Mar 2011

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March 2011 Newsle/er Sean G reco – R ealtor®, CIPS, CDPE, CLHMS, G REEN Cer@ﬁed, T RC, R EOS Designa@ons and Cer@ﬁca@ons are explained at the end of the newsle/er Buy the B each R ealty, Cell 786-‐877-‐9220, buybeach.com Gree$ngs from Warm South Florida, Please bookmark this page as it will be very helpful in analyzing actual data from the very speciﬁc Real Estate market in which I prac$ce. You will be ﬁnding yourself looking forward to comparing this month’s data with last month’s data to spot trends and decide for yourself the status of the local Real Estate market, of which I work within 24/7. Please go to st this bookmarked page on the 1 day of each month in order to get the most up to date informa$on immediately, or any$me throughout the month when you have the $me. From month to month it will contain data that will help you to analyze market condi$ons. In addi$on, it is an unobtrusive way to stay in touch with you regarding my Real Estate Consul$ng Services. In the course of con$nually researching and familiarizing myself with the inventory of the very localized market in which I prac$ce, along with the banking rela$onships I have cul$vated, I have been able to do a lot of the research and legwork recognizing the best poten$al values in my target markets, or in some instances in other speciﬁc buildings or loca$ons where there is excellent value for the product. Please don’t hesitate to contact me directly for any such informa$on. Many are in distressed situa$ons (foreclosures and short sales), and I am very knowledgeable of how best to nego$ate these types of scenarios in your best interest, please contact me so we can discuss important factors in more detail and how I can help you proﬁt from these. The below chart is data from the past 90 days for C ondominiums, ending 2/28/11. The data is taken from South East Florida’s Mul$ple Lis$ng Service (MLS) for the ci$es and townships of Miami Beach (South Beach, Mid Beach, & North Beach), Surfside, Bal Harbour, Bay Harbor Islands, and Fisher Island. The paragraph below the data will explain in more detail what is included in this analysis. Please don’t hesitate to pose any ques$ons you may have, or simply give me a call or send me an email to discuss Real Estate in general. This data will help to analyze market condi$ons from month to month. CONDO D ATA As you can see, I have broken the data into price ranges, and then you can see the amount of A c@ve condos for sale, how many Real Buyers C losed on a condo for sale, how many of those lis$ng agreements Expired unsold, then further calculated what percent of the Ac$ve condos for sale Expired and Sold. Then I calculated the Average Days on Market (Avg D OM), which is the amount of days it took the condos that sold to obtain a Real Buyer. Then I show the A verage Discount, which is the percentage the Listed Price was discounted to the Actual Sale Price for all Closed Sales. The last column is for Closed Sales that were newer construc@on, which I considered to be anything built aZer 1995, versus older buildings built before 1995. I track this data for Condominiums and Single Family Homes separately due to their diﬀerences. I also track the data for the more luxurious buildings of South Beach, please feel free to email or call for that data. The next set of data below is the same informa$on for Single Family Homes. The one diﬀerence is that the last column is the A verage A ge of the homes Sold. HOME D ATA

