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  Anything further back is considered out of date. 

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

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

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?

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.

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

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

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.