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News Alert: Home sales surge 6.8 percent in March
by: Mickey
April 22, 2010
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Home sales rose more than expected in March, reversing three months of declines, as government incentives drew in buyers and kicked off what's expected to be a strong spring selling season.
The National Association of Realtors says sales of previously occupied homes rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million last month, the highest level since December. February's sales figures were revised downward slightly to 5.01 million.
Sales had been expected to rise about 5.2 percent to 5.28 million, according to economists surveyed by Thomson Reuters.
The results show the housing market may be stabilizing after a devastating bust. But the true test will be whether the market can stand on its own after federal tax credits expire at the end of this month.
For more information, visit washingtonpost.com:
http://link.email.washingtonpost.com/r/8VXTM7/RJNTK/JQATYC/WZHHS5/PBFDN/KI/t
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How will the new Fed guidelines for short sales affect 2nd lien holders?
by: Candy
January 13, 2010
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It appears that the new guidelines mostly address the first lien and not the second???? The Teasury says that they will hand down "substantial" penalties to lenders that don't comply. The will fine, withhold or reduce incentive payments and require improperly rejected loans to be modified. Hummmm....
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Banks affected by new Fed laws coming out in April 2010
by: Candy
January 13, 2010
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The 83 loan servicers participating in the Obama Administrations Home Affordable Modification Program, including Bank of America and JP Morgan Chase, are required to follow the new Fed guidelines for short sales coming out in APril 2010--(for those borrowers who completed loan modifications, the law will not apply)
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New Fed guidelines for short sales
by: Candy
January 13, 2010
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The new key provisions of the Treasury's guidelines regarding short sales:
The lender must respond to short sale offers within 10 business days.
The seller will not have to pay back any amount of mortgage debt.
The seller is entiled to a relocation incentive of $1500, which will be deducted from the proceeds at closing.
The lender will be paid $1000 to cover administrative and processing costs.
The investor owning the mortgage gets a maximum $1000 for allowing up to $3000 to be distributed to less-senior lien holders.
The lender can't require a reduction in the agreed-upon real estate commission as a condition of approving the short sale.
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Rentals should remain hot!!!
by: Candy
January 13, 2010
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Listen up people...Rentals are going to remain strong..fast cash for realtors and owners need to keep thier properties held until the market changes..the new Fed laws to the banks(those %%%$$#@&!!) will not take effect until April and even if the banks will be forced to respond fast-there is no way to control what they will say. Get it people???I'm not mad..huh?????
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REAL ESTATE IS COMING BACK
by: Candy
October 05, 2009
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REAL ESTATE IS COMING BACK!!!! YA HOOOOOOOOOO!!!!
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Buying Pre-Foreclosures
by: Candy
June 04, 2007
Buying Pre-Foreclosures
Buying pre-foreclosures involves working directly with the homeowner and sometimes the lender. Your goal is to create a Win-Win scenario. One win is for the homeowners (they make a sale) and one win is for yourself (you buy the property at a substantial discount).
To accomplish a successful purchase, most experts recommend the following:
(1) locate loans in default,
(2) evaluate and narrow selections to pursue,
(3) inspect the property,
(4) evaluate the property owner's needs,
(5) determine the market value of the property, fix-up costs, potential sales price and profits,
(6) arrange default work out by negotiating with the owner and the lender,
(7) close on the property, repair and resell it quickly.
Pros: This is a great investing opportunity if done correctly. Discounts off market value can range from 20% to 35% on average. A low cash down payment is possible if structured properly. You have ample time to research properties. Unique and flexible sales agreements are possible.
Cons: It is sometimes difficult to contact the property owner. You will usually have a lot of competition. The court house research can be cumbersome. You may need to negotiate with the lien holders.
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It's a South Florida Buyers Market!
by: Mickey
March 14, 2007
Mortgage Report Rattles Markets
Dow Down 2% On a Big Rise In Delinquencies
By David Cho and Dina El Boghdady
Washington Post Staff Writers
Wednesday, March 14, 2007; Page A01
A national survey showing that a soaring number of homeowners failed to make their mortgage payments in the last quarter of 2006 rattled lawmakers in Washington and the markets in New York yesterday, as the Dow Jones industrial average plummeted 2 percent, or nearly 243 points.
The report, which sent every major stock market indicator tumbling when it was released at noon, revealed that the problems in the market for "subprime" mortgages -- loans made to home buyers with blemished credit histories -- might be spilling over to the broader mortgage industry, analysts said.
While the number of risky borrowers who missed payments climbed to a four-year high, the number of foreclosures on all homes jumped to its highest level in nearly four decades, according to the survey by the Mortgage Bankers Association. Home buyers who relied on loans insured by the Federal Housing Administration also had record default rates.
Several lawmakers, including House Financial Services Committee Chairman Barney Frank (D-Mass.), said they would offer legislation to rein in risky mortgages. Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.) told reporters that Congress will have to consider providing several billion dollars of aid to at-risk homeowners.
The survey was released as the market for high-risk mortgages is collapsing. Over the past few years, highflying lenders of these loans helped millions of Americans buy homes they otherwise could not afford. The firms have seen their businesses unravel as these homeowners could not make their monthly payments. Some companies have been delisted from stock exchanges in recent weeks, while more than two dozen have shut their doors.
The consequences of the subprime mortgage meltdown now are extending beyond those lenders. Washington Mutual, the nation's largest savings and loan, told analysts that its loans to risky home buyers were performing "exceedingly poorly" and would be a drag on its earnings. H&R Block said it will delay reporting its third-quarter results because woes in the mortgage market forced the firm to recalculate its earnings, resulting in a $29 million loss that wasn't included in its previous filings.
Shares of Washington Mutual fell 5 percent, to $39.79, its lowest in 16 months. H&R Block fell 4 percent during the day and another 5 percent to $19.05 after its announcement.
"It's pretty clear that the fear is the increase in delinquencies in the subprime market will work its way through the entire financial systems," said Alan Kral, managing director of Trevor Stewart Burton & Jacobsen.
Traders said the impact of the delinquency survey was immediate. After the numbers were released, the Dow shed 70 points in half an hour. The survey measured the last three months of 2006, and some on Wall Street are worried the beginning of this year will be worse.
"People are concerned that the subprime problems are going to infect all of housing and the rest of the economy," said Donald H. Straszheim, an economist at Roth Capital Partners.
Federal and state investigators are looking at what has been going on in the mortgage industry. New Century, one of the largest subprime mortgage lenders, said yesterday it had received a federal grand jury subpoena for its trading and accounting practices. New Century, which stopped making loans last week, was delisted by the New York Stock Exchange yesterday.
Massachusetts' top securities regulator, Secretary of State William Galvin, said yesterday that he issued subpoenas to two Wall Street investment banks, UBS Securities and Bear Stearns, as part of a probe into whether the firms' researchers ignored the mounting problems among subprime lenders.
On top of these investigations, other prominent subprime lenders shed more light on their financial woes yesterday. Shares of Accredited Home Lenders Holding, another large subprime lender, lost 65 percent of their value after the San Diego firm said that it had not met the financial terms of its creditors, which are now demanding money that Accredited does not have. This is the same situation that New Century is facing.
Locally, Friedman, Billings, Ramsey Group is considering selling its First NLC subprime mortgage loan business after cutting costs and tightening loan policies. The Arlington company said in a statement that it "will explore strategic alternatives to maximize the value" of the division.
Selling loans to people with questionable credit was a popular trend over the past few years. Lenders could repackage these mortgages as bonds and sell them on the market for high returns. These lenders believed homeowners simply could sell or refinance their homes if they had trouble making payments.
But when the market cooled, and home prices leveled off, millions of those borrowers could not afford to refinance or sell their homes, wreaking havoc on the once-thriving subprime market.
Especially onerous were the adjustable-rate mortgages, which offered low teaser rates that spiked in later years.
Those types of mortgages grew in popularity in spring 2004, when interest rates hit a low, said Barry Glassman, senior vice president of financial planning firm Cassaday & Co. But now that these mortgages are starting to adjust, some borrowers face interest payments that are at more than double the original rate.
Yesterday's Mortgage Bankers Association report, which surveyed 43.5 million loans, shows how this phenomenon played out in the last three months of 2006.
