Miami real estate news and information

Archive for the 'FORECLOSURES/SHORT SALES' Category

Congratulations on the CHALLENGING Sale and Purchase of Your Home

Congratulations to both buyers and sellers …    What a roller coaster of a closing!

Although this lovely home was featured on TV by Liz Caldwell as one of the three BEST deals in Miami  for sale the week The Restivo Team listed it …  (and although it went under contract within days of being listed – with multiple offers) … it was  a challenge getting to the closing table… and that’s somewhat of an understatement.

The first contract fell through,  hours before closing was scheduled … The buyers backed out at the 11th hour.  There was an escrow deposit dispute that ensued between buyer and seller … and it took months for that to be resolved and the house re-listed …  After the ‘good faith deposit’  issues were resolved, the house went under contract again … and survived appraisal and financing contingencies … again.     Court approval of the sale  was required… and gotten.   And then there were a couple more hurdles to jump … and an unexpected extension needed.

Every single one of us … attorneys, title and closing agents, Realtors, buyers and sellers all chalked it up to being one of the more complex transactions any one of us of have yet to come across … What appeared at the onset to be an easy sale, ended up being quite the challenge.   Congrats to all !!!   It looks like we squeeked through just before foreclosure proceedings or any other delays could slam the door. We did it !   Time to pop the bubbly !

On paper this is how it looked when we listed it last spring:

” LUSHLY LANDSCAPED GARDENS SURROUND THIS BEAUTIFUL HOME. FLORAL & EXOTIC
PLANTINGS. FRUIT TREES: MANGO, APPLE, PAPAYA, MAMEY, AVOCADO. COVERED PATIO
& GROUNDS ENTICE RELAXED OUTDOOR ENTERTAINING. LOVINGLY MAINTAINED. LIGHT.
BRIGHT. CHEERY. SPARKLING POOL. IMPACT WINDOWS. IMPACT GARAGE DOOR. TILED
GARAGE. NATURAL GAS LINE (METERED) FOR STOVE, WATER HEATER & BBQ. MUNICIPAL
WATER & SEWER. APPEALING NEIGHBORHOOD. WELCOMING CURB APPEAL. GRANITE
KITCHEN.”

and then this past fall:

“BACK ON THE MARKET. LUSHLY LANDSCAPED GARDENS SURROUND THIS BEAUTIFUL HOME.
FLORAL & EXOTIC PLANTINGS. FRUIT TREES: MANGO, APPLE, PAPAYA, MAMEY,
AVOCADO. COVERED PATIO & GROUNDS ENTICE RELAXED OUTDOOR ENTERTAINING.
LOVINGLY MAINTAINED. LIGHT. BRIGHT. CHEERY. SPARKLING POOL. IMPACT WINDOWS.
IMPACT GARAGE DOOR. TILED GARAGE. NATURAL GAS LINE (METERED) FOR STOVE, WATER
HEATER & BBQ. MUNICIPAL WATER & SEWER. APPEALING NEIGHBORHOOD. WELCOMING
CURB APPEAL. GRANITE KITCHEN.”

Congrats to buyers and sellers!   The Restivo Team at EWM Realtors …. Vicki & Alexandra

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Miami Real Estate Market – Foreclosures, Short Sales, Non-distressed Property

In the past decade inventory of single-family homes hit it’s lowest point back in April 2005 – with only 2,778 properties listed for sale in Miami-Dade.

That number  skyrocketed to 17,070 three years later – in July 2008.  And then the numbers began to decline  ….  In May 2012 Miami had only 4,399 homes listed for sale  (giving us only a 4 month supply of inventory to work with).

Median prices declined  59% … after hitting their  peak in May 2007 … Read the rest of this entry »

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Miami-Dade Condo Market: Sales Increase as Inventory Drops

Condos sales declined 9% over the past year  in Miami-Dade …  Inventory is down by  30%.

That said though, interestingly enough, condos selling between $300,000 and $999,999 have shown a 32% increase  … (Spring 2011 through  Spring 2012).  And in the $1 million plus range  there was an 11% increase in sales.

As far as distressed property is concerned,  4% of the condos currently on the market in Miami-Dade are foreclosures (Foreclosures account for about 1/5 of all sales).   Condos selling as short sales account for about  13% of the current inventory and 1/4 of all condo sales in Miami-Dade right now.

The Restivo Team  – EWM Realtors  –   305 793-1365  –  [email protected]

Looking to buy?   This is still a great time to buy property in Miami!   Call us … We would love to help.

