Sunny Isles Beach, Florida

Sunny Isles Beach is a chic city in Miami-Dade County, Florida, United States. Sunny Isles Beach, also know as the the City of Sun and Sea or Florida's Riveria, is located on a barrier reef island in the northeast corner of Miami-Dade County, bounded by the Atlantic Ocean on the east and the Intracoastal Waterway on the west. Golden Beach lies to the north, Bal Harbour and Haulover Park are immediately to the south. The population was 15,315 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 15,399.

Sunny Isles Beach is a major center of South Florida's Russian community, with a plethora of Russian stores lining Collins Avenue, the main thoroughfare through the city. The city is sometimes referred to as Little Moscow because of its many Russian and Russian-descended (Russian American) residents, many of which are Russian-Jewish heritage. Sunny Isles Beach is a booming resort area and developers such as Donald Trump have invested heavily in construction of high-rise, 5-stars luxury hotels and condominiums.

Almost one million vacationers visit Sunny Isles Beach annually to enjoy the 2 ½ mile-long fine sand beach and outdoor amenities such as water sports, boating, fishing, and tennis as well as the abundant shopping, dining and entertainment options nearby. The landmark fishing pier is a local favorite while the beautiful Samson Oceanfront Park provides a children's play area and space to relax; meet friends and enjoy the sunrise.

Sunny Isles Beach was also the 2008 site of MTV's annual "Spring Break" celebration, with headquarters at the local Newport Beachside Resort.

Please feel free to call me with all your Sunny Isles Beach Real Estate needs.

Sincerely,

Katerina Brosda, Broker

Top Local Sunny Isles Beach Real Estate Expert!

Sunny Isles Beach Community School -> http://sib.dadeschools.net/index.html information

Sunny Isles Beach's Sister City: Netanya -> http://www.netanya.muni.il/

Sunny Isles Beach Real Estate Blog -> http://activerain.com/blogs/miamijustlisted

Miami Home Sales Double Again in April

In Miami, there was a 98 percent increase of existing single-family home sales in April 2009 compared to April 2008, the second continuous month for sales to double from the previous year. Miami was the strongest market in Florida showing a substantial increase compared to only 18 percent statewide. The sales of existing condominiums in Miami-Dade increased by 70 percent compared to the same period last year, more than tripling the statewide increase of 21 percent. The Miami real estate market has experienced a surge in sales each of the last nine months. This trend strongly points to the recovery of the South Florida real estate market.

“Interest rates are at their lowest in years and the recently announced monetization of the $8,000 first time homebuyer tax credit will further stabilize the housing market in South Florida,” said Rick Burch, 2009 Chairman of the Realtor Association of Greater Miami and the Beaches.

Details for the federal government’s plan, which allows eligible borrowers to monetize the first-time homebuyer tax credit, are still being finalized. State agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with proceeds from the households’ federal tax credit.

“In addition to local and other U. S. buyers, the market continues to strengthen for International buyers,” said Residential President Martha Pomares. “RAMB is exhibiting and meeting with international real estate professionals at the SIMA Real Estate Expo in Madrid this week and the interest in Miami and South Florida real estate continues to grow. The Miami lifestyle hasn’t changed but the market has, and buyers worldwide are aware of the changes and looking to take advantage of the current market opportunities.”

The number of days a property stays on the market and inventory levels have continued to decrease substantially, another positive indicator of the South Florida market strengthening. The inventory of listings in the Southeast Florida Multiple Listing Service has dropped nearly 1/3 in less than a year - from 43,000 to 32, 877 – and April 2009 brought a six percent decrease in just one month.

Due to an increased number of foreclosures and short sales, median sales prices continue to drop – but at a slower pace in April. The median sales price for single-family homes reported in Miami-Dade in April 2009 was $177,000, a 39 percent drop from the previous year. The median sales price for condominiums was $133,500, a 51 percent decrease from April 2008. Statewide, sales prices dropped 18 percent for single-family and 21 percent for condominiums. 

5Qs interview: CEO of Brosda & Bentley says market is alive

Katerina Brosda, president and CEO of Brosda & Bentley Realtors in Aventura, has been a leader in pursuing potential buyers to the far corners of the globe. Her firm now has affiliate offices in Dubai, London, Monte Carlo and Paris and she reports her agents are working overtime making high-end deals. She agreed to share her take on the local market with talkofaventura.com:

TOA: Prices keep falling; foreclosures keep rising; but sales are up. Is the Aventura-Sunny Isles Beach market on the rebound?

