Miami Real Estate

That’s right…I am now a homeowner! My fiance and I just closed on our first home and couldn’t be happier. From the beginning, we set out to find something in a great location, near our place of employment and families and something big enough to grow into (and a good school district-although we’re not at THAT point in our lives yet!).

On our hunt, we came across one we thought would be good. We went in, decided it was the one, drew up an offer, negotiated it out, and within 24 hours, we were under contract! The next step was applying for a loan, and getting inspections done, both of which we did immediately. The inspection turned up some big ticket items for repair, so we were skeptical at that point. We negotiated out the repairs and continued on the Home Buying journey with that house. We obtained a loan commitment, got our insurance and moved the process along. We did a walk thru (how different the house looked without the seller’s things in it!) and were ready to close. There was a delay to close, by a few days (frustrating!) but we finally closed and the house is ours! Now the work begins…renovations!

As a realtor, I have been helping clients from start to finish (and beyond), but now I know what it’s like to go through the motions. Had I not been in real estate, I would definitely have sought out professional assistance from an agent. It’s a daunting task, and to have someone who knows the process and is there every step of the way is a huge help!

Contact the Restivo Team…we will help you through the entire process, whether buying or selling! We were able to negotiate things on my behalf in my purchase, and will be on your side and do the same for you!

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I learned a long time ago that “common sense is NOT common practice“. This is especially the case during the emotional time that surrounds buying a home, when people tend to do some non-commonsensical things. Here are a few…

via 6 Don’ts After You Apply For A Mortgage.

If you would like to buy a home or sell yours, the Restivo Team can help. Give us a call today and let’s get started!

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Applying for a mortgage (single family home/ or condo)?   This is what your lender will ask you for:

1- Last 2 years tax returns for individual tax returns  (all pages)

2- Last 3 years w-2  and 1099 (if applicable )

3- Last 4 pay stubs ( if applicable)

4- Last 2 months bank-statements (all pages)

5-  Last 2 years tax returns for a business

6- Copies of 2 forms of  identification

7- Copies of your green card if you are a resident and not a US citizen

8-  If you have investment properties in the US ,  provide mortgage statements insurance information and HOA information on those … if applicable.

For more information on buying and selling real estate, link to MiamiRealEstateCafe.com

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You may be able to Use a Reverse Mortgage to Buy a Home …

The benefit to you is that  (rather than you paying a monthly mortgage to your lender)  a Reverse Mortgage pays you to stay in your house … A reverse mortgage allows you to receive cash payments which from the equity in your home.

The requirements for a Reverse Mortgage are:

*    Homeowner must be 62 or older

*    No credit score requirement to qualify

The benefits of a Reverse Mortgage are: Read the rest of this entry »

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I received an offer on one of my listings … It’s literally a one page offer from another Realtor, accompanied by a text message to my iPhone, asking that I respond to the agent by phone or text the next day if the offer is accepted.

There’s no property address, no folio number, no terms, no closing date.

It’s written on a lender’s stationary,  specifying (not a whole lot more than) just the name of the buyer,  the approved mortgage amount,  the maximum purchase price permitted by the lender, and an allowable  percentage for seller contributions – if any.   It shows the seller as ‘owner of record’.   There’s a hefty escrow amount that’s ‘pending collection’ and an escrow agent  that is yet ‘to be decided’.

Seriously?  Could literally be for any house, anywhere…. and by no means is it even close to being an offer!

Those poor buyers!   I chatted with them and their Realtor, while they previewed the home I was selling….  Read the rest of this entry »

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According to Chase Bank,  home prices are predicted to drop 6-7% in the nation before hitting rock bottom in 2012.

Prices in New York and New Jersey will drop 13%.  Illinois and Indiana and Kentucky will have significant drops in their housing prices, because of the amount of shadow inventory in each of those states. 

Also in bad shape are North Dakota and New Mexico … South Carolina and North Carolina.

What about Miami?     Not only do we have beautiful weather year-round, but from all appearances the real estate market in Miami is one of the few that has actually stabilized, making our neck of the woods a good investment option.   If you are looking to relocate we would love to help you!  We specialize in South Florida, and we can also connect you with real estate experts nationally and internationally to help with the other side of your move .   The Restivo Team at EWM Realtors, International.   305 793-1365

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2012 will be breakthrough year in real estate according to the experts… in Miami.

