Lisa Fox "The Property Matchmaker®" Real Estate Blog

Miami Real Estate - Sales Looking Up!

2011-07-16T13:49:00.000-07:00

Once again we have the latest market stats for real state in Miami-Dade County. I thought I'd share with you this graph showing a few things...

A FEW NOTES ON THE STATS:

Inventory in the county has dropped, we have a 6 month supply "normal market conditions" of homes for sale (light green bars).
Pending sales are up to 1,515 for June 2011, the highest we've seen in over 7 years...
Short sale inventory equals 33.1% of our total home inventory for sale.
Pricing remains steady overall for Miami-Dade... average single family home up to $341,000 from $338,000.
Lack of inventory and increase in buyer activity w/low mortgage interest rates is what's keeping our prices stable now, rather than declining.
This statistic is for Miami-Dade county as as whole. Contact me for specific information about Coral Gables, Coconut Grove, Pinecrest, Miami Beach, Palmetto Bay, South Miami, or your specific neighborhood in Miami Dade or Broward County.

For more detail or market discussion, contact me directly at 305-345-8153, or at Lisa@FoxProductions.com.

Country Style - Large Yard and Room for the Boat!

2011-07-09T15:03:00.000-07:00

Here's a new listing I just posted last week in the Metro Zoo area. This is just west of 137th Avenue off 152 ST in the Southwest part of town. The great thing about this property is its lush builder's half acre lot full of fruit and palm trees in the back. Also there is plenty of space with double gates to park a large boat or extra cars.

Front View - 14711 SW 152 STREET

The house itself is nice, well kept and very clean. There are 3 bedrooms / 2 baths in a split plan. Vaulted ceilings add to the spacial dimension in the living room, especially with the flanked french doors opening up to the patio.

The kitchen is newly remodeled and includes a nice eat-in kitchen area with a huge double door pantry area. The master bedroom also has an addition with a huge walk-in closet. You can definitely say it's "walk-in" but it's actually more like an extra room... the closet is huge and would be considered a dressing area. A new or expectant mother could probably turn the closet into a nursery room with a crib... that's how large it is.

I find the neighborhood to be quiet, and most of the homes around appear to be in good condition... meaning not a lot of distressed looking properties around this house. That's a good thing if you care about eye soars and your neighbors. The house is conveniently located, right off 152 ST and close to shopping - there are both Publix and Sedanos supermarkets nearby, and the turnpike entrance is not far away.

Call me for more details or to arrange a showing. This is not a distressed sale, and the property is only for sale, NOT for rent. List price is $237,000.

Pleasant Surprise in Coral Gables - Single Family Home for $368,500.

2011-03-30T20:13:00.000-07:00

If you are looking for the bottom of the pricing market, here is a great opportunity in the north Coral Gables area. This home has been completely renovated and is perfect for either a new family or someone wanting to downsize.

1260 VENETIA AVENUE, CORAL GABLES, 33143

Here are some great pictures below of the kitchen and dining area. The kitchen is spacious and open to the kitchen, and the cabinets are real wood with granite countertops and stainless appliances.

Kitchen Open to Dining Room

Although this is a smaller home with about 1500 SF, the property has a good layout and has a large bedrooms with plenty of closet space through the hallway and in the master bedroom.

If you are interested, catch it while it's still available as it will be gone soon.

Wow, What a Condo! ... in the Brickell area.

2011-01-24T15:13:00.000-08:00

I just rented a unit over at the new 500 Brickell Av. condo. This is a beautiful property designed by the renown "Architectonica" firm in Miami, and with interior design by Michael Wolk. Here is a link to the 500 Brickell photos on Michael Wolk's web page. Wolk's motto is "Making Design Matter", and he sure did with this project.

The 500 Brickell is classy and contemporary. There are two towers (east and west), and the buildings are joined up to the 11th floor with a very SOBE patio area and large round infinity swimming pool. There are cabanas, lounge chairs, and entertainment areas, as well as "his and hers" spa areas.

Rooftop Pool

The common area decor has a zen feel, using all the correct Feng Shui elements and a nice color scheme in the hallways. On the top of the East tower is a surprising small round dipping pool and rooftop entertaining area... nice.

Lobby

The rooms are spacious with modern kitchens, high ceilings and floor to ceiling windows. The bathrooms are large and spacious. Most of the units have 1 or 2 bedrooms although the NE Corner of the East tower has 3 bedroom units, directly facing the bay. There are currently 19 units for sale in the complex, ranging from $285,000 to $595,000 in listing price. Call me for more info!

Adventures in moving...Rosemary and Arnie..or how the Grinch screwed things up

2010-12-23T12:28:00.000-08:00

(True Story, as told by my customer's friend Jeanie Brosius, guest blog writer.)

......or, in the famous words of Ricky Ricardo..."Lucy, you got some 'splaining to do!!!"

"RIP" Olive Tree on Madrid ST, Coral Gables

My first mistake was calling Rosemary to see how their move to the new house on Lisbon went today.

Nearly hiccuping with laughter and hysteria, Rosemary informed me that I should probably get a glass of wine and sit down as I was "the first human person to know all that happened today."

Grabbing a glass of wine and settling on the couch I offered..."So what happened? Did you all get moved in?"

Reminiscent of Chevy Chase's "Funny Farm" movie where the furniture moving truck gets lost and the new owners have to sleep on the floor...(wife: When the real estate agent said these were real hardwood floors, she wasn't kidding!) - Rosemary and Arnie saw the 18 wheeler truck packed with all their worldly goods they left for the four block drive to the new house around three this afternoon.

Waiting...waiting .. waiting... one hour, two hours (hmmm... Miami time? Siesta? Long lunch?) finally Rosemary called her housekeeper who said 'Mz Rosemary, we've been trying to call you..the truck has been in an accident." An accident? In four blocks? Thinking we have moved this stuff 1800 miles with no accident...she asked what happened.

It seems that at the end of the block, a mere two houses from the old house, the driver tried to negotiate a turn and hit a tree limb...which in actuality was a dead and hollow tree that fell into the front of the truck, disabling it. Police and firemen were called...all the streets blocked off with no car traffic allowed. Rosemary called her driver Mike, who said "Oh yes, I've been leaving messages for you" .... on the phone that was packed in the truck! (that's helpful).

Rosemary then walks to the old house (can't drive due to closed streets...thank you God that it happened at the old neighborhood) talks to the driver and has to trust that their entire household goods load is not on its way to Havana on the next boat. After all, one of her biggest cases was a major cargo theft, but we don't want to discuss that right now.

Also, this is not a nationally recognized moving company, being Miami, where someone's cousin's brother's barber's priest knows someone who can do the job......so no telling what is going on. Again, we do NOT want to think about this. Shhhhhh.

Lisa, the real estate agent also checked in to be sure they were all settled in and was aghast at learning not only were they not moved in, they have no idea where their stuff is. (we do not want to think about this)

In the meantime, at the new Lisbon abode which was built in 1926, Rosemary discovered that there is no garbage disposal so her housekeeper's brother (or cousins' priest) ...now their new best friend, who is a garbage disposal wizard, arrives and begins a 9 hour process to install a garbage disposal. Fortunately, our Rosie has her wits about her and has grabbed the bare essentials for their foray into the new house...jewlery, pet food, two pillows, coffee press and coffee, wine bottle, one wine glass and a corkscrew.

