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Single Family in Coconut Grove

Townhouse in Coconut Grove

As some of you may know, I started farming Center Coconut Grove a few years back and have had success over the years in this neighborhood.  This neighborhood is comprised of townhouses and filled with families walking babies and dogs, parks and a short stroll to gourmet markets like Fresh Market and Gardeners, cafes and the soon to be newly renovated high end movie theater! 

Since prices have come down quite a bit compared to 2005-2006, buyers who ruled out buying a single family home are now reconsidering this option especially since it is easier to get financing.  Most townhomes are considered a condo or zoned RE2 and banks ruled by Fannie Mae and Freddie Mac have strict rules when it comes to loaning money.  The pricing for a 3 bedroom townhouse compares to some 3 bedroom single family homes of course with differences and what you get for the buck.  If you click on the links below you will see there are new 3, bed townhomes and single family homes ranging in price from $300k-$700k some around the $300k mark; you can assume are short sales or foreclosures.  Most of the towhomes are newer construction with impact glass and quite a few of the single family homes are smaller in size and may require some tweeking to make livable for you and your family.  For this reason, some buyers prefer a townhome which is brand new and ready to move right in.  After living in a single family home in Coconut Grove for almost 9 years, I can vouch for the yard up keep; you have to be ready for it all year long since some more than others tend to be high maintenance compared to a townhome yard. 

Click here to see most of all the Center Grove townhouses on the market (please note to scroll from page to page use the arrow in the upper left hand corner)  http://tinyurl.com/ycarzn8

Here are Coconut Grove SFH (single family homes) priced between $300-$700k  http://tinyurl.com/y8mt2lg

Look what has closed so far in 2010 for townhouses http://tinyurl.com/ykq497x verses single family homes http://tinyurl.com/yfb98f8 -based on the # of closed sales the numbers are almost equal although if you consider the amount of townhouses on the market verses single family homes, the amount of SFH is almost double that of townhouses.

Which do you prefer a townhouse or single family home? 

To view any of these listings in Coconut Grove find me at 305.807.9199 or www.facebook.com/charmingmiamihomes and I would be happy to assit you with your search.

January 6, 2010

Being in the real estate industry, we really took a hit in 2009, as everyone is aware. However, things should start to pick up some for 2010. My resolution in this respect is to keep my concentration on the things I can control and to not worry so much about the things that I cannot. I have also made it a personal priority in the new year to find creative outlets outside of my work, which will allow me to express myself and relieve stress, such as taking yoga, a dance class, or possibly photography. The real estate market may be hard to control, but it is something that I knew when I went into this field. And just like with any other career field, we have to take the good with the bad. Living through the down cycles in the real estate market makes us appreciate the up ones all the more. My resolution for the New Year is to keep thinking positively, work hard for my clients and focus on having an overall good outcome. 

Since a townhouse is a zoned a condo it can be harder to get a loan approved compared to buying a single family home.  Most loans are sold to Fannie Mae or Freddie Mac and they are unreasonable restrictions and rules which seem to be changing by the day.  I see why some mortgage brokers are singing the blues.  So after you the sign and agree on price, review the condo documents, pay for the inspection ($450-$600), pay for the appraisal, wait and wait to see if the appraisal price is the purchase price (or more ya right) then you find out the loan gets denied due to the fact that the rules just changed for property that are condos. See some new rules below.  So most townhouses are in a condo association with 2 or 4 units and share a wall and roof.  If both sides are rented and neither is owned and lived in as a primary or second home they will not approve the loan.  So in other words, if the developer last year rented the units since there were no buyers and the developer is the owner of the deed for the units and none have closed, they will REJECT the loan.  Unbelieveable, it is just getting more difficult. 

B4-2.2-01, Condo Project Eligibility(10/30/2009)

Introduction

This topic contains information on condo project eligibility, including:

Condo Project Eligibility

The quality of mortgages secured by units in a condo project can be influenced by certain characteristics of the project as a whole. As a result, before Fannie Mae will purchase or securitize mortgages secured by individual units in a condominium project, the project must be acceptable. The scope of the guidelines and the specific eligibility criteria are dependent upon whether the condo project reviewed is established or new and are summarized in the following table:

Condo Project Type Codes

When a lender delivers a mortgage for purchase or securitization, it must provide the project type code. The following project type codes are used for condo projects:

Related Announcements

The table below provides references to the Announcements that have been issued that are related to this topic.

Call me if you have any inquires or would like real estate assistance to buy or sell at 305-807-9199.

MIAMI-DADE COUNTY MORTGAGE FRAUD TASK FORCE MAKES MORE ARRESTS

Arrests in “Life is Good, I, II and Crown is King” Operations

(MIAMI, November 5, 2009)- As part of Mayor Carlos Alvarez’s Mortgage Fraud Task Force, the Miami-Dade Police Department conducted an extensive two year investigation into an organized criminal enterprise responsible for the loss of approximately $35 million dollars in Mortgage Fraud.  The enterprise entailed criminal activity to include, but not limited to, racketeering, conspiracy to commit racketeering, grand theft, mortgage fraud and money laundering.