Brosda: That is truly difficult to predict. There is certainly a huge difference between oceanfront and west of Collins in Sunny Isles Beach and along the beaches. In Aventura, one must differentiate between established community and new development, especially south of 180th, with so many new condos competing for ever more discerning buyers.

In Sunny Isles Beach, the Jade Beach and Trump Royal developments recently won Fannie Mae approval, enabling the developers to sell the remainder of units to buyers wanting to apply for financing for a portion of the purchase price. Trump Towers has had over 15 sales in April and many more contracts scheduled to close. The spectacular St. Tropez Towers has arranged for special financing terms for its buyers, but the real action is in short sales, pre-foreclosure sales and heavily discounted properties throughout both cities. Short sales now take only six weeks or less to close, as banks have become more understanding and well versed in the process.

Are we close to a bottom: Very close indeed! Let me put it this way: You buy an oceanfront property today, you cannot go wrong. May prices come down even further? Perhaps somewhat, but you do not worry too much when you are purchasing today with the intend to hold on to the property for several years.

As far as mid-priced or lower-end priced properties are concerned, even more buyer-education is necessary, as buyers think that banks will accept the lowest offer or even give properties away, which is not the case at all. There is also a common misconception that banks will treat a property as a liability rather than as an asset and want to get rid of it at any price. That is not true, either. And many buyers think they are the only ones buying. Not true at all. As recently as a few days ago an out-of-state buyer could not make up his mind on his dream condo. He was hesitating and thought he had time to think to make an offer. By the time he did make up his mind other buyers were faster and already made the accepted offer.

TOA: We keep hearing about new oceanfront condo towers with so many non-paying units that the associations are struggling to keep the lights on. Do you foresee a period when some quality buildings become just no-buy zones? And if so for how long?

Brosda: We keep hearing or reading the same rumors sometimes from rather questionable sources. If there is a developer in town wanting to sell product, we would be the first to learn about it! All new development plans are two, three, four years down the road. There are many approved oceanfront developments on record in Sunny Isles Beach, but they are not happening right now. Some condos are struggling with collecting maintenance assessments. This may remain an issue for as long as the overall economy is stabilizing. At Brosda & Bentley Realtors we have a strict corporate policy to require association boards to provide us with a written statement as to their financial status, reserve accounts and percentage of delinquent owners. If we see the numbers out-of-order, we will advise our clients to reconsider a purchase based on the findings. We do, however, market and sell pre-construction near downtown as there remains demand for specific niche product.

TOA: Your agency has offices all over the world. How does South Florida real estate look today from, say, a European perspective?

Brosda: Italians love America and especially Florida. Period. With the announcement of Fiat taking over Chrysler, we had entrepreneurs calling from Italy wanting to buy or take over Chrysler dealerships and simultaneously looking for housing, especially in South Beach. The British who were strong buyers up until a year ago have almost vanished as buyers. The French and Germans are still buying selectively. As a matter of fact, we have several scheduled appointments for the summer months from prospects visiting from Europe expressing interest to buy Southeast Florida real estate. Even with the concerns of the global economic struggles, the U.S. still remains the leading safe-haven for real estate investors from all over the world. Europeans are very demanding in their requirements and know exactly what they want and what not as they do their research online!

TOA: What’s your best advice to prospective buyers?

Brosda: As one of the leading full-service real estate companies in Florida, I would advise any potential buyer to make sure that they are dealing with a Realtor that knows what he/she is talking about. We have an increased number of calls from Realtors who do not even have access to the MLS anymore, inquiring with us as to the availability of condos in a specific building. This is unacceptable to the profession. Buyers must be clear as to know what they want and Realtors must be able to help to identify properties their prospects desire. I do see home sales gradually stabilizing. The action is in lower price ranges and mid-price ranges. High-end properties are picking up again, but we find those buyers, oversees, in Europe, South America or even India. If you can afford it, time to buy is right now. I don’t believe that this generation will ever see low prices and interest rates like this again.

TOA: What’s your best advice to prospective sellers?

