“PV with Lot” Sales: A New Form of Personal Investment in Japan

San Diego, Calif. —In the United States, community solar is a growing phenomenon. Those who live in an apartment or don’t have suitable roofs or land are able to invest in, and benefit from, a larger project. In Japan, investing in a “PV with Lot” is becoming popular among individuals who don’t own land and wish to generate extra income from the nation’s feed-in tariff (FIT).

PV with Lot projects are popping up everywhere and individual investors can pick any site, independent from the location of their primary residency. This is similar to solar securitization and solar crowdfunding as an individual investment tool for solar, but it is different because individuals have actual ownership over solar projects.
http://fw.to/0CSrlPX

Brazilian buyers put the luxe in real estate

MIAMI – Feb. 22, 2011 – Fabiana Pimenta, a real estate agent for Fortune International, is sitting on a white leather sofa in the model apartment at Jade Ocean with the expansive ocean views and the Fendi decor, waiting to begin a tour of the Sunny Isles Beach building.

Pimenta, a Brazilian who moved to Florida to attend college, is entitled to a little breather. In January, she and her team, which includes her brother in Sao Paulo, sold 15 high-end South Florida condos – all to Brazilians.

At 2,100 square feet with three bedrooms and both ocean and city views, this is the type of unit that is particularly popular with Brazilian buyers, she says. Seven months ago, Pimenta sold the last Jade Ocean penthouse, a 5,000-square-foot unit, to a Brazilian for $4 million.

An ultra-wealthy crowd of Brazilian real estate buyers is creating a boomlet for local real estate agents and other businesses that cater to their tastes.

There have been so many Brazilian buyers at Jade Ocean that the touch-screen that unit owners use to summon the concierge, order food from the Epicure market across the street or schedule a spa appointment has been translated into Portuguese.

Also popular is the Casa Fendi package, complete with a platform bed, pillows, leather croc-embossed wall covering, sleek furnishings and lighting. Buyers can purchase it or another decor package, then come back in a few months to a totally equipped condominium.

“If I take potential buyers out, it’s rare that I don’t close a deal,’’ says Pimenta, whose specialty is the Brazilian market. “When they visit, they buy.’’

Maria Helena Abreu, who splits her time between Belo Horizonte and Brasilia where she works for the government, made her first trip to Miami in 10 years recently and she was on the hunt for a two or three-bedroom apartment.

Abreu, her husband Joao Batista and her daughter Isabel returned to Brazil last week without making a purchase, but they’re thinking seriously about a unit at Icon Brickell.

“Miami looks a lot like Rio,’’ says Abreu. “It has really developed since the last time I was here – for the better. It’s become a city I adore. The people are very friendly, the city is very beautiful, the beaches are great and the climate is wonderful.’’

Plus, she says, she has many Brazilian friends who have already bought condominiums here.

“Brazilians follow each other – the right crowd, the right families,’’ says Edgardo Defortuna, president and chief executive of Fortune International. About a quarter of the company’s new sales are to Brazilians.

Another thing the Brazilians like about South Florida is the sense of freedom and security they have. Many are used to having armored cars and bodyguards at home, say real estate agents, and they like to be able to work around Bal Harbour or SoBe without being recognized.

In addition to the beach, the climate and the shopping, interior designer Mirtha Arrarian says her clients like Miami’s location as a half-way point between South America and the art objects, antiques and fashion of European capitals.

These wealthy clients will fly in on their private jets just to celebrate a birthday. They like coming to the boat shows and taking in tennis matches at the Sony Ericsson Open. Art Basel is also a big draw.

It’s not unusual among her clients for a family to buy one unit for themselves and another for their kids or for their guests, she says.

Her high-end clients include entertainers, TV personalities, and entrepreneurs – mostly from Sao Paulo. “That’s where the money is,’’ says Arrarian, who runs MAS Interior Design.

Most of her Brazilian clients, she says, prefer the area of South Beach along South Pointe Dr. – the SoBe Riviera – and tend to buy units in the $7 million to $10 million range.

One client who recently bought a condominium there, she says, is eyeing a nearby vacant lot as an ideal site to build a tennis court, quarters for the servants and an area to park more cars.

