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Broward Real Estate Home Sales Again Rise Year-over-Year in August…

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Broward-MIAMI President Patrick Simm

Broward-MIAMI President Patrick Simm

“The pandemic and the increase availability of remote work accelerated migration to South Florida, and we’re seeing it month after month”

Broward County total home sales continued rising in August 2021 as pent-up demand, more U.S. individuals and companies moving to South Florida, and record-low mortgage rates continue fueling transactions, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

Broward County total home sales rose 10.8% year-over-year in August 2021, from 3,089 sales to 3,422. Broward single-family home transactions decreased 2.8%, from 1,672 to 1,625. Broward existing condo sales increased 26.8%, from 1,417 to 1,797.

“The pandemic and the increase availability of remote work accelerated migration to South Florida, and we’re seeing it month after month,” Broward-MIAMI President Patrick Simm said. “If you can do business anywhere, why not move to a market like South Florida where your money will go further, and your lifestyle and health will be so much better?”

Broward home sales are also significantly higher vs. August 2019. Broward total home sales are up 18.2% in August 2021 vs. August 2019, from 2,895 to 3,422. Broward single-family home sales (13.2% increase) and condo transactions (23.2% jump) are higher than August 2019.

Demand for Broward Condos Surges; Condo Sales Rise 26.8% Year-over-Year in August 2021

With so many U.S. companies and individuals relocating to our region over the last year, many of those relocating homebuyers are taking advantage of the condo inventory. International homebuyers, who have long preferred condos, have pent-up demand for Miami real estate and are also returning to the No. 1 market for foreign homebuyers.

Broward existing condo sales are up in all price ranges in August 2021, with major transaction increases in properties selling at $300K and above.

Lack of inventory in certain price points is impacting sales, particularly for single-family homes. More inventory is expected to come to the market as potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory.

Broward Luxury Sales Jump as Northeast and West Coast Buyers Move to Mega Region

Broward single-family luxury ($1-million-and-up) transactions jumped 68.1% year-over-year to 195 sales in August 2021. Broward existing condo luxury ($1-million-and-up) sales increased 294.1% year-over-year to 67 transactions.

There are 3.7 months of supply in luxury single-family homes; 6.3 months of supply in luxury condos. Luxury months of supply continues to trend downward for all property types, month-over-month, and year-over-year.

Low interest rates; a robust S&P 500; the appeal of stable assets in a volatile economy; homebuyers leaving tax-burdened Northeastern states to purchase in Florida (no state income tax); and work-from-home and remote-learning policies have all combined to create a robust market for luxury single-family properties.

With global vaccinations rising and unstable political situations around the world, South Florida is seeing an increase in foreign homebuyers. Global buyers are also coming here for the vaccine and purchasing property. Global buyers purchase in Miami because Miami is a world-class global city with better real estate prices than other similar global cities. Foreign buyers feel at home with our incredible diversity and acceptance of all cultures.

Broward single-family homes priced between $400K to $600K increased 9.76% year-over-year to 578 transactions in August 2021. Broward existing condo sales priced between $400K to $600K increased 80.9% to 170 transactions.

New Listings Rise; More Inventory Arriving for Low-Supply/High-Demand Market

New listings of Broward single-family homes increased 2.3% to 1,838 from 1,796. New listings of condominiums increased 1.1%, from 2,047 to 2,069.

Inventory of single-family homes decreased 32.5% year-over-year in August 2021 from 3,492 active listings last year to 2,357 last month. Condominium inventory decreased 50.7% year-over-year to 3,845 from 7,799 listings during the same period in 2020.

Months’ supply of inventory is down since July 2019 for single-family, reflecting strong demand. Months’ supply of inventory for single-family homes decreased 46.4% to 1.5 months, which indicates a seller’s market. Inventory for existing condominiums decreased 67.7% to 2.1 months, which indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Total active listings at the end of August 2021 decreased 45.1% year-over-year, from 11,291 to 6,202.

Nationally, total housing inventory at the end of August totaled 1.29 million units, down 1.5% from July’s supply and down 13.4% from one year ago (1.49 million). Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from July but down from 3.0 months in August 2020.