Brosda: If you are in the market to sell, demand a marketing agent not just a real estate agent — someone who is dedicated not just to selling your home, but to selling it for more. Expect your real estate consultant to be an expert negotiator. Negotiations take preparation, strategic thinking and persistence, requiring the agent to devote time throughout the selling process. Find an agent who is a property promoter, not a personal promoter. It’s great for an agent to claim a top ranking and be #1 in some local magazine’s award- giveaway, but it’s meaningless unless that agent is promoting your property and not his own prestige. Insist on an agent with capable information technology skills, including online and database understanding.

Real estate sales move at the speed of light and you should expect your agent to handle complex Internet searches and manipulate secure databases.

Last but not least, favor Realtors who are leaders in their communities and who have a record of giving back. Real estate consultants who invest in where they live will use their skills in your favor as they will remain in that community long after you have moved away.

Katerina Brosda, president and CEO of Brosda & Bentley Realtors in Aventura, has been a leader in pursuing potential buyers to the far corners of the globe. Her firm now has affiliate offices in Dubai, London, Monte Carlo and Paris and she reports her agents are working overtime making high-end deals. She agreed to share her take on the local market with talkofaventura.com:

TOA: Prices keep falling; foreclosures keep rising; but sales are up. Is the Aventura-Sunny Isles Beach market on the rebound?

Brosda: That is truly difficult to predict. There is certainly a huge difference between oceanfront and west of Collins in Sunny Isles Beach and along the beaches. In Aventura, one must differentiate between established community and new development, especially south of 180th, with so many new condos competing for ever more discerning buyers.

In Sunny Isles Beach, the Jade Beach and Trump Royal developments recently won Fannie Mae approval, enabling the developers to sell the remainder of units to buyers wanting to apply for financing for a portion of the purchase price. Trump Towers has had over 15 sales in April and many more contracts scheduled to close. The spectacular St. Tropez Towers has arranged for special financing terms for its buyers, but the real action is in short sales, pre-foreclosure sales and heavily discounted properties throughout both cities. Short sales now take only six weeks or less to close, as banks have become more understanding and well versed in the process.

Are we close to a bottom: Very close indeed! Let me put it this way: You buy an oceanfront property today, you cannot go wrong. May prices come down even further? Perhaps somewhat, but you do not worry too much when you are purchasing today with the intend to hold on to the property for several years.

As far as mid-priced or lower-end priced properties are concerned, even more buyer-education is necessary, as buyers think that banks will accept the lowest offer or even give properties away, which is not the case at all. There is also a common misconception that banks will treat a property as a liability rather than as an asset and want to get rid of it at any price. That is not true, either. And many buyers think they are the only ones buying. Not true at all. As recently as a few days ago an out-of-state buyer could not make up his mind on his dream condo. He was hesitating and thought he had time to think to make an offer. By the time he did make up his mind other buyers were faster and already made the accepted offer.

TOA: We keep hearing about new oceanfront condo towers with so many non-paying units that the associations are struggling to keep the lights on. Do you foresee a period when some quality buildings become just no-buy zones? And if so for how long?

Brosda: We keep hearing or reading the same rumors sometimes from rather questionable sources. If there is a developer in town wanting to sell product, we would be the first to learn about it! All new development plans are two, three, four years down the road. There are many approved oceanfront developments on record in Sunny Isles Beach, but they are not happening right now. Some condos are struggling with collecting maintenance assessments. This may remain an issue for as long as the overall economy is stabilizing. At Brosda & Bentley Realtors we have a strict corporate policy to require association boards to provide us with a written statement as to their financial status, reserve accounts and percentage of delinquent owners. If we see the numbers out-of-order, we will advise our clients to reconsider a purchase based on the findings. We do, however, market and sell pre-construction near downtown as there remains demand for specific niche product.

TOA: Your agency has offices all over the world. How does South Florida real estate look today from, say, a European perspective?

Brosda: Italians love America and especially Florida. Period. With the announcement of Fiat taking over Chrysler, we had entrepreneurs calling from Italy wanting to buy or take over Chrysler dealerships and simultaneously looking for housing, especially in South Beach. The British who were strong buyers up until a year ago have almost vanished as buyers. The French and Germans are still buying selectively. As a matter of fact, we have several scheduled appointments for the summer months from prospects visiting from Europe expressing interest to buy Southeast Florida real estate. Even with the concerns of the global economic struggles, the U.S. still remains the leading safe-haven for real estate investors from all over the world. Europeans are very demanding in their requirements and know exactly what they want and what not as they do their research online!

