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Miami Real Estate Is Moving!!!
Still doubt the Miami real estate market is rebounding? EWM’s Coral Gables/South Miami office did over $21,000,000 in sales this week. We had 12 new listings and 21 sales. Inventory is decreasing and buyers are still out there in droves.
Stop Unwanted Junk Mail, Sales Calls, E-mails
I just received an e-mail from a client who closed on their new home in December and now find themselves flooded with unwanted junk mail. One of the small negatives of purchasing property is that the tax roll information is picked up by just about anyone selling everything!
Luckily the Federal Trade Commission can help you end all that unsolicited mail and annoying calls either on-line or by calling a number.
More Signs The Economy Is Improving
There was a great Viva Miami MediaPlanet insert in today’s Miami Herald titled: Miami Grows followed by, “Industries unite in the expansion of PortMiami, as the city sets sights on becoming an economic engine for South Florida and the nation”.
Though obviously a promo piece, it spews out some positive numbers:
- PortMiami contributes more than $18 billion annually to South Florida’s economy
- Cruise industry up over 2010
- MIA’s air cargo trade is worth more than $50 billion
Construction projects in and around the airport and port are currently underway to maximize additional cargo and improve the related transportation and logistics involved with moving it on to it’s final destination.
The insert also mentions new residential construction projects that are planning to break ground, since only 4,000 of the 23,000 condo untis built during the boom are still waiting for buyers.
Mortgage Rates Drop to Tie All-Time Low
Money magazine reports that 30 year mortgage rates dropped to 3.94% to tie rates last hit in October. 15 year rates hit new record low. I might have refinanced a bit too early, but changing my last interest rate to a lower one saved me over $300 per month on my mortgage payment even though I went from a 30 year to a 15 year fixed!
If you haven’t done so already, refinance. If you are considering buying, historically low mortgage rates are definitely one reason why you should. Low Miami prices are another.
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
Miami Real Estate: The Market Continues to Improve
Still don’t think it is time to get into the real estate market? Our Coral Gables EWM office had another phenomenal week, posting over $14 million in sales. We only took five new listings yet had 23 properties go under contract. Although prices are bouncing along the bottom, as inventories decrease we expect to start seeing prices start to head up. These increases will be neighborhood and building specific.
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?
Miami Real Estate: More Signs Market Is Improving
Technology jobs tend to be higher paying jobs and according to Bloomberg BusinessWeek, three of the ten cities leading the nation in tech jobs are in Florida. Miami ranked seventh, Jacksonville ranked fourth and Tampa ranked 8th. High paying jobs + buyer’s market + high affordability index = real estate sales. The challenge for these three cities will be providing the skilled workers required for these jobs because although the tech jobs are increasing, if the companies providing the jobs can’t find employees in-state, the will hire them from elsewhere. That will still improve our real estate market, but won’t help lower our unemployment rate.
Mortgage Interest Deduction: Should It Be Phased Out?
Well disappointingly, but not suprisingly, the Congressional “Super Committee” failed to come up with a plan to reduce the Federal deficit.
The fact that the deficit needs to be reduced and there were no new proposals on the table of how to go about doing so, got me to thinking about some of the original recommendations from the Simpson-Bowles plan. One of their recommendations was to eliminate certain mortgage interest rate deductions, namely on second homes, equity lines of credit, and mortgages over $500,000.
Costco addressed the phasing out the mortgage interest deduction completely in their November edition of The Costco Connection.
If it were phased out completely would that change your plans to buy? Would it speed up your plans to sell? What if only the Simpson-Bowles recommendation were implemented? Would that change your plans to buy or sell?
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