Author: jenniferwollmann

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Buying Market Summary Selling

Miami Real Estate – Single Family Homes 4th Quarter Market Update

Below is a quick snap shot of what the real estate market for single family homes looked like for the fourth quarter of 2009.  These numbers are derived from the Multiple Listing Service and though they do not include For Sale By Owners and anything not listed on the MLS, they are indicative of what is going on in our local markets.  The closed sales may be slightly underestimated due to the lag time in posting the sale in the MLS.

Coconut Grove

  • Closed Sales: 23.  5 short sales, 3 REO. None of the closings in December were Short Sales or REO.  Highest Sales Price: $2.2 million. Highest Price/Square Foot:  $437.98. Lowest Sales Price: $154,900.  Lowest Price/Square Foot: $82.97
  • Pending Sales: 22, 14 of which went pending in the fourth quarter.
  • Active Listings: 165,  down from 217 at end of Sept.   Highest List Price: $18 million. Lowest List Price: $65,900.

Coral Gables

  • Closed Sales: 101.  6 short sales, 10 REOs.   Highest Sales Price: $5.15 million.  Lowest Sales Price: $250,000.
  • Pending Sales: 74
  • Active Listings: 421, down from 450 at the end of the third quarter.  Highest List Price: $49.5 million.  Lowest List Price: $89,500

Key Biscayne

  • Closed Sales: 13.  0 short sales, 1 REO.   Highest Sales Price: $6.15 million.   Lowest Sales Price: $820,000.
  • Pending Sales: 3.
  • Active Listings: 122.   Highest List Price: $24.950 million.   Lowest List Price: $985,000.

Miami Beach

  • Closed Sales: 41.  5 short sales, 7 REOs.  Highest Sales Price: $9.75 million.  Lowest Sales Price: $240,000
  • Pending Sales: 53
  • Active Listings: 380.  Highest List Price: $29.9 million.  Lowest List Price: $181,000.

Palmetto Bay

  • Closed Sales: 42. 8 short sale, 4 REO.   Highest Sales Price: $1.45 million. Lowest Sales Price: $140,000.
  • Pending Sales: 63
  • Active Listings: 139.  Highest List Price: $2.85 million. Lowest List Price: $165,000.

Pinecrest

  • Closed Sales: 45.  4 short sale and 5 REOs.  Highest Sales Price: $3.5 million.  Lowest Sales Price: $236,000.
  • Pending Sales: 29
  • Active Listings: 199.  Highest List Price: $5.9 million. Lowest List Price: $265,000.

South Miami

  • Closed Sales: 24. 3 short sales, 9 REO.   Highest Sales Price: $870,000. Lowest Sales Price: $87,500.
  • Pending Sales: 21
  • Active Listings: 71.  Highest List Price: $1.899 million. Lowest List Price: $57,270.


Categories
Buying Mortgage information

Mortgage Rates Fall Slightly This Week

After rising for the past four weeks, long-term mortgage rates fell last week.  Freddie Mac reported 30- year fixed rate mortgages averaged around 5.09%, down from 5.14% last week.

Categories
Buying Investment Real Estate

Foreign Investors Looking At U.S Real Estate

Now that the residential real estate market appears to have stabilized, investors are starting to look at U.S properties as potential investments.  According to Kevin Brass of the Wall Street Journal, groups of investors from Mainland China are still touring properties in the U.S.

With the decrease in real estate prices and the drop in the dollar in relation to other currencies, foreign investors are taking advantage.  Shouldn’t you be?

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Coral Gables Neighborhood News Things To Do

Beaux Arts Festival Is This Weekend

The 59 Annual Beaux Arts Festival of Art is this Saturday on Sunday at the Lowe Art Museum on the University of Miami campus.

This event counts towards on of the New Year’s Resolutions For South Floridians.

Categories
Mortgage information

FHA Changing Approval Process of Existing Condo Projects

The following are some of the changes the FHA is making in how they process and accept loans in new and existing condo projects:

  • The burden of approving a condominium project will shift from the FHA to the lenders
  • Approved condo projects will need to be re-certified every 2 years
  • Homeowner’s Associations will need to fill out an FHA Homeowner’s Association Certification verifying that delinquencies are less than 15%
  • 50% owner occupancy ratio will be required on existing approved condos

Categories
Selling

Miami Real Estate – Selling Your Home? List It In January

Most agents will tell you that the best time to list your home for sale is in the late spring and early summer to take advantage of the “summer move”.  The summer tends to be the time when most families move as it does not disrupt school schedules.  This year, however, I would recommend that you list your house as soon as the new year sets in.  The extension and expansion of the First-Time Homebuyer’s tax credit as well as the inching up of interest rates is going to keep the market trudging along, but in order to qualify for the tax credit a property must be under contract by the end of April, 2010.

