Miami real estate news and information

Archive for the 'BUYER’S ADVICE' Category

Miami Real Estate Market Forecasts Miami Prices to Remain Stable in 2012

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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HARD for Appraisers to Appraise Property These Days!

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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National Average Rental Prices ON THE RISE

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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Midtown Miami … Recreating the Look & Feel of New York’s SoHo & Meat Packing District

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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House Prices: Window of Opportunity Beginning to Close

There have been conflicting opinions as to where housing prices are headed. We want to give our opinion on this subject for the short term. We believe sellers have a window of opportunity for the next 90-120 days …

via House Prices: Window of Opportunity Beginning to Close.

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What’s My House WORTH? Here’s Where It Gets Sticky…

When you see a house, and like it, and are ready to put in an offer, you may know what it’s worth to you …. what you’re willing to pay. (Same holds true if you are buying a piece of art, or a dress.)  Price and value are subjective.  And they (at least in part) hinge  on your budget.

If you’re getting a mortgage though, the lender will want an estimate of value from an appraiser.  They will loan based on the appraised value and that has a LOT to do with square footage .  And here’s where it gets sticky. Read the rest of this entry »

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Time to Buy Real Estate in Florida … or Not ?

Is this really the time to buy real estate in Florida?    Have we hit bottom and leveled out?

Steve Harney, in his Keeping Current Matters, seems to think so.  

Speaking to Realtors at EWM Realtors International in Downtown Miami last month,  Harney projected that real estate pricing would remain relatively flat in Miami in 2012.   But he added  ‘If you don’t buy today, you will likely regret it – big time – five years down the road.’

And he further indicated that with Miami real estate pricing being at the same level as it was back in 2002, now, but with interest rates having fallen from 6.11% to under 3.87%  the cost was actually lower (with cost and price being two entirely different animals).

Sales are up …  Prices will follow suit.   Read the rest of this entry »

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Crash in Housing Market … WHO DO YOU LISTEN TO? – “Sell Now?” … “Time To Buy?”

Well, if you’re reading any of John R. Talbot’s books , he has it pretty much spelled out:

Here are the titles :

2003:  “The Coming Crash in Housing Market

2006:  “Sell Now! End of the Housing Bubble

2012:  And now  he is quoted as saying …   “It is time to buy a new home!”. 

Warren Buffett agrees …  saying it’s time to buy…   and if you are looking for a top real estate agent in the Miami area, the Restivo Team at EWM Realtors would love to help you move on – whether you’re looking to sell or wanting to buy.  Alexandra and Vicki  305 793-1365 or 305 632-0164  both write for MiamiRealEstateCafe.com,  a Miami based real estate blog  providing information to investors, buyers and sellers.  The Restivo’s are top local real estate experts  in Miami who work with buyers and sellers, and offer referral recommendations  of top realtors nationally and internationally to relocating clients.    

 

 

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What to do … When you get a BAD appraisal .

Sometimes appraisals come in low.   When they do,  they jam a stick in in the spokes.  

After seeing a slew of homes,  you know what’s out there, you grasp the VALUE  … And it’s  tough to be at the mercy of the bank and the bank’s appraiser.   

We have been very fortunate with appraisals overall … but last month we got a  low appraisal that threw a wrench in the works.   It wasn’t on my listing, but I had the buyer.   

We  disputed the appraisal, ordered an appraisal review …  then had underwriting take a look at it.   Comparable recent sales had various roof issues .  The subject property had a brand  new roof … and the buyer saw value in that.    But the appraiser didn’t.   Read the rest of this entry »

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Misleading Information and Appraisal Woes over a Kitchen…

From the MLS description, this townhouse sounds fabulous …  but it’s the information that’s missing that concerns me.  

“SUNNY ISLES BEACH-POINCIANA ISLAND UPDATED 2,650+SQF 4BED/3BA SPACIOUS TWO LEVEL HOME, UPSTAIRS HAS WOOD FLOORING, FEATURES REMODELED MARBLE FLOORS LIVING & DINING AREA. HIGH CEILINGS, SKY LIGHTS OFFER NATURAL LIGHT. PRIVATE YARD, YACUZZI. LARGE MASTER BED W/VIEWS & TERRACE.SECURITY CAMARAS ALL AROUND. SOUND SYSTEM. GUARD-GATED, SECURITY, PATROL, TENNIS, POOL, CLUBHOUSE, PROVIDE EXCLUSIVE COUNTRY CLUB FEEL. WALK TO RESTAURANTS, SHOOPING. ACROSS FROM THE BEACH.PRIVATE BOAT DOCK!!!”   Listed for $660,000.00.

Looks and sounds fabulous.  And from the MLS photos, it appears to be lived in. 

What’s missing is the fact that there is no kitchen  …   Nowhere is that mentioned.  

When I made the appointment to show the listing, nothing was mentioned.   The only way it even came up was when I called back to reconfirm our appointment, asking about immediate move-in / and a possible lease-purchase option or pre-occupancy prior to closing.  The listing agent said it might be tough to move in right away, because there was no kitchen … but … there were plans to add a kitchen and laundry room.  

The listing agent confided that there had been two solid offers (contracts)  on the property,  both of which fell through before closing.  Wonder why.

 There are several problems with listings like this:    

1)  Not only does this kind of lack of information spin the wheels of the buyer  (and Realtors!)  who might like it online… but the buyer won’t get financing without there being a kitchen.   (And maybe this explains why the listing agent has had two offers that mysteriously fell through … and couldn’t figure out why.)

2)  Listing something without showing it for what it is (or isn’t!) attracts the wrong buyers.

3) Nowhere will a future appraiser grasp that there is no kitchen…  NOWHERE!   And that means that  (if and when) it sells,  the written information in the MLS will cause it to become yet another of the many  misleading ‘comparable sales’  used to calculate property values on other properties under contract.

Information is key.  Our reputation has been well-earned, by consistently providing information that enables our clients to make informed decisions …

If you’d like to schedule a buyer or seller consultation  (without obligation to list or sell through us) we would like to meet and chat with you.   Call us any time at 305 793-1365  –  our direct line.   Or you can connect with us here  by clicking this link …  or email us at [email protected] .  We look forward to chatting with you.  Alexandra and Vicki Restivo … The Restivo Team at EWM Realtors, International.

We appreciate your reading and following our real estate blog, MiamiRealEstateCafe.com  and invite you to subscribe if you’d like to receive market updates directly to your email.

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