If you are relocating, a lease-purchase offers you the ability to lock in a purchase price (and yet still lease!)  …until you can sell the home you currently own.

Alexandra and I have two separate lease-purchase contracts …  in Miami (Pinecrest, Florida)… that we put together this month.  Two transactions really don’t constitute a wave …  or a trend for that matter … but it’s an option we thought worth sharing with you in our real estate blog  MiamiRealEstateCafe.com.   The terms can be worked out (as they are in any transaction!): to the benefit of both parties.

No two situations are ever the same.  Each and every real estate transaction is unique (no matter where or what it is).  

With each of these two contracts, the  buyers and sellers agreed in advance on the purchase price and rental amounts  as well as on the other terms -  including the length of time the buyer will have to exercise his/her right to buy,  any downpayment requirements, security deposits, all the lease terms,  and whatever amounts (if any) were to go toward the purchase price…   but each was structured differently. 

The lease-purchase docs are prepared by an attorney, after we’ve  negotiated and solidified the options, terms and conditions.  

As a buyer/tenant,  a lease-purchase allows you a cushion of time so you can sell your existing home before closing on your new one …   Each of these buyers were relocating  to Miami … *** One of them is opting  to rent furniture for their rental home ( so as to leave their own furniture behind until that house sells)  …***  The other has chosen to move everything here  (and professionally stage the house they’re selling). 

* I mention this because having furniture in a house tends to make it sell faster and at a higher pricepoint. 

Whenever you are ready to consider moving  (whether it be to buy, sell or relocate) …  we would love to help you.  Your Local Miami Real Estate Experts … Vicki & Alexandra Restivo  -  mother/daughter  team with EWM Realtors.   You can reach us here  … or through our direct line at 305 793-1365  or restivo.v@ewm.com  any time .

47% of Western European real estate acquisitions in Florida are for single family homes.  41% are for condos … with a handful looking for townhouses.

And 90% of them are paying cash.

Looking to buy, sell or relocate?  If you’re looking for a local Miami real estate agent to work with, we would love to hear from you.  Call us any time.  You can reach us on our direct line 305 793-1365  or email us at restivo.v@ewm.com .   Vicki & Alexandra Restivo @ EWM Realtors.

Because of the pricepoint for these buyers we are working with, an FHA loan is an option. 

And we wanted to post a blog  for your benefit  … and for others of you who might looking to buy …   who might be in a similar situation:

The current loan limit on FHA loans in Florida for both  Miami-Dade and Broward counties is $423,750.00  for single family homes. 

In a prior post on MiamiRealEstateCafe.com we mentioned that FHA loans  are not limited to first-time home buyers.  

That’s true.  FHA isn’t  limited to first-time home buyers…. and that makes it a viable option for many who are looking to buy a home.

FHA loans are available to qualified individuals looking to finance a home purchase …  up to $423,750.00  …  with a loan amount of  up to 96.7% of the purchase price  …  and a downpayment of  3.5% in Miami-Dade and Broward countires. 

Call us when you’re ready to move …   Whether you’re buying or selling or relocating, we look forward to helping to make your next move a good one.   Vicki & Alexandra  Restivo …  The Restivo Team …  EWM Realtors.  Direct number:  305 793-1365  E-mail:  restivo.v@ewm.com

Now is the time to apply for your 2012 Homestead Exemption! You must apply between January 1st and March 1st.  This will mean substantial savings on your real estate taxes if you purchased a home in Broward County anytime in 2011. If you do not apply by March 1st 2012, you will lose your eligibility for this year.

APPLY IN PERSON at:

GOVERNMENTAL CENTER

115 S. Andrews Ave., Room 111

Fort Lauderdale, FL 33301

954-357-6830

PLEASE NOTE: Office hours are Monday-Friday from 7:00 AM to 6:00 PM. Government offices are closed on weekends and legal holidays.

