1. Central Air Conditioning
2. Garage (2 or more spaces)
3. Walk-in closet in master bedroom
4. Backyard/play area
5. Cable/Satellite TV-ready
6. High-speed Internet Access
7. Separate shower enclosure in master/main bath
8. Patio
9. Fencing
10. Home less than 10 years old

Source: NAR 2007 Profile of Buyer's Home Feature Preferences

I am a data and numbers type person, and I also don't feel as if anyone will drop $500,000 on a condo as a 2nd home because I tell them to, or list a property at a certain price without seeing comparables. But I do know I can add value by showing the pertinent information and data that buyer's and seller's need to make informed and educated decisions. With that being said, I take the time on the last day of the month to gather data for the very specific market that I work in: Miami Beach (South Beach, Mid Beach, North Beach), Bal Harbour, Fisher Island, Surfside, and Bay Harbor Islands. Please click on the following link and take a look at unbiased data and determine for yourself what is actually going on in this specific market.

According to Trendgraphixs, 988 homes were for sale in the month of April in Coconut Grove, that represents a decline of 14 homes compared to March, 2008.  In April, 23 houses sold and 33 went under contract. The median price was $499,000 and median days on the market was 121.  Based on the number of houses that went under contract in April, the inventory in the "Grove" is 29.9 months, down from 33.4 months.  I have noticed that calls and showings are picking up and buyers are more determined to "make the move".

One in three Florida homebuyers is single, with 21 percent of 2007 home purchases made by single women and 12 percent by single men – just one finding from the newly-released Florida version of NAR’s “2007 Profile of Florida Homebuyers and Sellers.” Another highlight: Over two-thirds of Florida buyers (64 percent) had no children younger than 18.

The 2007 Profile of Florida Homebuyers and Sellers describes the characteristics and motivations of recent homebuyers and sellers in Florida to help real estate professionals track the changing demands of consumers in a dynamic market. Here’s a summary of the report’s findings:

Characteristics of homebuyers

• The median age of homebuyers was 43 years old. Among first-time buyers, the median age was 32.
• The 2006 median household income of homebuyers was $67,500 compared to $74,000 among homebuyers nationally.
• Sixty-four percent of homebuyers reported that there were no children under age 18 residing in the home.
• Fifty-nine percent of homebuyers were married couples, 21 percent single females, 12 percent single males, and 6 percent were unmarried couples.
• Eighteen percent of Florida homebuyers reported they were born outside the United States, compared to 9 percent nationally.
• First-time homebuyers accounted for 38 percent of homes purchased in 2007.
• Forty-nine percent of first-time homebuyers were between 25 and 34 years old.
• The median income of first-time homebuyers was $58400 compared to $58,600 among all first-time buyers nationally.
• Sixty-five percent of homebuyers between 18 and 24 purchased a home because of their desire to own a home of their own and establish a household.
• Thirty-eight percent of homebuyers reported using social networking Web sites, such as, MySpace, Facebook, LinkedIn, and Friendster. Among homebuyers aged 18 to 24, 76 percent reported using social networking sites.

WASHINGTON – March 20, 2008 – Florida counties continue to grow but at a slower pace than some counties elsewhere in the nation. Flagler County continued to lead the state in the percentage of growth at 7.2 percent, though it dropped to sixth place nationwide. Data from the U.S. Census Bureau shows a slowdown in population gains in fast-growing counties in both the South and West between July 1, 2006, and July 1, 2007.

The report indicates that the Sunbelt remained popular among those who relocated during this period–with Arizona, California, Nevada, and North Carolina home to the 10 counties with the biggest jumps in population.

However, the population actually fell in Broward County, Fla., by 13,000 during the period covered by the Census report. In contrast, Broward welcomed 28,000 new residents annually on average from 2000 to 2005. According to Brookings Institution demographer William Frey, “It’s a year of a migration correction, just as there was a correction in the housing market.

By Harika "Anna" Barlett, NAR Research According to the U.S. Census Bureau's population estimates, 14.8 percent of the population was of Hispanic or Latino origin in 2006. Among recent home buyers surveyed by NAR in 2007, six percent identified themselves as Hispanic. Among the first-time buyers, eight percent were Hispanics. While Hispanic home buyers share many characteristics with all buyers and behave similar to other buyers in some areas, there are also significant differences between this group of home buyers and recent home buyers in general. Knowing particular characteristics and requirements of Hispanic buyers and sellers can help REALTORS® develop customized services to better meet the needs of their Hispanic clients.

By NAR Chief Economist Lawrence Yun Miami has a glut of homes for sale.  Skylines are dotted with cranes and construction of high-rise condominiums just keeps continuing - guaranteeing an even a bigger glut.  In five years, do not be surprised if home prices in Miami are 20 to 30 percent higher than the current levels.  Current homes priced at $200,000 could sell for $250,000; a current million dollar home for $1.2 to $1.3 million, in five years.  If a buyer is successful in price negotiation - which can be done in the current buyer's market - the return on price purchase will be much higher. The median home price in Miami was $80,500 in 1985 and $105,800 in 1995 and $363,900 in 2005 at the peak of the market.  Since then, prices have come down a bit.  Prices fell by 5.7% for single-family homes and 6.0% for condos over a one-year period to the 4th quarter of 2007 according to NAR data.  Prices grew 0.3% for single-family homes over the same period according to the government agency OFHEO.  In some neighborhoods, the price declines are no doubt much more significant. Even with recent price declines, home prices have grown much faster than income.  Some, therefore, surmise that home prices will fall or perhaps even crash.  I conjecture that this fear is the principal reason why there is excessively low sales activity in Miami.  Soft sales makes months' supply ridiculously high and therefore pressures home prices to fall.