Sales activity and median prices for Florida’s existing home and existing condo markets rose in August

ORLANDO, Fla. – Sept. 21, 2011 – Sales activity and median prices for Florida’s existing home and existing condo markets rose in August, according to the latest housing data released by Florida Realtors®. Existing home sales increased 15 percent last month with a total of 16,206 homes sold statewide compared to 14,131 homes sold in August 2010, according to Florida Realtors. The statewide median sales price for existing homes last month was $137,500, up 2 percent from the year-ago figure of $134,900. August’s statewide existing home median price was also slightly higher than it was in July.
by Florida Realtors®

Once Upon a Time

Once Upon a Time, a Seller was able to price their property and chances were that the lender would match the sale price on the appraisal. This was occurring because appreciation was happening faster than transactions were being closed on. Not anymore! Today, appraisers are under great scrutiny and closely regulated. In today’s market, Sellers need to be realistic about market value and list their property accordingly.
 

If a Seller wants to close on the sale of their property, they must understand that loans are made based on appraised value. If a property doesn’t appraise for the sale price, it’s likely that the Seller will have to consider selling for appraised value. If the Seller disagrees, the Buyer may cancel the purchase contract and move on. Sellers need to know that the industry, in an attempt to maintain uniformity for all appraisals, has set rigid standards and mandates that specific information about the subject property and its comparables be collected and used when appraising. 

Sellers have an emotional attachment to their property. They sometimes see value that is not really there or have unrealistic expectations of what their net proceeds should be. Too often, I am told by the Seller; ‘I can’t sell for that; I owe more on my mortgage and I have to cover the commission.’ The outcome of this usually ends up costing the Seller. The market value rules no matter how leveraged a property is.

The listing agent knows best and uses the latest technology and data to come up with the approximate opinion of value. The agent may adjust the price up or down depending on the Sellers expectations. If the Seller is motivated, one would adjust down and up if the Seller has time to test the market.

A realistically priced property should sell in 30 to 90 days. When selling a property, time is of the essence. The sooner a property is sold the less it cost the Seller. Once a Seller has made the decision to sell, they must consider the monthly cost of keeping the property and calculate the consequence of a lengthy selling period. Maintenance, taxes and depreciation are some of the forces working against the Seller’s bottom line.

The first two weeks are vital to this process. During this time the Seller’s agent will be gathering the information needed to determine if the sale price needs to be adjusted up or down. The number of showings and feedback received from the prospect Buyers will give the Seller’s Agent the data he or she needs to suggest the appropriate adjustment to the sale price. It is very important that the Seller and the Seller’s Agent work closely together on this. Sometime between the fourth and sixth, the Seller’s Agent should reanalyze the subject property area and re-evaluate any further adjustment to the marketing or sale price of the property. Some of the factors which the agent will look for in the new analysis are new listings and closed sales in the area, which may have changed the playing field since the property was originally listed.

In the real estate business, many agents say ‘the first offer is always the best offer.’ When an offer is received, the Seller should carefully consider it and try to work closely with the buyer in order to work out any disagreement there may be from either party. This may very well be the best opportunity and may be the last for a while.

Brickell under Construction

Everywhere you look it seems Miami is under construction. In the long term this is all great for those who can tolerate the detours and the noise. Miami is still a great real estate opportunity and improving its looks and infrastructure can only make it better. Construction projects are currently going on all around town.

By all estimates, Brickell continues to be one of Miami’s most desirable areas. And, with all the improvements, Brickell promises to be better than ever. The major over hall is estimated to last another year, possibly a year and a half.

The Brickell area has seen its ups and downs. In the eighties Brickell boomed due to foreign investor who bought anything with a door on it. Condo sales were out of control. But, like all good things, it came to an end and the 90’s saw condo prices plummet.

Again, history repeats; in 2005 the number of available condo units for sale in the Brickell area had peaked. Shortly thereafter, the real estate market tanked and values were once again affected. Nevertheless, Miami is resilient and has always overcome adversity.

Today, the available condo inventories in the Brickell area are down and there is talk of the first pre-construction project in 5 years. This project will possibly go on sale as soon as the end of this year or the beginning of next.

Seville Sub - Little Hidden Secret

A  Little Hidden Secret

Miami Dade County is notorious for the multitude of Municipalities within its’ boundaries. For example, Miami, Coral Gables, South Miami, West Miami, to mention just a few.  Some of these Municipalities are nationally and even internationally known by people who travel to South Florida.

What many don’t know is that within many of these municipalities, there are sections with characteristics of their own. ‘The Roads’ for example, is an area within the City of Miami. It is called ‘The Roads’ by the locals because of the numerous ‘Road’ designations of streets within the area. Shenandoah, Silver Bluff, etc, are a few others popular sections with the locals.  

I recently listed a property in the Shenandoah and took a closer look. Many of the homes in this area were built as early as the 20’s. New owners moving into the area are renovating these magnificent homes.

FHA

FHA Limits by FHA.com

Cuban Hambuger - the 'Frita'

One of Miami’s best 'Fritas,' can be found at Morrow Castle – the milkshakes are unbelievable as well.

For those of you who have never experienced a frita, it is a spicy hamburger made of ground beef and Spanish sausage. It is topped with hair like fries (made from scratch), chopped onions and then packed into a soft hamburger roll while still hot.

Prices are moderate and so is the decor. Attire should be very casual and light for a semi-outdoors experience – no AC. No luxury here, just great quality. The staff is pleasant and very helpful. I suggest you don’t order all the fritas at once, if you and your guest ( yes, great place for a group) are still hungry after the first one, order a second – they turn them very quickly..

My favorite combination is 2 fritas (they are too good, 1 is not enough), a malt chocolate shake (The menu offers an endless variety of flavors) and an order of fries. After I am done, it is time to order churros (5 in an order – you can share) and cafe Cubano like the pros.

Located at 2500 NW 7th ST in Miami. Check reviews at yelp.com

The Beautification of Ponce de Leon

The beautification of Ponce de Leon project in Coral Gables is almost completed. The palms are up and the ground covering foliage is being planted as we speak - I also noticed new concrete benches along the way.



My guess is that once this is completed, they will start to repave the streets. What a difference this will be for the appearance of this busy area. Pedestrians will get shaded from the sun and trolley goers will have a place to sit while they wait for the trolley.



The yellow ropes running the length of the medians are unsightly, but had to be put there to keep people from stepping on the newly planted shrubs. Time after time I see people crossing the street and stumping on the foliage. They are not only damaging the landscape, but also risking their safety.


We all need to remember it is not safe to cross streets anywhere other than designated areas. We must also observe the signs letting us know when to cross and drivers need to observe traffic signals, particularly when driving in pedestrian busy areas