Miami real estate news and information

Archive for the 'IN THE NEWS' Category

Remembering 9/11

911

It’s been 12 years since America experienced the worst tragedy of our time, and I will never forget that day. I was in my high school Italian class here in Miami when we heard the news and I’ll never forget the feeling of shock, sadness and utter disbelief. My mom was in Ft. Lauderdale and raced back down to pick me and my two brothers up from our schools and take us home. I remember being glued to the television and not believing what I saw. What a horrific and tragic day that was…one I will never forget.

Last summer, my husband and I were able to visit the 9/11 Memorial and saw the Freedom Tower while still under construction. The feeling of being there is indescribable…an overwhelming feeling of sadness but also one of pride. Our Nation banded together. People helped each other. Even here in Miami, there was a sense of comradery.

The hustle and bustle of life is back to normal, but we will always remember that day, that time in our lives, the time when everything changed. Never Forget.

 

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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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Investing in Miami … Income Producing Property

A note … from clients of ours who live abroad …  who came to visit Miami with the sole purpose of purchasing  income-producing property:

“Vicki, thank you for all your terrific help with purchasing the Miami condo !!

Your knowledge, advice, patience and good company made the  whole process enjoyable from start to finish.

It took us a few months to figure out what we wanted in Miami – and the Brickell unit is exactly it –  a stroke of genius because of the ease of getting a tenant in place.

We’re so happy with how it’s all worked and know it worked so well because we had a terrific agent navigating us through it.

Regards, Brooke”

 

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Step Through The Gate & Escape From It All … Coconut Grove Cottage 3720 Kumquat Ave

FROM THE STONE PATHWAYS TO THE TIKI HUT

THERE ARE BANANA TREES AND FLOWERING VINES, TREES,  BUSHES & COLORFUL FOLIAGE:  PLUMBAGO, HIBISCUS,  FLOWERING SKY VINE, CANDLE BUSH, ANGEL TRUMPET TREE,  ST. AUGUSTINE SOD (THE MOST SHADE TOLERANT), SNAKE PLANT, CACTUS, BURGUNDY LEAFED ALOCASIA, COLEUS,ARECA PALMS, LADY PALM, STAGHORM FERN, ORANGE AND YELLOW MILKWEEK, PETUNIAAND THE STEPHANOTIS VINE THAT PRODUCES WHITE TUBULAR SHAPED FLOWERS THAT SCENT THE AIR ALL OVER THE BACK YARD ON A STILL EVENING.

THE COTTAGE ITSELF IS PICTURESQUE AND WELCOMING …   2 BEDROOMS . KITCHEN, DINING ROOM. LIVING ROOM, ENTRY ROOM, LAUNDRY ROOM  … EACH AND EVERY ROOM OPENS TO THE OUTDOORS THROUGH A WALL OF SLIDING GLASS.

THE BATHROOM HAS BEEN EXQUISITELY UPDATED …  ITALIAN MOSAIC BLUE GLASS TILES … &  LEADED STAINED-GLASS WINDOW. EVEN THE LAUNDRY ROOM HAS DOUBLE GLASS DOORS OPENING TO THE BACK YARD … with ANOTHER LEADED-GLASS WINDOW.

THE OWNERS ARE SELLING … MOVING TO COSTA RICA …  THIS REMARKABLE GROVE COTTAGE (FEATURED IN BETH DUNLOP’S UPCOMING BOOK) IS LISTED FOR SALE …  MIGHT BE THE PERFECT HOME FOR YOU!

Photography courtesy of Claudia Uribe “Tropical Cottage: At Home in Coconut Grove” …   3720 Kumquat Avenue,  Coconut Grove,  Florida 33133 Listed by the Restivo Team at EWM Realtors … Vicki 305 793-1365 …  Alexandra 305 632-0164 for $435,000.00  www.MiamiRealEstateCafe.com

 

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Restivo Team Achieves Top Honor for 2012

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Inventory is Down … The tide is turning in Miami

Miami is spiraling downward …  with available inventory continuing to diminish.