TOA: What’s your best advice to prospective buyers?

Brosda: As one of the leading full-service real estate companies in Florida, I would advise any potential buyer to make sure that they are dealing with a Realtor that knows what he/she is talking about. We have an increased number of calls from Realtors who do not even have access to the MLS anymore, inquiring with us as to the availability of condos in a specific building. This is unacceptable to the profession. Buyers must be clear as to know what they want and Realtors must be able to help to identify properties their prospects desire. I do see home sales gradually stabilizing. The action is in lower price ranges and mid-price ranges. High-end properties are picking up again, but we find those buyers, oversees, in Europe, South America or even India. If you can afford it, time to buy is right now. I don’t believe that this generation will ever see low prices and interest rates like this again.

TOA: What’s your best advice to prospective sellers?

Brosda: If you are in the market to sell, demand a marketing agent not just a real estate agent — someone who is dedicated not just to selling your home, but to selling it for more. Expect your real estate consultant to be an expert negotiator. Negotiations take preparation, strategic thinking and persistence, requiring the agent to devote time throughout the selling process. Find an agent who is a property promoter, not a personal promoter. It’s great for an agent to claim a top ranking and be #1 in some local magazine’s award- giveaway, but it’s meaningless unless that agent is promoting your property and not his own prestige. Insist on an agent with capable information technology skills, including online and database understanding.

Real estate sales move at the speed of light and you should expect your agent to handle complex Internet searches and manipulate secure databases.

Last but not least, favor Realtors who are leaders in their communities and who have a record of giving back. Real estate consultants who invest in where they live will use their skills in your favor as they will remain in that community long after you have moved away.
 

Miami Home Sales Jump 72 Percent in the 1st Quarter

Miami sales of single-family homes soared 72 percent in the first quarter of 2009 from a year earlier, according to Realtors statistics. For major metro markets, Miami was the hottest in the state with Ft. Lauderdale next at 46 percent. Statewide single-family sales only increased by 25 percent.

The sales of existing condominiums increased by 51 percent in Miami compared to the first quarter of 2008, while statewide there was only a 19 percent increase in the sales of existing condominiums. Only Orlando hit a higher percentage increase in sales, but at the cost of a much bigger loss in their median sale price.

“Miami has been one of the strongest comeback markets in the State of Florida for the last eight months. The number of Miami sales has been increasing consistently since August 2008, statistics and timeframe that definitely point to a market recovery,” said Rick Burch, RAMB Chairman of the Board.

“Since the passing of the 2009 First-Time Home Buyer Tax Credit, sales have spiked substantially,” said RAMB Residential President Martha Pomares. “Interest rates have dropped down to their lowest levels in over a decade and have brought more buyers into the market. The magical combination of rates, tax credit, other incentives and rock bottom prices has created a compelling and unique buying opportunity for nearly everyone.”

In addition to first time buyers, international buyers continue to play a significant role in recent home sales. U.S. buyers particularly from the Northeast are actively pursuing the South Florida real estate market.

“Home buyers are taking advantage of favorable affordability conditions not seen in years. European buyers, who benefit from discounted pricing and the strength of the Euro and the British pound, continue to invest in South Florida real estate,” said Rick Burch, 2009 Chairman of the Realtor Association of Greater Miami and the Beaches. “Brazilian and Venezuelan buyers are among the strongest from the Americas, along with others who are taking advantage of a great buyers market in Miami.”

Demand for properties is also increasing significantly. Pending home sales in Miami-Dade County increased approximately five percent in April 2009 from March, which was one of the strongest months in the last couple of years.

“We are beginning once again to see bidding wars similar to the ones we saw during the boom,” said Burch. “Consumers who were on the fence are now seizing the opportunities.”

While at a slower pace, median sales prices continue to decrease due to an increased number of foreclosures and short sales. The median sales price for single-family homes reported in Miami-Dade in the first quarter of 2009 was $203,700, a 38 percent drop from the first quarter of 2008. The median sales price for condominiums was $149,000, a 47 percent decrease from the previous year. Statewide, sales prices dropped 38 percent to $141,000 for single-family and 38 percent to $110,100 for condominiums.

“It is important to remember that a $203,700 median price for single family and $149,000 for condominiums means that an amazing one half of all homes and condos sold were under these amounts,” said Burch. “This is the first time in many years that the market has been so strong and so affordable for people in all price ranges in Miami and South Florida.”

