148 ISLA DORADA IN COCOPLUM :  THIS STATELY FRENCH CHATEAU JUST SOLD FOR 30% BELOW  ORIGINAL LIST PRICE  (AND  12%  BELOW THE MOST RECENT ASKING PRICE).  WE CLOSED YESTERDAY, AND ARE HOPING THE WEATHER HOLDS, SO OUR BUYERS CAN MOVE IN WITHOUT HAVING TO DODGE THE  RAINDROPS. 

IT IS A PLEASURE WORKING WITH  BUYERS, SELLERS, REALTORS  AND ATTORNEYS  – WHO COLLECTIVELY MAKE

THESE  TRANSACTIONS  POSITIVE AND MEMORABLE.  WE APPRECIATE ALL OF YOU!

CONGRATULATIONS TO OUR NEW HOME OWNERS!   EVERY HAPPINESS    TO YOU    and    TO YOUR FAMILY !

THE PERFECT HOME … AND IT  SOLD  FOR TWO REASONS:  PRICE and VALUE.

COMPELLINGLY PRICED, THIS HOME SOLD FOR $402.60 A SQUARE FOOT.  

EQUALLY AS IMPORTANT, COCOPLUM WAS THE  IDEAL LOCATION FOR THIS FAMILY (PRICELESS!): 

CORAL GABLES  (ADJACENT TO COCONUT GROVE & SOUTH MIAMI)  IN ONE OF MIAMI’S TOP LUXURY GATED COMMUNITIES.  EXCELLENT SCHOOLS NEARBY.  COMFORTABLE COMMUTING DISTANCE TO WORK .  EASY ACCESS TO MIAMI INTERNATIONAL AIRPORT, DOWNTOWN MIAMI, THE UNIVERSITY OF MIAMI, SHOPPING, DINING,  MIAMI BEACH AND KEY BISCAYNE. 

GATED CHATEAU…IN COCOPLUM… NEAR THE CLUBHOUSE AND TENNIS COURTS … WROUGHT-IRON GATED, DOUBLE HEIGHT ENTRY FOYER,  5 BEDROOMS, 4.5 BATHS, BREAKFAST ROOM,  STUDY, RESORT-STYLE POOL

IF YOU FOLLOW THIS REAL ESTATE BLOG:  YOU KNOW THAT WHENEVER YOU’RE READY TO MOVE…  WE LISTEN …    WE MATCH YOU  WITH THE HOME YOU FALL IN LOVE WITH, AND MOVE INTO.    THE RESTIVO TEAM –  EWM REALTORS INTERNATIONAL

Closings that had to be put on hold in coastal areas of South Florida (and nationally) can now be rescheduled.  The United States Senate  just passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) ,  extending the National Flood Insurance Program until September 30, 2010.   The bill  the Senate just passed is retroactive, covering the lapse period from June 1, 2010 to the date of enactment of the extension.

National Flood Insurance Program
The National Flood Insurance Program (NFIP) provides flood insurance to homeowners in participating communities in flood-prone areas, who could not otherwise obtain coverage due to cost or ineligibility. Without insurance provided through NFIP, property owners in federally designated areas across +10,000 communities nationwide could not obtain mortgages.

The NFIP  produces the Flood Insurance Rate Maps (FIRMs), which are critical for the transaction of properties located in, or adjacent to, a floodplain. Those maps must be updated regularly, to make certain that the information is correct and  buyers know whether their property is at an increased risk for flooding.

For up to date Real Estate Information:  MiamiRealEstateCafe.com  … the Restivo’s Real Estate Blog for South Florida.

Looking for an expert Realtor in Miami or elsewhere?  We invite you to contact us by phone or by email … We will be delighted to help.

The National Association of Realtors (NAR) indicates that the demand for real estate throughout 2010 will  likely remain fairly flat, although the market is encouraging  -  for buyers.

That announcement, along  with the expected increase in short sale and foreclosure properties in South Florida’s Real Estate Market, will likely tighten the screws on home sale pricing.

It will also pressure sellers into re-evaluating  and correcting their pricing in order to compete with mounting inventory.

Yes, we  can expect home prices to continue to drop…  somewhat.  Why?  Primarily, I think it’s mainly because so much of the current inventory is over-priced to begin with.  Once any piece of real estate is priced compellingly though (whether it’s a home, condo, vacant land, or commercial property)  buyers are quick to see and  understand value… and that’s when they buy.  It’s not so much that underpriced property is selling, but rather it’s that correctly priced property is.

With additional discounted property inching it’s way onto the market (short sales and foreclosures), value matters more to buyers now than in years’ past.  Proper pricing  entices buyers to look.  That is the first step in getting buyers to buy. 

