Over the last several months I have written about different signs, see blog links below, that the real estate market is changing. Today’s Miami Herald article, Rents rise as overseas buyers invest, talks about some of the reasons why.
Modern Meals: Remaking American Foods from Farm to Kitchen now through December 31 at the Frost Museum
Fairchild Edible Garden Festival October 22 & 23
Pinecrest Farmers Market Every Sunday
University of Miami Food Day October 24
In an earlier post I mentioned the Village of Pinecrest’s art in public places campaign to raise money for the public schools in Pinecrest. Please consider joining the other sponsors and sponsor a dog. Stay tuned for future blogs regarding Smarty Dogs and other art in public places.
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.
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.
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.
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!
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!
Smarty Dogs are popping up all over Pinecrest. It is an art in public places campaign that is being promoted to raise funds for the public schools in the Village of Pinecrest. If you or your company would like to sponsor one of the dogs, there is still time. The dogs will be auctioned off in March of 2012.