The Real Estate Mango

Archive for February, 2009

Fifty One Sales In Aventura

In the last 30 days, 51 condos were sold in several buildings in Aventura.   Some of the buildings were, Hamptons South, North Tower at the Point, Hamptons West, Delvista Towers, Parc Central, The Yacht Club, Coronado Towers, Bonavida, El Dorado and Turnberry Towers.

The asking prices ranged from under 100k to 650k.  We can see that the higher priced properties did not move. The sale prices will be published after the sales close.

In the sales that closed in the last 30 days the statistics are as follows:

 

       Sales that closed in the last 30 days, prices ranged from under 100k to 465k. 

1. Hamptons South#307  asking $515,500 and sold for $465k
2. Turnberry Village #907  asking $419,000 and sold for $335k
3. Yacht Club at Aventura #7301 asking price $299,900 and sold for $222,500
4. Parc Central #206 asking $182,500 and sold for $175k
5. Ocean View #ph22 asking $ 169k and sold for $117,000
6. Ensenada #812 asking $114,900 and sold for $ 77,000
7. Parc Central # 612 asking $174,900 and sold for $180k
8. Parc Central #1603 asking $113k and sold for$132k

Call me if you are interested in more information on recent sales.

Important Features of the Housing Recovery Act 2009

The new bill addressing foreclosures and real estate is a complicated bill, no doubt, but here are a few important provisions that stand out and will help the housing market, tremendously.

1. Lower interest rates for mortgages
2. Greater ability to get financing through FHA, Fannie Mae and Freddie Mac in high cost areas.
3. A true Tax credit incentive to buy a home NOW
4. Foreclosure negotiation and short-sale standards

All this will help our market and will make getting loans easier.  As you know, getting financing at this moment until these new features go into effect, has been almost impossible for condos, in particular.

As they say, Help is on the Way!!

Call me with any questions.

Credit Problems In The Word of Real Estate

First, before I go into my story…I want to say that the Obama Foreclosure Plan is going to be a great help and is long overdue.

Now for the story I have been hearing over and over again.  A working single mother, was very disheartened to learn that her apartment located in the Aventura Real Estate market,  had decreased in value over 50%  since she bought it and her mortgage was more than the unit was worth.  Her maintenance had gone up 30% to make up for the owners who were not paying theirs.  Maintenance increases are becoming more and more common in the Aventura Real Estate market.

She called the bank every week for several weeks asking to speak to a loan officer.(By the way, it was Countrywide).  It was important to try and reduce her interest rate and change her payments.  Her credit card debt was mounting and she had trouble paying her bills.

The bank never returned her calls.  She stopped making payments. Then the  bank  called.  They offered her new terms, her payments would be less.  By now, her credit cards were maxed out.  She couldn’t pay the maintenance even with the new mortgage plan.  It was too late for her.  She is letting the bank foreclose.

This is a story I hear every week from different people in all walks of life.  Hopefully, under the government’s new plan the banks will start to help before it is too late to stem the flow of foreclosures.

Do you have a story?  Let me hear from you.  I will publish the best ones.

Stimulus Great For First Time Homebuyers in Aventura Real Estate Market

This new tax credit is a little complicated so I am going to attempt to make it easy to understand.  When you study this  and you find that this incentive is for you, start looking for your perfect home.

1. The deduction is worth 10 percent of a home’s value up to $8000. which means all homes worth more than $80,000 could qualify for the maximum amount.
2. There is an income limit to qualify.  A married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000.
3. It is a tax credit, not a deduction.  That means the entire amount goes back to the first time homebuyer unlike deductions, such as mortgage interest, that are substracted from gross income before tax is calculated.  If qualified for $8000, the buyer gets $8000 even if they would not owe that much in taxes otherwise.
4. The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home.
5. To qualify as a first time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.
6. The tax credit applies to homes purchased between January 1, 2009, and December 31, 2009 

Obviously there are more details to this new law.  Please contact me, if you have questions.   But, basically, it is a grand incentive to buy, this year, while home prices are very low and there is a bonus in buying.

