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The Restivo Report: Miami Real Estate – Coral Gables – Price per Square Foot – 2013

The Restivo Report – Second quarter 2013 – Coral Gables:

“Single family homes  in Coral Gables are selling for $366.87 per square foot  (Average Sold Price) over the first and second quarters of 2013.

Most are selling within 5-10% of the original list price.

Homes valued below $1 million,  sold (on average)  for $242 per square foot as of January 2013 … The average sold price jumped to $297 per square foot in August 2013.

For homes priced between $1 – $2 million,  they sold (on average) for $323  per square foot back  in January.  As of August 2013 the average sold price reached $380 a square foot.

With inventory declining, Miami is seeing an upturn in competitive bidding.

Coral Gables had 5 months of available inventory (in August 2013)  …  7.5 months of available inventory in January 2013.”

If you are considering  buying or selling property in Miami, please give The Restivo Hechtman Team at EWM Realty Int’l a call 305 632-0164 or  305 793-1365   … We are ready to help you make the most of this market.

Alexandra Hechtman … [email protected]           –         Vicki Restivo …  [email protected]

 

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Interest Rates Continue to Rise

According to Freddie Mac, the average rate on a 30 year loan was 4.57% last week, near the year high of 4.58%. The week prior, the rate was 4.51%. Though interest rates are still at a historic all time low, the rates are rising, which could indicate the recovery of the housing market.

What does this mean for the consumer? Buyers should BUY NOW! The more prices and interest rates rise, buyers will spend more for less house. Don’t look back and wish you had taken advantage of this great time to buy a home, let’s find one together.

The Restivo Hechtman Team is ready to find the right home for you, so give us a call today. Don’t miss out on this fantastic time to buy!

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Millenia Generation Optimistic About Homeownership

New buyersIn a new study, it seems that Millennia’s are more confident than any other age group about purchasing a home being a good investment. The Millenia generation consists of Generation X – those born between 1965 and 1969, and Generation Y- those born between 1980 and 2000. The older of the Millennia generation are at the age when people tend to buy a first home and many are optimistic about it being a good investment in their future.

According to the Study, the largest group of buyers was in the Generation X  group, accounting for 31% of recent purchases while 28% of recent purchases were by buyers from Generation Y. The study found that many of these buyers were staying within 10 miles of their previous residence (often a rental apartment or living with their parents). The Millennia generation has purchased a higher rate of purchase than the Baby Boomer generation when they were the same age.

Check out this video with more information on the fascinating study.

No matter what group you fit into, we can help you find the home of your dreams (and help you move on to something different if you wish to sell). Give us a call today to see how we can help.

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Appraisals NO LONGER Derailing Real Estate Transactions for 2 Reasons

Why are appraisals no longer derailing real estate transactions?   In South Florida there seem to be two reasons:

1)  Appraisals are coming in higher now than they have been in the past few years.

2)  Even when appraisals come in below contract price,  buyers seem to be braced and ready to scrounge up (or dig deep into their pockets) to fill in the gap  … because if they don’t,  someone else can … and will.

The real estate market is heating up  quickly here in Miami.  Properties are going under contract  within days or weeks of being listed – and many of them are closing very close to list price … if not higher!

Looking to buy/sell/or relocate?  We would love to help you!   Vicki Restivo and Alexandra Hechtman …   EWM REALTORS   305 793-1365 [email protected].    Call any time!

 

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Pinecrest Homes for Lease … Dropping like flies

There are 22 homes listed right now in the MLS for lease in Pinecrest, Florida.   But there are fewer than 22 actually available to choose from.  Many of  the “listed” properties are under contract … Status updates tend to dribble in  slowly to the MLS (multiple listing service), Zillow, Trulia and Realtor.com – which makes it frustrating for anyone looking for a place to live.

Pinecrest  is high on relocating-family’s lists-of-places to live, with it’s top rated public and private school options .  The number of people looking to move …  whether to buy or to rent …  is increasing.   And there is a definite shortage of available inventory.   (Spring and summer are the busiest seasons for real estate and there is a scarcity of homes listed…  A tip for today’s real estate market:  When you find something you like, jump on it.)

I just called on a new rental listing …  and was told that it was under contract for $500 above list price … on a $5,000 rental.

It’s a bit of a scavenger hunt …  finding homes to rent or lease….  in this current Miami real estate market.

But …  if you own a home …. and are considering renting it out ….  this isn’t a bad time to consider it. 

