Housing

South Florida Business Journal

Florida home, condo sales rise, price decline.

Sales of existing homes and condos in South Florida rose in January, though prices continued to fall.

Statewide, existing home sales were up 28 percent last month, to 10,465 homes sold from 8,174 homes sold a year ago, according toFlorida Realtors. Existing condo sales rose 81 percent statewide compared to the previous year's sales figure.

West Palm Beach saw the biggest jump in home sales in the tri-county area, up 48 percent to 546 in January from 369 a year before. But, prices were down, with the median price falling to $238,600 from $343,200 in January 2009.

Existing condo sales in West Palm Beach rose even higher – 56 percent, year-over-year – to 585 from 375, with the median price down 14 percent, to $93,700 from $108,900.

Existing home sales in Fort Lauderdale were up 5 percent in January, to 492 from 467 a year earlier. The median price, however, fell 6 percent, to $180,000 from $191,000.

Existing condo sales in Fort Lauderdale were up 47 percent, to 780 from 531. The median price fell 18 percent, to $69,500 from $85,000.

In Miami, single-family home sales rose 7 percent to 436 from 407. The median sales price dropped 12 percent to $183,400 from $208,100. Existing condo sales in Miami rose 42 percent, to 540 from 379. The median sales price slid 5 percent, to $141,700 from $149,100

"Now is the time for anyone thinking of buying a home in Florida to make that decision," Florida Realtors President Wendell Davis said in a news release. "Markets across the state are seeing increased sales, yet conditions remain very favorable with still-low mortgage rates, a range of housing inventory and attractive prices.”

Statewide, the median sales price for existing homes last month was $130,900, down 14 percent from a year ago, when it was $151,500.

Statewide, 4,631 condo units sold last month, up 81 percent from 2,554 units sold in January 2009. The statewide median sales price for existing condos last month was $97,300, down 14 percent from January 2009, when it was $113,300.

The national median sales price for existing single-family homes in December 2009 was $177,500, up 1.4 percent from a year earlier, according to the National Association of Realtors.

"With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices," NAR Chief Economist Lawrence Yun said in a news release

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Online Marketing

Leveraging Weekly Internet Traffic

by Daniel Scocco

If you are writing a “top notch” article for your blog, it would be a good idea to publish it on the most trafficked day of the week. This will maximize the number of potential readers, also increasing your chances of receiving backlinks and appearing on social bookmarking sites.

But what is the most trafficked day of the Internet? Getting an accurate answer for this questions is quite difficult, specially if we consider the large variations that might appear from country to country and during different seasons of the year.

That being said there are some studies around the web, and most of them agree that Monday and Tuesday are the most trafficked days of the Internet, followed closely by Wednesday. Below you will find the numbers provided by OneStat in 2004 (apparently that is the most recent report):

A good rule of thumb, therefore, is to publish your popular posts early in the week. Bear in mind that your blog readership might behave differently, so check your statistics and adapt this strategy accordingly.

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The Breakthrough ad was part of the Calder Casino & Race Course January 24 grand opening. In this post the great success campaign developed by Green advertising still on South Florida media with Tv spots, radio, press, special promotion and more.

Calder Casino & Race Course has its brand new 104,000-square-foot Vegas style slots casino with 1,225 new Vegas-style slot machines, three new restaurants and valet service. Studz Poker Club, which offers Texas Hold’Em, Omaha and 7-Card Stud, opened on October 23 on the first floor of the grandstand. Since 1971, the facility, located just north of Land Shark Stadium, has been best known for its world class Thoroughbred horse racing during two consecutive meets and year-round simulcasting.

Housing

New Cooper City home project could signal housing turn

Start of 500 acre project in Cooper City could be bellweather

By Paul OwersSouth Florida Sun-Sentinel

• 
  Graphic: Monterra development map

• 
  A long-term fix-up strategy for sellers

• 
  Ready, set, sell: 8 tips to sell your home in 2010

On an old dairy farm in southwestern Broward County, Armando Codina and Jim Carr hope to disprove the theory of a housing slump.

The heavyweight builders are working together on Monterra, a 1,600-home community in Cooper City that's the only new residential development for 20 miles. The sales center opened a month ago, and 25 buyers have signed contracts so far.

Although there's considerable risk in any housing venture these days, the initial reaction is encouraging, Carr said. "I think we called it right. We'd do the same thing tomorrow."