As Arrarian talks, she also checks out the sophisticated offerings at Ornare, a Brazilian-owned kitchen, bath and closet showroom in Miami’s Design District.

“The dream of Brazilians is to have an Ornare closet,’’ says Arrarian who has just examined a selection of leather and bullhorn closet handles and matte lacquer closet doors. “Now they want to have them here too.’’

Claudio Faria, the director of Ornare’s Miami showroom, says the company works hard to cultivate the Brazil-Miami nexus. During Art Basel, for example, Ornare flew in 30 Brazilian architects.

As Faria, who is Brazilian, demonstrates a high-tech kitchen faucet set against a backsplash of rustic reclaimed wood, he says, “This is the exquisiteness of Brazilian design – the unexpected.’’

And he’s quite excited about the possibility of showcasing Brazilian design to not only the Brazilians buying real estate in Miami but also to the world.

“Brazil is an extraordinary country at an extraordinary moment,’’ he says. “For the first time Brazil has a real opportunity to present its style to the world. Now the world is watching us.’’

Investors also are taking advantage of the low real estate prices.

Brazilian businessman Ricardo Dunin moved to Miami 20 years ago when Brazil’s economy was going through a rough patch and he worried about security in his homeland. For a number of years, he made a good living here in real estate development but the real estate crash has meant a change in strategy.

While Dunin and his partners have more than 20 development projects underway in Brazil, these days he concentrates on buying and selling real estate in the United States.

Right now in Brazil, he says, “Whatever you do works.’’
The Brazilian investors in South Florida, Dunin says, are “playing the distressed arena.’’
“We’re all buying in the U.S. below replacement value,’’ he says. “These are moves of opportunity.’’

Last summer, he and his partners in Miami-based Lionheart Capital paid $120 million for 146 unsold units at the former 2700 North Ocean condo on Singer Island. It was the most expensive bulk condo sale in Florida over the last five years.

The former condominium building has been transformed into Ritz Carlton Residences, Singer Island.

“There’s never been a better time for Brazilians to buy in Miami,’’ says Pimenta. “About a year ago the Brazilian market really started to fly.’’

There’s been a confluence of events that favors real estate sales to Brazilians.

Their currency, the real, is very strong against the dollar, making U.S. purchases very affordable; the Brazilian economy is robust – putting extra money in people’s pockets; and real estate prices in Brazil are soaring but cratering in South Florida.

There’s one more element, says Peter Zalewski, a principal in Condo Vultures, a Miami real estate consultancy. “With the economy doing so well there’s this sense of optimism. There’s this talk of this being the Brazilian century. As people’s confidence level builds up, it’s only natural that they think of buying real estate outside their country.’’

Pimenta has been one of the beneficiaries of that optimism but she also works hard. The sun has already set as she concludes the tour at Jade Ocean. Her phone buzzes and she glances at the message.
“Oh, another lead for tomorrow,’’ she says.



Copyright © 2011 The Miami Herald, Mimi Whitefield. Distributed by McClatchy-Tribune Information Services.

Home Prices across Miami-Dade County Stabilize as Sales Continue to Increase

Miami, FL – In the Miami metropolitan statistical area (MSA), there was a 7 percent increase of existing single-family home sales in January 2010 compared to January 2009 and 60 percent compared to January 2008, according to the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service (SEFMLS). The sales of existing condominiums in the Miami MSA increased 42 percent in January 2010 compared to the same month the previous year. The Miami real estate market has experienced a surge in sales since August 2008, posting increases each of the last 18 months.

“Home sales in the Miami-Dade County area continue to increase year-over-year while prices stabilize significantly, a clear indication that the local market has rebounded and is strengthening,” said Terri Bersach, 2010 Chairman of the Realtor Association of Greater Miami and the Beaches.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops dropped 7.2 percent from the previous month but increased 11.5 percent from January 2009.

The median sales price for single-family homes reported in Miami-Dade in January 2009 was $183,400, down 12 percent from the previous year. The median sales price for condominiums was $141,700, down only 5 percent from the previous year.

Average Sales Prices Increasing

According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in January actually increased 21.3 percent to $309,773 for single-family homes and decreased 16.7 percent to $223,746 for condominiums.

