Miami real estate news and information

Archive for the 'BUYER’S ADVICE' Category

Miami … “Playground for the Rich and Famous”

While the rest of the world is bundled up, stuck indoors, shivering, shovelling snow,  South Florida is enjoying t-shirt weather, deep sea fishing, golf, sailing, tennis … and this time of year is still prime outdoor cafe weather.  The Miami lifestyle is yours if you want it … We specialize in South Florida Real Estate, and we look forward to helping  you make Miami your home.   Call us today …  Alexandra Hechtman 305 632-0164 and Vicki Restivo 305 793-1365 …. The Restivo Hechtman Team at EWM Realty Int’l   [email protected]

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Bidding Wars are BACK … How To Win The Bidding War

Bidding wars are back … and with property in Miami becoming scarce,  bidding wars can be tough to win.

There’s not much inventory to choose from,  and buyers  are finding themselves competing against one other  for the good stuff …

Offering full list price isn’t necessarily enough  …

photo - wynns

More often than not,  I find that personal connections tend to sway decisions.   If you want the house be personable, and take whatever steps you can to connect with the seller.

We asked this family to write a note, that we’d submit along with their offer … and we asked that they Read the rest of this entry »

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Worst Offers Ever

Occasionally we get offers that are barely more than just a waste of time and energy …  real messes.

I’m looking at 2,  right now.

On one,  there are four typos in the property address alone.  On the other, the wrong seller is named as the owner. On both  there are missing pages, missing addendums,  contradictory terms,  timeframes that don’t work …  One doesn’t allow the buyer time to get financing … It’s unsigned, undated…  There is no price…  And on the other, the mortgage terms indicate a 30 year loan with an interest rate  of 60%.   Really?   And the agent says “Oops … sorry …  I’ll text you the price in a minute … I don’t know.”

As massacred and  hodgepodged as these two contracts are,  we will meet with our sellers and go over them.

Offers like these are so easy to reject – especially in today’s real estate market, where multiple offers are the norm …

And, each of these homes are receiving multiple offers.

Buyer’s agents who are hands-on and competent  are the ones who get their clients to the closing table.

I feel so badly for these buyers.  Both families love these homes ….   Neither has any idea they are working with someone so incompetent.

Good listing agents oversee both sides of the transaction.  On either of these, we will do that (and more!).   If our sellers wish to counter, we’ll make alterations, corrections, add what’s missing,  and then re-submit these offers to the buyer’s agents …  We will be ultra hands-on throughout ( the loan application process,  inspections,  insurance, title, survey, appraisal)    to make sure that no one drops the ball … and see to it that each of these actually get to the closing table.

If you’re looking to buy, sell or lease … and need an experienced Realtor to work with … please call us:  The Restivo Hechtman Team at EWM Realty International   Vicki Restivo 305 793-1365 [email protected]   …  Alexandra Hechtman 305 632-0164 [email protected]

 

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Interest Rates Continue to Rise

According to Freddie Mac, the average rate on a 30 year loan was 4.57% last week, near the year high of 4.58%. The week prior, the rate was 4.51%. Though interest rates are still at a historic all time low, the rates are rising, which could indicate the recovery of the housing market.

What does this mean for the consumer? Buyers should BUY NOW! The more prices and interest rates rise, buyers will spend more for less house. Don’t look back and wish you had taken advantage of this great time to buy a home, let’s find one together.

The Restivo Hechtman Team is ready to find the right home for you, so give us a call today. Don’t miss out on this fantastic time to buy!

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Miami Rental Market on the Rise

With a  limited number of homes for sale and a lot of demand for those homes, the rental market in Miami has risen. According to a study by the National Housing Conference and the Center for Housing Policy, rental rates are rising, sometimes exceeding the cost of a monthly mortgage payment. Miami Dade County finished 36th in the Nation for the most expensive rent among 206 metropolitan areas.

In an article from the Miami Herald on the Florida Realtors site, they note:

“A Miami-Dade worker needs to earn about $43,000 to buy a house and $45,000 to rent. In 2007, the average rent was $1,018 a month in Miami-Dade, compared to $1,122 now. But the median price for a home went from $290,000 to $160,000.In 2007, according to the Center’s estimates, a Miami-Dade resident needed to earn about $95,000 a year to purchase a home that matched the median price of $290,000. Today, with the median price closer to $160,000, someone only needs to earn about $43,000 to buy. That still leaves low-paid workers out of the market. The average retail salesperson in Miami-Dade earns about $24,000, according to the estimates, while a janitor makes $25,000. But for a schoolteacher ($51,000), police officer ($50,000) or nurse ($41,000), a home is within the affordable range. The Center said it assumed the buyer would pay 10 percent of the home’s purchase price and assume the extra expense of mortgage insurance. Insurance and taxes are figured into the yearly cost needed.”

