Miami, FL—Miami sales of single-family homes rose 47 percent in January 2009 compared to January 2008. The sales of condominiums increased by 27 percent compared to January 2008. The number of sales in Miami has increased significantly in each of the last six months, a trend that points to the beginning of the real estate market recovery in South Florida.

In Miami there was a 36-percent increase in existing home sales—including single-family, townhomes, condominiums and co-ops—in January 2009 compared to January 2008, while existing home sales dropped 5.3 percent nationally. Sales of existing homes in many Florida markets also declined in January.

"South Florida is a unique marketplace. Despite the current economy and the fact that real estate sales nationally and in many markets throughout Florida are declining, the Miami market appears to be making a comeback," said Rick Burch, 2009 Chairman of the Realtor Assocation of Greater Miami and the Beaches.

"Buyers who were sitting on the fence are realizing the opportunities and affordability currently available. South Florida also remains an important option for European buyers who get additional discounts resulting from the weak U.S. dollar and for other foreign buyers looking to invest in a safe haven."

The sales of single-family homes have shown gains since August 2008. Condominium sales increased in June and have increased every five out of the last six months. The number of days a property stays on the market and inventory levels have also decreased.

Mainly due to an increased number of foreclosures and short sales, median sales prices continue to drop. The median sales price reported in Miami in January 2008 was $208,100, a 38-percent drop from January 2008. The median sales price for condominiums was $149,100, a 48-percent decrease from January 2008. It is important that these foreclosures and short sales are cleared from the local inventory in order for the market to recover.

As housing is the backbone of the economy, President Obama’s broadened focus on the nation’s economic recovery stresses housing stability, increased lending and foreclosure prevention.

"The passing of the new stimulus bill will benefit many current and prospective buyers in South Florida and in turn help rebuild our local economy and housing market," said Burch.

In an effort to bolster sales in its New York City condominiums, Toll Brothers is offering a safety net during uncertain mortgage times.

If a buyer loses his or her job, The Horsham, Pa.-based developer is offering to make mortgage payments for up to a year at all three of its New York City luxury condos—Northside, 5SL in Long Island City, Queens, and 303 East 33rd in Kips Bay, Manhattan.

To spark buyer interest, developers are introducing a number of incentives and perks to buyers. The new borrower’s protection program will be free of charge for the buyer for the first year. The annual fee for the borrower after the first year is about 3% of the monthly mortgage payment. a buyer is laid-off, gets injured or is hospitalized, the insurer will pay up to 12 monthly installments on mortgage during a 10-year period.  Check out  more details here!

—Robert Burke

The story was also found on InmanNews.com and the Curbed.com blog.