real estate

Led by more strong gains in Las Vegas, San Francisco, San Diego and Los Angeles, home prices in major U.S. cities were up just more than 12 percent on average in July vs. July 2012, according to the latest S&P/Case-Shiller Home Price Indices report.

The average increase was the largest since February 2006, Reuters adds, and is yet another sign that the housing sector is among the economy's strongest sectors.

Former Versace Mansion In Miami Beach Auctioned For $41.5M

Sep 17, 2013

The former Versace mansion fetched a top bid of $41.5 million from a group that included New York’s Nakash family, which controls Jordache Enterprises, at a court-ordered bankruptcy auction Tuesday.

After the auction, Joe Nakash, the winning bidder and owner of the Victory Hotel next door, said he plans to ask for the right to use the Versace name and operate the mansion as a hotel in conjunction with the Victor.

Lamar P. Fisher of Fisher Auction Co. conducted the auction Tuesday morning inside the ornate 10-bedroom, 11-bath mansion.

Citizens Approved For 6.3 Percent Hike On Homeowners

Sep 9, 2013
Laura A. Ogden

Homeowners covered by Citizens Property Insurance Corp. will see an average rate increase of 6.3 percent next year.

The increase, approved Monday by the Office of Insurance Regulation, is down from a 7.9 percent hike requested on the combined personal-lines and coastal accounts. Citizens officials previously said a 7.9 percent increase wouldn't be enough to cover the projected costs for next year.

The increase doesn't include sinkhole coverage.

Jeff Hester / Creative Commons/Flickr

For 18 months straight South Florida home prices have been rising. One reason is cash. For every 10 homes sold in July in our region, seven were bought with cash: no mortgage, no credit check.  

Moreover, 90 percent of the cash buyers of Miami condos are foreign, which often means less financial oversight is involved in the purchase.

RELATED: What Kind Of Money Fuels The Miami Real Estate Market?

Elaine Chen / WLRN

The housing recovery has come fast to South Florida. But some are concerned that the cash-fueled rebound here may be relying, in part, on dirty money.

08/28/13 - Wednesday's Topical Currents examines the status of the South Florida housing market and mortgage rates.  After the meltdown of 2008, banks say they’re issuing loans to only experienced and well-capitalized developers.  The South Florida condo market is thriving, and residential properties have increased in value.  Most property sells for close to asking prices.


GREG ALLEN, BYLINE: I'm Greg Allen, in Miami. To gauge the impact of Brazilians here, you only need to go downtown and look up.


ALLEN: Just a few years after the housing downturn, in Miami, once again, cranes and construction crews are hard at work building high-rise condominiums. Thousands of units are going up all over town, and many are being built for Brazilians.

Some of Miami Beach's quietest and most historic neighborhoods can be found in a chain of small islands connected by a causeway. On Di Lido Island, a community of homes built 50 and 60 years ago is being torn down and replaced, lot by lot. On one street alone, five houses currently are slated for demolition.

Daniel Ciraldo stands across the street from two '60s-era houses that will soon be demolished and replaced by a new home nearly double their combined size.

At the end of June, mortgage interest rates moved into the fours. Psychologically, the jump has given buyers an itch. Rates have surged since the U.S. Federal Reserve began to slow its purchases of U.S. government bonds on which market rates are based. Those purchases have kept interest rates at record lows. What does this mean if you're buying or selling in the local market?

Lee Cannon

The California-based real estate analysis company RealtyTrac has released a list of the nation’s top “Retirement Hot Spots for Real Estate Investing.” No surprise, Florida figures prominently - 7 of the top 15 cities are in the Sunshine State.

What might be surprising though, none of those are from South Florida.