Broward Homeowners’ Home Equity Continues Surging as Many Pay Lower Mortgage Payments

With interest rates still at record lows, many South Florida homeowners have refinanced their home loans. So not only are many homeowners paying lower mortgage payments today; they are doing so while their wealth (home equity) has significantly increased. Home equity can be tapped for renovations, college loans and more.

Broward County single-family median prices increased 19% year-over-year in August 2021, increasing from $416,000 to $495,000. Existing condo median prices increased 10.1% year-over-year, from $199,900 to $220,000.

The greater share of Broward luxury sales in 2021 compared to a year ago is part of the reason for the large year-over-year increase in median prices.

Rising median prices is a trend nationwide as record-low mortgages rates and the increased availability of remote work and education has accelerated the demand for housing. Low inventory relative to high demand leads to prices rising.

Lower mortgage rates are making home purchases more affordable. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 2.84% in August, down from 2.87% in July. The average commitment rate across all of 2020 was 3.11%. NAR Chief Economist Lawrence Yun expects the 30-year fixed-rate mortgage to remain below 3.5% in 2021.

Should mortgage rates resume their upward climb, home price growth is likely to slow in response. As more sellers list properties in 2021, the increased inventory should ease the growth of median prices.

South Florida remains a bargain compared to other global cities. In Miami, $1 million can net homebuyers 85 square meters of prime property, according to Knight Frank’s 2021 The Wealth Report. Monaco (15 square meters), Hong Kong (23), London (31), New York (34) and Geneva (35) and others offer significantly less prime land for $1 million.

Broward Dollar Volume Totals $1.7 Billion, Showcasing Impact Housing Plays in Local Economy

While other industries struggled over the past year, housing lifted the economy nationally and locally. For every two homes sold in the U.S., one job is created. Miami dollar volume showcases the impact housing plays in the local economy.

Broward total dollar volume totaled $2.5 billion in August 2021. Single-family home dollar volume increased 26.6% year-over-year, from $883.9 million to $1.1 billion. Condo dollar volume increased 61.9% year-over-year, from $344.4 million to $557.7 million.

Broward Distressed Sales Keep Dropping, Reflecting Healthy Market

Only 0.9% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, compared to 2.5% in August 2020.

Total Broward distressed sales decreased 56.4% year-over-year in August 2021, from 78 to 34.

Short sales and REOs accounted for 0.2% and 0.8% year-over-year, respectively, of total Broward sales in August 2021. Short sale transactions decreased 68.2% year-over-year while REOs decreased 51.8%.

Nationally, distressed sales represented less than 1% of sales in August 2021, equal to August 2020.

National, State Housing Demand Robust as More Inventory Expected to Arrive

Nationally, total existing-home sales transactions completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 2.0% from July to a seasonally adjusted annual rate of 5.88 million in August. Year-over-year, sales dropped 1.5% from a year ago (5.97 million in August 2020).

Statewide, closed sales of single-family homes in August totaled 29,550, up slightly (0.2%) year-over-year, while existing condo-townhouse sales totaled 12,550, up 13.1% over August 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Nationally, the median existing-home price for all housing types in August was $356,700, up 14.9% from August 2020 ($310,400), as prices increased in each region. This marks 114 straight months of year-over-year gains.

The statewide median sales price for single-family existing homes in August was $354,000, up 18% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $252,500, up 16.1% over August 2020. The median is the midpoint; half the homes sold for more, half for less.

Broward Real Estate Attracting Multiple Bids, Buyers Going Over-List Price

The median percent of original list price received for single-family homes was 100% in August 2021, up 3% from 97.1% last year. The median percent of original list price received for existing condominiums was 97.9%, up 3.1% from 95% last year.

The median number of days between listing and contract dates for Broward single-family home sales was 12 days, a 55.6% decrease from 27 days last year. The median time to sale for single-family homes was 54 days, a 23.9% decrease from 71 days last year.

The median number of days between the listing date and contract date for condos was 24 days, down 52.9% from 51 days. The median number of days to sale for condos was 68 days, a 24.4% decrease from 90 days.

Broward Cash Sales 73.2% More than National Figure in August 2021

Cash sales represented 38.1% of Broward closed sales in August 2021, compared to 27.2% in August 2020. About 22% of U.S. home sales are made in cash, according to the latest NAR statistics.

The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.

Cash sales accounted for 51.4% of all Broward existing condo sales and 23.4% of single-family transactions.

