Miami real estate news and information

Archive for the 'BUYER’S ADVICE' Category

Market Update for South Florida Real Estate 2011 – International Investors

International buyers continue to see South Florida as an optimal investment.   It has been for quite some time now … and it continues to be.  

The local recession and distressed property sales have  created opportunities for cash investors …  as well as for anyone ready to take advantage of the seductively low interest rates on mortgages /home loans ( which are  currently averaging 3.94% nationally). 

The favorable international exchange rate also  strongly favors foreign investors right now.  

According to the National Association of Realtors  “There is a lot of value in U.S. housing IF one finds the lifestyle, location, culture, and property options attractive.”    …   Sunny skies and white sandy beaches and year-round outdoor weather is going to look awfully enticing in a few months – to most of the world!

There is a window of opportunity in Miami for international buyers looking for investment opportunities ….  and the Restivo Team at EWM Realtors International would be pleased to assist you in Miami –   305 793-1365   [email protected]

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Investing as Income Property or Vacation Home?

About 40%  of property purchased by foreign buyers in Miami is acquired with the intention of it being a vacation home.  Because foreigners are limited as to how long they can stay and how often they can come to  the States,  many choose to buy property that can be rented out short (or long) term. 

Some 20-25% of foreign investment property is purchased strictly as income property …

NAR (National Association of Realtors)  reports that of the property purchased by international buyers for personal use:

12% plan to use the property for personal use more than 6 months per year

33% plan to use the property for personal use 3-6 months per year

23% plan to use the property for personal use 1-2 months per year

16% plan to use the property for personal use  less than 1 month per year

and the remainder are undecided.

Looking to invest in Miami?   Contact local real estate experts Vicki and Alexandra Restivo at EWM Realtors here or by phone, text or email … [email protected]    305 793-1365

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International Buyers Scooping Up Deals In Miami

Miami has long been a melting pot, where people from all over the world live and work. At a recent seminar, we discussed the trends of foreign nationals and what that means for us in Miami.

The top 10 countries buying locally are : 1. Canada   2. China   3. Mexico   4. The UK   5.India   6. Argentina/Brazil   7. France   8. Germany   9. Japan   and  10. Russia

In 2007, 10% of sales in Florida were to foreign nationals, 9% in 2008, 23% in 2009, 22% in 2010 and 31% in 2011. This year, one in three sales / $12.7 billion, have been to foreigners, with 86% being nearly cash deals. In Miami, Fort Lauderdale and Miami Beach, sales amount to $3.81 billion so far.

A lot of the people buying in South Florida are international – investors and vacation home buyers. Other buyers include families relocating to the area for business opportunites as well as buyers who wish to own a second home in the area.

If you are looking to buy in South Florida, or wish to sell your house, the Restivo Team would like to help. We work with all kinds of buyers and sellers, from the International ones to the ones relocating to or from Miami, or those who are making an in-city move. Contact us today.

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What You Need to Know About Title Insurance (Search-Defect-Examination)

What do you need to know about Title Insurance? 

Title Search:   A title search is a review of all publically-recorded transactions, with the goal of uncovering anything whatsoever that  could possibly affect “title” of  the property in question… and the sale of that property.

Title Defects:  Any title issue (whether a lien/encroachment/question of ownership/code enforcement issue/improperly executed or recorded  mortgage or deed/ unpaid taxes …) which might render a property unsaleable. Read the rest of this entry »

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Closing in October? Get Flood Insurance Before September 30th EXPIRATION

If you are buying property in Florida …  and closing any time in October … we recommend you order (and pay for) flood insurance now …. especially if you are buying in a high risk area. 

Florida Realtors strongly recommend  home-buyers get  flood insurance prior to midnight September 30th  … if the property is scheduled to close in October (so the closing won’t be delayed)

As of September 30th,  FEMA will be unable to issue new flood insurance policies, (until Washington gives them the green light…)  The bill has to go to the House and to the Senate  for approval …. and any delays in that approval could potentially play havoc with closings.  

Buyers who secure  Flood Insurance prior to September 30th though will be covered, and can close after that date.

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Restivo Team Sells Five Units in The Townhomes at Oak Lane

After almost two years, our warmest congratulations goes out to one of our buyers who just recently closed on 5 units in Oak Lane! The townhouses are located on Red Road and SW 74 St in South Miami.

From the start, the Restivo Team helped negotiate with the developer and sat down with the architects and interior designers in an effort to help our client with his wants and needs.

The buyer who was looking for 4 bedrooms, gated community and close to the University of Miami. After taking him to look at many different options, he decided Oak Lane was a possibility, even though there are no more than 3 bedrooms available. He decided he wanted to combine 2 units and make one larger unit. 

The Restivo Team was there from the beginning and throughout the whole process, through closing. We spoke with the architects and the developers to get the process moving, finished and closed.

If you would like to buy or sell, please contact the Restivo Team.

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The Benefits of Owning a Home

Buying a home is the biggest purchase most of us will make, but it’s definitely worth it. The biggest reason is the appreciation of the home. The value of the vast majority of homes will appreciate over time. The appreciation builds home equity (the difference between then market value and the remaining loan payments).

For example, the Office of Federal Housing Oversight publishes a quarterly Housing Price Index which determines the average rates of appreciation for specific areas, which showed Miami as having a rate of 317% from 1990-2007. In this example, the initial value was $250,000 in 1990 and $1,042,106 in 2007. On that chart, Miami had the greatest increase of all the cities over the 17 years. Of course, this may not always be the case, it depends greatly on the location of the home, so choosing the right neighborhood is essential. Read the rest of this entry »

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Top Advices for International Investors … Buying Miami

Whether you want investment property (a condo or a single family home)  to buy (and rent out as income producing property), or  whether you’re looking for vacation property for your own enjoyment,  there are several things to keep in mind … 

1) Pick a neighborhood that has the right amount of infrastructure for your needs (supermarkets, drycleaners, gas stations) ….  Some areas have good potential for the long term investor (depending on expectations) … and others already have an infrastructure in place: Read the rest of this entry »

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Unpacking Solutions

By far the BEST tips  come from our buyers and sellers.  We love sharing them with you, both by word of mouth and through  our real estate blog. 

This tip has to do with unpacking.  HIRE UNPACKERS !!

The other day we stopped by as the moving truck was unloading…. to welcome our buyers.  

One of the toughest parts of moving  is  unpacking and getting settled.    Our new homeowners had contracted with an unpacking company whose job it was to organize the kitchen and make the beds …  in three hours.  And we watched them whip through and settle these homeowners in.

Day 1 : The unpackers worked for 3 solid  hours.  They scrubbed and cleaned the kitchen, lined the cabinets and drawers, unpacked the kitchen boxes and organized the kitchen.  In that same timeframe they Read the rest of this entry »

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Public Access to Court Electronic Records

 

We have been working on closing a very drawn-out and convoluted short sale, involving bankruptcy  (actually more than one bankruptcy!).  In the process, we came across a helpful resource for following the proceedings – which allowed us access to information that wasn’t yet available through the various attorneys, title company, foreclosing lender or underwriters.

The site is  public, and one that we were unaware of prior to this particular real estate transaction.  Read the rest of this entry »

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