Florida’s Existing Home, Condo Sales Rise by 30% - Home Sales Up Even 32.7 % Over February 2009 Sales

Sunny Isles Beach, Fla., April 2009 – Florida’s existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). March’s statewide sales also increased over the previous month’s sales level in both the existing home and existing condo markets.

Existing home sales rose 30 percent last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR. Statewide existing home sales in March were 32.7 percent higher than February’s statewide sales.

Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in March and 13 MSAs also showed gains in condo sales. It marks the ninth consecutive month that a majority of markets have reported increased sales.

Florida’s median sales price for existing homes last month was $141,300; a year ago, it was $201,700 for a 30 percent decrease. Industry analysts with the National Association of Realtors® (NAR) report there is a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in February 2009 was $164,600, down 15 percent from a year earlier, according to NAR. In California, the statewide median resales price was $247,590 in February; in Massachusetts, it was $252,500; in Maryland, it was $253,200; and in New York, it was $210,000.

NAR’s latest housing industry outlook reported that entry-level buyers are seeking bargains, which resulted in sales of distressed properties accounting for 40 to 45 percent of February’s transactions. “Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” said NAR Chief Economist Lawrence Yun.

In Florida’s year-to-year comparison for condos, 4,388 units sold statewide compared to 3,503 units in March 2008 for a 25 percent increase. The statewide existing condo median sales price last month was $108,700; in March 2008 it was $172,300 for a 37 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $172,200 in February 2009.

Interest rates for a 30-year fixed-rate mortgage averaged 5 percent last month, down significantly from the average rate of 5.97 percent in March 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Sunny Isles Beach Broker News

Sunny Isles Beach Real Estate is selling – even in a stressed economy

Miami Home and Condo Sales Rose in October 2008 by 23%

An exclusive interview with Katerina Brosda, President & CEO of Brosda & Bentley Realtors, a boutique full-service Realty Company in Miami.

By Stephan Boruchin of TransWorldNews (TWN)

Sunny Isles Beach, a barrier island in North Miami Beach, bordered by chic Aventura to the northwest, elegant Bal Harbour to the south and secluded Golden Beach to the north has been compared to Monte Carlo, the glamorous and ritzy borough in Monaco, home to the famous Le Grand Casino and the opulent palace Hôtel de Paris, a member of The Leading Hotels of the World. Fittingly, the new slogan on Sunny Isles Beach’s public service vehicles, official brochures and flags proudly marks the city to be ‘Florida’s Rivera’.

Arguably there are intriguing similarities but as well significant distinctions. Both cities boast the Atlantic Ocean, respectively the Mediterranean Sea as their dramatic backgrounds; also Sunny Isles Beach has its Leading Hotels of the World, the spectacular Acqualina Resort & SPA on the Beach and a casino with poker tables and Las Vegas style-slot machines is only 5 minutes away on the mainland.  

Donald Trump invested heavily in the city, with six luxurious sky rises bearing his name - the Miami Trump Towers being his trifecta.  The Trump Palace and the Trump Royale condos are sensational lifestyle destinations, only available to a selected few and now the city will be flanked by St. Tropez Condominiums, a brand new 3-towers waterfront development at the gateway into the city and adjacent to the planned, futuristic Town Center and City Park complete with amphitheater and pedestrian-friendly parks, water features deluxe shopping and fine restaurants.

Monaco is legendary for attracting the rich and famous - so is Sunny Isles Beach. A stroll on the 2 ½ miles-long stretch of sand beach could occur to spotting the Who’s Who in the World. From Russian pop stars to international beacons of industry, novelist, artists, movie producers, actors and actresses, sports celebrities, Congressman and women: Irina Allegrova, Alicia Keys, Enrique Iglesias, Terrell Owens, Sammy Sosa, George Hamilton and Barbara Streisand who made the Turnberry Ocean Colony famous and even the Clintons, are rumored to own a condo in town, to name but a few. And what greater incidental similarity to Monaco could there be: Grace Kelly, the American Academy Award winning actress who went on the marry Prince Rainier of the Principality wintered at the Golden Strand Hotel in Sunny Isles Beach.

Whereas South Beach is the Mecca for crowds that could be described as young Wall Street successes, socialites, and ultimate-party-goers, Sunny Isles Beach is attracting a more subdued type of resident.

