The New Metro International Investments Website Is Here!

Residential & Commercial Real Estate Brokerage
A Florida Registered Real Estate Brokerage

Early last year, when we first launched the Metro International Investments website, we had a very good idea of what we wanted but unfortunately, the end result was not to our satisfaction as it neither represented our users preferences in terms of use case, nor did it truly exemplify the level of excellence we always demonstrate to our customers.  We also wanted a first class template with which we could replicate and create other, individual, websites for our licensed real estate sales associates. 18 months later, we are now proud to announce our first iteration of a highly scalable, responsive and easy-to-use website that is loaded with great content.  Additional pages and updates to both the blog and the level of function the website possesses are forthcoming as our Back Office Broker, Christopher Lazaro, continues to generate content and learn the intricacies of the content management system (he is also nearly done with his own personalized version of this website template) and theme and our Commercial Real Estate Broker, Mark Moldoff, begins a series of great articles founded in his 47 years of experience as a real estate developer & builder, real estate broker, property manager & community association manager.

Please visit and explore the site and let us know what you think!  We welcome all feedback and encourage agents who enjoy blogging on the subject of real estate to join our brokerage or engage us for some cross-content sharing.

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The Miami Beaches Market Pulse – October 2016

For most tourists this is one of the happiest sites of their whole visit.
For most tourists this is one of the happiest sights of their whole visit.

Welcome to the October 2016 Edition of the Miami Beaches Market Pulse!  Amidst the tremendous windup towards the Presidential Election and the Jewish Holidays, people still found the time to make real estate investments in the Miami Beaches.  After the abysmal sales month I reported in the Miami Beaches Market Pulse – September 2016, it was encouraging to see mid-high double-digit closed sales numbers as opposed to the single-digit sales of the prior month.  Sales Volume, year-over-year and year-over-year-over-year are still down considerably and continuing to decline.  Listing Volume continues to climb and/or hover at 3-5 year highs.  In basic economics, low demand & higher supply generally indicates lower prices ahead.  Combine that thought with the idea of a future of higher interest rates, AND a current trend where higher capitalization rates are now being demanded by investors purchasing leased (or to-be-leased) residential & commercial assets, it is no surprise to be seeing and expecting, lower final sales prices across most, if not all, asset classes throughout the country in the absence of demand to the contrary.  The real estate market has effectively peaked and I expect prices to continue to decline as more supply continues to enter the market.  Each asset class must be examined within its own market however.  In some cases on the Miami Beaches, there are assets that are quite probably as low as they will ever get; while at the same time there are others where it would serve the savvy buyer to wait a bit longer for a substantial savings.

What concerns me most of all, however, is the current state of the bond market.  I am going to go into extensive detail this coming month on our economic status, as a nation, and what I foresee as the possible permutations of outcomes are going forward. Bond yields are pushing higher, which means bond prices are dropping.  Bond prices drop when there is a greater amount of selling than buying.  If the current trends continue, especially if interest rates rise…even slightly, the ramifications to the credit markets going forward could be dire.  This will absolutely adversely effect asset prices negatively should the trend continue; and I would argue IT HAS TO.  Interest rates have been artificially low for far too long, and the market distortions this has created have not yet truly begun to be felt.

Market Activity & Neighborhood Reports by Zip Code for the Miami Beaches

33139 – South Beach

Median Est. Home Value: $395K, Down -0.7%; Median Est. Listing Price: $260K, Up 2.0%; Median Days in RPR: 135 Up 2%; Sales Volume: 89, Down –20.5%

Click here to receive the 33139 Market Activity Report

Click here to receive the 33139 Neighborhood & Real Estate Market Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

The first few pages of the Market Activity & Neighborhood & Real Estate Market Report says it all, very clearly, in both numbers and charts.  Click it and check out the PDF.

33140 – Mid-Beach

Median Est. Home Value: $550,  Up 14.3%; Median Est. Listing Price: $465K, Up 22.4%; Median Days in RPR: 134, Up  9.8%; Sales Volume: 40, Down –40.3%

Click here to receive the 33140 Market Activity Report

Click here to receive the 33140 Neighborhood & Real Estate Market Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.  

The first few pages of the Market Activity & Neighborhood & Real Estate Market Report says it all, very clearly, in both numbers and charts.  Click it and check out the PDF.

33141 – North Beach & North Bay Village

Median Est. Home Value: $271K, Up 2.7%; Median Est. Listing Price: $269K, Up 19.3%; Median Days in RPR: 114, Up 2.7%; Sales Volume: 61, Down –23.8%

Click here to receive the 33141 Market Activity Report

Click here to receive the 33141 Neighborhood & Real Estate Market Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

The first few pages of the Market Activity & Neighborhood & Real Estate Market Report says it all, very clearly, in both numbers and charts.  Click it and check out the PDF.

33154 – Bal Harbour & Bay Harbor Islands

Median Est. Home Value: $678K, Up 3.5%; Median Est. Listing Price: $510K, Up 21.7%; Median Days in RPR: 132, Down –4.3%; Sales Volume: 33, Down –8.3%

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Neighborhood & Real Estate Market Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

 The first few pages of the Market Activity & Neighborhood & Real Estate Market Report says it all, very clearly, in both numbers and charts.  Click it and check out the PDF.

