Property Solutions

Miami market property continues to peer unprecedented sales in third quarter of 2013

Posted on December 29, 2013 at 5:09 pm

Image Following record breaking sales activity for almost three years, the Miami real estate market saw unprecedented growth within the third quarter of 2013 as demand for local real estate and limited supply continue to fuel double digit growth in prices.

The latest figures from the Miami Association of Realtors shows that there has been a serious 21.2% and eight.7% increase within the sales of houses and condos, respectively, within the third quarter of 2013 compared with the identical period in 2012.

The growth in home sales was driven by a 89.5% increase in home sales $250,000 to $299,999 and a 67.7% growth in sales $600,000 to $999,999 compared to an analogous time in 2012.

Meanwhile, condo sales were driven by the 50.8% growth in condo sales $250,000 to $299,999 and the same surge of 46.9% in condos $400,000 to $599,999 relative to the third quarter of last year.

‘The surge in sales of Miami homes and condos is driven by a strong demand for real estate from international buyers from worldwide markets and big numbers people buyers from other states,’ said Natascha Tello chairman of the board of the Miami Association of Realtors.

‘The third quarter statistics reflect an important strengthening of our local real estate market with more homes being sold faster than last year,’ she identified, adding that association’s initiatives to extend inventory and concentrate on assisting members to get more listings has made progress at the side of some additional distressed properties approaching the market.
Home and condo listings also grew by double digits within the third quarter. There have been 5,937 new single family home listings, growth of 15.3% relative to the identical period last year. Meanwhile, new condo listings were stronger with a rise of 20.5% from 6,872 within the third quarter of 2012 to eight,282 this year.

Median sales price for homes in Miami-Dade County was $230,000, a rise of 21.3% in comparison to last year and 12% relative to the former quarter.  The median sales price for condos rose 26.6% to $183,600 within the third quarter in comparison with the second one quarter of 2013. Third quarter price increases mark seven quarters of increases for both single family homes and condominiums.

In addition, in comparison to last year, the common 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 approaching the market, supply remains tight, particularly for properties in lower cost points, for current level of demand for Miami properties. Robust sales will continue to drive price appreciation within the Miami market,’ said the association’s residential president Fernando Martinez.

Nationally, the median sales price of existing single family homes was $207,300 inside the third quarter, up 12.5% from the third quarter of 2012. The national median sales price for condominiums was $205,400, a fifteen.1% increase over the former year.

The statewide median sales price for single family existing homes within the third quarter was $175,000, up 18.6% from the similar quarter a year ago. The median sales price for condominiums in Florida was up 23.8% in comparison to the identical quarter last year at $130,000.

The data also shows that during the third quarter, 59.3% of closed sales were all cash in comparison to 63.3% a year ago. All cash sales were 45% of single family home closings and 71% of all condominium sales. Since nearly 90% of foreign buyers pay cash, this reflects Miami’s position as a top marketplace for foreign buyers. Miami has an important percentage of international buyers, generating many more money transactions than the national average.

Homes were sold much faster throughout the third quarter of 2013 in comparison with the former year. The median duration of a house listing over the past quarter was 37 days in comparison with 43 days in the course of the same period last year, a serious decrease of 14%. Meanwhile, condo listing durations were equivalent to 2012 figures at a mean of 46 days in comparison to 43 last year.

Total third quarter active listings in Miami-Dade County totalled 14,273, representing a rise of 14.2%. On the current sales pace, this reflects 4.9 months of inventory for single family homes and six.3 for condominiums. Months supply of inventory declined 12.5% for single family homes and increased 11% for condominiums when compared with the third quarter of 2012.

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Posted in Property Solutions

Prime central London property prices still rising, but rate of growth slowing

Posted on December 27, 2013 at 8:06 pm

Image Prime central London residential property prices increased by 0.6% in October and feature increased by 6.2% over the 1st 10 months of 2013, the most recent index shows.

October’s monthly increase signifies that London’s best homes have increased in value month on month for 3 consecutive years, says the Prime central London sales index from Knight Frank.

The biggest increases in property prices in October came from City Fringe, Islington and Marylebone at 3.5%, 1.7% and 1.5% respectively.

However, regardless of new record prices, there’s a moderation in price growth across prime central London following very strong performance over recent years.

Annual growth, which currently stands at 6.8%, compares to ten.1% within the one year to October 2012 and 12.5% within the year to the top if October 2011.

While prices was rising for 35 consecutive months, the speed of annual price growth has slowed. Prices rose 7% within the 365 days to the tip of September, in comparison to 10% within the same period to September 2012.

Prices in prime central London have risen by 5.5% since January, but this headline figure masks variations in performance between individual markets and value brackets.

