Existing home sales increased 4 percent in November, according to a report released today by the National Association of Realtors, which also revised four years worth of data the organization previously announced was errant.

NAR downwardly revised existing home sales statistics dating back to 2007 by more than 14 percent. The association said the bad data stemmed from a previously unnoticed increase in the number of people that use brokers, and therefore an unaccounted for change in the market share that the multiple listing services throughout the country capture. Since 2000 the number of sellers that use brokers increased to 91 percent from 84 percent, according to NAR. The association said their data revisions should have a “minor impact” on revisions to Gross Domestic Product reports.

As for November’s report, the NAR reported a seasonally adjusted annual rate of 4.42 million home sales, a 4 percent gain from October and 12.2 percent above November 2010′s rate. Sales reached their highest mark in 10 months and are 34 percent above the valley reached in mid-2010.

NAR chief economist Lawrence Yun attributed the positive report to the record-low mortgage rates and bargain housing prices. Though financing does remain a problem, NAR President Moe Veissi said the association’s affordability index shows that “a median-income family can easily afford a median-priced home.”

The median home price in November was down 3.5 percent from a year ago to $164,200. Consistent with recent levels, investors purchased 19 percent of homes in November and first-time buyers accounted for 35 percent of transactions.

The Northeast posted the largest regional month-over-month sales gain, at 9.8 percent, followed by the Midwest, at 4.3 percent, the West, at 3.6 percent, and the South, at 2.4 percent. Year-over-year, however, the Midwest posted the biggest gain, followed by the South, West and then Northeast.

There are now more than 19 million residents in Florida, according to estimates from the U.S. Census Bureau. Florida, whose population grew by 1.36 percent from April 2010 to July 2011, has the fourth-most residents of any state in America. New York grew 0.45 percent in the same period, and continues to have the third-most-populous state. The U.S. population grew by 2.8 million in the 15-month period.

Hotel prices in Miami Beach are often as much as twice as high as similar properties in Las Vegas, according to an analysis by Strategic Advisory Group. The study was done on behalf of the city of Miami Beach. It comes in light of a recent vote against a potential casino resort in the city, and amid growing concerns over the impact of the addition of thousands of potential hotel rooms in downtown Miami. “If you put 5,000 hotel rooms in downtown they will suck out everything surrounding them,” said Stuart Blumberg, the former head of the Greater Miami and the Beaches Hotel Association. “It will take 19 years for the current hotels to break even. They’re going to destroy the market inventory.”

Miami-Dade County public schools has more than 10 acres of coveted real estate near the Miami Herald site where Genting Group hopes to build a casino and resort. But according to the Miami Herald, just because a municipality owns the land, doesn’t mean developers should expect a bargain.

“Be ready to pay the fair market value,” Superintendent Alberto Carvalho said of the real estate, specifying that air rights would be included in the price.

The Herald said several groups are interested in the property, including the Genting Group, but Carvalho said the county is in no rush to sell.

“Do we need to have as much space as we have there? No, I don’t,” Carvalho said. “At the same time, we ought to be careful because this is an asset that once you discard of it, it’s gone forever.”

After a long lull, South Florida foreclosure filings are beginning to pick up, despite another decrease last month.

The improvement is not readily apparent in the numbers, but upon closer examination, the rate of decline slowed considerably last month, according to data from RealtyTrac.

While the number of properties with foreclosure filings in South Florida fell 27 percent last month compared to November 2010, the November 2011 figure is a drastic reduction from a nearly 60 percent average drop each month since the summer, and 41 percent in October.

“I would say that’s a significant shift,” said RealtyTrac spokesperson Daren Blomquist. “We had a 14 percent nationwide year-over-year decrease in activity, and that was the lowest year-over-year decrease we’ve seen this year.”

Statewide, Florida saw a 7 percent increase in initial default notices compared to November 2010, the first time in 20 months that the state had an increase in that number.

“That is another sign to me that the lenders are ramping up and processing some of those delayed foreclosures,” Blomquist said.

The foreclosure slowdown came in large part due to the freeze imposed by banks following the robo-signing and fraudulent document scandal of a year ago. 

There were a total of 9,157 properties with some form of foreclosure filing in South Florida last month, led by 4,044 properties in Miami-Dade County.

Broward County had 3,196 properties with foreclosure filings, and there were a total of 1,917 in Palm Beach.

The Wall Street Journal’s Craig Karmin describes what he called a “very unusual move,” by Morgan Stanley in cutting a deal to return $700 million to investors in one of its real estate funds, in the video above. The Journal outlines the options for the investment fund, which has a total of $4.7 billion to spend and a June deadline to invest in commercial real estate. Karmin said it could spell the end of private equity real estate investment at Morgan Stanley, a “last man standing” in commercial real estate investment among huge banks, as other players have sold off their business or announced they are contemplating doing so in recent months.

U.S. Realty Advisors acquired the ground lease interest on Marriott Harbor Beach Resort & Spa for $48.6 million, according to the South Florida Business Journal.

The 16.5-acre oceanfront parcel is located at 3030 Holiday Drive in Fort Lauderdale and contains the 15-story, 650-room hotel. The hotel is controlled by Host Hotels and Resorts, which has more than 93 years remaining on the leased fee interest. The ground lease previously belonged to Northwestern Mutual which tapped Holliday Fenoglio Fowler to market the property.

The hotel has direct beach access, three restaurants, a 22,000-square-foot spa and a 100,000-square-foot function space.

Pending home sales rose strongly nationwide in October, increasing by 9.2 percent year-over-year, according to the October pending home sales report from the National Association of Realtors, released today.

The Pending Home Sales Index, which measures signed real estate contracts for existing single-family homes, condominium and co-op units, rose to 93.3 in October from 84.5 in September. In October 2010, the index was 85.5.

The Pending Home Sales Index in the South surged 8.6 percent to 99.5 in October and was 9.7 percent above October 2010′s index. An index of 100 equals contract activity from 2001.

“Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years,” said Lawrence Yun, chief economist at NAR.

Yun also indicated that record low default rates and a decline in inventory due to less building after the recession hit could be factors driving the optimistic numbers.

Yun was also cautious. “Although contract signings are up, not all contracts lead to closings,” he said. Many potential buyers make mistakes with their credit while applying for mortgages and are not approved. Tighter regulations for mortgages surely contribute. – Guelda Voien

Source: http://therealdeal.com/miami/articles/us-pending-home-sales-rise-sharply-according-to-the-national-association-of-realtors

A 10-bedroom home at 3 Indian Creek Drive in Miami Beach has been listed for $60 million, according to Miami Today. The home, which was designed by architect Rene Gonzalez, has 30,000 square feet and a 100-foot pool. The home is located on Indian Creek Island, which has its own private police force and golf club.

To view the property please call 786-276-2451