Archive for November, 2009
Inventory LOW-supply low and demand HIGH
Nov 30th
SUPPLY AND DEMAND
Supply Low and Demand High-Inventory is LOW!
Believe or not at least in the Grove and the Gables the market’s inventory has changed recently. Just last week, I was up against multiple offers for homes and neither were short sales or foreclosures. I have a handful of buyers just waiting for new listings to pop on the market to go view, fall in like or love and make an offer! Right now is a great time to have your home on the market IF priced accordingly to comparables. For instance, townhomes if priced between $245-$265/ sq ft are pending and selling between $190-$235/ sq ft and are selling in a matter of weeks of being placed on the market. Homes that have been sitting on the market since July suddenly are being scooped up by buyers in some cases have multiple offers suddenly in one weekend. Single family homes priced between $340-$300/ sq ft are maintaining this price especially if don’t require to be completely renovated. Great time to buy a larger, newer construction home in Coconut Grove and even get that price per square foot under $300/ sq ft. Two newer homes with 4+ bedrooms (4500+ sq ft) just closed under $270/ sq ft in South Coconut Grove on a nice tree lined street. With inventory low and demand high in South Florida areas like Coral Gables and Coconut Grove some major real estate organizations think the recession will be behind us in 2010.
If you are thinking of selling your home and/or would like to see what a great deal you could purchase call me at 305-807-9199. I look forward to answering my cell!
Festivities in The Grove this weekend -November 14 & 15
Nov 13th
The Mad Hatter Festival THIS WEEKEND is giving away $2,000 if you wear a hat and a Mad Hatter Tea Party Grove Wide!
(scroll down for events & more information)
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The Fifth Annual Mad Hatter Festival is at Mayfair Shoppes,
Come journey in a wonderland of over 70 local and emerging artists, recieve an invitation to the Grove WIde Tea Party at any artist booth and two thousand dollars in “Grove Bucks“ will be handed out to anyone wearing a “Mad” Hat!
The better the hat, the more money you will be awarded so get into the spirit or join us at the Mad Hat Making party tonight!
The Mad Hatter Festival. . . A place where “Genius is Insanity Usefully Applied” – Lewis Carrol
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Come visit Coconut Grove and learn what a fabulous place it is to play, live and work!
Tax credit extended!
Nov 6th
November 6, 2009
President Obama has signed into law the extension and expansion of the Homebuyer Tax Credit, which is part of the Unemployment Compensation Extension Act (H.R. 3548).
The bill provides a new incentive for existing homeowners who have owned their current homes at least five years, making them eligible for tax credits of up to $6,500 when they purchase a new home. I believe this provision benefitting existing home owners, combined with historically low interest rates, will help a large number of qualified move-up buyers who have been sitting on the sidelines, hesitant to list their current homes, if they act now!
The bill also extends the previous incentive for first time homebuyers – or anyone who hasn’t owned a home in the last three years. Those buyers will still get up to an $8,000 refundable tax credit.
The legislation includes other qualification provisions. For example, the credit is available only for the purchase of principal homes (no second or vacation homes) costing $800,000 or less and the credit is eliminated for individuals with annual incomes above $125,000 or couples with incomes above $225,000.
To qualify under either provision, buyers must sign a purchase agreement by April 30, 2010 and close by June 30, 2010. This is likely to be the last tax credit that the government will offer to first-time and move-up buyers. The window of opportunity is shorter than it may seem, especially for potential buyers who need to list and sell their existing homes.
If you need a professional to market to sell your property or purchase a property call me at 305-807-9199.
Update on Miami Mortgage Fraud Task Force
Nov 6th
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FOR IMMEDIATE RELEASE: November 5th, 2009 |
MEDIA CONTACT: Edward Gallagher (305) 599-3550 ex. 3517 |
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.
Top 10-Myths around selling your Home- MYTH #10
Nov 4th
November 4, 2009
I should take my house off the market and wait for the economy to be strong again so I can get more for my house like I could of if I would have sold in 2005-2006 timeframe. I wish I could predict the future but who says the market will be strong again in the near future. If you are moving to get more space and to decrease cost of living to a less expensive area where taxes are lower, public school systems great and cost of living overall is less why would you wait to perhaps buy a property in a more expensive market??? Yes, you may get a few more thousand $ when you sell if you wait but you may not! Right now, all we know is that there are great deals if you are buying anywhere in any area in South Florida. Not to mention, the money you will save once you move to that lower cost of living neighborhood and send your kids to public school verses costly private education. I guess it is human nature to always hope to sell in a seller’s market verses a buyer’s market but if you hire a strong realtor in the community and have already built momentum in the market why would you stop if indeed you really want to move?? Everyone is entitled to their own opinions but when there is opportunity to sell in this economy stick with it!