MiamiRealEstateKing

Archive for the ‘Trends’ Category

Get your home Sold faster

In real estate, Sellers, Short Sales, Trends on September 2, 2011 at 7:13 pm

Many sellers have bought and sold more than one home in their lifetime.  Today, these sellers struggle to understand that this is not the market they bought their current home in, nor the market they sold their previous home in.  They may even be holding on to the hope that the market will recover “soon” and holding on to past selling experiences that no longer work.

In fact, these reluctant sellers could sell their home soon(er) if they could only wrap their head around a few simple selling tricks. These are the same tricks professionals and most successful sellers (those who’s homes are now showing in the “Homes Sold” statistics you receive from your agent), have used to get their home SOLD. What tricks did they use you ask? Simple…

Use Sales Incentives

Incentives are used to market everything, from car insurance, to beds, cars, clothing, airline tickets, etc. Don’t think so? Consider paying attention to the incentives used by pretty much every vendor in almost every commercial on t.v. or radio.

Hec, what incentives have you used to lure your boss, employees, spouse or your kids to do something they initially did not want to do and you “incentiviced” them to?

The incentives don’t have to be big – they can be little – either way, their purpose is to get them (a buyer), to pay attention and to seek you (the seller), out over all other competing homes.

If vendors offers some sort of incentive to get you to call or at least consider their product or service, many of them spending hundreds, thousands, even millions in advertising dollars to make sure they get you to listen or have your eyeballs zoom-in on their advertisement and at least get you to think about and consider them or their product or service, then why would you not consider these tactics yourself to get what may be the largest asset you own ( your home), sold?

Here’s the best part…unlike advertisers who pre-pay for your attention, you often don’t have to spend a dime ahead of closing to get your home sold. So, what did successful sellers use to get their homes sold? Here are four tactics they used – and now, you can too:

  1. Buy-down buyer’s interest rate.  Interest rates are at all-time lows. However, if a marginally qualified buyer may be turned off by the fact that, for whatever reason they will have to buy your home with a higher interest rate, then offering to buy-down their rate may make them re-consider and choose to buy your home over a neighbor’s house. In fact, they may even like your neighbor’s house more than they like yours but, your neighbor may not offer this incentive and this “financial” reward, which may save the buyers thousands over the live of the loan, may be enough to get them to commit and buy your home instead.
  2. Pay for Closing cost.  Besides the down payment lenders require from buyers, they typically also require buyers to come to closing with an additional 3 to 6 percent of the loan amount to cover closing costs such as loan fees, title and mortgage insurance, prorated charges like taxes, homeowner’s insurance, etc. Depending on the lender or loan program the buyer applies and qualifies for, you may be able to pay all or a portion of these closing costs for the buyer. Again, if your neighbor is not willing or able to do this, this may give you the competitive edge you need to get this buyer to sign on the dotted line and place your home on the SOLD side of the equation.  Think about it.  A 3% closing cost contribution you offer to your buyer on a home that requires a $200,000 loan, represents $6,000 the buyers no longer have to bring to closing and use instead for other things like decoration, moving or just keep tucked-in for a rainy day.
  3. Offer to pay their HOA/COA dues.  If you are selling a home or condo that is in a homeowners’ or condo association, then surely you remember how these buyers may feel when that bill comes due after being depleted of cash from down payment, closing costs, moving expenses and personalization (updates, upgrades, decorating, etc). Buyers may put pencil to paper and realize that this incentive alone could get them interested in at least considering your home or condo over your neighbor’s. Obviously, you can offer to pay this fee for a period of time you negotiate – be it 6 months, a year or longer.
  4. Brokers are people too.  Smart sellers using the expert services  of real estate professionals typically understand that agents are people too, and that incentives can also move some agents to make sure your property gets shown often.  Offering to pay an extra commission as an incentive to buyer brokers also helps get your home sold. Consider that, most buyers who are ready, willing and able to make the ultimate commitment (well…after marriage), to buy a home are usually represented by a broker.  After all, buyers typically do not pay for the broker’s services and they use them for their expertise and for guidance between contract to post-closing. Since buyer brokers have to sort through dozens, sometimes hundreds of listings to decide which ones to show a buyer, it stands to reason that these brokers may be a key buffer between you and a buyer and that incentives may get them to present your home to their potential client. If the broker sees they will get pay 1% or 2% more in the chance their buyer likes your home, they will make absolutely sure to show your home first – and to as many buyers looking for your type of home they come in contact with. This, in combination with the right price and property condition, helps improve your “traffic” (or exposure), because Buyer-brokers will be sure to include your home in the list of homes they will show to all their qualified buyers.