Thinking about moving/selling/buying/renting/investing?  We would love to help you … Alexandra Restivo Hechtman 305 632-0164 … Vicki Restivo 305 793-1365  EWM Realtors  [email protected]

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Step Through The Gate & Escape From It All … Coconut Grove Cottage 3720 Kumquat Ave

FROM THE STONE PATHWAYS TO THE TIKI HUT

THERE ARE BANANA TREES AND FLOWERING VINES, TREES,  BUSHES & COLORFUL FOLIAGE:  PLUMBAGO, HIBISCUS,  FLOWERING SKY VINE, CANDLE BUSH, ANGEL TRUMPET TREE,  ST. AUGUSTINE SOD (THE MOST SHADE TOLERANT), SNAKE PLANT, CACTUS, BURGUNDY LEAFED ALOCASIA, COLEUS,ARECA PALMS, LADY PALM, STAGHORM FERN, ORANGE AND YELLOW MILKWEEK, PETUNIAAND THE STEPHANOTIS VINE THAT PRODUCES WHITE TUBULAR SHAPED FLOWERS THAT SCENT THE AIR ALL OVER THE BACK YARD ON A STILL EVENING.

THE COTTAGE ITSELF IS PICTURESQUE AND WELCOMING …   2 BEDROOMS . KITCHEN, DINING ROOM. LIVING ROOM, ENTRY ROOM, LAUNDRY ROOM  … EACH AND EVERY ROOM OPENS TO THE OUTDOORS THROUGH A WALL OF SLIDING GLASS.

THE BATHROOM HAS BEEN EXQUISITELY UPDATED …  ITALIAN MOSAIC BLUE GLASS TILES … &  LEADED STAINED-GLASS WINDOW. EVEN THE LAUNDRY ROOM HAS DOUBLE GLASS DOORS OPENING TO THE BACK YARD … with ANOTHER LEADED-GLASS WINDOW.

THE OWNERS ARE SELLING … MOVING TO COSTA RICA …  THIS REMARKABLE GROVE COTTAGE (FEATURED IN BETH DUNLOP’S UPCOMING BOOK) IS LISTED FOR SALE …  MIGHT BE THE PERFECT HOME FOR YOU!

Photography courtesy of Claudia Uribe “Tropical Cottage: At Home in Coconut Grove” …   3720 Kumquat Avenue,  Coconut Grove,  Florida 33133 Listed by the Restivo Team at EWM Realtors … Vicki 305 793-1365 …  Alexandra 305 632-0164 for $435,000.00  www.MiamiRealEstateCafe.com

 

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Where is America Moving?

Atlas Van Lines has been tracking moving trends across the United States since 1993.  Their 2012 study, which was just released, shows a flurry of  migration activity in California, Texas and Florida…   All three are, and have remained ‘balanced’ over the past decade …  with fairly even inbound and outbound migration patterns.

Washington D.C. showed the highest inbound traffic of any of the Northern States … (and has for much of the past decade).

Rather surprisingly, North Dakota, Alaska, New Mexico are in the same category  as Washington D.C (showing increased inbound migration)  …

The same is true of North Carolina (although, given the number of Floridians scooping up second homes in North Carolina, that’s not a surprise).

This map shows a snapshot of migration patterns across the U.S. and Canada.

New York and New Jersey rank high as far as outbound migration is concerned  … (Wyoming, Nebraska and Ohio … and Canada show high outbound migration as well).

And that continues to benefit South Florida  …  Despite the somewhat transient nature of much of South Florida  (with international corporate relocations coming and going)  Florida entices those looking for a reprieve from the cold,  and looking for more temperate climates… as well as those wanting second homes and investment property.

Thinking about relocating?  We’d love to help make that happen.  Look forward to hearing from you!   The Restivo Team … Vicki and Alexandra … 305 793-1365  EWM Realtors [email protected]

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Own a piece of Coconut Grove History … Picturesque cottage in South Grove featured in Beth Dunlop’s upcoming book

“Quaint cottage meets tropical paradise in Coconut Grove hideaway… nurtured, preserved, artfully updated… abundant gardens … light, bright colors …  cool tile floors …  solace from the blazing afternoon sun … a haven for those drawn to the expression of a lifestyle marked by quiet joys.”
  