She asks the Ecuadoran garbage disposal guru "I'm going to open this wine...would you like some?" "Oh, si, Senora. Perhaps just a leetle bit." With a wine glass and a coffee mug, she and he are getting down in the kitchen toasting and christening the new garbage disposal. Fiesta~~~ ay yi yi yi.

Fast forward to the call tonight...while Rosemary and I were talking (and laughing till we cried), her phone kept beeping in with another call which she took. It was Comcast with a recorded message "We will hook up your service tomorrow...please enter your Comcast membership number." Oh sure...I happen to have THAT on me at all times. Puh-Lease!! Don't worry Comcast, we don't even have anything for you to hook up right now.

In the end, Rosemary and Arnie determined they were not going to leave the three pets (Davis is in cat hospital with a little UI thing) and their valuables...so hardwood floors and pillows it is. Worst case scenario, there is a gated driveway and they will creep out to sleep in the Cayenne if too miserable.

Me...I'm wiping my eyes and gasping with laughter ... drinking my wine and sending this as a reminder that this season holds many blessings. So if you are sleeping in your cozy bed tonight and have all your STUFF with you... be happy and grateful.

Remember there are people in Coral Gables sleeping on a floor tonight... Bah Humbug!!!

"True Story" told by: Jeanie Brosius, Guest Writer

... and I had to add her poem she just sent me:

'Twas two nights before Christmas

and all through the new house,

Not a creature was stirring

Except the Grinch, that louse.

The movers had tucked in piano and bed

to the big old red truck,

where they surely would head

Four blocks round the corner

The driver did say

We will be there shortly,

Once we clear this driveway

When what to their wondering eyes didn't appear

Their big moving truck, filled with tables and chairs.

A tree was now trimming

The front of the cab

Policeman and firemen

were all keeping tabs

On neighborhood traffic

No you can't drive down there

Till the tree is removed

and the roads are then clear

Meanwhile, in the new casa

Rosemary and Manuel

Toast the garbage disposal

which had all gone to... well you know

Last night Arnie and Rosie tucked in their wee little bed

While visions of unpacking danced in their heads.

This sad Christmas story has an ending of cheer

With Rosemary and Arnie declaring so clear

We're done with the movers

We're done with the fear...

No more packing or moving

At least for ten years.

MERRY CHRISTMAS Y'ALL

Jeanie Brosius

Dallas Texas

214.394.0769

Coaching You to a Life that You Love!

Jeanie Brosius is a former Unity minister. She is a Life Coach with clients all over the

world. She is an author, speaker and international seminar leader. Her books include
Giving From an Empty Well and Filling Your Well, a calendar companion book. . Jeanie also teaches The Artists Way classes inDallas, Texas. You may reach Jeanie Brosius at: jeanie0318@sbcglobal.net
or on her cell phone: 214-394-0769.

Live like you're on vacation! Brickell Key - Miami Waterfront Condo

2010-12-21T17:35:00.000-08:00

Live like you're on vacation! If you are looking for waterfront property in Miami, this is a well situated condo with a fantastic direct view of Biscayne Bay. This is a fantastic 2 bedroom, 2 bathroom corner unit condo. The unit is located on a 21st floor of the ST. Louis Condo, which is a newer building from 1995, and offers peace and tranquility on Brickell Key, which is part of the Brickell - Miami neighborhood. This unit is currently listed for $395,000.

Bay View from Condo Unit

There are views to Key Biscayne, Miami Beach, and the Port of Miami. Enjoy a nice meal on the balcony. This unit is not only a corner, but it goes from front to back of the building, which means that there are windows on 3 sides of the unit. The building is quiet and well located next to the Mandarin Oriental Hotel on Brickell Key, a minute off Brickell Avenue.

Ammentities include a large swimming pool, gymnasium and walkways around Brickell Key. There are 2 parking spaces included with this unit.

Outside View of Condo - Tall Building on Right Side

Below you will see some of the upgrades of bamboo wood flooring and a beautiful modern kitchen for today's cook with a eat-in countertop. The kitchen and bathrooms are in great condition and are move-in ready.

Kitchen View - Nice Granite Countertops

See below picture of living room corner views. It was a little hard to capture the light of the room with the window light coming in, but you get the picture "no pun intended". This shows great in person... great size room with great unobstructed views.

Living Room

Brickell Key is a traingular shaped island located at the mouth of the Miami River. It is in Miami's Downtown Brickell neighborhood and is close to Miami's financial and art districts.

Nicest Two Bedroom Condo Available in Kings Creek West! Listed for $165,000.

2010-12-09T17:43:00.000-08:00

Here is a spacious new two bedroom / two bath condo for sale in Kings Creek West. In my opinion, this is probably the best 2/2 for sale in the East Kendall area of Kings Creek, especially since it's in the Kings Creek West complex, made up of several two story condo buildings. The property is surrounded by green space and has nice landscaping with a swimming pool, club house, and two tennis courts.

Kings Creek West Swimming Pool

This unit is a corner apartment, with plenty of natural light in every room. The living room has double glass sliding doors looking out to a roomy balcony, and a built-in bar area of the finest cherry wood has recently been installed.

Living Room with Built-In Cherry Wood Bar / Storage

The kitchen has nice updates with granite countertops and the bathtrooms have been completely remodeled. There also is a tankless hot water heater installed for efficiency, and the washer and dryer are conveniently located inside the unit.

Kings Creek West is in the process of a renovation. There is a new roof on the building, and there will be new updates around the community within the next several months. The maintenance fee includes basic cable + HBO. Kings Creek is a planned unit development with condos, townhomes, and single family homes, and is close to shops and restuarants of Dadeland mall, US1, University of Miami, and Miami Dade College.

Kings Creek West - Tennis Courts

Perfect for your bicycle or luggage, a private storage closet is included in the building. This is truly THE nicest two bedroom condo I have seen in Kings Creek and in all of East Kendall.

Magnificent Old Spanish Coral Gables Home for Rent

2010-11-10T13:44:00.000-08:00

Here is an opportunity to rent a beautiful Old Spanish Coral Gables home on tree-lined Obispo Avenue, located in the North Gables area. Obispo is a great location, just a block from North Alhambra Circle. There are two structures on the property. A modern new swimming pool and patio is also positioned on the large Gables "Double Lot". Offered for $3,500 monthly.

1317 Obispo Avenue, Coral Gables, FL. 33134

There are 2 structures on the property, including the main house and then a guest quarters. The main house includes 2 bedrooms, 1 bathroom plus a small den which could be used as a bedroom or baby room. The living room has a cathedral ceiling of pecky cypress wood and also a charming wood burning fireplace. There are wood floors throughout.