Remember, your home must be competitively priced, must be kept in “show condition’ every time it is shown and in today’s market, you must also consider “incentives” to get buyers through your door. This increase in traffic will increase the probability of getting an offer – even multiple offers, ensuring a faster sale of your home than your neighbor’s, often at a higher price (in today’s market – property values are still fragile. Not selling today, may mean selling for less tomorrow).

Finally, none of these ideas will cost you a dime before closing, and though they may reduce your proceeds at closing, incentives will help ensure you “move-on” with your life and begin to look forward to new opportunities you will now be able to pursue and enjoy sooner – without the looming and persistent effect of a home that won’t sell.

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Your comments and opinion welcomed

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I Can’t Pay My Mortgage and I Don’t Know What To Do :-/

In Distressed Sales, fannie mae, FHA, First Time Sellers, florida, forclosure, foreclosure, foreclosure moratorium, foreclosure prevention scam, Freddie Mac, government, HAFA, HAMP, home sellers, homeowner, HomePath, HomeSteps, HUD, Industry trends, IRS, Market Report, miami beach, Miami-Dade County, modification, mortgage, NAR, National, option-arm, real estate, REO, scams, Sellers, Short Sales, South Beach, Tax Matters, Trends, Wenceslao on December 22, 2010 at 4:05 pm

About 75% of folk who lose their home to foreclosure, do so because they either do not seek help, or they get the wrong kind of help.

I am often asked legal questions to which I must invariably reply…I am not an attorney. The best I can do is speak from personal experience and remind them that it is imperative to seek competent and relevant legal and tax advise from active professionals.

In real estate for example, not all real estate agents are even Realtors.  Realtors are agents who as members of the National Association of Realtors(c) (NAR), they must adhere to NAR’s strict Code of Ethics. In addition, many are no longer in the business full-time nor are they truly keeping up with all the industry changes.

Homeoners looking to sell must always seek the assistance of full-time professionals. When in distress, they must take extra precautions in order to avoid falling victims of scams and even, downright fraud.

Below are some of the most common Frequently Asked Questions (FAQs) about foreclosure avoidance.  If you have further questions not addressed below, or would like additional information and resources, feel free to Contact Us.

Do I qualify for a short sale?

The qualifications for a short sale include any or all of the following:

  1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
  2. Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

What is a mortgage modification?

A mortgage modification is a process through which your mortgage lender changes any or all of the following:

  • Your interest rate
  • Your principal balance (through a reduction)
  • Your loan terms (example: from an adjustable to a fixed rate)

This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.

Why would a lender modify my mortgage?

Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.

What do I need to qualify for a mortgage modification?

According to the Making Home Affordable Web site (www.MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:

  • Information about your first mortgage, such as your monthly mortgage statement
  • Information about any second mortgage or home equity line of credit on the house
  • Account balances and minimum monthly payments due on all of your credit cards
  • Account balances and monthly payments on all your other debts such as student loans and car loans
  • Your most recent income tax return
  • Information about your savings and other assets
  • Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources

If applicable, it may also be helpful to have a letter describing any circumstances that caused your income to reduce or expenses to increase (job loss, divorce, illness, etc.)

How do I qualify for a mortgage modification?

The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):

Prior to contacting your mortgage lender you can quickly complete an eligibility test atwww.MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP). For a list of mortgage lenders and servicers, visit www.HopeNow.com.

What if I don’t qualify for a mortgage modification, can’t afford my home, and owe more than it’s worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents like me, with the Certified Distressed Property Expert® Designation, have undergone extensive training in how to process and negotiate short sales. A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.

What is a Home Affordable Refinance?

If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.

What are the qualifications for a Home Affordable Refinance?