Who is  FORECASTING WHAT …  FOR THE REAL ESTATE MARKET? :

Zillow says:  Prices in Miami will remain stable over the next 12 months, although prices will go down in Chicago by 7.6% …  and will similarly drop  in Atlanta by 8.5%.  “Prices WILL soften in Florida … and in the rest of the country…  BUT NOT IN MIAMI !!”   (according to Steve Harney of Matters, who spoke to a group of Top Real Estate Agents at EWM in Miami last week).  Harney demonstrated through recent sales that the propjected prices in real estate  will be flat this year (2012)  … with Miami pricing being at the same level as in 2002 … but with interest rates in 2002 being at 6.11%  as opposed to today being at 3.87%..

Warren Buffet  recently advised his secretary (of  many decades):  ”Buying a home right now will be the best opportunity in your lifetime”.

Chris Thornberg  has had a change of mind about the real estate market.  Back in 2007 he warned “WAIT TO BUY, because you’ll get it for 10% less in a year”.  He was right.  Now he says “If you have been thinking about buying in Las Vegas , or a condo in Miami BUY NOW!”.   I don’t disagree.

And Celia Chen of Moody’s Analytics reports a 30% increase in existing home sales.

The Restivo Team at EWM is seeing an increase in property sales – both single family homes and condos – in Miami.  “When homes start going under contract before they even hit the MLS, as they are doing again now (March 2012) it’s an indicator that the real estate market has not only stabilized but is improving”.   Vicki Restivo – EWM Realtors, International.

Considering buying or investing ?    Miami is simmering …    Many opportunities for buying  (and buying well!)  right now – in South Florida!

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I can see WHY IT’S  SO HARD for appraisers to appraise property these days.   One of the homes I showed buyers recently was described in the MLS as being a  ”Great home in a wonderful area near Baptist Hospital. New roof! New bathrooms! Handicap accessible! Showings by appointment only. 24 hour notice. Turn key.”   And … the photos looked promising.

Reality though is sometimes a whole other picture. 

Those remodeled baths … well, they weren’t.  The pool was more of a pond.  The interior was a disaster …  more like squatters resided there … in complete dis-array … and to say it was filthy would have been just way too polite.

The biggest problem is  once a property like this one actually sells, because anyone Read the rest of this entry »

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Chris Thornberg  had a  change of mind about  real estate. 

Back in 2007 he warned “WAIT TO BUY, because you’ll get it for 10% less in a year”.     And … He was absolutely right. 

He was recently quoted  saying :   ”If you have been thinking about buying in Las Vegas , or a condo in Miami BUY NOW!”.   That’s now … in 2012.

I agreed with him then …  I agree with him now.

National average rents are headed upward.   A rental that you could have had for $1000 in 2009 is forecasted to reach $1,175 by 2014.  When rental prices are on the rise, it’s a good indicator that it’s time to look at buying.

If you’re thinking about purchasing property  anywhere in Miami, we would love to work with you.  We know the market, and we know the neighborhoods you want to live in and invest in, and we look forward to helping you.  Call us anytime on our direct number 305 793-1365  The Restivo Team … experienced …  reliable …  local …  real estate experts.

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MIAMI’S MIDTOWN is starting to take on the look and feel of New York’s Meat Packing and SoHo Districts.  

Miami has a new  “fashionably-trendy” hot spot… offering walkability… a neighborhood feel … nightlife… shopping and dining … entertainment … art … and a vibrant interactive community in the areas of  MIDTOWN  and the MIAMI DESIGN DISTRICT.   Wynwood, Midtown and the Design District are all  pretty much adjacent to one another - each of them located  immediately north of Downtown Miami … and  within blocks of the ”10 billion dollar mile”.  

A host of trendy new restaurants, new condo construction, shops and restaurants  have seemingly sprung up overnight in Midtown and the Design District …  With the Miami Art Festival  (and influx of art galleries, dining options and stores popping up)   Midtown planted itself on the map at the end of 2011 …  and made it the talk of Miami in a matter of a few months.

Condos in Midtown can be bought for around $200.00 a square foot … brand new…   and range in price from around $200,000.00 – upward . Read the rest of this entry »

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