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Archive for the 'Market Trends' Category

Real Estate Market Update: Harborside at The Waterways – Aventura, FL

Harborside at The Waterways – 3640 Yacht Club Dr, Aventura, FL  33180

Harborside at The Waterways CondoHarborside is a 20-story condominium built in 1991.  The building is comprised of 181 units ranging in size from 1,310 sq ft to 1,870 sq ft plus balcony.   Amenities include 2 heated swimming pools, 2 tennis courts, gym, 24-hr lobby security, concierge and 24-hr manned guard gate.  All apartments have eat in kitchens and washer and dryer.  Residents have access  to The Waterways Marina and can take a quick walk over to The Shoppes of The Waterways.   Just next door to The Shoppes is Bally Total Fitness Health Club.  In addition, the famous Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

What Do You Get For $11.5 Billion?

Miami Mortgage - Economic NewsIf you are desperate for something to do you could read the entire Monthly Treasury Statement or you could just flip to page 27 for the juicy bits.  On page 27 you will note that the Treasury spent $11.5 Billion on Agency eligible mortgage backed securities in April.  Sounds impressive but in fact this is the least the Treasury has spent in any one month since November of 2008.

Why does this matter and what does it mean for mortgage interest rates and buyers of homes in Miami and surrounding areas of South Florida?  Well, in short it means a whole lot.  What the Treasury and Fed have done over the past 8 months is nothing short of miraculous.  By dolling out tax payer dollars in a measured and steady pace they have managed to artificially keep 30 year fixed rates between 4.5% and 5.00%.  Compare this with the historic low prior to the liquidity crisis of 5.25% and it is easy to see what effect this effort has had on both the mortgage and housing markets.  Of course some would argue that that tax payer dollars should not be used in this manner but I assure you that the alternative is far more painful.

The historically low interest rates we are currently offering for both conforming and Jumbo mortgages in the Miami mortgage market have had and will continue to have a positive effect on the local housing market and economy as a whole.

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Chinese Gold Moving U.S. Mortgage Interest Rates

gold-bars-move-miami-mortgage-ratesLarry Baer of Market Alert is in my opinion the most astute analyst when it comes to parsing global economic activity and it’s effects on mortgage interest rates.  Below is an excerpt from his daily commentary which concisely explains why Chinese investment in Gold may move U.S. mortgage interest rates higher over the next two weeks.

“I look for the upward pressure on mortgage interest rates to be a bit more intense during the coming week given this morning’s news of a sharp rise in Chinese gold reserves. The big “so what” factor here is that swelling Chinese gold reserves probably represent a new strategy of diversification by China – which by extension could logically mean the Chinese will be buying relatively less in the form of US Treasuries obligations in the future. Granted the Fed currently has the financial firepower to take up some of the slack caused by the potential of reduced Treasury auction participation by the Chinese – but only for a limited amount of time. You can be this event will be closely monitored for further developments by mortgage investors. You can also bet mortgage investors will likely be very hesitant to push mortgage interest rates sharply lower until the Treasury auctions of the next two weeks are complete — and the participation levels of foreign investors can be clearly assessed.”

The week ahead is pack full of economic data and coupled with Larry’s analysis above should prove to be critical for those managing rates locks.

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The Rise of The Regionals – Filling The Funding Gap

dollar sign - tree - money grows on treesRecently during several speaking engagements I mentioned the niche that some small to mid-sized banks are filling in the residential mortgage market for Miami and South Florida.  The “distressed market” policies of some of the major lenders and larger banks including that of my employer are creating an environment where down payment requirements and/or underwriting guidelines are preventing some buyers from moving forward with their home purchase.  This is particularly true in the area of jumbo mortgages used for the purchase of a home with a sales price between $525,000 and $1,500,000.

Read the rest of this entry »

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Real Estate Market Update: Atlantic One at The Point of Aventura, FL

Atlantic One at The Point – 21200 Point Pl, Aventura, FL  33180

Atlantic One at The PointBuilt in 2004, there are 3 different floor plans:

  • Model A – 2 bedrooms + family room, 2 1/2 baths – 2,733 sq ft
  • Model B – 3 bedrooms, 3 1/2 baths – 3,173 sq ft
  • Model C – 5 bedrooms, 5 1/2 baths – 4,171 sq ft

Each residence has private elevator, gourmet kitchen, granite counters, top of the line appliances, ocean and intracoastal views, high impact glass windows and sliding glass doors.  The condominium has 24-hr security, private screening room, wine storage and more.

