24PGA08 3.indd - Miami Association of Realtors

8A
WEDNESDAY, SEPTEMBER 24, 2014
MiamiHerald.com
INTERNATIONAL EDITION
MIAMI HERALD
TRAVEL
In Old Montreal, it all seems to happen on St. Paul Street
BY CHRISTOPHER REYNOLDS
Los Angeles Times Service
MONTREAL — St. Paul,
the oldest street in one of
North America’s oldest cities,
runs through the heart of Old
Montreal. It’s barely a mile
long, but its first cobblestones
predated American democracy, and its restaurants, shops
and galleries are tucked into
some great old buildings.
And it teems with pedestrians — many of them speaking French, because we are in
Canada’s largely Francophone
province of Quebec.
I had never seen St. Paul,
or the rest of Montreal, until
July, when I arrived for a fournight stay near the city’s Old
Town area.
But every time I spotted another tempting restaurant or
gallery, it seemed to be on St.
Paul Street. Inuit art. Salt cod
croquettes. Echoes of Leonard
Cohen. As fall arrives, leaves
turn and temperatures sink,
the appeal of those snug spots
will only grow.
St. Paul Street dates to the
1670s and “was the center
of the fur trade,” said Tyler
Wood, a historian and interpretive guide at the Centre
d'Histoire de Montreal, which
has taken over a 1903 fire
station about 50 yards from
St. Paul.
“So you’d have all these canoes arriving and unloading
the furs into the houses along
St. Paul Street. And they’d
eventually get put onto ships
to sail to France,” he said.
As the city grew in the 19th
century, the neighborhood
gained warehouses and lost
residences.
By the 1950s, many of the
city’s most vital businesses
had moved elsewhere and
Old Montreal had become a
run-down, largely neglected
neighborhood.
“There
was
talk
of
demolishing a lot of the old
buildings,” Wood said.
Instead, preservationists
won the day. By the 1980s, the
tourism industry had seized
on the neighborhood’s historic feel as a marketing tool —
especially at the eastern end
of St. Paul, near Place JacquesCartier, where T-shirt shops
congregate. The street’s western end, meanwhile, “has become a cool place to have offices,” Wood said, mentioning
recently arrived marketing
firms and game designers. In
2012, the Phi Centre a cultural
space with exhibition rooms,
a movie theater and music
venues, opened at St. Paul
and St. Pierre streets. All the
prime spots I’ve listed in this
guide are on St. Paul except
for a 500-foot detour to the
Place d’Armes to see one of
the most spectacular church
interiors in North America.
HISTORY WITH A VIEW
The Marguerite Bourgeoys Museum and NotreDame-de-Bon-Secours Chapel, which share an address,
date to the 17th century. The
museum celebrates the city’s
first teacher, a devout 33-yearold Catholic woman who arrived from France in 1653. In
those days, the settlement
was known as Fort VilleMarie, a French outpost in
Iroquois territory along the
St. Lawrence River. By 1658,
Bourgeoys was teaching children and adults reading, writing and pioneer skills, and
lobbying for a chapel. Even if
you’re not stirred by her story,
you may be by the archaeological site downstairs, which
covers 2,400 years of human
history. And if all else fails,
you can climb the museum’s
wooden spiral stairs. They
will deliver you to some great
bird’s-eye views, including a
well-oxidized copper angel
and the silvery dome of the
nearby Marche Bonsecours.
From the same entrance that
serves the museum, you can
step into Notre-Dame-deBon-Secours Chapel, built in
1771. Since the 19th century,
the chapel has been known
The inside, however, will
bowl you over.
Its Gothic Revival interior, mostly completed in the
1870s, is a blue and gold marvel of detail and grandeur,
said to have been inspired
by Sainte-Chapelle in Paris.
Singer Celine Dion and Rene
Angelil were married here
in 1994, and funeral services
for former Canadian Prime
Minister Pierre Trudeau were
held here in 2000.You'll want
to wander up and down the
aisles. If you’re lucky, your
visit will coincide with someCHRISTOPHER REYNOLDS/LOS ANGELES TIMES SERVICE one
playing the church’s
St. Paul, a narrow, busy street that runs through Old Montreal, goes back to the 7,000-pipe organ.
early years of the city.