If your property is already on the market and you are not getting a lot of showings by the end of January, take another look at the market in your area and make sure your property is priced right.  You may also want to spruce up the exterior to create better curb appeal.

Related Articles:

Selling Your Home?  You Need To Price It Right

First Time Homebuyers Tax Credit Extended and Improved

Don’t Under Estimate The Value of Curb Appeal

Categories
Florida Life Things To Do

Healthy Eating Is Easy, Just Visit Your Local Farmer’s Market

If eating healthier is one of your new year’s resolutions, start out now!  Sundays are when most Farmer’s Markets occur.  In addition to supporting local farmers, you will get fresh fruits and vegetables.  The taste is so much better when they are fresh!

Peppers
Peppers

Categories
Florida Life Things To Do

New Year’s Resolutions For South Floridians

Okay, I know every year we make resolutions only to break them or not live up to them, but these are pretty easy and will help you get better acquainted or reacquainted with your own back yard.

  1. Get in shape!  This is South Florida, where the heat, beach, water activities and year-round outdoor lifestyle make this easy to do.   Gables Fitness has bootcamps, which take place in the beautiful outdoors, in Pinecrest, Coral Gables, Key Biscayne and Bayfront Park.  They also have personal training classes for men and women.  I started about a month and a half ago at the Pinecrest location and am having a great time while I am getting in shape.
  2. Visit one of our museums.  Many of the Miami museums have free events.  The Fort Lauderdale Museum of Discovery and Science will take more than one visit to explore.  It has over 200 exhibits plus an IMAX theater.  The Museum of Art in Fort Lauderdale is currently exhibiting the works of Norman Rockwell (through February 7, 2010)
  3. Go on one of the art walks.  In Miami:  Calle Ocho, Coconut Grove, Coral Gables, Design District, Miami Beach, Wynwood all have art walks on different days of the week.  Broward County has a twice yearly walk.
  4. Take a historical tour with Paul George.
  5. Volunteer at one of the many one-day volunteer activities such as Hands-On-Miami, Habitat For Humanity, Biscayne Bay Cleanup (Baynanza).
  6. Attend a performance at one of our many venues.
  7. Go to the horse races.
  8. Visit the Miami-Metro Zoo, Lion Country Safari, Butterfly Garden.
  9. Take a bike ride in the Everglades and/or Oleta State Park and/or Markham Park.
  10. Go to one of our local Farmer’s Markets, which are open through April, to purchase fresh local produce.
  11. Tour the Redland.
  12. Take a canoe or kayak ride.  Most of the State Parks have hourly rentals and tours.
  13. Go to a full moon outdoor concert.
  14. If you are remodeling or landscaping, include energy efficient and sustainable products and go native with your landscaping.

If you have completed any of these resolutions recently (2009), please add your comments and feedback on this post.  Do you have a resolution you would like to add to the list?

Categories
Florida Life

Hello 2010, Good Riddance 2009.

Not all of 2009 was bad, though you couldn’t tell from most of the news stories.  As we ended 2009, we started to hear a little more upbeat news about the housing market (sales are up due to low prices), the national unemployment rate (appears to be steadying in most places, though not in Florida), consumer confidence is higher, the stock market is up, interest rates remain low, though are starting to creep up.  Most economists are saying the recession is ending and, even though the future remains a bit bumpy, the overall economy is improving.

So as we enter 2010, let’s remember lessons learned in 2009, especially about bubbles, following the herd, and biting off more than we can chew (personally, professionally and financially).  Most importantly remember priorities: health, family and friendships is what carry us through rough times and make the good times better.  I know that sounds sooo corny, but it is true ;-)!

Categories
Florida Life

Blue Moon In Miami Rings in 2010

Blue Moon Miami, New Years Eve 2009. HAPPY NEW YEAR!
Blue Moon Miami, New Years Eve 2009. HAPPY NEW YEAR!