Miami real estate news and information

Archive for the 'BUYER’S ADVICE' Category

5 Reasons to Hire a Realtor

If you’re thinking of buying or selling a home, there’s plenty to think about. A real estate professional can make it easier to help navigate from start to finish. Here are five reasons you might want to hire a Realtor…

1. PAPERWORK – There are lots of rules, regulations and disclosures involved in a real estate transaction and it’s helpful to have someone on your team that knows the ins and outs and who’s able to look out for you. If you’re buying, we will gather all the information and prepare the offer, make sure there are no surprises in the contract and look out for your best interests. If you’re selling, we sift through any offers that come in and make sure you’re getting the best outcome for you.

2. EXPERIENCE – Working with a local realtor who has dealt with buying and selling homes in the area you want to buy or sell in is invaluable. You need someone who knows the area, understands the market, can navigate through unexpected surprises (yes-they happen), and who has a rapport with other realtors in the area. We have been part of the local Miami real estate community for over 15 years combined and are well versed in all there is to know and help you.

3. NEGOTIATIONS – This is a key factor in a real estate transaction. Of course, we help get the best price we can for you. What’s also important is having someone on your team who is able to help keep a transaction from falling apart after inspections or an appraisal. As Realtors, we do our best to ensure that you are able to sell or buy your home.

4. PRICING – A Realtor knows the value of local properties and we can help you establish a fair value when buying or selling a home. It’s important to get the most value for our buyers or sellers, based on the local market.

5. UNDERSTANDING MARKET CONDITIONS – The market is constantly changing. It’s helpful to have a professional who knows the market conditions and can easily explain them to you.

Many people won’t hire a Realtor because they think it benefits them in the long run. A Realtor is there to help you and to represent you. Often times, a Realtor can get you a better price and will also make sure there are no surprises in a contract or throughout the buying or selling process. The Restivo Team works diligently to take care of their clients and would love to chat with you about your needs. Contact the Restivo Hechtman Team today to get started.

 

Source of Chart: Keeping Current Matters

 

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Miami Beach Condo – Progressive Open House

Join the Restivo Hechtman Team for a Twilight Open House at the Murano Grande Condo on Miami Beach. Located at 400 Alton Rd, unit 1405 features 2 bedrooms and 2 baths, limestone floors and views of the city and the ocean. Stop by to preview this beautiful unit and see the others available in the building. Contact the Restivo Hechtman Team for more information.


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Sunday Open Houses

Join the Restivo Hechtman Team for two Open Houses this Sunday, January 8.

 

7740 SW 141 St in Palmetto Bay

Open 12-2 PM

This pool home features 5 bedrooms, 4 bathrooms and a guest cottage! The main home features 4 bedrooms, 3 bathrooms while the cottage is a 1/1 with it’s own kitchen, living room and dining room.                     Offered at $649,000

 

 

 

10651 SW 65 Ave in Pinecrest

Open 3-5 PM

Grove-Inspired Lifestyle…in Pinecrest. Canopied by mature, manicured black-olive trees, along pathways through gardens filled with rare palms, exotic foliage & fruit trees, this 4 bedroom, 3.5 bath Pinecrest home combines modern updates along with an unrivaled tropical backdrop.  Offered at $1,495,000

Stop by and check out these beautiful homes. Contact the Restivo Hechtman Team for more information or to schedule a private showing.

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Brokers Open at the Murano Grande

viewJoin us for a Progressive Brokers Open at the Murano Grande on Miami Beach, located at 400 Alton Rd #1405. From 12-3 PM on November 15, there will be a few units available to preview in the building. Unit 1405 is 2 bedroom 2 bath unit with city views and ocean views as well. Unit features marble kitchen counter tops, warm 18×36 blue limestone floors, alpine snow quartz vanity top and Majorca limestone floors and walls in the master bathroom. It also comes equipped with designer light fixtures, frameless shower doors and impact glass windows and sliding doors.

The Murano Grande boasts luxury amenities such as a concierge, tennis court, spa and pool with views of the bay. You will enjoy being near the beach, nightlife, shops and restaurants. Don’t miss this opportunity to see a beautiful building and condos all at once. Contact the Restivo Hechtman Team for more information or to schedule a private showing if you are unable to make it to the Broker’s Open.

 

murano-progressive-open

 

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The Home Buying Process

Ready to move into a new home but not sure where to start? Here’s a breakdown of the process from start to finish.

To start, enlist the services of a Realtor you trust and can rely on.

