Miami Real Estate

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 »

To receive my blog posts directly to your inbox, click here to subscribe.

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 »

To receive my blog posts directly to your inbox, click here to subscribe.

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 »

To receive my blog posts directly to your inbox, click here to subscribe.

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. 

To receive my blog posts directly to your inbox, click here to subscribe.

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 »

To receive my blog posts directly to your inbox, click here to subscribe.

To receive my blog posts directly to your inbox, click here to subscribe.

You may be eligible for a tax break when you purchase a home. The First Time Home Buyer Tax Credit is benefitting many people by making it more affordable to buy. Here’s what you need to know…

Are You Eligible?

If you purchase a primary residence between now and April 30, 2010, you are eligible. If you (and your spouse if applicable) haven’t owned a primary residence in a 3-year period before the current purchase, you qualify as a first time home buyer. Last November, it was decided that buyers who have lived in their primary home for 5 of the last 8 years also qualify for the credit.

How It Works

The credit directly reduces the total amount of taxes you owe. When filing your taxes for the year of your home purchase, you will subtract the amount of the Federal income tax liability. In doing so, you increase the size of your refund or reduce the amount you owe.

Funds At Closing

The Department of Housing and Urban Development created guidelines for FHA lenders that allow them to make the credit available to buyers to cover closing cosrs or a down payment above 3.5% required for an FHA insured loan. Meaning the credit can be available at closing no matter where you’re purchasing, as long as your lender participates in the program. Check with your lender to make sure they are on board.

How Big Is The Credit?

The tax credit is equal to 10% of the purchase price of your home up to $8,000 for first time buyers and up to $6,500 for most other buyers. A full credit is available for single individuals whose adjusted gross income is less than $125,000, and $225,000 for married couples filing jointly.

Other Provisions

The purchase price of the home may not exceed $800,000. If you sell your home within 3 years of the purchase, the entire amount of the credit is recaptured (the government takes it back). You cannot clain both the DC and the national First time Homebuyer Tax Credit. Purchases by  non-resident aliens are not eligible. The house must be under contract by April 30, 2010 and must close by June 30, 2010.

Take advantage of this phenomenal opportunity to purchase a home. Contact me with any questions or to get started on finding the right home for you!

To receive my blog posts directly to your inbox, click here to subscribe.

If you invested $100,000.00  this past decade,  according to the Case Shiller Report,  your return on that investment would have either put you in the hole …  or not… depending on whether you’d invested in stocks, bonds, or in real estate:

January 1, 2000 -  December 31, 2009

Source:                            Return on investment:                     %

DOW                                  Less than $95,000                        -5.6

S&P 500                          Less than $80,000                       -20.9%

Nasdaq                            Less than $60,000                       -43.9%

Real Estate                    Up almost $50,000                     +56.2%

To receive my blog posts directly to your inbox, click here to subscribe.

Case Shiller predicts that you will have lower (and fewer) offers on your house.  Why?  Because buyers won’t be able to afford the payments.  Read the rest of this entry »

To receive my blog posts directly to your inbox, click here to subscribe.

10 Years from now, someone will be saying:   “That house around the corner, I could have bought it for 1/2 that just  a decade ago,  and I could have gotten a 5% mortgage!”   Each generation says pretty much the same thing. 

My husband and I are kicking ourselves (still) for not having bought an apartment in Manhattan  30 years ago, in John Lennon and Yoko Ono’s building .  The one we  ‘almost’  bought was for sale for $40,000.00.  I can only imagine what it would be worth in today’s market.

And… we wish we’d bought a weekend get-away on Miami Beach.  Read the rest of this entry »

To receive my blog posts directly to your inbox, click here to subscribe.