According to the report, 4.95 percent of all home mortgages were delinquent, meaning they were at least 30 days late. The most dramatic rise was among subprime borrowers. The survey also showed that lenders initiated foreclosures against 0.54 percent of borrowers -- or about one in every 200 -- the highest in the 37-year history of the survey.
While most of the turmoil has been driven by the subprime market, even credit-worthy borrowers appear to be facing some of the same issues. Their delinquency and foreclosure rates also inched upwards. The rate of foreclosures that started during the fourth quarter more than doubled since the start of 2006 for credit-worthy borrowers.
"There's some indication here, and it's not apocalyptic by any means, that the problems might not be contained in the subprime market," said Nicolas Retsinas, director of the Joint Center for Housing Studies at Harvard University.
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Blogging . . . For those who think blogs are for kids
by: Mickey
June 29, 2006
Some people think blogs are for kids; created for tweens lamenting the breakup of Jessica Simpson and Nick Lachey.
(In case you, too, are interested, Nick, no longer boy band age, and Jessica, 25, have called it quits, according to US Weekly. Of course, this news will not shock any of you shallow, superficial, celebrity-obsessed folks who remember the breakup being reported on E! Online months ago. Still, it comes as a bit of a blow to learn that Jessica Simpson loves her whiskey and that Joe Simpson is more controlling than God himself. In all breakups a side must be taken, and in this one we side squarely with Nick Lachey, a good man, a sports fan, a guy who put up with more baby talk, vulgarity, and stupidity than anyone ever should. Nick, you can do better, you will do better. And while Jessica will rise to heights of fame that you will never know, you'll always have the consolation of knowing SHE wrecked the marriage and that 98 Degrees was a pretty darn good band.)
But I digress. Blogs have become the replacement for reading your favorite section of the newspaper. If you don't believe me, check out this blog. You'll find Bluewater Realty Group Inc. listed there as well.
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Dave Berry from the Miami Herald . . . We found this too funny not to share with you!
by: Mickey
June 20, 2006
From Dave Berry's Very Funny Blog:
BE ADVISED
In this blog's experience, it is easier to remortgage a home than to cancel an America OnLineOrElse account.
UPDATE: OK, here is why I say that:
I called the number they tell you to call if you want to cancel (although they do not make this number easy to find) and I went through the usual two or three or six dozen voicemail prompt/response exchanges with the sweet-sounding recorded voicemail lady, the only glitch there being when she asked me to confirm that I am, in fact, me, by telling her where I was born, which I did, and she TOLD ME I WAS WRONG, as if SHE knew something about where I was born that I DON'T know.
Anyway, I finally got through to a human, of sorts, a very agreeable guy named Jay who was sorry that I wanted to cancel but eager to be Helpful, as in "I can help you with that." His helpfulness took the form of asking me 183 different ways if I didn't want to in fact KEEP AmericaOnLineOrElse, as if I had gone through all that hassle with the sweet-sounding recorded voicemail lady for the sheer fun of it. I answered "no" in a dull monotone every time, until Jay finally gave up on Helping and said he would actually cancel my account. Then there was much waiting and pausing and putting-on-hold and talk of computer problems, and even a few more pitches to keep AmericaOnLineOrElse, until FINALLY Jay said he was going to give me my cancellation confirmation number, and then he put me on hold, and then....
...and then a voice came on saying, "If you'd like to make a call, please..."
AAAAAAAAAARRRRRRRRRRRRRRRRRRGGGGGGGGGGGHHHHHHHHHHHH
So I don't know that I have, in fact, canceled my acount. The only way to know for sure would be to call back, and right now I do not have the strength.
Say, do you think....
Posted by Dave (Berry) on June 16, 2006 at 04:47 PM
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Miami Beach community survey
by: ????
June 18, 2006
The city of Miami Beach completed a multi-month survey geared toward measuring the quality of life in Miami Beach . The survey reflected good news for those who own real estate in this coastal paradise, or who are looking to purchase Miami Beach real estate.
The purpose of the Miami Beach community satisfaction survey was to get a real measure of the city’s current level of service and to create a benchmark for tracking changes over the next five years. Because of the diligent efforts of Miami Beach’s political leadership, the benchmark is already set high. Driven by Miami Beach City Manager Jorge Gonzalez, the survey of residents, businesses and community organizations concluded that Miami Beach rated very well for its overall quality of life, with a majority of respondents viewing the city as an “excellent or good place to live”.
Miami Beach ranked exceptionally well in the areas of public safety, capital improvements, city maintenance, parks and recreation programs, and the cleanliness of the beaches. This is good news for residents and owners of Miami Beach residential and commercial real estate. According to Miami Beach City Manager Jorge Gonzalez, "It is important for us to know whether we are meeting our community's needs and wants and whether our current five-year vision and strategic plan are indeed the right ones based on the feedback we get back from this process," The thriving real estate market in Miami Beach should serve as confirmation of the increased desire for residence in Miami Beach.
Miami Beach ’s current plan includes improvements in cleanliness and safety, improvements in infrastructure for tourism, improvements to the Beach’s cultural assets, continued focus on historic preservation, and developing stable residential communities for seniors. It is easy to see that Miami Beach is working hard to uphold its image as a tropical paradise. Now is the time to invest in Miami Beach real estate.
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Think ahead
by: ????
June 07, 2006
You don't think about future maintenance costs when buying a home, but you should. Whether buying an older home or a newly constructed home, equipment can be faulty and costly to repair.
Usually a home's purchase price can be used to project maintenance costs. The recommendations for annual maintenance costs range from 1.5 to 4 percent of the home's original cost. While this is not always true, especially when the purchase price of a home is three-quarters of a million dollars, it is a good rule of thumb for the average home buyer.
Since most home buyers are focusing on making the down payment and not saving for future repairs, a home warranty provides a good back-up plan.
Most home warranties cost between $300-$400 and will cover many major home systems and built-in appliances for one full year after close. A home warranty will either pay to repair or replace a covered item and the homeowner pays a minimal deductible rather than the full cost of repairs. It's an easy way to manage your home's finances and plan for those unexpected repairs.
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Read the fine print
by: ????
June 05, 2006
What's the worst sort of real estate experience you can imagine? How about a mortgage that eventually eats your entire house -- your entire equity stake -- and leaves you penniless despite years of double-digit appreciation?
That's been the experience of Katharine Stephens of Brigantine, N.J. In 1988, she and her husband, Harold, signed up for a reverse mortgage that guaranteed to pay them $312 a month for as long as they resided in their house near Atlantic City. At the time Katharine was 76 and Harold was 78. Harold later died, leaving Katharine living alone in the property.
Like other reverse mortgages, the money sent by the lender each month represented a gradually growing debt that would have to be repaid when the owners sold the home or moved to a different residence or health care facility. The loan carried an annual interest rate of 11.5 percent -- bad enough -- but it also had another problem. Buried in the contract block print was a house-devouring provision; Besides the regular interest rate on outstanding balances, the lender received the right to 100 percent of all equity appreciation on the house from the day of settlement to the date of final sale or move out.
According to Katharine Stephens' nephew, Bill Finch of Clermont, Florida, the Stephens never focused on that particular aspect of the loan.
"All they wanted was the steady $312 a month of income. They needed it to live on, and they really didn't give any thought to any future appreciation," said Finch in an interview.
At the time of origination of the reverse mortgage in 1988, the Stephens' property was appraised at $83,500. Today, according to two recent appraisals, it is worth about $500,000. Mrs. Stephens, now 94, moved out of her house earlier this year into a nursing home in Absecon, N.J. The bank payments stopped as soon as she moved out.
The original reverse mortgage was extended by American Homestead Mortgage Corp., which no longer is in business and sold its portfolio of mortgages like the Stepehens' to Delaware-based Wilmington Savings Fund Society (WSFS) in 1994. Over the years, Mrs. Stephens received a total of $67,586.01 in monthly payments -- first from American Homestead and later from WSFS. The bank recently sent Finch, who has power of attorney for his aunt, a demand for payoff including the $67,586.01 in principal, plus $158,218.19 in interest at 11.5 percent, plus 100 percent of the home appreciation over 18 years, with the grand total capped at the full market value of the home -- $500,000.
