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South Florida Real Estate
5 Ways To Tell If Your Home Has Chinese Drywall
Chinese drywall could be present in your home if it was built or extensively remodeled between 2004 and 2008. Due to the building boom and major hurricane damage during those years, drywall had to be imported for the first time. Unfortunately, Chinese drywall has high levels of chemicals that we do not find in drywall made in the United States.
- Presence of sulfur smell or other strange odor
- Corrosion of copper pipes, especially on the air conditioning unit. Instead of seeing a copper pipe, you will see one covered in a black, soot-like coating.
- The air conditioner evaporator coil located inside the air handling unit fails.
- Writing on the back of the drywall that says, “Made in China” or confirmed presence by builder.
- Confirmation by an outside expert.
BEWARE OF SCAMS!!! This is Florida, after all. DO NOT pay someone to come take an air test, as to date, there is no air test for Chinese drywall. The easiest way to tell if it may be an issue are items 1-3 above. If you are not sure, call your air conditioner technician. DO NOT pay someone to spray anything on your walls. There is no product currently being backed by anyone that can contain the dangerous substances found in the drywall
For important updates on Chinese drywall from, sign up at Florida’s State Department of Health
Pinecrest FL Real Estate – Market Trends First Quarter 2009
During the first quarter of 2009 there has been very little change in the inventory of single family homes in Pinecrest listed on the MLS. Sales also seem to be moving to closing slowly, but the trending increase in pending sales gives me hope that Pinecrest’s real estate market will start moving the way of Miami-Dade County, decreasing inventory and increased sales. One of the reasons this market is going to turn more slowly than the County’s is due to the pricing. The median sales price of all single family homes in the County at the end of April was $165,000 whereas in Pinecrest it was $475,000. 78% of sales in the County were under $300,000.
What has been selling in Pinecrest in the first quarter are the single family homes listed for between $216 and $298 per square foot. Based on the inventory and number of closed sales in April, there is currently 53 months worth of inventory in Pinecrest. However, based on current inventory and the number of pending sales there is an 11.5 month inventory. This illustrates how rapidly the market can turn. Since summer is the most active time for single family home sales, I am feeling cautiously optimistic that the market is starting to change and is at least stopping its downward free-fall.
Related Posts:
Miami Real Estate – Quarterly Update for Miami-Dade County
8 Reasons Why Now is the Perfect Time to Buy Real Estate
Unbelievable Value In Pinecrest
Pinecrest, FL Real Estate Update January, 2009
Miami Real Estate, Its All in the Numbers
Unlike the television show, Numb3rs, I am not going to get into any fancy or complicated formulas. I am just going to state the real estate numbers for Miami-Dade County as of the end of the first quarter of 2009. You can use them to make your purchasing or selling decisions, to get a glimpse of what is going on in our market, or to fill in awkward silences at cocktail parties.
Overall Numbers
- 35% of all listings on the MLS are either short sales or REO
- 59% of all sales on the MLS are either short sales or REO
- 82% of all residential sales are under $300,000
Single Family Home Numbers
- 20% of single family home sales are under $100,000 (yes there are homes under $100k in Miami but hurry, they are only 6% of the inventory and going fast!)
- 3% of single family home sales and 14% of the inventory are over $1,000,000. Inventory in this price range is at 83 months, up from 55 months this time last year
- 17 month supply of single family homes down from a 42 months supply 1 year ago (Wow, that was fast!)
Condo Numbers
- 36% of all condo sales are under $100,000 and they make up 15% of the inventory
- 3% of condo sales and 9% of inventory are over $1,000,000. Inventory in this price range is at 88 months up from 41 months last year.
- 24,835 condos at peak of inventory July 2008. 21,134 condos as of April 2009 (many more available that aren’t on the MLS)
Stay tuned for future episodes!
Other articles by the numbers:
Miami Real Estate – Quarterly Update for Miami-Dade County
Pinecrest, FL Real Estate – Market Trends First Quarter 2009
Key Biscayne, Florida Real Estate Update January 2009
Miami Beach, Florida Real Estate Update January 2009
7645 SW 117 Street, Pinecrest, FL is in a Great Location
You know what they say about real estate: location, location, location. Well this house is walking distance to shops, restaurants, places of worship, parks and public transportation!
