Intl Article 2014-02-05 Miami Herald

8A
WEDNESDAY, FEBRUARY 5, 2014
MiamiHerald.com
INTERNATIONAL EDITION
MIAMI HERALD
TRAVEL
An island steps up security
BY DAVE SEMINARA
The New York Times
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Honduras has the highest
murder rate in the world, but
the country’s idyllic Bay Islands have long been considered a safe haven, largely immune from the drug-fueled
violence that has plagued the
Honduran mainland. However, a string of recent crimes
on Roatan, the largest of the
Bay Islands, has prompted
outrage, with some residents
calling for greater autonomy
and more effective policing
for the islands.
Roatan made international headlines Dec. 22
when Nedenia Post Dye, the
great-granddaughter of the
General Foods heiress Marjorie Merriweather Post, was
found stabbed to death in
her luxury spa on the island.
A local singer whom she was
reportedly trying to help has
been charged with her murder; he claims the two were
romantically linked.
“People let their guard
down here because it’s beautiful and relaxing,” said Aaron Etches, a longtime resident of Roatan who founded
a Facebook group called
Roatan Crime Watch about a
year ago in the wake of several high-profile crimes as a
way to help fight crime on
the island.
The group has more than
2,000 members, and in the
last month, users have reported a host of robberies,
including a Jan. 2 incident in
which an armed bandit fired
a shot at an American family who were visiting Roatan
for the day on the Carnival
Conquest and robbed them
in broad daylight close to the
Palm Beach Resort.
“People told us things like
this don’t usually happen on
Roatan, but it’s a dangerous
place,” said Jeff Smith, a pilot for Delta Air Lines who
was in the vehicle along with
his wife and three young
daughters.
GUMBALIMBA PARK/AP
Visitors walk over a manmade lake in Gumbalimba
Park on the Honduran island of Roatan.
Despite the recent reports
of incidents, Robert Armstrong, a former Foreign Service officer who is the editor of Bay Islands Voice, an
English-language magazine
based in Roatan, said that according to the local police,
there were 17 homicides on
the island in the first eight
months of 2013, none involving tourists, compared with
nine during the same period
in 2012.
“The crime rate here is
much lower than on the
mainland, but the gap is closing,” he said.
A representative for Carnival said Roatan had historically been a safe destination since the line started
calling there in 2009. The
State Department updated
its travel warning for Honduras on Dec. 24, cautioning that the “level of crime
and violence in Honduras
remains critically high.” The
warning didn’t specifically
address crime in Roatan but
it noted that members of
the Honduran National Police were known to engage
in criminal activity and had
solved just two of the 50
murders committed against
U.S. citizens in the country
since 2008.
Karol Escalante, a spokeswoman for the Embassy
of Honduras in Washington, said incidents of crime
against tourists were rare
and maintained that the government was beefing up security in tourist destinations
like Roatan. (She claimed
that crime decreased at the
national level in 2013 but
had no figures for Roatan.)
Etches said that business
owners have formed watch
committees and are preparing to install more security cameras around the
island.
Armstrong said visitors
should stick to the island’s
main road unless they were
with a group.
“Stay on the paved roads,
be aware that there is a different threat level here than
you’re used to at home, and
don’t carry a lot of cash
and valuables with you,”
he said.
-IAMI2EAL%STATE%NDS3TRONGsSales and Prices Rise in December
T
he Miami real estate market ended 2013
on a high note, with booming growth
in the sales of single-family homes
and condominiums, according to the
31,000-member MIAMI Association
of REALTORS® and the local Multiple
Listing Service (MLS) system.
Last month, sales of single-family homes
experienced a strong growth of 9.8 percent relative
to the previous year’s figures, from 1,038 sales in
December 2012 to 1,140 last month. Condominium
sales also increased during the same period.
Compared to December 2012, condominium sales
were up 2.2 percent from 1,395 sales the previous
year to 1,426 sales last month.
Double-Digit Price
Appreciation Continues
Note Median Prices
There was a significant increase in the median sales
price for single-family homes and condominiums in
December.
Last month, the median sales price for single-family
homes spiked by 15 percent, up to $246,190 from
$214,060, in 2012, marking 30 straight months of
growth. Meanwhile, the average sales price for singlefamily homes declined by 14.1 percent from $484,761
in December 2012 to $414,560 last month.
Condominium prices also experienced strong
appreciation during the same period. Compared
to December 2012, the median sales price for
condominiums again increased by 7.4 percent to
$175,000 from $163,000 last year. The average
sales price for a condominium slightly decreased to
$341,687 from $358,856 in December 2012.
Growth in New Listings
Listings of single-family homes saw a striking
growth of 24.4 percent up to 1,625 new listings
in December 2013 from 1,306 during the same
period in 2012. Further, condominium listings
also experienced double-digit growth last month,
an increase of 11.9 percent from 2,014 listings in
December 2012 to 2,254 last month. This reflects
the success of the Miami Association of Realtors
campaign to encourage homeowners to sell during
the severe housing shortage we experienced in in
2012 and 2013. More inventory creates a more
balanced market between buyers and sellers.