Had the cap not been in effect, the amount Mrs. Stephens owes the bank -- all for $67,586.01 in principal payouts -- would have exceeded $642,000. WSFS's website says the bank has assets of $2.2 billion. Mrs. Stephens's bank assets, according to nephew Finch, total 38 cents. Through Finch, Mrs. Stephens has asked the bank to waive at least some of its payback claims -- enough to allow her to pay her nursing home bills of $4,000 for at least a reasonable period.
WSFS, through a spokeswoman, Joan H. Sullivan, has turned down that request and wants full payment.
"We strongly believe WSFS conducts itself with integrity," said Sullivan in a letter. "When no special or unique circumstances exist (on a reverse mortgage) we have sought to collect all amounts due to the lender under the contractual terms of the loans." WSFS is "entitled to (the full payoff) given the benefits provided and the risks assumed."
Finch has now listed the house for sale. At the moment there is no indication that WSFS will relent.
Every effort to negotiate "a more equitable settlement," according to Finch, "went nowhere. They took a totally hardball approach."
Though thousands of appreciation sharing reverse mortgages were made by lenders in the 1980s and 1990s, the industry has abandoned the concept. Some lenders in California were sued by borrowers in the 1990s and reached out of court settlements. Others, like American Homestead, went out of business. Still others, like mortgage giant Fannie Mae, unilaterally changed their policies and no longer collect equity share amounts on top of regular interest.
Mortgage industry experts say there are unknown numbers of loans like the Stepehenses' still sitting in the marketplace, ticking away like timebombs.
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Sellers need to think like Buyers
by: Candy
June 02, 2006
Sellers need to think like buyers. At least they need to do so when market conditions are normal, when there are more homes for sale than there are buyers competing for them, and when inventory is counted in months of supply rather than weeks or days. Moreover, the need for sellers to think like buyers doesn't simply apply to presentation, curb appeal, and getting rid of the clutter. It also and especially applies to pricing.
The classic way of approaching pricing is by looking at comparable sales, and by looking at activity within the area of the home in question. However, in a market with increasing inventory and somewhat sluggish sales, it becomes increasingly important to look at all the competition. Sellers and their agents need to adopt a wider perspective than just the particular area where the home is located. They need to look outside of the tract or neighborhood, and to think about the choices that a prospective buyer will have.
Suppose that you are preparing to sell your property in the Happy Homes sub-division. Four to six months ago models like yours sold in the range of $650,000 to $675,000. There haven't been any sales recently, but two similar models are on the market, both for about thirty days, in the low $700,000 range. This might lead you to think that if you put your home on for just under $700,000 you'll be very competitive, right? Not necessarily.
Suppose also that there are other developments in the city, with homes of similar age and size, where the asking prices are hovering around $650,000. In that case, your home at $695,000 might not look so good after all. The point is, in some markets you may need to look beyond your immediate neighborhood.
When sellers are discussing pricing with their prospective listing agent, a good question to ask, or for the agent to pose, is, "If you (the agent) were working with a buyer in this approximate price range, looking for a home of this approximate size, what would you show him?" Often, answering that question may help both sellers and agents to broaden their thinking and to look beyond the particular neighborhood where the home is located. Just as a buyer would.
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Broward County property values on the rise
by: ????
June 01, 2006
The real estate market may be cooling, but property values are still scorching hot in Broward County, where growth and new construction in older cities helped bump up the value of the tax base 19 percent.
The value of residential and commercial property in the county increased $25 billion from 2005 to $157 billion this year, according to preliminary numbers released Wednesday by Broward County Property Appraiser Lori Parrish.
The percentage growth marked the fifth year of double-digit growth and far outgained last year's 16 percent increase, Parrish said."The real estate market has finally stabilized", Parrish said, which is welcome news for prospective buyers and she added, ''The prices are still up there, but people have more choices.''
Redevelopment in older, eastern cities, such as Hallandale Beach, continued at a pace that rivaled the growth in newer suburbs, where developers are running out of land. The South Broward coastal city saw its tax base jump by $1 billion to $4.1 billion -- in part because of new high-rise waterfront condominiums.
The 4.5-square-mile city will only keep booming over the next year, with the addition of 64 acres of condos, stores and offices around Gulfstream Park racetrack. The city is also benefiting from its status as home to two of the four Broward gaming facilities that will get slot machines later this year.
Broward's largest city, Fort Lauderdale, which makes up nearly 18 percent of the county tax base, also posted huge gains in property value, adding more than $4.6 billion.
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Comments from Alan Greenspan
by: ????
May 31, 2006
Former Federal Reserve Chairman Alan Greenspan said the five-year housing "boom is over," though prices won't fall nationally.
"We're not about to go into a situation where prices will go down," Greenspan, 80, said in response to questions Thursday evening at a reception in New York hosted by the Bond Market Association. There is "no evidence home prices are going to collapse."
Greenspan echoed comments earlier in the day by his successor, Ben S. Bernanke, who said housing is undergoing a "very orderly and moderate cooling," and that central bankers are monitoring the market to help shape their analysis of the economy's performance.
Real estate groups predict home sales will fall this year as mortgage costs increase. The slowdown will help bring economic growth down to a more "sustainable" pace, Fed policy-makers said last week as they raised interest rates for a 16th straight time.
As evidence the downdraft in housing won't necessarily lead to a drop in prices, Greenspan cited the recent experience in the U.K. and Australia. "Prices just flattened, and they had bigger booms than the U.S.," Greenspan said.
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Ready to get started?
by: Candy
May 30, 2006
So, you're ready to shop for that dream property.....and we're ready to make your dreams come true. One of the first things I could suggest to any prospective home buyer is to get pre-approved before you even begin looking at properties. Getting pre-approved helps you to alleviate some of the anxieties that come with home buying.
How much you afford to pay for a Miami home or condo? If you're not sure on the price range, find a reputable lender and get pre-approved for a mortgage. Pre-approval will help you know how much you can afford. Then you can look for Miami homes and condos in the right price range. Getting pre-approved helps you to alleviate some of the anxieties that come with home buying. It's important to know exactly what you qualify for and at what rate, that you know how large your monthly mortgage payments will be, and that you know how much you will have for a down payment. Once you are pre-approved, you can avoid the frustration of finding homes and condos that you think are perfect, but are beyond your price range.
We all know that buying real estate is one of the biggest personal investments you can make. When you are buying in a competitive market, like the Miami real estate market, being organized and in control will contribute significantly to ensuring that you get the best Miami home or condo deal possible while significantly reducing your stress along the way as well.
We are here to help you anticipate the steps required to achieve your housing goal and to build a plan of action that gets you there. Contact us and let us take each step with you.
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Memorial Day Weekend
by: ????
May 26, 2006
It's Memorial Day Weekend and the options of events and things to do around the Miami area are endless. I started out with the intent of listing some options here for your consideration. But, by the time I did, the whole three day weekend would have been over!! So, I will just wish you happiness, whatever it is you decide to spend your weekend doing. I can only hope that you are doing it in South Florida.....then I really know you are having the absolute time of your life!!
I would like to take this time to thank my fellow vets for all they have done and also those who currently serve.
So as you enjoy your time off this weekend, please take a minute to think of those that have made the ultimate sacrifice in order that all of us can do whatever it is we would like to do this weekend. All things worth having come with a price and freedom is no different. I salute all my fellow service members past and present and say a huge "Thank You" and also that you are in my prayers. Stay safe and come home soon.
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Summer in South Florida
by: ????
May 25, 2006
Traditionally, it seems to me, that Memorial Day signals the real start to the summer and vacation season. I can almost feel that excitement and anticipation we all felt as that bell rang at the end of your last class the last day of the school year. Personally, that also meant going to Florida sometime during the summer. If it were a real good year, we got to make the trip more than once. I can still remember each visit to the beach, each sunburn, each footprint and sand in between my toes.
Florida is truly a unique place. In my life, I have been fortunate enough to have traveled the entire world fairly extensively and South Florida has a very special place in my heart. Having been able to call it home for a little over three years, you come to realize that it's really like being on vacation every day. Going to work everyday doesn't seem like the chore it can elsewhere. The entire flavor of life is much different. Also, South Florida has it's own style that is much different than any other area of Florida.