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

Median Est. Home Value: $360K, Up 2.3%;  Median Est. Listing Price: $320K, Up 23.6%; Median Days in RPR: 147, Up 11.4%; Sales Volume: 127, Down –12.4%

Click here to receive the 33160 Market Activity Report

Click here to receive the 33160 Neighborhood & Real Estate Market Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

The first few pages of the Market Activity & Neighborhood & Real Estate Market Report says it all, very clearly, in both numbers and charts.  Click it and check out the PDF.

Miami Realtor, Miami Real Estate Professional
Christopher Lazaro, MBA – International Realtor of Miami

Navigating the real estate investment markets can seem overwhelming to the non-professional and can be detrimental to enter into without the proper guidance based on fundamental analysis of the markets.  Give me a call and let me service your real estate investment needs.  Whether you are a first time home buyer, or a savvy commercial real estate investor, myself and my team of agents can empower you to achieve your investment goals in the real estate market both here in Southeast Florida, as well as throughout the State of Florida.

Cheers,

Christopher J. Lazaro, MBA

Licensed Real Estate Broker

1-800-798-9192 x333

MLS:  http://www.REBroker.Miami

Special 3rd Quarter Report – The Miami Beaches Market Pulse & Foreclosure Watch Reports – September 2016

Miami Beach
Miami Beach

Welcome to the 3rd Quarter Wrap-up Edition of the Miami Beaches Market Pulse!  In this edition I provide the usual data and analysis on a zip code by zip code basis, and also provide the latest numbers for the distressed asset market for each zip code, and the county as a whole.  I have been documenting a correction on the Miami Beaches for nearly 2 years now and believe that the market remains on a precipice.  I do not see this as Doom & Gloom however.  Markets that are moving, whether up or down, provide for numerous opportunities; it is when markets are plateauing and/or stagnant, where Buyers & Sellers are unable to bridge the divide between Bid & Ask, that things look most dire.  Over the prior 18+ months I have been documenting a strong trend higher in Listing Volume and a strong trend lower in MLS Sales Volume.  These trends have both continued through the 3rd Quarter of 2016 and are joined by a massive uptick in foreclosure filings throughout Miami-Dade County.  This month, I believe we have reached a possible inflection point in the markets.

Market Activity & Neighborhood Reports by Zip Code for the Miami Beaches

33139 – South Beach

Median Est. Home Value: $392K, Up 0.4%; Median Est. Listing Price: $260K, Up 2%; Median Days in RPR: 135 Up 2.3%; Sales Volume: 9, Down –92%

Click here to receive the Miami Beach, 33139, Real Estate Market Activity Report.

Click here to receive the Miami Beach, 33139, Neighborhood Report.

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

September 2016 represents the lowest MLS Sales Volume in a single month in the history of South Beach from what I am able to find online.  Listing Volume has set a new 3-year high as more Sellers come to market.  Median Sales Price for the month was substantially higher than average due to a larger, high end sale which closed during this reporting cycle.

Foreclosure Watch – 33139

From January 1st 2016 through September 30th 2016 there were 74 Foreclosure Filings according to County Records.  This is more than double the 36 foreclosure filings over the same time period in 2015, and nearly three times the activity seen in 2012 (22 foreclosure filings) and 2011 (28 foreclosure filings).  Over the same time period in 2013 & 2014 there were 45 & 48 foreclosure filings respectively.

While 74 foreclosure filings for this year and time period is very high and does not yet represent a trend, by itself as a data point, it should be noted that at the height of the mortgage crisis in 2010, zi code 33139 saw 97 foreclosure filings during the Jan-through-Sept time period.

33140 – Mid-Beach

Median Est. Home Value: $542K,  Up 11.4%; Median Est. Listing Price: $465K, Up 22.4%; Median Days in RPR: 134, Up 9.8%; Sales Volume: 6, Down –91%

Click here to receive the Miami Beach, 33140, Real Estate Market Activity Report

Click here to receive the Miami Beach, 33140, Neighborhood Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.  

Similar to 33139, MLS Sales were in single digits this month for Mid-Beach, 33140.  Estimated Home Values, Listing Prices & Sales Prices were all up across the boards, however, this was accomplished on very weak sales volume; and in my experience, these numbers cannot respectively represent the true health of the market.