According to the resources released by the government, following are a list of qualifications:

  • You are the owner occupant of a one- to four-unit home
  • The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
  • At the time you apply, you are current on your mortgage payments (you haven’t been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
  • You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
  • You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan

Courtesy:  ©2009 Distressed Property Institute, LLC. | All Rights Reserved

The Distressed Property Institute LLC is behind the Certified Distressed Property Expert (CDPE) designation that over 29,000 professionals now hold.

Average 30-year fixed mortgage rises to 4.83%

In Buyers, credit, Home Buyer, Industry trends, Interest Rates, Loan Program, miami beach, Miami-Dade County, mortgage, real estate, Trends on December 17, 2010 at 6:01 pm

NEW YORK (AP) – Dec. 17, 2010 – Rates on fixed mortgages surged for the fifth straight week, reflecting higher yields on long-term Treasurys.

Freddie Mac said Thursday the average rate on a 30-year fixed mortgage rose to 4.83 percent from 4.61 percent in the previous week. Last month, the rate hit a 40-year low of 4.17 percent.

The average rate on the 15-year loan also increased to 4.17 percent from 3.96 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

Rates are on the rise after falling for seven months.

Investors are shifting money out of Treasurys and into stocks. That’s largely on the expectation that the tax-cut plan that Congress is set to approve will spur growth and potentially higher inflation.

Yields tend to rise on fears of higher inflation. Mortgage rates track the yields on the 10-year Treasury note.

The sell-off in the 10-year Treasury note is complicating the Federal Reserve’s efforts to lower interest rates by buying up $600 billion in Treasurys. Some traders had hoped the central bank would boost the scale of its purchases to keep interest rates down.

The increase in rates already is chilling the housing market. Refinance activity fell last week for the fifth straight week, while the number of people applying for a mortgage to purchase a home dropped 5 percent from the previous week, the Mortgage Bankers Association said.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

The average rate on a five-year adjustable-rate mortgage rose to 3.77 percent from 3.60 percent. The five-year hit 3.25 percent last month, the lowest rate on records dating back to January 2005.

The average rate on one-year adjustable-rate home loans edged up to 3.35 percent from 3.27 percent.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fee for all mortgages in Freddie Mac’s survey was 0.7 point.

Copyright © 2010 The Associated Press, Janna Herron, AP real estate writer.

With Average Closed Prices and Median Closed Prices up two months in a row in Miami-Dade and rates up for 5th straight week you must carefully consider – are you being priced-out of the market….again?!

 

Downturn Makes Rent-to-Own More Appealing

In credit, Home Buyer, home sellers, Industry trends, Lease-Option, Leasing, mortgage, NAR, National, real estate, Sellers, Trends on December 16, 2010 at 8:51 am

December 9, 2010: Downturn Makes Rent-to-Own More Appealing
As the housing downturn continues, rent-to-own contracts are becoming increasingly popular.

Rent-to-own allows buyers time to see if they like the property and time to repair their finances and get a mortgage.

Fritzi Barbour, an associate with Coldwell Banker Caine in Greenville, S.C., says many practitioners are unwilling to recommend a lease-to-own arrangement.

The negatives from a buyer’s standpoint: less flexibility than a rental situation without the permanence of owning and the potential loss of a hefty down payment if the deal doesn’t close.

The down side from the seller’s vantage point: the possibility that the buyers will be unwilling or unable to buy and their presence make a purchase by someone else unlikely. Also, the seller doesn’t get the money right away, nor is there real closure to the deal.

Source: the Wall Street Journal, Sarah Max (12/02/2010)

[Editor’s note: NAR last year hosted a how-to webinar on lease-to-own. The recorded version is available for free access.]

MIAMI’S CLOSED PRICES UP FOR SECOND MONTH IN A ROW

In Buyers, First Time Sellers, First-Time Buyer, florida, Home Buyer, home sellers, homeowner, Industry trends, Interest Rates, Investing, Investor, Kiyosaki, miami, miami beach, Miami-Dade County, real estate, second home, Self-Directed IRA, Sellers, Short Sales, South Beach, Trends, Wenceslao on December 10, 2010 at 3:16 pm

Not surprisingly, Miami-Dade county’s Average and Median Closed prices were up again, for the second month in a row.