Living Room with Cathedral Ceiling

The guest house has new italian porcelain floors, a great kitchen with granite and stainless steel as pictured below, and a newly updated bathroom. This apartment is perfect for a teenager, home office, or your in-laws.

Pool and Fenced Backyard, Guest House

Swimming Pool and Patio

New Kitchen with Granite and Stainless Appliances

Bathroom in Guest House

Call for an appointment - Lisa Fox - Direct at 305-345-8153.

Fact or Fiction! NEW PROPERTY SALES TAX (Hidden INSIDE NEW HEALTHCARE BILL)

2010-10-27T18:42:00.000-07:00

I have seen several emails from friends come across my desk about a new property sales tax to be imposed as a part of Obama's health care bill. I couldn't believe what I was reading so I decided to check it out for myself.

True or False: There is a new 3.8% sales tax to be charged on all home sales. If you sell a $500,000 home, this tax will equate to $19,000.

THIS IS FALSE!

HOWEVER, THERE IS A NEW TAX BEING IMPOSED... it is more along the lines of a "capital gains" tax.

This investment sales tax of 3.8% will be implemented starting January 2013 and it will effect a small percentage of home sellers. This is how it will work:

Single tax payers earning more than $200,000 will pay a 3.8% property sales tax on "profits" over $250,000.
Joint tax payers earning more than $250,000 combined will pay a 3.8% sales tax on "profits over $500,000.

In essence, this is more of a "capital gains tax" than a sales tax. If you sell a house for $600,000 which you originally purchased for $200,000, you are making a $400,000 profit. If you are single and earn more than $200,000 per year in salary, then you will pay the following tax:

If you make the $400,000 profit, you will only pay after the first $250,000 profits. Taxes will be paid on $150,000 of the profit which was $400,000 minus $250,000. New Tax = 3.8% of $150,000, which equals $5,700.

In this same scenario, let's say you are a couple filing jointly and earning more than $250,000 combined. In this case, your tax would be zero. This is because taxes would only be paid after $500,000 of profits.

Please feel free to pass this info along. Let's help clean up the rumors.

Lisa

Beautiful and Exquisite Home in Cartagena de Indias in Colombia

2010-10-26T16:23:00.000-07:00

It is with great pleasure that I present a beautiful and historic property by the famous old walled city in Cartagena, Colombia. Cartagena is located on the Northern Caribbean coast of Colombia. It is a top tourist destination for the country, and is frequented by both Americans and European tourists.

The original structure is believed to be originally built in the Colonial Period, and it does have new walls and modern updates by a well known Colombian architect, Alberto Samudio. The property currently has 6 bedrooms, 3 full bathrooms and has 2,690 square feet (250 Square Meters), and is available for sale or for partial investment for conversion to a boutique hotel.
Contact me for more details about this unique opportunity.

Below are random pictures from Cartagena.

In 1984, Cartagena's old walled city was designated as a UNESCO World Heritage Site.

WHAT THE BANKS DON'T WANT YOU TO KNOW - How to pay off your mortgage while saving THOUSANDS OF $$$

2010-10-18T13:55:00.000-07:00

On this Wednesday October 20th at 7 p.m., my friend Art Jansik will be sharing a technique on how to pay off your mortgage in a way that saves thousands of dollars. This method is not simply adding extra money to your monthly payment. By following Art's teaching, you will learn how to out-smart the bank and drastically cut down the interest portion of your loan.

Several years ago, Art set a goal to become "debt free" before the age of 60. With this method, he paid off 2 mortgages, and way before his goal date! Even if you have a goal to become "less in debt", learning this may be the first step.

The meeting will take place at the Prince Annex (Senior Center) located in Miami Springs which is located just north of the Miami International Airport at 343 Payne Drive, Miami Springs, FL. 33166. I suggest mapping the address before driving. For more information, Art may be contacted at 305-884-5433. If you are interested in selling your property, please contact me to find out what your property is worth.

Fisher Island - Ranks #37 on Forbes List of Most Expensive Zip Codes

2010-09-28T19:10:00.000-07:00

In the list of America's Most Expensive Zip Codes, $4 million dollar homes are the norm. The 33109 zip code which encompasses all of Fisher Island, was the highest ranked zip code in the state of Florida. The median home price in Fisher Island was $2,295,291, down 8% since last year. Actual number sales closings remain at a steady pace with buyers capitalizing on the market.

Fisher Island Bayside Villas - Ocean View

The next South Florida community on Forbes wealthiest list is Key Biscayne, Florida, ranking #217 with $1.024 million average sales price. Buyers purchased homes in Key Biscayne for 10% less on average, this year vs. last. Included on the list is Coral Gables zip code of 33146, ranking #357. The average home price in this area was $759,263, reporting a 6% decline in sales prices. This zip code includes Coral Gables homes in the "South Gables" area, including the Platinum Triangle and Coral Gables Waterway area.

Find all of the ranked communities on the Forbes List by clicking here.

Is America a "FREE" or "FEE" Country?

2010-07-22T07:34:00.000-07:00

You may not be aware that new "open road tolling" has gone into effect as of July 19th. For those driving around various highways in Miami-Dade County, a Sunpass is now the most cost effective way to go through these open toll areas. The county has installed new seemless fast drive through toll scanners with cameras on the 878, the 874 / Don Shula, and the Gratigny Expressways. These key highways connect areas such as Coral Gables and South Miami to Kendall and the Turnpike south towards Homestead and the Florida Keys. There are no manned booths at these stations, so you must have a sunpass or your license tag will be charged.

And they are "selling us" on this idea...

with the benefit of less traffic and accidents around toll booths.
saying that there will be less carbon emissions from cars idol on the highway.
That everyone will now "only" pay the part of the road they drive on.

How does this effect you? Depending on how many exits you pass, the charge is based on a fee scanner prior to every exit on the road. This cost will most likely add up to more than what you were paying prior to the new open road installation, especially if you go through the old tolling area as well.

For example, if you prevously entered the 878 Expressway from US1 just north of Kendall Drive and then desired to exit by Metro Zoo (SW 152 ST), you would have previously paid a .75 cent toll. Now (with Sunpass) you will pay $1.00. Say you want to jump on the 878 just to exit Kendall. Now you will pay .50 cents where prior to that it was free. That is where the tax collectors are benefitting... all the prior "free" travel.

Photo of New Sunpass Mini

It's very important to note that without the use of a Sunpass transmitter, the fees will be charged by license plate. A .15 cent surcharge will be tacked on to the regular fee for each toll charged by plate.

As you can tell, the author is not thrilled with this new idea but I suppose that is part of living in a "pay per click" state (Florida), where we have no state income tax. Revenues are needed to build roads (and toll plazas) so taxes are charged on a per usage basis. Click here to read more about open road tolling in Miami Dade. Happy Trails to you!

Real Estate Scams - Here Are 5 To Watch Out For

2010-07-21T13:59:00.000-07:00

Are you underwater on your mortgage (i.e... you possibly owe more on the mortgage than it's worth)? If so, you need to read this article from Realtor Magazine on-line. Click here for the article with 5 real estate scams with red flags to watch out for. See below first...

