Miami Real Estate, Brickell Avenue Condos, Brickell Key Condos, Key Biscayne Condos, Coral Gables Condos, Miami Downtown Condos, South Beach Condos

Extranjeros continuan comprando propiedades en Miami

michael — Sun, 06 Jun 2010 20:23:07 +0000

De acuerdo con un reciente articulo publicado por El Nuevo Herald y titulado “Extranjeros Dominan Mercado de Propiedades”, extranjeros desde Canadá a la Argentina y muchos Europeos se están aprovechándose de los precios bajos disponibles hoy día en Condos en las áreas de Brickell, Downtown Miami, Biscayne Blvd., Miami Beach, Sunny Isles y Aventura, áreas donde donde todavía se consiguen excelentes precios de compra en nuevos y espectaculares Condos.

De las 23,000 unidades que se construyeron desde el 2003 al 2009, apenas el 74% están ocupadas. De modo que el restante 26% o aproximadamente unas 5,980 quedan disponibles. Estas cifras y mas información la pueden obtener en el siguiente reporte “Residential CLosing and Occupancy Study, March 2010 Update”, publicado por el “Downtown Development Authority”.

Para mas información sobre este articulo o si tiene preguntas o sugerencias, se puede comunicar con nosotros a: michael@miamiflorida.com o me puede llamar al 305.450.0036

For Mac users, IDS is a new tool available to access the MLS on your Mac!

michael — Wed, 21 Apr 2010 15:52:13 +0000

MarketLinx recently launched a new application that allows Mac users to access the MLS directly from their Mac OS system. The traditional alternative is having to install a third party application such as Paralles or VM Fusion software then installing Windows so that you can run Internet Explorer to access the MLS.

The MarketLinx application is called IDS and you can find the download instructions at the following link: IDS Links Mac Installation Guide_SEF

I have been using it for a week or so. It works well and is fairly stable. Unfortunately it is somewhat slow when compared to running the MLS direct from Internet Explorer.

IDS is a temporarely solution for those who prefer not to installed Windows on their Macs.

Hopefully by sometime early in 2011, MarketLinx will release the MLS on all internet browers as I discussed in my earlier blog.

For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036

MLS news: Soon no need to run Windows anymore! MAC users will likely have native MLS access…

michael — Wed, 10 Mar 2010 12:11:13 +0000

During a recent conversation with a MarketLinx representative on the subject of MLS access and the limitations impose by Internet Explorer, the MarketLinx representative said and I quote “we are developing a solution that will allow native MLS access from virtually any platform or browser, including Mac OSX, Safari, Firefox, Chrome, etc. The first Beta installation is happening this spring; rollout to the majority of our MLS customers should begin around the end of the year 2010. Depending on where Southeast Florida MLS falls in the installation schedule, you may not see it until late winter or spring 2011. And that is assuming there are no major hiccups between now and then. That said, this is a very high priority project for MarketLinx, so we’ll be doing our best to stick to the schedule.”

Once these changes become available, it means that no longer you will need to run Windows in order to access the MLS.

As of today the only way to access the MLS is using Windows Internet Explorer application. If you are using a Mac, you first need to install Parallels or VM Fusion software, which allows you to run the Windows operating system (XP or Windows 7). Then of course you can run Internet Explorer and be able to access the MLS. You can also purchase a copy of Crossover software which allows you to run Internet Explorer 6.0 or 7.0 beta. I have tested all of the above solutions and find that Parallels running Windows XP a reasonable combination. But no as a simple, reliable and efficient as running a native Mac application.

Well, hold tight MAC users, within a year from today or sooner your Windows frustrations will go away… You will have access to the MLS using Safari, Firefox, Chrome or any other browser of your choice.

For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036

Interest rates begin to rise… What it all means for the real estate recovery!

michael — Fri, 19 Feb 2010 12:55:22 +0000

Yesterday afternoon at 4:30pm – just after the close of the US Equity markets – the US Federal Reserve (FED) announced a 0.25% interest rate hike in its Discount Rate, now set at 0.75% from the previous mark 0f 0.50%. Although the FED had signaled higher rates for 2010 – expectations were that higher rates would arrive the second half of 2010, possibly the last quarter - yesterdays announcement came as a complete surprise and rattle the financial markets overnight.

