Miami Real Estate

The Restivo Team will be holding an Open House at 9800 SW 71 Ave in Pinecrest, this Sunday February 5, from 2-4 PM. The NEW PRICE is $675,000 for this 4 bedroom, 2 bath home which features a pool and a bonus room. Stop by for a tour of the home, this Sunday. Contact the Restivo Team if you have any questions.

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A lease-purchase can sometimes  be a good alternative for buyers  …  especially given the current real estate market in Miami.  

If you are relocating, a lease-purchase offers you the ability to lock in a purchase price (and yet still lease!)  …until you can sell the home you currently own.

Alexandra and I have two separate lease-purchase contracts …  in Miami (Pinecrest, Florida)… that we put together this month.  Two transactions really don’t constitute a wave …  or a trend for that matter … but it’s an option we thought worth sharing with you in our real estate blog  MiamiRealEstateCafe.com.   The terms can be worked out (as they are in any transaction!): to the benefit of both parties. Read the rest of this entry »

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We were showing property this week to a buyer looking for a home  priced under $500K …   Let me tell you  – There are SO many well-priced (nice) homes in Miami available  for under $500K  right now.  

Because of the pricepoint for these buyers we are working with, an FHA loan is an option. 

And we wanted to post a blog  for your benefit  … and for others of you who might looking to buy …   who might be in a similar situation:

The current loan limit on FHA loans in Florida for both  Miami-Dade and Broward counties is $423,750.00  for single family homes. 

In a prior post on MiamiRealEstateCafe.com we mentioned that FHA loans  are not limited to first-time home buyers.  

That’s true.  FHA isn’t  limited to first-time home buyers…. and that makes it a viable option for many who are looking to buy a home.

FHA loans are available to qualified individuals looking to finance a home purchase …  up to $423,750.00  …  with a loan amount of  up to 96.7% of the purchase price  …  and a downpayment of  3.5% in Miami-Dade and Broward countires. 

Call us when you’re ready to move …   Whether you’re buying or selling or relocating, we look forward to helping to make your next move a good one.   Vicki & Alexandra  Restivo …  The Restivo Team …  EWM Realtors.  Direct number:  305 793-1365  E-mail:  restivo.v@ewm.com

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If you’re contemplating buying your first place, try to stay within your comfort zone and not get swept away.  As local real estate experts in South Florida, we want our buyers to have access to the right information so as to make better decisions. 

1) Don’t Guess …. Determine what you can afford:

Figure out your financial comfort zone,  before  you really start looking for a place to buy.    Start by jotting down the basics:  your  income,  savings,  any portfolio investments …  account numbers,  income tax returns …  along with a list of contact names and numbers  for any banks/loans/investments . 

Make a list of  expenses …  Include groceries, gas, car payments, insurance premiums,  loans you are in the process of paying off (including credit card balances).    Those will help give you a better idea as to what you can afford  …

You will have additional expenses as a homeowner -  above and beyond what you have now, as a tenant or living rent-free .   Insurance, property taxes and your monthly mortgage  … along with maintenance,  upkeep, painting,  landscaping, yard work, pool service, household repairs (including appliances, air conditioning, and roof) all  fall on the homeowner.

2) Get pre-approved … Make  sure you are properly qualified for a mortgage: 

Talk with a  loan officer and get  pre-qualfied for a loan.  You’ll want what’s known as a pre-approval letter though  (or better still DU  approval  – “direct underwriting approval”)- before you fall love with a house or make an offer.  And by the way,  Read the rest of this entry »

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Now is the time to apply for your 2012 Homestead Exemption! You must apply between January 1st and March 1st.  This will mean substantial savings on your real estate taxes if you purchased a home in Broward County anytime in 2011. If you do not apply by March 1st 2012, you will lose your eligibility for this year.

APPLY IN PERSON at: Read the rest of this entry »

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TO ALL NEW HOMEOWNERS:  Time to apply for 2012 Homestead Exemption … now!

To be eligible, you must have bought a house in 2011… and … you must file your application for Homestead Exemption between January 1st and March 1st of 2012 .

This will mean substantial savings on your real estate taxes. If you do not apply by March 1ST , you will lose your eligibility for the year 2012.

GENERAL QUALIFICATIONS AND INFORMATION:

 To qualify for the Homestead Exemption, the applicant must at minimum meet the following criteria as of January 1st :

* Be a U.S. citizen or legal resident.

* Own the property (i.e., have legal or equitable title).

*Occupy the property as his/her permanent residence (to the exclusion of all others)

* Only those qualified persons listed on the exemption application will receive the exemption benefits. If the property is held jointly by husband and wife, either party may apply in person for the homestead exemption. Read the rest of this entry »

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The average 30-year mortgage rate is tied with the lowest rate on record- 3.94%, a record set in October. This means it’s a great time to refinance your current home or to purchase a new one. Rates in 2011 have been under 5% all year, with the exception of two weeks this year and many people across the Nation have already taken advantage of these historically low rates.

Contact the Restivo Team if you are in the market for a new home. We would love to help you take advantage of the great opportunities that are available to you.

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With so many people looking to rent or lease now,  the opportunity is ripe for investors.  

Over 50% of all residential real estate purchases in South Florida are cash transactions…   And, by buying in cash, and not paying  a mortgage, you may well be looking at a  higher return on investment (ROI) … 

 The Miami real estate market has been getting stronger … especially for income producing property… (Consult with a knowledgeable accountant or Real Estate Attorney though … as to the benefits of buying in cash vs carrying a mortgage) 

And, given recent real estate trends,  aim toward a  long term return on investment … ( not short).  

That said though, short term investments have been gaining in popularity   …  We’ve seen a rise in the number of  investors  this past year  not only  ”covering their costs”   but  making a profit …   Many of them had no  mortgage … true … but because of a diminshed supply of  prime rental units in South Florida, there has been an upswing in rental pricing.  

The strategy for investing is normally to Read the rest of this entry »

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I moved to Miami from New York City over two decades ago.   Homes weren’t listed or available on the Internet back then.  You had to physically go to see each one … in person.   I think I visited about a hundred before narrowing it down, and buying.

We just rented out a beachfront condo to clients who were referred to us :  Two  young executives … a couple…  relocating from Texas … to Miami.   They’re driving across country …  arriving a day before starting their new jobs.  They haven’t seen their condo (other than online) … and they won’t … until they get here.  Read the rest of this entry »

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More and more research is coming out showing that it makes great financial sense to purchase a home today .

Whether it be rent vs. buy ratios, income-to-price ratios or income-to-mortgage payment ratios, purchasing a home right now is a bargain compared to historic norms. 

There is a distinct difference between COST of a home today compared to pre-peak prices.  Link here to the entire article, as it appears in the KCM Blog.

The most recent S&P Case Shiller price index indicates that  residential real estate values have returned to 2003 1Q PRICEs.   Then factor in mortgage rates,  and the case for buying a home today becomes even more compelling.

Whether you’re looking to buy, sell, or lease - it’s important to rely on a knowledgeable, local,  real estate expert.  

The Restivo Team at EWM Realtors International looks forward to working with you and making your next move a really good move.  Our direct lines are  305 793-1365 for Vicki  or 305 632-0164  for Alexandra  and  you can reach us here or by email at restivo.v@ewm.com as well…  for real estate in South Florida …  as well as referal assistance internationally.  

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