05PGA08.indd 8
“The strength and vitality of the Miami real estate
market is certainly encouraging and exciting,”
said 2014 Chairman of the Board of the MIAMI
Association of REALTORS® Liza Mendez. “Both
international and domestic buyers want to be in
Miami because of our great weather, multicultural
environment, global business opportunities, and
enviable lifestyle. Miami continues to mature
as a world-class, global metropolis, attracting
worldwide attention that is boosting the local
market and economy.”
National & State Figures
Nationally, sales of existing single-family homes,
townhomes, condominiums, and co-ops increased
1.0 percent from November but were 0.6 percent
below what they were in December 2012, according
to the National Association of Realtors. Statewide
closed sales of existing single-family homes totaled
19,497 in December, up 8.6 percent compared to
the year-ago figure, according to Florida Realtors.
Statewide sales of condominiums totaled 8,364,
down 2.5 percent from December 2012.
The national median existing-home price for all
housing types was $197,100 in December, an 11.5
percent increase from December 2013, according
to NAR. The statewide median sales price for
single-family existing homes last month was
$172,630, up 11.4 percent from the previous year,
while that of townhouse-condo properties was
$137,500, up 17.0 percent over the previous year.
Active Listings Increase,
Market Continues to
Favor Sellers
Active listings at the end of December increased
by 20 percent, from 12,844 in 2012 to 15,963
last month. Inventory of single-family homes
increased 19.7 percent from 5,000 in December
2012 to 5,986 last month. Meanwhile, that of
condominiums increased by a robust 27.2 percent
to 9,977 from 7,844 active listings during the same
period in 2012. At the current sales pace, there
is a 5.6 month supply of single-family homes,
a slight increase from 5.2 months in December
2012. Further, there was an inventory of 7 months
of condominiums, up from 5.7 months during
December 2012, an increase of 21.6 percent.
At the end of the December, total housing inventory
nationally declined 9.3 percent to 1.86 million
existing homes available for sale.
“Despite more homeowners listing homes for sale
in Greater Miami, strong demand continues to yield
rapid absorption,” said 2014 MIAMI Association
of REALTORS® Residential President Francisco
Angulo. “Such demand is driving significant price
appreciation. Yet, while median prices have
experienced growth, they remain affordable, an
indication that the Miami real estate market favors
both buyers and sellers.”
Miami Real Estate Selling Fast, Close to List Price
December’s data revealed that Miami real estate
continues to be sold quickly and consistent with
historical averages.
The median number of days on the market for
single-family homes sold in December 2013 was
just 41 days, a decrease of 2.4 percent from the prior
year. In addition, the average sales price was 96.3
percent of the listed price, up from 94.2 percent the
prior year, an increase of 2.2 percent, indicating that
single-family homes are being priced right.
In addition, the median number of days on the
market for condominiums sold in December was
52 days, an increase of 13 percent from the same
period in 2012, but consistent with historical
averages. Further, the average sales price was a
striking 97 percent of the asking price. This was
a growth of 0.8 percent and a strong sign that
condominiums are priced correctly.
Condominiums sold in December had been on the
market for a median of just 52 days, an increase of
13 percent from 46 days during the same period last
year. Meanwhile, selling prices for condominiums
were 97 percent of the listed price last month an
improvement from 96.2 percent in December 2012.
in December 2012, traditional single-family home
sales accounted for 56 percent of all sales and
REO and short sales were 20 and 24 percent,
respectively.
In December 2013 there were 617 traditional
condominium sales in the Miami real estate
market, a significant growth of 3 points from the
855 traditional sales during the same period in
2012. The 313 foreclosure sales accounted for 22
percent of condominium sales last month, a modest
increase of 4 percentage points from the same
period in 2012 when there were 246 foreclosure
sales. Short sales experienced a double-digit
decline of 30.6 percent from 294 in December
2012, down to 204 last month, a continued sign of
a strengthening real estate market.
Nationally, distressed homes again accounted for
14 percent of December sales.
Decline in Cash Sales
In Miami-Dade County, 57 percent of total closed
sales in December were all-cash sales, compared
to 64 percent in December 2012, but is still
significantly higher than the national average of 32
percent. All-cash sales accounted for 41 percent of
single-family home and 70 percent of condominium
closings, compared to a year ago when cash sales
were 49 percent of single-family home sales and
76 percent of condominium sales.
Since nearly 90 percent of foreign buyers in Florida
purchase properties all cash, this reflects the much
stronger presence of international buyers in the
Miami real estate market.
Access December 2013 - Miami-Dade Statistical
Reports: SFMarketIntel.com
Surge in Traditional Sales
In December 2013, the number of traditional sales
significantly outnumbered REOs (bank-owned)
and short sales. Last month, traditional singlefamily home transactions were 62 percent of all
single-family homes sold in Miami, a significant
increase of 6 points. Further, REO and short sales
were 21 and 17 percent, respectively. In contrast,
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2/5/2014 6:00:02 AM