If you are worried about the pi^alls of distressed property, but s$ll consider yourself a bargain hunter looking for such, please contact me so that I may setup an automa$c short sale or foreclosure search no$ﬁca$on for you. I have found that the best deals usually go the quickest, and to be proac$ve in your distressed property search is the best way to go about ﬁnding a bargain. Please understand that this service I provide adds signiﬁcant value to the process, and only contact me if you are serious about buying and planning to be loyal. Please don’t hesitate to contact me directly for any such informa$on. HOME SALES C LIMB I N M IAMI-‐D ADE: More homes and condominiums sold in Miami-‐Dade County during the fourth quarter of last year than in any 3-‐month span in the last three years, according to a report released by the Miami Associa$on of Realtors. The county had 4,740 th exis$ng home sales between Oct. 1 and Dec. 31, an increase of 29 percent over the same period in 2009, and the 10 consecu$ve quarter of increasing sales. More homes sold in South Florida in 2010 than during 2006, the height of the real estate boom. That’s far diﬀerent from the na$onal market, which has yet to return to mid-‐decade sales levels. Inventory fell 11 percent in Miami-‐Dade. “Basic supply and demand economics will tell you that as the supply drops and the demand stays the same or increases, you can see there’s going to be a healthier market overall,” said Beth Butler, president of ONE Sotheby’s Realty. -‐Source: The Miami Herald 2/11/11, MAR CONDOS A RE H OT A GAIN: There were 1,262 sales of previously owned condos in Miami-‐Dade County in January, up 134 percent from the year before, the Miami Associa$on of Realtors reported – the highest sales totals in the last 5 years. Single-‐family home sales increased as well – up 55 percent to 676 in Miami-‐Dade. That 2011 began with such a large number of home sales bodes well for a market s$ll trying to claw its way back from the boiom. Another posi$ve sign is that ﬁnancing is beginning to open up for those buyers who don’t have enough cash on hand to buy a home without the help of a loan. Some of the top-‐selling new condo buildings – including Miami’s Mint at Riverfront, Marquis Residences and Icon Brickell – are pos$ng at least a couple dozen monthly sales, on average (email me for some amazing discounts I can help you get on these projects). -‐Source: The Miami Herald 2/24/11, MAR 85% OF D OWNTOWN M IAMI C ONDOS OCCUPIED: En$ced by prices far below their peaks and a burgeoning metropolitan culture, buyers snapped up 3,780 new units and thousands of new renters signed leases, pushing the occupancy rate up to 85 percent as of Dec. 31, 2010, a study found. That’s up from 74 percent 10 months earlier. Of the 22,439 new condos built downtown in the last decade, 17,479, or 78 percent of them, have now been sold – that number is up 10 percentage points from 2009. Last year’s 3,780 condo sales represent a 36 percent increase from 2009. The study forecasts that if the current pace of sales and leases holds up, nearly all empty units will be ﬁlled by the end of the year, due to an inﬂux of renters. Buyers from Brazil, Venezuela, Canada and elsewhere have propped up the market, drawn by low prices and the prospect of using the units to generate rental income. Rental rates also are rising. The average rental cost is $1,868 per month in 2010, up 5.4 percent for the year. -‐Source: The Miami Herald 2/19/11, Downtown Development Authority FORECAST C ALLS F OR ROBUST REBOUND I N D ADE: As the economy picks up steam, Miami-‐Dade in par$cular can claim some bragging rights. It added jobs at a quicker pace last month than did any other large area in Florida. Only a few real estate markets in the country can point to a bigger rebound in home sales. Miami-‐Dade drove the trend in December with single-‐family home sales up 18 percent. Commercial real estate turned around quicker in Miami-‐Dade than in the rest of the country. And despite a glut of new rooms, the county’s hotels had one of the best years in the country for 2010 – with occupancy and revenue rising at a rapid clip. Economists eye the county’s unique $es to La$n America; they increasingly see Miami-‐Dade as something of a comeback story in the making. The bullish projec$ons come in part from the region’s steep fall, making a rebound more drama$c than it would be without a bust. But the numbers also capture the conﬁdence surrounding Miami-‐Dade long-‐ term, as the epic real estate crash fades and the more global parts of the local economy assert themselves.

