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Condo Prices for Aventura, FL vs. Miami-Dade County

Condo Prices for Aventura, FL vs. Miami-Dade County

Medium Chart

Medium Chart

Written by Michael Solovay | Discussion: No Comments »

Is Now The Time To Buy Real Estate?

Is Now The Time To Buy Real Estate?

Fortune Magazine’s Leigh Gallagher joins MSNBC’S Morning Joe to reveal the magazine’s latest issue, which suggests that now is the time to buy real estate.

Visit msnbc.com for breaking news, world news, and news about the economy

For more information on real estate in Aventura and the rest of South Florida contact me at (305) 329-4929 or [email protected]


Written by Michael Solovay | Discussion: No Comments »

Real Estate: It’s Time To Buy Again

Real Estate:  It’s Time To Buy AgainReal Estate

A recent CNNMoney.com article posted by Shawn Tully, senior editor-at-large, declares:

Forget stocks. Don’t bet on gold.  After four years of plunging home prices, the most attractive asset class in America is housing.

“… I’ve never seen a shortage of new construction like the one I’m seeing today,” declares Mike Castleman, founder and CEO of Metrostudy.  Metrostudy tracks real-time data on the country’s inventory of new homes and covers 19 states, or around 65% of the U.S. housing market, including all the ones hardest hit by the crash: Florida, California, Arizona and Nevada.  The company’s client list includes virtually every major homebuilder and bank.

The key figures that Metrostudy collects are the number of homes that are vacant and for sale in each city, and the number of months it takes to sell all of them.  Together those figures measure inventory, the key measurement in determining whether a market has a surplus or a shortage of new housing.

The Makings Of A Shortage

Today Castleman is seeing an extraordinary reversal of the new-home glut that caused prices to sink just a few years ago.  In the 41 cities Metrostudy covers, a total of 78,000 houses are now either vacant and for sale, or under construction.  That’s less than 1/4 of the 343,000 units in those two categories at the peak of the frenzy in mid-2006, and well below the level of a decade ago.  “If we had anything like normal levels of buying, those houses would sell in 2.5 months,” says Castleman.  “We would see an incredible shortage.  And that’s where we’re heading.”

In a interview with Fortune, Karl Case, who together with Robert Shiller created the S&P/Case-Shiller Home Price indices, says “the lack of new home building is a huge help that a lot of people are ignoring. People think I’m crazy to be optimistic, but housing is looking like the little engine that could.”

Two basic factors are laying the foundation for a recovery in residential real estate:

  1. the historic drop in new construction
  2. a steep decline in prices (about 30% nationwide since 2006, and as much as 55% in the hardest-hit markets)

The new affordability will gradually attract Americans back to buying homes, and the return of the homeowner will start raising prices in many markets this year.

In 28 out of 54 major markets, it’s now cheaper to pay a mortgage and other major costs than to rent the same house.  In all the distressed markets, owning now beats renting by a wide margin.  A major reversal from 4 years ago.  In Miami the average rent is now $1,031 a month versus the $856 it costs to carry a ranch house or stucco cottage as an owner.

The true disaster areas for housing since the bubble burst have been Sunbelt cities such as Las Vegas, Phoenix and Miami.  But people always want to live in those sunny locations, and their job markets are starting to recover, albeit slowly.  In foreclosure markets the inventory problem is far greater because it includes not just traditional resales homes, but millions of distressed properties.  Fortunately those houses are now such a deal that investors, including lots of mom-and-pop buyers, are purchasing them at a rapid pace.

The outlook is brightening for Phoenix, Las Vegas, Miami and parts of Northern California.  A big positive is the tiny supply of new homes entering the market.

Mike Castleman tells editor-at-large Shawn Tully “… the naysayers are about to get a big surprise:  rising prices for new homes.”

For more information on real estate in Aventura and the South Florida area please contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

South Florida Foreclosure Activity

South Florida Foreclosure Activity

as of March 4, 2011

According to The Real Deal, the  number of foreclosures in South Florida year-to-date is 4,761 which is down from 14,314 at this same time last year.  The graph below shows foreclosure activity in Miami-Dade, Broward and Palm Beach Counties.

South Florida Foreclosures

For more real estate information please contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Is Now The Best Time To Buy A House?

Is Now The Best Time To Buy A House?

TODAY SHOW real estate expert Barbara Corcoran and personal finance expert Carmen Wong Ulrich explain why now may be the best time to buy a new home.

Barbara says:

I totally believe it’s the time to jump in.  There’s very little upside to waiting around and doing something later.  You’ve got cheap money, cheap prices, lots of homes to choose from. Why wait? It doesn’t make any sense

With regard to getting a mortgage right now, Carmen says:

Mortgage applications are at 15 year lows because it’s really tight.  You’ve got to have great credit and a solid down payment.  Mortgage lenders don’t want to absorb all the risk.  You have to have ample savings, outside of the down payment.  You need at least 6 months’ worth of mortgage payments in the bank and saved up.  Of course a great work history that you are employed really helps.  If you’re self-employed,  you’ve got to keep fantastic records.

