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Archive for the 'Investment Real Estate' Category
Miami Real Estate: Prices on the Rise
Miami and Phoenix are seeing a rise in asking prices, based on a Trulia Price Monitor Report. There are still a lot of good buys out there, but many buyers are frustrated when a new property comes on the market and goes under contract almost immediately. Decreasing inventory and aggressive pricing by listing agents, mean you have to act fast if you are serious about making a purchase. If the property is priced right, don’t try to negotiate it down too much, if at all. I listed two properties last week that both had multiple offers within the first two days. The first property had all offers at asking price and we went to a multiple offer situation where we asked for highest and best. Total time on market was 6 days.
The second property had several offers on the second day. One agent had his buyer offer slightly over asking and put down 10% as an initial deposit, upon acceptance. The seller accepted his offer. Two days later, a higher offer came in from a buyer who was desperate because she had just lost out on a short sale and needs to move fast.
If you are a buyer, be ready to put your best offer forward early on. If you are a seller and get multiple offers, don’t second guess your pricing or hold out for something even better. The reality is that you get the most activity on a listing when it first goes on the market. The longer you wait, the less you are likely to get.
Miami Real Estate: Believe Warren Buffet
I listed a rental in Cutler Bay last week and had over 150 phone calls! I had three offers the first day, even though there wasn’t single picture listed yet, the yard was over grown and the house had not been cleaned out from previous tenant. If you are an investor, buy more properties. The demand for rental housing is huge, which is probably another reason why Warren Buffet said he’d buy a couple hundred thousand single family homes!
Miami Real Estate Market: Active Rain Survey Shows Agents Bullish on Miami Real Estate
Active Rain’s Real Estate Recovery Survey show that agents in the Miami-Ft Lauderdale market believe the real estate market in their areas are improving. What do you think?
Data provided by ActiveRain.com. Join 215,590 Real Estate Agents on the world’s largest Real Estate Social Network.
Miami Real Estate: Sales Are Up and Inventory is Down
Home prices in Florida are up according to Florida Association of Realtors January Housing report. The same holds true for the Miami real estate market. Inventories have been decreasing steadily, as can be seen in the graph below.
Decreasing inventories & increasing pending sales
Miami’s Art Community Continues To Grow
The 49th annual Coconut Grove Arts Festival is just one of the many art festivals and events that take place in Miami. We have art walks in a variety of neighborhoods (Coral Gables, Coconut Grove, Little Havana, Wynwood)throughout the year, the Beaux Art Festival, Art Basel, and many other satellite fairs. If you are an art lover in town for the festival and are considering a real estate purchase, here are some areas to consider
Coconut Grove
Coral Gables
Miami Beach
Brickell
Wynwood/Midtown Miami
Aventura/Sunny Isles
Miami Is A Boater’s Paradise
If you are visiting Miami for the International Boat Show, welcome. Whether you are here for the first time or have been here often, if you are here for boats check out the marina resources on the right hand side of this blog. Interested in properties that are close to marinas? How about homes with their own dock? Boating around Miami, to the Bahamas or beyond is just one more reason I Love So Fla!
Another Amazing Week At EWM’s Coral Gables/South Miami Office
Last week we did over $21,000,000 in sales. This week was over $17,500,000 with 32 sales and only 14 new listings. Inventory in Miami-Dade is decreasing steadily, as illustrated in the graph below. Inventory is even tighter once you start looking in a specific price range and community.
Thinking of Buying Real Estate For Your Children?
I started receiving graduation announcements from friends’ children and my own son will be graduating in May. With all that is going on in the economy, I started thinking that maybe my husband and I should buy real estate that one of our three children could eventually live in. If you consider how much properties, salaries, job opportunities and the stock market has dropped and how much rents have risen, it kind of makes sense doesn’t it? Would you purchase property that your children could live in once they graduate? Or have you already?
Is Renting a Temporary, Short Term Trend or Part of the New Normal?
Rents are tight in most markets and, due to the numbers of foreclosures, short sales, and number of people who have lost their jobs or have had their work hours decreased, the trend is expected to continue at least for the short term. However, Jim Woodard predicts this is a temporary trend.
If you are a renter, you may want to consider the affordability index in the city you live and work in and calculate the cost of renting vs. buying. If you are a landlord, you may want to look at Money Magazine’s Best Cities to Be a Landlord list
How Important Is the Mortgage Interest Deduction to You?
Tom Kelly addressed the issue of the mortgage interest deduction going away. Many argue that it is one way of raising taxes and decreasing the bulging federal deficit. What do you think?
Related blog:
Mortgage Interest Deduction: Should It Be Phased Out?
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