To access August 2021 Broward Statistical Reports, visit http://www.SFMarketIntel.com

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 101 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 52,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 223 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com

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Source: https://www.prweb.com/releases/broward_real_estate_home_sales_again_rise_year_over_year_in_august_2021/prweb18215910.htm

Real Estate

Kelly Legal Group Announces New Associate Attorney, Kipp A. Marshall

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Kipp Marshall, associate attorney, was admitted to the State Bar of Texas in 2008, and the State Bar of New Mexico in 2020. He graduated from The University of Texas in 2005 with a Bachelor of Arts in Sociology and a minor in History. He attended St. Mary’s University School of Law where he received his Juris Doctor in 2008.

The team at Kelly Legal Group is composed of well-rounded, highly knowledgeable professionals who offer legal representation in a wide range of areas. They do so by providing their clients a comfortable, transparent experience. The new associate attorney is sure to fit in well – and excel – alongside the team.

Having roots within our local Texas communities, Marshall possesses a strong work ethic, a high level of professionalism, and a true desire to handle legal matters for the residents in and around Austin, Texas.

About The Kelly Legal Group, PLLC

The Kelly Legal Group, PLLC is a boutique real estate and corporate law firm located in Austin, Texas founded by attorney Jeffrey S. Kelly. KLG strives to provide its clients with competent legal advice, first-class service, and rapid matter resolution. Over the years, KLG has expanded its practice areas beyond business and real estate to include wills & estates, personal injury, aviation, and criminal law.

To learn more, visit https://www.kellylegalgroup.com, call 512-505-0053 to schedule a free consultation, or stop by The Kelly Legal Group, PLLC office at 4934 West US Highway 290 Sunset Valley, Austin, TX 78735.

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Source: https://www.prweb.com/releases/kelly_legal_group_announces_new_associate_attorney_kipp_a_marshall/prweb18280910.htm

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Real Estate

Grey Outdoor’s Generous Donation led to Renewal by Andersen Restoring…

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Grey Outdoor Digital Billboard Ad for the Family

Grey Outdoor Digital Billboard Ad for the Family

We would like to thank Grey Outdoor Advertising for their generosity and selfless coverage that led to the truck purchase. We hope this story inspires you as well!

Stacey Ridgeway from Supply, North Carolina was in a hunting accident causing him to fall from a tree. The impact crushed vertebrae T12, leaving him with no feeling below his waist and unable to walk.

Grey Outdoor Advertising, after having a long business relationship with The Coastal Companies, offered to display his Go Fund Me ad on a digital billboard for free and run it as long as needed to help raise money for this cause. On February 19th couple Monty & Angela Fuller, owners of Renewal by Andersen of Coastal NC drove by the billboard and saw the GoFundMe digital ad with the man’s picture on it and realized that he had plumbed their home. The couple gifted him with a new handicapped accessible Ford truck, leaving all money raised for family financial support. A video has now been produced covering the story which can be viewed at https://youtu.be/EQaoyset9K0 and it is The Coastal Companies’ goal to provide accolades to Grey Outdoor Advertising for selfless coverage that led to the Fuller’s generosity.

The Coastal Companies is a leading real estate and development team in southeastern North Carolina. We work together to create coastal lifestyles beyond the ordinary and are dedicated to maintaining a high level of excellence and faithful stewardship.

“We would like to thank Grey Outdoor Advertising for their generosity and selfless coverage that led to the truck purchase. We hope this story inspires you as well!”

If you’d like more information about how to help with the Ridgeway family, please visit the GoFundMe page at https://gofund.me/cef4bc7e for the continued support for medical expenses.

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Source: https://www.prweb.com/releases/grey_outdoors_generous_donation_led_to_renewal_by_andersen_restoring_independence_for_fellow_north_carolinian/prweb18269326.htm

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Real Estate

Aspire Pacific Realty Partners With Side To Create Crux Real Estate,…

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Kevin Gioia, Founder of Crux Real Estate

Kevin Gioia, Founder of Crux Real Estate

As a team of established professionals, we’re able to provide our clients with the local expertise and market insight needed to succeed

Kevin Gioia of Aspire Pacific Realty today announced Crux Real Estate and its partnership with Side, the only real estate technology company that exclusively partners with high-performing agents, teams, and independent brokerages to transform them into market-leading boutique brands and businesses. The alliance will ensure that Crux Real Estate, a firm defined by the fierce negotiations and value-driven results Aspire Pacific Realty has delivered since 2006, is powered by the most advanced platform in the industry.

