The Real Estate Mango

Archive for the 'Market Trends' Category

KLA SCHOOL IS COMING TO AVENTURA….REGISTRATION AVAILABLE FOR 2010-2011

THE SCHOOLS INSPIRED BY THE REGGIO EMILIA APPROACH IS OPENING IN AVENTURA!   This is wonderful news for parents of young children.  The school actually starts at children of 12 months of age and also offers Summer Camp.

At the moment there are locations in Miami and Coral Gables and to have this type of facility in Aventura gives our city another advantage for families who want to live here.

The KLA schools encourage children to develop their skills and strengths from the earliest possible age.

Click on the link to learn more about this method of  teaching.

For more information please call 305 377 0391   …   www.klascchools.com

There are great homes available in Aventura for young families…call me TODAY to see beautiful properties.  Buy while interest rates are low!!

Five Important Reasons Why Getting a Mortgage Is Getting Tougher Even When Rates Are Low

1.  Harder to Qualify.  Lending institutions are looking at credit scores with a magnifying glass.  In the past 620 was good.  NOW 680 is better and anything lower than 620  gets the potential borrower higher rates and higher fees.  740 gets you a terrific house but that is an optimum number that most people don’t have.  This is called the FICO score named after the corporation that produces it (Fair Isaac Corporation).  It is a statistical analysis of a person’s credit report.  

2. Income and Assets Subject to Greater Scrutiny  In the past, some loans were given without checking any of the financial figures of the borrower as long as he had a large down payment.  This is no longer true.  All the financial history of the borrower is examined at extreme lengths.  Foreign buyers have additional problems since their statements are sent from a foreign institutions and have to be verified carefully here and that takes more time.

3. Appraisals Come In Low  Since there are not as many sales to compare a home to, the appraiser has to branch out to like properties in similar close by developments and make adjustments.  They are very careful to not include any personal property so as to skew the result.  Their appraisal is usually counter checked by the lending institution and questioned.  This procedure is also different in that the appraiser cannot speak to any realtor in his work and must rely on the cold facts.

4. Condo Mortgages More Difficult to Obtain  In addition to qualifying the borrower, the lending institutions have to approve the condo that the borrower is buying in.  Cash reserves have to be documented, owner occupancy rates are evaluated, deliquency rates on monthly maintenance charges are examined  and if these facts don’t measure up to the standards set, then the loan is denied.

All scenarios make getting a loan, today, at these fantastic rates difficult.    Statistically, it is quoted that only 3 out of 10 loans are made.

If you are thinking of buying, get qualified by a  mortgage broker as soon as possible, before you start looking at properties.  Let him know all your financial situations so when you find the perfect home, you will not be disappointed.

How to Sell A Real Estate Property Fast and Efficiently in the 2010 Aventura Real Estate Market

Last  year, a retired couple contacted me to sell their townhouse in Aventura.  They knew the market was not what it once was, but they had plans.  The allure of  Jupiter and points north was their dream.

When I visited them, they were open to all  the information I brought with me.  There were very few sales in their development but there were sales in nearby subdivisions that were very similar.  I wanted to give them the best facts just as an appraiser will when their home has to be appraised for a potential buyer.

To their credit, they were open to advice.  They believed the facts shown to them.  They relied on the price point that I  suggested.

As soon as all the paper work was complete, all the photos of the interior and exterior of the home were taken, all the minor repairs were made by the seller, we put the house on the market.

Because it was priced right, calls came in immediately.  Within a week, we had three offers.  In the third week, an offer was accepted, closing date agreed upon and a SALE WAS PENDING!!!!

Again, because we priced it right and the offer was on target, the appraisal came off without a hitch.  The buyer got his mortgage and it closed as per the date on the contract.

SUCCESS STORY!   WHY!  Because the sellers were on board with the information given to them and they were well advised and savvy enough to know what was right!

Here is their testimonial for a job well done. 

 

 

What is New in Aventura Real Estate…How Have Sales Improved in a Year….What are the Keys To Selling

I feel ambitious, today so I will discuss real estate trends in general and Aventura Real Estate trends in particular.  First I want to show you a graph of sales of condos from February 2009 until now, April 2010.  Let’s see what progress we are making and what we can do to make it better:    To describe the graph opposite in a nut shell, inventory is down and sales are still at the same level, but since the sales have been consistent, we are doing better.   Our inventory has shrunk from 24 months to 19 months of properties to be sold.  Better but not great.

In my opinion, sales in Aventura need more aggresssive pricing.  Sellers must take notice of recent sales and realize that if they sold, it was because the price was right.  There is no magic bullet that will sell an overpriced home just because the seller wills it.

There are developments in the Waterways with terrific homes, right on the harbor that have been overpriced and are still for sale after a year.

What Aventura homeowners need, is good advice when pricing their homes and then fixing these homes so they look as beautiful and possible and hiring a real estate agent who knows the market, knows how to market and is there every step of the way.

Putting your home on the market is like getting a show ready for Broadway.   Step it up!!  Price it RIGHT!!  Sell it so you can get on with your life!!!

Call me today to answer any questions.  By the way, I sold a townhouse in Golden Pointe in one month.  All the others in this development are still on the market after a year.

IMPORTANT MARKET INFORMATION FROM RON SHUFFIELD,PRESIDENT OF EWM REALTORS

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IT IS MY PLEASURE TO GIVE YOU THIS TREMENDOUS INSIGHT INTO TODAY’S REAL ESTATE MARKET.  PLEASE WATCH THIS VIDEO FOR THE LATEST INFORMATION.

