Cisneros Fontanals Art Foundation Announces Fleeting Imaginaries.

CIFOThe Cisneros Fontanals Art Foundation (CIFO) is proud to announce Fleeting Imaginaries as this year’s Grants & Commissions Program exhibition. As it is customary, the winners are part of the annual exhibition dedicated to the program at the CIFO Art Space. This year’s exhibition will be open to the public from September 5th through November 2, 2014.

The twelfth edition of CIFO’s Grants & Commissions Program features works by emerging artists: Pablo Accinelli (Argentina), Nayarí Castillo (Venezuela), Marcellvs L. (Brazil), Carlos Martiel (Cuba), Mateo Pizarro (Colombia) and Adrian Regnier (Mexico) and mid-career artists: Claudia Joskowicz (Bolivia), Rosângela Rennó (Brazil). Also for the first time since the inception of the program, two artists were simultaneously chosen for the prestigious Achievement Award: Teresa Burga (Peru) and Antonieta Sosa (Venezuela) have earned the prestige and admiration of the contemporary art world. Their work will also be part of Fleeting Imaginaries.

CIFOThe title of the exhibition refers to the development of that which is imagined and the symbolic production of shared images. Although we are accustomed to identifying images that correspond with one specific culture or identity as if they were each clearly differentiated, in reality,  imaginaries in themselves are uncertain entities: that which ”we do not know or are about to know.” A fleeting imaginary points out a redundancy because the imagined cannot be fixed; it is something which is in permanent displacement. Although they may be as divergent as they are coincidental, the proposals for CIFO’s 2014 Grants & Commissions Program exhibition have been gathered under the redundancy of this title to highlight this aspect that is a common ground among them: the idea of ​​continuous displacement that transpires in different ways.

“Our commitment to investing and supporting contemporary artists in Latin America remains unwavered,” said CIFO Founder Ella Fontanals-Cisneros. “In the twelfth edition of the Grants & Commissions Program, we have increased our financial support and are very proud to honor this year’s award recipients. This group of artists has created innovative, thought-provoking pieces that challenge and push art concepts and boundaries.”

The CIFO Grants & Commissions Program offers emerging, mid-career and established contemporary artists from Latin America the opportunity to develop and present new work to both local and international audiences in Miami. Each year, the artists are nominated by CIFO’s Honorary Advisory Committee of leading art professionals, curators and artists from around the world. The program has been known to springboard artists into the next level by allowing them the opportunity to work in ideal conditions. The awards recognize outstanding projects by emerging artists and honors the trajectory of mid-career artists. The programs rewards unpublished works from the emerging and mid-career artists. This year, the Foundation presented two Achievement Awards, recognizing the contributions of established artists who will benefit from significant international exposure and recognition.

Also returning this year is CIFO’s partnership with Cannonball, an Artist Residency based in Downtown Miami, to award one of the artists in the Grants & Commissions Program with a two month residency. CIFO’s Board of Directors selected Carlos Martiel, from Cuba for the residency where he will spend the months leading up to the exhibition focusing on creating his project.

Miami Home Sales Remain Strong Compared to Record Levels.

Miami Association of RealtorsMiami real estate sales, particularly for single-family homes, continue to reflect strong demand compared to record sales activity over the last three years, according to the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.

In June, residential real estate sales in Miami-Dade County increased 2.0 percent to 2,723 compared to 2,669 in June of last year. Single-family home sales increased 9.5 percent relative to June 2013, from 1,169 to 1,280. Compared to June 2013, condominium sales declined 3.8 percent from 1,500 the previous year to 1,443 last month.

“We continue to see strong sales activity in Miami compared to the three previous record sales years,” said 2014 Chairman of the Board of the MIAMI Association of REALTORS Liza Mendez. “Activity is mostly declining for transactions in the lowest price points and for short sales. Increased inventory is generating more moderate price growth.”