  Sound like something that might tweak your interest or describe the home you’re looking for?
  Beth Dunlop’s book “Tropical Cottage …  At Home in Coconut Grove”  will be published in April 2013 by   Rizzoli.
And one very special home in her book was just listed for sale by local real estate experts,  Alexandra and Vicki Restivo.
  Among the handful of uniquely delightful historic Coconut Grove cottages and bungalows described by Beth Dunlop  in her upcoming book, the cottage at 3720 Kumquat Avenue is uniquely charming and welcoming … and for sale.  We just listed it, and are so excited.  $435,000.00.
The current owners are  relocating to another exotic part of the globe, Costa Rica …
This may be the opportunity you’ve been hoping for …  to own your own piece of  Coconut Grove charm and history.
For more information … or to arrange for a private viewing…  please contact the Restivo Team at EWM Realtors
Vicki 305 793-1365  … Alexandra 305 632-0164    [email protected]
“For the first time in brilliant new photography specifically commissioned for the book, are the finest and most intriguing cottages of this special place—an unprecedented tour and invitation given by architecture authority and Miami resident Beth Dunlop.” 
Photography courtesy of  Miami photographer Claudia Uribe.

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Appraisal Woes … by Phil Spool

4th in a 4 part series of blog articles submitted by guest contributor, Philip Spool:

“If you are either buying or selling a house and the appraiser comes in lower
than the contract price, consider the appraiser’s restrictions if you are
getting a loan from a bank.

If it is a cash deal, then the appraiser might have been so ingrained to use the restrictive
guidelines by the AMCs they work for that they fail to realize that perhaps
there are sales that can legitimately support the contract price.

If you are a buyer, don’t necessarily think that the appraiser is correct in his/her value.

One has to look at the comparables the appraiser used.  Go by those houses, have your Realtor give
you the MLS sheets on those houses and see for yourself if they are inferior,
superior or comparable.

I always encourage the Realtor to supply a list of comparable sales to the appraiser to
support the purchase price.

In some cases, the Realtor knows there is no support and should state that to the buyer
and seller.”

Phil  Spool has been appraising in Miami-Dade County since 1973, is a state-certified
general appraiser, is vice president of the Greater Miami Chapter of the
American Society of Appraisers and has published numerous articles in MiamiRealEstateCafe.com,  Working
RE Magazine, a national appraisal journal.  He can be reached at [email protected]

Closing  a real estate transaction once an appraisal threatens to derail the whole thing is a challenge … Sometimes it’s a minor hiccup.  Other times it requires renegotiating the contract or scrambling to be creative and hold all the moving pieces together.    Inevitably though it’s one of those times that both the buyer and the seller count their lucky stars if they have an experienced Realtor on their side.  If you’re looking to buy or sell, contact real estate experts Alexandra and Vicki Restivo at EWM Realtors  305 793-1365  [email protected]

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Why Appraisals are coming in OVER or UNDER Contract Price

Written by contributing author, Philip Spool, ASA                              … part of a 4 part series…

“Why Appraisals and Contract Prices Don’t Mesh ..  Current Appraisal Dilemma“:
“Those appraisers that are still in business are very concerned about either being sued by the lender of a loan that went into default or concerned
that the lender, buyer or seller would file a complaint with the Division of Real Estate citing that the appraisal was not supported for the high loan that was made, even though the lender was willing to give 100% loans, NINJA loans (no income, no job, no assets), or for any other reason.

Lenders required the appraisers to have errors and omissions (E & O) insurance and this was the easy way for the lender to recoup money lost in a default, by suing the appraiser for an unsupported high value. Ironically, virtually none of the mortgage brokers were sued.

A complaint against the mortgage broker had to be filed with the Division of Financial Services and not the Division of Real Estate.  Besides, mortgage brokers did not have E & O insurance.

The appraiser is now very concerned with the possibility of a loan going into default.  In addition, the new Dodds Frank bill passed by congress last year makes it mandatory for lenders and AMCs to turn in an appraiser to the state regulatory agency, in Florida it is the Florida Real Estate Appraisal Board,  if they believe the appraiser prepared a faulty appraisal report, for whatever reason.

In 2009 and 2010, there were approximately 2,000 complaints filed against appraisers.  In 2011, there were approximately 1,000 complaints filed.  It is unknown how many appraisers were sued during this time period as statistics are not kept on lawsuits and most settle before they go to trial.”

Phil  Spool has been appraising in Miami-Dade County since 1973, is a state-certified general appraiser, is vice president of the Greater Miami Chapter of the American Society of Appraisers and has published numerous articles in Working RE Magazine, a national appraisal journal, and MiamiRealEstateCafe.com . He can be reached at [email protected]   The Restivo Team at EWM Realtors, Vicki and Alexandra, can be reached at 305 793-1365  and 305 632-0164 and [email protected].

 

 

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