The State of South Florida . . . the Real (estate) Deal

It's Time to Buy That House

2011-10-22T08:57:00.000-07:00

Houses aren't the magic wealth creators they were made out to be during the bubble. But when prices are low, loans are cheap and plump investment yields are scarce, buyers should jump. —Jack Hough is a columnist at SmartMoney.com. Email: jack.hough@dowjones.com

NEW UPGRADED AVENTURA CONDO!

2010-03-08T10:06:00.001-08:00

You must see this beautiful home. Located in Alaqua, easy walk to all the shops and cafes in Aventura, tranquil water views on your private balcony. Was valued much higher, now take advantage of our market and it can be yours in the $300,000s. Let us know when we can show it to you in person.
Find it here: http://www.preferredpropertyfinder.com/model.asp?model=1050

ECONOMISTS ENCOURAGE TAX CREDIT EXTENSION

2009-09-25T06:26:00.000-07:00

(New York Times Online, Sept 15, 2009)
When Congress passed an $8,000 tax credit for first-time home buyers last winter, it was intended as a dose of shock therapy during a crisis. Now the question is becoming whether the housing market can function without it. As many as 40 percent of all home buyers this year will qualify for the credit.

In the view of the real estate industry and some economists, all that money is well spent. They contend the credit is doing what it was meant to do, encouraging a recovery in the housing market that is gathering steam.

AUGUST HOUSING STARTS UP: WATCH VIDEO

2009-09-22T13:08:00.000-07:00

Shari B. Olefson was a guest on CNBC to discuss the recent housing start numbers. In August, housing starts and building permits rose to their highest level in nine months. Ms. Olefson, a real estate attorney with Fowler White, was interviewed with Susan Wachter, Wharton Business School real estate professor, to discuss where we are in the housing cycle. Click here to view the CNBC segment.

Fight Inflation: Buy a Home

2009-04-28T07:20:00.001-07:00

Some economic analysts say that the possibility that the economy will go into overdrive and inflation will skyrocket is a much more frightening possibility than the current recession.One inflation hedge nearly all of them point to is real estate. Owning it outright is the best scenario, but if that’s not possible, a low-rate, 30-year fixed mortgage is the next best thing. As inflation drives up salaries, mortgage payments will stay the same, analysts point out.
Source: USA Today, John Waggoner (04/24/2009)

When Will Housing Markets Recover?

2009-04-03T15:23:00.000-07:00

House prices will stabilize by the end of this year.
States Moody’s Economy.com Chief Economist Mark Zandi in a special report.

Sales increase in Home and Condo Market

2009-04-03T15:18:00.000-07:00

March 23, 2009 – Florida’s existing home sales rose in February, making it the sixth consecutive month that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). February’s statewide sales also increased over January’s figures in both the existing home and existing condo markets.

FIRST TIME HOMEBUYER CREDIT

2009-02-23T20:18:00.000-08:00

$8,000 TAX CREDIT

Important note for homebuyers, especially those shopping late in the year: Initial reports on the $8,000 tax credit for first-time homebuyers reported a Dec. 31 deadline to buy property. However, that's incorrect. The home closing must occur before Dec. 1, 2009

NEW STIMULUS PACKAGE - WHAT IT MEANS

2009-02-16T12:46:00.000-08:00

Dear Fellow REALTOR®, Here's our take on the Stimulis Bill and Treasury announcements made this week. We look at the Stimulis package AND the Treasury's package holistically, in compliment with each other - mostly because that's how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem.So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10. In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects). We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had.
While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again.Sincerely,Charles McMillan, CIPS, GRI2009 NAR President

Opportunity still Available in South Florida!

2008-12-11T07:41:00.000-08:00

Philadelphia investor has paid $8 million for 19 units in the 562-unit Flamingo South Beach condominium tower; paying about $313 per square foot for the condos. The transaction has not yet appeared in Miami-Dade County public records. The buyer was interested in acquiring properties with income potential and has already rented out 15 of the units at around $2.25 per square foot in the complex that overlooks Biscayne Bay. Many of the renters are young professionals who work in South Beach, downtown Miami or near Jackson Memorial Hospital, “The deal made a lot of sense for them. The beautiful brand-new buildings downtown are renting aggressively, but we have been able to rent at a higher rate and still get the renters,” a spokesman said.

Mortgage Rates Take a Big Dip This Week!

2008-12-05T10:43:00.000-08:00

For the week ended Dec. 3, Freddie Mac reported the lowest interest on 30-year fixed home loans since late January. The rate came in at an average of 5.53 percent, down from 5.97 percent the previous week and 5.96 percent a year ago; while 15-year fixed mortgages settled at 5.33 percent compared to 5.74 percent last week and 5.65 percent in the year-earlier period. Borrowing costs for short-term loans also were lower, with one-year adjustable-rate mortgages dipping to 5.02 percent from 5.18 percent a week ago and 5.46 percent a year ago. Five-year hybrid ARMs, meanwhile, fell to 5.77 percent from 5.86 percent last week and 5.75 percent during the same period of last year. ...............Source: Realty Times (12/05/08)

UPSET WITH THE ECONOMIC CLIMATE? DIVERSIFY!!