You will need to bring the following:

Proof of  OWNERSHIP:

Proof of Permanent Florida RESIDENCE:

Recorded Warranty Deed or

FOR ALL APPLICANTS:

Co-Op Proprietary Lease or Florida Driver’s License for each owner (or a Florida I.D. card)

You MUST also have either:

1. Florida Voter’s Registration or

2. Declaration of Domicile

TO FILE ONLINE, go to:

https://www.bcpasecure.net/onlinehomestead/web/index.aspx (County)

For General Information:

http://www.myflorida.com/dor/property/exemptions.html (State)

Broward County Home Buyer’s Tax Estimator:

http://www.bcpa.net/TaxCalc.asp

For further information contact:

Broward County Property Appraiser

• Honorable Lori Parrish, CFA

115 S Andrews Ave, Room 111, Ft Lauderdale, FL 33301-1899

E-mail: lori@bcpa.net

954-357-6830, 954-357-8474 FAX

If I may be of further assistance, please do not hesitate to call me. It’s always a pleasure to hear from you.  Vicki Restivo … for all your real estate needs:  EWM Realtors … restivo.v@ewm.com

To be eligible, you must have bought a house in 2011… and … you must file your application for Homestead Exemption between January 1st and March 1st of 2012 .

This will mean substantial savings on your real estate taxes. If you do not apply by March 1ST , you will lose your eligibility for the year 2012.

GENERAL QUALIFICATIONS AND INFORMATION:

 To qualify for the Homestead Exemption, the applicant must at minimum meet the following criteria as of January 1st :

* Be a U.S. citizen or legal resident.

* Own the property (i.e., have legal or equitable title).

*Occupy the property as his/her permanent residence (to the exclusion of all others)

* Only those qualified persons listed on the exemption application will receive the exemption benefits. If the property is held jointly by husband and wife, either party may apply in person for the homestead exemption.

For more information go to: http://www.miamidade.gov/pa/exemptions_homestead_filing.asp

AND BY THE WAY,  YOU CAN NOW FILE ONLINE !!

YOU WILL NEED (ALL DOCUMENTS MUST BE IN YOUR NAME) Proof of Ownership: any one of the following

• A pre-printed application mailed to you by the property appraiser

• A recorded warranty deed Proof of Florida Residence: any one of the following • Florida vehicle registration,

• Florida voter’s registration,

• Prior year’s irs return or current w-2 form,

• Bank statements and checking account registered at the property

• Proof of payments for utilities at the property

1) YOU MAY RENEW/FILE BY MAIL

a) download the application form

b) Complete the form

c) Attach documents indicated on the form.

Mail to: Property Appraiser, PO BOX 013140, Miami FL 33101-3140

2) YOU MAY FILE IN PERSON at one of the following locations, Monday-Friday 9 AM-4 PM, (Except legal holidays. Monday January 16th, 2012 and February 20th, 2012)

Stephen P. Clark Center South Dade Government Center 111 NW 1st Street, Suite 710 10710 SW 211th Street, Room 207 Miami, Fl 33128 Cutler Bay, Fl 33189

3) YOU MAY FILE ONLINE @ http://www.miamidade.gov/pa/email/form.asp

 If we cab be of further assistance with any of your real estate needs, please call us. It’s always a pleasure to hear from you.   Vicki and Alexandra Restivo  EWM Realtors  305 793-1365 or restivo.v@ewm.com

Over 50% of all residential real estate purchases in South Florida are cash transactions…   And, by buying in cash, and not paying  a mortgage, you may well be looking at a  higher return on investment (ROI) … 

 The Miami real estate market has been getting stronger … especially for income producing property… (Consult with a knowledgeable accountant or Real Estate Attorney though … as to the benefits of buying in cash vs carrying a mortgage) 

And, given recent real estate trends,  aim toward a  long term return on investment … ( not short).  

That said though, short term investments have been gaining in popularity   …  We’ve seen a rise in the number of  investors  this past year  not only  ”covering their costs”   but  making a profit …   Many of them had no  mortgage … true … but because of a diminshed supply of  prime rental units in South Florida, there has been an upswing in rental pricing.  

The strategy for investing is normally to buy and hold on to real estate…  for 5-10 years … (as opposed to ‘flipping’ – which was popular in the boom years) …   Building equity over time …  allowing  property value to appreciate … is where investors tend to make money.  The idea is to cover most of your costs … write off some of them … and  then make your big money on the sale. 

Investors  who are buying in cash though …  with no mortgage…  have done surprisingly well in 2011 .   South Florida  properties in good locations and priced-well tend to rent out quickly.     And there seem to be more investors now who are profiting from  rental income alone …  an added benefit to long term investment.  Nevertheless, the real benefit to investment property often lies in the eventual sale of that investment…  several years down the road.