Or you can attend one of
the concerts listed on the
as Montreal’s sailors’ church, public square, might be the suites, a ground-floor restau- church website.
and miniature wooden boats busiest tourist space in all of rant (Verses) and a rooftop
dangle from the ceiling.
Montreal, full of sidewalk ca- terrace bar/brasserie in sum- A MENU TO THE MENUS?
fes, quick-sketch artists, street mer. Its namesake, Montreal
Olive
et
Gourmando,
SHOP UNDER DOME TOP performers and horse-drawn Francophone poet Emile Nel- where I paid about $10 for cofLong before you find the carriages. I tried dinner at ligan, is admired for his 160 or fee and granola that was truly
entrance to Marche Bon- Jardin Nelson, a summer- so poems, all written before worth it, isn’t just a trendy,
secours, you see its gleam- only restaurant facing the age 20, when he was institu- bustling breakfast, lunch and
ing Neoclassical silver dome, square. Besides patio dining tionalized for schizophrenia coffee joint.
one of the city’s most beloved in a charming space, the res- and after which he apparently
It’s also a sign that you’ve
structures. The building was taurant frequently offers live wrote no more. If I had an an- entered a stretch of St. Paul
raised in 1847, served as City jazz. As for the square, it’s niversary to celebrate, I’d stay Street that’s packed with
Hall into the 1870s and was named for the 16th century here.
restaurants from casual to
Montreal’s principal mar- French explorer who claimed
snooty. Staying casual, I also
ket for more than a century. Canada for France, but its tall- LET SPIRIT MOVE YOU
sampled Cantinho de Lisboa
Closed in the 1960s and re- est feature is the 115-foot-tall
The Place d’Armes, 500 at 356 St. Paul West. Other opstored in the early 1990s, it’s Nelson Column, raised in 1809 feet off St. Paul, is another tions include Venti, St. Paul
now an artsy retail center as a homage to British Vice busy public space with ex- West, Les Pyrenees, St. Paul
with 15 galleries and bou- Admiral Lord Horatio Nelson. cellent
people-watching West, Ghandi, St. Paul West
tiques offering clothes, crafts, Look down the hill and you and witty public art. Don’t and Stash Cafe. Paul West.
art and jewelry made in the see boats along the port. Look miss the sculpted man with No eater should limit himprovince of Quebec. There up and you see the 1870s City the English bulldog and the self to one neighborhood in a
are also three restaurants. If Hall, site of a major moment sculpted woman with the city renowned for its smoked
that sounds a bit much, bear in Canada’s long-simmering French poodle.
meat, bagels and poutine,
in mind that Le Cabaret du Anglophone-Francophone
My stay coincided with the but it is convenient to have
Roy is a themed eatery that cultural war. The upstairs bal- 35th annual Montreal Jazz Fes- quality and quantity handy.
mimics an 18th century pi- cony is where French Presi- tival, which is one of the city’s
rates’ den.
dent Charles de Gaulle said, biggest events, so I wasn’t sur- SHOPPING IS AN ART
“Vive le Quebec libre!” in 1967, prised to stumble upon a jazz
Galerie Elca London speTIME TO UNSADDLE
escalating tensions in the de- trio warming up in one corner cializes in Inuit sculptures,
Auberge Bonsecours, once bate over whether the Franco- of the square.
paintings, textiles and drawa stable, has been converted phone province should seek
There’s plenty of strik- ings. If your tastes in art lie
into a six-room courtyard sovereignty from Canada.
ing architecture to see from elsewhere, no worries. Within
B&B.
the square too, although I two blocks, you’ll find MaltThe brick building features BEDTIME READING
wouldn’t count the exterior of este, a photo gallery with
quirkily angled rooms and a
Hotel Nelligan is a luxe the Notre-Dame Basilica, de- large-format images of natugenerous patio.
lodging named for one of the signed by James O’Donnell, as ral wonders, and Galerie d’Art
city’s literary lions. Designed a big thrill: The face it shows Place Royale, which specialJACQUES BROUGHT US
with handsome exposed to the square is boxy and izes in Quebecois scenes by
Place Jacques-Cartier, a brickwork, it has 44 rooms, 61 dull.