FBI SEAL

It is apparent that whatever market we are in, people find a way to commit fraud. In the boom, there was house flipping combined with buyers taking large kick-backs at the closing. Now we see another "relative" of that fraud. The FBI is working hard to target this fraud activity, and in fact have opened an office in Miami just for this matter.

In 2009, prevelant mortgage fraud schemes included loan origination, foreclosure rescue, builder bailout, equity skimming, short sale, illegal property flipping, reverse mortgage fraud and loan modifications. The following are new emerging fraud trends: economic stimulus plans/programs, property theft/fraudulent leasing of foreclosed properties and tax-related fraud.

Miami is a key city where mortgage fraud is committed. Entire neighborhoods have been effected. According to the FBI website, financial institutions reporting mortgage fraud around the U.S. increased from 6,936 cases reported in 2003 to 67,190 cases in 2009.

Short Sale fraud can be when people misrepresent their hardship, or when they sell their short sale house to a relative or friend for their own monitary gain. A typical requirement of a bank short sale approval is the assurance that there is no relation and clearly an arms length transaction between buyer and seller.

Everyone is under observation. Here is a story from a Miami Criminal Defense Lawyer Blog talking about two Broward County police officers and one FBI agent who were all recently charged with a mortgage fraud indictment.

One rule to live by is if you get a strange feeling about what someone is asking you to do, don't go along with it. Be careful with upfront fees regarding foreclosure or short sale bailouts, or with anyone who tells you to sign away the mortgage note or to not talk to your own bank. If I help a client with their short sale, I never tell them not to discuss matters with their own bank. That is a red flag to watch for.

Coconut Grove - Tour of the Peacocks Strike Beauty.

2010-06-21T15:35:00.000-07:00

Coconut Grove loves their Peacocks, and so goes the display Tour of Peacocks that causes more fancy than fury.

Peacock in front of Saint Stevens in the Grove

You may have seen these Peacocks around Coconut Grove, but these are not your ordinary Peacocks. For those of you who have not driven through the Grove lately, these beautifully painted Peacocks of Art have been carefully placed as part of the Coconut Grove Peacock Tour 2010.

Peacock at Commodore Plaza and Main Highway, Painting by Eileen Seitz.The Peacocks were designed by local Grove artists and paid for by local businesses and organizations, all contributing to public art. Peacocks will be on display for 6 months until the final "Coconut Grove Peacock Auction Ball", in which proceeds will be donated to the charity and non-profit partners.

Grand Avenue Peacock

Coconut Grove has always been known for its Bohemian identity - never without local vegetarian food, rick-shaw rides, or old hideaway bars. Even though the community has become more affluent over the years, the Grove still has it's artsy flair. I just don't see the Hare Krishna's parading as much, but their Temple still exists on Virginia Street. For more information about the Peacock tour and auction, click here for the Peacock Tour Home Page.

Good Price for 1204 EL RADO Coral Gables Foreclosure Resale from "Courthouse Steps".

2010-06-20T11:59:00.000-07:00

My buyers just closed on this "corporate owned" property in north Coral Gables at El Rado ST. I thought I'd share what kind of good deal this was as it was not your typical transaction.

This was a 3 bedroom / 2 bathroom plus 1 car garage "fixer-upper" foreclosed property purchased at the "courthouse steps" by the seller. My buyers bought it resold on the regular market, but got a really good price... $350,000.

I am seeing quite a few "corporate owned" properties for sale in the MLS. Groups of people are forming "corporations" and buying the properties at the foreclosure courthouse sale downtown. This is not easy to do, as one must have all cash to participate plus be able to assume any risk or liability of potential liens or illegal construction on the property. Experts do their homework in advance and have the resources to run a last minute title search on the property. Homes sold at the courthouse are sold completely "AS-IS" without an inspection period.

Once a corporation acquires a property, many do a little clean-up work or minimal work needed to put the house back on the market for sale. Depending on the seller, I am seeing (good) and (not so good) corporate owned properties. My buyers got a good one... great to find a "real" 3/2 + garage in Coral Gables in good condition.

Many foreclosed properties end up back in the hands of the bank (if nobody bids on them), and then the bank sells them as foreclosures while generally putting "NO" work into them. These corporate sellers on the other hand, do a good community service if they put a little fix up work in them, and then enable a regular buyer "who does not have cash" to buy a nice property for a good price.

Solar Panals - Seen in Coral Gables in the 1940's? Here's my Soap Box.

2010-06-09T18:39:00.000-07:00

I was surprised to see an old photo of my Gables listing at 435 Giralda Avenue from the 1940's, with solar panals. Frankly I didn't think they were used 70 years ago. Due to a shortage of building materials during the WWII period, several homes built in the Gables were equipped with the panals.

Photo of 435 Giralda Ave from 1940's with Solar Panals

Photo of 435 Giralda Ave. in 2010, Listed at $350,000.

One may wonder why we aren't using more solar energy today. I did some research and found a few interesting facts. Solar energy has been harnesed for over 100 years. In this photo below are solar collectors 15 miles south of Cairo, Egypt in 1912. These were invented by Frank Shuman of Philidelphia. Heat collected in the solar collectors energized and sent out 6000 gallons of water per minute, irrigating vast areas of desert land.

With the outbreak of WWI, efforts ceased. After the war, large areas of oil were discovered in the region, and the allure of limitless solar energy faded. Now with the oil spill in the Gulf, maybe the powers that be will be convinced to get back to utilizing solar power as a primary energy source.

New pioneers are realizing the public's interest and desire for clean, renewable energy sources including solar and wind power, and this alone will create the demand needed for it to be a realization. According to http://www.snrysolar.com/, the U.S. is expected to support more than 440,000 perminant, full time jobs in the solar industry by 2016. The next go-around of development in Miami should include green building standards and conservation of our natural resources, which seems to be the ecomonical way to do business.

Windmills in Copenhagen

Using solar and wind energy, the most abundant energy sources in the world, helps reduce reliance on fossil fuels and directly reduces polutants: CO 2 emissions and oil spills. You can't argue with that one anymore.

Drywood Termites are Swarming - Do you think you may have them?

2010-06-01T09:12:00.000-07:00

Well, it's that time again - I have to tent my house for termintes this Thursday. I'm the third house on my block to tent within the past 30 days. Why all the tenting activity?

It seems like we've had an unusually busy termite season this year. Swarming season is from April - August every year, and takes place when they are mating or growing their colony. When the colonoy gets over populated, then they need to swarm (fly) to re-colonize to a new location.

Be aware that It takes roughtly 1.5 years after they nest for the actual damage in a property to appear. This means that if they swarm and attach to your house, it may not be until a year or so later that you see drywood termite damage!

How do you know if you have them: You may see evidence - a small pile of saw dust in a corner, on the side of a wall or inside a closet. You may find little wings on a windowsill or near a light. Termites are attracted to light when they swarm, and they drop their wings.

