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The National Association of Realtors announced that pending home sales have reached a nine year high last month rising .9% to 112.6. This indice increase over ten percent tin the past year and it is just below the height in April 2006. At Beachfront, we have noticed this trend and, in Miami, the market has made an incredible and substantial come back especially in terms of luxury condominiums and single family homes, and Miami preconstruction. The inventory has continued to decline and remains tight despite over 60 new residential developments in construction, and more homes on the market.

Nationally, the gains in sales and homes on the market is attributed to increases in employment and relatively low mortgage rates that still exist. The stronger economy is no doubt a driving force in the local growth however the influx of foreign buyers and domestic buyers looking to take advantage of favorable tax structures in Florida, have made the Miami market expand at a remarkable pace. Beachfront has grown with this trend and now has over 1700 agents and is ranked the #1 with the Miami Board of Realtors by Market Share. In 2014 we have proudly sold over $1 billion in inventory. If you are looking to join beachfront or if you are looking to buy or sell Miami real estate contact us today!

Phil Collins acquired Jennifer Lopez’s former home for $33 million. The buyer agent, Mathieu Rochette made an interesting distinction that we telling in our luxury home buyers as well, "The recent sales of celebrity homes and the perceived Celebrity exodus, is really misleading. IN fact, my representation of Phil Collins in acquiring Jennifer Lopez's former home and sales of football stars Didier Drogba and Florent Malouda, show that a different more discreet form of celebrity is moving to Miami” I find that the new type of resident is often a financial executive or entrepreneur. Celebrities may be leaving, however it is only since their homes are being priced favorably for more wealth.

The home is a twelve thousand plus square foot home sitting on two hundred feet of waterfront on the Biscayne Bay. It is a Mediterranean style home that was purchased from Jennifer Lopez in 2005 for $13.9 million and the recent seller spent three years renovating the home before selling. The interiors and European contemporary in style and has a number of upgrades affording privacy and with more than an acre lot, it is massive for Miami. If you are looking to buy or sell Miami estates, please contact a membef of Beachfront Realty today. We have a number of listings in premier areas such as Pinetree Drive and Bal Harbour. Contact a member of Beachfront Realty today!