Recently, you read my blog post “LISTENING TO NATIONAL REAL ESTATE NEWS MAY BE DANGEROUS TO YOUR FINANCIAL HEALTH” where in response to recent news claiming that national resale prices were down 2% in Q3/2010, I reported that these were already stale reports that were 2-months old and that by contrast, in October, 2010, the Average Closed Price in Miami-Dade had gone up 6.3% while the Median Closed Price went up 5.5% from September, 2010.

As it turns out in November, 2010 and for the second month in a row, the Average Closed Price in Miami-Dade went up another 5.7% and Median Closed Prices also went up another 3.8% from Oct./2010.

Although the number of properties Sold went down 9.4% from October, 2010, and 1.1% from October, 2009, the number of Pending Sales was up again by 4.1% from October 2010 and up 38.3% from October, 2009.

So, is this proof certain that we’ve hit bottom? I don’t know.

What I do know is that, if you are looking to buy in Miami-Dade county, and you are looking to close before the 12/31/2010 deadline so you can get the deductibility and Homestead Exemption, you must hurry.

Although you do not need to have the deed recorded by 12/31/2010, all documents must be executed by then.

Also, waiting may already cost some people about 12% more based on the recent increases in the Average Closed Price since September, 2010 and 9.3% more based on the Median Closed Price since September, 2010, which stood at $125,000 then and stands at $135,000 as of November, 2010.

Sellers must also understand that, this is NO time to play or allow greed to take over. It is time however to get serious about discussing your marketing with your Realtor.

There are several components of marketing and Sellers control one of the most critical: PRICE

Although a buyer’s ability to have easy access to see the property and how the property shows (is it staged or cluttered), are also two-critical components sellers control, price is a function of almost everything else, including property condition, market condition and other factors we cannot control.

Your professional Realtor controls the promotion and marketing of the property. However, when a property does not show very well or making showing appointments becomes inconvenient for buyers, your Realtor’s best efforts to get the property sold at the highest price, within the shortest time and the least hassles, may be (at least to a degree), negated.

Buyers on the other hand are competing for deals with other buyers and investors. This is no time to hesitate, over-analyze or waste time before looking at the potential deals your Realtor is sending you. It is also no time to second-guess prices if you are at risk of suddenly, being priced out of the market.

With prices on the rise and interest rates also on the rise (even if marginal), the combination of higher prices and higher rates could be lethal to a border-line buyer.

If you are looking to make a purchase or selling decision in the next 15-30 days, don’t hesitate to contact a professional Realtor (remember, not all real estate agents are Realtors – members of the National Association of Realtors who adhere to a strict Code of Ethics), and one who is additionally trained in helping you navigate through the idiosyncrasies of distressed properties*.

If you are looking to sell (not list for sale but list to sell), you may request a Free Market Analysis at FreeMiamiHomeValuation. There is no cost or obligation and you will also get two special reports with your Free Valuation report and will also entitle you to a 30-minute, no cost or obligation consultation.

For Miami Beach, the numbers are even more staggering.  Closed sales in November, 2010 were up 5.9% from October, 2010 and up a whopping 38.5% from October, 2009.

At the same time, Pending Sales in November, 2010 were up 42.1% from October, 2010 while up an incredible 80% from October, 2009, clearly demonstrating that the beaches, as a localized location, is quite more attractive and continues to produce strong results.

More on Miami Beach on a separate post.

*Visit www.CDPE.com and find a Certified Distressed Property Agent near you.  With about 29,000 CDPE’s nationwide, this is the largest professional association of its kind in the nation.

Americor / Vacation Finance Lunches New Lending Product

In Buyers, credit, Distressed Sales, florida, forclosure, foreclosure, government, Home Buyer, Industry trends, Investing, Investor, IRS, lenders, Loan Program, Market Report, miami, miami beach, Miami-Dade County, Military, mortgage, National, Qualified Retirement Plan, real estate, Roth-IRA, second home, Self-Directed IRA, South Beach, Tax Matters, Trends, vacation home, Wenceslao on October 13, 2010 at 7:51 am

Using your IRA to buy Investment Real Estate

Posted: 12 Oct 2010 09:35 AM PDT

Americor Mortgage is launching a new loan program for investors who are buying investment property with their self directed IRA. Our mortgages will be NON-RECOURSE, and the individual does not need to qualify, the property does.

