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Miami Real Estate Foreclosures: They Are Still Coming On The Market
Even though several large banks froze their foreclosure process in September, there are still plenty of foreclosures coming on the market in Miami.
There are currently 827 single family homes that are listed as REO on the MLS. 423 of them were listed since October 1.
There are 1116 condos listed as REO. 640 of those have been added since October 1.
Miami Real Estate: Median Prices in Miami Jump 12%
October’s median home sale price increased 12% to $199,100 compared to same time last year.
Florida Real Estate: No Cities Ranked Least Affordable in Latest CNN Ranking
CNN came out with their most recent ranking of most (and least) affordable cities to buy a home. The good news is that no city in Florida made the least affordable list. The bad news is that no city in Florida made the most affordable either.
Miami Real Estate – Will the Miami Heat Lead to an Increase in Sales?
Okay, so the Miami Heat have won two in a row after their disappointing loss in Boston. With so much fanfare around the team, condos in the immediate area have decided to latch on to the Heat as a way to increase sales in buildings that are currently mostly occupied by renters. Other than the Heat, these buildings have a lot to offer location wise. Although there is still infrastructure in the immediate area missing (shopping and restaurants) outside of Bayside Marketplace, there is a lot the area has to offer. It is a quick drive to South Beach, located across from the future Museum Park and a stroll under I-395 to the Arsht Center for Perfoming Arts. So are you enough of a Heat fan to be compelled to buy in one of these new buildings?
Foreclosures in South Florida Are Here For A While
According to RealtyTrac, foreclosure activity in South Florida will continue at high levels through 2010 and there will be a glut of inventory through 2013.
In the current market, 60% of active buyers interested in distressed propertys and 40-50% of sales involve a foreclosure or shortsale.
Coral Gables Real Estate – Short Sales
There are currently 36 short sales, single family homes, listed on the MLS in Coral Gables. They range in price from $3.95 million to $250,000
Miami-Dade County Office Rent Asking Rates
Miami Real Estate: Not All Pictures Are Worth 1,000 Words
This house is listed for $1,340,000. Do these pictures do the listing justice? When most buyers start their search for a home on-line, good quality pictures are extremely important. They could be the difference between someone calling to schedule a showing or moving on to the next house for sale.
Foreclosure Freeze: Good For Distressed Owners, Bad for South Florida Real Estate Market
The recent decision by some banks to freeze their foreclosure process while they investigate their procedures for handling foreclosures has a mixed effect on South Florida’s real estate market. While it may be a good thing for distressed owners who really want to keep their homes, it is probably not a great thing for current buyers and the overall real estate market. The reality of too many homeowners who bought at the height of the market, owners who are currently underwater, unemployed, or simply bought way more house than they could afford when banks were in a lending frenzy, means the majority of homes in foreclosure now probably will still be there at the end of the investigation. Yes, there are stories of homes foreclosed improperly, including that of an owner who had paid cash on the house, and many of the banks and their foreclosure attorneys have become mills that may have filed paperwork incorrectly or downright fraudulently (this is the fraud capital of the United States, unfortunately). These procedures should be investigated, stopped and punished. In the meantime, buyers who are currently under contract are in limbo and the real estate market, which has been slogging through high inventories, may slow since approximately 40% of the home sales in South Florida are made up of bank-owned properties.
Too Much Technology?
Yesterday was my tech meltdown day. I am a people person, but I have been buying all of the latest gadgets to simplify my life. I use my iPhone 4G for giving “live” walk-throughs of properties for my customers; an iPad to show comparable properties to buyers and sellers and make presentations on the fly; and a computer for e-mailing, blogging, preparing mailers and flyers etc. Yesterday, my phone froze up completely and wouldn’t hold a charge and my e-mail was so full it would not let me send e-mails out and actually required my contacting tech support (of course it was after 6 pm). So, for what I needed yesterday, all of my technology was useless.
After a brief freak-out on how dependent I have become on technology, I went back to the basics and printed out hard copies of the lease and sale and purchase contract I was preparing and hand-delivered them to my customers. I really like what technology can do to help me make my job easier, but nothing beats the face-to-face meeting and conversations!
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