Indeed, two of the most bustling economies in the world have put Miami-‐Dade in the middle of a lucra$ve trade route. China was the county’s No. 1 source of imports in the most recent report, while Brazil was Miami-‐Dade’s No.1 export des$na$on. No other area in Florida could touch the growth of Miami-‐Dade’s foreign popula$on – up 32,000 residents compared to the 12,000 for the No. 2 ﬁnisher, Broward County. Mark Vitner, an economist who follows Florida for Wells Fargo, last week addressed business execu$ves at the Hard Rock casino in Hollywood. He recounted sugges$ng Miami-‐ Dade to some developers looking for an under-‐appreciated market in the United States. “I said the real surprise is really Miami,” Vitner told the gathering. “The recovery in Miami has been beier than people thought it would be.” A few days later, Vitner described the reac$on to his speech in the hotel ballroom. “A lot of people got a hold of me aZer the talk and said ‘Don’t tell too many people. We want a liile more $me to raise capital’.” -‐Source: The Miami Herald 2/6/11 ALL-‐C ASH D EALS OFFER BIG BOOST TO H OUSING M ARKET: More buyers are paying cash for real estate. About 28 percent of sales were all-‐cash transac$ons last year, according to the Na$onal Associa$on of Realtors®. In October 2008, the rate was 14 percent. Indeed, cash buyers made up more than half of all transac$ons in the Miami-‐Fort Lauderdale area alone last year, and about 42 percent were cash buyers in Phoenix in 2010 – a triple rate increase compared to 2008. The more depressed the housing market, the higher the percentage of cash deals, economists note. Cash buyers oZen get a 5 percent to 10 percent discount on the asking price of a home than a buyer using a mortgage. Sellers oZen prefer cash deals since they close more quickly and it prevents a bank from changing its mind, says real estate pro Mohammed Siddiq in Fort Lauderdale. “The prices were just irresis$ble,” said Richard Stoker, who paid cash for two condos in Miami Beach, Fla., and plans to close on one more soon. “Florida’s been hit preiy hard.” Virginia Hall-‐ Busch also couldn’t resist the bargains. She purchased a “short sale” historic house in Stone Mountain, Ga., for $52,500 (the home was originally on the market for $159,000). “When you have a bad economy, it’s hard on lots of people,” Hall-‐ Busch says. “But right now if you’ve got the money to put down on a house, long term it’s going to be a good thing.” Ci@es with the most cash deals -‐ The following ci$es had the highest percentage of homes purchased through all-‐cash deals in December 2010: Miami: 54.2 percent Las Vegas: 45.9 percent Tampa, Fla.: 44.6 percent Phoenix: 35.6 percent Stockton, Calif.: 29.1 percent Chicago: 23.4 percent San Diego: 23.1 percent -‐Source: “Cash buyers liZ housing,” The Wall Street Journal (Feb. 8, 2011), ﬂoridarealtors.org With the strong fundamentals of an underlying economy poised with con6nued growth in the Interna6onal World, opportuni6es will con6nue to present themselves. Investors enjoy the safety of the United States, and Florida has a lot of posi6ve aspects with incredibly depressed prices that make this a great place to develop a real estate inves6ng business plan and reap the proﬁts when done correctly. P lease contact me should you want to seriously discuss in more detail distressed sales of units. This market presents various unique opportuni6es that very well may never be seen again in one’s life6me. P lease let me help you take advantage of this situa6on. I have many strategic rela6onships with the decision makers regarding distressed proper6es, and the resources to carry out the objec6ve, right down to the day to day opera6ons. QUICK H EADLINES: • Economic report touts Miami-‐Dade as a place bucking some of the trends hammering Florida. It also noted Miami-‐Dade real estate is “probably more misunderstood than any other market” as cash-‐wielding La$n Americans scoop up condos and homes. The report credits Broward County for enjoying a boost from

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interna$onal tourism, too, but mostly has glum words for Miami-‐Dade’s northern neighbor. –Source: The Miami Herald 2/15/11, Wells Fargo Reversing a 2-‐year trend of declining visitor numbers, Florida reported a rebound in arrivals for 2010. Preliminary es$mates show the number of visitors to the state rose 2.1 percent last year to 82.6 million, th according to the state’s tourism marke$ng agency, Visit Florida. In the 4 quarter, preliminary es$mates show a 5.1 percent rise to 20.8 million visitors compared to the same period a year earlier. That includes a 5.7 percent gain in arrivals from Canada and 13.5 percent jump in arrivals from overseas markets such as Brazil and Germany. “We are determined to establish Florida as the No. 1 travel des$na$on in the world,” said Will Secombe, chief