Miami real estate news and information

Archive for the 'IN THE NEWS' Category

“King of Stats” – Miami Real Estate

Some home-buyers buy on impulse.  Others, analytical and hungry for information,  sift through every piece of available data before making an offer.   There are all kinds of buyers.  No two are the same. 

pinecrest homes for sale

The Miami Herald interviewed us months ago.  They also interviewed buyers  we were working with. Those particular buyers caught the attention of the Miami Herald because of how they analyzed  and dissected their potential home purchase. 

The Restivo Team submitted nearly a dozen offers – on various properties …  Offering price was based  99% on STATISTICS, FACTS AND TRENDS, RECENT RELEVANT SALES, PRICE PER SQUARE FOOT, and ACCURATE MEASUREMENTS …   

Ana Maria Lima reported in her  Miami Herald article on the challenges homebuyers  (and home sellers) have determining value and pricing.  She interviewed Ron Shuffield, Alexandra and Vicki Restivo and the Restivo’s buyers (who analyzed statistics and interesting tidbits of information so they could determine “VALUE”).

“Arriving at VALUE” can be rather tricky ground.  And it’s one of the toughest questions that buyers, sellers and Realtors grapple with. Read the rest of this entry »

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Housing Bubble… Housing Collapse

“What caused the housing market collapse?”   The Restivo Team was asked that by a group of FIU students researching the real estate market in South Florida.

A bit of this … a bit of that …    Did it have something to do with Hurricane Katrina or Wilma or some other natural disaster?  Was it because of the threat of, or a specific act of terrorism?    

“I think actually the bubble burst more as a result of  overinflated housing prices… historically low interest rates…astronomical real estate appreciation… loans beyond what we as homeowners could repay… and a subsequence drop in real estate values that caused many of us to wake up one day to negative equity.” 

“Home values increased by leaps and bounds (almost doubling!) and prices peaked in 2005.  They began dropping  in 2006 and  2007 and as mortgage debt  began to exceed the value of the property, we started seeing an increase in foreclosures.  Homeowners began walking away as a strategy.   By 2008 the US government began allocating funds in order to rescue Fannie Mae, Freddie Mac …  FHA.  And by 2009 Florida was one of several states that was hardest hit by foreclosure. ”

“As buyers, we certainly overextended ourselves…. looking through rose-colored glasses.   We stretched in order to afford homes that were beyond our means, mortgaging them to the max, with debt obligations coming out of our ears. Many of us began (and continue to!) struggle.  We refinanced home loans… and as the value of our homes increased, many of us withdrew equity so we could buy more ‘toys’ and  take nicer vacations.  Interest rates on our loans ballooned.  The subprime mortgage crisis of 2007 hit. Sub-prime lenders declared bankruptcy and lenders went belly up. Many homeowners found ourselves in way over our heads as our interest rates reverted to regular interest rates …   and we found ourselves in a situation of having negative equity.  Along with real estate, our stocks, bonds and mortgage-backed securities took a hit.  We became concerned.  Investors became fearful.  Confidence dropped.  Mortgage rates went up.  Wall Street felt the effects.  Investment banks that traded in morgage backed securities were in danger.” 

“Lenders began requiring larger down-payments.  Loans for foreign investors became scarce.  We woke up from an illusion that real estate might appreciating forever.. and realized the cycle was headed down.  Real estate was overvalued and it was time for a correction.   Historically, real estate is a SOLID LONG TERM INVESTMENT … but it’s NOT all uphill all the time.  It is cyclical. And we are now waiting for the upturn… which WILL come!”   

“The good news is that in resort destinations like South Florida and Southern California, real estate is historically a really good long-term investment.  With diminishing buildable land, and limited waterfront property, prices will inch upward… again. Those who invest now will likely look back wishing they’d done more.  Those who wait may wait too long to reap the benefits of buying at the bottom of the market.”

“The bubble had to burst.  Home values have now dropped in some sectors up to 40-50%… but they will go up again especially in coastal areas like South Florida. ”

Looking to buy, sell or invest in real estate?  Using a top local Realtor can make all the difference.  Contact Vicki and Alexandra Restivo for all your real estate needs   305 -793-1365 or 305-632-0164

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Cost vs. Price – Home Buyers Can Easily Understand the Difference

THE SINGLE MOST IMPORTANT THING FOR YOU AS A HOME-BUYER (BESIDES “LOCATION”) IS “HOW MUCH THE PROPERTY WILL COST” YOU.

COST is going to be determined by 2 things:

1) YOUR PURCHASE PRICE (and hence, whether you buy … or not) …  and

2) YOUR MONTHLY MORTGAGE PAYMENT (WHICH WILL BE DETERMINED BY YOUR LOAN AMOUNT AND THE PREVAILING INTEREST RATE).

This morning, I was analyzing the projected numbers (COSTS) for home-buyers  we are working with (young executives for whom we are putting in an offer on their first home). 

We are in the throws of negotiation on their behalf … and every penny matters

If you follow this blog, you have access to information and insights that are key to solid decision-making, whether you are buying OR selling. Read the rest of this entry »

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TV Show Producing Story on Condo Living … and Looking to Interview Miami Condo Owners

Black Microphone

MIAMI CONDO OWNERS:  “There is a  TV show  looking to produce a story next week on unexpected condo costs (which the owners can’t control.)   The producers want to profile a Miami  condo-owner (close to retirement … or in a  fixed income situation) … struggling financially due to an increase in maintenance costs (or special assessment /or fee of some sort).  The on-camera, taped interview would take place the week of November 1st and would take no more than 2-hours to complete.”

