The benefit to you is that  (rather than you paying a monthly mortgage to your lender)  a Reverse Mortgage pays you to stay in your house … A reverse mortgage allows you to receive cash payments which from the equity in your home.

The requirements for a Reverse Mortgage are:

*    Homeowner must be 62 or older

*    No credit score requirement to qualify

The benefits of a Reverse Mortgage are:

*    Use the cash you receive for any purpose whatsoever

*    No monthly mortgage payments

*    Borrower retains title to the home

*    The Reverse Mortgage can be used for Purchase or Refinance

*    Without moving you can turn your  home’s value into cash

*    Finance closing costs and other fees with the loan

If you are  in the market to buy, sell or relocate,  and are looking for an experienced , local real estate agent to work with, we invite you to call us. Vicki and Alexandra Restivo at EWM Realtors International  305 793-1365  restivo.v@ewm.com

If you are looking to sell, and are looking for an experienced real estate agent,  call us at 305 793-1365 or contact us here … The Restivo Team … Vicki and Alexandra.

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

We are honored to be recognized for our work … more honored still to have earned your trust …  in listing, selling and buying your homes and property through us.

Vicki & Alexandra Restivo – EWM’s Chairman’s Club –  Diamond Level 2011

Thank you again for your trust in us, and for your continued referrals of friends and family and neighbors.  We know you have choices … and we are honored to be your choice!    Vicki and Alexandra Restivo  305 793-1365  and 305 632-0164

EWM Top Producers Vicki & Alexandra Restivo

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.

If you’re getting a mortgage though, the lender will want an estimate of value from an appraiser.  They will loan based on the appraised value and that has a LOT to do with square footage .  And here’s where it gets sticky.

In the MLS (Multiple Listing Services) , and in the Miami-Dade Tax Rolls,  the size of a house is OFTEN  shown as ADJUSTED SQUARE FEET. What that means is that the air conditioned space is measured and noted …  but added to that is a percentage of the garage space and a portion of covered patio and porch spaces as well.  That means that the square footage of a property in the tax rolls is shown as being larger than JUST the mere air conditioned area of the home. 

Unfortunately, when an appraiser comes in to assess the value of home (for the purposes of you getting a loan), he/she measures and calculates  square footage based solely on GROSS LIVING AREA (which means the area  “under air” … airconditioned). 

When an appraiser measures gross living area, and compares the SUBJECT PROPERTY to the COMPARABLE SALES , he/she needs to compare apples to apples.  Value of the SUBJECT which is measured for gross living area  cannot be priced and valued properly if the appraiser uses ADJUSTED SQUARE FEET measurements of the comps from the tax roll.  Gross living area (which is the airconditioned area that an appraiser looks at)  is smaller than the adjusted square footage figures that the MLS and MiamiDade Tax Roll show.  And, using comps pulled from the MLS or Miami Dade tax roll (that show adjusted square footage), will result in a lower estimate of value on the SUBJECT PROPERTY, unless the appraiser makes corrections.

Example:    (Identical homes on the same block … same floorplan, same size, same age):

House A:  2300 sq ft in the tax rolls  (2000 sq ft  of GROSS LIVING AREA according to the appraiser) – value according to appraiser: $390,000

House B:  2300 sq ft in the rax rolls …  and the appraiser uses the 2300 ”size”  on this comp to calculate VALUE of the exact same house that is the SUBJECT PROPERTY he/she is appraising.  House B  house sold for $425,000 last week.

End result:  The value of of the SUBJECT is calculated based on incorrect comparison of the actual square footage.

Makes our jobs as Realtors somewhat of a challenge… to say the least.

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.    

Who hasn’t dreamed of owning their own island? Now you can, and it’s in our backyard. East Sister Rock Island is up for sale in the Florida Keys. The 3 bedroom, 2 bath home is situated on 1.4 acres and about a quarter mile off the coast of Marathon in the Keys. It boasts over 5000 sq ft of living area, with about 2700 sq ft of veranda, helicopter pad, a pool and two docks.

The island, reachable only by boat or helicopter, is nestled amongst a coral reef, making it great for water sports and snorkeling and fishing. It’s located about 2 hours from Miami and about 45 minutes from Key West. The house has 19 sliding glass doors and also features a veranda which wraps around the entire house, providing views all the way around.

Klaus Meckler built the island by digging a moat from the coral rock and making a plateau that rises 15 feet. The house was concrete poured and rests on 75 pilings drilled into the coral rock. The current owners – the Willifords - who bought the island in 1995 from Meckler, made the island green by installing a wind turbine and solar panels. Water is taken from rainwater that is filtered and stored for use.

Imagine watching the sun rise from the veranda, snorkeling and fishing all day and winding down with a glass of wine and watching the sun set from the hammocks nestled among the trees. I have stayed here, and let me just say…it’s worth the hype!

The estate is listed for $12 million and available now. It is one of 9 private islands in the Keys.

Contact the Restivo Team to own your own piece of paradise.