Crux Real Estate was founded by Kevin Gioia, who has sold more than 1,000 homes and rates among the top 1% of area Realtors®. Gioia started his career in corporate real estate for JPMorgan Chase before discovering the rewards of working on the residential side. Gioia has been running his own company for more than 15 years and has a robust referral business. He and his Crux Real Estate team serve all of San Diego County and a range of clients, including first-time homebuyers.

Partnering with Side will ensure Crux Real Estate remains on the cutting edge of the evolving real estate market while continuing to deliver premium services to its clients. Side works behind the scenes, supporting Crux Real Estate with a one-of-a-kind brokerage platform that includes proprietary technology, transaction management, branding and marketing services, public relations, legal support, lead generation, vendor management, infrastructure solutions, and more. Additionally, Crux Real Estate will join an exclusive group of Side partners, tapping into an expansive network from coast to coast.

“As a team of established professionals, we’re able to provide our clients with the local expertise and market insight needed to succeed,” said Gioia. “Crux Real Estate stands for service and commitment to our beautiful and diverse community, and partnering with Side takes our capabilities over the top with state-of-the-art technology, marketing, and support.

Side is led by experienced industry professionals and world-class engineers who develop technology designed to improve agent productivity and enhance the client experience. Based on its belief that homeownership is a fundamental human right, Side is on a mission to improve the public good by providing top-performing real estate agents, teams, and indie brokerages with the best system, support, service, experience, and results.

About Crux Real Estate

Deal-making is at the heart of Crux Real Estate. With more than 1,000 successful home sales under its belt, the team expertly negotiates for San Diego buyers and sellers to achieve the best results possible. Since 2006, the professionals behind Crux Real Estate have been blending their market knowledge, transactional expertise, and clear communication to deliver stress-free and enjoyable experiences. To learn more, visit http://www.cruxrealestate.com.

About Side

Side transforms high-performing agents, teams, and independent brokerages into successful businesses and boutique brands that are 100% agent-owned. Side exclusively partners with the best agents, empowering them with proprietary technology and a premier support team so they can be more productive, grow their business, and focus on serving their clients. Side is headquartered in San Francisco. For more information, visit http://www.sideinc.com.

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Source: https://www.prweb.com/releases/aspire_pacific_realty_partners_with_side_to_create_crux_real_estate_expanding_its_deal_making_capabilities_for_san_diego_buyers_and_sellers/prweb18272743.htm

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Tower Expansion for Waterfront Community by Award-Winning Architecture…

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River Tower at Harbor's Edge

Harbor’s Edge towers, new River Tower in foreground. Norfolk, Va. on the Elizabeth River

“The world-class architecture, interiors and overall resident experience reflects our collaboration with incredibly talented and creative partners including the design architect [Dallas-based] three…”

Promising to establish new precedents for urban senior living, with a true continuum of care and a lively, resort-style living experience for residents, the 24-story River Tower expansion of Harbor’s Edge on the harbor front in downtown Norfolk, Va. has opened its doors to new residents.

Conceived by Neil Volder, the developer and CEO of the community, and designed by the national leader in senior community architecture and planning, Dallas-based three, the highly anticipated $145 million River Tower complex delivers 147 new upscale residences including penthouses and an unparalleled suite of life-enhancing amenities in the sleek, 24-story high-rise with broad views of downtown Norfolk and the Hampton Roads harbor. The architectural expansion also debuts 100,000 square feet of new common areas, including three new restaurants, a lobby bar, luxurious media room and a professional golf simulator.

According to Volder, a grand opening celebration is planned for the Spring, when the River Tower is expected to be fully occupied. This Sunday October 24 at 4:30pm Eastern, Volder will join three and other project team members at the Leading Age Expo in Atlanta to present the River Tower project. (details)

“This expansion, which is a component of Harbor’s Edge as originally conceived, has been worth the wait,” states Volder. “The world-class architecture, interiors and overall resident experience reflects our collaboration with incredibly talented and creative partners in the design architect three, the architect-of-record Clark Nexsen, as well as the interior designer StudioSIX5 and construction provider W.M. Jordan Company. They’ve taken our vision and transformed it into a place that current and future residents will absolutely love.”

