Miami Real Estate

According to Chase Bank,  home prices are predicted to drop 6-7% in the nation before hitting rock bottom in 2012.

Prices in New York and New Jersey will drop 13%.  Illinois and Indiana and Kentucky will have significant drops in their housing prices, because of the amount of shadow inventory in each of those states. 

Also in bad shape are North Dakota and New Mexico … South Carolina and North Carolina.

What about Miami?     Not only do we have beautiful weather year-round, but from all appearances the real estate market in Miami is one of the few that has actually stabilized, making our neck of the woods a good investment option.   If you are looking to relocate we would love to help you!  We specialize in South Florida, and we can also connect you with real estate experts nationally and internationally to help with the other side of your move .   The Restivo Team at EWM Realtors, International.   305 793-1365

To receive my blog posts directly to your inbox, click here to subscribe.

2012 will be breakthrough year in real estate according to the experts… in Miami.

Who is  FORECASTING WHAT …  FOR THE REAL ESTATE MARKET? :

Zillow says:  Prices in Miami will remain stable over the next 12 months, although prices will go down in Chicago by 7.6% …  and will similarly drop  in Atlanta by 8.5%.  “Prices WILL soften in Florida … and in the rest of the country…  BUT NOT IN MIAMI !!”   (according to Steve Harney of Matters, who spoke to a group of Top Real Estate Agents at EWM in Miami last week).  Harney demonstrated through recent sales that the propjected prices in real estate  will be flat this year (2012)  … with Miami pricing being at the same level as in 2002 … but with interest rates in 2002 being at 6.11%  as opposed to today being at 3.87%..

Warren Buffet  recently advised his secretary (of  many decades):  ”Buying a home right now will be the best opportunity in your lifetime”.

Chris Thornberg  has had a change of mind about the real estate market.  Back in 2007 he warned “WAIT TO BUY, because you’ll get it for 10% less in a year”.  He was right.  Now he says “If you have been thinking about buying in Las Vegas , or a condo in Miami BUY NOW!”.   I don’t disagree.

And Celia Chen of Moody’s Analytics reports a 30% increase in existing home sales.

The Restivo Team at EWM is seeing an increase in property sales – both single family homes and condos – in Miami.  “When homes start going under contract before they even hit the MLS, as they are doing again now (March 2012) it’s an indicator that the real estate market has not only stabilized but is improving”.   Vicki Restivo – EWM Realtors, International.

Considering buying or investing ?    Miami is simmering …    Many opportunities for buying  (and buying well!)  right now – in South Florida!

To receive my blog posts directly to your inbox, click here to subscribe.

Chris Thornberg  had a  change of mind about  real estate. 

Back in 2007 he warned “WAIT TO BUY, because you’ll get it for 10% less in a year”.     And … He was absolutely right. 

He was recently quoted  saying :   ”If you have been thinking about buying in Las Vegas , or a condo in Miami BUY NOW!”.   That’s now … in 2012.

I agreed with him then …  I agree with him now.

National average rents are headed upward.   A rental that you could have had for $1000 in 2009 is forecasted to reach $1,175 by 2014.  When rental prices are on the rise, it’s a good indicator that it’s time to look at buying.

If you’re thinking about purchasing property  anywhere in Miami, we would love to work with you.  We know the market, and we know the neighborhoods you want to live in and invest in, and we look forward to helping you.  Call us anytime on our direct number 305 793-1365  The Restivo Team … experienced …  reliable …  local …  real estate experts.

To receive my blog posts directly to your inbox, click here to subscribe.

Is this really the time to buy real estate in Florida?    Have we hit bottom and leveled out?

Steve Harney, in his Keeping Current Matters, seems to think so.  

Speaking to Realtors at EWM Realtors International in Downtown Miami last month,  Harney projected that real estate pricing would remain relatively flat in Miami in 2012.   But he added  ’If you don’t buy today, you will likely regret it – big time – five years down the road.’

And he further indicated that with Miami real estate pricing being at the same level as it was back in 2002, now, but with interest rates having fallen from 6.11% to under 3.87%  the cost was actually lower (with cost and price being two entirely different animals).

Sales are up …  Prices will follow suit.   Read the rest of this entry »

To receive my blog posts directly to your inbox, click here to subscribe.

Well, if you’re reading any of John R. Talbot’s books , he has it pretty much spelled out:

Here are the titles :

2003:  “The Coming Crash in Housing Market”

2006:  ”Sell Now! End of the Housing Bubble”

2012:  And now  he is quoted as saying …   ”It is time to buy a new home!”. 

Warren Buffett agrees …  saying it’s time to buy…   and if you are looking for a top real estate agent in the Miami area, the Restivo Team at EWM Realtors would love to help you move on – whether you’re looking to sell or wanting to buy.  Alexandra and Vicki  305 793-1365 or 305 632-0164  both write for MiamiRealEstateCafe.com,  a Miami based real estate blog  providing information to investors, buyers and sellers.  The Restivo’s are top local real estate experts  in Miami who work with buyers and sellers, and offer referral recommendations  of top realtors nationally and internationally to relocating clients.    