So, whether you're thinking about Miami, South Beach, Miami Beach, Brickell, Palm Beach, West Palm, Aventura, Hallendale, Ft. Lauderdale, Key Biscayne, Boca Raton or any of the other South Florida communities you can not go wrong. Come down for vacation and while you're here, let yourself imagine making South Florida your home. Why not be on vacation full time? Take advantage of the current market and make your dreams a reality starting today.
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Key Biscayne's Sonesta Hotel debate
by: Candy
May 24, 2006
While growth and revitalization abounds all over South Florida, the voices of the current residents are being heard loud and clear. Many are standing stead-fast in their vision of how and what their communities should be. The impending vote tonight could settle the debate over Key Biscayne's Sonesta Hotel. The debate centers over whether the Sonesta Hotel and Resort on Key Biscayne should redevelop its waterfront property to include six towers. Plans for the complex -- which include 277 units in six 15-story buildings -- have already drawn widespread opposition in Key Biscayne. In total, there would be 277 units -- 240 hotel and 37 condo. That's 15 fewer than currently in the Sonesta building, though some residents fear the new complex would generate more traffic and visits because the units are larger and some are condos.
Tuesday's vote centers on a zoning issue. Council members will be asked to evaluate whether the village should weigh plans for ''planned unit developments'' that are five acres or more.
The village already has some such developments -- the Grand Bay, Key Colony and the Ocean Club -- which were granted permits by Miami-Dade County before the village incorporated in 1991. But Key Biscayne currently doesn't have the criteria in its zoning code to evaluate those types of projects -- like the one the Sonesta is proposing -- because it didn't expect anymore when it incorporated, said Jud Kurlancheek, the village's building, zoning and planning director.
While Key Biscayne residents recognize that the Sonesta's redevelopment is a sensitive subject and that people are passionate about it, the demand for units is strong and will effect neighboring property values positively. The major concern though is maintaining the spirit of Key Biscayne which is one of tranquility and not one of sprawl and traffic which residents fear will be the result of the current proposal.
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Growth in South Florida is varied
by: ????
May 23, 2006
The growth in South Florida is varied in its scope and intent. After more than a decade of planning and two years of construction, the long-awaited, much-anticipated Miramar Regional Park is open. ''It's going to be really cool . . . a shining star for Miramar and a feather in the city's cap,'' resident Carl Lanke said.
The 173-acre expanse at 16801 Miramar Pkwy. features a first phase with 39 acres for sports and activities and areas for relaxing. Terry Griffin, Miramar's acting Community Services director, said the active area includes two cricket pitches, four combo football/soccer fields, two large covered and gated playground areas, a sand volleyball court and two basketball courts.
Other amenities are four large Mediterranean-style concrete pavilions. The largest one can accommodate as many as 300 people, seated. Another is situated near the playing fields and is equipped with concession and kitchen facilities, three restroom areas, water fountains, 50 wrought-iron picnic tables and benches.
''People have been looking forward to the park for so long that we're getting slammed with phone calls for reservations. It's been just fantastic,'' Park Supervisor Gayle Gulotta said.
Already, a youth soccer tournament for 150 teams will be held there today. On June 18, Broward Caribbean Carnival will host a launch event complete with costumed revelers, steel bands and a midway of vendors. Yoga classes and a free summer reading program are also on the horizon.
Adjacent to 37 acres of wetland, a quiet area boasts a interactive view designed by artists Mags Harries and Lajos Heder and sponsored by the Broward Cultural Division's Art in Public Places program.
The naturescape consists of majestic coral rock boulders excavated from the land then carved to create seating spaces, a preserved wetland area with fishing stations and an elevated grassy natural amphitheater, called an Earth Bowl, which will overlook a floating gazebo in waters stocked with largemouth bass, bluegill and catfish. Surrounding the installation are two circular pathways dotted with fossil-like imprints of plants, animals, shells and butterflies.
''The art area is perfect for sitting and thinking,'' Griffin said.
The land was originally owned by Broward County and earmarked to become home to the Broward County Fair. After meeting vehement resistance for the plan, the county sold the land to Miramar in 2002 and chipped in $15.9 million to build a regional park. Another $400,000 came from the Florida Department of Environmental Protection.
Griffin said phase two, scheduled for construction this summer, will add a water attraction with a competition pool, diving area, splash playground, bathhouse and concession building to the park.
It's refreshing to realize that in South Florida, the definition of "development" includes green space and quality of life improvements rather than just high rises and steel. In South Florida, you can rest assured that every aspect of living gets equal respect in terms of importance. It's truly an area to live, work, play and relax in the most gorgeous setting available.
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Miami leads Condo Market
by: Candy
May 19, 2006
Miami has really stolen the new condominium market in South Florida from Broward and Palm Beach counties.
It used to be that Palm Beach and Broward ruled the new condo markets. For example, in 1981 (peak of the cycle during that time), 16,301 new units sold in the northern two counties combined vs. 8,496 in Miami-Dade County alone.
Last year, in contrast, 1,152 new units sold in Broward and Palm Beach vs. 4,765 in Miami-Dade. That's right 16,301 Broward and Palm Beach new units sold in 1981 and just a measly 1,152 new sales last year.
Nowhere is this turnaround more obvious than in the luxury condo market. The waterfront areas of Miami from Aventura to Key Biscayne are filled with close to 40 new high rise developments. Furthermore, the majority have sold well and continue to do so. Only a handful of new projects are under construction in each of Broward and Palm Beach counties. Last year in Miami-Dade, 2,101 luxury units were closed vs. 428 in Broward and just 155 in Palm Beach.
How did this turnaround happen? Retiree condo markets (mostly suburban) dried up considerably in Broward and Palm Beach during the 1980s and developers did not seek out replacement markets. Too many suburban units were built, making such projects not feasible to develop until recently.
The luxury condominium market shifted to Miami-Dade because foreign buyers (about 50 percent of the market) prefer it there. Vacant land for luxury projects have been more plentiful in Miami-Dade as well.
Suburban condo markets catering to first-time home buyers have been cultivated in Miami-Dade particularly in areas including Hialeah, Doral and West Dade. But these markets in Broward and Palm Beach have essentially been ignored for at least 10 years.
Meanwhile in Miami-Dade, the 300 acres of vacant waterfront land that existed in the early 1990s has dwindled considerably. Miami-Dade luxury sites will become even more valuable because the largest percentage of future potential luxury buyers want to be in Miami. But it is also true that Broward and Palm Beach will yield plenty of buyers for luxury units as long as good sites are assembled.
During the first seven months of this year, the top 10 developers in Miami-Dade have enjoyed near-record earnings. The leader, with an average price of $982,756, is Towers at Porto Vito in Aventura. The leader in each of the three counties is developing luxury product. In Broward, the leader is Renaissance of the Ocean on Hollywood Beach with an average price of $449,976 and in Palm Beach, Toscana North on Highland Beach with an average price of $641,543.
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Boomers Drive Market
by: Candy
May 18, 2006
For the last five years or so, the "experts" have been baffled by record real estate markets and a bubble-proof real estate economy. Population growth and interest rates alone can't explain the unprecedented national passion to own property. What they have missed is an underlying major factor driving the market.....the Boomers.
The Baby Boomer generation are Americans born between 1946 and 1964. This generation have been found to own their own homes more than the national average. More Boomers own second homes than the national average. The theories behind this trend are many but the dominant one is that the Boomer real estate dealings are in response to the tax code.
With Boomers being "investment savvy", more are purchasing a vacation home or seasonal property with the intention of eventually making that property a primary residence. Current data shows that four of ten are following this strategy surpassing the one in five vacation-home buyers that originally bought with this intent.
“Some boomers will take advantage of generous capital gains exclusions from their taxes when they sell their primary residence, and then place themselves in the position of being able to convert a vacation home into their new primary residence which would later become eligible for the same tax treatment.Then, if their needs change in the future, they’ll be able to take the capital gains tax break after they have lived in that home as their primary residence for two out the five previous years. It becomes a great way to build and protect a
nest egg.” said David Lereah, the National Association of Realtor’s chief economist.
