The Real Estate Mango

Archive for March, 2009

Golden Pointe Foreclosure Finally Sold

It is a great corner townhouse, with 2505 square feet and it was on the market for more than two years because even the banks don’t know how to price their foreclosures.  Originally it was priced at over 795k in January of 2007 so when it sold a couple of months ago, I knew it would be a market changer.  This house was reduced to $479 by that time so when the sale price was published last week, I wasn’t surprised to see $400k.

For the buyers, this was a great deal.  It needs work, but it has a three year old roof, a good location and is in  a very pretty development.

It could have sold for more and sooner, if the banks had known the market, better.  When a seller asks a high price, it doesn’t mean that the buyers will pay more, it usually means, they will ignore it until the price is much lower and by then the economy has changed, less money is available, and the price is lower than anyone thought at the beginning of this exercise.

There are great deals out there.  Call me today to find a deal for you!

Glorious New Aventura Garden

Last week, I had the entire back torn out and replaced with a new open and bright arrangement of plants.  Out came the huge overgrown Geiger Tree, 20 years in the making, and three huge pygmy palms that weren’t pygmy any longer.

In came powderpuff, canas and fox tail palms and we are starting to grow!!    A fabulous example of tropical foliage. Less is definitely more.  Here is a great photo of the cana  and the powder puff.  As soon as I add the finishing touches, I will publish actual photos of the garden.  Have a great day!!

A Great Opportunity At Last In Golden Pointe

A beautiful, desirable, end unit, on the water with great views of the harbor and the intracoastal!!  Golden Pointe hasn’t had a reasonably priced property in this great a location in years!  It was just put on the market and it is a terrific opportunity for someone to give it that 21st Century look.

Here are some statistics:

1. 2505 square feet
2. living room, dining room, family room and kitchen on first floor
3. 3 bedrooms plus a den on the second floor plus large balcony
4. large patio looking straight out onto the harbor and the intracoastal
5. two car garage

Golden Pointe is a beautiful community of 78 townhouses nestled at the end of the harbor.  It is quiet, green and gorgeous and this property is priced at  $750,000.

If this is the home you have been waiting for, call me or write me, today and I’ll set up an appointment.

Insurance For The Aventura Real Estate Market

The media is full of very interesting ideas on how to stimulate the housing market.  Something that has been talked about is insurance for the down payment!

In this scenerio, if a buyer promises to keep his home for five years, the government would insure their down payment so that no matter what happens to the market value of the home, the buyer would retrieve his original down payment.

There would be rules, of course.  At least a 20% down payment would be required and the buyer would have to be credit worthy.

A very different approach to the problems facing the housing market, here in Aventura, and in the nation.  The future of real estate is not that prices will go back to where they were in the height of the bubble but that we are now resetting the button and everything will progress from here on.  When the  prices of homes finally stabilize then that will be the price point from which we will begin again.

Contact me with your ideas.

Guidance for Mortgage Problems In Aventura Housing Market

For days, now, I have been trying to help people who are finding it difficult to make mortgage payments and still have enough money for food and other basics.  Happily, today, I see that the United States Government has a brand new website to help answer mortgage related questions, MakingHomeAffordable.gov. 

This website will allow you to find out if your mortgage is owned by Freddie Mac or Fannie Mae.  This is important in the process of  finding out if your mortgage is eligible to be modified.  Even if your mortgage is not held by either of these two entities, it still is worth your while to contact your mortgage servicer or a housing counselor.

If you decide to go to a mortgage counselor, be sure to use one who is approved by the Department of Urban Development.

I am looking into even more information on this subject.  If you have comments, please contact me.  Avoiding foreclosures will help the Aventura real estate market recover from this recession and come back to life.

Now Is The Best Time To Buy Real Estate in Aventura

Last night, on the Larry King  Show, Donald Trump spoke at length about real estate in this market and if anyone, is more involved in real estate in this market I don’t know who that would be.

His opinion was that these deals that we see today will not be here for long.  Foreclosures, he said are the best deals in town because the banks will make all kinds of deals to rid themselves of real estate owned properties.  If you want to buy a house that is not a foreclosure, the banks make it almost impossible to get a loan but if you buy a foreclosed property, all kinds of benefits are there for you.  Since they are the owners, they work on price, terms, interest rates, everything.

I have been saying it for weeks, and he said it loud and clear, buy that home of your dreams, now, because it is there for you and a price and terms that will never be seen again.

He has been buying land that three years ago, he would have passed up as too expensive, now it has a low price and is a bargain.

The foreclosure inventory in Aventura is waiting for buyers,  Call me to see if there is a fabulous opportunity for you.

Cash Is King In The Aventura Housing Market

Over the weekend and into the week, every buyer I spoke to was shopping with all cash.  It is so time consuming and difficult to get a mortgage that buyers are out and they are looking to make good deals even better by offering all cash.

Many of the older high rises in Aventura, like the Coronado, are attracting cash buyers because the banks, especially Bank of America, are adverse to lending in buildings that don’t have large cash reserves and depend on assessements to pay for repairs and improvements.

As a result, sellers are accepting lower prices with the advantage of not having to risk a long wait for buyer’s to get mortgages.

Many people are ready to buy.  Many do not have  all cash to pay.  The fear in the banking sector is palpable.  Whereas, before the banks made loans to anyone, anywhere, anytime, today they are afraid to make any loans at all.

If we are to see the housing market really improve, this problem must be solved.

The Condo Paradox, Destruction Of A Market Place

Would you be outraged if you found out that the Federal Government was taking actions that are slowing the pace of the recovery in the housing market?  Well it appears that is exactly what is going on.

While the Federal Government is pouring billions of tax payer dollars into the economy in an all effort to stabilize the housing and financial markets the recently nationalized Fannie Mae is tightening condominium lending standards.  These new standards make it more difficult to obtain financing for those who want to buy a new condo.

Read the rest of this entry »

Musings in Aventura

To paraphrase that old Chinese curse “we are living in interesting times”.  It’s easy to let the news paralyze us but if we remember when FDR said “we have nothing to fear, except fear itself, we may be able to start making plans, start to change our outlook and look around the new world that we are now living in.

The White House Economic Advisor, Larry Summers, said today, that he thinks we may be seeing the light , again.  The only way to recovery, however, is to start taking advantage of the really great buys all around us.

When we have real value available, we should take advantage of it.  When people begin to buy homes again, the  economy will improve, as well as all the associated businesses, like construction, furniture, interior design, landscaping.

Yesterday I heard the story of a Landscaper in Coral Gables who started a commercial organic vegetable garden to supplement his income.  Great idea!  Now, when landscaping is needed again, he will have two businesses to add to his income.  New and wonderful ideas come to people in times like these.

Life must go on.  Progress should be made. Now is a great time to buy that larger house, at that greatly reduced price.

Contact me for any advice on buying or selling in this market!

GOLDEN POINTE IN AVENTURA

 Golden Pointe, has three and four bedrooms townhomes, with three year old roofs, 24 hour manned guardhouse and gorgeous views. 

 

This community, at the edge of the Waterways, bordered by the Intracoastal and the Waterways Harbor, is a secluded beauty.  There are 78 town homes and a mediterranean atmosphere including brick pavers on the streets and gorgeous landscaping  surrounding a serene pool..From the east end, you can sit and watch the boats go by.

20944 ne 37 ave Golden Pointe asking $850,000

3782 ne 209 terrace Golden Pointe asking $799,000

3796 ne 209 terrace Golden Pointe asking $750,000

Most recent sale….20935 N.E. 37 Court , a two story, four bedroom, two car garage home.

Call today to see these beautiful properties.