Grocery shopping in Monaco can be stylish – so can it be in Sunny Isles Beach. Epicure, the town’s Gourmet Market and Café welcomes its shoppers with valet service. Browsing through the aisles feels like being transported to a European connoisseur market.  From Caviar to Foie Gras in Port Wine, the best fresh pastries in town to a delectable assortment of fresh produce, exotic meats and luxurious flowers. Epicure’s very own wine steward will make sure that only the best collections are stocked and available for home delivery.

And as Monaco is one of the number one tourist destinations in Europe, Sunny Isles Beach earned the rank to be # 1 of the Top 10 tourist destinations in the US with more than 1 million visitors a year - according to Tripadvisor’s Travelcast.

Q: Katerina, how would you describe the current Real Estate market in Sunny Isles Beach?

A: Market conditions are certainly different from 2, 3 years ago.  At that time we had 10 potential buyers - colloquially speaking - fighting for each and every unit that was offered pre-construction in a developer’s sales office. Today these units are finished and are being delivered to the marketplace and some people have second thoughts if they can or want to afford a second or third home in Sunny Isles Beach. Thus arises the opportunity for others to jump in and get a great deal on a brand new condo, with pricing models from 3, 4 years ago.  These ‘alternative buyers’ are certainly more difficult to find, as any potential buyer will look at several marketplaces - Sunny Isles Beach being one of them. Of all the cities in southeast Florida, I think Sunny Isles Beach is holding up best during the current economic turmoil. Partially because the city was organically grown and has a good mixture of everything that makes a great community.

Q: What makes living in Sunny Isles Beach different from living in neighboring Aventura, Golden Beach or Bal Harbour?

A: There are distinct differences. You are choosing a home in Aventura when you are a professional or self-employed, you have a family with kids and probably you want to live in Aventura year-round. As Aventura has one of the best golf courses in the country, in your leisure time you hit the greens and your wife engages in some of the finest shopping in all of the USA at the exclusive Aventura Mall. Aventura has a Whole Foods Market and that always is an indication for an upscale demographic. There are people who will not move into an area that will not support their standards of a health-orientated lifestyle. Golden Beach is extremely upscale and consists of estates and beachfront mansions only, no condos. Bill Gates, Ricky Martin and the late Paul Newman maintain homes in Golden Beach. The island is even smaller than Sunny Isles Beach. Eric Clapton named one of his albums ‘461 Ocean Boulevard’ after a house in Golden Beach. The city is very private, very safe with its very own beautiful private beach. Bal Harbour is an ultra-luxurious village. It is the grand dame of luxury living. The newest development is the St. Regis Resort and Condo Residences, right across from the Bal Harbour Shops and incomparable Carpaccio Restaurant. It is like the Café de Paris in Monte Carlo: See and be seen. Sunny Isles Beach is somewhat all of the two cities combined, but most of the buildings and high rises were just recently built so they feature some of the best and most advanced high-rise technologies and conveniences. The ultimate ingredient that speaks for Sunny Isles Beach is that everything is in walking distance. Banks, supermarkets, fine gourmet markets, stylish boutiques, scrumptious 4- and 5-star restaurants, the Sunny Isles Beach K through 8 School and the beautiful beach is Sunny Isles Beach most valued and appreciated asset. Aventura has one of the Top 100 rated Hospitals in the US and is just across the Intracoastal Bridge. Simply put: Sunny Isles Beach is truly paradise.

Q: I gather you are a big proponent of Sunny Isles Beach?

A: No question, I am. It is a wonderful little town and I happen to think it is one of the best places to live in the entire United States. Sunny Isles Beach offers wonderful homes and apartments that are affordable to almost everyone and we also have the $20,000,000 condos for those seeking a spectacular and unique home in the sky in high-rises with amenities and security that are equal or even surpass those of a 5-star luxury resort.

Q: What are you currently offering to prospects or what are the properties in demand by potential buyers calling Brosda & Bentley Realtors?

A: We interview a new client first and then we will compile a list of available properties fitting their individual needs and or desires. These days it is definitely Jade Beach. A lot of cosmopolitan people hear and inquire about it. This is such a gorgeous property; everybody wants to get into Jade Beach. Developer’s sales office sources have told me that they have closed over 40% in this new SMART building beachfront development. Many of the buyers are cash buyers, not requiring a mortgage. Trump Royale starts closing on its new condos as well. People have a sense of what to expect from a Trump property. Trump sets a certain standard in condo developments and people rely on his integrity.  The next highly anticipated property will be Jade Ocean. Established favorites are the Ocean One through Four resort condos, the Acqualina Resort condos and the Turnberry Ocean Colony. There is the penthouse up for grasps at the ultra-exclusive Sayan Condo Resort. Lately we see a lot of activity at St. Tropez Condominiums, which are adjacent to the newly planned Sunny Isles Beach Town Center.

