Miami real estate news and information

Archive for the 'IN THE NEWS' Category

When is the RIGHT Time to Sell?

I just got off the phone  – I’ve had a number of similar inquiries recently, from homeowners asking if now a good time to list (and sell)  … or  whether they should wait until after the first of the year.

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 Read the rest of this entry »

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Venezuelans Eyeing CONDOS in Miami

Venezuelan buyers are increasingly interested in Miami … and in particular in areas such as Miami Beach and  Brickell… near the water.  

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) …  Read the rest of this entry »

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Market Update for South Florida Real Estate 2011 – International Investors

International buyers continue to see South Florida as an optimal investment.   It has been for quite some time now … and it continues to be.  

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   [email protected]

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Investing as Income Property or Vacation Home?

About 40%  of property purchased by foreign buyers in Miami is acquired with the intention of it being a vacation home.  Because foreigners are limited as to how long they can stay and how often they can come to  the States,  many choose to buy property that can be rented out short (or long) term. 

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 … [email protected]    305 793-1365

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Stats on Home Buying: New Construction Versus Existing Home Sales

NAR (The National Association of Realtors)  reports that most  foreign investors tend to purchase resale property  (as opposed to new construction).  That coincides with the stats for real estate sales and purchases  all across the United States,  by both foreign buyers and Americans.

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

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International Home Buyers … Where Are They Coming From?

As Miami Realtors who work with international home buyers,  we’ve noticed that  foreign investors  coming to South Florida definitely mirror what the rest of the country is seeing:   Buyers from Canada, the United Kingdom, Brazil, Venezuela,  Argentina, Mexico, Spain, France, Italy, Russia, Germany, Far East, Dubai and the Middle East…  are buying Miami… and there is the opportunity to do well, whether you are buying or selling.

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. Read the rest of this entry »

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Closing in October? Get Flood Insurance Before September 30th EXPIRATION

If you are buying property in Florida …  and closing any time in October … we recommend you order (and pay for) flood insurance now …. especially if you are buying in a high risk area. 

Florida Realtors strongly recommend  home-buyers get  flood insurance prior to midnight September 30th  … if the property is scheduled to close in October (so the closing won’t be delayed)

As of September 30th,  FEMA will be unable to issue new flood insurance policies, (until Washington gives them the green light…)  The bill has to go to the House and to the Senate  for approval …. and any delays in that approval could potentially play havoc with closings.  

Buyers who secure  Flood Insurance prior to September 30th though will be covered, and can close after that date.

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University of Miami Ranks Best College in the State of Florida

US News and World Report has issued it’s newest report on the top Colleges and Universities, ranking the University of Miami at number 38 in the nation. UM jumped from number 47 last year, maintaining the highest ranking in the State of Florida.

The University is the only school in the Top 50 list to have jumped 29 spots in 10 years and 9 spots in one year. Last year UM was in the top 50 and this year it has made the move to top 40!

The high ranking are due to things such as the high graduation rates, the SAT scores of incoming freshman, as well as the percentage of freshman that were inthe top 10% of their high school class.

The University of Miami continues to be a huge draw for relocations in the area, and the Restivo Team works closely with the UM Family. Contact us today – we can help you with all your real estate needs.

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Who’s Buying Miami?

Miami has long been the focal point for international buyers.  Russians and South Americans have had their eye on Miami and their pocketbook in hand for a long time now… And with the  favorable euro-dollar exchange rate,  so have the Europeans…   But it’s the Brazilians who have become the new onslought of  investors in Miami Real Estate. 

Whether cash buyers … or  taking advantage of the low interest rates international investors can get here…  Brazilians are finding real estate opportunities too good to pass up in Miami… Read the rest of this entry »

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ForSaleByOwner founder, Sambrotto, hires a Realtor!

From the Wall Street Journal article:

“Looking to move his family to the suburbs, [Mr. Sambrotto] said he carefully staged his apartment for sale himself, and put it on the market. But after using a mix of websites to publicize his apartment, he said he had only ‘middling success’ and switched to a broker because many buyers were so reliant on brokers.”

Click here for the full article FSBO a No Go!.    Restivo Realtors  …. Vicki and Alexandra  305 793-1365

 

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