What it all means for Buyers and Sellers of real estate?

For existing owners, mortgage interest rates will likely move higher in the coming days, particularly for those who have Adjustable Rate Mortgages (ARM’s) and Home Equily Lines of Credit (HELOC’s). And while the impact on your cash-flow might not be significant in the short term, it is a reminder that you might want to re-think your current financing – if you have haven’t yet – and possibly consider switching from a floating rate mortgage to a fix rate mortgage.

For Buyers looking to finance a new purchase but are undecided holding back for an additional drop in property prices, should first look into the connection between interest rates and prices. For example, if prices come down another 10% but interest rates increase by 1 percentage point, that would mean the same monthly payment today versus waiting. Read the following WSJ article.

Keep in mind that yesterdays announcement is likely not to be a one time event. It potentially signals the beginning of an uptrend in higher interest rates, and according to many economist the trend could last well into 2012.

For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036

Don’t take away the punch bowl, more good news for Buyers!

michael — Tue, 16 Feb 2010 13:20:58 +0000

The Wall Street Journal (WSJ) argues that the Miami shadow inventory could reach 24 months of supply as a result of an increase in the number of foreclosures coming to market in the months ahead. In the article titled “Foreclosures Seen Still Hitting Prices” the author concludes that “most efforts to modify loans with easier terms will delay, not prevent, the loss of homes to foreclosure”. Two recent studies published by John Burns Real Estate Consulting Inc. and Standard & Poor’s Financial Services LLC, were quoted as the source for the WSJ conclusions.

Miami has experienced a steady pickup in real estate sales since the summer of 2008 which marked the highest levels of inventory in record with almost 41,934 properties listed for sale in Miami-Dade County. As of today the county has approximately 24,948 properties listed for sale. That represents a drop of 40.5%. At this pace and from an inventory perspective, the Miami real estate market could reach normalcy in inventory levels in 2010. By historical standards a stable real estate market has 6 to 9 months of inventory.

With 24 months or so of shadow inventory menacing in the horizon, Buyers who have been frustrated by not getting the deals they were looking for, might get a second chance to close on that great deal in the months ahead!

For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036

What is the “Shadow Inventory” and how it may affect your decision to buy!

michael — Fri, 18 Dec 2009 13:33:41 +0000

A lot has been written about “Shadow Inventory” but a recent Bloomberg news article “Shadow Inventory of U.S. Homes Climbs, Report Says” summarizes it the best.

The term “Shadow Inventory” is used in different ways, but it applies to all of the following:

Developer Units – These are properties (Condos, Single Family Homes or Townhouses) listed for sale by the Developer. With very few exceptions, these properties are not listed in your local Multiple Listing Service (MLS) which is not only used by Real Estate Agents, but also serves as the normal source of real estate statistics. Developer units are moving faster than you might think or read about.
Foreclosures in Process – These are properties that are in the process of foreclosure and seriously delinquent loans. Keep in mind that some loans may be in the modification process.Foreclosures in Process are a concern today! given the poor visibility/reading we are getting from Lenders. But wishful thinking suggest that the administration and their respective agencies involved in the lending process could surprise us favorably. More favorable news to come.
REO’s (Real Estate Owned) in process - Are bank owned properties that have not been put on the market yet.REO’s (Real Estate Owned) in process is a double side sword for Lenders. The speed of growth in REO portfolios has slow down substantially. Lenders are understandably more apprehensive take over properties and then selling them at below market prices. It is a snow ball effect they are trying to minimize.
Previously Listed for Sale in the MLS – These are homeowners who had their property listed for sale and for one reason or another did not sell. The primary reason being that owners had expectations of getting a higher price for the property. These owners are now waiting for comparable properties that are listed as Short Sale or REO to sell so they so that they may have a better chance at selling their own property at a higher price.Previously Listed for Sale in the MLS is a phenomenon that has always been present. It simply has increase with the current market conditions and will go back to a normal trend as economic conditions improve.
Undecided Homeowners – These are homeowners who are also entertaining the possibility of selling but are also waiting to list for sale for the same reasons as those owners who previously listed the property for sale on the MLS.Undecided Homeowners is also a common fact of life in the real estate business. Guessing this number is like guessing the lottery!

