Categories
Commercial Real Estate Investment Real Estate

Student Housing Popular With Investors

An article in CoStar regarding student housing, reinforced what I already know.  Student housing is a good investment and not all student housing is created equal.  As a parent with two students in college, and a third student one year away,  I spend a lot of money on housing.  My first experience was when we arrived in Gainesville four years ago.  We found that student housing is big business and extremely competitive in terms of rental rates.  For less than $600 a month, my son had his own room and bathroom in a fully furnished apartment in a student complex.  It was secure, had tons of amenities and activities geared around the college student.  Even though he wasn’t living in the dorms, I feel like he still had a dorm-like experience.

Our second son is attending college in Fort Meyers and though he is living in the dorms, there is a student housing complex nearby identical to the one my son in Gainesville lived in.  It is expected to be completely rented out in the next couple of months because the university just bought up a large multi-family complex close to their campus to convert into off campus dorms.  In terms of investments, it is no wonder student housing is popular.  Remember, the closer to campus, the higher the premium.

Categories
Selling

Miami Real Estate: The Market is Moving

EWM’s Coral Gables Office had a $32,000,000 week.
Our Miami Beach Office had a $37,000,000 week. So the answer to “Are Properties Selling?” is a resounding “Yes!”

Categories
Buying Foreclosures

Freddie Mac and Fannie Mae Offering Incentives to Move Inventory

If you are in the market to purchase a home now really is a great time to buy.  In addition to low interest rates and high inventories, current offers by Fannie Mae and Freddie Mac help increase your buying power.  Note:  these offers are for owner-occupied homes only, not for investment properties.

Fannie Mae:

  • 3.5% toward closing costs
  • closing by October 31, 2011

 

Freddie Mac:

  • Up to 3.5%  toward closing costs
  • 2 year home warranty
  • 30% appliance discount
  • Thru July 31, must close by September, 2011

Categories
Buying

Will Association Fees and Hurricane Insurance Derail Housing Recovery in Florida?

Two recent articles in the Miami Herald have me wondering if our fragile South Florida housing recovery is going to hit the skids.  The one in Monday’s business section talks about condo association fees and the one in today’s paper discusses the increase in windstorm insurance.  if you are getting ready to buy, make sure you keep both of these articles in mind and allow an extra cushion for increases.  If you already own, have either of these costs gone up for you yet?

Categories
Florida Life Things To Do

Miami's Sexiest Hotels

If you live in Miami, you have probably heard of most of these hotels or gone to pick up visiting friends or relatives.  Why not take a break from the summer heat and celebrate the end of Miami Romance Month by visiting one of these 10 sexiest Miami hotels with your significant other this weekend?  If you have a favorite that is not on the list, let me know!

Categories
Florida Life Things To Do

Miami’s Sexiest Hotels

If you live in Miami, you have probably heard of most of these hotels or gone to pick up visiting friends or relatives.  Why not take a break from the summer heat and celebrate the end of Miami Romance Month by visiting one of these 10 sexiest Miami hotels with your significant other this weekend?  If you have a favorite that is not on the list, let me know!

Categories
Florida Life

Vote Tomorrow for Mayor of Miami-Dade County

After spending $13 million to oust former Mayor Carlos Alvarez and elect a new mayor, tomorrow’s turnout is expected to be dismal.  Do you think the money was well spent?

Categories
Buying Foreclosures Investment Real Estate

5 Steps To Take If You Are Buying In Today's Miami Real Estate Market

If you are trying to purchase your first home or investment property and take advantage of the low interest rates and prices, congratulations! A couple of things you may want to do to avoid frustration:

1)If you are financing, prequalify for a mortgage. It will make your offer that much stronger.
2)Do your homework-find out what properties are listing & selling for in the area you are looking in. If they are selling for more than you qualify for, you are looking in the wrong area.
3)Be realistic with your expectations-if you are only looking at foreclosures and short sales, realize that with the former you will be competing with cash buyers, be in a multiple bid situation where the property will probably go for more than asking, and you will most likely need to do some work. With a short sale you are looking at a long closing process.
4) If you are planning on working with a Realtor, work exclusively with one and have him/her set up all appointments, even if you are searching on-line on your own. If you go to open houses let the person holding it open know you are working with a Realtor.
5) If you submit offers and consistently lose them for any reason other than you were competing with a cash buyer, find out what the reason is and address it so you won’t make the same mistake next time. If it is consistently due to price, stop lowballing if you really want to get in the market or, go back to #2 above

Categories
Buying Foreclosures Investment Real Estate

5 Steps To Take If You Are Buying In Today’s Miami Real Estate Market

If you are trying to purchase your first home or investment property and take advantage of the low interest rates and prices, congratulations! A couple of things you may want to do to avoid frustration:

1)If you are financing, prequalify for a mortgage. It will make your offer that much stronger.
2)Do your homework-find out what properties are listing & selling for in the area you are looking in. If they are selling for more than you qualify for, you are looking in the wrong area.
3)Be realistic with your expectations-if you are only looking at foreclosures and short sales, realize that with the former you will be competing with cash buyers, be in a multiple bid situation where the property will probably go for more than asking, and you will most likely need to do some work. With a short sale you are looking at a long closing process.
4) If you are planning on working with a Realtor, work exclusively with one and have him/her set up all appointments, even if you are searching on-line on your own. If you go to open houses let the person holding it open know you are working with a Realtor.
5) If you submit offers and consistently lose them for any reason other than you were competing with a cash buyer, find out what the reason is and address it so you won’t make the same mistake next time. If it is consistently due to price, stop lowballing if you really want to get in the market or, go back to #2 above

Categories
Buying

7925 SW 55 Ave., Miami, FL

Price decrease on this High Pines home for sale!  Walking distance to South Miami and all of the activities it offers, private lot with mature shade trees, updated kitchen with gas stove, one car garage, three bedrooms, two baths, ample closet space.  Screened patio overlooking back yard with room for a pool.  Great value in an even better location!