While the spring is usually a time when home buying goes up, Barbara says:

You’ll see more houses coming on the market.  What  you won’t see coming into the market are lower prices.  You certainly aren’t going to see cheaper money, especially with what’s going on with fannie mae.  Everything is going to change in the financing game.  You’ll see a tougher spring to buy in.  Now, again, is the better time to buy.

Carmen says:

If you’re in a position to buy, don’t wait for the interest rates to go lower again.  If you’re in a position to get that mortgage, get it now.

If you are in a position to buy, now is the time.  Contact me at (305) 329-4929 or [email protected] for more information on what’s available in your neighborhood.

Written by Michael Solovay | Discussion: No Comments »

Do You Believe It’s A Good Time To Sell Your Home?

Do You Believe It’s A Good Time To Sell Your Home?For Sale

In a recent Keeping Current Matters blog post by Steve Harney entitled Selling Your House?  5 Reasons To Do It NOW!, Steve gives us 5 strong reasons to sell now instead of waiting until later in the year.

1)  Interest Rates Are On The Rise

Interest rates are now over 5%.  As rates increase, the mortgage amount a buyer qualifies for decreases.  Eventually this will have a negative impact on prices.

2)  Your Dream Home Will Never Be Cheaper

If you are buying, COST should be more important than PRICE.  Cost can be dramatically impacted by rising mortgage interest rates.

3)  Buyers Are Out Early

Mounting evidence is showing that buyers are coming out earlier this year than the ‘Spring Buying Season’ due to the believe that now is a good time to buy.  That coupled with the increase in interest rates has started the buying season early.

Pete Flint, CEO of Trulia:

“We’re seeing a national resurgence of buyer and seller activity on Trulia.com.  In January alone, we expierenced an unprecedented level of site traffic including 11 million unique visitors – which is more than 70% year-over-year growth.  We are now experiencing 100,000 property views per minute.”

The National Association of Realtors just reported that the number of house sales increased 12.9% over last month.

4)  Inventory Increases Every Spring

Here is the number of listings available for sale in 2010

  • February – 3,531,000
  • March – 3,626,000
  • April – 4,029,000

Steve Harney believes that there will be an increase in these numbers in 2011 as there is a pent-up selling demand created by the weak market of the last few years.  If you sell now you won’t have to worry about this increasing competition.

5)  We Are In The Eye Of The Foreclosure Storm

As banks try to correct their foreclosure procedures, there is a large supply of discounted properties which have been delayed coming to market.  This inventory will be released sometime in the next few months.  Foreclosures sell on average at a 41% discount.  When they are released these properties will be competing with your house for buyers.  If you are looking to sell in 2011, you want to sell before this inventory becomes your competition.

Let’s sit down today and discuss the best options for you.  You can contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Top 10 Most Searched Markets On Realtor.com

Top 10 Most Searched Markets On Realtor.com

Realtor.com

Realtor.com, operated by Move, Inc., is an official website of the National Association of Realtors.  The Top 10 List is based on the number of visitors at Realtor.com that viewed properties in each metro area in the United States from January 2010 through December 2010.

The top 10 most searched for cities at Realtor.com for 2010 are:

  1. Las Vegas
  2. Los Angeles
  3. Orlando
  4. San Antonio
  5. MIAMI

  6. Phoenix
  7. San Diego
  8. Austin, Texas
  9. Tampa
  10. Chicago

“Online search is a critical measure of interest in real estate, especially now that more than 90% of buyers search for their homes online,” says Realtor.com President Errol Samuelson.  “Changing conditions throughout 2010 in the sunshine states resulting from foreclosures, the tax credit, interest rates and other factors created more interest in real estate compared to other states that we hope leads to increased activity and sales in 2011.”

For more information on real estate in the Miami area please contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Real Estate Market Update 2010: Year In Review

Real Estate Market Update 2010:  Year In Review

Ron Shuffield, President of Esslinger Wooten Maxwell, Inc. Realtors talks about 2010 real estate market, and what to expect in 2011.  Some interesting facts noted are:

  • twice as many homes were sold in 2010 than 2 years ago
  • 2010 turns out to be the best year since 2005
  • prices of single family homes have rolled back about 8 years
  • prices of condos have rolled back about 10 years
  • low prices coupled with some of the lowest interest rates ever seen have created unprecedented values for buyers today

For more information please contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Real Estate Market Report For Aventura 33180

Real Estate Market Report For Aventura 33180

Executive Summary for Condos – Townhomes

January 3, 2011


Open publication – Free publishingMore supply

To receive FREE market information for your neighborhood just click here and register.

For more information please contact me at (305) 329-4929 or [email protected]

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Aventura Residential Inventory

Aventura Residential Inventory

November 2008 – November 2010

Aventura Residential Inventory Nov 2008 - Nov 2010

Properties for sale are properties where no current sale contract exists; pended properties are properties in which a contract for sale has been executed, but not yet closed.

This graph is based in whole or in part on data supplied by the Realtor Association of Miami or its Multiple Listing Service.

For more information contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

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