One Community, Two Towers

Harbor’s Edge, a trusted, full-service continuing care retirement community, leads the Hampton Roads region through its True LifeCare™ program. The new River Tower addition signals a progressive intention to promote this legacy of trust for years to come: Like the existing Harbor Tower, the new luxury apartment residences in River Tower all have stunning views of the harbor and downtown as well as beautiful interiors. The common areas of the community’s existing building are undergoing a complete renovation to match the new design and décor in both style and quality. In addition, all the residences of the original building, Harbor Tower, have been completely renovated and upgraded as they have become available.

At Harbor’s Edge, according to Volder, it is truly “one community with two towers.”

Leading the firm three on the project, architect and senior living expert Rockland Berg, AIA, NCARB, ASHA, along with principal and senior designer Carl Ede, AIA, LEED AP, collaborated with the development group led by Neil Volder, the developer; Gary J. Hanson, AIA, the owner’s representative; and W.M. Jordan, the general contractor, with financing efforts directed by Aaron Rulnick and Melissa Messina of HJ Sims. Together, the team has created a sophisticated, resort-style retirement community offering best-in-class amenities while further enhancing and expanding the state-of-the-art healthcare offerings at Harbor’s Edge.

Along with a noted wellness program, residents are offered on-site services from skilled nursing and rehabilitation to memory care and assisted living, creating a truly attractive and continuing long-term experience. Emblematic of this healthcare continuity, the recent design and construction project overseen by three includes renovations to the existing healthcare environments that establish a unified brand aesthetic.

Architecture and Amenities

Garnering local buzz for the “sexy expansion,” the new tower is inspired by the sails of the storied tall ships of Norfolk Harbor, expressed in a modern glass curtainwall appearing to billow atop a podium base of contextual brick that recalls surrounding buildings. The River Tower residences enjoy port-side horizon views through floor-to-ceiling glass windows offering vistas both into town and back across the active harbor. “Sunrises and sunsets are equally awe-inspiring for residents here,” says three principal Berg.

Entering the building from the porte cochère, residents and visitors are greeted by a two-story grand lobby with access to a second-floor breezeway via a monumental central staircase. The newly expanded third floor commons seamlessly connects both residential towers, creating a unified community at an amenity level that rivals the finest hospitality offerings, with world class entertainment, an assembly hall, a bar and multiple dining options.

“At the foundation of the business model was the introduction of new residences and the renovation of the existing residences to promote one community with expanded, world-class amenities and healthcare solutions for all its residents,” says Berg, who speaks widely on active-aging design. “Conceived in the original master plan, the newly added residential tower affords the Harbor’s Edge community a strategic and timely market advantage that meets a growing appetite among the Mid-Atlantic region’s active-aging prospects while also ensuring sustainability for years to come.”

The resulting design highlights social and leisure time options, with an array of health-conscious venues including a spa venue, salon, indoor swimming and aerobics spaces, new game rooms and card rooms, a billiards parlor, art studio, theater and an indoor professional golf simulator. Improvements to the dining terrace overlooking historic Fort Norfolk and the working harbor to the west further accessorizes the views from the residence above.

“The River Tower addition at Harbors Edge creates a magnetic beacon not only across the harbor and back to the evening glimmer of downtown Norfolk but also across the country,” adds three’s Berg. “In this community, residents find attractive solutions for purposeful active aging that is evolving vertically — both figuratively and literally. We all credit the strategic vision, inspired creativity and dutiful perseverance that has led to this best-of-class residential solution for the residents of Virginia and beyond.” ###

For images and interviews, contact Adam Sullivan, 212.757.7932, [email protected]

About three

Based in Dallas, three specializes in providing creative design solutions in the hospitality, country club, senior living and residential spaces. Their innovation and inspiration are buoyed by strong, lasting, personal relationships with clients and consultants. Notable projects include the award-winning Hotel Emma in San Antonio, TX; the magazine-rated Peninsula Beverly Hills Hotel; and the Monte Rei Country Club in Portugal. More at http://www.threearch.com

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Source: https://www.prweb.com/releases/2021/10/prweb18278098.htm

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