Miami-Dade property values rise for first time in four years

[Judi Lynn]

Source: Miami Herald

Posted on Friday, 06.29.12
Miami-Dade property values rise for first time in four years

In May, Property Appraiser Pedro J. Garcia said property values rose for the first time in four years. On Friday, he said they rose even more than he expected.

By Charles Rabin
[e-mail]

A month ago, county leaders rolled out estimated numbers showing Miami-Dade’s property tax base had increased for the first time in four years, a clear signal the battered real estate market is beginning to turn the corner. Friday, the picture of higher property values and new construction got even rosier.

In a small conference room just outside County Hall’s commission chambers, Property Appraiser Pedro J. Garcia explained how county real-estate values rose almost 2 percent, to $190.7 billion, from a year ago, the first year-over-year increase since the real estate market slide began in 2007 – and a slight increase over his earlier estimate in late May.

“What we are seeing is a recovery period for Miami-Dade County,” Garcia said.

At the end of May, Garcia estimated the total property value of Miami-Dade’s 897,650 properties at $189.7 billion, about one-half of one percent — or $970 million — lower than the actual number turned out to be. Though it’s considered statistically insignificant, every little bit helps in a community so dependent on construction that has seen its overall property values plummet $55 billion since 2008.

Read more: http://www.miamiherald.com/2012/06/29/2875015/miami-dade-property-values-rise.html#storylink=cpy

[Speck Tater]

1. The question is which will rise faster...

house prices or sea level. In the long run, of course, sea level wins.

[MADem]

2. It's down to a zillion Brazilians, in large part!

Brazilians are snapping up bargain luxury condos at a fast clip. The rate is favorable for them:

http://www.bloomberg.com/news/2011-06-21/brazilians-buy-miami-condos-at-bargain-prices-after-45-surge-in-currency.html

Frederico Azevedo went to Florida looking for a second home. He left with three, paying $300,000 and $500,000 for condos in two Miami towers, and $1 million for a unit at the Trump International resort in nearby Sunny Isles.
“I bought one to use as a vacation home and the other two as investments,” Azevedo, 39, president of Construtora Altana Ltda, a housing-development company, said in a telephone interview from his office in Sao Paulo. “It’s actually very cheap in Miami compared to here.”


Surging real estate prices in Brazil and the currency’s 45 percent gain against the U.S. dollar since 2008 are sending Brazilians to South Florida in search of bargain vacation homes and property investments. That’s helping bolster Miami’s condo market, with total sales increasing 79 percent in the first five months of 2011 from a year earlier, according to data from the Florida Association of Realtors released today.

It's been going on for a few years, now....


http://rockcenter.msnbc.msn.com/_news/2012/06/14/12207356-brazilians-snap-up-south-florida-real-estate-sparking-new-boom?lite&preview=true

Waves of wealthy Brazilians such as Luciano are landing on South Florida’s shores and spending millions of dollars on vacation condominiums, clothes, furniture, cars and art, all of which are much less expensive here than in their homeland.

They started arriving in the past few years when South Florida was one of the epicenters of the real estate crisis, with vacant buildings and foreclosures all around. At the same time, Brazil's economy was starting to surge, and as costs in Brazil soared, the United States and its depressed real estate prices made it the land of opportunity.

“The prices here are really cheap now,” said Luciano. “If you look for the same type of unit to spend a vacation in Brazil, in a place like Rio, it's double the price. If you go to Rio de Janeiro, you have problems everywhere. You have all the violence. Here, no problems, no violence. You can do whatever you want. You do a nice investment and spend your vacation at the same time.”

“The dollar exchange rate now is very good for the Brazilians,” added Piquet, “so now is the time to buy. And on top of that, the prices of the properties, they went down big time, about 50 percent. It's a big discount.”

[kitt6]

3. The Bushes are well...

somewhat gone. And Obama is in.

[panzerfaust]

4. Florida Governer vows to roll this back

[tjackson]

7. Spam deleted by petronius (MIR Team)