Beware the Ides Of March … Caution for Aventura Real Estate

What better time than today, the middle of March to give advice to homeowners in Aventura and elsewhere in south Florida.

• Advice for Buyers….Now is the best time to buy in a decade or more.   Interest rates are low but they will be rising soon.  All indications are that banks see a rise in the very near future
• Advice for Buyers…..PRICES ARE VERY LOW…THE LOWEST IN TEN YEARS…Take advantage of the terrific deals available.
• Advice for Sellers…. Your asking price should be very realistic and should be slightly below the last sale.  Prices are not going up.  They are still going down and when the foreclosures reach the market in a few months, prices will go even lower.
• Advice for Sellers….Dress your home for success.  Remove all unnecessary personal items.  Remove all unnecessary furniture and accessories that hide the true character and form of your home.  REMEMBER….buyers want to visualize themselves in the space.  They need to see the space
• Advice for Sellers…Live in the present.  Yesterday’s prices are just that.  They may not come back for many years.  They are best forgotten

If these rules are taken seriously, the market will move.  Sales will increase and the activity will give health and vitality to the real estate market place.

I have seen townhomes sell in one month when priced right in the Waterways in Aventura.  The townhomes that are overpriced have been on the market for a year or more with no activity. 

Take a look at the properties on my site and call today to see these great homes.

 

Short Sales Drive You Crazy? Help Is On The Way…HAFA is coming to a bank near you..April 5

Due to the urginf of the National Association of Realtors (NAR), the Treasury Department is going to imrove the short sales process.

So, if you are trying to sell your house because it is worth less than your mortgage, or if you are trying to buy a property that is in this position…on April 5, new rules will make both of these desires EASIER>>>

HAFA which means Home Affordable Foreclosure Alternatives Program will help in the following ways:

• Standard procedures for documents and deadlines
• Provides incentives : $1500 for borrower relocation assistance, $1000 for servicers to cover administrative costs, up to $3000 in short sales proceeds to be distributed to subordinate lien holders
• Program requires deadlines for SHORT SALES….withing 3 business days of receiving an executed purchase offer, the borrower (or agent) must submit a completed Request for Approval of Short Sale to the servicer (bank)
• WITHIN 10 BUSINESS DAYS after the bank receives the RASS and all required attachments, the bank must APPROVE or DENY the request and advise the borrower.

We will see much faster action and more transparancy on Short Sales which have been a bain on our existance.  Banks will have to make quick decisions so we can move on the sale of properties before they are foreclosed.

Both buyers and sellers should welcome this new development.  Call me for further information.  Call me if you want to sell your home or want to buy a great deal.

 

 

 

Beautiful, Great Price, Townhouse in Luxurious Golden Pointe, Aventura $390K

Golden Pointe is a great development at the tip of the Waterways Harbor.  It is bound on two sides by water and consists of only 78 townhomes.  It is an exceptionally exclusive area, so quiet, serene and really lovely.

It has been six years since Golden Pointe has offered a home at this price.  This is a truly great buy!!!

The home has 1900 square feet, a large front courtyard, a one car garage, and a balcony and a patio, three bedrooms, two and a half baths.

Being Offered aat $390,000

Golden Pointe is the only development in the Waterways that has the exclusive right to use the gorgeous amenities at the world class spa at The Point Of Aventura, an adjacent property including tennis.

Please  call me today to see this home.  Lee Heuer  305 607 1943 

Miami Herald Says Real Estate In South Florida Will Improve In 2010

I don’t always agree with the opinions of  the writers of the Miami Herald but after having seen the graphs in my office meeting, this morning, I agree.

We are seeing a steady decline in inventories and an uptick in buyers in the marketplace.

Why is this?  Prices, for one.  Prices have been lower than they have been in ten years and people who are really interested in buying can see that.  Condos and houses that were beyond reach are now very affordable. Government programs, like first time buyer tax credit, are very popular and many are buying to take advantage of this offer.

Townhouses in Aventura that were selling for $500 to $575 in 2005 are now selling for $350 to $375.  Condos in Aventura that were selling for $350k in 2005 are selling for $150.

The Miami Herald predicts a 1.5% increase in sales for 2010 which may not sound like much but before this we were seeing a minus 2.7 % loss each year.  Anything on the plus side is a win.

Latin American economies are doing well.  If tourism from Latin America picks up and from this influx, we can see more sales of properties, that will be a very good outcome.

The only dark note is the forthcoming foreclosures that have not come into the market, yet.  When they do, prices will dip, again but sales will be stimulated by the good prices and once this inventory is depleted, we can see some stabilization  in the market place.

The big message here, is that if you every thought of buying, now is the time.  Nothing stays the same.  The good deals will not last!  Waiting is not an option.  Look through this site for all the properties in Dade, Broward and Palm Beach counties and call me to go out shopping!!!

Online Foreclosure AUCTIONS In Florida For The First Time

To allieviate the backload of foreclosures on the court calendars, Foreclosure Auctions, will start on line!

This new system will replace the traditional courthouse procedure and will save Dade Couinty 750k in costs as well as reduce the tremendous backlog of foreclosed properties.

This system will handle 4x the amount of foreclosures per week and potential buyers can bid from anywhere in the world.  This is the most innovative procedure ever seen in Dade County and if it works as expected, inventories should decline sharply and with less supply, the demand will stabilize the market and eventually bring up prices.

For more details on how to get started, please call or write to me.