Cold Weather Snap - These critters do not like cold weather. This season, inspectors are finding less than normal amounts of termites on outside roof facia, and more swarming inside homes where it has been warmer. In a nutshell, termites tend to relocate to the interior of a house during cold weather, then they swarm when it gets warm, hence, why we have noticed an abudance of swarming termites this year in particular. Because we live inside homes, not out on the facia!

Click here for more information about termites and how they can be treated in this TERMITE OVERVIEW. I hope this has been helpful. Wish me happy Tenting! ... and hopefully you don't have to tent!

What's Your Facebook Lingo?

2010-05-31T07:53:00.000-07:00

Sometimes I wonder what the point of having a blog site is when one could just have a blog page on Facebook. Some Realtors are starting to have both. It's becoming more apparant that Facebook is the #1 "go-to" site for communiction.

Here are some interesting stats for Facebook:

Facebook has 400 million users logged on daily.
People spend 500 billion minutes per month on Facebook.
The average user is connected to 60 pages, groups, and events.

And one that I thought was very interesting...

Only 30% of Facebook users are in the United States!

So with all this activity on Facebook, shouldn't we be using it as our main platform of communication? So far, only about 250,000 websites have integrated with the Facebook platform.

It's sort of a catch - 22, because Facebook is obviosly the way to reach people, but do we want to be so reliant on Facebook as the only source of getting information out? Maybe that is giving a lot of control to one platform. Please share your thoughts!

North Coral Gables - Prices THEN and NOW!

2010-05-28T15:33:00.000-07:00

I just had an appraisal done on a property I just sold in North Gables. I thought it would be interesting to share these findings of property values THEN AND NOW for the area. According to this appraiser, property values have depreciated 4% yearly over the past 5 years. Here are 5 homes that sold both (THEN AND NOW).

1236 Obispo Avenue

Then (Feb. 2005) $1,225,000.

Now (April 2010) $990,000.

3.71% Yearly Decline

1221 Alhambra Circle

Then (May 2006) $675,000.

Now (April 2010) $535,000

5.30 % Yearly Depreciation

828 Milan Aveune

Then (January 2005) $765,000.

Now (April 2010) $700,000.

1.62% Yearly Depreciation

1203 Columbus Boulevard

Then (May 2005) $599,000.

Now (March 2010) $399,000.

6.91% Yearly Depreciation.

1412 Medina Avenue

Then (August 2003) $450,000.

Now (March 2010) $375,000.

2.53% Yearly Depreciation.

Tax Credit is Over, Are Buyers Still Shopping?

2010-05-27T14:29:00.000-07:00

People often ask me if the increased real estate market activity we have seen in the past year would continue after culmination of the tax credit on April 30th. If a buyer was not in contract by that date, they would no longer qualify for the $8,000 maximum tax credit.

There was a huge rush and incredible frenzy of buyers during the month of April to hurry and find their tax credit dream home. We saw bidding wars and buyers agreeing to pay over the appraised value for a home. We all know appraisals can be tough these days, and that is a subject for another posting.

This graph (red line) shows the past year of pending sales in Miami-Dade County for properties under $400,000. As you can see, pending sales have shot up during the past few months. This was the end of the tax credit.

I have a few buyers of my own who were not able to settle on their perfect home prior to April 30th, but they haven't stopped looking just because the tax credit ended. My feeling is that the tax credit was beneficial for the economy. It did stimulate the activity we needed to jump start the market and help stabalize prices. Now that it is over, I am still seeing buyer activity, and more "normal market" activity. Time will tell how by mid to late summer how many people took advantage of the tax credit.

What are some of the biggest mistakes homebuyers make?

2010-04-19T18:39:00.000-07:00

I saw this article on CNN Money about the biggest mistakes homebuyers make with regards to property. For any of you who missed it, check out this link: The Biggest Mistakes Homebuyers Make.

Most of these are obvious, including not forgetting to budget for insurance, or making sure your credit score is low in order to get the best interest rate. Another that people don't always think of is to not make a major credit purchase (A Car) prior to closing. See the link above for the entire story.

Miami Average Price Home Sales - Are short sales driving the market down?

2010-04-15T17:16:00.000-07:00

Everyone knows that sales prices in Miami have dropped drastically. One may ask, "Is that for my property or just for short sales and foreclosures?"

The graph below shows the average sales price of Miami residential property over the past year. This only includes "regular sales". The average home price in March was $474,000 for "regular sales".

When you add distressed sales - short sales and foreclosures - to the mix, the average price decreases drastically. In March, the average price including all sales - regular sales and distressed sales was $298,000. See below.

Why is this so drastic, you might ask? Out of the 1,775 total closings in March 2010, more than half of these were short sales or foreclosures, which were predominately in lower price ranges. The average sales price of a foreclosure in March 2010 was $119,000 in Miami-Dade. While these foreclosures are bringing town the average market values, they are not necessarily widespread. As long as there are good recent higher comparable sales in your neighborhood, your property value should be compared with those recent sales. From an appraiser's point of view, they look for recent sales 3 to 6 months back. Anything further back is considered out of date.

You won't believe what's really happening behind the scenes at the banks with Short Sales and Foreclosures!

2010-02-18T08:51:00.000-08:00

Watch this video....

Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

Hot Buy of the Month - Sunset Acre Estate - Going Quickly

2010-02-16T12:55:00.000-08:00

Opportunity Knocks! This is a solidly constructed house on large 40,946 SF lot, located among acre estates and mansions on a dead end street. Being sold by the original owner, it has a great ranch style floorplan but is ready for updating to bring it to the 21st century.

Overlooking the pool area is a family room and formal dining. Towards the front is a sunk-in living room with a bay window. The swimming pool has screened patio with large roof overhang, great for entertaining. The 2 and 1/2 car garage is spacious and has a side entry.

Kitchen and bathrooms are original to the house and carpets have been removed - ready to make your own. The land is gorgeous in back with 6 oak and 2 mango trees in separate fenced area.

The feeling is peaceful and serene... like your own private campround. This house is priced for the remodel needed at $465,000.

Ever wonder what's on the other side of that Fisher Island Ferry?

2010-02-12T11:31:00.000-08:00

Often a 2nd or 3rd residence destination for many, we are seeing an increase in the number of full time or primary residents on Fisher Island, Florida. One attraction of many is the Fisher Island Day School, known for small class sizes. After a year(+) downturn in the South Florida real estate market, sales at Fisher Island are on the rise as properties have become more reachable to local buyers.

Some Interesting Market Stats for Fisher Island Condos:

32 Sold in 2009, averaging $685 per S.F. Higher sales in newer Oceanside units sold with just a few over $1,000 per S.F. Lower sales in $400 per S.F. range sold including a foreclosure sale and units in need of renovation.

24 Sold in 2008, average much higher with most sales going over $1,000 per S.F. and topping $1,400 per S.F. A few lower sales took place around $800 per S.F., mostly 1 bedroom units.

30 Sold in 2007. With a few exceptions, most price per S.F. averages above $1,000 with high sales over $2,000 per S.F.

2010 is off to a good start with several great opportunities already under contract. Two Oceanside units already closed for around $650 per S.F. Several other units I know of are under contract between $399 to $600 per S.F. This is about 50% less than what they were selling for a few years back, and pending contracts are up. We expect more sales of this nature, great to get into now for future appreciation.

