Market Upswing in Miami Reported by Weichert Broker

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Abraham Chehebar, broker/owner of WEICHERT, REALTORS® - Best Beach Real Estate, reports on the rise of home sales and prices in the greater Miami, Florida area, explores national comparison, future indications.

"Latin America has really helped to breathe new life into our market."

“Home sales and home prices are both on the rise,” according to Abraham Chehebar, broker/owner of WEICHERT, REALTORS® - Best Beach Real Estate. Chehebar said that at the company’s four offices – in Miami, Miami Beach, Weston and Boca Raton, the upswing in sales activity reflects that “Latin Americans are turning to Miami real estate as property prices back home have soared.”

“Latin America has really helped to breathe new life into our market,” he said, reporting that according to the Miami Association of REALTORS®, Venezuelans were the top foreign buyers in 2011 and accounted for 15 percent of all sales to international buyers, followed closely by Brazilians and Argentines.

Last year, sales of houses and condos in the Miami area rose a record 46 percent compared with 2010, the association said. Condo prices finally began to rebound in the second half of last year, and December also saw an appreciation in single-family homes for the first time since the recession.

As for the rest of the nation, Chehebar points to news from the National Association of REALTORS®, which revealed that existing-home sales rose 5% in December 2011 and were 3.6% higher than in December 2010.

On the Weichert homefront in all markets, the franchise organization’s website, http://www.weichert.com, is a documented indicator. January 16, 2012, for instance, was a milestone day for the site, setting the year in motion with a record-high 1,175 inquiries from consumers. The number of visits to the site in the month was 23% higher than in December 2011. Also encouraging as a predictor of renewed buyer interest was the increase in attendance at Weichert Open Houses, up 52% so far this year.

“Things are looking up, and there’s plenty of inventory, more buyers, lots of work to do,” Chehebar said.

WREA announced its first affiliate in January 2002 and by 2005 was identified by Entrepreneur Magazine as one of the fastest growing franchises in the nation. To date, offices have opened in some 300 markets in 36 states. The parent company, Weichert, Realtors®, is one of the nation’s largest privately owned providers of real estate and home ownership services.

Chehebar and his partners brought the brand to market in 2005 and now operate from four locations—Miami, Miami Beach, Weston and Boca Raton. He can be reached for comment at 305-866-0777.

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