So even borrowers with recent credit challenges, low or retirement income, can get a mortgage through their IRA.

IRAs can buy condos, single family residential, and commercial income producing properties.

Contact Americor-Vacation Finance for more info: info@vacation-finance.com

To learn more about Self-Directed IRA rules visit http://www.IRS.gov

You may also contact Jason DeBono at Entrust Florida (www.EntrustFl.com) at JDeBono@EntrustFl.com who are qualified administrators for Self-Directed IRAs

FORECLOSURES HALTED! What does that mean to you?

In bank-owned properties, Buyers, closing, Distressed Sales, florida, forclosure, foreclosure, government, Home Buyer, home sellers, homeowner, Industry trends, Investing, Investor, lenders, mediation, miami, miami beach, Miami-Dade County, Military, modification, new rules, real estate, REO, Sellers, Short Sales, South Beach, Trends on October 4, 2010 at 1:19 pm

Recent developments have called for a full STOP of all foreclosures (see Awaiting Bailout, Several Big Banks Halt Foreclosures and Foreclosures Halted In 23 States: Plantiffs’ Lawyers Rejoice), including the State of Fla.

It seems that this move will not only affect new and pending foreclosure files, but all properties already on the market as well as pending transactions.

Therefore, if you are currently under contract to purchase an REO, you should contact the listing agent and the closing agent to determine the status of your transaction.

The upside about this new development is that it will make it the best time since the recession began to get short sales and regular sellers on the market, priced correctly and sold.

“I anticipate that this foreclosure stoppage will create a supply shortage in the short term and you will have a greater chance now than ever before to get your listings sold!”, says Natascha Tello, Broker, Operating Partner, Keller Williams Realty Partners SW, Pembrooke Pines.

So, if you are a seller that is looking to sell your home and avoid foreclosure or is considering selling your home, this new development should provide a favorable opportunity to do so.

Our market may be Shifting Again!

If you are an investor, home buyer or home owner, make sure you screen your real estate professional. Make sure they are in business full time, that they are members of the National Association of Realtors (which is the only way they can call themselves Realtors(c) and adhere to their strict Code of Ethics), and make sure they are additionally trained for this market.

If you feel you must sell and you owe more than your property is worth, make sure you consult a Realtor(c) who is also a Certified Distressed Property Expert (c) (CDPE). Search for one near you at http://www.CDPE.com.

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For any questions or for a complementary 30-minute, no obligation and confidential consultation, feel free to contact Wenceslao Fernandez Jr, CDPE by calling 786-361-6463 or by writing to Wenceslao@KW.com

Existing Home/Condo Sales Improve in August

In Distressed Sales, Fl, florida, Home Buyer, home sellers, Industry trends, international buyers, Investing, Investor, miami, miami beach, real estate, REO, Sellers, Short Sales, Trends on September 27, 2010 at 11:35 am

Florida’s existing home, condo sales up in August

ORLANDO, Fla. – Sept. 23, 2010 – Sales of existing homes in Florida rose 1 percent in August, with a total of 13,997 homes sold statewide compared to 13,908 homes sold in August 2009, according to the latest housing data released by Florida Realtors®. Statewide existing home sales in August increased 3 percent over statewide sales activity in July.

Ten of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales last month, while 13 MSAs posted increased existing condo sales. Florida’s median sales price for existing homes last month was $134,000; a year ago, it was $146,500 for a decrease of 9 percent. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in July 2010 was $183,400, up 0.9 percent from a year earlier, according to the National Association of Realtors® (NAR). In Massachusetts, the statewide median resales price was $333,000 in May; in California, it was $314,850; in Maryland, it was $267,489; and in New York, it was $227,000.

In Florida’s year-to-year comparison for condos, 5,706 units sold statewide last month compared to 4,662 units in August 2009 for an increase of 22 percent. Statewide existing condo sales last month increased almost 2.7 percent over July’s condo sales. The statewide existing condo median sales price in August was $81,600; in August 2009 it was $107,200 for a 24 percent decrease. The national median existing condo price was $176,800 in July, according to NAR.