“These current statistics are very positive news for the South Florida real estate market,” said Oliver Ruiz, RAMB 2010 Residential President. “As the top area in the country for foreign real estate buying activity, Miami is expected to outperform other markets throughout the U.S. International buyers in addition to those taking advantage of the current tax credits continue to play a key role in the improvement of the local market.”

Days on the Market and Inventory Levels

Inventory levels continue to decrease substantially, another indicator that supports the local market’s recovery. The inventory of listings in Miami-Dade County according to the Southeast Florida Multiple Listing Service has dropped more than 42 percent in the last 18 months - from 43,095 to 24,918 – and January 2009 brought a .04 percent decrease in just one month. Nationally, total housing inventory at the end of December declined 0.5 percent from the previous month.

Vacant lots become hot property

TALLAHASSEE, Fla. – Feb. 15, 2010 – Vacant residential lots are looking better and better to real estate investors.

The cost of a finished, ready to build lot, can cost a developer about 25 percent of the finished home price. There are a number of these ready-to-go lots on the market at about half what they actually cost to prepare. Investor groups are snapping them up, figuring that the time will come soon when they will be in demand.

“The country needs 1.2 million new units for the next 10 years just because of population growth,” says Scott Clark, president of American Development Partners, which has bought thousands of vacant lots all over the West. “[U.S. builders] built about 500,000 units in 2009 and 600,000 units in 2008, so there eventually will be pent-up demand. We want to get as many of those finished lots as we can because as demand begins to rise, the need for housing will become painfully obvious. The delta (ratio of change to value of underlying asset) in this investment will be significant.”

Source: Inman News, Steve Bergsman (02/12/2010)

NAR: 4Q existing-home sales surge in most states

WASHINGTON – Feb. 11, 2010 – Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors® (NAR).

Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.

Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008. Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.

Lawrence Yun, NAR chief economist, says the first-time homebuyer tax credit was the dominant factor. “The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates,” he says. “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage fell to a record low 4.92 percent in the fourth quarter from 5.16 percent in the third quarter; it was 5.86 percent in the fourth quarter of 2008.

In the fourth quarter, 67 out of 151 metropolitan statistical areas reported higher median existing single-family home prices in comparison with the fourth quarter of 2008, including 16 with double-digit increases; one was unchanged and 84 metros had price declines. In the third quarter only 30 MSAs showed annual price increases and 123 areas were down.

The national median existing single-family price was $172,900, which is 4.1 percent below the fourth quarter of 2008; the median is where half sold for more and half sold for less. “This is the smallest price decline in over two years, with the most recent monthly data showing a broad stabilization in home prices,” Yun says.

“Because buyers are taking on long-term fixed rate mortgages, avoiding adjustable-rate products, and trying to stay well within their budgets, the price recovery process appears durable,” Yun says.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., says near-term market conditions remain favorable. “Mortgage interest rates are expected to trend up later this year, but right now we have very good conditions with steadying home prices and favorable inventory in most areas, especially in the higher price ranges,” she says. The biggest issue is for repeat buyers who will have to accelerate their buying plans if they want the expanded tax credit. Since you must have a contract in place by the end of April, the best advice is to consult a Realtor® now about qualification criteria and options in your area.”

Repeat buyers do not have to sell their existing home, but all buyers must occupy the property they purchase as a primary residence to qualify for the tax credit. Buyers who have a contract in place by April 30, 2010, have until June 30, 2010, to finalize the transaction to get a credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

In the condo sector, metro area condominium and cooperative prices – covering changes in 54 metro areas – showed the national median existing-condo price was $177,300 in the fourth quarter, down 4.8 percent from the fourth quarter of 2008. Eleven metros showed increases in the median condo price from a year earlier and 43 areas had declines; in the third quarter only four metros experienced annual price gains.

Regionally, existing-home sales in the Northeast rose 11.1 percent in the fourth quarter to a pace of 1.03 million and are 33.6 percent higher than a year ago. The median existing single-family home price in the Northeast declined 5.6 percent to $234,900 in the fourth quarter from the same quarter in 2008, but with widely varying conditions.

