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More Proof Miami-Dade’s Housing Market is Turning Around

Tags: buying real estate, Coral Gables Luxury Real Estate, Luxury Real Estate

Investors Are Taking A Bite Out Of Inventory

I had a buyer call me today wanting to buy a 2 bedroom 2 bath in Kings Creek for under $90,000.  I told her there weren’t any on the market in that price range at the moment.  She responded, “What happened to all of the inventory”?  I explained that investors were snapping up the lower priced units, usually foreclosures and short sales, and turning around an renting them.

At every single one of EWM’s weekly office meetings over the last several months, we have been selling and renting more than we have been listing.  Inventory has been decreasing steadily and the pickings right now for buyers are slim.  That may turn around if the back log of foreclosures come on the market, but the banks are also getting smarter and are finally starting to agree to short sales.  If you are a buyer, you might want to get off the fence.  If you are an owner with equity, you may want to consider selling.  There are buyers out there without a lot to choose from.

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

 

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!

Rainy Regatta for Columbus Day Weekend

Although it was a wet weekend for this year’s Regatta, the photos by Marco Oquendo are spectacular and show the participants having a good time.  I hope the weather next year is more typical of Miami in October!

Tags: Boating, Things to do in Miami

Smarty Dogs To Benefit Pinecrest Schools

Tags: art, Pinecrest, Pinecrest Gardens, Pinecrest Schools

San Jose Island, Panama: How Big is 11,000 Acres?

Okay, I have already posted that it is twice the size of Key West, but maybe that is still hard to put into perspective.  So, I will compare it in size to other famous islands.   Using AskNumbers.com conversion table, I came up with the following:

Cayman Brac: 14 square miles =8,960 acres

Little Cayman: 10 square miles = 6,400 acres

St. Barts:  10 square miles = 6,400 acres

Virgin Gorda: 8 square miles = 5,120 acres

Basically, 11,000 acres is big enough for you to build your own town, or two! 

 

Tags: Investment Real Estate, Luxury Real Estate, Panama Real Estate, Private Island For Sale

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?

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