The housing sector faces a long recovery process, due in part to slow job growth and the still-fragile economy, according to NAR’s latest industry outlook. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” said NAR Chief Economist Lawrence Yun. The pace of sales has slowed since May, following the expiration of the federal homebuyer tax credit, Yun said, who predicted this “pause period” likely will last through September.

“However, given rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs,” he said.

The interest rate for a 30-year fixed-rate mortgage averaged 4.43 percent in August, down from the 5.19 percent averaged in August 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Reprinted by Permission: © 2010 Florida Realtors®

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In Miami-Dade County specifically, we have also seen improvement in segments of the market. Overall, the county has experienced a slight increase in inventory of 1.2%, although inventory levels dropped 10.4% year-over-year as depicted in the graph below.

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 23976 24271 1.2% 27083 24271 -10.4%
New Listing 5465 5391 -1.4% 4098 5391 31.6%
Sold 1957 1832 -6.4% 1761 1832 4%
Pended 2874 3327 15.8% 2618 3327 27.1%

The opposite was true with new inventory levels where a 1.4% drop in the month of August was reported, as compared to July, 2010. In contrast, notice the amazing increase in inventory levels year-over-year of 31.6%, signaling that possibly, we are seeing new foreclosure units come to market as compared to 2009.

The following charts depict non-distressed  vs distressed property activity in Miami-Dade county. These charts demonstrate the state of affairs in the county and easily proves where the market activity is.

Non-Distressed activity:

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 13754 13773 0.1% 17674 13773 -22.1%
New Listing 2317 2190 -5.5% 2477 2190 -11.6%
Sold 686 633 -7.7% 820 633 -22.8%
Pended 719 754 4.9% 1238 754 -39.1%

Distressed (Short Sales & REOs) activity:

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 10215 10491 2.7% 9409 10491 11.5%
New Listing 3148 3201 1.7% 1621 3201 97.5%
Sold 1271 1199 -5.7% 941 1199 27.4%
Pended 2155 2573 19.4% 1380 2573 86.4%

To further brake it down, below is the chart depicting REO activity in Miami-Dade county, Florida:

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 2111 2298 8.9% 1029 2298 123.3%
New Listing 1548 1613 4.2% 696 1613 131.8%
Sold 767 779 1.6% 779 779 0%
Pended 1021 1425 39.6% 766 1425 86%

While the following chart depicts Short Sale activity in Miami-Dade county, Florida:

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 8104 8193 1.1% 8386 8193 -2.3%
New Listing 1600 1588 -0.7% 925 1588 71.7%
Sold 504 420 -16.7% 162 420 159.3%
Pended 1134 1148 1.2% 614 1148 87%

Clearly, the Short Sale market seems to be the most active, showing a 159% increase in activity from last year from 162 units sold in August 2009 to 420 units sold in August, 2010. However, it also suffered the largest month-to-month decline in closed sales between July, 2010 and August, 2010 for a 16.7% drop from 504 units sold in 7/10 to 420 units sold in 8/10.

In the Coastal, Eastern Miami-Dade county areas I serve (Zip Codes: 33109, 33129, 33130, 33131, 33132, 33139,  33140, & 33141), the overal acticity chart follows:

Overal Market Activity for Miami Beach, Downtown-Biscayne and Brickell areas are as follows:

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 5601 5625 0.4% 6168 5625 -8.8%
New Listing 982 951 -3.2% 778 951 22.2%
Sold 300 274 -8.7% 230 274 19.1%
Pended 433 452 4.4% 367 452 23.2%

Note again that, although new listings and sold units in August were down as compared to July, they’re both robustly up as compared to last year. Just the same,

Pending sales (a forward indicator), continues to show (except for non-distressed sellers), that the following months show promising results as those properties under contract close.

With 40-unit Onyx on the Bay near Downtown Miami going up for Bankruptcy auction on October 5, 2010, including 56 parking spaces and some storage units, it is easy to see that though we may be reaching a recovery point, we are also still on a long road to full recovery and reversal of current market conditions.

However, conditions are ripe for buyers to capitalize long-term on great deals. Only those who take action will benefit though.

