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Colombia Records Most Miami Real Estate Searches in June

MIAMI — Colombia continues to lead all foreign countries searching for South Florida real estate, according to new data from the MIAMI Association of REALTORS® (MIAMI). The South American nation finished as the top international country using MIAMI’s search portal, www.Miamire.com, in June 2016. Colombia has now led the MIAMI rankings for seven consecutive months.

Canada and France increased their interest in Miami real estate as New York maintained its position as the top U.S. state seeking local property. South Florida, meanwhile, finished as the second-most searched U.S. market in June on Realtor.com.

“Miami is a worldwide brand celebrated around the world for its multicultural community,” said Mark Sadek, the 2016 MIAMI Chairman of the Board. “Miami has long attracted buyers from South America, but now we’re seeing a greater array of countries searching and buying our properties. They’re coming with their families. They’re coming with business plans. They’re coming as end users.”

Colombia: A Top Market for South Florida Real Estate
Colombian home buyers tied with Argentinians in purchasing the third-most Miami real estate among foreign countries, according to the 2015 Profile of International Home Buyers in Miami Association of Realtors Business Areas. Colombia registered 10 percent of all foreign South Florida transactions, according to the survey conducted by MIAMI and the National Association of REALTORS. Only Venezuelan (13 percent) and Brazilian (12 percent) buyers purchased more.

Colombians moving to South Florida are often upper-middle-class families who want to enjoy their prosperity earned in their homeland as professionals and entrepreneurs. Colombians spend the second-most on South Florida property among foreign buyers. The $516,000 average purchase price of Colombians tied with Argentina and only trailed Brazil ($766,000), according to the 2015 survey.

Surging Interest from Canada, France
Canada posted the fifth-most web searches of South Florida real estate in June. Canadians, which have long purchased second homes in South Florida, have now finished at least seventh in the MIAMI rankings for four consecutive months. Like Canadians, the French love South Florida’s resort lifestyle and sunny weather. France’s eighth-place finish in June is its highest since March 2016.

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Miami Realtors Partners with Realopedia to Promote South Florida in the Middle East

MIAMI — The MIAMI Association of REALTORS® (MIAMI) and Realopedia as Global Marketing Partners will promote South Florida and the new global real estate portal at the Middle East’s largest and most influential property showcase. MIAMI CEO Teresa King Kinney and MIAMI Chairman Mark Sadek will make a Miami market presentation at the 2016 Cityscape Global event, which will be held Sept. 6-8 at the Dubai World Trade Centre. The MIAMI and Realopedia stand (S3A15) will be located at Sheikh Saeed Hall 3.

“The launch of a direct Miami-to-Qatar flight has increased Middle Eastern interest in South Florida real estate,” Kinney said. “Investors and home buyers from Dubai and the United Arab Emirates love Miami’s vibrant nightlife, art and international business center. The Middle East is part of an increasingly larger array of countries purchasing Miami real estate, and there is great synergy between Miami and Dubai.”

International transactions play a significant role in the Miami real estate market. About 50 percent of all foreign transactions in Florida take place in Miami-Dade and Broward, and Florida is the top state in the nation for sales to global buyers.

Joining Kinney and Sadek in Dubai will be: 2016 Broward Council President Donna Reid of Coldwell Banker Residential Real Estate and members Arielle di Lella and Donna di Lella of di Lella International Luxury Sales Group, and Mohammed Siddiq of Maverick Equity.

The Dubai showcase is part of MIAMI’s increased efforts to promote South Florida around the globe. In 2016, MIAMI has participated and/or exhibited and presented at MIPIM in France, FIABCI World Congress in Panama, Gran Salon Inmobiliario in Colombia, China North America Global Summit in China and NAR-India in India. This fall, MIAMI plans to participate and present at FIABCI France, the Salon National de l’Immobilier in Paris and InmoExpo in El Salvador.

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Miami Home Prices Rise for 18th Consecutive Quarter

MIAMI —Prices for Miami residential properties rose for the 18th consecutive quarter, as tight inventory in the mid-price ranges continues to impact sales and drive up prices, according to the 42,000-member MIAMI Association of REALTORS® (MIAMI) and the local Multiple Listing Service systems.

The median price for single-family homes in Miami-Dade County increased to $295,000 in the second quarter, an 8.6 percent increase from $271,620 in the same period last year. The median price for existing condominiums increased 5.5 percent year-over-year from $203,850 to $215,000.

Prices in Miami-Dade County have increased consistently for nearly five years. Despite the steadfast growth, Miami prices remain at 2004 levels.

“Continued price growth in Miami points to demand for local properties, particularly in the mid-market,” said Mark Sadek, the 2016 MIAMI Chairman of the Board. “Due to our warm weather, exciting lifestyle, multicultural society and many other positive attributes, there will always be demand for Miami real estate from both domestic and international buyers.”

Miami’s residential properties remain more affordable than other global cities, according to the National Association of Realtors (NAR) 2015 Profile of Home Buying Activity of International Clients. NAR analyzed the cost of a 120-square meter condo in a number of foreign cities based on prices reported in the Global Property Guide. A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost $149,900 on average. The price for the same condo in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) were at least five times higher.

Nationally, the median existing single-family home price in the second quarter was $240,700, up 4.9 percent from the second quarter of 2015 ($229,400), according to NAR. The national median existing-condo price was $227,200 in the second quarter, up 4.8 percent from the second quarter of 2015 ($216,700).

Statewide, the median sales price for single-family existing homes in 2Q 2016 was $220,000, up 10 percent from the same time a year ago, according to Florida Realtors. The Florida median price for condos during the quarter was $163,000, up 5.2 percent over the year-ago figure.