Call me for more information about Fisher Island properties!

Very Funny House Showing - Check out video clip.

2010-01-24T10:46:00.001-08:00

Although this is a Heinken commercial, it does pertain to real estate.

Miami - Taking a look at historical home prices over time.

2010-01-20T12:50:00.000-08:00

Today the average residential sale price (single family and condos combined) in Miami Dade County is $280,000. Single family home buyers are paying an average of $320,000 for their home, countywide average.

How does that compare to years past? I ran across an article in our real estate association trade magazine with some interesting stats that I thought you would enjoy hearing about.

*In the 1960's, the median home sales price in Florida was $9,600., while the population in Miami hit 1 million people. Cuban and other exiles in 1969 comprised of only 178,000 of that number.

* The 1970's median home sales price in Florida was $15,000.

* The 1980's median home sales price in Florida was $45,100.

* The 1990's median home sales price in Florida was $77,100.

* 1996 - Miami Average Sales Prices: Single Family - $137,990, Condo - $103,080.

* 2000 - Miami Average Sales Prices: Single Famiy - $212,555, Condo - $130,865. Median home sales price in Florida was $105,550.

New Gables Listing - Getting a Lot of Attention $365,000.

2010-01-14T18:37:00.000-08:00

I just put this listing on the market on Monday, and have already had 4 showings. While it is a short sale and requires lender approval this is one of the best 2 bedroom / 1 bath (+ Garage) listings currently in Coral Gables as far as price and condition.

The house has been substantially remodeled with an updated kitchen, refinished hardwood floors, a roof from 2002 and a newer A/C. The back screened portch has been enclosed into a nice family room.

Plenty of room for expansion or to add a swimming pool in this 6,000 SF lot. More information and pictures can be found on my website at http://www.lisafox.com/ or http://www.thepropertymatchmaker.net/

Moving Truck Needed? Great Source - For Transporting Long or Short Distances.

2010-01-05T18:35:00.000-08:00

If you know of anyone looking to make a move - here is a service run by Bill Moncrief. This service includes transportation of small or large items, just about anything that could fit in his truck pictured above.

Bill is a trustworthy driver, as he is a retired Captain of the Miami-Dade County Fire Department. This truck has gone within Miami to as near as Boca Raton, and as far as New Jersey - so that's short or long distances. He has moved cars, furniture, and many other personal items.

Basic service is delivery not including loading and unloading, but some exceptions may apply. Costs include a calculated gasoline charge based on miles, a driver fee, any road tolls or other job related expenses.

You could reach Bill via email at bmprn@aol.com, or at 305-926-1006. Tell him Lisa Fox sent you, or that you saw this blog!

Where Have All The Properties Gone?

2009-12-29T15:49:00.000-08:00

Before our eyes, the market is shifting again. Literally there are few good homes available on the market these days. We're talking "non-short sales", as most people don't want to fuss with short sales.

The graph above shows "single family" home data for the City of Coral Gables, properties listed under $1 Million. Year to date, there was a 31.2% decline in single family home listings while sales were up 52% since Nov. '08.

This lack of good "single family home" inventory makes it a unique time for those sellers who really want to sell to put their property for sale now. My last two listings / sales to go under contract each went in a bidding war with multiple offers: Old Spanish on Sarria in the Gables and South Miami property sale on 42 ST.

We are seeing similar data in South Miami and surrounding neighborhoods of Coral Gables. In the past 90 days of active listings, 50% of the inventory has either sold or gone under contract!

If you are considering buying a property, I can't stress enough - now is the time. Carpe Diem!

Three Miami Schools Make "America's Best High Schools Top 100" List

2009-12-10T04:59:00.000-08:00

USNews.com has published their "America's Top 100 High Schools" list for the third year in a row, and it is no surprise that three of our best Miami-Dade County Magnet Schools have made the list again.

Early on the list as #15 is DART, which is the Design and Art Academy located in the Design District. Also on the top 100 is the New World School of the Arts, ranked #82 as well as Coral Reef Senior High School, #95. All three of these schools are magnet schools and all focus on the Arts. This is one more demonstration of how students involved in art and music programs out perform their peers.

Many of the schools on the top 100 list in general are magnet or advanced placement schools, and gain their ranking partially on the number of students enrolled in AP courses as well as their assessment of the school's perentage of "college readiness".

There are several other fine high schools in Dade County that are not on this list, but receive accolades and A grades on a local and state level.

Home Sales Continue To Rise - While Inventory Drops - Miami Dade County

2009-11-18T02:12:00.000-08:00

Residential property contracts continue to rise in Miami-Dade County. Although actual closed sales have dropped in the past few months as dipicted by dark green bar, the red line shows properties going under contract to be increasing. This could be expected as over 1/3 of the properties for sale are "short sales" which typically take longer to close, while often times even falling apart before closing. This shows the intension of Miami homebuyers is to buy and buy now.

The above graph shows Miami-Dade County data for single family homes only. The trend for SF homes is similar to that of condos except the drop of available home inventory (light green bars) is much more significant than that of condos. While levels are not low enough to drive price increases, we are seeing a lack of good SF home inventory in certain popular Miami areas. Especially with the high level of short sales in the mix, homebuyers are finding less regular sales to choose from. Perfect properties priced well sell quickly.

October was and November continues to be a busy month as we are in the midst of the homebuyer tax credit which has been extended through April 2010. The credit now includes current property owners as well as first time homebuyers. More information is available in an earlier post on this blog site.

I no longer have to fly to Boulder, Colorado for Great Tasting (and healthy) Mexican Food!

2009-11-16T19:04:00.000-08:00

I don't work for this restaurant but I can't help but to talk about it to everyone! "Chilorio's" just opened 2 locations - Coral Gables and Pinecrest/South Miami - lucky for me. Next to Lime on South Beach, this is the freshest and healthiest Mexican I have found around here. They have beans with no lard, and the chips are baked. The tortillas are healthy and you could watch them being made. All of the ingredients are fresh and 12 different salsas are made from scratch. Similar to Chipotle and Qdobe, it's counter service with one line, but without the bloated feeling you get after a Chipotle burrito.

At Chilorio's, they have a choice of Burritos, real tostadas, like when I used to live in Yucatan, Mexico - and you can get it with black refried beans! They also have soft tacos (with option to put real fish!), Quesadillas, Enchiladas and Salad. It is the best! They pile in the burrito and then put it in what looks like a George Foreman grill... very different, and feels light to eat. In Miami, we prefer black beans vs pinot beans so the black refried beans should go over really well. Very good. Go check it out for yourself!

Coral Gables Estate Sale Sells FAST.

2009-11-12T07:22:00.000-08:00

I am glad to see that good properties are now moving in Coral Gables. This "estate sale" property was listed in early September and closed on November 9Th. The original list price for this 3 bed/ 2 bath home on a 14,000+ SF lot was $588,000. This was a "text book case" of pricing a home to sell in order to drive the highest price possible. This house had "location" going for it, just off Hardie Rd. in the South Gables but was really being sold for land value as it needed extensive remodeling, it doesn't sit proportionately on the lot and has no pool or waterfront. There were several other distressed properties in the area in the $400,000 - $600,000 range.

