Unique Homes Blog

As luxury continues to rebound, we follow the latest reports from around the United States.

In the South, a Miami Development is More Than 60-percent Sold

Miami, Fla. — The Marquis Residences (pictured left) is reporting that more than 60 percent of its units have been sold, representing more than $100 million in sales since the sales program began in January 2010. The 292-unit, 67-story building is designed by internationally acclaimed architects Arquitectonica. Just minutes from Miami International Airport, Marquis stands at the physical and metaphorical intersection of Miami Beach and the arts and entertainment district.

Also in Miami, the condominium development Boulan South Beach announced its opening. The six-story development was designed by Zyschovich Architects Inc. It includes one- and two-bedroom units, ranging from 668 to more than 2,000 square feet of luxury, and penthouse condominiums with roof-top access. Boulan South Beach is located along historic Collins Avenue, between The W South Beach and The Setai South Beach.

As For The Midwest, Pending Sales are Up in Chicago

Chicago, Ill. — In January, Chicago-area home prices reached their lowest levels since 2009. The Standard & Poor’s/Case-Shiller index of Chicago-area single-family home prices fell 7.5 percent from the year-ago period, and dropped 1.8 percent in January from December. But there’s a silver lining behind this gloomy market.

“We have seen a sharp increase in properties under contract between February and March 2011,” says Mark Pullinger, vice president of marketing and technology for Koenig & Strey Real Living. “Though some of the 58.6-percent increase is due to seasonal demand cycles, this is a far greater increase than from February to March 2010 [36.15 percent].”

Pullinger says in the first quarter of 2011, prominent price spikes occurred in popular areas such as Lincolnshire (where prices rose 32.4 percent), Lake Forest (28.9 percent), Barrington (22.3 percent) and Hinsdale (19.0).

In the West, Lake Tahoe sees a Jump in the Average Home Price

Lake Tahoe, Nev. — Homes around Lake Tahoe experienced a 29-percent jump in average price, according to a quarterly report released by Chase International real estate. The figures compare sales and home prices from first quarter 2011 to first quarter 2010.

The average price of a home in Lake Tahoe rose to $937,501 and the median is $564,500 (an 11-percent drop). Sales volume is up 23 percent and units sold is up 6 percent.

Tahoe City saw an increase in sales volume and units sold (31 and 9 percent, respectively). South Lake Tahoe experienced an 11-percent jump in units sold and 12-percent in sales volume. The East Shore had a 25-percent increase in sales volume and a 5-percent drop in units sold. Incline Village saw a 28-percent increase in sales volume and a 10-percent decrease in units sold.

As for the Northeast, Sales are up & Inventory is down in New York

New York, N.Y. — The Douglas Elliman Report for Manhattan sales in the first quarter of 2011 shows that sales are up and inventory is down.

The 2,394 recorded co-op and condo sales in the first quarter of 2011 were more than in any first quarter in three years, or since the credit crunch in 2008. The pending sales index — an aggregate of collected contract data presented in index form — indicated a 10.1-percent increase from the prior quarter, according to the report.

The report, generated by Prudential Douglas Elliman Real Estate, states the amount of active listing inventory for co-ops and condos is at its lowest level for a first quarter since 2007. There were 7,605 listings in the first quarter of 2011, 5.3-percent below the 8,027 listings in the same period last year.

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