http://today.msnbc.msn.com/id/3041440/vp/46203461#46203461

A sign of economic reform and opportunity?    According to that article the window is open for real estate purchases in Cuba  (although apparently  limited to  those  already residing within it’s boundaries). 

Foreigners  cannot purchase property in Cuba … at least not yet… 

And Cubans  wishing  to do so must pay in cash,  documenting that funding with a paper trail …  And with the country still under socialist regime …and Castro still in power …   investing in Cuba may  prove somewhat  problematic. 

Many are hesitant to invest in Cuba… given the current economic and political situation.   But not only that.   There’s also the fact that 

1) Government salaries pay about $20 a month in Cuba  and

2)  Home prices  range from 

      a)  $11,000 for a 2 bedroom apartment in Havana’s Nuevo Vedado District to 

      b)  Hundreds of thousands of dollars (&  upward of a million dollars)  in the Veradero area.

 I see  real estate opportunity in Cuba  as being a bit farther down the road still.   

MiamiRealEstateCafe.com  … Whether you are interested in investing in Cuba or Miami … or elsewhere internationally …  call Alexandra and Vicki Restivo at EWM Realtors 305 793-1365.   e-mail:  restivo.v@ewm.com     

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.  

Currently the home is  listed in the MLS for $869,000.00   According to all indications, the house  will go to the top bidder who comes in at/or above $790,000.00  -  There will be a 10% buyers premium  added …   and the MLS does stipulate that the top bidder needs to be prepared to sign a contract on the spot …  and that it be an as-is, cash only sale…  It does allow for 3% commission to any selling agent. 

 The current owners bought the home  in ’05  for  $1,900,000.00.  The property shows in the MLS and in the Miami Dade tax rolls as being a 4824 sqaure foot  home consisting of  4 bedrooms and 4 baths … with a pool… and a fireplace …  on a  12,000 square foot lot .

The MLS indicates a suggested list price of $869,000.00  – stating too that it will go to the highest bidder coming it at or above $790,000.00.  The property will be sold as-is, and must close prior to January 16,2012.   Price and  value will hinge on the current property condition, so if you are considering bidding on it, we  strongly recommend you preview it beforehand.  That recommendation goes to any property you’re considering buying  - whether auctioned or otherwise.  

Showings can be arranged, anytime between now,  up to just prior to the auction date.  If you’d like to see the property or would like any additional information you are welcome to contact the Restivo Team here or at 305 793-1365.     And if you’re in the neighborhood that day,  we look forward to seeing you.  The Restivo Team at EWM Realtors.

That question about  ’When to move’ is certainly a personal one.  Spending the holidays in the home you’re in now …  or starting NEW  holiday tradition elsewhere …   it’s not an easy decision. 

That said,  what I can say is that the majority of homeowners who ARE selling now tend to be serious sellers (given the current real estate environment).  And… most of properties listed for sale right now (whether they are condos or single family homes)  that are priced-well  do tend to sell  quickly.   It is a good time to be a buyer…. especially if you can recognize the good deals when they come around …  and are in a position to take advantage of the opportunities that present themselves.   

Now through Thanksgiving, and then again starting January 1st, are prime times for listing and selling in South Florida.  The market will likely dip between mid November and the end of the year.   That’s normal in South Florida, and normal in much of the country.    And there will be another big opportunity once spring and summer roll around, once more buyers are out, because spring and summer are prime times for families to buy and move.

The housing inventory in Miami-Dade dipped from where it was even just a few months back.  Unless we see an increase of shadow inventory that the Wall Street Journal and New York Times are reporting on and forecasting,  we will have less in the way of homes to chose from.  There are fewer homes listed for sale now in Miami.  (Homeowners who aren’t serious about selling seem to have  fallen by the wayside).    International corporations and the University of Miami are actively  recruiting and hiring.   The number of buyers moving  to South Florida is on the rise …   and if you are thinking about selling,  there are buyers, and we would love to help you sell.  

Please feel free to contact the Restivo Team at EWM Realtors at 305 793-1365 anytime you’d like more information - whether you are considering selling, buying, leasing or relocating.  Alexandra and Vicki specialize in residential real estate in the Miami area, and we will be happy  to refer you to other top real estate agents globally as well,  if you are looking to relocate elsewhere.  Vicki and Alexandra Restivo restivo@ewm.com .

66% of all Florida property acquisitions right now by Venezuelans are in the Miami, Miami Beach and Fort Lauderdale areas.

Almost 2/3 of Venezuelan investors buy condos, as opposed to single family homes …  

And they tend to buy  high-end property  (very building-specific … with a preference for modern highrise construction) … The Icon on Brickell is a good example…  offering  an uber-modern ambiance …  amenities and  pampering (on a grandiose scale) … and in a rather unique fairytale setting …  with open air views out over  Biscayne Bay and a seemingly endless  larger than Olympic sized pool…  and a Brickell addess with easy access to both Miami Beach and Miami International Airport.

According to the NAR the median price Venezuelan buyers paid in 2011 was $258,300 with 12% of buyers buying homes priced over a million dollars… with 88% of Venezuelans buying in cash.  Over 1/3 of the homes and condos purchased by Venezuelans were bought for personal use, with the intention of being owner occupied for 3-6 months a year.

And the statistics that apply to other foreign nationals show that the vast majority of international investors coming to Miami are buying in cash.  

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   restivo.v@ewm.com

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 … restivo.v@ewm.com    305 793-1365

According to the 2010 figures from NAR …   foreign buyer specific:  11 percent of U.S. purchases by international investors were for new construction  … while 89 percent was for resales of existing homes….

The figures for 2011 show an increase in new construction sales, with 15% of all  sales being for new construction… up 4% from last year.

In 2011, foreign buyers also leaned heavily in favor of condo purchases, as opposed to single family homes.    Statistics continue to show approximately 50% of all international investors opt to buy condos (as opposed to single family homes)  … 12 % more in 2011 than in 2010.

Would you like our help,  buying or selling real estate in South Florida… or elsewhere?  We would love to work with you … whether directly or by referring you to a top real estate agent in some other area!   Please give us a call.  Alexandra and Vicki Restivo … We look forward to hearing from you!  305 793-1365

Florida is unquestionably a top resort destination -   easily accessible from nearly anywhere in the world.  And with Florida now having a modernized and expanded international airport … MIA –  ”Miami International Airport” …   South Florida  is on the map and on the radar screen of foreign investors.

Currency exchange rates  favor real estate investment … in many parts of the United States right now.   International buyers are taking advantage of lucrative property  investment opportunities (distressed as well as non-distressed property) primarily in  resort destinations …   and real estate is seen as a solid  investment option  (especially given the volatility of the stock market … and diminished profitablity of other investments).  

Florida, Arizona, California and Texas are the four states that TOP THE LIST  as far as real estate is concerned (according to the National Association of Realtors) … not only for acquiring distressed sales, but for purchasing regular non-distressed listings that offer a potentially solid return.

If you are considering buying or selling,  this might be an opportunity to do so.  We would love to chat with you -  now, or whenever you’re ready.  Please contact us.  The Restivo Team at EWM Realtors …  305 793-1365     restivo.v@ewm.com