Categories
Buying Investment Real Estate

Miami Real Estate: High Affordability + Low Prices = Buy

An article in today’s Wall Street Journal uses Miami as one example as to why 2011 may be the year to buy.

  • Affordability, which looks at how many months of income an average family would take to pay for a home, is at the lowest level in 35 years
  • Pricing is believed to be at or close to bottom
  • Investors are getting back in the market

The article does a good job of differentiating between buying a home and investing in real estate.  In terms of buying a home, Michael Larson, a real-estate analyst in Florida, is quoted, “Pricing is down so much in some markets that when you analyze renting versus owning it makes much more sense to own”.

If you are planning to buy for investment, the article returns to the old adage of “buy and hold”.  They recommend at least a 10-year hold plan for investment real estate or suggest investing in funds that have real estate in the mix if you want to make real estate a part of your portfolio.

Remember to see what the numbers are in the area you are planning to purchase.  While the affordability index was high in most areas, it is low in Washington D.C.

Categories
Where's JWo?

Where's JWo?

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Categories
Where's JWo?

Where’s JWo?

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Categories
Pinecrest Things To Do

Julian Marley Performs At Updated Banyan Bowl, Pinecrest Gardens

The Banyan Bowl at Pinecrest Gardens is in the middle of a renovation and the new sound and lighting system provided the perfect stage for Julian Marley’s performance last night.

If you have not had the opportunity to go see the updated Banyan Bowl, make a point to visit it during the upcoming Taste of Pinecrest or the next Pinecrest Gardens Jazz Series.   The Community Foundation of Pinecrest‘s Banyan Bowl Capital Campaign is assisting in fundraising to complete the improvements.  Please donate to the fund to keep this treasure as a cultural facility for all of us to enjoy for years to come.

[youtube]http://www.youtube.com/watch?v=_zGS8lOS4KE[/youtube]

Categories
Brickell/Downtown Miami Neighborhood News

Miami Real Estate: Downtown Miami Continues Growing

Biscayne Blvd Buildings

Biscayne Boulevard in downtown Miami is still building services to provide conveniences for new residents that have moved into the buildings that were mostly empty during the real estate collapse.  Projects under, or soon-to-be-under, construction include Museum Park, the Port of Miami Tunnel, Whole Foods, and a multiplex movie theater.

Categories
Luxury Real Estate Market Summary

Miami Real Estate – Good News, The Wealthy Are Spending Again!

Two articles in today’s Business Monday add more evidence that South Florida is starting to pull out of the recession and, though we fell farther and therefore have further to go to actually feel that the recession is over, there are positive signs in South Florida’s economy.

The first article, Brazilian buyers put the luxe in real estate, describes the influence that wealthy Brazilians are having on high end real estate as well as on design and furniture stores.

Dophin Mall has gone from bust to boom, the second article, describes how this mall has turned its sales performance around 180 degrees by catering to the luxury consumer and recognizing the importance of the tourist.

These articles emphasize the importance of the wealthy tourist to South Florida’s economy.  These tourists are going to help excel our recovery by spending large amounts of  money, which will eventually trickle down throughout the economy.  The only problem I see with this is that it is the start of another boom cycle that, unless we find industries in addition to real estate and tourism, will eventually bust in Florida’s typical fashion.

Categories
Brickell/Downtown Miami Coral Gables Neighborhood News Renting in Miami

Rental Rates On The Rise

With the increasing popularity of living in walkable communities, rents are on the rise in areas such as downtown Brickell and Coral Gables.  The fact that there are so many new buildings with great amenities and upgraded finishes, such as granite counter tops and modern kitchens and baths, in these two areas have lead to an increase in demand and rents.  An unfurnished 2 bedroom 2 bath condo in a newer building starts at $2000.

Categories
Buying Mortgage information Selling

Mortgage Interest Deductions: Should They Be Eliminated?

Since before I owned or started selling real estate, the mortgage interest deduction has existed and been one of the main benefits espoused for buying a home.  In addition to building up equity, it has been argued that this is one of the deductions that is helpful for lowering taxes due, especially for individuals and couples with few other tax deductions.

The mortgage interest deduction was one of the items recommended be trimmed, to help control the national debt, by President Obama’s deficit-reduction commission last December.  The panel addressed the interest deduction for first and second mortgages and equity lines of credit.  Other real estate targets included in the were tax write-offs for property taxes paid and the capital gains exclusions ($250,000 and $500,000) for individual and married taxpayers who make a profit when they sell their residence.

As a homeowner, Realtor, and real estate investor, I want to keep all of these deductions.  However, there are some I would be willing to live without in exchange for decreasing the national debt.  I would be willing to forgo the mortgage interest on second homes and on equity lines of credit to keep the deduction on primary home interest, capital gains exclusion and property tax write off?  What do you think?  Are there any you would be willing to give up?  If so, which ones?

Categories
Florida Life Things To Do Where's JWo?

Bike Ride Over A Chinese Bridge – Where's JWo Answer

Chinese Bridge At Deering Estate
Chinese Bridge At Deering Estate

Look closely at the bridge.  Recognize any of it from the “Where’s JWo” picture posted last Sunday?

Part of the Deering Estate, the Chinese Bridge was constructed in 1918 by Charles Deering to cross Cutler Creek.  He chose the Chinese theme to remind him of his travels through Asia when he was a Navy Officer.

This is a great pathway to walk, bike or jog as the main portion of it is closed to traffic.  If you start on 152 Avenue, ride all the way down through native rock Pinelands and end at the People’s Dock for a great a peak at the nature that abounds in South Florida.

Categories
Florida Life Things To Do Where's JWo?

Bike Ride Over A Chinese Bridge – Where’s JWo Answer

Chinese Bridge At Deering Estate
Chinese Bridge At Deering Estate

Look closely at the bridge.  Recognize any of it from the “Where’s JWo” picture posted last Sunday?

Part of the Deering Estate, the Chinese Bridge was constructed in 1918 by Charles Deering to cross Cutler Creek.  He chose the Chinese theme to remind him of his travels through Asia when he was a Navy Officer.

This is a great pathway to walk, bike or jog as the main portion of it is closed to traffic.  If you start on 152 Avenue, ride all the way down through native rock Pinelands and end at the People’s Dock for a great a peak at the nature that abounds in South Florida.