Miami-Dade Condo Prices up 33.3% in July
South Florida’s home market keeps on sizzling.
Sales volume is as hot as the boom time of 2005, although the median prices are still far lower. More single-family homes were sold in July in Miami-Dade County than at any time since the peak of the boom. Prices, while improving, are still lagging 35 percent behind.
What’s driving the market? Supply — there isn’t much — and demand — a lot of buyers are racing against rising mortgage interest rates.
The median price of a single-family home in Miami-Dade soared 25.7 percent in July to $230,000 from $183,000 a year earlier, the Miami Association of Realtors said. Single-family home sales in Miami-Dade jumped 27.3 percent in July to 1,227 closings from 964 a year earlier. That marked the highest sales volume since 2005, when the median price was $351,200.
JULY’S SIZZLING HOME SALES
Year-over-year percentage change
| Median price | Sales volume | Inventory listed for sale | |
| Miami-Dade single-family home | +25.7% | +27.3% | +0.6% |
| Miami-Dade condo | +33.3% | +13.4% | +13.5% |
| Broward single-family home | +27.9% | +12.9% | (-10.3%) |
| Broward condo | +29.2% | +12.6% | (-7.1%) |
Source: Miami Association of Realtors and Greater Fort Lauderdale Association of Realtors
Seen Around: Pool Opening
As posted around the building Swimming Pool set to open Friday, August 16th 2013 at 9 am.
Treating Jellyfish Stings
Apply an ammonia and water compress quickly
At certain times of the year, you’ll see Miami lifeguards warning swimmers that Portuguese man-of-war jellyfish are in the ocean. The jellyfish float above the water and the tentacles cause a painful burn if touched. Lifeguards will try to warn swimmers by flying a yellow flag with a black jellyfish in front of the lifeguard stands, but it’s up to you to stay alert when you’re in the water.
I’ve talked with lifeguards who don’t know the remedy for treating jellyfish burns, so if you happen to get stung, here is some advice on what to do:
- Pick off any tentacles with a gloved hand or stick
- Rinse the sting with salt or fresh water
- VERY IMPORTANT: Apply ammonia and water compress liberally onto the sting
- Vinegar is NOT recommended for Portuguese man-of-war stings.
- Apply ammonia compress for 30 minutes or until pain is relieved.
If the victim has a large area involved (entire arm, leg, face, genitals), is very young, very old, or shows any signs of generalized illness or loss of breath, seek help from a doctor.
FYI: Miami Beach’s Property Taxes are Being Lowered
While
the County and other communities speak of raising taxes and drastically cutting
services, property owners in Miami Beach will see a lower tax rate for the
coming fiscal year. The City of Miami Beach Commission set the millage rate for
our general operating fund at our meeting this month. This is the
"Multiplier" used to calculate the tax on your property applied to
the number the property appraiser determines your property is worth (minus any
homestead exemptions or caps imposed by the "Save our Homes"
initiative.) While the Administration asked to keep the millage flat or the
same as last year at 6.0909, the Commission voted to reduce it by .2 mills or
5.8909. This represents 4 million dollars in savings to our residents and
property owners!
Since fiscal year 06/07, the millage rate has decreased dramatically for our
general fun obligations. This reduction from 7.1920 in FY 06/07 to the proposed
rate for this year represents almost 20% reduction.
While the millage will be going down, property values are up almost 7% from
last year, to a total taxable value of the City hovering just below $25 billion
dollars.
That, combined with a strong tourism economy, and potential savings from
recently negotiated union contracts allow us to keep your taxes as low as
possible without making City less safe, or less clean.
That being said, over the next several weeks, Staff will need to close a budget
gap of close to $9 million dollars. I have the highest confidence that this can
be done without affecting the services, or raising the fees of our Parks
programs, or services to our seniors and other fragile populations in our
community. I believe a little bit of belt tightening is good, especially when
the end result with benefit our residents.
Mayor Matti Herrera Bower cares about improving the quality of
life for everyone in the City of Miami Beach. With your help, Matti Herrera
Bower will continue to work to make our city a great place to live, work and
visit. A vote for Matti Herrera Bower for Commissioner Group III is a vote for
the City of Miami Beach's future!
On
Tuesday, November 5th, Please vote to elect
Matti
Herrera Bower for Commissioner, Group III.
NEVER GO BROKE ASKING FOR RECORDS AGAIN
By Eric Glazer, Esq.
Published August 5, 2013
As our blog readers know, we worked real hard this year getting legislation passed that prevents owners from getting gouged when getting copies of the association's financial records. Here's what the new statutes says:
.................
For Condominiums the statute reads:
An association shall allow a member or his or her authorized representative to use a portable device, including a smartphone, tablet, portable scanner, or any other technology capable of scanning or taking photographs, to make an electronic copy of the official records in lieu of the association's providing the member or his or her authorized representative with a copy of such records. The association may not charge a member or his or her authorized representative for the use of a portable device.
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