So if you're ready to make South Florida your destination, let me help you make that dream come true. Now is truly the time to take advantage of all we have to offer in Florida real estate.
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A Miami Overview
by: ????
May 17, 2006
Flamboyantly cosmopolitan, Miami is not just the heartbeat of Dade County. It’s umbrella includes adjacent cities Coconut Grove, full of yachts, Miami Beach and South Beach (also known as SoBe) with their Art Deco hotels, the Port of Miami, affluent Key Biscayne, ritzy Bal Harbour, and sublime Aventura. If images of racy “Miami Vice” come to mind, they’re not far from reality. A high profile city of finance, culture and industry, it’s a refuge for Cuban immigrants and a large Latin community. Spanish is spoken as much as English. The well planned Metrorail and constant People Movers make it easy to get around town for meetings, shopping and dining. The Miami International Airport is 35 minutes west by expressway.
Catering to both business travelers and vacationers from around the globe, accommodations in downtown Miami include the Hyatt Regency, Four Ambassadors, Intercontinental Hotel, Mandarin Oriental and the Four Seasons. For families, there’s Sonesta Beach Hotel & Tennis in Key Biscayne, Turnberry Isle Resort & Country Club in Aventura, or Miami Beach’s landmark, the Fontainbleau Hilton Resort.
Whether it’s spectator or participant, recreational options include deep-sea fishing, tennis, or testing championship golf courses at Doral Country Club or the Biltmore Hotel, to cheering the Miami Heat basketball, Miami Marlins baseball, Miami Dolphins football or Florida Panther Hockey.
Entertainment venues include James L. Knight Center, Manuel Artime Theatre, Gusman Center, American Airlines Arena, Bayfront Park, and Coconut Grove Playhouse.
When it comes to dining, the world is at your feet, whether it’s unpretentious fare like the 11th Street Diner, Havana Harry’s or Big Pink, or contemporary fusion such as Blue Door at the Delano, Café Tu Tu Tango, Joe’s Stone Crab, or Shula’s Steakhouse.
Fascinating museums include historic, natural and cultural experiences: the Miami Seaquarium, Vizcaya, Parrott Jungle, the Metro-Dade Cultural Center, Miami Children’s Museum, Metrozoo, Miccosukee Indian Village, the Miami Museum of Science and Planetarium, or the Historical Museum of Southern Florida.
A ride across the causeway to Miami’s fabled beach and azure blue waters offer a step back in time--even the lifeguard houses are unique with distinctive designs in shades of pastels.
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Women gain strength in home ownership
by: ????
May 16, 2006
Single women are delaying marriage, but not real estate. The rise of single-women homeowners is part of a greater social and economic shift that is reshaping American life. Currently women have access to the resources formerly associated with a predominately male driven market. Women now have the money, social status and power to demand the recognition as a significant driving force in today's economy.
Single and divorced women accounted for 21% of US house buyers last year, matching 2003's record and up from 14% in 1995, according to the National Association of Realtors' 2005 Profile of Home Buyers & Sellers released at the first of the year. The trend is striking, because in 1981, the number of single women and single men home buyers was virtually the same. Since then, the percentage of buyers who are single women has doubled, while the percentage of single men buyers slipped one percentage point to 9% last year. This surging participation of single women in the housing market offsets the shrinking role of married couples, who have slipped from 70% to 61% of US buyers since 1995.
Although women continue to earn less on average than men, more women than ever are able to buy houses. Earnings of women with a bachelor's degree or higher increased nearly 15% since 1990, while earnings of men with college degrees rose 10%, the US Bureau of Labor Statistics' 2004 data show.
This trend is forcing changes in real estate. The building industry is beginning to add features to homes with women in mind. Mortgage lenders are doing more to help women qualify for loans. Home builders are responding by adding more security features, reducing the maintenance requirements and adding other amenities specifically with women in mind.
With the current revitalization of South Florida and the Greater Miami area, there are even greater opportunities for us to flex our muscles and increase our economic influence. The diversity of the area coupled with the international marketplace that exists throughout the Miami area truly brings endless possibilities for women both in home ownership and true financial independence. Miami and the surrounding area is truly unique.
If you can dream it, you can do it here.
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Condos in South Florida are HOT!!!
by: ????
May 15, 2006
Miami and the Greater Miami area currently are in the hottest real estate market that it has ever seen and is, in fact, one of the hottest in the USA. Developers and all those associated with real estate are enthusiastic about the unprecedented condo-building and -buying wave they hope won't end anytime soon. Seemingly, the majority of spending is coming from outside of Florida. The large numbers of baby boomers from the North nearing retirement and foreigners helped by a weak dollar have recognized the opportunity in the current real estate market available in South Florida. Although the boom is also setting records in other Florida coastal communities, the growth is most dramatic in Miami and the surrounding communities such as Miami Beach, South Beach, Brickell and Aventura just to mention a few. This impressive growth extends to all the areas of Greater Miami and South Florida.
Homes in the Greater Miami area increased in value 20% in 2004, well above the national gain of about 12%. Currently, an estimated 50 major condo projects are proposed or under construction within 50 city blocks in Miami on or near Biscayne Bay. A look at the current permits for condos either in the pipeline or newly built and for sale in the Miami area pales in comparison to permits in Las Vegas for all types of housing, which is perennially among the USA's hottest housing markets. Compare a remarkable 69,000 in the Greater Miami area to the 40,000 units of all types of housing in Las Vegas. Miami is truly hot and booming!!
There are several factors at work here but not least of them are powerful economic and demographic forces. The sheer number of baby boomers looking for a warm place to vacation or retire are taking advantage of the low interest rates that make bigger mortgages affordable as well as recognizing that for the past five years, real estate has been a far better investment than the stock market. Thankfully, Miami's business and government leaders also recognize that the baby boomer generation expects more than just a place to live. To that end, they are working to craft a world-class city greater than Miami was already known to be. A performing arts center is going up downtown, the American Airlines Arena located just blocks away houses Miami Heat basketball games and concerts by top stars. Not very far to the east are the hot restaurants and nightblubs of South Beach. The landscape is changing so rapidly that Mayor Manuel Diaz has unveiled a plan known as "Miami 21" just to manage the growth and insure the continuity of the sense of community the city has in mind.
There are very few, if any other, places on this earth that offer all the amenities found in South Florida. And the good news for us baby boomers is that those amenities are growing....if you can even imagine that. But the best amenity available in my opinion is that the "beachfront" condo's in Miami beach are really on the beach. You grab that cup of coffee in the morning, walk out the door, finding yourself with sand between your toes and greeted by the most beautiful morning in the world!!
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South Florida -- Your Paradise?
by: ????
May 12, 2006
As Friday draws to a close and we move ever closer to the weekend, we all look forward to some respite from the daily grind. Who could imagine anything better than spending the weekend strolling the beautiful beaches, attending a sporting event, studying the latest exhibit at a local art gallery or museum, enjoying the vibrant nightlife, the list goes on and on......that is if you live in South Florida. Even better is the fact that if you are fortunate enough to be a resident, you have these options available to you around the clock.
With the vast diversity found in the Greater Miami area, the only limitation is your imagination. From experiencing the big city life to finding your own quiet hide-away, it's all here.
If you haven't yet purchased your piece of paradise, I highly encourage you to do so. From experience, I can tell you there's nothing to compare with living in South Florida. There's no better time to reward yourself. With the market shift to more of a Buyer's market, the revitalization of the area creating tremendous growth and availability of a variety of properties, now's a great time for a South Florida real estate purchase.
So, come on.....get a little sand in your shoes.....there's no grander feeling in the world.
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Miami and Miami Beach Real Estate -- Then and Now
by: ????
May 11, 2006
The lure of Miami and Miami Beach real estate has been long standing. Upon seeing a thin strip of sand on the Atlantic Ocean known as Miami Beach, Carl Fisher had a vision. He recognized the amazing potential contained in the Miami and Miami Beach area.
By September of 1924, Fisher had constructed a seven-story office building, now known as The Van Dyke. Atop, he placed a top-floor terrace equipped with a telescope with which prospective buyers were awed by the gorgeous views of the glorious land they saw before them. So amazing were the views, prospective buyers were eager to begin to develop the land. And develop they did.