To receive my blog posts directly to your inbox, click here to subscribe.

According to the National Association of Realtors® (NAR) a new real estate tax will go into effect in 2013.

The fact is that this capital gains tax of 3.8%  will impact relatively few sellers. First of all, it targets home sellers with  high annual incomes  (individuals earning $200,000 per year plus, and married couples earning at least $250,000) … who reap sizable profits on the sale of their homes ($250,000 in profit for an single individual …$500,000 if you’re talking about a married couple).   Link here for the pdf tax form.

And even for sellers who qualify under these two conditions, a tax may still not be levied. 

The reason why?   Other tax details need to be taken into consideration before the 3.8 percent tax can kick  in.   Simply having a high income (even if you make a substantial profit on the sale of your  home)  doesn’t necessarily indicate that you’ll be charged  3.8%  in capital gains tax.

Link here for the full article and the forms.   

If you’re considering selling now or in the near future,  and are looking for a top real estate agent to list and sell your house with, we would be delighted to meet with you.  Call or email us with your questions or connect with us here to arrange a seller consultation.   We are a mother/daugher team … experienced top local realtors in South Florida  …  Alexandra and Vicki Restivo … 305 793-1365     restivo.v@ewm.com and we would love to help you buy, sell or relocate… locally or internationally.   Call us.

To receive my blog posts directly to your inbox, click here to subscribe.

6845 SW 98th Street in Pinecrest sold in ’06  for $1,551,840.00 …  It’s  listed again now at $1,995,000.00.   If you like, you can link to the property details on 6845 SW 98 Street here.  It’s been beautifully re-done.  6845 SW 98th St was upgraded exquisitely in 2006 … Everything was updated …  It has a warmth and a flow to it that makes it inviting, in a grandiose way.    No one told them that they couldn’t sell now!  And they are.

This is an impressive listing …  Hampton Style with a Key West Flair …   in the heart of North Pinecrest …  6 bedrooms … 4 full baths … 2 guest baths …  three stories… 8 foot doors …  magnificent hardwood floors throughout  … chefs kitchen … oversized  lap pool … guest house … BEAUTIFUL NEW LISTING !  

I hope you don’t think that because you bought at the top of the market you’ll have to wait to sell.  If you are thinking of selling, we would LOVE to talk with you.  There’s a shortage of homes right now for the buyers who are looking.  There are homes for sale now in Pinecrest that are priced above where they sold  last year.   

Buyers appreciate and will pay for homes with updates … and  move-in ready …  and buyers are buying.  Whether you are buying or selling, we would love to chat with you.

Read the rest of this entry »

To receive my blog posts directly to your inbox, click here to subscribe.

Prices for Miami real estate are expected to remain stable.  We are currently in a so called ‘normal market’ with 5-6 months of inventory a the close of February 2012.

That said, IF you are planning to sell within the next 6 months, every indication suggests that you sell now.

The reason behind that is just last week the banks and the federal government came to an agreement as to how to move forward with the current inventory of foreclosed properties (‘shadow inventory’).   They came to an agreement as to how that bottleneck would be released (by the lenders) onto the market .

And not only that, but now there will be a new onslought of properties  that are Read the rest of this entry »

To receive my blog posts directly to your inbox, click here to subscribe.

Homes in Pinecrest that  SOLD in 2011  are SELLING AGAIN now. 

If bought a home at the height of the market, and think you can’t sell it again now, this may give you a broader perspective:

PROPERTY ADDRESS:      CLOSED:    SALES PRICE:    BACK ON MARKET NOW:
12800 SW 80 Ave               7/29/11    $710,000           $999,000

8145 SW 133 St                     6/15/11     $475,000           $789,000

12800 SW 80 Av                  4/15/11     $299,000           $445,000    

Each of these three homes closed within the past year, and are each again listed actively for sale at a higher price than their most recent sales price.   The owners have updated/renovated/staged …. and are reselling them. 

In Pinecrest there are currently 35 homes under contract.

If you are considering selling, we would love to talk with you about listing yours, because we have sold all our inventory…   and we need more listings!  We know the real estate market,  the South Florida neighborhoods, and are top real estate experts specializing  in Pinecrest, Coral Gables and Miami.  The Restivo Team at EWM Realtors  305 793-1365.  Contact us by phone or email (restivo.v@ewm.com).

To receive my blog posts directly to your inbox, click here to subscribe.

The court-imposed dam on Shadow Inventory blew last month.  There is a wave of distressed property that will come, which will impact sales prices all across America.  Some areas will be more battered than others.

If you are looking to sell,  and wanting to move within the next 6 months,  now is the time to agressively and compelling price your house for sale … before the real estate market is impacted by shadow inventory that’s about to be released onto the market. Read the rest of this entry »

To receive my blog posts directly to your inbox, click here to subscribe.