Property prices within the City and Fringe market have increased by 2.3% on a quarterly basis and by 10.2% in 2013 to this point. Similarly, in Islington quarterly price growth of two.6% has pushed the change in prices in 2013 to eight.9%.

In comparison, property prices in Belgravia fell on a quarterly basis by 0.2% inside the third quarter of the year and feature grown by just a modest 0.8% over the year to this point.

‘There are signs that customers in certain prime central London markets are getting more proof against ongoing price growth,’ said Liam Bailey, global head of residential real estate at Knight Frank.

‘While the overall trend was for prices to extend, in two of the markets tracked by our index average prices fell on a monthly basis. In Hyde Park, prime property values declined by 0.3%, while along the South Bank the monthly fall in values was 1.4%,’ he stated.

‘Demand for top central London property remains high, with the variety of new applicants registering their interest in buying a house 34.4% higher to this point in 2013 in comparison to the identical period of 2012. The variety of property viewings can also be higher over the identical period, by almost 15%,’ he added.

The data also shows that much of this increase favorite is, however, targeted on the sub £2 million market where sales are 7.6% higher in 2013 to this point in comparison to the identical period in 2012.

Price growth of sub £2 million homes is outperforming the expansion on the top end of the market. Homes within the £5 million to £10 million and £10 million plus price bracket have increased in value by 3.1% and 1.6% respectively in 2013, while homes within the sub £1 million and £1million to £2 million price bracket are higher by 10% and eight.9% respectively.

Bailey added that, unsurprisingly, given the upper level of transaction activity, stock levels across prime central London have fallen. The choice of available properties on the market was 8% lower in September 2013 than in September 2012.

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Posted in Property Solutions

New analysis of garden cities and new towns within the UK announced

Posted on December 25, 2013 at 7:30 am

Image The 1st ever comprehensive analysis of the success and mess ups of garden cities and new towns inside the UK is to be accomplished next year

The Town and Country Planning Association (TCPA), a housing and planning charity that began because the Garden Cities Association in 1899, will under take the research at a time when the united kingdom government has suggested that a brand new generation of garden cities may be portion of the answer to the nation’s housing crisis.

While the TCPA have been leading a re-invigorated campaign for a brand new generation of gorgeous, inclusive and sustainable garden cities, there hasn’t ever been a radical study of the post war new towns programme.

‘Garden cities, equivalent to Letchworth and Welwyn, are held up internationally as the very best examples of the way to get planning right, however the various new towns they inspired have had more mixed success and face serious challenges over their ageing infrastructure,’ said Kate Henderson, TCPA chief executive.

‘Today they home over two million people in Britain and if we’re to embark on a brand new generation of garden cities and suburbs, it can be crucial that we learn the teachings from the past as we plan for the long run,’ she added.

Following on from a chain of publications and events during the last two years on learn how to deliver garden cities and suburbs, the TCPA has three further initiatives due for publication within the coming months.

It could be launching a Garden Cities guide for communities on 26November 2013 aimed toward communities that desire to grasp the garden city agenda. It could highlight the opportunities that incorporating Garden City principles on the local level can bring. These include opportunities for self build, allotments, community land trusts, management of local parks and community facilities and community planning.

Then in January 2014 it is going to be publishing a very good practice guide to long run stewardship models being applied to new communities within the UK. This will likely include the legal mechanisms available for establishing stewardship models and maintaining them in perpetuity, in addition to understanding the choices for meaningful community engagement and governance.

Then a month later it’ll publish an amendment to the recent Towns Act with the intention to allow a better for role for local authority influence in development corporations, which have been so phenomenally successful within the delivery of over two million homes inside the UK, but now require greater democratic accountability.

‘The TCPA is tremendously excited to be leading a growing campaign and momentum towards a brand new generation of garden cities and suburbs, but these communities would require long run planning and transcend electoral cycles,’ explained Henderson.

‘This is why within the run as much as the 2015 election the TCPA would be calling for all three major political parties to make a manifesto commitment to delivering beautiful, well designed and inclusive new communities; with affordable homes and new jobs in places people would like to live and work,’ she said.

‘Local government and personal sector partnerships can be crucial to the success of recent garden cities, but they both need political certainty and backing from central government to determine them throughout the long road to delivery,’ she added.

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Posted in Property Solutions

Big boost for property in England and Wales with prices up in all regions

Posted on December 23, 2013 at 7:14 am

Image Property prices in all regions in England and Wales have increased for the 1st time in three years, signalling that the housing recovery isn’t just in London.

They increased by 0.6% in October which also saw essentially the mostsome of the most transactions for the month since October 2007, in step with the most recent LSL/Acadata index.

The data also shows that prices have increased 4.3% annually in comparison to a year ago, setting a brand new record high and taking the common house price to £237,161. Analysts now predict that prices could end the year up by 5%.