marke$ng oﬃcer for Visit Florida. “For the state to have an increase in visitors in 2010, even with the oil spill and the slow economy, tells us we are poised to make that vision a reality.” –Source: The Miami Herald: 2/17/11 Eight months aZer Tallahassee enacted a 370 percent increase in subsidies for movies and television produc$ons, ﬁve major shows plan to ﬁlm in South Florida. From an ABC remake of Charlie’s Angels to the long-‐running USA Network spy drama Burn No$ce, the shoots have the local produc$on industry stretching back even beyond the Miami Vice era for comparisons. –Source: The Miami Herald 2/13/11 The Miami Interna$onal Boat Show and Strictly Sail, held in three loca$ons in Miami and Miami Beach drew 104,168 people. That’s a 14 percent increase over last year’s total of 91,415, said show manager Cathy Rick-‐ Joule. At the Coconut Grove Arts Fes$val, an es$mated 120,000 people visited over three days. That total, about 15 to 20 percent over last year’s number, doesn’t include $ckets provided to sponsors, schools, kids under 12 and senior ci$zens. –Source: The Miami Herald 2/23/11 AZer slowing down construc$on for more than a year, the Foram Group announced plans to ramp up leasing eﬀorts in prepara$on for the August opening of 600 Brickell at Brickell World Plaza. The 600,000 square-‐foot, 40-‐story building was formerly known as Brickell Financial Centre. Foram is tou$ng the building’s technology and sustainability features. It will be the ﬁrst Cisco Connected Commercial Oﬃce Building in partnership with Cisco Systems. Underground ﬁber-‐op$c connec$ons will allow tenants to transfer large amounts of data with top security in record speeds. The project is also pre-‐cer$ﬁed as LEED Pla$num, the highest level available from the U.S. Green Building Council and one of only 13 high-‐rise oﬃce buildings in the world to achieve those standards. –Source: The Miami Herald 2/24/11 th Miami has been named the 7 fastest growing metro area for tech-‐related jobs by Dice.com, a jobs search website for technology and engineering professionals, based in Iowa. Miami’s tech jobs have grown 43 percent since February of last year. –Source: The Miami Herald 2/10/11, Dice.com Standard & Poor’s Case-‐Shiller 20-‐city housing index tracks repeat sales of exis$ng homes and does NOT include condos – which made up about 57 percent of South Florida sales in 2010. “Probably more so than any other par$cular area in the na$on, our condo market is a greater propor$on of overall home sales,” said Jack Winston, analyst with Goodkin Consul$ng. “Any increase or decrease in the number of [condos] sales certainly reﬂects on the health of the housing situa$on in South Florida.” Winston added that South Florida’s home market has beneﬁied from large numbers of interna$onal buyers purchasing condos – a phenomenon not captured by the Case-‐Shiller report. –Source: The Miami Herald 1/26/11, Standard & Poor’s Case-‐Shiller 20-‐city Housing Index Miami-‐Dade County has won the bid to host World Wrestling Entertainment’s super bowl Wrestlemania 28 in the spring of 2012 at Sun Life Stadium, a weeklong event that airacts fans from around the world. –Source: The Miami Herald 2/9/11

QUICK C LICKS: • Trulia.com did a comprehensive study on ren$ng vs. buying; please click on this link to take you to the results, Miami takes the top spot: hip://trulia.movity.com/rentvsbuy/ • Airport and Seaport directors presented report cards on cargo and passenger traﬃc: hip:// www.miamiherald.com/2011/02/09/2059087/miamis-‐airport-‐and-‐seaport-‐show.html • UF survey: Florida’s real estate outlook perks up in several areas: hip://www.ﬂoridarealtors.org/

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NewsAndEvents/ar$cle.cfm?id=253862 70% say ownership the American dream: hip://www.ﬂoridarealtors.org/NewsAndEvents/ar$cle.cfm? id=254740 The Brazilian real estate stampede: hip://www.ﬂoridarealtors.org/NewsAndEvents/ar$cle.cfm?id=254687

BRAZILIAN BUYERS P UT THE L UXE I N REAL ESTATE: Fabiana Pimenta, a real estate agent for Fortune Interna$onal, is siyng on a white leather sofa in the model apartment at Jade Ocean with the expansive ocean views and the Fendi decor, wai$ng to begin a tour of the Sunny Isles Beach building. Pimenta, a Brazilian who moved to Florida to aiend college, is en$tled to a liile breather. In January, she and her team, which includes her brother in Sao Paulo, sold 15 high-‐end South Florida condos – all to Brazilians. At 2,100 square feet with three bedrooms and both ocean and city views, this is the type of unit that is par$cularly popular with Brazilian buyers, she says. Seven months ago, Pimenta sold the last Jade Ocean penthouse, a 5,000-‐square-‐foot unit, to a Brazilian for $4 million. An ultra-‐wealthy crowd of Brazilian real estate buyers is crea$ng a boomlet for local real estate agents and other businesses that cater to their tastes. There have been so many Brazilian buyers at Jade Ocean that the touch-‐screen that unit owners use to summon the concierge, order food from the Epicure market across the street or schedule a spa appointment has been translated into Portuguese. Also popular is the Casa Fendi package, complete with a pla^orm bed, pillows, leather croc-‐embossed wall covering, sleek furnishings and ligh$ng. Buyers can purchase it or another decor package, then come back in a few months to a totally equipped condominium. “If I take poten$al buyers out, it’s rare that I don’t close a deal,’’ says Pimenta, whose specialty is the Brazilian market. “When they visit, they buy.’’ Maria Helena Abreu, who splits her $me between Belo Horizonte and Brasilia where she works for the government, made her ﬁrst trip to Miami in 10 years recently and she was on the hunt for a two or three-‐ bedroom apartment. Abreu, her husband Joao Ba$sta and her daughter Isabel returned to Brazil last week without making a purchase, but they’re thinking seriously about a unit at Icon Brickell. “Miami looks a lot like Rio,’’ says Abreu. “It has really developed since the last $me I was here – for the beier. It’s become a city I adore. The people are very friendly, the city is very beau$ful, the beaches are great and the climate is wonderful.’’ Plus, she says, she has many Brazilian friends who have already bought condominiums here. “Brazilians follow each other – the right crowd, the right families,’’ says Edgardo Defortuna, president and chief execu$ve of Fortune Interna$onal. About a quarter of the company’s new sales are to Brazilians. Another thing the Brazilians like about South Florida is the sense of freedom and security they have. Many are used to having armored cars and bodyguards at home, say real estate agents, and they like to be able to work around Bal Harbour or SoBe without being recognized. In addi$on to the beach, the climate and the shopping, interior designer Mirtha Arrarian says her clients like Miami’s loca$on as a half-‐way point between South America and the art objects, an$ques and fashion of European capitals. These wealthy clients will ﬂy in on their private jets just to celebrate a birthday. They like coming to the boat shows and taking in tennis matches at the Sony Ericsson Open. Art Basel is also a big draw. It’s not unusual among her clients for a family to buy one unit for themselves and another for their kids or for their guests, she says. Her high-‐end clients include entertainers, TV personali$es, and entrepreneurs – mostly from Sao Paulo. “That’s where the money is,’’ says Arrarian, who runs MAS Interior Design. Most of her Brazilian clients, she says, prefer the area of South Beach along South Pointe Dr. – the SoBe Riviera – and tend to buy units in the $7 million to $10 million range. One client who recently bought a condominium there, she says, is eyeing a nearby vacant lot as an ideal site to build a tennis court, quarters for the servants and an area to park more cars. As Arrarian talks, she also checks out the sophis$cated oﬀerings at Ornare, a Brazilian-‐owned kitchen, bath and closet showroom in Miami’s Design District. “The dream of Brazilians is to have an Ornare closet,’’ says Arrarian who has just examined a selec$on of leather and bullhorn closet handles and maie lacquer closet doors. “Now they want to have them here too.’’ Claudio Faria, the director of Ornare’s Miami showroom, says the company works hard to cul$vate the Brazil-‐Miami nexus. During Art Basel, for example, Ornare ﬂew in 30 Brazilian architects. As Faria, who is Brazilian, demonstrates a high-‐tech kitchen faucet set against a backsplash of rus$c reclaimed wood, he says, “This is the exquisiteness of Brazilian design – the unexpected.’’ And he’s quite excited about the possibility of showcasing Brazilian design to not only the Brazilians buying real estate in Miami but also to the world. “Brazil is an extraordinary country at an extraordinary moment,’’ he says. “For the ﬁrst $me Brazil has a real opportunity to present its style to the world. Now the world is watching us.’’ Investors also are taking advantage of the low real estate