Jacques Tremblay.
Miami Single-Family Home Prices Continue Rising Trend
Strong Demand for New Construction Impacting Existing Condo Market
Demand for new construction properties continued to impact
the Miami existing real estate market in August as reflected
by sales activity, prices, and rising inventory, according to
the 31,000-member MIAMI Association of REALTORS® and
the local Multiple Listing Service (MLS) system.
Sale prices again increased for existing single-family
homes in August, while the median sale price for
condominiums dipped slightly. Prices remain at affordable
2004 levels despite 33 months of consistent increases
for single-family homes. Condo prices had increased for
38 consecutive months and began increasing long before
that of single-family homes. Condo prices declined in
August for the first time in more than three years.
The median sale price for single-family homes increased
6.4 percent, up to $250,000 from $235,000 in August
2013. The average sale price for single-family homes
increased 24.7 percent from $364,960 in August 2013
to $455,108 last month.
Compared to August 2013, the median sale price for
condominiums decreased by 4.2 percent to $182,000
from $190,000 a year prior. The average sale price for
condominiums decreased -6.9 percent to $346,847 from
$322,743 in August 2013.
“The Miami real estate market continues to normalize
as the new construction sector gains momentum and
generates strong demand for additional new supply,
impacting the existing condominium market,” said
2014 Chairman of the Board of the MIAMI Association of
REALTORS® Liza Mendez. “Despite declines in sales and
condo prices, the performance of the Miami residential
market continues to be comparable to what it was in
during periods of record sales activity.”
Sales Remain Strong despite
Slight Year-Over-Year Declines
Single-family home sales in Miami-Dade County
decreased 4.4 percent relative to August 2013, from
1,210 to 1,157. Compared to August 2013, condominium
sales declined 21.4 percent from 1,592 the previous year
to 1,252 last month. Combined, residential real estate
sales decreased 14 percent to 2,802 compared to 2,409
in August of last year.
Miami Real Estate Selling Fast,
Close to List Price
Miami real estate continues to sell at a rapid pace and
at nearly asking price, reflecting strong demand. The
median number of days on the market for single-family
homes sold in August was just 47 days, an increase of
24PGA08 3.indd 8
34.3 percent from August 2013. The average percent
of original list price received was 95.4 percent, down a
negligible 0.8 percent from a year earlier.
The median number of days on the market for
condominiums sold in August was 53 days, an increase
of 15.2 percent compared to the same period in 2013.
The average sales price was 94.7 percent of the asking
price, a decrease of 2.6 percent.
“Although the Miami market continues to normalize
creating more balance between buyers and sellers,
some price points, particularly for single-family homes,
still reflect strong demand coupled with limited supply,”
said 2014 MIAMI Association of REALTORS® Residential
President Francisco Angulo. “In certain market areas and
price points, homes for sale are still generating multiple
offers, sales above asking price, and competition
between prospective buyers.”
National & State Figures
Nationally, sales of existing single-family homes,
townhomes, condominiums, and co-ops slipped 1.8
percent from July and remain 5.3 percent below what
they were in August 2013, according to the National
Association of Realtors (NAR). Statewide closed sales
of existing single-family homes totaled 221,594 in
August, up 4.2 percent compared to the year-ago
figure, according to Florida Realtors. Statewide sales
of condominiums totaled 8,848, down 8.8 percent from
August 2013.
The national median existing-home price for all housing
types was $219,800 in August, a 4.8 percent increase
from August 2013, according to NAR. The statewide
median sale price for single-family existing homes last
month was $181,000, up 3.4 percent from the previous
year, while that of townhouse-condo properties was
$135,000, up 3.8 percent over the previous year.
Cash Sales Decline
Cash sales in Miami continue to decline as more
financing becomes available. Still, access to mortgage
loans for condominium buyers remains limited, impeding
further market strengthening.