Located off of 77 Ave., a main North/South corridor in Pinecrest, 7645 SW 117 Street is a perfect place to call home.
- 4 bedroom/2 bath
- builder’s acre
- accordian hurricane shutters
- new hardwood floors
- chickee hut
The Village of Pinecrest, known for its parks, schools, large lots and quiet life-style has always been popular with families, couples and individuals who enjoy their space and privacy yet want to live close to activities.
Unbelievable Land Value in Pinecrest, FL – 7935 SW 134 Street- Builder’s Acre Under $550,000
This beautiful builder’s acre is located on a quiet, low-traffic street in South Pinecrest. A house sits on the property, 
waiting for you to continue the updates or tear it down and build new. Take advantage of the current market; it has been a while since land value in Pinecrest was this low. The Village of Pinecrest is a highly desirable neighborhood with may parks, great schools, a community center and library.
Buying a Home? Know What You are Looking For
I know it sounds obvious, but knowing what you are looking for isn’t always as simple as it sounds. Once you are pre-approved for a mortgage, decide what your ideal neighborhood and home would be. Are schools important or is it more important that you be close to work? Determine what the “must haves” are. These are the specifics of the property or neighborhood that you are not willing to give up but would be willing to sacrifice a “nice, but not necessary” for. This could be an extra bedroom, pool, specific school district, waterfront criteria etc. Knowing what you are looking for both in a neighborhood and home is extremely important as it will help keep you focused. Once you narrow down your wants, you will realize you don’t have to look at everything on the market, only those specific properties that meet your criteria.
Buying a Home? Get Pre-Approved For a Mortgage
The first and most important step in buying a home is to get pre-approved by a lender for a mortgage. This can be directly from a bank or credit union you do business with or through a mortgage broker. Getting pre-approved will let you know how much house you can afford or, better yet, how much of a house you feel comfortable with. The lender or mortgage broker will give you an idea of what your monthly costs will be and will give you a Good Faith Estimate of closing costs to let you know how much money you will need to bring to the closing table to finalize your purchase.
5 Criteria You Must Meet to Qualify For a Jumbo Loan in Miami, Florida
So, you have decided to get off the fence, take advantage of the steep price decreases and finally buy your dream home. You have surfed the Internet, looked at pictures, maybe even settled on a neighborhood. STOP! Before you go any further you need to talk to a mortgage broker and find out if you could get a mortgage. As you have read in the papers, the banks are not handing out money very easily.
Jumbo Loan
- Any loan mortgage over $417,000 is considered a jumbo loan.
- The minimum down payment required is 30%.
- You will be required to provide your last two years tax returns.
- Your credit score will need to be at least 720.
- You can lower your rate by 1/4% if you go through EWM mortgage and have a bank account with Wachovia.
Stay tuned for information on other types of mortgages.
Why Homeownership is Like Drinking Red Wine
Both are good for your health! According to a recent U.S. News & World Report article there are more than just economic benefits in owning your own home. "People have more extensive social support systems, and that has a potential positive impact on health," according to William Rohe, professor of city and regional planning at the University of North Carolina. Although the individual health benefits of homeownership are unclear and other factors such as education and income level may come into play, there is proof that homeownership is good for children, because it provides stability, and the community because homeowners have a reason to invest in their community through voting, philanthropy, and volunteering.
Like the health benefits of wine, however, the benefits of homeownership can turn into liabilities if you overindulge. Too much wine on a short-term basis can cause a nasty hangover and in the long run can lead to liver damage. Kind of feels like today’s real estate market.
Coral Gables, Florida Real Estate – Annual Market Summary 2008
Single Family Homes
- 2% increase in sales of single family homes from 2007 to 2008.
- Total sales of single family homes increased from 318 in 2007 to 325 in 2008.
- If you average the number of homes sold in the last quarter of 2008, there is still a 23 month supply of single family homes for sale in Coral Gables.
Condos
- The number of sales of condos decreased 19% from 2007 to 2008 from 141 to 114.
- There is 37 month inventory of condos.
- The median price in December 2008 was $250,000 down from $1,005,000 in December 2007.
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