In working with buyers, we like to chat with you and find out what you’re looking for…location, size, design style, pool, yard, school preferences, gated community, and ideal price range. Once we have your ideal home in mind, we sort through the homes that fit your needs and we make appointments to view them with you. Once you narrow it down, we can go back for a second look and make an offer on the home you want.

typical seller's expensesWe will present the offer to the selling side and negotiate the contract out on your behalf. When the terms are agreed to and the contract is fully executed, there will be an inspection of the home. During the inspection, an inspector will take a look at everything- plumbing, electric, structural, pests, mold- and give you a report. Depending on the results, you can continue moving forward with the purchase or move on to another home.

If you’re obtaining financing for the purchase, your application will be submitted very shortly after the contract is fully executed. The file will go to underwriting, where the bank will review your finances and qualify you for the loan. The bank will also order an appraisal of the property to determine the value of the home they are going to lend on. With a loan commitment in hand, you’re on the track to close.

There will be a survey, title and lien searches in order to provide clear title.

Once we have the clear to close, there will be a walk thru of the home to make sure everything is still the way it was agreed to in the contract and that appliances and any inclusions are in fact still at the property. Then…closing, where documents will be signed, title transferred to the buyers, funds transferred and keys exchanged. The home is yours!

The home buying process can be intimidating, but we can help you navigate through it smoothly, ultimately finding you your dream home. Don’t wait, contact the Restivo Hechtman Team today!

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Pinecrest Tropical Oasis – Open House This Weekend

IMG_1631Join the Restivo Hechtman Team for an Open House on Saturday 11/5 and Sunday 11/6 from 2-4 PM at 10651 SW 65 Ave in Pinecrest. This tropical inspired home was renovated, complete with new bathrooms and a chef’s kitchen that’s been featured in commercials. The home features 4 bedrooms, 3.5 baths, lush tropical landscaping with a hot tub and oversized pool. The grounds are filled with tropical fruit trees, exotic plants and mature palms…it’s like your own Fairchild Tropical Gardens! Imagine enjoying a cup of coffee on the terrace while listening to the palms swaying around you…your private escape from the hustle & bustle of everyday life.

Stop by and preview this unique, one of a kind home, offered at $1,595,000. If you can’t make it this weekend, contact the Restivo Hechtman Team for more information and to set up a private showing. This is truly a gem, unique in so many ways. If you’re looking for a Coconut Grove vibe and want to live in Pinecrest, this combines the best of both worlds. Don’t miss it!

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Join Us For EWM Open House Weekend

The Restivo Hechtman Team will hold open houses this weekend…October 29 & October 30. Join Us!

 

screenshot_2016-10-27-20-12-54-110651 SW 65 Ave in Pinecrest

This tropical oasis boasts 4 bedrooms and 3.5 bathrooms. The home has been updated while maintaining it’s original charm…impact windows, updated bathrooms and a chef’s kitchen which has been used in commercials. The property features an oversized pool, hot tub, a variety of tropical plants and fruit trees set among trails and pathways.

Offered at $1,595,000.

OPEN SATURDAY & SUNDAY 3-5 PM

 

17740 SW 141 St in Palmetto Bay

This pool home features 5 bedrooms, 4 bathrooms and a guest cottage! The main home features 4 bedrooms, 3 bathrooms while the cottage is a 1/1 with it’s own kitchen, living room and dining room.

Offered at $665,000.

OPEN SATURDAY & SUNDAY 12-2 PM

 

Take a break from Halloween festivities and check out these beautiful homes. Contact the Restivo Hechtman Team for more information or to set up a private showing.

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Pre-Construction Opportunity in Coral Gables

If you’re in the market for a pre-construction home, check out Laguna House. It’s a new project being brought to the heart of Coral Gables, at 4220 Laguna Street. We recently had the opportunity to visit the showroom and see what it’s all about.

Laguna House will be made of just 13 residential units…12 units and one penthouse on the 10th floor. The building will feature 2 units per floor (with the exception of the penthouse) accessed with elevators opening directly ilaguna-housento the unit, high energy efficient glass windows and doors, private balconies and summer kitchens, as well as a pool and sun deck on the 4th floor.  Interior features include custom Italian kitchens, imported floors and vanity tops in the bathrooms and a spa-like master bathroom. Each unit will feature open concept designs with a modern feel while still maintaining the integrity of the classic Coral Gables Mediterranean design.

The project is brought to you by the Rogers Development group- the group behind projects like One Village Place and Gables on the Green. Units will begin at 3,000 square feet, while the penthouse will be over 6,000 square feet. The ground floor will feature retail space as well. Average price per square foot is $732, with prices ranging from $1.9M – $3.2M (for the penthouse).

The building will be located next to Merrick Park which boasts shopping, dining and a new cinema currently under construction. It’s also centrally located with easy access to Coral Gables dining and shopping, an easy route to the airport, and not far from Coconut Grove, Pinecrest, Brickell and Miami Beach.