Median Sale Prices Continue to Rise 
Median sale prices again increased for both single-family homes and condominiums in June. Prices remain at affordable 2004 levels despite three years of consistent increases for condominiums and 31 months for single-family homes.

The median sale price for single-family homes increased 6.0 percent, up to $243,700 from $222,000 in June 2013. The average sale price for single-family homes decreased 16.9 percent from $509,835 in June 2013 to $423,833 last month.

Compared to June 2013, the median sale price for condominiums increased by 2.6 percent to $190,000 from $185,250 a year prior. The average sale price for condominiums increased 4.4 percent to $366,949 from $351,475 in June 2013.

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 June was just 41 days, an increase of 10.8 percent from June 2013. The average percent of original list price received was 95.3 percent, down only 0.5 percent from June 2013.

The median number of days on the market for condominiums sold in June was 61 days, an increase of 38.6 percent compared to the same period in 2013. The average sales price was 94.5 percent of the asking price, a decrease of 2.5 percent.

National and State Figures
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 2.6 percent from May but were 2.3 percent below what they were in June 2013, according to the National Association of Realtors (NAR). Statewide closed sales of existing single-family homes totaled 23,181 in June, up 14.6 percent compared to the year-ago figure, according to Florida Realtors. Statewide sales of condominiums totaled 9,594, up 3.1 percent from June 2013.

The national median existing-home price for all housing types was $223,300 in June, a 4.3 percent increase from June 2013, according to NAR. The statewide median sale price for single-family existing homes last month was $185,000, up 5.2 percent from the previous year, while that of townhouse-condo properties was $141,000, up 8.5 percent over the previous year.

Cash Sales Drop
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, 57.5 percent of total closed sales in June were all-cash transactions, compared to 60 percent in June 2013. Cash sales in Miami are still significantly higher than the national average of 32 percent. All-cash sales accounted for 44.6 percent of single-family home and 69 percent of condominium closings, compared to a year earlier when cash sales were 42.3 percent of single-family home sales and 73.8 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.

“Cash sales, particularly for condos remain quite high,” said 2014 MIAMI Association of REALTORS Residential President Francisco Angulo. “While this is an indicator of the significant presence of foreign buyers in the Miami market, it also is a reflection of the lack of financing available for condominium properties. Since qualified buyers are still facing challenges when trying to obtain mortgage loans for condos, sales, although strong, are not as strong as they could be.”

Short Sales Continue to Decrease
While traditional sales continue to increase, distressed property transactions in June again declined in Miami-Dade due to fewer short sales.  In June, only 33.4 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 36.7 percent in June 2013.

Short sales and REOs accounted for 9.1 and 24 percent, respectively, of total Miami sales in June.  Sales of REOs increased 6.0 percent while that of short sales declined by 9.0 percent.

Nationally, distressed homes accounted for 11 percent of June sales compared to 15 percent in June 2013.

Active Inventory Rises 
Following six years of market strengthening, seller confidence is resulting in more properties being listed for sale in Miami.

Active listings at the end of June increased 29.9 percent, from 13,151 in 2013 to 17,089 last month but remain 60 percent below 2008, when sales bottomed. Inventory of single-family homes increased 22.7 percent from 4,990 in June 2013 to 6,122 last month. Condominium inventory increased 34.4 percent to 10,967 from 8,161 active listings during the same period in 2013. At the current sales pace, there is still a 5.5-month supply of single-family homes, an increase of 13.5 percent from 4.9 months in June 2013, and a 7.8-month supply of condominiums, up from 5.8 months in June 2013, an increase of 33.6 percent.

New listings of single-family homes increased 6.4 percent, up to 2,036 in June 2014 from 1,913 during the same period in 2013. New condominium listings increased a negligible 2.1 percent from 2,626 in June 2013 to 2,682 last month.

At the end of the June, total housing inventory nationally rose 2.2 percent to 2.30 million existing homes available for sale, which represents a 5.5-month supply at the current sales pace.

Statistics may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NAR’s rebenchmarking efforts. MIAMI reports exact statistics directly from its MLS system.