2008-10-07T16:01:00.000-07:00

Ok. We have all heard the old adage when it comes to safe investing, "diversify". Historically Real Estate has been an excellent investment. NOW that South Florida is a buyer's market and the stock market is not exactly sky rocketing.... its time to take advantage of these low prices and buy South Florida real estate.

Why buy in Florida?

2008-06-07T13:29:00.000-07:00

Look on the bright side
January 31, 2008 by Nancy Batchelor
Sure, everywhere you look these days, someone is reminding us of the problems with the real estate market. Not enough qualified buyers, too much housing inventory, home prices are overvalued and the list goes on. While many of these things are happening and while Miami-Dade County is ranking among the most overvalued markets in the country, there is a reason why those selling a condominium in Miami-Dade County should not pay too much attention to the hype. I have just read an article in RisMedia entitled, “10 Reasons the South Florida Condominium Market is Hot” which helps to put things in better perspective.This article helps to understand what it is about south Florida that makes it an irresistible place to buy a condominium.
• 1) The weather. Half of the country is freezing cold right now while south Florida residents can languish on beautiful sand beaches.
• 2) Water, water everywhere. Many condos in Miami-Dade County offer spectacular views of the water, be they of the Atlantic ocean or of the yachts and mansions on the Intracoastal waterway
• 3) Stimulates family and friends into visiting you more often. You will become a very popular family member or friend to visit around vacation time.
• 4) Great value. Oceanfront and waterfront properties are highly sought after and rarely decrease in value.
• 5) Beaches all year ‘round. While half of the country is under snow and suffering harsh colds, south Florida residents are enjoying the beach.
• 6) Great for entertaining. Miami-Dade condominiums offer a stunning backdrop for entertaining family, friends or colleagues.
• 7) Low stress. Living by the beach gives you the opportunity to take afternoon walks after a hard day at work or just relax and watch the sunset.
• Catch up on your reading. There is something to be said about sitting down at the water’s edge and reading a good book.
• 9) It always feels like vacation in south Florida. With palm trees, beaches, ocean and sun all around it feels like vacation time all the time.
• 10) Dining, entertainment and shopping. Not far from any of the wonderful beaches in Miami-Dade County, you will find excellent restaurants serving fare from the world over, art galleries, art boutiques and other cultural venues.
• 11) University of Miami Hospital offering world class medical care in South Florida
• 12) Miami International Airport
• 13) South Florida’s Exchange Rate
If you own, or are thinking of buying a Miami-Dade County condominium, I recommend that you read this article.

Miami Florida

2008-06-07T13:25:00.000-07:00

Miami Florida Real Estate by Arthur Velunza:  Miami Florida, nicknamed "The Magic City", is one of the youngest and hippest cities in the US. Although young, Miami Fl has become one the biggest tourist destinations in the country. With its cultural diversity, incredible attractions, recreation, and year round events excitement, Miami makes South Florida an incredible life changing experience and memory. Miami Beach Fl is a fast growing, fashionable and exciting international hot-spot. Film and music stars, art-deco museums, and shopping districts referred to as the "5th Avenue of the South" showcase the decadence and new-world architecture that lures thousands of visitors a year. Miami Beach Fl nightlife concludes an unforgettable vacation day with a diverse array of ethnic food and American cuisine, topped off with jazz cafes and hopping dance clubs.

Buyers from South America to India are choosing Florida

2008-06-07T13:11:00.000-07:00

OML: Out-of-state and international buyers are descending on the area in search of deep discounts as prices continue to crater. They want to get in now and wait out the housing slump because they think the region remains a powerful long-term draw writes Paul Owers of South Florida's Sun-Sentinal
Flush with cash, buyers from Italy, Germany, England, Spain and other countries are scooping up condos here for at least 30 percent less than the cost of properties in their homelands. 

Susan Gomez of Colombia visited South Florida last week and had a real estate agent show her condos in Fort Lauderdale and Miami. The owner of a language translation business said she hopes to buy in a month or so.  "The gossip in South America is that properties in the U.S. are selling for low prices and the market is good here," said Gomez, 50. "They're saying that people who want to buy should buy now."  Amit Bagaria, a real estate executive from Bangalore, India, spent two days this month scouting for deals on behalf of wealthy Asian families. He's eyeing new buildings in Fort Lauderdale and Miami with condos priced from $400,000 to $1.5 million.  "We hear that if you're interested in four or five units, builders are willing to negotiate," Bagaria said. "Good deals are not difficult to find in the market right now."  The rock-bottom prices also are luring buyers from within the United States, particularly the Northeast.