Construction will begin when 50% are under contract and they are close to that and ready to go. Contact the Restivo Hechtman Team today for more information and to set up a meeting to see the showroom. Even if you’re not looking for this project, we would still love to help!

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Renting vs Buying

If you’re in the market for a new home, you should know the differences in renting vs buying. Here is a chart, presented by Steve Harney, showing the cost of renting vs buying, historically and now. You’ll notice that the percentage of income needed to afford a median home is LESS than what you need for median rent!

Buying a home can be a lot of money up front… you’ll need a down payment – the lump sum due at closing, usually a percentage of the purchase price. It’s usually 20% down, but some lenders will do as low as 3.5%. You’ll have monthly mortgage payments, which include principal and interest payments, taxes and homeowner’s insurance. During the buying process, you will have inspections done and the lender will order an appraisal. There are closing fees such as state and local taxes, loan origination fees and recording fees, among others. Usually these closing costs run 2%-4% of the purchase price.

When you buy a home, you build equity(ownership) over time. You get tax breaks-like Homestead Exemption and some Federal Tax Exemptions. Besides the financial benefit of buying, you may also improve the home to your liking. You will need to be ready to maintain the home, or call services to help maintain, as you have no landlord to ask for help.

20161014-rent-vs-buy-kcm-768x994Renting ends up being less money up front…you usually need first month’s rent, and 2 months security deposit or 1 months security and last month’s rent. If it’s a condo, there is almost always an association which runs credit and background checks as well as an application fee. If it’s a home, the landlord will usually request credit and background check as well, but there is no association fee. You will incur the cost of movers each time your lease comes to an end, many times you will be paying utilities such as electric and sometimes the water bill.

If you’re renting, you’re paying the mortgage for your landlord but if you own your home, the money you spend every month goes towards paying off your mortgage and owning the home! If you’re paying for it, the mortgage might as well be your own.

Renting is great if you’re going to be in that area temporarily, or if you’re moving to a new city and aren’t exactly sure of where you want to settle down. It’s a great way to get a feel for a neighborhood and everything that goes with it. In rentals, the landlord is usually responsible for maintenance and repairs, and that’s a comfort to many people.

It all comes down to what’s best for you… do you have enough to cover the upfront costs of purchasing a home? Are you ready to be fully responsible for maintaining a home? Are you ready to move to a specific area and settle in or do you want to explore your options and test out living in an area before buying? These are some of the questions you need to answer in order to decide if buying or renting is for you.

Whether it’s renting or buying, the Restivo Hechtman Team is here to help. We can help you run some numbers, explore neighborhoods, lend an ear and ultimately find you the perfect home. Contact us today to get started.

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Adjusted Square Footage … What It Means

If you’re grappling with how to determine home value, based on SQUARE FOOTAGE,  you’re not alone.

One of the most frequently questions our clients ask us is “How does this property compare to that, as far as price is concerned, based on square footage?

Knowing what comparable properties are LISTED and SELL for, helps.  But sometimes the square footage is   “adjusted” … sometimes “total” …. and sometimes “living”.

Realtors make every effort to calculate property value based on “Adjusted Square Footage”  –  at least in Miami Dade.  It can be confusing though, because the tax rolls and the property appraiser’s office and the MLS often differ as to the information shown  …  (and sometimes the  is inaccurate) …  Sometimes “adjusted square footage” isn’t shown, but instead “living area” and/or “total area” is).

In  Miami Dade we tend to use “ADJUSTED SQUARE FOOTAGE” in the Multiple Listing System (the MLS).   Many of the other internet sites (Realtor.com, Zillow, Trulia, etc) feed from the MLS.

“Adjusted square foot” measurements combine ground floor interior spaces & living areas, along with a percentage of each of these: the second story,  the garage, & any covered patio/porch/carport areas.

THE BREAKDOWN FOR DETERMINING ADJUSTED SQUARE FOOTAGE IS:

100% –  main house under air (1st floor)

80% – main house under air (2nd floor) … And this is because second story construction only costs roughly 80% of that of the ground floor costs to build.

66%  – Florida room/enclosed patios or additions.

50% – garage … again based on construction costs relative to the building costs associated with the main house.

50% –  laundry room

33% – covered patios/porches with overhangs.

 

***Screen-covered pool areas would not  be included (unless they had a solid roof).

***Sheds are not included.

 

I hope this helps clarify adjusted square footage .  If you have other questions or want more information, please call us …  The Restivo Hechtman Team at EWM Realty Int’l  305 793-1365  305-632-0164

(Appraisals for loan purposes  … that is another topic …for another blog).

“LIVING AREA” (air conditioned)

“ADJUSTED” (a percentage of  various covered spaces)

” TOTAL AREA” (everything).

 

 

 

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