There is tremendous potential to upgrade this property. With the price of $588,000, we knew we would be able to get many interested buyers which would eventually drive the price up to the "highest bidder" which is exactly what happened. We received a total of 8 offers before going under contract (within 10 days). There were 3 top offers at the end including an "all cash" offer, but with the smart buyer going over the "6" number, the seller had no choice but to go for it... the conventionally financed but well qualified buyer's offer for $601,000. While many feel they need to over-price a property in order to leave room for an offer, sometimes the best strategy for a property is to create a frenzy of buyer activity. In the end, we have a very happy seller and buyer, and a property that will be well taken care of by the new owner.

New On Market - Gables Old Spanish Home with Guest House

2009-11-11T18:18:00.000-08:00

Old World Charm Amidst Lovely Garden Paradise! I just listed this Old Spanish Gables home, centrally located and close to the University of Miami. The 11,220 S.F. property (considered a double lot in Coral Gables) is gorgeous with oak trees, many tropical plants, a Koi pond and spa tub with decking. On the property sits 2 separate structures. The main house (built in 1924) with 2 bedrooms, 1 and 1/2 bathrooms is full of charming Old Spanish details with arched windows, tall doorways, a real fireplace, and a glass front sitting area. The house has a cozy feel while "Old Spanish" with definitely a European flair. The separate structure is a legally built (in 1980) 1/1 cottage or "In-Laws Suite" as it was originally used, along with a 1 car garage. While it does call for some remodeling of mostly the kitchen and baths and some re-decorating to bring it to the 21st century, the property is structurally "move-in ready" with a new air condition, a roof of 12 years (barrel tiles) and updated electric panal. Both structures combined show a total of 1,756 square feet as per the tax roll. To find out more about this lovely property or to set up a showing, please inquire further at http://www.lisafox.com/, or email Lisa@Foxproductions.com. See Virtual Tour and More Photos: http://tours6.vht.com/Viewer/PhotoGallery.aspx?ListingID=1212855&Style=CBF Listed Price: $478,500.

Homebuyer Tax Credit - Extended and Expanded

2009-11-05T15:26:00.000-08:00

Today the US Senate and House of Represenatatives both agreed to extend and expand the tax credit unil April 30, 2010. Obama is expected to sign the bill into effect within the next few days. There are a few changes from the original credit which was supposed to expire October 3oth. Now current homeowners who have lived in their residence for consecutively for 5 of the previous 8 years are eligible. Also, the income limits have increased, so those with slightly higher incomes may apply. A full list of rules is provided in the link below. Call me if you would like further details. http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

So you think you know where your kid is going to school?

2009-10-28T12:58:00.000-07:00

Navigating your way through the public school system today requires a GPS. Back when I was a kid, it was simple. I lived in a school boundry, I went to the neighborhood school. Today you can't be too sure that even if you live in what you think is the school boundry, your kid will attend that school. Don't be so sure.

For example, there is the ever so popular "Sunset Elementary" in Coral Gables on Sunset Drive. Even if you live around the block from that school, there is no automatic enrollment, but there is "controlled open enrollment" with two other schools: Carver Elementary and Coral Gables Elementary. What this means is that if you live in that boundry where there are 3 schools to choose from, you can put your first choice, but the final decision is determined by the computer model. We are told that if you live closer to one, you have a better chance - but there are no guarantees.

Today students have many options when it comes to middle and high school. Besides the magnet schools which allow students who excell in a particular area to attend specialized programs, there is now the "Career Pathways Consortium" program which is designed to guide students towards a successful career. Students pick a "pathway" starting early as 8th grade so they could choose their curriculum, which in turn determines the availabity. Students may then travel to the school with their program. There are many study areas but the targeted programs for the 2009-10 school year include aviation maintenance, animal technology, environmental resources, plant biotechnology, finance, allied health assisting, new media technology and engineering technology. The idea behind these programs is to help students either jump right into the South Floirda work force or to get in many cases, college credits from Miami-Dade while attending high school. About 40% of high school seniors end up at Miami Dade College after graduation. The program helps educate students about and towards their career choice.

Here in Miami-Dade County, we have the 4th largest school system in the United States. There are many new exciting programs and areas of study in which students can particiapte. Today kids have to get an early start and work hard in order to apply and attend the programs they are interested in. It seems like a lot of pressure, but the kids who do their homework will outpace those who don't. The grade given to a school (being an "A" school, for example) is no longer determined by FCAT scores alone. For more information on schools in your area, go to http://www.dadeschools.net/ or for performance reports for specific schools, go to http://curriculum.dadeschools.net/reports.htm.

Is Columbus Day Really A Holiday???

2009-10-13T19:40:00.000-07:00

Columbus Day was coming, which jogged my memory to think about how I never got that day off while in my previous corporate job, so I didn't feel that taking the day off now was the right thing to do. As a Realtor I seem to work many weekend days anyhow, so what is another holiday, right?

My bank was open, and everything seemed to be business as usual. I still had to drive 15 mph by my house for the school zone. Sure didn't' feel like a holiday to me. But then, there is the whole question about counting business days... do we count it or not? The bank teller told me that even though I could deposit a check, withdraw money, and speak to the bank on Columbus Day, the bank won't count that as part of their 5 day check hold because "It's a holiday".

While talking to one of my colleagues about a contract we have on a property, he said the buyer has an 8 day inspection period "not counting weekends or holidays". The big debate was - to count or not to count Christopher Columbus (day). I recently saw a program on the History Channel speaking of a theory that the Vikings actually set foot on America more than 500 years before Columbus. I am not about ruining traditions. We still have Thanksgiving, where we can remember to be grateful for what we have. What are your thoughts about Columbus Day? Many here flock to the bay for the Columbus Day Regatta, so there is a good tradition to be celebrated.

Coral Gables Estate Sale in South Gables!

2009-09-23T18:22:00.000-07:00

Fantastic Buy of the Week!

This is an amazing opportunity - deals like this don't come up often in this neighborhood, nestled between Hardie Avenue and Sunset Drive in Coral Gables. Fully renovated, this house would sell around $800,000. We are offering this property for sale for $588,000. The construction is solid and the roof is in good condition. It could use cosmetic remodeling - the kitchen is out of date, and the bathrooms are older - formica and older tile. The floors are original terrazzo, but they could be honed and preserved to their original luster. This is a 3/2 with 2 car garage and 2,257 square feet sitting on a 14,207 square foot corner lot. Below is a link with more property photos. Only on the market for 1 day, we have already had 7 showings - but it's not too late - at least right now! Hurry as it will sell soon.

http://lisafox.com/Miami,_Coral_Gables,_Pinecrest,_Palmetto_Bay,_Coconut_Grove_listings/E97DCEA6-C694-8AF7-3B0E9922D9979F42.shtml

2009-09-18T16:34:00.000-07:00

Is there really an 8 second rule when it comes to first impressions?