The nation's housing market has been in freefall since 2006, and new home construction has all but stopped in the past year. New home sales in 2009 fell 22.9 percent to a record low 374,000 units as builders try to reduce their inventories of unsold homes, the Commerce Department said recently.

But Codina and Carr are undeterred, saying the 500-acre site is one of the last large tracts in Broward County available for residential development. What's more, homes in Monterra are priced to compete with foreclosures and short sales.

Townhouses are selling from $215,000 to $255,000, while single-family houses go for $280,000 to the low $400,000 range. The first residents will move in this summer, but the project will be built over four years or so.

"When you buy one of these short sales or foreclosures, there's no warranty," Codina said. "You don't know what you've got with mildew or mold. With our product … you've got very high quality, and builders who have been around for a long, long time."

Codina is chairman of Flagler, a commercial real estate firm based in Coral Gables. He is a board member for Home Depot, American Airlines' parent, AMR Corp., and is chariman emeritus of Florida International University.

Carr has built more than 15,000 homes in South Florida. He founded Westbrook Communities Inc. in 1976 and later sold it to Standard Pacific. He is a board member at Great Florida Bank and past president of the Builders Association of South Florida.

While mounting foreclosures caused by job losses make any housing forecast speculative, South Florida housing analysts Lewis Goodkin and Brad Hunter say Codina and Carr are poised to capitalize on the dearth of new homes built over the past few years.

Hunter's firm, Metrostudy, said in a report last week that home starts in South Florida appear to have hit bottom. The lack of building could mean a shortage of homes during the next two to three years, particularly in Broward, Hunter said.

"That project is in an enviable position," he said of Monterra.

Codina and Carr bought the site from Hollywood-based Tousa, which filed for bankruptcy protection in 2008. Including debt, the builders paid more than $50 million, Carr said. Tousa bought the land from the family of former dairy farmer Wiley Waltrep.

Codina and Carr sold some of the dirt to Coconut Creek-based Minto Communities, which is building townhouses.

Ryan and Kim Scholten signed a contract at Monterra for a four-bedroom home with a loft for $399,900.

At first, they looked at existing homes in the area and made offers on three properties, only to lose out to other bidders paying cash. They'd tour 10 short sales and foreclosures in a day, and many of the homes had problems such as mold or missing appliances.

"It was so frustrating," said Ryan Scholten, 30, an actuary. "We were so discouraged. The Realtors would say, 'No, no, you just have to envision it.' And I said, 'Yeah, I envision having to put $100,000 into this house.'"

Jeff and Dawn Lucas waited six months on a short sale before the owner told them she was keeping the home after all. The disappointment became a blessing in disguise. At Monterra, they're getting a new house with a pool and are picking out all their own countertops and flooring.

"It's a new community, and we hear there will be a lot of young people," said Jeff Lucas, 32. "It should be a really good set-up."

• Graphic: Monterra development map. A long-term fix-up strategy for sellers. Ready, set, sell: 8 tips to sell your home in 2010

Real Estate

The 10 Must-Have Features in Today's New Homes

The kitchen is still king.

LAS VEGAS -- Americans want smaller houses and they are willing to strip some of yesterday's most popular rooms -- such as home theaters -- from them in order to accommodate changing lifestyles, consumer experts told audiences at the International Builders Show here this week.

"This is a traumatic time in this country and the future isn't something we're 100% sure about now either. What's left? The answer for most home buyers is authenticity," said Heather McCune, director of marketing for Bassenian Lagoni Architects in Park Ridge, Ill.

Buyers today want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed 'green' from the outset," she said. The key for home builders is "finding the balance between what buyers want and the price point."

For many buyers, their next house will be smaller than their current one, said Carol Lavender, president of the Lavender Design Group in San Antonio, Texas. Large kitchens that are open to the main family living area, old-fashioned bathrooms with clawfoot tubs and small spaces such as wine grottos are design features that will resonate today, she said.

"What we're hearing is 'harvest' as a home theme -- the feeling of Thanksgiving. It's all about family togetherness -- casual living, entertaining and flexible spaces," Lavender said.

Paul Cardis, CEO of AVID Ratings Co., which conducts an annual survey of home-buyer preferences, said there are 10 "must" features in new homes.