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 23976 24271 1.2% 27083 24271 -10.4%
Sold 1957 1832 -6.4% 1761 1832 4%
Pended 2874 3327 15.8% 2618 3327 27.1%

“View from the Beaches” Comes to South Beach

In events, FIU, florida, foreign nationals, Home Buyer, home sellers, Industry trends, international buyers, Investing, Investor, lenders, Market Report, miami, miami beach, Miami-Dade County, Monty's, REAAC, real estate, second home, Smith & Wollenski, South Beach, Texas de Brazil, Trends, vacation home on September 25, 2010 at 4:14 pm

Craig Werley to speak at REAAC‘s “View from the Beaches” event, this Tuesday, Sept. 28th starting at 5pm and ending at 8pm after a 1-hr networker at Texas de Brazil, located at 300 Alton Road (by Monty’s), with all you can eat food and prizes will be raffled, including an industry report from Condo Vultures LLC.

The Real Estate Alumni & Affinity Council or REAAC, is a Florida International University (FIU), alumni chapter in Miami-Dade County, Florida. It is open to alumni and supporters of Florida International University and works with the Alumni Association Liaison and the Director of Real Estate Programs in the College of Business at FIU to serve as a continuing network of FIU anchored real estate professionals.  A main goal of REAAC is the provision of networking opportunities between local and national real estate professionals in the various specialties that make up the real estate industry.

Mr. Werley is founder and President of Focus Real Estate Advisors, LLC, a Florida based real estate consulting firm providing market research, analysis and strategic advice to real estate investors, developers, builders and lenders.

He will speak along with Bob Waun, Managing Director of Americor Mortgage /Vacation Home Finance and Peter Zalewski, a principal with the consulting firm Condo Vultures® LLC, with guest, FIU Dean, Dr. Joyce Elam, Executive Dean and James L. Knight Professor of Management Information Systems, College of Business Administration and Vice Provost FIU Online.

Due to limited space, everyone is encouraged to register early.

The event is expected to draw a good crowd among FIU students, alumni, industry professionals (Realtors and financing) and members of the public.

The main topic of this event will focus on Second Homes, Vacation Homes and Condo market in Miami-Dade county, Florida and Miami Beach.

Anyone interested in real estate topics, out of town buyers and anyone looking for relevant information or to meet top industry and academic specialists, should attend.

Registration to the event is open to the public and will include all you can eat food plus prizes to be raffled. The speakers will take the podium between 5pm and 7pm and the event will close with a networking hour between 7pm and 8pm and you are strongly encouraged to bring plenty of business cards.

To register, follow this link

View from the Beaches Event coming up soon

In Buyers, florida, foreign nationals, Home Buyer, Industry trends, international buyers, Investing, Investor, lenders, miami, miami beach, mortgage, real estate, second home, tax deductions, Tax Matters, Trends, vacation home on September 19, 2010 at 2:42 pm

Upcoming event (Please forward to your colleagues, make sure to click imagebelow for RSVP and sign-up):

View from the Beaches

Condo/Vacation/Second Homes

The Real Estate Alumni & Affinity Council has a great event coming up called View from the Beaches. Our last event had 120+ individuals in attendance and was a definite success!

View from the Beaches is a yearly real estate event that is for individuals that work with international investors or that are interested in condos, vacation, and second homes which talks about data and trends in what brings people to Miami and purchase a vacation home.

Speakers:
Peter Zalewski – Principal of Condo Vultures, LLC
Craig Werley – President at Focus Real Estate Advisors, LLC
Bob Waun – CEO at Vacation Finance – Americor Mortgage, Inc.
w/ special guest – Dr Joyce Elam – Dean of the College of Business for FIU

When: Tuesday, September 28th, 2010 5pm SHARP! Followed by networking event 7-8pm
Where: Texas de Brazil, 300 Alton Rd, Miami Beach (by Monty’s)
Price: $40 prepay securely online

What you get:
1. Great talk
2. Great speakers
3. “All you can eat” dinner
4. Prizes including a very pricey condo report from Peter Zalewski
5. Network. See old friends again and meet new ones!!!

Sponsorship opportunities also available. More information and Sponsorship application may be found HERE

CLICK IMAGE OR THE LINK HERE TO RSVP!

And join us on facebook here!

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