I remember listening to one of those Miami morning talk shows a while ago and the DJ was talking about the 8 second rule pertaining to relationships. He said according to “a study”, women basically size up a potential mate within the first 8 seconds. By then, a woman potentially has already decided whether or not she would ever have a sexual relationship with him.

So, why do I bring this up? Fast forward to September 16, 2009, a friend told me she wanted to have her house perfect for buyers because of the “8 second rule” in real estate. Immediately remembering that morning show episode I thought to myself, “What is this 8 second rule in real estate, and why have I not heard of it?” Is this like the 80/20 rule, which gets applied towards everything in life? You know, 20% of the people do 80% of the work, etcetera. So now we have an 8 second rule?

That night I went on-line and searched for the 8 second rule, and I found a rule! Basically what the 8-second rule says is that if it takes longer than 8 seconds for a computer to open up a web file, we will go elsewhere! Does this mean that our attention span now lasts for only 8 seconds? How long are you willing to wait for a web page to come up? If you are a buyer and walk into a house, are you going to walk out after 8 seconds? Or will you make it to the master bathroom with Jacuzzi Tub? I have never seen anyone walk out in 8 seconds, but I have had customers not want to go inside after a "drive-by". So there you have it... I suppose there is an 8 second rule, and we need to have our "curb appeal" in check before putting the house on the market. And... don't judge a book by it's cover, ladies.

Are you "under water" or thinking of a "short sale"?

2009-09-16T19:25:00.001-07:00

A short sale is when a property is sold "short" or sold for less than what is owed on the mortgage. The most common use of the term refers to a bank short sale, where the bank agrees to reduce the loan payoff amount. In this case, the bank accepts less than what is owed, and at the same time, the seller is not allowed to make any profit on the sale. Many who have purchased or refinanced and have taken money out of the property may find themselves owing more on the loan than what the property is worth today.

Qualifying for a short sale may be tedious, while each lender has its own guidelines. Cases are evaluated on an individual basis. General requests to the owner include a "hardship letter" to be written by the property owner, several months of bank account statements, 2 years of tax returns, and a financial statement. Most lenders won't even consider a short sale unless there is an actual offer on the table. Some good explanations for hardship include a lack of ability to make the payments due to loss of income or other financial hardship or forced reason for a sale. The bank will consider granting the short sale if the offer on the table is at or close to market value and if they would rather unload the property then deal with a foreclosure down the line. They are considered especially if the property is already in default.

Today in Miami-Dade County, there are 9,248 single family homes listed for sale in the MLS, with 3,371 (or 1/3 of the properties) being offered as "short sales". Only 502 of the single family home listings are actually listed as bank owned foreclosures. The short sale process is very slow, often taking 3 months minimum to hear a response from the bank after an offer is submitted. But the silver lining is that we are starting to see more short sales actually close, so the wait is becoming worthwhile if one really wants a certain property. If you are considering selling or buying a short sale, it is wise to have an agent (like myself) who is experienced in this arena. Stay tuned for more on this subject at a later date.

A Good Reason To Take Action Now with Interest Rates!

2009-09-11T11:45:00.000-07:00

Interest rates for a 30 year fixed loan have once again edged down this week, averaging around 5.07%. While this is still higher than the record low rates we saw last spring, this is an extremely attractive rate for those considering purchasing or refinancing an existing loan. According to Michael Larson, an interest rate and real estate analyst with Weiss Research, rates should stay low for another month or two as the government efforts remain in effect. The Federal Reserve has been spending $1.25 trillion on mortgage-backed securities in order to prop up the housing market by keeping interest rates low. That money is set to run out by Winter, and then there may be other efforts to allow the program to last longer or so that we don't see a sharp increase in interest rates (like we have seen with gas prices in the past). Interest rates should increase gradually.

Borrowers have been seizing the opportunity, with mortgage refinancing applications up 22.5% for the week ending Sept. 4Th. Applications for new home financing was up 9.5%. Despite low interest rates, qualifying for a loan is still tough as the lenders have higher qualifying standards. All rates are not created equal. When shopping for a loan, I often tell my clients to shop "apples to apples". Make sure you are checking the same type of loan between lenders, and ask them if any or how many points are to be paid at closing to qualify for a specific rate. I always advise people to compare closing costs between lenders. Mortgage rates not only signify how much your payment will be, but are in effect a direct correlation to how much one can qualify for. While home prices may possibly edge down further - although I am seeing a large stabilization of prices, interest rates will climb and the net effect will be a similar "property cost" to a buyer.

Want To Lower Your Property Tax Bill?

2009-08-06T14:08:00.000-07:00

It's that time of year again... property tax "TRIM" notices should arrive no later than August 24Th in Miami-Dade County. Your property taxes are based off the assessed value of the property. Since property values have decreased significantly over the past few years, you may need to apply for an appeal of your tax bill if what you receive is too high. This is especially important if you have purchased a home within the past 6 years, or if you do not have Homestead Exemption. If you find that the assessed value listed is significantly higher than what it would appraise for today, you can apply for an appeal within 25 days, up to September 18Th.

But wait! You may not need to appeal. Attached in the link is a letter with an explanation of the average tax reduction already in place by municipality. Take a look at this link and look up your area. It's a lot of Moo-La that the government has to cut. Here's the letter. http://www.miamidade.gov/pa/library/NR-09%20Prelim%20Tax%20Roll-09-07-01.pdf

2009-07-30T06:21:00.000-07:00

Here is an intersting graph showing the overall change in the listing and sale prices of single family homes in Miami-Dade County from June '02 to June '09. This really gives the big picture as to what the "bubble" looked like. Please share your thoughts!

Home Prices Increase In Miami Real Estate

2009-07-22T18:10:00.000-07:00

Buyers, are you still waiting on the sidelines for the Miami real estate market to bottom? Well, you may already be missing the boat. For the past 10 months, the inventory of homes available has diminished by more than 30%. With the 93% increase in demand for properties (properties going under contract), the average price of properties sold has slightly increased for the second month in a row.

There are several factors driving this activity. Obvious factors include low interest rates hovering around 5%, and the first time home buyer tax credit offered through November '09. One would argue that the primary increase in activity is attributed to the fact that housing has once again become affordable in Miami. Will prices continue to rise? My answer is "very slowly" for now. While we have a shrinking inventory and motivated buyers wanting to buy now, we also have a more strict mortgage industry. Part of what appears to be a price increase is simply the fact that we now have an increase in the sale of regular "non-distressed or non-foreclosure" properties. There are still many foreclosure and short sales available, however the government has put pressure on banks to work out many of the pre-foreclosures to help homeowners stay in their homes.

The bottom line is that we will probably continue to see more of the same for the next several years. Inventory will continue to decline, and sales should continue with low interest rates and overall affordability. Prices are stabilizing, and as long as interest rates remain low, buyers will continue to buy. The well priced properties in good condition are moving fast and with competitive offers, while overpriced properties continue to sit on the market. Contact me for more information about the Miami real estate market.