Now, some 82 years later, Miami, Miami Beach and the surrounding areas of Bal Harbour and Aventura are still blossoming into the burgeoning metropolis Fisher envisioned long ago. 2005 was a record year for Miami Beach real estate with both new construction and resale numbers appreciating at nearly a 6% clip. Both favorable interest rates and rising property values contributed to set the stage for success. Miami and the Miami Beach area abound with the area's endless entertainment, diverse cultures, fine dining, high-end shopping, world-class boating and VIP nightlife.
Over the past decade, Miami Beach has emerged as one of the most vibrant cities and real estate markets, in the country. People from across the world have descended upon the community and driven an unprecedented revitalization of this long neglected tropical jewel. That force has carried across Biscayne Bay to Miami's own careworn downtown area, up Biscayne Boulevard, and throughout its historic Upper Eastside neighborhoods. The recent addition of the American Airlines Arena, and the current construction of Miami's own ultra-modern $300 million Performing Arts Center in the heart of the downtown district have combined to spark an explosion in Miami's real estate market. Presently in Miami's bay front corridor, stretching from SW 15th Road (Brickell) to NE 36th Street (Edgewater), there are approximately 17,000 new luxury high-rise and loft style condominiums under construction or awaiting permits. That momentum is overflowing into the adjacent Miami neighborhoods of Parkwest, Wynwood, and Overtown.
The City of Miami has committed to ensure the success of this development surge. Out of date zoning codes are being completely revamped and a citywide development plan, overseen by the Miami DDA (Downtown Development Authority), is being implemented that officials vow "will balance new development with revitalization and preservation of the neighborhoods". These development districts are united under the Biscayne Boulevard Special Area Plan to provide continuity between the Parkwest/Overtown "entertainment district", Bicentennial Park, the American Airlines Arena, the Performing Arts Center, and Bayfront Park. Miami City commissioner Johnny Winton is quoted as saying, "I think we're in the midst of the most significant redevelopment boom in the history of the city. We could end up with one of the absolutely best cities anyone would want to live in, work in, or play in."
One can only wonder what Carl Fisher would have to say could he see his Miami and Miami Beach now. The year-round tropical climate and access to all that Miami has to offer . . . who could ask for anything more? Once Miami and Miami Beach lures you to it's breathtaking shores and spectacular South Florida living, there's no turning back.
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Miami Beach Real Estate is “Hot, hot, hot”
by: ????
May 10, 2006
Residents of Miami Beach's Flamingo Park neighborhood have will today take their battle to City Hall. Miami Beach residents have long fought to protect their neighborhood against out-of-scale developments.
The Miami Beach residents’ issues: two ordinances to be considered by the Miami Beach City Commission that preservationists say will keep historically significant structures from falling prey to developers.
Their biggest concern: taller buildings looming over the small-scale neighborhood, which is bordered by Sixth and Lincoln Road, between Alton Road and Washington Avenue.
Height limits in the historic neighborhood are now four stories, but activists want to go even lower. One proposed ordinance would lower that to three stories, and the other would further restrict density.
''It's probably the most important issue facing the National Art Deco Historic District since the day it was founded in 1979,'' said Bill Farkas, Executive Director of the Miami Design Preservation League. ``Real estate in Miami Beach is hot, hot, hot. That's the threat that now faces [the district].''
Preservationists are worried because the Flamingo Park neighborhood falls within the Art Deco District. When the federal government declared the district a national historic district in 1979, developers and bankers didn't want to invest in the area. But times have changed.
While most of the older hotels along Ocean Drive have been restored and are protected, preservationists worry that the historic apartments and condos that dot Flamingo Park make tempting targets for developers who might want to demolish them and build denser -- and more profitable -- buildings.
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Housing Market Cooling This Year--Better for Buyers
by: Candy
April 13, 2006
The market is leveling off.-Stats are expected to fall (existing home sales) 6 percent to 6.65 million in 2006--last year was 7.08 million. Demand for new homes expected to fall 10.9% to 1.14 million this year.--we had a record last year at 1.28 million.
What does this all mean? We have a shift from a Sellers market where they can demand that the Buyer pay their price no matter if the home appraises or not. In a rising market that can be OK-but... when the market slows down, more inventory hits the streets and there is more competition-so...the Sellers have to break price or allow the Buyer to have some credits.
Not as great for Sellers --better for Buyers. People with 100% financing or less than 20% down--now have a chance to get into a home. Your Realtor can now have the opportunity to get you into a home for less price and less money down. Good luck Buyers!!!
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Domain In Miami's Upper Eastside Coming soon
by: Candy
April 05, 2006
Who wants to come and take a peek at Domain? Studios,lofts, flats and townhouses from $300K with 10% down---minutes from downtown Miami and close to everything with bay and park views. Very cool--The premiere is Thursday March 30th, 2006--64th and Biscayne Blvd.
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Florida Farmland in Demand
by: Candy
March 28, 2006
This news just in: Demand for land by developers, investors and speculators pushed the value of agricultural land to record levels in all regions of the State.(DUH!!!!)
University of Fla. new Florida Agricultural Land Value Survey says prices of agricultural land increased 88% over 12 months across the state.(Better than the stock market???) And....they say that most of the farmland isn't being bought for agricultural purposes.(Really?????)
And.....there has been a sharp run-up in farmland prices over the past few years and now...we are beginning to see an increase in land specualtion from out-of-town buyers, developers and foreign investors. (oh my!)
This writer wonders when they(who are they?) figured this out.
theres more....and.....there's also a strong demand for rural home sites. (gosh!!!)
stats just in....the average value of agricultural land ranges from about $2700 per acre for unimproved pasture and farm woods in Northwest Florida to almost $10,000 per acre for orange groves in Central and South Florida.--In all regions of the state, the value of other types of cropland also increased by as much as 85%,(holy cow!!!) and....the value of pastureland increased by as much as 87%(think milk?)
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2005-Commercial Real Estate Big Winners
by: Candy
March 24, 2006
Investors in Commercial Real Estate made an average of 34% on their money from 2005. (From study in late Feb. by the Massachusetts Institute of Technology's Center for Real Estate)
The gain outpaced the stock market worldwide. Who new?
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More Miami Real Estate Statistics
by: Candy
March 24, 2006
Sellers now outpace Buyers-the market here in Miami is starting the shift (surveys from NAR)
Sales continue to ease(longer days on Market)-but expectations for seller traffic is the same as last years survey.
Existing home sales declined in January but remained at historically high levels. Sales of single-family homes, town homes, condos, and co-ops were down 2.8% to a seasonally adjusted annual rate of 6.56 million units in Jan., from an upwardly revised pace of 6.75 million in December.
March 6 Pending Home Sales Index: 116.3--The PHSI, is based on signed contracts for existing homes and an indicator of home sales expected to close over the next two months---an index of 100=the average level of contract activity during 2001, the benchmark year.
What does this mean for new Buyers and Sellers in this hot Miami real estate market? This writer notes: Me thinks the Sellers will become more realistic as to how everything works for example that appraisers go by the homes that sell in the area and not what some Seller thinks his home is worth. Maybe now we can all sit down and negotiate a real price without cutting each others throats---Then the Sellers can buy something more and Buyers move into their new homes.
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South Florida hotel rates on the rise
by: Candy
March 24, 2006
South Florida hotel room rates are up--looks like a strong tourist season here in Miami.
Average hotel rates are $169 per night here in Dade County up $14 from Feb. 2005. In Broward, the average rate rose 15% to $147 per night.
Occupancy remains steady at 81% in Dade County and 88% in Broward County.
Two driving forces: The Miami-Dade boat show and this week's Winter Music Conference.
Miami-area hotel in February posted the 2nd highest average daily rates among the country's Top 25 hotel markets, second only to New York's $190 rate. The Fort Lauderdale area and the Florida Keys are not Top 25 markets.
The higher rates have helped to bring in more tax dollars to Miami. Keep it coming people! The more people that come here, the more people that will become interested in investing in Miami real estate.
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Attention Miami Real Estate Home Owners! Check 'Points' for IRS
by: Candy
March 24, 2006
If you refinanced your homes last year you may be able to deduct some of the costs.