‘We’re only at a fragment of the heights seen before the credit crunch struck, but still the housing market is a hive of activity. There’s been an incredible jump in transactions during the last three months with probably the most sales recorded in an October because the onset of the crisis,’ said David Newnes, director of LSL Property Services.

He believes that the foremost to one of these surge in activity is the renewed level of confidence seeping back into the market and a plethora of attractive mortgage deals enticing increasingly aspiring buyers back into the housing arena.
‘For the primary time in nearly three years, all 10 regions in England and Wales have seen a rise in prices, an astonishing recovery and one who we will now say is actually national.  Even earlier this year, many regions were still struggling to flee from the resilient grasp of the financial crisis. But in little over six months we’ve seen a drastic improvement within the availability of mortgages and increased lending by the banks to these on the lower end of the spectrum,’ he explained.

‘The increase admired, partly fuelled by the second one phase of Help to shop having being brought forward, has driven up average house prices around the country by £1,376 over the last month and £9,776 from a year ago. But despite significant rises, the increased availability and competitiveness of mortgages has also opened the door to a brand new wave aspiring buyers who had previously been persistently locked out. The stark rise in first time buyer activity particularly has given the rate of recovery a good greater uplift,’ he added.

East Anglia has seen the best boost in sales, up by 26% but even the region with the bottom rise in transactions, the West Midlands, falls only shortly behind rising by 22%.

Newnes said that during the face of rises sweeping around the nation, we must be certain that the market doesn’t soar out of reach for those on the bottom of the ladder. ‘Over the following year it’s crucial that the govt. supports the expansion of recent house building to satisfy the growing demand, and stop properties around the country becoming unaffordable for big portions of the population,’ he cited.

‘But lenders too must share the various load, as they play a pivotal role in reaching the lower end of the housing market and this may help support a continued and more sustainable rate of recovery into 2014 and beyond,’ he added.

The data also shows that during the last twelve months the common house price has increased on 11 occasions, with only May 2013 seeing a minor fall. Consistent with Peter Williams, housing market specialist and chairman of Acadata, historically this can be a common enough occurrence. For instance, over the period March 1996 to April 2005 there have been 110 months in succession during which house prices rose.
‘With the rise in transactions continuing over the subsequent two months, we anticipate that price rises will stay supported by shortages inside the supply of properties on the market. We therefore anticipate that house price increases will reach an annual average rate of five% by the tip of the year,’ he said.

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Posted in Property Solutions

Home prices up around the U . s ., latest index shows

Posted on December 21, 2013 at 7:32 pm

Image Home prices around the Usa, including distressed sales, increased 12% on a year on year basis in September 2013 in comparison to September 2012, the most recent index from CoreLogic shows.

This change represents the 19th consecutive monthly year on year increase in home prices nationally. On a month on month basis, including distressed sales, home prices increased by 0.2% in September 2013 compared with the former month.

Excluding distressed sales, home prices increased on a year on year basis by 10.8% in September 2013 in comparison to September 2012. On a month on month basis, excluding distressed sales, home prices increased 0.3%.

The CoreLogic Pending HPI indicates that October 2013 home prices, including distressed sales, are expected to rise by 12.5% on a year on year basis from October 2012 and rise by 0.1% month on month.

Excluding distressed sales, October 2013 home prices are poised to rise 11.2% year on year from October 2012 and by 0.1% month on month from September 2013.
The CoreLogic Pending HPI is a proprietary and exclusive metric that gives the most up-tp-date indication of trends in home prices. It’s in line with Multiple Listing Service (MLS) data that measure price changes for the newest month.

‘September marked the unofficial five year anniversary of the beginning of the housing crisis. The five year home price appreciation for all homes within the nation was 3.4%. While there’s still room for improvement, the CoreLogic HPI is on the highest level since May 2008,’ said Mark Fleming, chief economist for CoreLogic.

According to Anand Nallathambi, president and chief executive officer of CoreLogic, US home prices continued their ascent in September. ‘Average home prices in nearly half the states are actually within striking distance in their pre downturn pricing peaks,’ he mentioned.

‘We are seeing a slowdown inside the rate of price appreciation over the last few months from the rapid pace experienced over the primary half this year. This deceleration is natural and will help keep market fundamentals in balance over the future,’ he added.

Including distressed sales, the five states with the very best home price appreciation were Nevada with growth of 25.3%, California up 22.5%, Arizona up 14.6%, Georgia up 14.4%  and Michigan up 13.9%.

Including distressed sales, no states posted home price depreciation inside the month of September.

Excluding distressed sales, the five states with the top home price appreciation were Nevada with growth of twenty-two.4%, California up 18.9%, Utah up 13.2%, Arizona up 12.6% and Florida up 12.6%.

Excluding distressed sales, no states posted home price depreciation inside the month of September.

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