There are currently 20 Read the rest of this entry »

Written by Michael Solovay | Discussion: 9 Comments »

Real Estate Market Update: Island Way Homes of Aventura, FL

Island Way Homes, Aventura, FL  33180

Island Way HomesIsland Way Homes were built from 1991 – 1993 .  The community consists of a total of 80 zero lot-line single family homes each with its own splash pool.  18 of the homes are waterfront, but do not have boat docks.  Community amenities include a 24-hr manned security gate, community pool, child play area and walking distance to The Waterways Shoppes and Marina.  There are 5 different model homes available as follows:

  • St. Croix:  3 bedroom 3 1/2 bath, 2-car garage – 2,390 sq ft living space
  • St. Tropez: 3 bedroom + family room 3 bath, 2-car garage – 2,750 sq ft living space
  • St. Anne: 4 bedroom + family room 3 bath, 2-car garage – 2,850 sq ft living space
  • St. Elise: 5 bedroom + family room 3 bath, 2-car garage – 3,056 sq ft living space
  • St. Martin: 3 bedroom + family room 3 1/2 bath, 1-car garage – 2,330 sq ft living space

[nggallery id=10]

There are currently 5 homes for sale with prices ranging from $665,000 to $1.3 million.

During the past 12 months there were 7 closed sales with the following statistics:

  • average selling price:  $768,929
  • average sale price per square foot:  $275.19
  • average square footage:  2,799
  • sale price to list price ratio:  92.50%
  • highest sale price:  $970,000 (4 bedroom 3 bath – waterfront lot)
  • lowest sale price:  $662,500 (4 bedroom 3 bath – interior lot)

If you would like more information about Island Way Homes please contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: 15 Comments »

Will Mortgage Rates Go Down?

Federal Reserve Makes An Annoucement:  Mortgage Rates fall below 5%

Federal ReserveThe Fed just announced that they will buy another$300 billion in long-term government bonds and $750 billion in mortgage backed securities guaranteed by Fannie Mae and Freddie Mac.

Will this cause a big drop in mortgage rates?  Not necessarily, although analysts expect rates will decrease 0.25 to 0.5 percentage points.  The Fed’s actions create a demand for mortgage backed securities which should most likely keep home loan rates from increasing for the foreseeable future.  This is good news for home buyers who realize that now is the time to buy and want to take advantage of the bargain prices that are out there.  However, based on what the Fed has been buying when they started their purchasing program at the beginning of this year, their actions may keep a lid on rates, but may not push them much lower.

By the close of business on March 19, the 30-year conforming FRM fell to 4.94%, according to HSH Associates.  With rates this low and so many bargains out there, what is keeping you from buying?  Don’t wait until prices start to rise.  Take advantage of today’s low interest rates.

Contact me if you have any questions at [email protected]

Written by Michael Solovay | Discussion: No Comments »

Are Homeowner’s In Denial About Their Home’s Value?

Homeowner Perception Changing

According to a recent Zillow Q4 Confidence Survey, 57% of Homeowners believe that their home lost value during 2008.  An obvious increase from earlier in 2008 when only 38% believed that their home value was declining.Homeowner Perception

In reality, 76% of all homes in the U.S. lost value during 2008 (according to Zillow Q4 Real Estate Market Report).

However, most homeowners apopear to believe that the worst may be over.  According to the same survey, 70% of homeowners believe their home’s value will either increase or stay the same during the first 6 months of 2009.  Only 30% believe the values will continue to decrease.

While it’s clear that more homeowners seem to be accepting the reality of significant loss in their home’s value, there still seems to be an optimism about the future. When asked, most homeowners seem to believe we’ve hit bottom and the worst has passed.

Unfortunately, the data from the report shows that most areas of the country will see housing values continue to decline before things begin to stabilize.

Homeowner PerceptionInterestingly, 70% of homeowner’s think their home’s value will increase or stay the same during the first half of 2009, but only 52% believe home values in their local area will increase or stay the same for the same period.  48% think values in their local area will decrease, but only 30% believe the same will happen to their home.

Comparing homeowner’s perceptions from different parts of the country, Southerners perceptions were the farthest from reality.

For more information please contact me at [email protected]


Written by Michael Solovay | Discussion: No Comments »

Facts and Trends: Aventura, FL

Aventura Condos

November 2007 – January 2009

 

Aventura Trendgraphix

 

We can see from the chart that:

  • 2,053 condos were for sale  in 1/08  vs 1,732 condos for sale  in 1/09 = 16% decrease in the number of condos for sale 
  • Amount of inventory went from 57 months supply last year to 31 months supply currently
  • 55% increase in number of sales

Interesting Facts:

December 2008 – January 2009

Short Sale Inventory:          331 = 19% of total inventory for sale

Foreclosure Inventory:        31 = 2% of total inventory for sale

                                                      ————–

Total                                            362 = 21% of total inventory for sale

 

Short Sale Closings:               18% of total closings

Foreclosure Closings:          32% of total closings

                                                     —————-

Total                                           50% of total closings

50% of all Closings for the period were Short Sales and Foreclosures.

For more information please contact me at [email protected]

Written by Michael Solovay | Discussion: No Comments »

Real Estate Market Update: Portsview at The Waterways – Aventura, FL

Portsview at The Waterways – 3610 Yacht Club Dr, Aventura, FL  33180

Portsview at The Waterways

Portsview at The Waterways

 

 

Units range from 1,053 sq ft up to 1,429 sq ft plus balcony with glass railings.  Amenities include 2 heated swimming pools, 2 tennis courts, gym, 24-hr lobby security and 24-hr manned guard gate.   All Portsview apartments have individual washers & dryers located inside each unit.   The property is located on Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

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