If  you have a story you would care to share on camera,  we can certainly put you in touch with the producers of this particular TV segment – to be shot in Miami next week.   Feel free to call or email the Restivo Team.  Happily, we know of no condo owners who fit the requirements for this segment,  but perhaps one of our blog readers might know of someone?

In that vein, if you are considering buying  property in Miami (or anywhere for that matter), due diligence is the name of the game!  Rely on a Top Realtor and/or real estate attorney.   Please don’t hesitate to call us … The Restivo Team (Our daily blog: www.MiamiRealEstateCafe.com)    (305) 793-1365 or 632-0164

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HGTV Miami: Want to Sell Soon? Then HGTV is looking for You!

 

We are looking for home-owners  who would soon like to sell…  and … would be willing to have it documented on HGTV.   If  you are willing to share your story … your journey …and would like to sell your home  through us … we would like to talk with you  about listing and selling your house … and applying to have the entire process showcased on TV.

Film Crew

 

HGTV will be filming in Miami for an upcoming  prime-time show, and the producers of HGTV asked  Miami Realtors, Alexandra and Vicki Restivo of EWM Realtors to work with them  on it.   

IF YOU ARE  considering selling your home…. and would  like to list  your house for sale soon…  and possibly have it documented and featured on HGTV …  listed and sold by The Restivo Team with Esslinger, Wooten, Maxwell Realtors…   we would like to talk with you  about applying!   We invite you to call 305-793-1365 or  305 632-0164  … or send us a note here.   You can download the link for the application here.

Filming will document one home sale in Miami…  following an individual/family through the process of selling (listing, pricing, staging, showing the house, selling…).  Homes can be of any price range, style or type. 

We are looking for sellers who are outgoing and energetic  (after all, this is for television)…  and happy to share their story (and the nitty gritty details of it) with the world.  Cameras will capture much of the trials and tribulations… and the rollercoaster ride of selling a house…  the ups and downs of prepping the house for sale, pricing, negotiating, and ultimately selling. Read the rest of this entry »

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HGTV Accepting Home-Seller Applications for Upcoming Shoot in Miami

 
filming

HGTV Preliminary Screening Application:   Miami Home-Seller (Miami Shoot – WINTER 2010)

HGTV is looking for  fun, energetic home-owners who are soon wanting to sell their Miami home/condo/townhouse.  If you missed the blog on HGTV’S  HOME-SELLER CASTING for MIAMI, you can link to The Restivo Team’s post on MiamiRealEstateCafe.com  here.  Producers at  HGTV asked Miami real estate experts, Alexandra and Vicki Restivo at EWM Realtors to work with them on this episode.

Applicant seller-questionnaire responses can be submitted directly by email to  [email protected]  or faxed to 305 378-9239  Attn: Vicki & Alexandra Restivo/EWM Realtors.

HGTV APPLICATION  BELOW … Read the rest of this entry »

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LEBRON PROVES TO BE A CATALYST FOR ECONOMIC IMPROVEMENT – MIAMI

LeBron James Miami Heat

LEBRON JAMES LIT THE FIRE WITH HIS ANNOUNCEMENT OF SIGNING  “MIAMI’.   THAT NEWS PROVIDED THE SPARK…  AND A FIRM BUT GENTLE PUSH TOWARD ECONOMIC IMPROVEMENT IN SOUTH FLORIDA… LE BRON PROVIDED THE  PROMISE OF A TEAM WORTH ROOTING FOR…. AND ALL THE HYPE THAT GOES WITH THAT.   Read the rest of this entry »

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Miami Real Estate – Only in Miami … The Tanning Butler!

CIMG2471

How exactly does this work?  Well…  Welcome to Miami.  Not only can you own a piece of the sun by buying a home or condo in South Florida  (and we can certainly help you with that)… but you can be part of something entirely unique.  The Ritz Carlton on Miami Beach coined the term “Tanning Butler” . (The Ritz created  the position as  a take-off on the traditional English Butler).

The Tanning Butler offers patrons poolside tanning service… Miami Style!  CNN tauts it as the “World’s Best Job” … and various news reporters (from the  Travel Channel, ABC, Miami New Times, and Haute Living)  have each had their own two cents to add.  Read the rest of this entry »

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MIAMI REAL ESTATE – SHORT SALES – PERSEVERANCE & PATIENCE PAYS OFF! MY PHONE IS RINGING OFF THE HOOK NOW THAT THIS IS PUBLIC INFORMATION!

 

6915 SW 101 St Dining Rm

AFTER SUBMITTING COUNTLESS OFFERS  (ON REGULAR… AND SHORT SALE LISTINGS) ON BEHALF OF TWO VERY DETERMINED AND SPECIAL  BUYERS OF OURS,  I AM TELLING YOU,  IF YOU HAVE THE STOMACH FOR IT, YOUR PERSEVERANCE AND DILIGENCE  COULD PAY OFF  –  BIG.  DOES IT ALWAYS?   NO, OBVIOUSLY NOT.   I AM NOT IMPLYING THAT, BY ANY STRETCH OF THE IMAGINATION.   BUT THIS STORY IS ONE FOR THE BOOKS!  Read the rest of this entry »

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VOLUNTEERS NEEDED FOR MIAMI-DADE SCHOOLS

volunteer at school

KAPOW  (KIDS AND THE POWER OF WORK) is looking for volunteers  interested in teaching students how class work can help them later succeed in the workplace…  Link to the Miami Herald article here.

KAPOW is a national network of business and elementary school partnerships in South Florida.  The non-profit organization reaches 6,500 kids from 60 South Florida elementary schools from Homestead to Oakland Park.

Volunteers for the new school year will be given Read the rest of this entry »

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