Investors, international buyers, second home buyers, and people relocating to Miami for job opportunities have purchased the bulk of the excess inventory, making homes and condos considerably scarcer throughout much of South Florida.

The specific buyers who are most affected by Miami’s recent drop in inventory are the ones looking  in the mid price range.

The sellers who are listing and selling now seem to be quite serious about doing so.

There are fewer ‘tire-kickers’… fewer buyers “just looking”  …  The buyers who are out there are well-informed and eager to pounce on the opportunities.

If you are looking to buy or ready to move,  there are a number of good investment options in South Florida …   suburban neighborhoods with top schools … charming beach communities … trendy hot spots such as Brickell, Wynnwood, Midtown… well-established neighborhoods with single family homes … artsy, bohemian communities …

See more on Miami’s neighborhoods and what Miami has to offer on our website and blog MiamiRealEstateCafe.com

Feel free to call any time … 305 793-1365  The Restivo Team at EWM   … Vicki and Alexandra  [email protected]  We’d love to help you find your next home!

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Where is America Moving?

Atlas Van Lines has been tracking moving trends across the United States since 1993.  Their 2012 study, which was just released, shows a flurry of  migration activity in California, Texas and Florida…   All three are, and have remained ‘balanced’ over the past decade …  with fairly even inbound and outbound migration patterns.

Washington D.C. showed the highest inbound traffic of any of the Northern States … (and has for much of the past decade).

Rather surprisingly, North Dakota, Alaska, New Mexico are in the same category  as Washington D.C (showing increased inbound migration)  …

The same is true of North Carolina (although, given the number of Floridians scooping up second homes in North Carolina, that’s not a surprise).

This map shows a snapshot of migration patterns across the U.S. and Canada.

New York and New Jersey rank high as far as outbound migration is concerned  … (Wyoming, Nebraska and Ohio … and Canada show high outbound migration as well).

And that continues to benefit South Florida  …  Despite the somewhat transient nature of much of South Florida  (with international corporate relocations coming and going)  Florida entices those looking for a reprieve from the cold,  and looking for more temperate climates… as well as those wanting second homes and investment property.

Thinking about relocating?  We’d love to help make that happen.  Look forward to hearing from you!   The Restivo Team … Vicki and Alexandra … 305 793-1365  EWM Realtors [email protected]

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Appraisal Woes … by Phil Spool

4th in a 4 part series of blog articles submitted by guest contributor, Philip Spool:

“If you are either buying or selling a house and the appraiser comes in lower
than the contract price, consider the appraiser’s restrictions if you are
getting a loan from a bank.

If it is a cash deal, then the appraiser might have been so ingrained to use the restrictive
guidelines by the AMCs they work for that they fail to realize that perhaps
there are sales that can legitimately support the contract price.

If you are a buyer, don’t necessarily think that the appraiser is correct in his/her value.

One has to look at the comparables the appraiser used.  Go by those houses, have your Realtor give
you the MLS sheets on those houses and see for yourself if they are inferior,
superior or comparable.

I always encourage the Realtor to supply a list of comparable sales to the appraiser to
support the purchase price.

In some cases, the Realtor knows there is no support and should state that to the buyer
and seller.”

Phil  Spool has been appraising in Miami-Dade County since 1973, is a state-certified
general appraiser, is vice president of the Greater Miami Chapter of the
American Society of Appraisers and has published numerous articles in MiamiRealEstateCafe.com,  Working
RE Magazine, a national appraisal journal.  He can be reached at [email protected]

Closing  a real estate transaction once an appraisal threatens to derail the whole thing is a challenge … Sometimes it’s a minor hiccup.  Other times it requires renegotiating the contract or scrambling to be creative and hold all the moving pieces together.    Inevitably though it’s one of those times that both the buyer and the seller count their lucky stars if they have an experienced Realtor on their side.  If you’re looking to buy or sell, contact real estate experts Alexandra and Vicki Restivo at EWM Realtors  305 793-1365  [email protected]

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