Is Household Worth catching on? What about the economic ripple effect. Read this Bloomberg article “Household Worth in U.S. Rises by $1.17 Trillion on Housing”.
For more information on the above or if you have any questions or comments, please feel free to send me an e-mail to: michael@miamiflorida.com, text or call me at my mobile number 305.450.0036
The Associated Press announced last Tuesday October 30th that Berkshire Hathaway (Warren Buffett’s company) is buying the Prudential and Real Living real estate franchise and launching a new brokerage brand for those agents.
For more information on the above or if you have any questions or comments, please feel free to send me an e-mail to: michael@miamiflorida.com, text or call me at my mobile number 305.450.0036
According to the Miami Herald in an article published on Sunday October 28, 2012, a 285-unit condominium hotel has been annouced for the current site of The Surf Club located at 9011 Collins Avenue, Surfside, FL 33154. The project will enjoy a five star rating, with a luxury spa, a restaurant and a gourmet specialty food shop, while preserving and restoring the historic elements of the existing Surf Side Club”. The developer is Fort Capital Management, a Miami based Private Equity firm headed by Nadim Achi.
Given that is this my first blog of 2012, what better way to start the new year than with an overview of current real estate market conditions for Miami-Dade County.
I have prepared a short presentation entitled “Miami-Dade JAN12” which I hope you will enjoyed.
For more information on the above or if you have any questions or comments, please feel free to send me an e-mail to: michael@miamiflorida.com, text or call me at my mobile number 305.450.0036
The Associated Press AP reports that the “Rate on 30-year mortgage falls to lowest on record” dating to 1971.
The rate on the most popular mortgage dipped to 4.15 percent from 4.32 percent a week ago, Freddie Mac said Thursday. Its previous low of 4.17 percent was reached in November. The last time long-term rates were lower was in the 1950s, when 30-year loans weren’t widely available. Most long-term home loans lasted 20 or 25 years.
The US Census divides the country in 17 sections and each section consist of one or more states. That is with the exception of California, Texas and Florida which are considered sections of their own. Florida was ranked number three of all 17 sections in terms of population growth in the past ten years with a gain of 17.6%
Population growth is a driving factor in job creation but also a key element to a booming real estate sector. If population growth trends continue into the next decade, no doubt that it will have a very positive impact in local real estate, and the recent real estate debacle will be considered a thing of the past, just another historical fact. Ahhh.. did I mentioned that prices remain very cheap.. yet!
For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or text or call me at my mobile number 305.450.0036
“Real Estate: It’s time to buy again” is the headline of a recent article published by CNNMoney.com The article focuses on real estate as an asset class that has underperformed for the past 4 years. However, in the face of much lower inventory levels today, investing in real estate has become attractive again.
Mike Castleman, founder and CEO of Metrostudy, which tracks real-time data of the country’s inventory of new homes, says a housing shortage is looming that will soon create a huge surge in demand for new homes. As such, now is the time to buy, he says.
In the 41 cities Metrostudy covers, 78,000 houses are either vacant and for sale, or under construction – that is less than a quarter of the new homes that fell in that category during the housing boom in 2006 and way below the level of a decade ago.
For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or text or call me at my mobile number 305.450.0036
According to a Bloomberg news article published last 29th of March 2011 and titled “Cash-Paying Vultures Pick Bones of U.S. Housing Market as Mortgages Dry Up”, for the past month of February 2011, 33% of all existing-home sales in the US were cash transactions. And for the same month, South Florida registered close 70% cash transactions in sales of existing-home.
This numbers are amazing and certainly unheard of.
Notwithstanding the historical low rates available for financing today, the difficulties and extensive requirements imposed by lenders motivate buyers to consider paying in cash. Another motivation comes from the Sellers themselves who are so discourage by the lengthy credit approval processes, that are willing to discount asking prices a few additonal percentage points if the buyer buys cash and is willing to close withing weeks.
For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or text or call me at my mobile number 305.450.0036
A new survey published by the Bank of Montreal, suggest that 1 in 5 Canadians are interested in buying property in the United States.
According to an article published by the Florida Association of Realtors, the buying interest responds to the drop in real estate prices in hot snowbird destinations such as Miami.
For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or text or call me at my mobile number 305.450.0036
According to a recent article published by the South Florida Business Journal, January 2011 unemployment rate for Miami-Dade county reached 12.0%. This represents a drop of 1.1% from the 13.1% reached last December 2010, but still higher than the 10.9% we had last January 2010.
Keep in mind that while a lower unemployment rate not necessarily translates into job creation (at least in the short term), a lower print of the unemployment number is encouraging for those betting that the economy is on a path to recovery.
For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or text or call me at my mobile number 305.450.0036
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