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Archive for September, 2012

Condo Prices in Miami Rise in August

September 24th, 2012 Written By Carol Pawley

According to a report from the Miami Association of Realtors, in the month of August the median price for Miami-Dade condos rose 28.4% compared to the same period in 2011. Also reported was  median sales price of single-family homes increased to 10.8% .

That being said median sales price for condos now stands at $146,500, and $195,000 for single-family homes. For the past nine consecutive months home prices in Miami have risen. Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors said, “Despite the shortage of housing inventory, Miami home sales remain strong and continue to drive significant price appreciation. There is evident demand for Miami properties, particularly from foreign buyers and investors who recognize Miami’s desirability and profitability.”

Click here to see condo’s currently for sale.

It looks like Miami might be on the road to recovery. What do you think? Share your thoughts below.

Builder Confidence Hits 6 Year High!

September 21st, 2012 Written By Carol Pawley

According to the National Association of Home builders,  builder confidence in the housing market for newly built, single-family homes increased 3 points from last month’s count, reaching  40 points, the highest level since June 2006.

Barry Rutenberg, NAHB’s chairman, said “This fifth consecutive month of improvement in builder confidence provides further assurance that the housing market is moving in a positive direction, but there’s still a long way to go on the road to recovery and several obstacles are slowing our progress unnecessarily tight credit conditions are preventing many builders from putting crews back to work — which would create needed jobs — and discouraging consumers from pursuing a new-home purchase.”

This month three of the Housing Market index componments saw increases:                                                                                                                                                                                                                  

1.current sales conditions climbed four points to 42

 2.sales expectations in the next six months increased eight points to 51

3. traffic of prospective buyers inched up one point to 31

 

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Mayfair Hotel to debut renovations!

September 20th, 2012 Written By Carol Pawley

The Mayfair Hotel & Spa in Coconut Grove announced that they will unveil property renovations this week. The Mayfair Hotel opened its 179-room hotel in 1985 and began renovations this past summer. Included in the renovation was an overhaul of the pool and its surrounding 15,000-square-foot bar space. Jonathan Eismann’s Spartico restaurant will reopen at the hotel Oct. 15. Saun Lightbourne, executive director of sales and marketing at the Mayfair, said the upgrades were an “effort to return to its former glory.”

Will you be checking out the new hotel? If you do please share your opinion about the remodel.

 

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U.S. home sales prices rise 6.3%

September 19th, 2012 Written By Carol Pawley

According to a new report from RE/MAX median sales price of homes in the United States rose 6.3% in August compared to the same period in 2011. For the seventh straight month U.S. home prices have shown a year-over-year increase and home sales transactions saw an 8.5 percent increase in activity in the same period, the 14th-straight month of improved sales volume.

Margaret Kelly, CEO at RE/MAX states,”…it’s very encouraging that this year’s home selling season began strong and finished even stronger, nearly every month in 2012 experienced increased sales and prices over 2011, showing that we’ve definitely passed the bottom and we’re looking forward to 2013 being an even better year.”

 

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Initial foreclosure filings hit 22-month high in August in South Florida

September 17th, 2012 Written By Carol Pawley

According to a new report from foreclosure analytics firm RealtyTrac South Florida foreclosures rose 49% from July to August and 12% over the same period in 2011.

The largest increase came from initial filings, the first step in the foreclosure process, with 110% rise from July to August. The single-highest initial filings total since November 2010.

There were 5,276 initial filings last month, up from 2,515 in July.

There were an overall total of 9,238 properties with foreclosure filings in South Florida in August, after just 6,207 in July. That was compared to a total of 8,193 filings in August 2011. Nationally, foreclosure filings increased by 1 percent from July but fell by 15 percent from August 2011.

Are you surprised by this new report? Share your thoughts.

 

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Property Taxes Too High? Deadline to appeal is Sept 17, 2012

September 14th, 2012 Written By Carol Pawley

How do you reduce your property taxes in Dade County? 

By now everyone should have received their 2012 Proposed Property Tax Notice which was sent out by the Office Of  The Property Appraiser.   The deadline to file an appeal for Dade County is Monday  September 17, 2012.  This includes Coral Gables , Coconut Grove,  Pinecrest, Miami Beach  and all municipalities in the county.

If you think your property taxes are too high or if your assessment seems to be above the market value you may be entitled to a tax reduction.  This  applies to commercial as well as residential properties (homesteaded or not).  In order to challenge your assessment you must file a claim with The Value Adjustment Board or call a professional in to do this for you. 

Each year many of my clients ask what they should do.  For the past five years  Tax Savers of Miami, a local company, has successfully obtained reductions on my properties and many of my clients’ residential and commercial properties.   

Don’t wait, time is running out. Log on to www.taxsaversmiami.com for more info.Tax Savers Miami, Inc. is a property tax consulting firm that can assist you in lowering your property taxes, commercial or residential. Here are the numbers;Dade: (305) 740-0118 Broward: 954-458-TAXES (8293).

New bridge for bikes & pedestrians going in at Cocoplum Circle

September 14th, 2012 Written By Carol Pawley

After nearly four years in the planning stages, construction began in June 2012 and should be finished by the end of January 2013, according to the Miami-Dade Public Works and Waste Management Department. The bright red bridge – 162 feet long and 12 feet wide — was recently lowered into place. The Commodore Trail construction project will accommodate pedestrian and bicycle traffic crossing the Coral Gables Waterway at Cocoplum Circle in South Coral Gables and enhance public safety.

Instead of sharing the LeJeune Road bridge with vehicular traffic, runners, walkers and bicyclists will soon have their own safe crossing just east of LeJeune through the $715,000 project. In addition to the new bridge, there will also a new path connecting the bridge to a pathway along the perimeter of Ingraham Park. The project includes other improvements all along the Commodore Trail, such as resurfacing, some widening and new signs.

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