All in all, Shadow Market or Shadow Inventory refers to homes not yet listed for sale but that are likely to be listed for sale in the next 12 months or so.

The bottom line is that it is quite difficult to define the size of the shadow market. A report from First American CoreLogic released last 12/17/09 is a good example.

As the economy does better, the circumstances that affect all of the above today! are expected to substantially improve over time. In the months and years to come the term “Shadow Market” will be associated with the extreme economic recession of 2008 and 2009, just a thing of the past.

For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036

Ben Bernanke just refinanced his home at 5%. What about you?

michael — Wed, 16 Dec 2009 22:29:08 +0000

Does Ben Bernanke, Chairman of the US Federal Reserve, know something about interest rates that the rest of us do not?

Maybe, but the likelihood of higher interest rates in 2010 and beyond is not much of a secret!

In a recent TIME Magazine interview, Chairman Bernanke says he refinanced his own mortgage a couple of months ago at 5%, and switched from a floating rate, which the Fed chairman said “exploded” in cost, to a 30-year fixed.

TIME: Do you have a mortgage?
Bernanke: Oh, yes, we refinanced.
TIME: Oh, perfect. When?
Bernanke: About 5%. A couple of months ago.
TIME: Good time.
Bernanke: Yes. We had to do it because we had an adjustable rate mortgage and it exploded, so we had to.
TIME: So, did you get a fixed rate at 5%? I think this might be the most valuable piece of information. (Laughter.)
Bernanke: Thirty years fixed rate at a little over 5%.

Although the motivations to refinance your home or finance a new purchase may vary from one family to another, it is clear that the low interest rates available today and the strong possibility of higher interest rates into 2010 and for several years to come is a strong motivation.

And for Buyers, lets not forget that low real estate prices will not last forever either.

If you are buying real estate or are considering refinancing your existing property, we can help! Give us a call at 305.450.0036

For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036

Wealthy Investors continue to invest in Real Estate! Are you?

michael — Thu, 03 Dec 2009 23:13:45 +0000

According to a recent article published by the Wall Street Journal and a recent study published by Barclays Wealth, 75% of respondents felt residential real estate looks attractive from an investment perspective. And about half of the 2,000 respondents expect an increase in the value of their real estate investments over the next two years. Almost 40% of those with assets of $50 million or more have greater than 50% of their portfolio in real estate.

Miami offers today some of the best investment opportunities available in all price ranges.

For more information or if you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036

Treasury sets guidance to simplify “short sales”

michael — Thu, 03 Dec 2009 00:29:17 +0000

This article states the U.S. Treasury has finally set the guidelines for their “short sale” plan. Although there is nothing posted on the U.S. Treasury’s website yet, we are expecting the details to be released shortly at www.financialstability.gov. Please reference this website for the full details of the plan.

If you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036

Congress Passed the Federal Homebuyer Tax Credit Extension and Expansion

michael — Fri, 06 Nov 2009 14:57:03 +0000

On November 4th, 2009, the U.S. Senate voted (98-0) to pass a bill which extended and expanded the federal homebuyer tax credit. On November 5th, 2009, the U.S. House of Representatives did the same (403-12). It’s now on its way to the President for his signature which is expected to happen as early as tomorrow!

CLICK HERE to view (and print) a one-page PDF document that outlines the final changes that were approved. All changes made to the current credit and the new additions will become effective when President Obama signs the bill. To summarize:

Amount: Up to $8,000
Who: First-time homebuyers — same definition as current law
Amount: Up to $6,500
Who: Repeat purchasers. Must have used previous home as a principal residence for 5 of the 8 previous years.
Income Limits: $125,000 for single filers/$225,000 for joint filers. Same for both first-time and repeat/move-up buyers.
Time Frame: December 1, 2009 to April 30, 2010
(also includes a 60 Day extension if binding contract is in place by April 30, 2010)
Limitation on cost purchased home: $800,000
Anti-fraud measures have been added.

If you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036