If you are considering buying, selling,  leasing or building we will be happy to assist you.  Contact  the Restivo Team at EWM Realtors …  restivo.v@ewm.com  Vicki Restivo at 305 793-1365   … Alexandra Restivo at 306 632-0164   or send us a note here 

A sign of economic reform and opportunity?    According to that article the window is open for real estate purchases in Cuba  (although apparently  limited to  those  already residing within it’s boundaries). 

Foreigners  cannot purchase property in Cuba … at least not yet… 

And Cubans  wishing  to do so must pay in cash,  documenting that funding with a paper trail …  And with the country still under socialist regime …and Castro still in power …   investing in Cuba may  prove somewhat  problematic. 

Many are hesitant to invest in Cuba… given the current economic and political situation.   But not only that.   There’s also the fact that 

1) Government salaries pay about $20 a month in Cuba  and

2)  Home prices  range from 

      a)  $11,000 for a 2 bedroom apartment in Havana’s Nuevo Vedado District to 

      b)  Hundreds of thousands of dollars (&  upward of a million dollars)  in the Veradero area.

 I see  real estate opportunity in Cuba  as being a bit farther down the road still.   

MiamiRealEstateCafe.com  … Whether you are interested in investing in Cuba or Miami … or elsewhere internationally …  call Alexandra and Vicki Restivo at EWM Realtors 305 793-1365.   e-mail:  restivo.v@ewm.com     

Whether it be rent vs. buy ratios, income-to-price ratios or income-to-mortgage payment ratios, purchasing a home right now is a bargain compared to historic norms. 

There is a distinct difference between COST of a home today compared to pre-peak prices.  Link here to the entire article, as it appears in the KCM Blog.

The most recent S&P Case Shiller price index indicates that  residential real estate values have returned to 2003 1Q PRICEs.   Then factor in mortgage rates,  and the case for buying a home today becomes even more compelling.

Whether you’re looking to buy, sell, or lease - it’s important to rely on a knowledgeable, local,  real estate expert.  

The Restivo Team at EWM Realtors International looks forward to working with you and making your next move a really good move.  Our direct lines are  305 793-1365 for Vicki  or 305 632-0164  for Alexandra  and  you can reach us here or by email at restivo.v@ewm.com as well…  for real estate in South Florida …  as well as referal assistance internationally.  

Foreign investors account for  increasing numbers of residential home sales in many parts of the United States… and Florida tops the list. 

The four top locations  in the U.S. chosen by foreign  buyers are  Texas, Florida, California and Arizona .   Property sales in those states account for nearly 58% of all residential home sales (to non-residents) between 2009 and 2010 according to the National Association of Realtors (NAR).   

 Florida ranks #1 …  in the United States…   with  31% of all  residential home purchases in the U.S.  by foreign investors / buyers.

If you are considering buying, selling, investing or relocating –  we would love to chat with you.   Please call, text or email the Restivo Team  305 793-1365…   restivo.v@ewm.com.    Alexandra and Vicki specialize in residential sales here in South Florida and can also provide you with recommendations of real estate agents elsewhere, internationally or elsewhere in the U.S.  - if you are looking to buy or sell other than in South Florida.   As local real estate experts, we look forward to making your next move the best one.   Vicki and Alexandra Restivo 

Currently the home is  listed in the MLS for $869,000.00   According to all indications, the house  will go to the top bidder who comes in at/or above $790,000.00  -  There will be a 10% buyers premium  added …   and the MLS does stipulate that the top bidder needs to be prepared to sign a contract on the spot …  and that it be an as-is, cash only sale…  It does allow for 3% commission to any selling agent. 

 The current owners bought the home  in ’05  for  $1,900,000.00.  The property shows in the MLS and in the Miami Dade tax rolls as being a 4824 sqaure foot  home consisting of  4 bedrooms and 4 baths … with a pool… and a fireplace …  on a  12,000 square foot lot .

The MLS indicates a suggested list price of $869,000.00  – stating too that it will go to the highest bidder coming it at or above $790,000.00.  The property will be sold as-is, and must close prior to January 16,2012.   Price and  value will hinge on the current property condition, so if you are considering bidding on it, we  strongly recommend you preview it beforehand.  That recommendation goes to any property you’re considering buying  - whether auctioned or otherwise.  

Showings can be arranged, anytime between now,  up to just prior to the auction date.  If you’d like to see the property or would like any additional information you are welcome to contact the Restivo Team here or at 305 793-1365.     And if you’re in the neighborhood that day,  we look forward to seeing you.  The Restivo Team at EWM Realtors.