If you are in the market to buy or sell real estate, and need a knowledgeable Realtor to put your interests first and foremost, give me a call or contact me here.   I would love to assist you with any property acquisition in South Florida…  or elsewhere, globally.  If you missed previous articles on Miami’s real estate forecast for 2010,  you can link to them here.  For future udates,  we encourage  you to visit our website .

The Miami Real Estate Market is extremely value sensitive right now, as we inch close to the half-way mark in 2010.  Unquestionably 2010 remains a buyer’s market.  Buyers are looking for value, and finding it. 

Overpriced real estate languors, stagnant… while properties that offer value are selling like there’s no tomorrow!  Rightfully so.  It’s unlikely that we’ll see another opportunity to buy real estate at these prices again, anytime soon.  

Few buyers are inclined to overpay for real estate these days… That puts short sales, foreclosures, and well-priced inventory in high demand. And that’s what’s selling in South Florida.

“Compelling pricing, clever marketing, and desirable inventory lit the fire under Miami’s real estate upswing  at the start of 2010.  We began seeing a notable increase in home sales and purchases in early 2010…  in particular in the luxury market segment”,  reports Vicki Restivo - Real Estate Expert with Esslinger Wooten Maxwell -  in Restivo’s Blog MiamiRealEstateCafe.com  . 

The Wall Street Journal reports in a study done by MDA DataQuick, a real-estate data provider:  ”In some areas of the country, sales of homes over $2 million in the first quarter were actually on par with the levels of 2005, the peak year for existing-home sales volume nationwide.”

As with other big ticket purchases (luxury cars, yachts…) cost is determined by more than just price alone.  Cost is determined by price and financing -  combined. 

Unquestionably, interest rates are at an all-time low, although unlikely to remain so.  The experts are focusing on a gradual increase in interest rates.  Keep in mind  that a mere one-percent increase in interest rate will negate a ten percent drop in purchase price.  Even if real estate prices continue to soften, the cost of a new home or condo could increase, because of interest rates.   Timing the bottom of the market is a virtual impossibility … Real estate experts agree :  Hindsight is 20/20.  We  know we’ve hit bottom, once real estate prices or interest rates have already begun inching  up … and certainly not before. 

 Whenever you are ready to buy or sell property anywhere in South Florida,  if you need the help of a knowledgeable real estate professional, call us.  We will be pleased to assist you.

Due to a significant drop in inventory (and a parallel price drop)  Miami has seen a notable increase in international acquisitions thanks (in part)  to investors  from Italy, England, Germany, Spain, Venezuela, Brazil, Dubai and the Far East. 

With favorable exchange rates, and concerns over investments that are ”other than” real-estate-related, the international community is keeping a sharp eye on Miami…   acquiring property in South Florida, left and right.  International buyers are targeting pied-a-terre’s and second/ or vacation homes that offer them easy access to Miami’s beaches and airports:  Miami Beach, Brickell, Downtown Miami, Key Biscayne and Coral Gables….condos and townhomes, both.

EWM statistics show a conspicuous rise in property sales:  2,237 condo sales in Miami-Dade and Broward counties last  month alone (April 2010) -   up considerably from the 1,875 figures reported in condo sales from April 2009. 

These statistics, derived through EWM compilations of  MLS data, are  publically available.   

As a result of  solid increases in sales,  available real estate inventory of real currently on the market in South Florida is 3/4 what it was, even a year ago. 

Vicki and Alexandra Restivo of EWM Realtors, calculate that  “Slightly more than 50% of the property sales now closing are short sales and foreclosures (and mostly the latter, given what’s crossing our desk).  Less than 50% of today’s sales consist of  non-distressed sales, simply because this is a buyer’s market, and not one in which sellers who don’t need to sell, are doing so.”

Within the past week, Alexandra and Vicki Restivo who specialize in international acquisitions and relocations, sold 4 townhomes and one waterfront condo… each  to foreign investors, looking to buy property in Miami.  The Restivo Team,  Miami Real Estate Experts  report  ”With current real estate trends, we are seeing signs that the market stabilizing, particularly in Miami-Dade.  We may well have a bit left to shake off … but we seem to be on our way… up and out.”  If you are interested in buying or selling real estate in Miami,  and need the assistance of a knowledgeable local Realtor familiar with international acquisitions, please call us today.  305-793-1365  EWM Realtors International .   Cercasi Casa A Miami … Agencia Immobiliare  Miami

For a variety of reasons, villas and townhouses are a plausible answer to ‘what’s next?’ Whether you want to lock-up and take-off for a well-deserved romp around the globe… or  eliminate  entirely the hassle of maintaining a large home ( and grounds!)…  a townhouse can offer  freedom, without catapulting you into  quarters of claustrophobically minimal dimensions.  If you want  independence and elbow room …  and a condo is just too confining…the answer COULD BE  a townhouse.   

In both Coral Gables & South Miami there are several in the works – some in the development stages (having already broken ground, or about to)…   others ready for occupancy.  They run the whole gamut, with some available for under $500,000.  

