The Real Estate Mango

Archive for January, 2009

Should I Make Home Improvements During A Recession?

Many of my clients are asking me if they should improve their home at this time and I say YES for several reasons.

First..Some renovations will save you money after you make them.  For instance, putting in good, high impact windows will lower your insurance premiums, keep your home from using more energy to cool or heat because it reduces drafts and will protect your home from wind and rain during the hurricane season. Solar panels are another wonderful improvement.

Second, redoing bathrooms and kitchens will cost less to do, now, because there is a glut of building materials due to the recession.  Granite and stone and tile are less expensive now.  Contractors need work and are willing to make excellent deals to get your job.  Thousands of dollars can be saved when doing the construction and after it is complete, the value of your home has increased.

Forbes has a great, indepth article, on what to invest in during this recession.

Let me hear your comments.  What are your plans?

 

 

What Should I Do About Getting Rid of My Investment Property?

Is your investment property becoming a drain on your finances?  Do you want to be free of this obligation?  Here are five ways to deal, successfully, with this puzzle.

First…Sell Outright!  Pick the lowest priced comparable on the market and make your price a little bit lower.  Look over the property and if it has no appeal, home stage your property with a professional.  Statistics show that properties that are home staged sell for 3% more than ones that are left in their original state.

Second … Networking.  Contact other investors and talk about your property and share information. A good source is the REIA.  They have members just like you.

Third…Relocating or Renting  Another alternative is to move directly into the investment property and sell your primary home.  That home might be more saleable.  Or, if that is not feasible, think about renting, or lease optioning, or vacation rentals for the investment property.

Fourth…Speak to your Lender Before missing any payments, speak to your lender.  If the property is worth less than the mortgage, you might be able to renegotiate the loan, which can lower the payments and help you keep the investment for a longer time when you will be able to sell.  This can affect your credit so ask all pertinent questions before changing the mortgage.

Fifth…Last resort would be to stop making payments.  Before doing something that can ruin your credit for a long time, consult your attorney and a CPA.  Before considering this option, check all the laws in Florida concerning foreclosures and bankruptcy.  Be well informed before making any decision.

For more information and advice, please feel free to contact me.  I look forward to hearing from you.

Celebrities in Aventura’s Midst

There are some really interesting people living in Aventura.  For instance, my neighbor is Stirling Moss, the famous racing car driver.

Actually, he and his wife have been living here for more than a decade and love sitting by the pool, soaking up the sun after the cold, rainy months living in London.  Recently they made some great improvements to their home as are many other owners doing in Aventura, to keep their homes up to date.

They have looked at other options in South Florida, through the years, but always say that living in Aventura is perfect for them.  They love the feeling of community, the gorgeous waterviews, the great location which enables them to go to great restaurants, beaches and shopping at the Aventura Mall.

 

Let me know if you have a celebrity living in your midst.  Contact me today.

Sales are Up !! How about Aventura Homes

Sales actually were up 6.5% nationwide since November due to lower prices and brisk sales of foreclosed properties,as reported today in the Wall Street Journal. 

There is still a tremendous amount of inventory but it is evident that when the prices go down, the buyers come out.  In fact, sale prices are shown to be at 2004 levels. 

However, not all regions are experiencing the same activity.  Miami-Ft. Lauderdale area still has 30 months of inventory. 

This can be a great time to buy.  Call me for the best deals in Aventura.

Upside down on your Mortgage in Aventura?

Many homeowners are finding that they owe more than the house is worth.  Should they give up, stop making payments, walk away?   NO!  NO!

Real Estate values fluctuate and they will go up again in a few years and maybe sooner.  If you can afford your payments, keep making them.  If you walk away, your credit will suffer greatly and you will find it difficult to buy again or even rent.  BE PATIENT!  Let some time pass.  Eventually the value in your home will increase.

To find out more on this subject, please contact me and I will be glad to answer your questions.

Sales in the past 60 days in Aventura

Four townhouses sold in Aventura in the last 60 days.  These included Spinnaker Bay and Mariner Village.

The highest price was $382k, then $240k, $260k, and $170k.

45 Condos sold in Aventura in the last 60 days with prices ranging from the high of $830k for a three bedroom, three bathroom in Atlantic I at the Point unit 804,  down to $65k. 

I think we will find consistently more sales in 2009 as buyers realize that there are more affordable properties than we have had in many years.

For more information or to have an opinion of value of your home, please contact me.

Inauguration Day..How will it affect housing?

I understand that President Obama and his team will tackle the housing problems, immediately.  By that we mean, this week.  President Obama is working on a plan to spur the housing market, compel banks to loosen up and make loans.

Banks are the life line of the housing industry.  What has made it possible for Americans to buy homes, is the ability to finance with affordable mortgages.  This will start happening very soon.

Forclosure rates are bringing down prices and if banks can work with the borrowers who are in trouble with their loans, these foreclosures will lessen and prices will be less affected.

ALL GOOD NEWS FOR 2009!!

Do want to share your thoughts with me.  Write me here.

Canyon Ranch Miami Beach

Huge, great review of Canyon Ranch, Miami Beach is in  today’s New York Times.   Maureen Dowd gave it a great review.  I was invited to a brunch at Canyon Ranch last month and the food was delicious, the beach was beautiful and the excercise and treatment rooms were outstanding.  While, she was at it, she gave us a overlook of Miami Beach and all that we have to offer.

From Aventura, it is only a fifteen minute drive to this fabulous resort.  The restaurant is open to the public and if you like everything you see, there are some great buys to be had in the condos.

Anytime, you want a tour of Canyon Ranch and a chance to see what is available for sale, please call me and I will enjoy taking you around.  Let me hear from you, soon.  Contact me, here.

Super Short Sale in Aventura

The Point of Aventura, is a fabulous development with a state of the art fitness center, three pools, lush landscaping, concierge, valet parking, exquisite lobbies and foyers.

And now, a great buy is ready, asking $510k for a large, three bedroom, 2 bath, 2 balconies, 2 parking spaces.  Beautiful views!  Call me now to see this unbelievable bargain!

 

Name a gorgeous area in Aventura

My favorite place in Aventura, is the Waterways.  I love walking around the harbor with Golden Pointe townhouses, One Island Way homes and all the other beautiful townhomes of the Waterways.

It is especially gorgeous early in the morning, when it is quiet and the sun is just coming up and the joggers and strollers start coming out with their dogs to take a walk.

It is also a wonderful Marina, with yachts of all sizes docked for the season.  Another reason to make living in Aventura just great!

This waterway goes out to the Intracoastal and then to the Ocean, so if you live here, you can have it all.