Market Outlook for remainder of 08'

2008-06-07T12:50:00.000-07:00

Olga M Lameran: In the latest National Association of Realtors® (NAR) housing outlook, Chief Economist Lawrence Yun predicts that home sales and prices throughout most of the nation will improve in the second half of the year, especially if access to mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac increases. “There are many reasons for people to get into the housing market today, and very few reasons not to,” Yun says. “With the plentiful supply of homes for sale at affordable prices, interest rates approaching 40-year lows, and the strong track record of housing as a good long-term investment, conditions are ripe for buyers.”

Money Magazines Tips on Buying

2008-05-20T09:24:00.000-07:00

There's no guarantee that prices have hit bottom yet - but that
doesn't mean that you can't get a great deal now.
By Amanda Gengler, Money Magazine
(Money Magazine) -- There's no telling how long the housing crisis will drag on. Here's what you need to know before you start shopping in a rocky market.
Rule 1: You can't time the bottom
Rule 2: One reason to buy now - mortgage rates
Homes are plentiful and will remain so, but financing will be getting more expensive.
Rule 3: Another reason to buy - rates on big mortgages
Mortgages in amounts greater than $417,000 - the limit for buying by federally sponsored mortgage agencies - usually run a fifth of a percentage point above conventional products. But investors are shunning jumbos, which now average 7.2% and are unlikely to drop much this year, according to HSH Associates. Certain jumbo borrowers could get relief, however. A new law allows Freddie Mac and Fannie Mae to buy loans as large as $729,750 in 71 high-priced areas. So far "jumbo conforming" loans average 6.6%. The program has gotten off to a slow start; you'll need to shop around. And unless Congress acts, this bargain will disappear at year-end.
Rule 4: Don't buy cheap; buy good schools
Rule 5: Make sure your agent has your interest at heart

HOUSING MARKET UPDATE

2008-03-27T13:47:00.001-07:00

Only weeks after Florida voters passed Amendment 1 in late January, Florida Realtors have noted signs of increased interest from potential homebuyers heartened by the measure's property tax relief benefits, especially the portability provision. Says 2008 FAR President Chuck Bonfiglio, "That's encouraging news, and the ink on this new law has barely had time to dry."

Sundays at Polo

2008-03-03T09:40:00.000-08:00

Last Sunday had a mixture of rain and sunny moments, but did little to damper the spirits of all in attendance at the Grand Marquee Tent at the Palm Beach International Polo Club. While enjoying a beautiful buffet, passed appetizers and never ending cocktails the guests were happy to watch the match and learn about the sponsors. We had great conversations regarding our exclusive listing Trump Tower Palm Beach. We still have a few more Sundays to enjoy thanks to Ronnie Write and Platemate. Contact us to see if we can get you complimentary VIP admittance. -----Trump Tower Palm Beach is a pre-construction, 23-story, 150-unit super luxury condominium with a white-sand private beach, infinity-edge swimming pool, world-class spa and private marina. The property is located 1.5 miles from the Palm Beach Inlet with no bridges, and is adjacent to the Rybovich Marina mega-yacht facility. Prices are suprisingly affordable.

PALM BEACH — Housing slowdown? What housing slowdown?

2008-03-03T09:30:00.000-08:00

Palm Beach Post Article 2-28-2008: The median price of a single-family home sold in Palm Beach in 2007 rose to $3.5 million, up 13 percent from 2006's median $3.1 million price tag, according to The Evans Report, a closely watched study by Palm Beach real estate attorney Leslie Evans. The median price of a condo in Palm Beach, meantime, rose 8 percent to $825,000 in 2007. The biggest home sale in 2007 was the $31.9 million that Miami Dolphins co-owner Stephen Ross paid for 702 N. County Road. There's no sign that Palm Beach's housing market is slowing.

The Solution Company

2007-10-24T11:22:00.000-07:00

Preferred Property Finder is the boutique real estate agency that Luxury Waterfront Condo developers are looking to, to help them find buyers in this new state of the South Florida real estate market. Made up of long time business and sales executives the company is the right fit for these developers' second phase of marketing and selling. Preferred Property Finder is pleased to announce its relationship with Cielo on the Bay and developer Mario Egozi. Cielo is an unique, upscale addition to Harbor Island in North Bay Village. Egozi, along with Luis Revuelta, architect and Weintraub Companies, contractor are building an extraordinary 36-unit oasis. Each home is designed to optimize natural light with expansive flow-through floor plans and panoramic wide bay views. With private elevator entries, ultra european kitchens, secure covered parking, roof-top pool, spa and gym, and private marina Cielo is the perfect answer to owning a private exceptional piece of South Florida. And now is the perfect time to take advantage of the current real estate market.