1. Large Kitchens, With an Island

"If you're going to spend design dollars, spend them where people want them -- spend them in the kitchen," McCune said. Granite countertops are a must for move-up buyers and buyers of custom homes, but for others "they are on the bubble," Cardis said.

2. Energy-Efficient Appliances, High-Efficiency Insulation and High Window Efficiency

Among the "green" features touted in homes, these are the ones buyers value most, he said. While large windows had been a major draw, energy concerns are giving customers pause on those, he said. The use of recycled or synthetic materials is only borderline desirable.

3. Home Office/Study

People would much rather have this space rather than, say, a formal dining room. "People are feeling like they can dine out again and so the dining room has become tradable," Cardis said. And the home theater may also be headed for the scrap heap, a casualty of the "shift from boom to correction," Cardis said.

4. Main-Floor Master Suite

This is a must feature for empty-nesters and certain other buyers, and appears to be getting more popular in general, he said. That could help explain why demand for upstairs laundries is declining after several years of popularity gains.

5. Outdoor Living Room

The popularity of outdoor spaces continues to grow, even in Canada, Cardis said. And the idea of an outdoor room is even more popular than an outdoor cooking area, meaning people are willing to spend more time outside.

6. Ceiling Fans

7. Master Suite Soaker Tubs

Whirlpools are still desirable for many home buyers, Cardis said, but "they clearly went down a notch," in the latest survey. Oversize showers with seating areas are also moving up in popularity.

8. Stone and Brick Exteriors

Stucco and vinyl don't make the cut.

9. Community Landscaping, With Walking Paths and Playgrounds

Forget about golf courses, swimming pools and clubhouses. Buyers in large planned developments prefer hiking among lush greenery.

10. Two-Car Garages

A given at all levels; three-car garages, in which the third bay is more often then not used for additional storage and not automobiles, is desirable in the move-up and custom categories, Cardis said.

Copyrighted, MarketWatch. All rights reserved. Republication or redistribution of MarketWatch content is expressly prohibited without the prior written consent of MarketWatch. MarketWatch shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

by Steve Kerch from Market Watch

The 10 Must-Have Features in

Today's New Homes

The kitchen is still king.

LAS VEGAS -- Americans want smaller houses and they are willing to strip some of yesterday's most popular rooms -- such as home theaters -- from them in order to accommodate changing lifestyles, consumer experts told audiences at the International Builders Show here this week.

"This is a traumatic time in this country and the future isn't something we're 100% sure about now either. What's left? The answer for most home buyers is authenticity," said Heather McCune, director of marketing for Bassenian Lagoni Architects in Park Ridge, Ill.

Buyers today want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed 'green' from the outset," she said. The key for home builders is "finding the balance between what buyers want and the price point."

For many buyers, their next house will be smaller than their current one, said Carol Lavender, president of the Lavender Design Group in San Antonio, Texas. Large kitchens that are open to the main family living area, old-fashioned bathrooms with clawfoot tubs and small spaces such as wine grottos are design features that will resonate today, she said.

"What we're hearing is 'harvest' as a home theme -- the feeling of Thanksgiving. It's all about family togetherness -- casual living, entertaining and flexible spaces," Lavender said.

Paul Cardis, CEO of AVID Ratings Co., which conducts an annual survey of home-buyer preferences, said there are 10 "must" features in new homes.

1. Large Kitchens, With an Island

"If you're going to spend design dollars, spend them where people want them -- spend them in the kitchen," McCune said. Granite countertops are a must for move-up buyers and buyers of custom homes, but for others "they are on the bubble," Cardis said.

2. Energy-Efficient Appliances, High-Efficiency Insulation and High Window Efficiency

Among the "green" features touted in homes, these are the ones buyers value most, he said. While large windows had been a major draw, energy concerns are giving customers pause on those, he said. The use of recycled or synthetic materials is only borderline desirable.

3. Home Office/Study

People would much rather have this space rather than, say, a formal dining room. "People are feeling like they can dine out again and so the dining room has become tradable," Cardis said. And the home theater may also be headed for the scrap heap, a casualty of the "shift from boom to correction," Cardis said.

4. Main-Floor Master Suite

This is a must feature for empty-nesters and certain other buyers, and appears to be getting more popular in general, he said. That could help explain why demand for upstairs laundries is declining after several years of popularity gains.