prices. Brazilian businessman Ricardo Dunin moved to Miami 20 years ago when Brazil’s economy was going through a rough patch and he worried about security in his homeland. For a number of years, he made a good living here in real estate development but the real estate crash has meant a change in strategy. While Dunin and his partners have more than 20 development projects underway in Brazil, these days he concentrates on buying and selling real estate in the United States. Right now in Brazil, he says, “Whatever you do works.’’ The Brazilian investors in South Florida, Dunin says, are “playing the distressed arena.’’ “We’re all buying in the U.S. below replacement value,’’ he says. “These are moves of opportunity.’’ Last summer, he and his partners in Miami-‐based Lionheart Capital paid $120 million for 146 unsold units at the former 2700 North Ocean condo on Singer Island. It was the most expensive bulk condo sale in Florida over the last ﬁve years. The former condominium building has been transformed into Ritz Carlton Residences, Singer Island. “There’s never been a beier $me for Brazilians to buy in Miami,’’ says Pimenta. “About a year ago the Brazilian market really started to ﬂy.’’ There’s been a conﬂuence of events that favors real estate sales to Brazilians. Their currency, the real, is very strong against the dollar, making U.S. purchases very aﬀordable; the Brazilian economy is robust – puyng extra money in people’s pockets; and real estate prices in Brazil are soaring but cratering in South Florida. There’s one more element, says Peter Zalewski, a principal in Condo Vultures, a Miami real estate consultancy. “With the economy doing so well there’s this sense of op$mism. There’s this talk of this being the Brazilian century. As people’s conﬁdence level builds up, it’s only natural that they think of buying real estate outside their country.’’ Pimenta has been one of the beneﬁciaries of that op$mism but she also works hard. The sun has already set as she concludes the tour at Jade Ocean. Her phone buzzes and she glances at the message. “Oh, another lead for tomorrow,’’ she says. -‐Source: The Miami Herald 2/15/11 Brazil is quickly becoming one of the fastest growing and most lucra@ve economies in the world and M iami has a mutually beneﬁcial rela@onship with this country that will only get stronger. So much so that a supplement in the Miami Herald will run monthly and this publica@on is dedicated exclusively to business, travel and bilateral trade with Brazil. The online version can be found H ERE: The 2010 Na@onal A ssocia@on of Realtors® P roﬁle of Home Buyers and Sellers – If you are interested in receiving this 124 page report for free, please contact me. LEGISLATION, P ROPERTY TAXES & I NSURANCE: As a property owner or poten$al property owner, I urge you to keep up to date on the various progress, legisla$on, and proposed legisla$on in order to help you beier understand how these important issues aﬀect you; please see the below link that will take you to the Florida Associa$on of Realtors Legisla$ve Center, which will help to explain the numerous moving parts concerning these issues: hip://www.ﬂoridarealtors.org/ Legisla$veCenter/TopIni$a$ves/index.cfm INTEREST RATES & RELATED NEWS: It is important to note that diﬀerent types of loans are ‘pegged’ to diﬀerent rates, so please make sure to stay in touch with your mortgage broker or banker to keep up to date on interest rates, as this can directly aﬀect many Real Estate related decisions. In addi$on to the lowered rate when securing a mortgage to buy property, another common ques$on you will see with rates near historic lows is whether or not it is a good idea to reﬁnance. This discussion might be a good one to have with a reputable mortgage broker or your banker and see if this would make sense ﬁnancially. Or feel free to visit the following mortgage sec$on on our website, hip://buybeach.com/ access/mort.htm . This is the website to the Federal Reserve’s Monetary Policy sec$on: hip://federalreserve.gov/monetarypolicy/ default.htm Exchange rates play a vital role in Real Estate related decisions for foreign buyers or sellers, a good source to track currency exchange rates is: hip://www.xe.com/ucc/

I hope this email ﬁnds you well and looking forward to comparing this month’s data with last month’s data to spot trends and decide for yourself the status of the local Real Estate market, of which I work within 24/7. You are receiving this because we have been in touch about Real Estate here in the South Florida area, most likely property at the Beach. As you read the newsleier from month to month it will contain data that will help you to analyze market condi$ons. In addi$on, it is an unobtrusive way to stay in touch with you regarding my Real Estate Consul$ng Services. That is all for this month’s newsleier and I welcome sugges$ons, feedback, and of course I am here if you or anyone you know is thinking of buying or selling property here in South Florida. If you wish to further discuss any of the above issues in more detail, or any other Real Estate related topics, please don’t hesitate to call or email. I would like to leave you with the 4 following quotes: “Even if you fall on your face, you're s3ll moving forward.” – Victor K iam “Eﬀort only fully releases its reward a?er a person refuses to quit.” – Napoleon H ill “An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today.” – Laurence J . P eter “If there is no struggle, there is no progress.” – Frederick D ouglass

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