Property Tax Reform

2007-10-23T13:21:00.001-07:00

The Florida House passed a bipartisan property tax reform package yesterday by a 108-2 vote that addresses many issues important to Florida Realtors. It now goes to the Senate for consideration.

SUBPRIME HELP

2007-10-23T13:19:00.000-07:00

A bill was introduced in the U.S. House yesterday designed to lessen problems within the mortgage industry. The legislation aims to prod states into enacting stronger mortgage regulations and sets up federal-level regulations if they don’t do so.

For Most Buyers, the Mortgage Market Is Healthy

2007-10-01T10:23:00.001-07:00

The widespread notion that the entire mortgage market is in crisis is just plain wrong, say lenders in various parts of the country. The majority of mortgage products have been unaffected by troubles in the subprime segment. Interest rates for 30-year, fixed-rated loans remain in the low 6 percent range for people with reasonably good, though not necessarily perfect, credit records, according Kenneth R. Harney, managing director of the National Real Estate Development Center and syndicated columnist. Source: The Washington Post Writers Group, Kenneth R. Harney (09/29/2007)

Fed Cuts Rate Half Point, Wall Street Soars

2007-09-19T13:55:00.000-07:00

September 19 2007: 7:24 AM EDT
NEW YORK (CNNMoney.com) -- U.S. stock futures were stronger Wednesday as investors continued to cheer a Federal Reserve cut aimed at restoring confidence in the financial markets. At 7:20 a.m. ET, stocks appeared poised to open higher and extend the previous day's big advance. The Dow Jones industrial averaged surged about 336 points, or 2.5 percent, on Tuesday after the Fed cut the target on a key interest rate by half of a percentage point. Many on Wall Street had expected the Fed to be more cautious and lower rates by just a quarter of a percentage point. The bigger-than-expected cut lifted sentiment, as it signaled the central bank is prepared to act in order to keep the mortgage meltdown and credit crunch from derailing the economy. Peter Cardillo, chief market economist, Avalon Partners, said that he believes that stocks still have some room to climb Wednesday, even after Tuesday's rally. He said the expiration of options on Friday will force those who had taken short positions that bet on a market decline to buy shares to cover those position. "It looks like the party might be extended today," said Cardillo. In global trade, Japan's benchmark Nikkei index jumped more than 3 percent on the Fed cut. Major markets in Europe rallied in morning trading.

Lehman wows Wall Street

2007-09-18T07:14:00.000-07:00

September 18 2007: 9:55 AM EDT
NEW YORK (CNNMoney.com) -- Embattled investment bank Lehman Brothers surprised investors Tuesday by reporting better-than-expected earnings, allaying fears about the wallop that the mortgage crisis may inflict on Wall Street. Lehman (Charts, Fortune 500) shares jumped more than 3 percent in pre-market trading on the news, after finishing 1.5 percent lower on the New York Stock Exchange on Monday.....U.S. stocks pushed forward at the start of trading Tuesday as investors considered inflation data and Lehman Brothers results while expecting the Federal Reserve to cut interest rates.

Busy Buyers

2007-09-12T21:32:00.001-07:00

Regardless of the not so positive stories in many media outlets, South Florida is currently a Buyer's Market and people purchasing properties are getting great deals. In the last two weeks we have had 5 closings with our savvy clients.

News: Foreign buyers may help housing market

2007-09-12T20:20:00.000-07:00

NORTH PALM BEACH, Fla. – Sept. 7, 2007 – Looking for a ray of sunshine in today’s overcast housing market? Here’s one: Foreign buyers still want a piece of the American dream.In fact, it’s somewhat ironic that immigration has become a key domestic debate in the lumbering 2008 presidential campaign. Foreign-born buyers have not only contributed substantially to the growth of the U.S. housing sector but continue to help soften the landing as the market wobbles to correct itself. According to the 2007 “State of the Nation’s Housing” report from Harvard University’s Joint Center for Housing Studies, the percentage of foreign-born buyers that contributed to net household formations, previously 15 percent in the 1980s and nearly 30 percent in the 1990s, grew to 40 percent between 2000 and 2005. They’re coming to America all right, at a rate of 1.2 million net immigrants annually since 2000.

A record 12 million additional immigrants are expected to arrive between 2005 and 2015. “Basically, this country’s household growth depends on foreign-born households,” says Zhu Xiao Di, senior research analyst for the center. Little wonder, then, that during the last 12 months, one in three Realtors worked with an international client or prospect and nearly one in five sold a home to a foreign buyer, according to the “2007 National Association of Realtors Profile of International Home Buying Activity” released July 30.

Those numbers are likely to grow as foreign investors, bolstered by favorable exchange rates, take advantage of the cooling U.S. housing market to snatch up great deals on vacation homes, particularly in Florida, California and New England.
(c) 2007 bankrate.com