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

(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

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.

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

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)

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

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 $$$

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

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?

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

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.

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".

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.

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?

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?

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!

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?

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?

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?

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.