This in from the IRS:
Generally, if you itemize, the points paid to obtain a home mortgage may be deductible as mortgage interest.
Depending on your circumstances, points can be fully deductible in the year paid.
Points paid solely to refinance a home mortgage usually must be deducted over the life of the loan.
But....if part of the mortgage money was used to finance improvements to the home and if the taxpayer meets certain other requirements, the points associated with the home improvements may be fully deductible in the year the points were paid.
PLease consult your CPA!!! This stuff can get complicated, but just know to give all your HUD-1 statements to your CPA for every purchase and let them carry the ball. Good luck!
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Looking for an Upstate New York getaway?
by: Mickey
March 22, 2006
Miami Real Estate Today
by: JL
March 16, 2006
The best time to buy Miami real estate is now. How you buy is what the buyer needs to concern themselves. Who hasn't had a conversation with someone and heard them say "I could have bought this or that for such and such amount. If only I knew." Well everyone, now you know! So whens the best time to buy Miami real estate? NOW!
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Domain is coming to the Upper Eastside-Great Miami New Construction
by: Candy
March 16, 2006
Affordable luxury is coming to the Upper Eastside with some of the lowest pre-construction prices on Biscayne Blvd. Studios,Lofts, Flats and Townhouses starting from the low $200's-minutes from downtown Miami and close proximity to fabulous Miami Beach and Sobe. With only 10% deposit for Buyers--Looking forward to this one!
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Overtown in Miami Florida-Residents ready for Change
by: Candy
March 15, 2006
Look at the Lyric in Overtown--located at 819 NW 2nd Ave in Overtown has begun holding events. Currently it showcases an exhibit titled "In Motion: The African-american Migration Experience." The Lyric Promenade Project includes a mixed-use development and is part of the promising developments coming to Overtown with the Crosswinds condo-retail project that sits on 9.1 acres and will cost over $200mil.--Looking forward to them!!!
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Miami hot happenings-calle ocho!!!
by: Candy
March 15, 2006
This Sunday March 18-Calle Ocho's 27th party comes to Miami Florida. This party in Miami is possibly the largest Latin festival in the world. Are we hot or what? Just check out Sw 8th Street in Miami and see the thousands of people that flock here from all over the globe. Other hot happenings here in Miami include:
Baltimore Orioles Spring Traing,Miami International Film Festival,Langerado Music Festival,The Miami-Dade County Fair and Exposition,Global Music Gathering,NASDAQ-100 Open Tennis Tounament, Winter Music Conference/M3 Summit,Ultra,Indy Racing League's Toyota 300 and the International Orchid Festival--All this happening in Miami Florida in March!!!!
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New schools for NOMI
by: JL
March 13, 2006
The area around 135th street and 8th ave.is getting a makeover. A new North Miami High School, a new olympic training center, in addition to a new library. On the east side of Biscayne is a 1-8 school and a soon to be built high school. It's all good in Nomi!These developments will have a positive impact on the quality of life as well as a positive impact on the value of real estate. The city of progress, NOMI!
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Investments in Miami Real Estate still hot-No bubble here!
by: Candy
March 11, 2006
The National Association of Realtors (NAR) recent studies indicate that as many as one in four U.S. properties sold today is purchased by investors, and in Florida markets the percentage is much higher.--Stats: 79% of investment properties were detached single family homes.
In Florida, typical first investments include condos,duplexes and small multi-unit properties.
This blogger notes: I've been primarily working with investors over the last 5 years, from flipping preconstruction condos to single family renovations and now more recently large profit taking rolling over through 1031's to multi-units....The market is still hot for future appreciation. You just have to know what you are doing or have someone who knows. The bubble is for losers.
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Hispanic Population numbers off the charts
by: Candy
March 11, 2006
The hispanic population reached over 41.3 million-the growth rate of 3.6 percent over the 12-month period was more than three times that of the total population(1.0 percent).
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More Miami South Florida real Estate Stats
by: Candy
March 11, 2006
Here are some stats from Dr. Andrew Schiller of NeighborhoodScout search engine:
Top Places to Raise Children:
1. Windermere(Near Orlando)
2. Boca Raton
3. Winter Springs
4. Key Biscayne
5. Lingwood
6. Orange park
7. Ft. Lauderdale(west of the Florida turnpike)
8.Jupiter
9. Oviedo
10. Naples
Fastest growing city: Port Saint Lucie! +100,000 between July 1 2003 and July 1 2004 some others: Cape Coral and Miramar.
We are hot people!! On fire!
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Profit potential for a new kitchen
by: Candy
March 10, 2006
Does it pay to put money into a kitchen???
Nationally, the average cost of a renovation is for a 200 square foot kitchen is $42,660, and the resale is $33,890-whoops! guess not?
But here in the Miami real estate hot market it costs $40,874(average) and we get back $43,874!!!! 107% return--not bad.
I love it here.
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NOMI Real Estate
by: JL
March 09, 2006
I bought a 3 bedroom 2 bath single family home in North Miami (Nomi) June 2003. I paid $130,000.00. It 1400 sq. ft. and has an open floor plan. It's of mid century design on a 7600 sq. ft. Since that time my home like everyone elses has increased dramatically.In less than three years it's more than doubled. And yet Nomi still has some of the most affordable Real Estate in Miami-Dade county. And the potential has yet to peak. Most of the city is a CRA (community redevelopment area). Theres still lots of single families less than 300k and many condo's under 200k. Although the city is committed to creating more affordable housing, as the area continues to improve prices will go up. My point being that if you are looking for housing that is attainable now and has room for growth even in this changing market Nomi is the place to be. Don't let this opportunity pass you by. Get to Nomi!
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More real estate stats from Miami, FLorida
by: Candy
March 09, 2006
David Lereah from NAR and is senior VP and Cheif economist predicts:
Business for Real Estate here in South Florida will not dissappoint.
He forcasts that existing home sales will be 6.843 million units-the second best year ever! which by the way is down only 4% from last year. New home sales will be 1.225 million units from 1.287 last year.
As for home appreciation we should see 6.1 and 7.3 for new homes. He says the cooling is exactly what the market needs because it helps check the rise in speculative buying and the growth in risky markets, such as interest-only loans that we started seeing at the height of the boom.
As for interest rates: they should remain below 7%--still very inexpensive.
In other words: Buy South Florida Real Estate now! More inventory to choose from, and the rates are still good!!!! More on this subject later.
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More Real Estate Statistics from Miami Florida
by: Candy
March 09, 2006
The supply of homes for sale remains tight in many metropolitan areas, but the trend is toward softening. Inventory on a national average basis hit a record low 3.8 months' supply in January 2005 and has been climbing steadily since then, reaching 4.9 months in October 2005. That's still below the roughly six to seven months brokers define as balanced supply.
NAR reports some of the biggest increases in months' supply coming from: Chicago,Binghamton, N.Y., Boston, Washington, D.C., Baltimore, Palm Bay, Fla., Champaign, Ill., Cumberland, Md., Hagerstown, Md., and Madison, Wis.
The biggest decreases in months' supplies come from:
Danville, Ill., Los Angeles, San Antonio, Mobile, Ala.,Austin, Texas,Albuquerque, N.M., Portland, Ore., Colorado Springs, Colo., Greenville, S.C., and Amarillo, Texas.
This writer notes:
Could this mean that in some areas there is a lot of profit taking??? Like here in Miami, Fl. for example, yes we are getting more inventory to list -but they are also taking the money and buying more! Also, I don't notice the prices dropping. Maybe, the Sellers are becoming more realistic about the actual market values and are less apt to hold onto their properties. There are a lot of opportunities to choose from right here in Miami--areas such as Opa-Locka, Miami Gardens, Carol City, Buena Vista West, North Miami, North Miami Beach just to name a few areas that are still quite attainable for the first time homebuyer. Single family units are still appreciating quite nicely here in Miami, Florida.
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get to nomi
by: JL
March 09, 2006
North Miami is still the most affordable real estate in Miami-Dade for single family homes. It's an interesting neighborhood in that it was primarily developed as affordable housing for G.I.'s after WW2 and has alot of what could be identified as MIMO tract housing. Nomi also has the Moca (museum of contempory art) and many art galleries. Included in the mix are high end furniture and many vintage furniture stores. The proximity to the beach, Fort Lauderdale and downtown Miami in my opinion make it one of the best real estate investments in the Miami area.
