The U.S. Postal Service is shutting down its two large mail processing centers, the Sun Sentinel reported. The properties, which are part of a group of 140 centers to be closed across the country, will see their operations moved to a facility in Miami. “We have to make some difficult decisions sometimes and this is one of them,” said Debra Fetterly, regional spokesperson for the U.S.P.S. [more]

Broward County’s apartment market is continuing to show strength, following a decrease in vacancy in the first three months of 2012, according to a report from Marcus & Millichap. With still-limited construction, the firm projects the area’s vacancy to decrease further in the rest of the year. The only market-rate property under construction is the Jefferson at Monterra in Cooper City, which is slated to come online in the third quarter of 2013. Marcus & Millichap projects vacancy to drop 100 basis points this year to 4.3 percent, following a 130-basis-point decrease in 2011. Rents are also projected to rise, with a 2.8 percent increase to $1,111 per month. — Alexander Britell

The median sales price for single-family homes in Broward County rose to $180,000 in the first quarter, a 16 percent increase over the first three months of 2011, according to data from the Broward Council of the Miami Association of Realtors. Sales of existing single-family homes rose by 4.4 percent in the first quarter, while sales of existing condos dropped by 14 percent. The median sales prices for condos did rise as well, however, jumping 9 percent in the same period. [more]

The total number of residential listings that pended in March rose 7.3 percent compared to the same period in 2011, according to data from the Miami Association of Realtors. There were 4,421 listings of single-family homes and condominiums that pended during the month. “We continue to see historically strong home sales activity that is driving price appreciation in Broward County,” said Rick Burch, president of the Broward Council of the Miami Association of Realtors. “Rising pending sales point to further strength and stability in the Broward County residential real estate market. – Alexander Britell

Broward County condominium sales prices rose for the 14th time in 15 months in March, up 7.1 percent over the same month in 2011, according to a report from the Miami Association of Realtors. The median sales price for condos in March increased to $75,100, while the median sales price of single-family homes jumped 8 percent. [more]

The median sales price in Broward County rose to $190,600 in March, a 9 percent jump compared to the same month in 2011, the South Florida Sun Sentinel reported. That followed another strong month for Miami sales prices in March. The volume of sales in Broward County also saw a slight increase, rising 1 percent to 1,179 from 1,168 last month. [Sun Sentinel]

Michelle Austin-Wilks, the president of a Broward County title and escrow company, has pleaded guilty to conspiracy to commit wire fraud and four counts of wire fraud for her participation in two mortgage fraud schemes. according to U.S. Attorney for the Southern District of Florida Wifredo Ferrer. Austin-Wilks had been charged with an information for her role in the scheme last month. [more]

The total number of listings that pended in Broward County during February jumped 53 percent, according to data from the Miami Association of Realtors. There were a total of 3,902 single-family homes and condominiums that pended last month, up from 2,555 such properties in February 2011. “February pending home sales in Broward County point to strong future sales activity,” said Rick Burch, president of the Broward Council of the Miami Association of Realtors. [more]

The median sales price of Broward County condominiums rose 12 percent in February, compared to the same month in 2011, according to data from the Miami Association of Realtors. Condo prices in Broward County have increased in 13 of the last 14 months, according to the MAR. The median sales price of single-family homes rose 8 percent in the same period. [more]

Broward County mortgage broker Jinnie Mathurin has been sentenced to a year and one day in prison and ordered to pay more than $1.17 million in restitution, according to United States Attorney for the Southern District of Florida Wifredo Ferrer. Mathurin’s sentence will be followed by three years of supervised release. Mathurin, a straw buyer in a $2.84 million operation, pleaded guilty to one count of wire fraud. Two defendants in the scheme face up to 30 years’ imprisonment on the wire fraud charges.
— Alexander Britell