Q: But it’s not all picture-perfect in Sunny Isles Beach? The current state of the economy cannot be oblivious to Sunny Isles Beach?

A: No, it is not. Not at all. As I said earlier, we are now dealing with a more discerning buyer, someone who knows how to and is not shy of making demands of sellers – even of a developer.  And as the top real estate experts in this entire region, we know the concessions a developer is willing to make and we know what has been sold for what price and we provide this valuable information to our clients to guide them in their acquisition process. In working with developers we have access to specially priced condos and our clients are appreciative of our efforts. We also have our share of pre-foreclosure or short sales opportunities. If there is a buyer for Sunny Isles Beach properties, he or she will come across Brosda & Bentley Realtors, simply because of our sheer presence in international advertising mediums. We have also employed technology that will bring a specific property suggestion directly to potential buyers, who may not have thought about Sunny Isles Beach, but are intrigued by the stunning architecture and interior designs of the luxurious high and midrise condos, the convenience and safety of Sunny Isles Beach and the sense of community and classy flair which brings about a certain upscale lifestyle.

Q: Who are the buyers these days? Who would want to invest and not wait and see if prices perhaps will come down even further?

A: Good questions. In the beginning of the year we had a tremendous amount of buyers from Canada. The Germans definitely rediscovered southeast Florida; especially during the summer they were present and would buy condos. We have buyers from the United Kingdom, Mexico, Argentina, Venezuela, France, Italy, Spain, Israel even China and India. Whereas earlier in the year we could truly pinpoint waves of buyers, based on perhaps articles in major newspapers and magazines in a particular country, suggesting ‘the Florida downturn in real estate prices may be worthwhile to look into investing’. Today’s buyer his highly knowledgeable, with cash, credit and a vision and comes from anywhere in the world and knows that even though all industrialized countries currently suffer some form of financial instability and to a degree uncertainty, the U.S. is still the only global safe haven for real estate. They are true bargain shoppers. Think about it: The credit crisis undeniable started here, it will be fixed from here and I have no doubt that this down cycle will see an upswing. When this will be accomplished, however, nobody knows exactly. I cannot predict that but it will not be from one day to the next, either, it will be a gradual process. I know something for sure: I rather own a piece of property in the US, preferably in a metropolitan area - and my personal favorite is Miami of course, than anywhere else. Just recently official data provided by the US Government stated that our recession started in December of 2007. August, September and October 08 have seen consecutive record increases in Florida home and condo sales, with prices down as much as 24% in certain markets. Even downtown Miami and the entire Brickell area have reportedly sold up to 70% of the new condos developed there. The Florida Association of Realtors reported prices are down in year-to-year comparisons, still home values are factually higher compared to 2003 data.

Q: So the south Florida Real Estate market keeps moving?

A: Absolutely. A total of 10,443 existing homes sold statewide in October, up 15 percent over the 9,118 homes sold in October of 2007. In Miami home-sales increased by as much as 23% compared to the year before. According to the National Association of Realtors foreign-born purchases of residential real estate are expected to rise continuously from the significant increase in immigration. Nearly half of the recent increase in the overall U.S. population is due to newly arrived immigrants. Given the strong relationship between rising homeownership rates and the length of time in the U.S., home purchases by immigrants will have a sizable impact on the housing market. Business owners who live and trade both in South America and Miami also maintain and even expand their residences in and around Miami as the business climate and trade between the two continents is further improving.

Q: How does Brosda & Bentley Realtors stand out and what makes it such a successful pillar in your market place?

