Category: Buying

Home Price Sales go up in South Florida

Mark Chatburn

After a record-setting month in June, South Florida home prices and sales both went up in July.

Existing single-family home sales in Miami-Dade County hit 1,354 in July, up 10.2 percent year-over-year and just shy of June’s record-breaking haul of 1,390, according to a report from the Miami Association of Realtors released Thursday.

Existing condo sales rose to 1,471 in July, up 4.8 percent year-over-year despite the deluge of new condo construction hitting the market.

Broward County also made gains.

There were 1,683 single-family home sales in Broward in July, up 11 percent year-over-year, according to the Greater Fort Lauderdale Association of Realtors. Condo sales hit 1,567, a 10 percent year-over-year gain.

Prices went up in both counties, too.

In Miami-Dade, the median price for a single-family home rose 8.6 percent year-over-year in July, to $278,000. Condos were up 2.6 percent, to $195,000.

In Broward, single-family home prices hit $312,000, a 9.5 percent year-over-year increase. Condos sold for $137,000, up 7 percent.

Read More

Monterra apartments sold for $56M to Morguard

Mark Chatburn

Morguard Corp. acquired the apartment community in Cooper City’s Monterra neighborhood for $55.7 million.

Jag-Star Monterra, part of McLean, Virginia-based Jefferson Apartment Group, sold the 252 apartments at 8101 to 8191 Solano Ave. to Morguard Monterra, an affiliate of the Kenner, Louisiana-based apartment investor.

The 281,510-square-foot garden-style complex was built on the 11.4-acre site in 2013. Amenities include a clubhouse, pool, summer kitchen, conference room, fitness center, and walking trails.

The price equates to $221,032 per unit.

Monterra also includes single-family homes and hundreds of them are still under development.

This is Morguard’s 10th apartment property in Florida, including Blue Isle in Coconut Creek.

Brian Bandell, Senior Reporter, South Florida Business Journal

Read More