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Archive for the 'Buying' Category
Office Building For Sale Coral Gables, FL
This free-standing building with 14 parking space at 3860 SW 8 Street, Coral Gables is a great buy. Located in the popular 
medical district of 8th Street and Ponce de Leon, it is a great buy: 6535 square feet for $1,300,000 is less than $200 per square foot. You can’t build a new building for that price! Hurricane shutters, elevator, open air spaces, offices, conference rooms
3860 SW 8 St., Coral Gables – Free Standing Office Building For Sale
Free Standing Office Building with Parking
This updaated and well maintained office building is in the bustling medical and office district of 8th street, between Galiano and Ponce De Leon in Coral Gables. Hurricane shutters, 14 parking spaces, an automatic gate and great location, make this an ideal building for an owner-user. 6,535 square feet at $229 per square foot.
605 Alcazar, Coral Gables, FL
Arches Enhance Entrance to Kitchen
According to floor plans obtained from the City of Coral Gables microfilm, this beautifully updated Old Spanish home was once a parsonage. Built in the 1920′s but recently updated, it is the perfect combination of old world charm w/modern amenities. Marble floors, impact resistant windows, granite kitchen counters & updated bathrooms are the elegant finishes that compliment the Old Spanish design. The 1 bed/1 bath cottage is perfect as an office, guest room or gym.
7925 SW 55 Ave., Miami, FL – High Pines Charmer
7925 SW 55 Ave., is a meticulously maintained 3 bedroom 2 bath home in a great location – walking distance to downtown South Miami and close to the University of Miami. An updated kitchen with granite counters and a gas stove, new roof, new septic, hurricane shutters, beautiful hardwood floors, and great natural light make this the perfect home for someone who doesn’t want to have to re-do the house before moving in!
California Contemporary in Palmetto High School District
Miami Palmetto High School has long had a reputation of being a great high school and many families move into Pinecrest or Palmetto Bay so their children can attend. There are other areas west of U.S 1 that are often overlooked that also have Miami Palmetto High School as their home school.
This house, at 12150 SW 88 Avenue, is such a house. At 4,747 square feet, there is plenty of room for a large family. The split floor plan has a separate children’s suite complete with their own play/study room. The expansive family room has enough space for sitting and relaxing or playing games. More for your money and still a great school district!
10 Ways to Prepare for Homeownership
So, you have been reading that now is the time to buy and you are ready to take the plunge and purchase your first home. Before you start surfing the websites and looking at properties, take the following steps to make sure the process goes smoothly once you find your dream home.
Fannie Mae and Freddie Mac: What Effect Will Phasing Them Out Have On Mortgage Market?
Current consideration of phasing out Fannie Mae and Freddie Mac over the next 5-7 years has everyone in the real estate and mortgage markets speculating as to the effect it will have. Created after the depression to help people buy homes, these two entities and FHA, now buy or insure 97% of home loans.
Some of the effects include:
- Higher borrowing costs – fees as well as interest rates would go up
- Limited financing choices – more ARMs than 30-year mortgages would be offered
Two articles in last week’s New York Time online, Without Loan Giants, 30-Year Mortgage May Fade Away and A Plan to Phase Out Fannie Mae and Freddie Mac do a great job of providing looking at the pros and cons of these programs and examining possible outcomes of phasing them out.
Whatever happens, it is another sign that housing will likely never be as cheap as it is now.
Increase in Stock Market Results in Increase in Luxury Properties
According to a CNNMoney.com article all 20 major metro areas saw an increase in sales of million dollar plus condos and single family homes, rising an average of 18.6%.
The increase is largely attributed to the increase in the stock market since 2009 and cheaper financing for jumbo loans.
Miami Beach, FL Real Estate – Market Summary
1835 W 27 Street
Market information from the Multiple Listing Service for single family homes for the month of January are as follows:
- Closed sales: 16. 2 short sales 2 REOs. 7 were cash sales, including the one for $3.86 million.
- Price range of closed sales: $3.86 million – $375,000
- Pending sales: 20. 3 short sales, 4 REOs
- Price range of pending sales: $2.950 million – $230,000
- Active listings: 316, 42 of which were listed in February. 18 short sales, 1 REO. 164 are waterfront
- Price range of active listings: $50 million – $199,000
Distressed sales are still making up the larger part of the market in terms of listings going to contract. Based on the number of active listings, distressed sales make up about 8% of the market, but half of the closed sales.
What does this mean if you are a buyer? Based on the number of active listings to closed sales, there is still a lot of inventory to work through, so it is still a buyers market. Once you narrow down your price range and specifications however, there won’t be as much to choose from, so use the statistics and market information to negotiate your price. If the house you like is a regular sale and it is priced right, you won’t have as much room to negotiate as you will on one that is overpriced. If you are going to make an offer on a short sale bring patience and realize that when the bank finally does answer, they may ask for more than what you offered, even if what you offered was the full asking price.
What does this mean if you are a seller? You have a lot of competition so price really does matter. Look at the active sales that most closely match your home in terms of size, location, updates, lot size, amenities. Consider pricing it 10-15% below your closest competition, make sure it has great curb appeal, and de-clutter and freshen up the inside with some elbow grease and a fresh coat of neutral paint. The good news is that if your house is priced right compared to your competition, it will sell.
Commercial Real Estate: Vacancy Rates Expected to Decline
According to NAR an improvement in the economy, coupled with an increase of liquidity in Commercial Mortgage Backed Securities, is projected to decrease current vacancy rates across the commercial sectors.
Although these are positive indications that the commercial sector didn’t fall as far or for as long as the residential market, it is still a buyer’s market where cash is king.
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