Miami Real Estate

THERE IS NO BETTER PLACE IN THE WORLD THAN MIAMI!   CNN AND TRULIA RANK MIAMI AMONG THE 100 BEST PLACES TO LIVE. Read the rest of this entry »

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THE  TREND IN SOUTH FLORIDA: 

MIAMI HOME BUYERS ARE LOOKING FOR HOMES WITH EASY PEDESTRIAN ACCESS  TO AMENITIES. 

THERE IS A WEBSITE WALK SCORE  WHERE YOU CAN PLUG IN AN ADDRESS TO SEE HOW ‘WALKABLE”  YOUR PARTICULAR NEIGHBORHOOD OR HOME IS.  IT WILL GIVE YOU DISTANCES, AS THE CROW FLIES, FROM ANY ADDRESS TO THE LOCAL RESTAURANTS, STORES, MALLS, SHOPS.   

HOW YOUR HOUSE OR CONDO IS MARKETED FOR SALE  IS WORTH GIVING SOME THOUGHT TO.  “LOCATION IS EVERYTHING”.  GETTING AROUND WITHOUT A CAR MAKES PROPERTY MORE APPEALING TO HOME BUYERS, ESPECIALLY IN SOUTH FLORIDA.

CONVENIENCE  DOES ADD VALUE… BUYERS WHO ARE LOOKING FOR THAT CAN AND DO PAY MORE FOR HOMES WITH PEDESTRIAN ACCESS TO LOCAL AMENITIES: RESTAURANTS, DRY CLEANERS, SHOPS AND BOOK STORES… A BIG SELLING POINT. 

BABY BOOMERS AND FIRST-TIME HOME OWNERS  (WHO COMPRISE A SIZEABLE  POOL OF CURRENT HOMEBUYERS)DO NOT WANT TO BE ISOLATED.  Read the rest of this entry »

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Were you one of South Florida’s victims… stuck in a holding pattern…  unable to close on your house or condo?  Floridians can breath a sigh of relief  now -  at least until September 30th!  Home sales in coastal areas and flood zones, came to a screeching halt here in Miami a few weeks back,  when home buyers could no longer obtain flood insurance (hence no financing… no  mortgage … and no keys). Real estate transactions for waterfront property became quite the challenge .

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. Read the rest of this entry »

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Governor Charlie Christ signed into effect these  NEW CONDO LAWS  which take  effect  in Florida, July 1st, 2010. 

The Real Estate Association of Miami and the Beaches (RAMB) truncated and condensed those changes, as they relate to bulk buyers, insurance, sprinkler systems, past-due assessments on foreclosures, denial of common area usage, and diverting tenant rent. 

Highlights are below: Read the rest of this entry »

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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?   Read the rest of this entry »

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FLORIDA REALTORS retracted statements extending the first-time homebuyers tax credit CLOSING DATE.

It appears that homebuyers will need to close by June 30, 2010 afterall.

Although Reuters reported an extension to closings by the Federal Government, allowing homebuyers who were under contract by the April 30th deadline, to close up until September 30, 2010 (past the original June 30th deadline) ….   You do need to close by June 30th to take advantage of the tax credit.   Read the rest of this entry »

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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…  Read the rest of this entry »

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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.  

Read the rest of this entry »

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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. 

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Specializing in Selling Miami’s Luxury Properties,    Alexandra and Vicki Restivo of EWM Realtors   offer a unique perspective as a mother-daughter team (with a broad base of expertise!). Read the rest of this entry »

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