Recent Sales in Aventura

In the past 30 days, there have been 25 condo sales in Aventura.  But there are 915 condos still for sale and more are coming up, every day.  The rates of foreclosures have risen and the sale prices are affected by this phenomonem. 

In the single family market, there are 213 homes on the market in the Aventura area and 10 sold in the past thirty days.

However, signs of some decent activity is in the Pending Sales.  46 condos went into contract in the last 30 days and 10 more single family homes went into contract.   So in a month or two, we will see these pending sales become closed sales.

As credit markets loosen up and prices come down to meet the market, we will see the Aventura inventories start to decline.

Any questions?  Let me hear from you.

Going Green In Aventura

Homeowners are finding that more and more manufacturers are producing energy saving appliances.  Water efficient shower heads cost from $75 to $100, washing machines can cost $1299 but promise great savings on water bills over time. Many fabulous, new energy-efficient products were shown at the International Builders Show last month.  It is the manufacturers hope that consumers who are counting their pennies will buy these in an economic downturn.

Refrigerators which have been the greatest user of energy are now being designed to use energy comparable for a 60 watt bulb.  The initial investment will be greater.  Some of these refrigerators can cost as much as $2099.

The cost savings don’t usually amount to much in the short term.  The real savings will be to those homeowners who replace all appliances and faucets with energy saving new products.  It looks like one purchase can’t do it all.

This is the beginning.  Eventually more homes will have more energy saving appliances and new homes will be built with these energy savers because the buying public will demand it.

First Time Homebuyers Are Coming Out For Homes in Aventura

Some of the major cities, like Miami and Aventura,where some prices are 40% lower than they were in 2005, first time homebuyers are finding some great reasons to decide on buying now.  Homes and condos that were selling for 500k to 600k are now selling for 400k and interest rates are low. There are many properties available now, under 300k.

Congress is also considering a tax incentive for first time homebuyers and when that becomes a law, there will be even more incentive for buying.

Sellers are extremely negotiable on their prices and that home of your dreams can become a reality.

Look through my Home Search for the areas you are interested and see the fabulous opportunities.  Call me for a showing of any property, any time.

Some Good News in Aventura

In the past thirty days, 50 condos were sold, in Aventura, with asking prices ranging from 143k to 699k.  Several of the buildings with multiple sales were Turnberry Village, Hamptons South, Hamptons West, Parc Central and Atlantic I at the Point.

There are some very good values in these buildings and buyers  took advantage of the lower prices and lower interest rates.

Many beautiful properties are on the market, now and it is a very good time to buy.

Call me for an appointment.

How Would You Like 4% Interest Rates for Mortgages?

This is the latest proposal being murmured in the halls of the Senate.  In fact Sen. McConnell of Kentucky is running this idea up the flag pole and Democrats as well as Republicans are  considering it.

If interest rates are reduced to 4%, he feels more potential buyers would buy right now, even though real estate prices are still declining.  If that happens, prices might start to stabilize and the housing market could start its’ recovery.

Another benefit could be the refinancing of homes by people who are current with their mortgage payments but would now have a lower monthly amount and could conceivably be able to spend this saving on other things and that, in turn, could revive other businesses that are failing.

It is still only an idea …but what do you think?  Would this be something you would support?  Would it help you?

Let me hear your opinion.  Write to me.

Large and Gorgeous Apartments With Great Views In Aventura

Sometimes buyers think that Aventura doesn’t have great views because we are not on the Ocean side.  This is certainly not true.

At the moment there are 9 fabulous apartments at Atlantic III at THE POINT IN AVENTURA, all boasting an average of 3000 square feet with views of the Ocean and Intracoastal that go on for miles and all asking prices well below one million.  Hard to find such value anywhere else.

Each apartment has three large bedrooms, two or three bathrooms, uniquely designed interiors, wrap around terraces and exquisite finishes.

THE POINT has a huge world class spa complete with massage rooms, manicure and pedicure services,pools for each building and pools for the spa.  Grounds to walk around, concierge service, valet service and a marina with access to the Ocean within steps.