Foreclosure Watch 33140

From January 1st 2016 through September 30th 2016 there were 38 foreclosure filings in 33140, up approximately 25% from the year before (28 filings in 2015), matching its 2014 total for the same time period and placing it within 12% of matching the 2010 high of 42 foreclosure filings.  In 2013, 2012, and 2011 there were 18, 13 & 9 foreclosure filings respectively.  Definitely see my June 2016 Distressed Market Analysis for an explanation of specific events over the time period of 2008-2016

33141 – North Beach & North Bay Village

Median Est. Home Value: $269K, Up 1.8%; Median Est. Listing Price: $269K, Up 19.3%; Median Days in RPR: 114, Up 2.7%; Sales Volume: 10, Down –87.5%

Click here to receive the Miami Beach, 33141, Real Estate Market Activity Report

Click here to receive the Miami Beach, 33141, Neighborhood Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

 Sales Volume barely crossed into double digits this month and Listing Volume remains at a 3 year high.  Over 2/3rd of home sales the past 12 months have been under 350K in zip code 33141.  I have said it before and will reiterate, for the location, you will not see better deals anywhere on Miami Beach than in this zip code.

Foreclosure Watch 33141

From January 1st 2016 through September 30th 2016 there were 60 foreclosure filings in 33141, effectively DOUBLING 2015’s total of 31 filings.  This years total remains 33% off the 2010 total of 82.  2011, 2012, 2013 and 2014 had 16, 42, 32, & 22 filings respectively.

33154 – Bal Harbour & Bay Harbor Islands

Median Est. Home Value: $678K, Up 7.3%; Median Est. Listing Price: $510K, Up 21.7%; Median Days in RPR: 132, Down –4.3%; Sales Volume: 3, Down –91.7%

Click here to receive the Miami Beach, 33154, Market Activity Report

Click here to receive the Miami Beach, 33154, Neighborhood Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

 33154 registered a whopping THREE closed sales this September 2016 with the lowest sales volume in easily more than 3 years while listing volume has continued its march higher towards one thousand (1000) active listings.

Foreclosure Watch 33154

From January 1st 2016 through September 30th 2016 there were 17 foreclosure filings, roughly 25% more than the 2015 total for the same time period of 13 and still substantially lower from 2010, where a staggering 40 foreclosure filings loomed in what is otherwise one of the wealthiest and most prosperous zip codes in the United States.  2011, 2012, 2013 & 2014 had totals of 8, 13, 12 & 13 foreclosure filings over the same time period respectively.

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

Median Est. Home Value: $360K, Up 2.2%;  Median Est. Listing Price: $320K, Up 23.6%; Median Days in RPR: 147, Up 11.4%; Sales Volume: 19, Down –86.9%

Click here to receive the Sunny Isles Beach, 33160, Real Estate Market Activity Report

Click here to receive the Sunny Isles Beach, 33160, Neighborhood Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

Foreclosure Watch 33160

From January 1st 2016 through September 30th 2016 there were 83 foreclosure filings, more than doubling the 2015 total of 33 for the same time period.  While still 50% from the 2010 high of 122 foreclosure filings during the Jan-Sept time frame, the move comes has a substantial surprise given the 2011-2014 numbers which ranged from 20 filings in 2011, 46 in 2012, and then “stability” seemed to be 35 (2013), 31 (2014) and 33 (2015).

Foreclosure Watch – Miami-Dade County

From January 1st 2016 through September 30th 2016 there were 5250 foreclosure filings in Miami-Dade County, nearly double the 2797 that were filed over the same time period in 2015.  The Miami Beaches are effectively paralleling the rest of Miami-Dade County and are experiencing the same macroeconomic and microeconomic forces as the rest of the county.  The 2016 year-to-date totals do not touch the 2010 YTD total of 8949 foreclosure filings during the first 3 quarters of 2010.  2011 followed with 1306 as the court system and legal issues pertaining to “robo mortgages” brought our judicial system to a crawl; but in 2012, the backlog began getting worked through with 5036 filings and another 3847 foreclosure filings in 2013 over the same time period.  In 2014, there were 2595 foreclosure filings during the first 3 quarters of the year.

Conclusion & Forecast

September 2016 in the Miami Beaches has set, what could be, historic lows in terms of sales volume in ALL 5 zip codes of the Miami Beaches. Furthermore, listing volume continues to push higher across all Miami Beach real estate markets and is currently at 3-5 year highs throughout the Miami Beaches.  Furthermore, substantial foreclosure activity has resumed throughout the 5 zip codes of the Miami Beaches (as well as Miami-Dade County as a whole) and these facts are in stark contrast to the picture our government paints for us with a constant diatribe about the “economic recovery” we are all supposedly benefitting from.  I have published before, and will soon again, that the recent “recovery” has been entirely stimulus reduced and has no real basis in fact, but that is for another article.  These market conditions cannot endure forever.  It is scenarios like these that lead to sudden shifts in trend when Sellers realize that their prices are too high and either lower their prices to clear the market, or withdraw from the market all together; especially when other forces, such as interest rates going up or the general availability of credit drying up, help make the decision for them.  I have a large number of Buyers awaiting buying opportunities in the market; and I believe that time is rapidly approaching at the retail level.  My firm is already servicing more than 100 short sales and several hundred investors who Buy-Rehab-Flip and bid on these distressed assets.

With the specter of higher interest rates looming on the horizon, I believe retail asset prices will have to come down across the boards; and CAP rates (for leases both residential & commercial) are already beginning to see upward pressure (meaning ask prices are trending lower), a that trend will continue into the foreseeable future.