In Miami-Dade County, 54.4 percent of total closed
sales in June were all-cash transactions, compared to
57.3 percent in August 2013. Cash sales in Miami are
still significantly higher - by 31 percent - compared to
the national percentage of 23 percent. All-cash sales
accounted for 41 percent of single-family home and 66.8
percent of condominium closings, compared to a year
earlier when cash sales were 43.8 percent of single-family
home sales and 67.6 percent of condominium sales.
Since nearly 90 percent of foreign buyers in Florida
purchase properties all cash, this continues to reflect the
much stronger presence of international buyers in the
Miami real estate market.
Short Sales Continue to Decrease
While traditional sales continue to increase, distressed
property transactions in August again declined in MiamiDade due to fewer short sales. In August, only 33.1
percent of all closed residential sales in Miami-Dade
County were distressed, including REOs (bank-owned
properties) and short sales, compared to 36.9 percent
in August 2013.
Short sales and REOs accounted for 9.5 and 24.8
percent, respectively, of total Miami sales in August.
Sales of REOs increased 5.7 percent while that of short
sales declined by 48 percent.
Nationally, distressed homes accounted for 8.0 percent
of August sales compared to 12 percent in August 2013.
Active Inventory Rises After three years of record sales
activity that resulted in an inventory shortage, seller
confidence is resulting in more properties being listed
for sale in Miami.
Active listings at the end of August increased 25.3
percent, from 13,763 in 2013 to 17,244 last month
but remain 60 percent below 2008, when sales
bottomed. Inventory of single-family homes increased
20.4 percent from 5,220 in August 2013 to 6,281 last
month. Condominium inventory increased 28.3 percent
to 10,960 from 8,543 active listings during the same
period in 2013. At the current sales pace, there is still
a 5.7-month supply of single-family homes, an increase
of 15.3 percent from 4.9 months in August 2013, and an
8-month supply of condominiums, up from 6.0 months
in August 2013, an increase of 33.6 percent. A balanced
market between buyers and sellers offers between six
and nine months supply of inventory.
New listings of single-family homes increased 6.5
percent, up to 2,140 in August 2014 from 2,009 during
the same period in 2013. New condominium listings
increased 2.7 percent from 2,717 in august 2013 to
2,791 last month.
At the end of the August, total housing inventory nationally
declined 1.7 percent to 2.31 million existing homes
available for sale compared to the previous month, which
represents a 5.5-month supply at the current sales pace.
Unsold inventory nationally is 4.5 percent higher than a
year ago.
New Construction Market Update
Strong sales in the coastal new construction condominium
Miami market (east of I-95) reflect significant demand for
new properties, according to the latest New Construction
Market Status Report released today by Cranespotters.
com and MIAMI.
Declines in existing sales can be attributed to new
construction supply becoming available over the last year.
Currently, there are 180 new construction towers that
have been announced in Miami-Dade County east of I-95,
of which 60 have not been approved, 59 are planned but
have not begun development, 54 are under construction,
and 7 were completed in 2014.
Of the above projects in Miami-Dade:
Q 77 projects with 91 towers comprising 14,140 units
are currently selling
Q Since 2011, 66 percent or 9,286 units have been
sold, compared to 63 percent in July
Q The mean price per square foot of these units is
$844, compared to $825 last month
“South Florida’s preconstruction condo market continues
to grow with developers adding 24 new condo towers
with more than 3,200 units to the market east of
Interstate 95 in Miami-Dade, Broward and Palm Beach
counties in the last month,” said Peter Zalewski,
founder of Cranespotters.com. “A key factor driving
developers to propose new condo towers is the steady
pace of preconstruction sales in South Florida. In the
last month, buyers have purchased an estimated 439
preconstruction condo units in South Florida based on
the latest CraneSpotters.com Developers Price Survey as
of Sept. 5, 2014. To date, buyers have purchased more
than 10,825 units in new condo towers in South Florida
since 2011.”
Access August 2014 Miami-Dade
Statistical Reports:
SFMarketIntel.com
Representing More Than 30,000
Real Estate Professionals
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9/24/2014 1:48:16 AM