A:  Brosda & Bentley Realtors is a full service real estate company with knowledge of the ever-changing market conditions and our professional, highly trained consultants are equipped with cross-cultural skills and the tool kit to provide expert advice to domestic and foreign investors and therefore we are one of the leading movers and shakers in current South Florida real estate sales. We are also an international company and do not limit ourselves to one particular region. We market properties in Central America, the Caribbean and we are actively expanding our efforts around the globe to create strategic alliances. Some of the components of demand for our international real estate services include: relocations into and out of the U.S. by both domestic and foreign transnational companies; U.S. retiree purchases overseas; immigrant home purchase inflows into the U.S.; immigrant purchases of commercial or business properties in the U.S.; foreign investor purchases of U.S. real estate; and U.S. investor purchases of foreign real estate. Statistics from the Association of Americans Resident Overseas indicate that excluding Military personnel, over 4 million Americans live in over 150 countries overseas. Besides corporate employees, other major components of this group include educators, students and retired persons. The growing annual market share lies at approximately 200,000 relocation and housing orders from US citizens.

Q: Sunny Isles Beach Broker .com was reported to be the # 1 community website amongst over 200,000 international Real Estate Agents’ Websites on the Point2 Community Performance Index. Congratulations.

A: Thanks. Yes, that is true. Sunny Isles Beach Broker .com is either in the worldwide #1 position or # 2 positions on the community performance index – changing daily and we are definitely #1 for the United States and Florida. Point2 is a phenomenal Real Estate software development company and the largest Real Estate Syndication Network in the world. Brokers in Russia, in Germany, in France in Italy, in Spain, in Argentina, in Venezuela, in Hong Kong can logon to the listing syndication and practically market our properties to their clients and or prospects. The exposure our listings are receiving is staggering and if there is a buyer out there, he or she will see our properties, as they are potentially on over 200,000 member sites. A great deal of the strength and power of the Point2 Agent Network comes from how much Point2 members are interconnected for advantages in marketing, mentoring, productivity and support. We try to stay on top, after all Real Estate has become so much more global and many of our southeast Florida buyers are found outside the US.

Q: Thanks for your time Katerina and for your insightfulness. Any last thoughts?

A: Miami Beach remains one of the most lucrative neighborhoods in the United States, and that is a statement that can be looked-up on Forbes Magazine Online .com and also according to Forbes Magazine Miami has the cleanest air and the cleanest water of any US city. Mix that with the fact that we have the #1 continuous party in town: South Beach, nearly perfect weather all year round, Florida being the commercial gateway to the South Americas and the fact that Florida has always recovered faster than any other State from an economic setback, I feel it is a pretty good place to live, work and create at any time.

Brosda & Bentley Realtors’ Miami office can be reached at (786) 406-1757

Miami  Home, Condo Sales Rise in October 2008 by 23%

For the second month in a row, Florida’s existing home sales rose in October, with Florida Realtors® reporting a 15 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 5 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).

A total of 10,443 existing homes sold statewide last month, up 15 percent over the 9,118 homes sold in October 2007, according to FAR. Florida Realtors also reported higher statewide existing home and existing condo sales in September compared to the year-ago levels.

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in October; seven MSAs also showed gains in condo sales, marking the fourth consecutive month that a number of markets have noted higher sales activity.

Florida’s median sales price for existing homes last month was $169,700; a year ago, it was $222,200 for a 24 percent decrease. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in September 2008 was $190,600, down 8.6 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $316,480 in September; in Massachusetts, it was $295,000; in Maryland, it was $271,520; and in New York, it was $215,000.

Market conditions continue to range widely, according to the latest housing outlook from NAR. “A pattern of sharply higher sales in areas with large price declines is well established,” said NAR Chief Economist Lawrence Yun. “Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it’s important for government to keep that in the forefront of housing stimulus decisions.”

In Florida’s year-to-year comparison for condos, 2,956 units sold statewide compared to 2,805 sold in October 2007 for a 5 percent increase. The statewide existing condo median sales price last month was $147,600; in October 2007 it was $192,300 for a 23 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $199,400 in September 2008.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.20 percent, down from the average rate of 6.38 percent in October 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s large to medium-size markets, the Miami MSA reported a total of 453 homes sold in October compared to 367 homes a year ago for a 23 percent increase. The existing home median sales price was $246,800; a year ago, it was $354,800 for a 30 percent decrease. In the year-to-year comparison for the existing condo market, a total of 439 units sold in the MSA last month, up 1 percent compared to 436 condos sold the previous October. The market’s existing condo median price was $197,400; a year ago, it was $268,300 for a 26 percent decrease.

Sincerely,

Katerina Brosda, Broker

Brosda & Bentley Realtors™

President & CEO

2008 Florida Real Estate Yearend Report