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

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!

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.

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.  

Looking to buy?   Please call us!  We would love to work with you.  The Restivo Team 305 793-1365  … experienced real estate experts … mother-daughter team … specializing in South Florida.   The real estate market in Miami is stable … making this a good time to buy real estate here in Miami.  While other areas are still struggling,  Miami has turned the corner, and is a prime investment spot. 

We will continue to keep you current on real estate trends and opportunities, through our real estate blog MiamiRealEstateCafe.Com, and invite you to subscribe if you’d like to receive new articles as they’re published.

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.    

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.

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.

If you’re looking to buy or sell,  we would love to work with you.  Whether it’s this home …  or another…   in Pinecrest,  Coral Gables, Palmetto Bay, Miami Beach or Key Biscayne … give us a call.   We’ve lived  in Pinecrest and Coral Gables for over 2 decades now….  We know the areas and neighborhoods you want to live in, and we pride ourselves on finding you the perfect home, and finding our sellers just the right buyer.   Call anytime  305-793-1365 or drop us a note here  and tell us how we can help … and we will …   Email: restivo.v@ewm.com  

Whether you’re contemplating selling your house now or doing so in the near future (or have family or friends who might be) we’d love to chat with you.  We need new listings to sell …  and would love to be your choice as Realtor.    305 793-1365  Vicki & Alexandra Restivo  restivo.v@ewm.com

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 currently ‘underwater’ which the lenders will begin foreclosing on.  Anytime there’s an increase in distressed property for sale, there is a corresponding decrease in value.Completed foreclosures are down 38% … but property in the process of being foreclosed on are going up each month.

We would be pleased to sit down with you for a seller consultation anytime you’d like to talk more about selling …  what your house will likely sell for …  and whether this is the best time for you or not.   Information is key to deciding, and we will be happy answer your questions, and see if this might be a good opportunity for you to consider selling .  Call us anytime you’re ready or email us at restivo.v@ewm.com  …  Vicki & Alexandra Restivo EWM Realtors 305 793-1365  or send us a note through our real estate blog

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).

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.

States Attorneys and banks have worked 1.5 years to come up with an agreement as to how to release shadow inventory.   Bloomberg News announced last month that new home seizures will increase now, making  the long-term housing recovery more likely.  The $25 billion settlement with banks over foreclosure abuses will likely result in a wave of home seizures,  according to Steve Harney.

We appreciate our real estate blog followers.  If you wish  to subscribe and receive real estate market updates directly through your email,  you can do so below.  You’ll receive an initial follow up email asking you to confirm your request.  Our real estate blog posts on MiamiRealEstateCafe.com  will then go directly to whichever email address you specify.

Whether you are considering buying, selling or investing,  2012 will prove to be pivotal.  If you or someone you know is considering  buying or selling real estate, we’d welcome the opportunity to work together …  listing or buying.  For a consultation without obligation, we invite you to contact us  at restivo.v@ewm.com or call 305 793-1365.  The Restivo Team