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The Importance of Inspections

An inspection buyers had done on a house the other day reminded me of how important inspections are, no matter how great the house looks.  Many homes that have been updated have improvements and upgrades done by licensed roofers, plumbers, electricians, etc.  Permits have been pulled, work has been inspected and the permits have been closed.  However, there are also many properties that have had work done by handymen, miscellaneous relatives, or Tim Allenesque do-it-yourselfers.  It is in the latter instance where a home inspection really pays off.  As a buyer, you want to make sure you are paying for real upgrades and improvements, not what in Spanish we call “pura pinta”, which basically translates into just the paint.  If your are a buyer, ALWAYS, get an inspection.  As a homeowner, make sure you have the work done properly.  What turns out cheap today, may come back to bite you when you decide to sell.

Buying A House? Get Prequalified For A Mortgage

Are you ready to get off the fence and jump into the real estate market? Good for you…there is still a decent, though starting to dwindle inventory, and interest rates are still at historic lows.

There is a lot of competition out there, especially from cash buyers, so be prepared befor you start looking at houses. Get prequalified for a mortgage. It is pretty easy to do. To get a really good idea of how much property you can comfortably afford, provide your mortgage broker with copies of your last two years 1040s and W2s, recent payslips, and bank statements.

Tags: buying real estate, mortgages

Deering Bay – Relaxed, Luxurious, Country Club Living

Beautiful Views

I feel like Deering Bay has been forgotten among all of the hoopla regarding bargains on Brickell, Biscayne, and the Beach.  I know there have been and still are some great deals in these urban areas, but if you are looking for a  little more relaxed pace, take a look at the condominiums and villas in the various buildings in the Deering Bay Yacht and Country Club community.  These are spacious units,  most with water views, and are surrounded by an Arnold Palmer Signature golf course.   Located in the southern part of Coral Gables, it is one of the best public and private school districts in Miami-Dade county and is close to both the Falls and Dadeland Malls.  If you would rather live in a single family home, Deering Bay has those too.  They also have a small boat marina as well as one for large yachts, tennis courts, pools, gyms and a restaurant with a Sunday Brunch that is delicious!

What Do The Free Trade Agreements Have to Do With Real Estate?

Congress should hurry up and enact the pending Colombia, Panama, and South Korea Free Trade Agreements.  Columbia and Panama are two of South Florida’s largest trade partners.  The Obama Administration estimates that the FTA with Colombia alone will increase U.S. exports by $1 billion and that the one with South Korea will add 70,000 jobs. 

South Florida will benefit from this increase in trade.  Increased trade equals increase in employment equals a more stable real estate market.

Need To Short Sell Your Home?

Banks Offering Up To $20,000 Incentives

As the economy continues to trudge along, many South Florida homeowners are still struggling with unemployment and mortgage payments.  If you are thinking of short selling your home, you should be aware that several banks have incentives for you to short sell versus going through the lengthy, in Florida it can take close to two years, and extremely credit-damaging foreclosure process.

Wells Fargo and Chase offer up to $20,000 in incentives to qualified homeowners and Bank of America just launched a similar pilot program in Florida.

Tags: Foreclosures, Short Sales

6960 SW 96 Street

High ceilings and an plenty of windows make this home spacious and bright

This wonderfully spacious home with a great floorplan and lots of natural light is available in north Pinecrest.  In addition to being in one of the top locations in Miami-Dade County for both public and private schools, it has convenient access to shops, restaurants, the metro rail and U.S. 1.

Tags: Pincrest Real Estate, Pinecrest Schools

Miami Real Estate: Appraisals Still An Issue

There is still some confusion in the market in terms of what a house is worth.  A seller puts a price on it, the buyer makes an offer based on what they have seen in the market, and then comes the appraisal.  In the last couple of months I have had a home that should have appraised, but due to the lack of comparables of its size in the same area, the appraiser went over into a whole different area and it came in grossly under the purchase price.  The comps were homes of the same size, year, and approximate lot size, but in a whole different city, school district etc.

In another case, I had a home with a purchase price that was questionable as to whether or not it would appraise due to a lack of comps and low comps in the area, come in at $30,000 over the contract price.

It has always been argued that appraisals are an art and not a science, but in both instances above I would argue there is a huge difference between a Monet and Kindergartener’s painting.

Miami Real Estate: Waterfront Homes

 Whether you have a mega yacht or a dingy, Miami is a great place to own a boat.  In addition to the many marinas, the ultimate in boat ownership is to be able to pull up right to your own dock.  There are many waterfront homes in Miami that have ocean access.

Tags: Luxury Real Estate, Miami Real Estate

Private Islands: What The Rich and Famous Are Buying

The Exhumas, Bahamas is where the rich and famous are buying islands, according to an article in the July 28 edition of the Wall Street Journal. 

Some of the issues that arise with developing these islands, such as importing electricity, cell phone towers, water purifiers,  the building materials and even, in some cases, the palm trees, can make development extremely costly. 

San Jose Island, in the Pearl Islands off the coast of Panama, does not have a lot of these issues.  Granted, at 11,000 acres, approximately twice the size of Key West,  it is a much larger island than the ones in Exuma.  It has its own rivers and streams, providing fresh water, as well as a water treatment facility capable of producing 3,000 gallons of water an hour, and a 10,000 gallon storage tank.  It has a 5000 linear foot landing strip, lots of trees, including palm trees, mooring facilities, and a boutique resort, Hacienda del Mar.

A short 20 minute flight to Panama City, Panama, means you are  in close proximity to world class entertainment and medical facilities, including John Hopkins at Punta Pacifica Hospital.

Compared to the most expensive island for sale in the Bahamas, Cave Cay, at $440,000 per acre, San Jose Island , at $22,545 per acre, seems like a downright bargain.  Oh, I almost forgot…Panama doesn’t have hurricanes!

One of 57 Beaches on San Jose Island

Tags: Luxury Real Estate

Miami Real Estate: More Signs the Market is Improving

New Construction

As I drive around town, I am seeing a lot more new construction.   This new single family home is going up in north Gables.   I have seen other ones being built in South Miami and Pinecrest as well.

In addition to the new construction I have been seeing many remodeling projects.  Significant additions are being added on to many existing homes.

All of this bodes well for the overall market.  Are you remodeling or adding on to your house?

Tags: Coral Gables, Miami Real Estate, Pincrest Real Estate, South Miami