Category: Buying

Tips to make your real estate buying experience a smooth one

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Buying

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.

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Buying Pinecrest

Pinecrest Real Estate: 6960 SW 60 Ave

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Buying Investment Real Estate Selling

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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Buying Commercial Real Estate Investment Real Estate

Thinking About Investing in Miami Real Estate?

I attended the Realtors Commercial Alliance’s Super Conference today and wanted to share some of the things I heard that may help you decide whether or  not now is the time to invest in real estate.

Dr. Randy Anderson, the Howard Phillips Eminent Scholar Chair at the University of Central Florida:

  • pointed out that no other asset class did better on growth of a $10,000 investment between 1996-2010 than direct real estate;
  • retail sales are higher than before we entered the recession despite low consumer confidence, mostly due to pent up demand.  He believes retail sales will start to level off and stabilize.
  • Most buyers underestimate the cost of owning an office space because they base their projections on a 5-10% vacancy when nationally it is closer to 12-14%
  • Big institutional investors have been purchasing Miami real estate for the last year.
  • Each 1% decline in homeownership is equal to 1.2 million rental households

Dr. Pascal Goldschmidt, Senior V.P. Medical Affairs and Dean of UM Miller School of Medicine:

  • stated that every great city has a great educational hospital
  • projects that when UM’s Life Sciences Center is built out over the next 7 years, there will be 10,000-15,000 new jobs with an average salary of $65,000-$75,000.
  • Miami Dade College is working to train people who live in the area, which is next to Jackson Hospital, to work in various aspects of the medical/health field.
  • Envisions a live work area around Life Science Park.

Jeffrey Bercow, attorney with Bercow Radell & Fernandez, P.A.

  • believes that Miami-Dade County is under-retailed when compared with Broward and West Palm Beach

If owning the physical real estate does not interest you, consider investing in a Real Estate Investment Trust (REIT) such as Duke Realty or Healthcare Realty.

 

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Buying Selling

Market Update: Holidays Not Necessarily Slow Season For Miami Real Estate

EWM’s Coral Gables office had our office meeting a couple of hours ago.  Last week our office alone had over $9,000,000 in sales.

We had 13 residential sales and 9 new residential listings.  Out of the 13 sales, 4 went over the asking price and 2 sold at list price, and two sold within $4,000 of list price.  The market is still moving and if your property is priced right it will sell fairly quickly and close to asking.

If you are a buyer, learn the market where you are purchasing and get information on relevant sales in the neighborhood where you want to purchase.  That way you can make an informed offer when you find the property you want.  Unless a property is overpriced for the area, chances are you will not get the property if you low ball your offer.

 

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Buying Market Summary

More Construction…Signs Of An Improving Market

Ponce/Davis Lot Under Construction
 
Here is another construction site on Ponce de Leon East of U.S 1 close to 88 Street.   I blogged about another site that has just been cleared and is being prepared for a new home.

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

The new building is not limited to the affluent Ponce/Davis area either.  Drive around just about any where and you will see signs of new construction.  Real estate prices have plunged and buyers who can’t find what they are looking for, or builders trying to meet new demand, have gotten back into the market.  Another sign the real estate market is starting to turn.

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Buying Neighborhood News South Miami

Buying Real Estate in Miami? You Need A Realtor.

I received two phone calls from buyers last week.  They were calling me on a sign in front of a South Miami townhouse I have listed for sale.  Both of them wanted to see it, neither was working with a Realtor.  I explained to them that the townhouse was under contract but that I would be happy to show it.  One of them wanted to see it.  When I asked her how she found it, she said “driving around”.  After I showed it to her, she said it was exactly what she had been looking for, too bad it was under contract and could I let her know if the deal fell through.  I told her I would be happy to and asked her if she wanted me to help her find a home.  She said no, she would rather continue to drive around and use her Trulia app.

The second buyer was also a “drive by”.  He said he had been looking in the area for over a year (!) and still hadn’t found anything.  I tried to explain to him that by driving around, he is missing opportunities and will probably always be late to the good deals.  The South Miami townhouse had seven offers on it in the first week.  I told him Realtors have applications on their phones that notify them as soon as a property comes on the market, which allows their buyers to get a jump start on seeing and presenting offers.  He said he would rather keep driving around….  Now these “buyers” may just be habitual real estate shoppers who just like to drive around and look at real estate.  If you are a serious buyer, you really need to be working with a Realtor.  In addition to being notified as soon as a property that meets your criteria comes on the market, you will be saving a lot of time and gas!

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Buying Pinecrest

6960 SW 92 Street – Open Today 3-5

High Ceilings and Lots of Windows
 
This north Pinecrest single family pool home features:
 
– 5 bedroom 2.5 baths
– split floor plan:  3 bed/2 bath on one side 2 bed/1 bath on other
– spacious bedrooms with ample closet space
– oversized master with French doors overlooking pool
– 2 car garage on the side of the house
– large laundry/utility room
– roof replaced in 2007
 
Great school district and easy access to shopping, restaurants, and transportation.

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Buying

Your Realtor Works Hard to Schedule Appointments: Please Be Punctual

Be Considerate, Be On Time

I know some of us Realtors make what we do seem so easy that a monkey can do it, but believe it or not we go to a lot of work just to arrange showings.  When you want to go see homes it takes coordinating various schedules (the listing agent, selling agent, and seller) in order to set up a time that is convenient for you, the buyer.  Today I went to show one of my listings.  The buyer’s agent had requested that I show it at 12:30 and we had confirmed she was on time at 11:30.  I got to the house a little early to turn on lights and make sure everything was in order so it would be shown in it’s best light.  By 12:50 the buyers still hadn’t arrived, so I called the agent.  There was no answer so I left a message saying that Iwas leaving.  I started turning off lights and locking up the house.  When I was walking out the door at 1:00, I got a call saying they were running late (Really?!) and could I wait until 1:30.  Since I had a home inspection down the street at 2, I told her I could but that I had to leave by 1:45.  They got to the house “on-time” and as the buyers were walking around the house, their agent was on the phone scrambling to salvage the rest of the showings.  When another agent responded that he would not wait for them, they were more than 45 minutes late for his showing, the buyers looked at their agent and said, “Well, I guess some people just aren’t interested in making money”.  Again, REALLY?!  Sitting around waiting for people has never made anybody any money….. and this was for a rental!

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Buying Market Summary Selling

Investors Taking Advantage of Strong Rental Market

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.

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

Investors Are Taking A Bite Out Of Inventory

Miami Real Estate – Commercial Construction Also Picking Up

Miami Real Estate: More Signs the Market is Improving

Miami Real Estate: The Market is Changing