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Technology
by: JL
March 08, 2006
Technology, in the past decade, has really altered our world and the way we do things. Even people who are technophobes cannot escape the fact that there world is different because of technology. Real estate has become a technology based industry. Blackberry, e-mail, cell phones, palm pilots, laptops all assist us in accomplishing our jobs in a rapid and efficient manner. But technology cannot take the place of service. It cannot be professional. It cannot listen. These are attributes that only a professional realtor can hope to possess. There is no technology that can take the place of a person who knows and cares about your personal situations and your goals. So make sure when selecting your agent that it's someone you feel listens to your concerns and is willing to go to any lengths to help you achieve your goals and find your home in beautiful sunny Miami
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Stats from 2005 for Miami Real Estate
by: Candy
March 08, 2006
The 2005 median home price nationally was $225,000. The income needed to qualify for a home mortgage (assuming 10 percent down and no more than 30 percent of income going to payments) was $71,354.
Check this out: Here are some salary averages:
Elementary Teacher: $45,320
Police Officer: $43,858
Fire Fighter: $36,389
Nurse: $36,531
Social Worker: $38,243
Accountant: $46,172
Civil Engineer: $59,757
Computer Programmer $56,777
News Reporter: $32,949
Oprah Winfrey: Just Kidding!
This is why we all need professional help to find a home! There are many ways to purchase and many ways to be creative with financing. There are many other types of financing out there and with the right team- a new home here in Miami may be on the horizon.
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Fannie Mae and Freddie Mac raise mortage Limits
by: Candy
March 08, 2006
Fannie Mae and Freddie Mac are raising the limit on the size of single-family home mortgages they will purchase by 16% to $417K increasing the pool of buyers who will qualify for lower-cost financing. The increase is the biggest in at least 25 years.
Starting Jan 1, the loan ceiling was raised from $359,650. A $417,000 mortgage would result in a monthly saving of $67.41 a month at an interest rate of 6 percent vs 6.25 percent. Over the life of the loan, the savings would be about $24,000.00
Fannie Mae said in a press release that the change would allow as many as an additional 466,326 homeowners to qualify for a conforming loan, or those loans that Fannie and Freddie will buy to repackage as mortgage backed securities.
Limits for morgages on mulifamily properties also rose in January, with the maximum for two-family loans rising to $533,850,three-family loans to $645,300 and four-family loans to $801,950.
The limit for second mortgages is now $208,500.
The loan limits are adjusted annually by Fannie and Freddie's primary regulator, the Office of Federal Housing Enterprise Oversight, based on home price inflation as measured by the Federal Housing Finance Board, another regulatory agency.
This is good news for Miami real estate.
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NAR Survey-Realtors in Good Standing
by: Candy
March 08, 2006
Public opinion of Realtors has reached an all-time high for the third straight year according to an annual tracking survey by the National Association of Realtors (NAR)
Of the consumers surveyed: 79% say Realtors have the best network of sources to help buyers and sellers;73% consider Realtors professional and 69% say Realtors conduct business with ethics and integrity-and 68% say Realtors get the job done.
BULLY FOR US HERE IN MIAMI!!!!
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There's No Place Like Home
by: Candy
March 08, 2006
This news just in from Realtor Mag-they got this info from research data from the University of Florida...that despite worries that residents in storm-ravaged areas may move away,they say that the 2004 hurricane season had little or no affect on Florida's 2004-2005 population growth.
Florida's population grew by more than 400,000 last year which was the largest increase in Florida history. I quess Miami, Miami Beach for that matter Dade and Broward counties may get a piece of that action!!!
The four hurricanes affected 32% of the housing units in the state as a whole, but 74% of the units in a 13-county area.
Here are the areas that show a population decline:
Escambia county: 3,603 for 2005,Charlotte 2,933,Desoto 1,499,Hardee 454 and Okeechobee 239. These counties experienced heavy hurricane damage and since they had been growing in previous years and the state as whole grew rapidly last year, these declines were clearly caused by the hurricanes.
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Study says blacks, Latinos more likely to get high-cost mortages in S. Florida
by: JL
October 04, 2005
Black and Latino home buyers were more likely to receive high-cost loans than white home buyers in South Florida, according to an analysis of mortgage data released Thursday by the Association of Community Organizations for Reform Now.
The advocacy group's study found that black home buyers in the Fort Lauderdale area were 3.8 times more likely and Latino home buyers twice as likely to be offered a high-cost, or subprime, loan compared to white home buyers. In the West Palm Beach area, black home buyers were 4.9 times more likely and Latino home buyers 2.9 times more likely to get a high-cost loan in 2004, the study found.
Homeowners refinancing their mortgages also had a greater chance of being offered a high-cost loan, the study found. In Fort Lauderdale, black homeowners were 1.9 times more likely and Latino homeowners 1.2 times more likely to be offered a high-cost loan than a white homeowner trying to refinance a mortgage, the study found. In Palm Beach County, black borrowers were 2.8 times and Latinos 1.6 times more likely to be offered a higher-cost refinancing.
"I think that what this data points to is that there needs to be further investigation" into lending practices, said Valerie Coffin, an ACORN national researcher based in Baltimore who compiled the report. The community group has looked at mortgage figures for more than a decade.
South Florida was not among the areas where the greatest disparities were found, either for home purchases or refinancing, according to the study.
Coffin said that people should make sure that lenders are giving them the best loans for which they qualify, and that "lenders need to really take responsibility to actually offer people the lowest-price loan they qualify for."
Some South Floridians say they have seen such a difference in their neighborhoods. "That's our biggest problem, not having access to capital," said Karl Weaver, a former Pompano Beach city commissioner and the first black man to serve on the commission. "That's why our communities are not upgraded and we're not getting into businesses."
The ACORN report's findings are similar to recently released findings by the Federal Reserve -- with a caveat. While the study found that minority borrowers were more likely to be offered high-cost loans, the differences between groups were reduced when considering such factors as a borrower's income.
The Federal Reserve's study also found that Asian borrowers were the least likely to be offered a high-cost loan, coming in ahead of white borrowers.
Including information such as credit history and income is key to any analysis of how banks lend money, said James Ballentine, director of grass-roots and community outreach for the American Bankers Association in Washington, D.C. Lenders consider many criteria like income and credit history before offering a loan, and that isn't reflected in the ACORN study, Ballentine said.
Groups like ACORN should focus on working with lenders to find out the reasons behind the differences and help craft solutions, such as financial education courses to help improve credit ratings, Ballentine said.
"At some point it's important for these ACORN studies that we move beyond this period of destructive criticism and move into an area of constructive dialogue," Ballentine said.
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Single-family home prices dip slightly in Broward
by: Candy
October 04, 2005
The average and median price of a single-family home in Broward County dipped slightly from August to September, but don't fret: Local real estate experts say it's far too early to tell whether this is the start of a trend in South Florida's market.
The average price of a single-family home in Broward was down 4 percent to $464,032, and the median price down 2 percent to $380,500 in September compared with the previous month, according to statistics compiled by the Realtor Association of Greater Fort Lauderdale and released on Monday.
Meantime, the average price of a condominium increased by less than 1 percent to $251,078 in a month, and the median price of a condo increased by 2 percent to $205,000 in the same time, according to the group's statistics.
When compared with last year, however, the report shows that prices are still much higher: The average price of a single-family home is up 24 percent and the median price is up 28 percent compared to September 2004.
The report also shows Broward condo prices have jumped even more in the last 12 months. The median sales price of a Broward condo climbed by 46 percent, from $140,000 in September 2004, and the average price of a Broward condo increased by 45 percent from $172,645 last year.
The sales figures are worth watching, but still too early to indicate any kind of changes to South Florida's hot real estate market, said Ann DeFries, president of the Realtor Association of Greater Fort Lauderdale.
They will have a better sense of whether this is just a hiccup in the market after seeing sales numbers from October and November, she said.
"One month is certainly not a great indicator," DeFries said.
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