The cream of the crop may well run from $1.2 million to nearly $2 million.  Some are located in more commercial settings with easy access to shops, dining and transportation… Others are situated in  absolutely charming residential settings.  Elevators, private garages, butler pantries, fireplaces, and a summer kitchens … are among the selling points that many offer.   Many have abundant outdoor space:  terraces, balconies …   and elegant, simplified luxury. It’s a “home”,  without the concerns a “house” might pose. 

Townhouses and villas are NOT in abundance, by any means, but there’s a smattering of them in Coral Gables, Coconut Grove, South Miami & Pinecrest… all adding a lifestyle option to what was previously limited to single family homes and condo living.  

In Coral Gables you have:

Venetian Coral Gables,

Old Spanish Village   (both preconstruction);  Valencia Gardens (currently under construction); and  Almeria Row, Casa Valencia, Valencia Grande, Villa Alhambra, Bermuda Village, Riviera Town Villas and Deering Bay (already built) … 

In Coconut Grove you have:

 Cloisters on the Bay, &  Abitare in the Grove…

In Miami, near the University of Miami you have Bridgepoint  …

In South Miami you have Oaklane (under construction) and Pine Manor (already built). 

And in Pinecrest you have the French Village.  Contact us for further information on buying or selling real estate in Miami… townhomes, condos, or homes.    We will be more than happy to assist you.  Alexandra Restivo restivo.a@ewm.com  or Vicki Restivo restivo.v@ewm.com      -   www.MiamiRealEstateCafe.com  Cercasi CASA a MIAMI?  Agencia Immobiliare EWM Realtors, International  305-793-1365

We are working with a buyer who wants to buy a Miami Condo  in a building that is on the verge of foreclosure!  So,as a Realtor, I have to ask “With prices  to die for, when does PRICE warrant the RISK?”

The potential pitfalls of buying in an unstable building are numerable.  Downfalls vary from increased assessments (to cover assessments on foreclosed condo units)  to lack of services, maintenance and repair issues …  broken equipment… lack of electricity … no air conditioning…   boarded up windows… and  loss of equity.  

There are condos selling for pennies on the dollar now (in South Florida as well as elsewhere)…  which just dangles the carrot for prospective buyers.  Prices seem appealing.  But how far will the value dip as more condo owners fall short on their maintenance and mortgage payments?  What will happen to the value  if the building (that’s on the verge of foreclosure) actually goes into foreclosure?  Worth the risk, investing in it?   The New York Times wrote an article on the “Hidden Dangers of Buying Condo Foreclosures” pointing out the numerous pitfalls. Food for thought! 

There are plenty of savvy investments to be had.  Solid ones.  But rather than jump  blindly into something ’sketchy’,  you are far better off consulting with a real estate attorney (and ordering a title search)  and working with an experienced Real Estate Professional. If you’re looking for a professional Realtor, I invite you contact me at 305 793-1365 or here and I’ll be happy to assist you with any of your real estate needs – whether in Miami  or internationally. 

There are many good deals in these condos. According to the Downtown Development Authority, there are 7,000 condo units (as opposed to the 8,000 units 8 months ago) that will be absorbed over the next 25 months.

Watch this video which aired on CNBC to see what else Ron Shuffield has to say:

IS THIS  “THE TIME TO BUY” ?  For any of us in a position to buy real estate,  2010 will provide plenty of opportunity to do so.   Inventory has dropped.   Prices have dropped.   Sales have increased (both homes/condos).  And for the moment, interest rates are  low. 

Does that make this the time to buy?  Looking back, ten years from now,  those of us who don’t, will very likely wish we had!  The Real Estate market, historically, is a sound long term investment… and  is coming back strong.

Are interest rates going up yet?  Not yet. 

Will they go up… anytime soon?   When?   How high?    Interest rates are expected to go up after April 1, 2010 (when the FED stops buying mortgage backed securities).  And once they do, interest rates will likely go up fairly quickly.   History  is a the great predictor of all time…  Between 2003 and 2008 interest rates fluctuated.    History  does tend to repeat itself… and interest rates will go up. 

Mortgage rates are appealingly low now (having been  kept artificially low by the federal government).  

Is that likely to change?  If so, when?   INTEREST RATES ARE on a slight DOWNWARD TREND … looking at the charts… but… because the Fed has announced that they will not  continue to buy back mortgage securities after March 31st …  we are looking at increased mortgage rates after April 1,2010. 

Is this the right time to buy?   Many of us will  undoubtedly wish we’d  bought  real estate in 2010…  when we look back, ten years down the road.  If you’re considering buying or selling real estate in Miami, and are looking for an experienced Realtor, please give me a call  305 793 1365 or contact me here.  For more information on buying and selling real estate in Miami, please see our blog: MiamiRealEstateCafe.com   The Restivo Team at EWM Realtors, Inc.