The investigation into this criminal enterprise revealed that the offenders utilized a “Straw Buyer” (individuals posing as home buyers with no intentions of ever living in the property) and made false misrepresentations to lenders in order to secure mortgage loans with the intent of dividing and diverting portions of the illicit proceeds.

The co-conspirators were involved in several schemes one of which is to pay the owner’s asking price for the home, and then inflate the contract purchase price using two sales contracts and HUD 1 Settlement Statements. This is done by conducting simultaneous closings without the lenders’ knowledge. This scheme allows the co-conspirators to get cash back at closing. However, cash back at closing is diverted to an undisclosed third party in order to receive the illicit funds.

Another scheme utilized by the offender was to get the sellers to agree to a price that is higher than their original asking price.  On a few occasions the straw buyer’s realtor would approach the seller’s and/or their realtor with a sales contract much higher than that of the original asking price.  The difference was listed in the contract as a credit to remodel and/or repair the property.  This was done as a disguise to help funnel the illicit gains without the lender’s knowledge as no remodeling or repairs were done to the property.  The co-conspirators were also creating fictitious payoff letters stipulating that the sellers had an additional lien on the property or would also disguise the excess monies as a payoff to a second mortgage held by the seller.   

On Thursday, November 5, 2009, a two week arrest operation of individuals involved in several mortgage fraud schemes concluded with the capture of the following individuals:  Kleimer Cruz 28, Nancy L. Ortega 38, Pedro Orestes Garcia 45, Katherine Q. Mojica 30, Jesus M. Montero 31, Heriberto E. Jimenez 49, Kelia Michelle Marrero 34, Nereyda Sosa aka Nereida Sosa 49, Annelise Avila 39, Wendy Sanchez 35, Eric Humberto Morera 42, Luis Alberto Doval 40, Jose Carlos Marrero 38, Osmany Pereira Garcia 54, Carmen Rojas Poerschke 55, Flavia C. Gil 45, Jose Luis Garcia 44, Fernando Boix-Lopez 47, Michelle Mediavilla Camacho aka Michelle Mediavilla Minikus 39, Rosemary J. Gomez 43, Jorge Luis Villanueva 45, and Lazaro Rodriguez 42.

Additionally, Kimberly Irene Mendez 38 and Gil Rodriguez 56, have active warrants for their arrest due to their participation in this fraud.

We would also like to thank the Attorney General’s Office of Statewide Prosecution, the United States Secret Service, Watauga County Police Department in North Carolina, Glades County Sheriff’s Office, and the Florida Department of Law Enforcement for their assistance with this investigation.   

Myth 8-I should bake cookies, light candles and put some flowers in a vase.  Yes, that would all be great but you don’t need to light a candle if you still have big stains on the ceiling from a leak (assuming the leak was fixed)?  Is your home clean?  Do you have kitty litter out?  Is the pool clean? Do have dirty carpets?  My point is the place needs to not only have perfect curb appeal but also has to be in tip top shape before you buy some pretty yellow roses.  Clean floors, clean the chicago brick, get the dog hair up off the floor, pick up dirty shoes, how does it smell?  Smell is almost as important as how it looks. If your home smells funky, buyers notice it and then even if it looks great something is unsettling for buyers if it smells bad.  After looking at a few properties, I have had buyers say, “Oh ya the one that smelled bad?!? I couldn’t even look any more since it smelled so bad.” Do you smoke inside?  If you have dogs, the worst thing for a buyer to smell who doesn’t have dogs or even if they have dogs is DOG!  No buyer wants to look at a kitty litter holder with cat poop in it!  Gross.  Paint. Fix lights. Clear off countertops, desks, dressers, bathrooms etc. Clean closets. Clean windows.  Clean the inside of sliding glass doors so there are not dead bugs, leaves or other creepy crawly things dried up in the crevices of the doors.  Do the sliding doors open easily?  If they get stuck and don’t slide then the buyer inherits that issue and they make note. Get rid of big bulky furniture.  Get rid of boxes.  Make it look or seem bigger by getting rid of big, bulky furniture. Clean AC vents. Yes, it is a lot of work to sell a property but to sell a property for top dollar in this market requires a lot of time from the seller or owner. Take dirty pans off the stove.  Put dirty dishes in the disherwasher not in the sink for show.  Pick up leaves outside.  Clean the driveway.  Trim the plants and trees so they are neat.  Clean your walkway. 

Smelly dog smell is the worst for a buyer to smell

 If you are trying to sell your home and have not been successful, reach out to me and I can visit your home if you are in the South Florida area.   

Clean, not cluttered, ready to show-the great room