Miami Real Estate

Mortgage lenders often require 2 appraisals  on real estate transactions priced over $1.2  million in Miami.   

We just jumped that double appraisal hurdle … with a surprising outcome …one I’ve yet to see before . 

I wonder if anyone else has encountered this… and if so, please share!.   Read the rest of this entry »

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A critical and tenuous point in your home sale comes just  AFTER your property is under contract…. when you are still within the inspection period.  It is then that emotions run thin…   and that can play havoc on a home purchase. 

Inspections may well  uncover  nothing beyond what’s already been disclosed by the seller.  More than likely though, additional repair items will be found and noted, and  this is when buyer’s remorse sets in.  Read the rest of this entry »

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The Village of Pinecrest continues to be a magnet for homebuyers relocating to South Florida.  Home prices vary, ranging  typically somewhere between $500,000 and $3.5 million….  although homes can (and do) reach upward of $8 million.  Many homes in Pinecrest sit on acre lots.  

Property values in Pinecrest jumped exponentially a decade ago.   In part, that was because of  the calibre of schools. Pinecrest Elementary School is considered to be one the finest elementary schools  in Miami-Dade County.   Top schools ,both public and private, contribute to  property value increases in Pinecrest.  Read the rest of this entry »

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IF YOU OWN  PROPERTY IN FLORIDA AS OF JANUARY 1, 2011  (AND IF IT’S YOUR PRIMARY RESIDENCE)  YOU QUALIFY FOR A HOMESTEAD EXEMPTION.      APPLY FOR A HOMESTEAD EXEMPTION…   SAVE ON PROPERTY TAX …  and CAP ANY FUTURE TAX INCREASES.    

Apply  between January 1st and March 1st…  REDUCE YOUR FLORIDA PROPERTY TAX …      After March 1  your eligibility for 2011 expires. 

To qualify for the Florida real estate tax exemption, you must 

 1) own your property (or hold legal title to it) by January 1st. 

 2) occupy the property as your primary residence

 3) be a legal resident or US citizen.

Instructions and locations are in the link here…  along with a list of what you need to take with you:  

TAKE WITH YOU:

1) Social security card

2) Proof of ownership (Any ONE of these: warranty deed, property tax bill, notice of proposed property taxes…) plus

3) TWO proofs of Florida Residence (drivers license, or voter registration, 1040 income tax return filed in Florida or W-2 form addressed in Florida, moving van receipt, doctors letter on doctor’s letterhead, church letter on church letterhead, employment letter with employer’s letterhead, letter from child’s school attesting child’s registration…)  

All documents must be in YOUR NAME.

The locations for applying are:

 1)  Stephen P. Clark Center 111 NW 1st St Miami Fl 33128  

 2) South Dade Government Center 10710 SW 211th St – Rm 207 – Cutler Bay, Fl 33189.

 Hours for applying are weekdays 9am-4pm.

Anytime you are considering buying or selling real estate in South Florida,  and need an experienced local Miami Realtor to assist you , contact the Restivo Team  here or 305 793-1365.

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52% of all EWM property sales now are cash. If  you don’t intend to be purchasing with cash, and you intend to get a mortgage instead,  you may be limited as to which buildings you can  buy in. 

Condo re-sales are subject to lending regulations.

Based on the actual number of “owner-occupants” (as opposed to ‘investors’) … and based on the number of property owners  in arrears on their association /or mortgage payments  financing a South Florida Condo may be  anywhere from difficult to impossible.   In fact many South Florida condo buildings  present impossible  scenarios for anyone needing  to finance their purchase. 

It’s more important than ever before to do your due diligence (before getting burned).  There are plenty of really top Realtors who know the Miami Condo Market literally inside out. I wish we could say that we were the only ones … We’re not.  But we would love to assist you, and help find you the right Miami Condo for you!

If you are looking to buy or sell real estate in South Florida,  and are looking for a good agent to guide you, and help you navigate  the maze (because it can be just that ) …  contact The Restivo Team.  Either  drop us a note here  or phone us at 305 793-1365 (cellular)…. any time.     We look forward to helping you.

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Questions about buying a home?   Through  Miami Real Estate Cafe   -  The Restivo’s Real Estate Blog - whatever  questions you might have about buying  (or selling) real estate  you’re welcome to ask them here…  or give us a call at 305-793-1365.  Buyer’s questions most often center around money… how much to offer …  how much to put down… and about escrow.

Question:  “ Our earnest money deposit is IN ADDITION to what we are offering on the property?

