ILoveSoFla.com
South Florida Real Estate
Subscribe
Categories
- Luxury Real Estate
- Commercial Real Estate
- Investment Real Estate
- Market Summary
- Mortgage information
- Home Improvement
- Neighborhood News
- Renting in Miami
- Florida Life
- Things To Do
- Freebies
- Restaurants
- Resources
Archives
Translate This Blog
Crazy About Crazy About You
Crazy About You Waterfront Dining
Crazy About You is in a great location and one of the few places you can get a good meal with a waterfront view.
The staff is attentive, they have a decent wine list that is reasonably priced, and their menu is affordable. I like the Serrano Croquettas, Calamari Flatbread, and Mikey’s Slow Braised Steak with Creamy Arborio Rice.
Housing Reports Expected Next Week
While the local real estate news has been giving us a snapshot of what has been happening in Miami’s real estate housing market, several housing reports are due out next week, which will give us a national picture of how the housing recovery is fairing.
- Tuesday - S&P Case Shiller home price index: this index tracks changes in the value of residential real estate at both a national level as well as in 20 metropolitan regions (Miami is one them). Although it is calculated monthly and is released on the last Tuesday of every month, it is published with a two month lag. Tuesday’s report will include values through December 2010.
- Wednesday – new home sales : this report is based on a survey conducted by the U.S. Census Bureau that starts with the number of building permits authorized for single family homes .
- Thursday – pending home sales : this index is prepared by the National Association of Realtors (NAR). Because this report looks a homes that are currently under contract, it gives a good picture of where the housing market is headed in the next couple of months. Although many of the pending sales fall through due to a variety of reasons (buyer’s don’t qualify or they get impatient waiting for a bank to approve a short sale are the main reasons in today’s market), many of the sales will close thereby absorbing inventory.
As of today, pending home sales in Coral Gables currently stand at 72 (24 since 1/1/11) versus an inventory of 410 active listings (45 new listings since 1/1/11).
Pinecrest pending home sales are 30 (7 since 1/1/11) and active homes for sale are 196 (17 added since 1/1/11).
Miami Real Estate On Sale
With prices still on a downward slide in South Florida, the number of sales are up as buyers realize the buying opportunity these price decreases represent. And although 30-year mortgage rates inched up slightly this week, they are still under 5% and near historic lows.
These interest rates will help first time buyers, but may not play much of a difference in Miami’s high end market: 2 out of 3 sales in the $1,000,000 and over market are cash sales.
Fairchild Chocolate Festival This Weekend
The chocolate festival starts tomorrow and runs all weekend. Yum!!
In addition to learning all about chocolate, there are chocolate tastings and sales.
Miami Real Estate – How Will Panama Canal’s Expansion Effect It?
The Panama Canal is undergoing a massive expansion to allow bigger vessels to pass through. Since the Port of Miami is the closest U.S. Port to the Panama Canal, Miami is in a strategic position to benefit from the increase in America/East Asia trade.
The Port of Miami is building a tunnel to the Port, so truck traffic can bypass downtown Miami, and is seeking federal funds to dredge the harbor to minus 50-feet, which would make it one of only three ports that can handle the new, larger container vessels.
This increase in trade at the port will mean there will be new demand for warehouse space and housing for the estimated 33,000 new trade-related jobs that are expected.
Village of Pinecrest – Mayor to Give State of the Village Address
Mayor Cindy Lerner will be giving her State of the Village Address on Thursday, January 20, 2011 at 7:00 p.m. in the Banyan Bowl at Pinecrest Gardens.
One of her announcements will probably include the capital improvements taking place at the Banyan Bowl, which will be hosting its first Jazz in the Gardens Concert, featuring the Rodriguez Brothers, on Saturday, January 29, 2011. The Community Foundation of Pinecrest is assisting with the Banyan Bowl Capital Campaign to raise the necessary funds.
Miami Real Estate – Thinking of Selling, Now is the Time. Thinking of Buying? Now is the time.?!
How can it be both the right time to sell and the right time to buy? Usually, if it is a seller’s market, prices are high and inventory is low. If it is a buyer’s market, it is the other way around. We currently have enough overall inventory of single family and condos in South Florida to make it a buyers market so, if you are a seller, you may think of holding off until the inventory decreases. If you have the holding power, you are right. If you need to sell, but were thinking of holding off for the Spring, read Steve Harney’s blog, Oswald Acted Alone and We Did Land on the Moon.
If you are a buyer and read the blog, you will be tempted to hold off, figuring prices will fall further and you could get a better deal. The difference is that with a home buyer, unless you are purchasing with cash, the cost of the home is often more important than the price. Another great Harney blog, 3 Questions You Must Answer Before Buying a Home, can help you determine if you would be better off waiting until the end of 2011 or purchasing now.
Remember, real estate is hyper-local and your specifications for a home or investment property, may be completely different from what is going on in a city, county, state or nationally. Some areas experienced less price decreases, short sales, and foreclosures than others.
Miami Beach – Last Day of Art Deco Weekend
Flamingo Plaza - 1051 Meridian Ave.
Today is the last day of Art Deco Weekend on Miami Beach. Take advantage of our glorious Miami weather (Boston had a high of 26% yesterday) and head to the beach to learn about our backyard. Events and tours start at 10:00 a.m. so if you are a football fan, you still have plenty of time to tour and get home for the Patriot/Jets game at 4:30. Or better yet, enjoy it at one of the many restaurant/bars, such as the Clevelander, Big Pink or just about any other bar on the beach!
FHA Loans – Minimum Credit Scores Reduced
- Credit score 500 – 579 allowed with maximum 90% LTV
- Credit score 580 – 599 allowed with maximum 95% LTV
- Credit score 600 – and higher allowed with maximum 96.5% LTV
Miami Real Estate – New Year Update
The inventory for single family homes in Miami-Dade County has inched up in the first few weeks of 2011. There were 971 single family homes that closed in the month of December, but 723 new listings have increased our inventory from 7591 at the end of December to 8314 as of today.
This increase is not unexpected as foreclosures were put on hold while being investigated, and many homeowners don’t want to deal with showing their home during the holidays.
Find Me On…