5. Outdoor Living Room

The popularity of outdoor spaces continues to grow, even in Canada, Cardis said. And the idea of an outdoor room is even more popular than an outdoor cooking area, meaning people are willing to spend more time outside.

6. Ceiling Fans

7. Master Suite Soaker Tubs

Whirlpools are still desirable for many home buyers, Cardis said, but "they clearly went down a notch," in the latest survey. Oversize showers with seating areas are also moving up in popularity.

8. Stone and Brick Exteriors

Stucco and vinyl don't make the cut.

9. Community Landscaping, With Walking Paths and Playgrounds

Forget about golf courses, swimming pools and clubhouses. Buyers in large planned developments prefer hiking among lush greenery.

10. Two-Car Garages

A given at all levels; three-car garages, in which the third bay is more often then not used for additional storage and not automobiles, is desirable in the move-up and custom categories, Cardis said.

Copyrighted, MarketWatch. All rights reserved. Republication or redistribution of MarketWatch content is expressly prohibited without the prior written consent of MarketWatch. MarketWatch shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

by Steve Kerch from Market Watch

The 10 Must-Have Features in

Today's New Homes

The kitchen is still king.

LAS VEGAS -- Americans want smaller houses and they are willing to strip some of yesterday's most popular rooms -- such as home theaters -- from them in order to accommodate changing lifestyles, consumer experts told audiences at the International Builders Show here this week.

"This is a traumatic time in this country and the future isn't something we're 100% sure about now either. What's left? The answer for most home buyers is authenticity," said Heather McCune, director of marketing for Bassenian Lagoni Architects in Park Ridge, Ill.

Buyers today want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed 'green' from the outset," she said. The key for home builders is "finding the balance between what buyers want and the price point."

For many buyers, their next house will be smaller than their current one, said Carol Lavender, president of the Lavender Design Group in San Antonio, Texas. Large kitchens that are open to the main family living area, old-fashioned bathrooms with clawfoot tubs and small spaces such as wine grottos are design features that will resonate today, she said.

"What we're hearing is 'harvest' as a home theme -- the feeling of Thanksgiving. It's all about family togetherness -- casual living, entertaining and flexible spaces," Lavender said.

Paul Cardis, CEO of AVID Ratings Co., which conducts an annual survey of home-buyer preferences, said there are 10 "must" features in new homes.

1. Large Kitchens, With an Island

"If you're going to spend design dollars, spend them where people want them -- spend them in the kitchen," McCune said. Granite countertops are a must for move-up buyers and buyers of custom homes, but for others "they are on the bubble," Cardis said.

2. Energy-Efficient Appliances, High-Efficiency Insulation and High Window Efficiency

Among the "green" features touted in homes, these are the ones buyers value most, he said. While large windows had been a major draw, energy concerns are giving customers pause on those, he said. The use of recycled or synthetic materials is only borderline desirable.

3. Home Office/Study

People would much rather have this space rather than, say, a formal dining room. "People are feeling like they can dine out again and so the dining room has become tradable," Cardis said. And the home theater may also be headed for the scrap heap, a casualty of the "shift from boom to correction," Cardis said.

4. Main-Floor Master Suite

This is a must feature for empty-nesters and certain other buyers, and appears to be getting more popular in general, he said. That could help explain why demand for upstairs laundries is declining after several years of popularity gains.

5. Outdoor Living Room

The popularity of outdoor spaces continues to grow, even in Canada, Cardis said. And the idea of an outdoor room is even more popular than an outdoor cooking area, meaning people are willing to spend more time outside.

6. Ceiling Fans

7. Master Suite Soaker Tubs

Whirlpools are still desirable for many home buyers, Cardis said, but "they clearly went down a notch," in the latest survey. Oversize showers with seating areas are also moving up in popularity.

8. Stone and Brick Exteriors

Stucco and vinyl don't make the cut.

9. Community Landscaping, With Walking Paths and Playgrounds

Forget about golf courses, swimming pools and clubhouses. Buyers in large planned developments prefer hiking among lush greenery.

10. Two-Car Garages

A given at all levels; three-car garages, in which the third bay is more often then not used for additional storage and not automobiles, is desirable in the move-up and custom categories, Cardis said.

Copyrighted, MarketWatch. All rights reserved. Republication or redistribution of MarketWatch content is expressly prohibited without the prior written consent of MarketWatch. MarketWatch shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

by Steve Kerch from Market Watch