What does this mean for consumers? If you are trying to decide between renting another year and purchasing a home now, NOW is the time to buy. Interest rates have gone up slightly and prices have started to rise. If you are going to pay as much to rent a home or apartment, why not put the money into a mortgage payment (which will be about the same as renting) and OWN a home. We are here to help YOU, so give us a call today and let’s find the perfect home for you.

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Millenia Generation Optimistic About Homeownership

New buyersIn a new study, it seems that Millennia’s are more confident than any other age group about purchasing a home being a good investment. The Millenia generation consists of Generation X – those born between 1965 and 1969, and Generation Y- those born between 1980 and 2000. The older of the Millennia generation are at the age when people tend to buy a first home and many are optimistic about it being a good investment in their future.

According to the Study, the largest group of buyers was in the Generation X  group, accounting for 31% of recent purchases while 28% of recent purchases were by buyers from Generation Y. The study found that many of these buyers were staying within 10 miles of their previous residence (often a rental apartment or living with their parents). The Millennia generation has purchased a higher rate of purchase than the Baby Boomer generation when they were the same age.

Check out this video with more information on the fascinating study.

No matter what group you fit into, we can help you find the home of your dreams (and help you move on to something different if you wish to sell). Give us a call today to see how we can help.

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Interest Rates Continue to Rise

The average rate on a 30-year fixed mortgage rose to a 2 year high this week, to 4.51 %. Rates have been rising steadily this year. Two months ago, the rate was 3.35% and 4.25% just last week. The average 15-year fixed mortgage rose from 3.39% last week to 3.53% this week – the highest since August 2011.

Even though they’re rising, we still have historically low rates. Low rates have helped the housing market recover, which in turn is helping economic growth overall. There is a greater demand for homes, with less inventory available to buyers, which has driven up the prices of homes. It’s also led to more Preconstruction projects being sold rather quickly.

Now is definitely the time to buy, and we can help. Give us a call today to see what we can do for you.

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Pre-Construction is Back

It seems as though the era of Pre-Construction is making its way back to the real estate scene. There are many developments to be built in the next few years, and a good number of them are being snatched up quickly.

The Porsche Design Tower in Sunny Isles (scheduled for a 2016 opening) created a buzz and generated a lot of interest with their marketing. People were fascinated with the idea of a car elevator taking residents’ cars directly to their unit. Once the buzz was created on paper and word of mouth, Dezer Development decided it was best to show rather than tell buyers what they were investing in.

They built an off-site office with four replicas of various apartments and the lobby. In doing so, they have managed to pre-sell 89 of 132 units. The units vary from 4,800 square foot for $$4.8 million to a 17,000 square foot penthouse for $32.5 million. The Tower required a 30% downpayment, with most buyers paying cash for their units. At least 50% of the building has already sold.

Other Luxury Projects include:

Marina Palms Yacht Club and Residences in Aventura – There will be 468 residences in two towers, with a marina for up to 112 ships (even yachts up to 90 ft).There will be a full time dock-master and full time yacht club concierge. The resort style amenities are set to include water sports such as jet skiing, snorkeling and windsurfing, an infinity pool, outdoor kitchen, a spa with treatment rooms, fitness center, bar, café and an outdoor hot tub. This project is set for completion in 2015.

Regalia Miami Condos in Sunny Isles Beach – Set to be completed in 2014, this project is unique with 39 stories and only one luxury unit per floor. All of the 37 residences will feature floor-to-ceiling windows, wrap around terraces and views of the Intracoastal, the city and the Atlantic Ocean.

Mansions at Aqualina in Sunny Isles Beach – Construction began in 2012 and is slated to be complete in 2015 on this expansion to the Aqualina Resort and Spa. Once completed, the building will be the tallest building in Sunny Isles and the sixth tallest in the State of Florida. Tenants will have access to the amenities of the Resort and Spa as well as residence specific ones such as a private cinema, a virtual golf course, a Hammam spa, poolside cabanas and a sunset pool. 80% of the units have been sold as of February 2013, leaving few for you to snatch up. Call us today to buy a piece of this masterpiece!

There are many exciting Pre-Construction projects in the works, and many are selling quickly. If you want to be part of activity, call us NOW and let’s get started. Don’t miss out on a chance to live in these fabulous condos!

 

 

 

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Flipping Houses … On the Rise … as the Market Rebounds

The National Association of Realtors indicates home values are on the rise…  with home prices up by 11.6%.

Sales prices are rising… as inventory drops.

Vacant lots that were listed for sale years back (then taken off the market during the housing crisis:  2006-2011) are now sporting “for sale” signs  …  and construction projects are springing up everywhere in South Florida  (condo buildings/single family homes).

Flipping is back.

So … which are the best markets for flipping?  Read the rest of this entry »

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Miami Market Update

Check out Ron Shuffield-President of EWM-talking about the Miami Real Estate Market so far in 2013.

 

NOW IS THE TIME TO BUY! Vick and Alexandra are ready to help you make your move TODAY! Contact us so we can get started.

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