Answer: ”ESCROW / GOOD FAITH DEPOSIT / EARNEST MONEY  (three words - same meaning)  refer to advance deposit the buyer puts down on a property. It’s just that:  A deposit.   Your initial deposit  (and any subsequent down payments) will be held in an escrow account until closing.   Your entire deposit  will be applied toward your purchase price.   Escrow deposits are not in addition to the contract price … but instead are applied and credited toward it.”

Anytime you are ready to buy, sell or lease property in South Florida, we will be more than happy to assist you.  Looking forward to working with you!  The Restivo Team  305 793-1365   restivo.v@ewm.com

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The Miami Herald  considers  Miami to be the “top big city in which to buy a home”….  Trulia sees Miami as the #1 city in America where it is now more advantageous to buy than to rent.   Good news for the local real estate market  …   Miami is at the point where we are now literally seeing  the “best home values we have seen in a decade”.

Last year it was unquestionably the year for renting.  In 2010 there were deals on rentals and leases that seemed too good to be true.  

For anyone who can,  this year  2011,  will likely prove to be the year to buy.   I do think  that 2011 will prove to be the year we all  gaze back on,  wishing we had bought  …  wishing we had bought more …  wondering why we didn’t.

If you are wanting to take advantage of the current real estate market,  call us.  We would love to help.  Contact the Restivo Team @ EWM Realtors  at 305 793-1365…. or send us a note here anytime.

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Escrow Dispute?  It can make  for a long weekend, when buyer and seller  haggle over who is entitled to the escrow deposit … Each thinking they are entitled to it.  

 Shaky ground, when the  “co-operating”  Broker/Realtor doesn’t grasp what’s written within the four corners of the page . 

Our buyers were excited about owning a piece of sunny South Florida… and inching toward their closing date.    But… the property that they were under contract to buy,  failed to appraise.    The appraisal came in  1/3 below the contract price (in part as a result of  a recent short sale transaction)  making it impossible for their lender to provide  the requisite financing…. 

The seller categorically refused to re-negotiate the contract price.   

After having exhausted every plausible solution, our buyer (rightfully) opted to withdraw from the transaction, cancelling the contract .  

Interestingly enough, the  ”Listing Agent/Owner”  of this waterfront property took the stand that if the buyer were to cancel,  the listing agent/owner would be entitled to retain the escrow deposit. 

Wearing two hats … 1)Realtor  2) Owner/Seller  ….   The Listing Agent and Seller were one and the same …  and as such, refused to sign the cancellation of contract  (simultaneously declaring that the escrow deposit was the seller’s to keep).

Time for a refresher course guys!    Even if the commitment period expires, there is an “UNLESS”  provision in the contract (and this is why it’s a good idea for buyers and sellers to have competent legal advise ) …    Read the rest of this entry »

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The purpose of your earnest money deposit (also known as  your  “Escrow Amount“)  is to show the seller how just how serious  you are about buying his/her house…   Your  Escrow Deposit/ Earnest Money Amount (along with the other terms of your offer)  are what will ultimately convince the seller to accept YOUR OFFER …  take their property off the market …  stop showing their house to other potential buyers…  and stop entertaining  additional offers… because they are selling the house to you.

Whether you put $1,000.00  or $100,000.00 down,  the amount of your deposit will likely depend on several factors:

1) The purchase price of the property

2) Your personal finances and  your available liquid assets

3) Your comfort level, as well as you commitment level

4) The statement YOU wish to make to the seller , to convince that seller to take your offer seriously

5) MOST IMPORTANT THOUGH:  Your escrow amount should be an amount YOU would be willing to  walk away from … SAY GOODBYE TO …. if another property were to come on the market after  you were already solidly under contract on this one … a property or investment that  would cause you to want  to walk away from this one, cancel your contract, walk away, and  buy the other one INSTEAD.  

While the amount of your escrow amount  is entirely up to you, as the buyer, the purpose of any earnest money deposit is to make a statement:  ”JUST HOW EARNEST ARE YOU?”

As you  have questions with regard to buying or selling real estate,  please  ask.    We are always  available to you by email or phone.   Buying, selling, building, or investing …  We look forward to working with you  and making  your next purchase a really good one.  Please don’t hesitate to  contact us here   anytime … or by email at restivo.v@ewm.com, or by phone at 305-793-1365 (cellular) The Restivo Team @ EWM Realtors.

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Last year, it made financial sense to rent instead of buy. This year, however, experts say it’s better to buy! Moody Analytics’ chief economist, Mark Zandi, says that by mid 2011 to the end of 2011, it will make more sense to buy in most parts of the country.

Why you ask? The prices of houses are expected to drop even more, making houses affordable. At the same time, rent prices are expected to continue to rise. The experts recommend buying when the price-rent ratio is below 15 and renting when it’s above 20.

Contact the Restivo Team to take advantage of this great time to buy!

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