661 in the third quarter, up 17.3 percent compared to the year-ago figure, according to the latest housing data release by Florida Realtors. Closed sales of condominiums totaled 27,200, up 11.3 percent compared to 2012.

The Miami Associations initiatives to increase inventory and focus on assisting members to get more listings has made progress along with some additional distressed properties coming on the market. Home and condo listings also grew by double digits in the third quarter. There were 5,937 new single-family home listings during Q3, a growth of 15.3% relative to the same period last year. Meanwhile, new condo listings were stronger with an increase of 20.5% from 6,872 in Q3 2012 to 8,282 this year.

Median and Average Sales Prices Continue to Rise

In the third quarter, the median sales price for homes in Miami-Dade County was $ 230,000, an increase of 21.3% compared to last year and 12% relative to the previous quarter. The median sales price for condos rose 26.6% to $ 183,600 in the third quarter compared to the second quarter of 2013. Third quarter price increases mark seven (7) quarters of increases for both single-family homes and condominiums.

In addition, compared to last year, the average sales prices for single-family homes and condominiums increased 8.1% to $ 381,517 and 19.3% to $ 329,418, respectively.

Despite more new listings coming on the market, supply remains tight, particularly for properties in lower price points, for current level of demand for Miami properties, said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. Robust sales will continue to drive price appreciation in the Miami market.

Nationally, the median sales price of existing single-family homes was $ 207,300 in the third quarter, up 12.5 percent from the third quarter of 2012. The national median sales price for condominiums was $ 205,400, a 15.1 percent increase over the previous year.

The statewide median sales price for single-family existing homes in the third quarter was $ 175,000, up 18.6 percent from the same quarter a year ago. The median sales price for condominiums in Florida was up 23.8 percent compared to the same quarter last year at $ 130,000.

Percentage of Cash Sales Declines

In the third quarter, 59.3 percent of closed sales were all cash compared to 63.3 percent a year ago. All cash sales were 45 percent of single-family home closings and 71 percent of all condominium sales. Since nearly 90 percent of foreign buyers pay cash, this reflects Miamis position as a top market for foreign buyers. Miami has a significant percentage of international buyers, generating many more cash transactions than the national average.

Home Inventory Moving Rapidly Despite More New Listings

Homes were sold much faster during the third quarter of 2013 compared to the previous year. The median duration of a home listing during the last quarter was 37 days compared to 43 days during the same period last year, a significant decrease of 14%. Meanwhile, condo listing durations were comparable to 2012 figures at a median of 46 days compared to 43 last year.

Total third quarter active listings in Miami-Dade County totaled 14,273, representing an increase of 14.2 percent. At the current sales pace, this reflects 4.9 months of inventory for single-family homes and 6.3 for condominiums. Months supply of inventory declined 12.5 percent for single-family homes and increased 11 percent for condominiums compared to the third quarter of 2012.

3Q Miami-Dade Statistical Reports

Single-Family Homes: http://goo.gl/b5bAI9

Condominiums: http://goo.gl/9ptrbt

Note: Statistics in this news release may vary depending on reporting dates. 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 93 years 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 30,000 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. MIAMIs official website is http://www.miamire.com.

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MIAMI Association of Realtors Presents South Florida Developer Showcase on Nov. 1; The New Construction Event of the Year Back by Popular Demand

Saturday, October 26th, 2013


Miami, FL (PRWEB) October 21, 2013

The 30,000-member MIAMI Association of REALTORS (MIAMI), Cervera Real Estate and Astor Companies are pleased to present the South Florida Developer Showcase on November 1 at state-of-the-art Miami Airport Convention Center (MACC) – Double Tree Hotel. The New Construction Event of the Year will feature Miamis hottest neighborhoods, best new projects and top developers all in one venue.

The Developer Showcase will include important market information critical to everyone involved in real estate in South Florida as well as providing highlights of the most outstanding new developments being marketed now. Registration has just opened for this event, which is expected to draw 1,000 participants. It will take place immediately prior to the Miami Real Estate Congress on November 3-5, attracting attract some of the international delegates attending the Congress.

With more than 500 attendees, the last Developer Showcase in August was an overwhelming success, selling out in less than one week.

We are proud to be able to bring the very best of Miami to our 30,000 members, as it is vastly important that our members have access to the latest market trends and information to be successful and better serve consumers, said MIAMI Chief Executive Officer Teresa King Kinney. The Developer Showcase offers attendees everything they need to know about the new construction market and brings Realtors and top developers together. It will increase inventory for Realtors and ultimately will generate more business for the South Florida real estate market.

At the Developer Showcase, new services will also be announced including the new launch of construction properties which will be added to the MIAMI MLS and a new service where Match.com meets LinkedIn for the real estate community.

Featured exhibitors include:

Presenting Sponsors: Cervera Real Estate and Astor Companies
Premier Sponsors: ISG, Biscayne Beach, Centro, and Brickell House
Exhibitors: Association Law Group, Le Parc, H3, Casa Costa, Terra-Grove at Grand Bay, Qual Imovel, The Miami Herald International, and The Real Deal.

Program Highlights:

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