“In the Northeast, markets with lower median prices that have avoided wide swings, such as Buffalo, are generally showing consistent price gains,” Yun says. “Even so, some of the higher cost areas are showing signs of stabilization, such as Nassau-Suffolk, N.Y., and Boston.”

In the Midwest, existing-home sales jumped 14.5 percent in the fourth quarter to a pace of 1.38 million and are 29.9 percent above a year ago. The median existing single-family home price in the Midwest rose 1.1 percent to $141,100 in the fourth quarter from the same period in 2008, with the region accounting for the majority of metro areas experiencing double-digit gains.

Yun says markets with high unemployment rates in Ohio and Michigan experienced large price swings. “Big price gains in many Midwestern areas are due to a more normal range of home sales in contrast with predominately foreclosed sales a year ago,” he says.

In the South, existing-home sales rose 13.8 percent in the fourth quarter to an annual rate of 2.23 million and are 28.2 percent higher than the fourth quarter of 2008. The median existing single-family home price in the South was $153,000 in the fourth quarter, down 2.4 percent from a year earlier.

“Affordable markets in the South that have relatively better local economies are seeing healthy price gains, such as Houston, Oklahoma City and Shreveport, La.,” Yun says.

Existing-home sales in the West jumped 16.2 percent in the fourth quarter to an annual rate of 1.38 million and are 18.2 percent above a year ago. The median existing single-family home price in the West was $227,200 in the fourth quarter, which is 8.9 percent below the fourth quarter of 2008, but with many areas showing notable gains.

“Markets in the West such as San Francisco, San Jose and Denver are showing double-digit price increases, and other markets like San Diego and Anaheim have begun to firm up,” Yun says.

© 2010 Florida Realtors®

Clients access MLS through iPhone app

KEY WEST, Fla. – Feb. 10, 2010 – Realtor.com offers an iPhone app that allows mobile users to access home listings nearby, thanks, in part, to the iPhone’s built-in GPS. One Florida broker, however, says that he has taken the iPhone application (app) a step further by allowing users to tap into the local MLS.

The National Association of Realtors spent a number of years developing its Virtual Office Website (VOW) (http://www.realtor.org/law_and_policy/doj/nar_doj) policy, based in part on a lawsuit filed against it by the U.S. Department of Justice. The issue raised a number of legal questions as existing MLS rules clashed with emerging technology. Now that websites are engrained in the fabric of daily business, the introduction of an MLS iPhone app represents newer technology, and a new way to access MLS listings.

The Florida broker’s iPhone app is free to download. Once loaded into an iPhone, the broker claims users can review his featured listings and access his website in addition to searching the entire MLS (Multiple Listing Service). Searches can be personalized based on price range, area, number of bedrooms and other criteria, including foreclosures and short sales. Users can save listings and review them later on their personal computer.

The app includes information about local architecture, tourism, travel and relocation. Users can contact the broker directly about all listings by using the app.



© 2010 Florida Realtors®

Pending home sales rise in South Florida

Pending home sales rise in South Florida


Pending home sales rose in Miami-Dade and Broward counties during January compared to December, according to data released Tuesday by the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service.

In Miami-Dade, pending sales of single-family homes increased 0.81 percent to 3,741. Sales of condominiums rose 3.5 percent to 4,647.
In Broward, pending sales of condominiums rose 9.4 percent to 4,137. Pending sales of single-family homes rose 6.2 percent to 3,310.

A sale is listed as pending when the contract has been signed but the transaction has not yet closed. Increased pending sales are an indication of increased future sales.

``Approximately six months after the South Florida real estate market touched bottom according to most economists, we continue to observe the recovery of the local market,'' Terri Bersach, chairman of the RAMB board said in a news release.

Nationwide, the National Association of Realtors said Tuesday that its seasonally adjusted index of sales agreements rose 1 percent from November to December to a reading of 96.6. That was a little lower than the 97.1 level analysts expected, according to Thomson Reuters.

The index has risen for nine out of the past 10 months as buyers scrambled to take advantage of an $8,000 first-time home buyer tax credit before its scheduled expiration Nov. 30.

Congress extended the tax credit to April 30 and added a $6,500 credit for current homeowners.