Miami Home Sales Spike 46% in September

Sales of existing single-family homes in the Miami Metropolitan Statistical Area (MSA) rose 46 percent in September, from 582 to 848, compared to September 2010, according to the Miami Association of Realtors. Sales of existing condominiums went from 833 to 1,319, an increase of 58 percent, as compared to September 2010.

Statewide, the sales have increased 10 percent to 15,036 for single-family homes and 10 percent to 6,666 for condominiums, as compared to September 2010. National figures show sales of existing single-family homes, townhomes, condominiums, and co-ops declined three percent from the previous month and but were 11.3 percent above September 2010, according to the National Association of Realtors (NAR).

Click here for the full World Property Channel article by Michael Gerrity.

Major Revamp of Home Lending Program

In an effort to breathe new life into a sagging economy, President Obama will attempt an executive branch rescue of homeowners trying to refinance underwater mortgages, with a new initiative that lets people with little or no equity get a better interest rate at a reduced cost, as reported by foxnews.com.

In the first in a series of announcements expected this week by the president, this initiative applies to homeowners with federally guaranteed mortgages who are current on their payments.

The revamped Home Affordable Refinance Program, which aims to avert foreclosures, is expected "to encourage new, lower-cost loans" to more homeowners who are paying more than the value of their properties, a senior administration official said ahead of Obama's Monday announcement.

Record Condo Activity in Miami

According to a National Association of Realtors report released recently, sales activity in Florida rose by jumped 10 percent in September for both condominiums and single-family homes as compared to the same time last year, thanks largely to huge increases in South Florida sales volume.

The Miami area condo market showed the greatest strength of any market in the state, as prices are on the rise and activity is at a record pace. The median Miami condo price spiked 17 percent since last September, while activity rose 58 percent, bringing the 2011 sales pace to 29,000 transactions. According to the Miami Association of Realtors that would surpass the record set in 2005 (although condo sales prices still remain far below those witnessed during the peak). Also performing well, Miami single-family homes, as sales volume increased 46 percent year-over-year, although the median price dropped some 6 percent to $131,000.

Richard Smith Included in SmartMoney Magazine's "Power 30"

SmartMoney magazine just released their "Power 30," which includes some of the world's most influential players in the arenas of finance, jobs/economy, world affairs and industry/innovation among others. Making this year's list was our very own Richard A. Smith, CEO of Realogy.

The article states:

“Few real estate executives can boast that their firm played a role in one in every four home sales (involving a broker) in the country last year. But as head of the real estate conglomerate that counts Century 21, Coldwell Banker and Sotheby's International Realty among its brands, Smith, 58, can say precisely that. The company's brokerage operations accounted for $113 billion in residential sales volume last year -- more than three times what the second-largest brokerage pulled in.”

Smith is among great company on the list – others featured in the article include Ben Bernanke, Lady Gaga and Chris Cook, the CEO of Apple.

Gas Prices Down in South Florida

According to Kevin Gale of the South Florida Business Journal, Florida’s average price of $3.35 was down 4 cents from last week.

The price for regular unleaded was down in all three South Florida counties, according to the AAA South Fuel Gauge report:

• In Miami the price was down to $3.44 from $3.48.
• In Fort Lauderdale the price was down to $3.46 from $3.50.
• In Palm Beach the price was down to $3.48 from $3.51 to $3.48.

The national average price of regular unleaded gasoline is $3.39 a gallon, 3 cents less than last week.

Mizner Park to get Luxury IPic Movie Theater

IPic Entrtainment has confirmed that the Mizner Park Cinema, closed since December for renovations, will reopen as an upscale IPic Entertainment Center.

Boca Raton-based IPic Entertainment, is known for its over-the-top theaters featuring oversized loveseats, wall-to-wall curved screens, high-definition digital sound and free valet parking and popcorn. Guests have the ability to order from a full bar, with food and drinks served during the film.

"We have always believed in leading the industry with state-of-the-art technology when it comes to moving making and movie watching and will be offering 3D technology at this theater," the company said.

Read more of Susan R. Miller’s story here.

International Buyers are Still Coming to Miami

While our neighbors in Canada and Latin America have made a sizable dent in South Florida's real estate market, a large amount of residential sales continue to come from Europe and South America.

In the second part of a three-part report on foreign buyers in South Florida, The Real Deal looked at how a number of Venezuelan buyers were coming to the area not necessarily for bargains, but for safety and security in as a result of an uncertain political situation at home. In the first part, The Real Deal looked at how almost half of Brazilian buyers pay less than $500,000 for their Florida purchases.

Buyers from Western Europe accounted for 11 percent of the foreign real estate buyers statewide in 2010, according to data from Florida Realtors.

Rates Fall to a Record 4.01% for 30-year Mortgages

As of the beginning of this month, fixed mortgage rates had fallen to historic new lows for a fourth straight week and seem likely to fall further.

The average on a 30-year fixed mortgage fell to 4.01 percent from 4.09 percent this week, Freddie Mac said Thursday. That’s the lowest rate since the mortgage buyer began keeping records in 1971. The last time long-term rates were lower was in 1951, when most long-term home loans lasted just 20 or 25 years.

The average on a 15-year fixed mortgage, a popular refinancing option, ticked down to 3.28 percent. Economists say that’s the lowest rate ever for the loan.

Do you think this is the lowest that the rates will go, or will they still go lower?

Coldwell Banker Residential Real Estate's Using Technology To Benefit Clients

The Tampa Tribune recently did a feature on Coldwell Banker Residential Real Estate using social media, YouTube, QR codes and other tech-savy tools to stay connected with their clients.

According to the article, Coldwell Banker Residential Real Estate has taken the lead in providing its customers with up-to-the-minute information about their future homes, from searches, to offers, to closings.