South Florida Real Estate
Not a surprising trend considering the unemployment rate and related decrease in consumer spending.
The new “AS IS” contract has changed to clarify areas that were vague in the previous contract. These clarifications include, but are not limited to:
- An itemized list detailing the personal property that Buyer and Seller agree is to be included in the sale. Note: if there is a specific light fixture you want, to include/exclude from the sale, you should specifically note it in this section. A chandelier can easily be changed and is not considered a fixture.
- Clarifies that “All deposits paid or agreed to be paid” are the deposit and it is this entire amount that is in jeopardy should the purchase not go through and the deposit be in dispute.
- Clarifies that an executed copy of the contract needs to be delivered to all parties in order for it be accepted.
- States that if “Property related conditions of the Loan Commitment have not been met (except when such conditions are waived by other provisions of this Contract) that Buyer can get the Deposit back. So basically, getting a commitment with conditions is only worth the paper it is written on.
- Specifies the costs to be paid by Buyer and Seller.
- Has a special “Miami-Dade/Broward Regional Provision” for providing title evidence and insurance.
- Uses Calendar days instead of Business days in computing time periods.
Overall, these changes help both the Buyer and Seller by setting the expectations for each party. Let me know if you would like a copy of the new “AS-IS” contract. For clarification of the contract and legal opinions, please contact your attorney.
Just heading back from Charlotte, North Carolina, where the real estate market is still really slow. This 1993-built, 1472 square foot, 3 bedroom 2.5 bath, pool home in a neighborhood close to an amusement park, shopping and downtown is being offered at $164,900, which is less than the the median home price in Miami-Dade, ($182,900 in August, 2010). Although the pricing is lower than our median price, they have had very few showings since it was listed. For the most part, single family houses in Miami-Dade under $300,000 are selling fast and with multiple offers. There are currently only 74 active listings in Miami-Dade on the MLS that were built in 1993 or later, with 3 bedrooms 2.5 baths, under $200,000.
- There are twice as many sales today than 2 years ago
- There is 1/2 the inventory there was 2 years ago
- The rental to sale ratio is about 50:50. Normal is 25:75
- EWM is selling a $1,000,000 property every 36 hours
- 52% of EWM’s sales are cash
- There are more $1,000,000 condos selling that $1,000,000 single family homes
- Laurenzo’s Italian Center – Whether you are a gourmet cook and want amazing Italian ingredients or want something already prepared, you will enjoying cruising up and down the isles of this well-known local gourmet supermarket.
- Founders Park – Located on a 12-acres site, this park has something for everyone. Tennis, ball fields, exercise trails, picnic shelters and a splash park for the kids (residents get into splash park free with id, non-residents pay $10).
- Size/Value of condos. If you are renting or selling, you can usually find a larger condo in Aventura than you could in Brickell or Miami Beach, and usually for less. Search for yourself.
- Location: Close to Ft. Lauderdale, Miami,(and their respective airports and ports) and just a jump to the beach
- Don Soffer exercise trail- this 3 mile loop is perfect for running, walking the pets, or taking an evening stroll
- The Farimont Turnberry Golf and Country Club – in addition to having a world class spa and golf course, the restaurants are also amazing.
- William’s Island – this enclave of homes, condos, and town homes, all surrounded by water, includes its own private club and is a relaxing jewel of a community, close to everything in Aventura, including a Fresh Market.
- Proximity to Gulfstream Park – What a great way to spend the day. If watching the horse races isn’t your thing, at least stop by and watch the beautiful animals parade around the courtyard prior to each race, then take off and go eat, shop or dance, at one of the many venues.
- Mo’s Bagel and Diner – My Dad is a New Yorker who hasn’t lived there since he was born, but it’s in his blood, and Mo’s makes him feel like he is back there.
If I were a shopper, I would add the Aventura Mall. I personally can’t stand shopping, but this mall is amazing. It is large, clean and has such a variety of stores. If you can’t find what you are looking for here, you probably don’t need it.
List with me and your home will show up on the major real estate websites! Maximizing exposure on the web increases the chances of selling your home.