Monthly Archives: June 2012

Florida Housing Market Continues Positive Path

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via MultiFamilyBiz.com  (Source: Florida Realtors / #Housing #Economy )

Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in May, according to the latest housing data released by Florida Realtors®.

“The recovery in Florida’s housing market and economy continues to grow stronger and stronger,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Realtors across the state are reporting increased activity – in May, statewide pending sales were up 43.1 percent for existing single-family homes and up 33.4 percent for townhome-condo properties. In some areas, a shortage of for-sale inventory is resulting in multiple bids from buyers and rising price conditions.

“Now, more than ever, successful buyers and sellers are realizing the value of working with a Realtor who knows their local markets.”

Pending sales refer to contracts that are signed but not yet completed or closed; closed sales typically occur 30 to 90 days after sales contracts are written.

The statewide median sales price for single-family existing homes in May was $147,000, up 8.9 percent from the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The statewide median for townhome-condo properties was $112,000, up 14.3 percent over May 2011.

The national median sales price for existing single-family homes in May 2012 was $182,900, up 7.7 percent from the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median sales price for single-family existing homes in May was $312,110; in Maryland, it was $259,207; and in New York, it was $208,000.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

 

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Billionaire buys Hawaiian Island

Billionaire buys Hawaiian Island

In what sounds like the introduction to a super hero novel and the evil billionaire and his lair, I segue into the below article…

Oracle CEO Larry Ellison purchases Lanai (pineapple Island) in Hawaii

By OSKAR GARCIA | Associated Press
Associated Press writers Jennifer Sinco Kelleher in Honolulu and Lisa Leff in San Francisco contributed to this report.

Oracle Corp. CEO Larry Ellison is closing in on a purchase even lottery winners can only dream about — 98 percent of Hawaii’s pineapple island, Lanai.

Ellison hasn’t said what he plans to do with the vast majority of the island’s 141 square miles
, but the sellers say he plans substantial investments that will create jobs and stimulate tourism to the island once owned in the 1920s by the founder of Dole Foods Co.

With nearly 50 miles of coastline, two resorts and zero traffic lights, Lanai boasts plenty of unspoiled charm. Tourism officials tout the luxury at its Four Seasons hotels and rugged rural areas that can only be reached by vehicles with 4-wheel drive.

If all goes as planned, most of the island that is home to 3,200 residents and near Maui will be owned by Ellison — the world’s sixth-richest billionaire, according to Forbes.

The sale price for the property was not immediately clear. Lawyers for the seller redacted a copy of the sale agreement signed May 2, saying it includes confidential information that would competitively hurt Ellison and the seller if disclosed. The Maui News previously reported the asking price was between $500 million and $600 million.

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