Miami real estate news and information

Archive for the 'REAL ESTATE NEWS' Category

What About the Cost of Delaying Your Dreams?

Whether a family is thinking of buying or selling a home, price seems to have become all important. I’m not sure why that has occurred. I realize, whenever anyone sells or buys anything, making sure you get a ‘good deal’ is a crucial part of the transaction. However, in real estate today, it now seems that price has become the ONLY THING!

Yet, appreciation or depreciation is not usually the first thing that matters when the average family decides to buy or sell a home. Read the rest of this entry »

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

What They Are Saying About Buying A Home Now

Despite what appears to be a non-stop wave of tough news regarding real estate, four major media players have come out this month with the same advice: It Is Time to Buy a Home!

The Wall Street Journal: Why It’s Time to Buy

CBS Money Watch: Why the Time to Buy is Now

Forbes Magazine: 9 Reasons to Buy a House Now

National Public Radio: For Many, It’s Still a Good Time to Buy a Home

With prices continuing to depreciate in most regions of the country, some may wonder why these four entities are suggesting to their readership that now is the time to buy. Each organization realizes that PRICE is not as important as COST. The cost of a home can go up even if prices continue to fall. Unless you are an all cash buyer, you must take into consideration the expense of mortgaging when calculating the full cost of a home. Here is some information to consider. Read the rest of this entry »

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

Private Banking Goes Digital … Welcome to Social Networking … Twitter… and Facebook

 

MiamiRealEstateCafe.com Article reposted from Brett King’s blog of April 6, 2011 

Since the emergence of online banking there has been a fundamental assertion from high-net-worth bankers that their clients aren’t digitally focused, they don’t use social media or mobile banking, and that they prefer to pick up the phone and engage their banker because the nature of their interactions is defined by their wealth – they want the highest-level of service that only comes from engagement through a personal banker. Read the rest of this entry »

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

Miami Property … If you want it, GRAB IT!

Rental property in Miami is gone often the moment it hits the MLS it seems (or at least that’s true with many of the really good listings).  Of the  properties  listed for lease in Coconut Grove on Wednesday, 75%  of what we scheduled to show our clients on Friday were already ‘pending’ … rented/leased out… by Thursday evening.  Nine out of twelve properties that we were scheduled to be showing were leased out literally within the span of under two days.  

While it can be hard on anyone looking to rent (ie. tenants) …  it is welcome news to anyone  looking to lease their property out (ie  landlords).  Anyone considering purchasing  investment property …  ought to take a look at Miami.

We just  picked up keys for  clients of ours who are driving across country as I’m posting this … relocating to Miami.  The keys are for a rental property that we stumbled across in April.  The landlord  purchased the house earlier that month as an investment property (to be eventually ‘gifted’ to her young child) … and she was in the process of gutting the house when Alexandra and I  happened across it.   (It was not  listed for lease…  It was literally gutted …  with workers there, updating  altering and renovating it).  There were no bathrooms/ no floors/ no airconditioning …  but it had potential .  Read the rest of this entry »

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

Venetian Coral Gables Townhomes in Pending Foreclosure

Following in the footsteps of  Old Spanish Village, the Venetian Coral Gables  townhouse  preconstruction project which was to consist of 20 luxury townhomes at 920 Sevilla Ave (across from the Venetian Pool and within almost eye-shot of the Biltmore Hotel)  is on the heels of  foreclosure .  

venetian poolThe Miami real estate market has been less than ripe for many of big preconstruction ventures that have tried to take a foothold in South Florida,  for several years now.  And although many townhouse projects were designed and actively being marketed as pre-construction investments, as the  construction loans came due, developers and investors  of these various pre-construction projects were forced to weigh their options …   Read the rest of this entry »

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

Brickell Condos – PRICE PER SQUARE FOOT SOLD

The picturesque skyline that defines Miami to the rest of the world, and known locally as Miami’s Brickell area,  is one of the hottest  neighborhoods in South Florida right now. Investors wanting bargains have their eye on Brickell.  For some reason, we are getting increasingly more inquiries from international buyers, looking to purchase luxury waterfront condos particularly along Brickell …  and a high percentage of them  are cash buyers expecting to strike it rich,  for a song and a dance.

So here’s the question of the day:  “Can you really  find condos for under $20o,ooo in Miami?”   Yes… you can find property to buy in Brickell for under $200,000  (and  some that even offer waterviews)…  but … (THERE IS a disclaimer here!)… Read the rest of this entry »

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

95% Conventional Home Financing in Florida?

Despite what you see advertised, you cannot get 95% conventional financing in Florida.  By phoning an 800 number you may well be told by some out-of-state lender that you can get 95% financing, and  they may well supply you with a pre-qual letter, but 95% financing won’t fly in Florida… not now.   I suppose that has something to do with the fact that Florida, Nevada, Arizona and California have the highest default rates in the nation. 95% conventional financing does not exist in Florida. Read the rest of this entry »

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

Old Spanish Village fizzles in $83 Million Foreclosure

Old Spanish Village in Coral Gables,  a $400 million dollar development project which was slated to include 195 townhomes, condo units, row houses, along with an office tower and hotel,  fizzled before it got off the ground.   The Wall Street Journal reports that  FirstBank Puerto Rico which held  the $60.1  million mortgage for the Mas Family and Ponce Circle  (the site’s developers)  seized the project in foreclosure after an $83 million dollar foreclosure action.  

Read the rest of this entry »

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

Miami Real Estate Overview: May 2011

Right now in South Florida  7 out of 10 condos are foreclosure or short sale listings.   2/3 of all real estate transactions involve distressed property (whether foreclosure, pre-foreclosure, or short sales).  

Not only do those distressed sales downwardly influence real estate market pricing, but they have an impact on appraisal values as well.  And the good news in that is … Read the rest of this entry »

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

Housing Recovery Linked to Job Growth… Miami Snapshot… First Quarter 2011

Like it or not, the housing market is linked to the economy and to job growth.   With consumer confidence waivering, and potential home owners concerned about job security, that apparently wouldn’t bode well for the housing market. 

But the malls and stores are full of  shoppers and businesses are raking in the sales.    And we  are selling homes left and right!

Properties that we listed for sale in South Florida during the first quarter of 2011 are  for the most part either under contract and pending sale, or have already closed…  A handful  of the properties we listed  sold very close to (or above)  list price.   If that’s not a snapshot on the real estate market, I don’t know what is. Read the rest of this entry »

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