 

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Miami Real Estate Listings, Foreclosures & Short Sales … What Is … What Isn’t

Surprisingly few homes right now … for sale … in Miami …  are short sales and/or foreclosures …  The numbers of  distressed properties listed in the Multiple Listing Services (MLS) have dropped.

In Pinecrest, of the 144 single family homes listed for sale in the MLS (priced from $278,000 to $5.3 million), only 8 are listed as short sales, and only 2 of them are shown as foreclosures. Read the rest of this entry »

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Crash in Housing Market … WHO DO YOU LISTEN TO? – “Sell Now?” … “Time To Buy?”

Well, if you’re reading any of John R. Talbot’s books , he has it pretty much spelled out:

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.    

 

 

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Who Likes Short Sales?

The people who like short sales are those with patience … because they are the people who get the short sales.   Short sales can take up to 6 or 8 months to close … even today … and there are NO guarantees whatsoever that any one given short sale will actually close.

Short sales can be frustrating, and if you dabble in them without having the stomach for them you’ll end up hating even the thought of them.

I think the analogy Steve Harney makes between sweat equity and patience equity is  cleverly put.  There was a time when homeowners put in sweat equity to build value in their homes.  In the current market with the shear numbers of shadow inventory out there (and in this I really should include both short sales and foreclosure property) what you need is ‘patience equity’.  Distressed property takes time and patience on the part of the prospective buyer … and those with patience are the ones who win.

There is a slew of homeowners underwater in Florida right now.  And the banks are more willing than ever to do short sales.  The reason for it is that a short sale is a good alternative to a foreclosure –   Easier for the lender.  Easier for the seller.

Acccording to Keeping Current Matters, short sales can be had for 13% off market value … and foreclosures can be discounted by as much as 22%.

Whether you are looking to go the route of a short sale or foreclosure, we will be happy to work with you.  Contact us at 305 793-1365 (our direct line) or email us at [email protected] to arrange a no obligation seller or buyer consultation. The Restivo Team at EWM Realtors – Your local real estate experts.  MiamiRealEstateCafe.com    –  Miami Real Estate Blog

 

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The Cork Blew on Shadow Inventory – Last Month

The court-imposed dam on Shadow Inventory blew last month.  There is a wave of distressed property that will come, which will impact sales prices all across America.  Some areas will be more battered than others.

If you are looking to sell,  and wanting to move within the next 6 months,  now is the time to agressively and compelling price your house for sale … before the real estate market is impacted by shadow inventory that’s about to be released onto the market. Read the rest of this entry »

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Rental History Impacts Getting a Loan

Last year, Experian-the credit report company- added a section which includes rental payments. It helped elevate scores for tenants who paid rent on time. Two other credit report companies are also adding the rental payment history section to their reports. Sources at FICO report that on time rental payments may help consumers because consumers with a low score could see an increase of 100 points or more on their reports. It seems as though the rental payment history does not have much effect on people with average or above average scores to begin with.

It seems that the new addition to the report benefits people who have been through a foreclosure, because it’s an opportunity for them to rebuild credit history quicker because they are paying rent on time. Given the number of foreclosed properties that have been on the market and are still to come, this news is helpful for those who have suffered the loss of their homes.

The Restivo Team would be glad to help you find a home, so give us a call today.

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Distressed Property Inventory Falls … Miami … 2011

By the end of 2010 distressed single family homes  in Miami listed for sale in the MLS (multiple listing service) numbered in excess of 1,000. 

And as we moved into 2011 that number dropped:  The number of distressed properties listed for sale dropped.  

Distressed single family homes  listed   right now  in Miami Dade account for 65%  fewer than at end of last year.  And distressed condo units  listed for sale have dropped by nearly 75% as well. 

Despite the drop in distressed listings  in Florida…  Read the rest of this entry »

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Advice for first-time homebuyers – Important decisions

The first place I bought was in New York City.

What I wanted was a condo on the Upper East Side, one that the owners had converted from a studio into a phenomenal one-bedroom condo.  It was furnished impeccably…  and looked as though it came from the pages of Architectural Digest   …   but the price tag reflected that.

What I bought instead was the same exact unit,  one floor down… for half the price. 

Mine was an estate sale …  in it’s original condition … (It was dark and dingy … in need of  considerable TLC)…   for half the pricetag of the one I’d really wanted, upstairs.

Having had the opportunity of seeing the one upstairs first … I could envision exactly what could be done with the ugly one downstairs.  I knew  that with Read the rest of this entry »

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