Congress Passes Extensions – Homebuyer Tax Credit & Flood Insurance

Good news!  On Wednesday the U.S. Senate approved a bill extending the closing deadline for home buyers trying to take advantage of the tax credit.

The Senate approved the bill that extends the closing deadline for eligible home purchase contracts.  On Tuesday the U.S. House of Representatives passed the bill, and it now goes to President Obama for his signature.  The deal will give home buyers with contracts signed by April 30, 2010 until September 30, 2010 to close on their purchases and still get the tax credit, which is $8,000.00 for first time home buyers and $6,500.00 for homeowners buying a new primary residence.

In addition, the U.S. Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010.  This will allow transactions to move forward.  The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

For more information please contact me at (305) 329-4929 or solovay.m@ewm.com.

Facts and Trends – Aventura, FL   March 2009 – May 2010

Number of Properties for Sale vs. Sold – Condo/Townhome

Analysis:

• 14% decrease in homes for sale from May 2009 – May 2010
• no significant increase or decrease in sales
• May 2009 – 19 month supply of homes for sale
• May 2010 – 16 month supply of homes for sale

For more information please contact me at (305) 329-4929 or solovay.m@ewm.com.

Real Estate Market Stats for Aventura, FL  33180

Median Price – Single Family Home vs. Condo/Townhome

Inventory – Single Family Home vs. Condo/Townhome

Average Days on Market – Single Family Home vs. Condo/Townhome

If you would like to receive the latest real estate market data for your area delivered to your e-mail then click here to subscribe to my Real-Time Market Report.  It’s free!

For more information please contact me at (305) 329-4929 or solovay.m@ewm.com.

The Latest Real Estate Market Data

Stat Table – Condos/Townhomes in Aventura, FL  33180

90-day stats for Condo properties in MIAMI, FL33180 - Aventura as of July 23, 2010
Median List Price:	$347,939	Average List Price:	$455,245
Total Inventory:	1,051	Price per Square Foot:	$245
Average Home Size:	1,671	Median Lot Size:	n/a
Average # Beds:	2.25	Average # Baths:	2.26
Homes Absorbed:	37	Newly Listed:	38
Days on Market:	272	Average Age:	18

Stat Table – Single Family Homes in Aventura, FL  33180

90-day stats for Single Family properties in MIAMI, FL33180 - Aventura as of July 23, 2010
Median List Price:	$699,060	Average List Price:	$794,537
Total Inventory:	68	Price per Square Foot:	$213
Average Home Size:	2,844	Median Lot Size:	7,488
Average # Beds:	3.81	Average # Baths:	3.19
Homes Absorbed:	2	Newly Listed:	3
Days on Market:	239	Average Age:	32

If you would like the latest data for your area delivered to your e-mail then click here to subscribe to my Real-Time Market Report.  It’s free!

For more information contact me at (305) 329-4929 or solovay.m@ewm.com.

Harborside at The Waterways – 3640 Yacht Club Dr, #606  Aventura, FL  33180

I just listed another great unit at Harborside at The Waterways Condominium.  This is a building that everyone loves because it’s located in The Waterways section of Aventura, has nice amenities and the prices are very affordable.   Here are some features of this new listing:

• 3 bedrooms and 2 bathrooms
• 1,870 sq ft of living space
• 2 separate balconies
• southeast corner unit
• lovely views to The Waterways Yacht Harbor
• 2-assigned parking spaces in garage
• ceramic tile floors through main living areas
• hurricane shutters
• custom built-ins in master bedroom closet

All of the above features at a very affordable price of $434,900.00.  This type of value doesn’t last long so please contact me soon if you are interested in taking a look.

Click on the following link to view photos and more information on the property:

3640 Yacht Club Dr, Unit #606

Harborside Condominium offers:

• 24-hr manned guard gate security
• 24-hr manned lobby security
• 2 heated swimming pools
• tennis courts
• gym

For more information on this and other exciting properties available for sale please contact me at (305) 329-4929 or solovay.m@ewm.com.

The Latest Real Estate Market Data

Flash Chart – Condos/Townhomes in Aventura, FL  33180

Flash Chart – Single Family Homes in Aventura, FL  33180

If you would like the latest data for your area click here to subscribe to my Real-Time Market Report.  It’s free!

For more information please contact me at (305) 329-4929 or solovay.m@ewm.com.

Portsview at The Waterways – 3610 Yacht Club Dr., Unit 912 Aventura FL  33180

List Price:  $265,000.00  SHORT SALE

Portsview at The Waterways Condominium is located within the 176 acre community of The Waterways, along the Intracoastal Waterway.  Residents have walking access to The Waterways Marina & The Waterways Shoppes.

Property details:

• 2 BR 2 BA
• 1,154 square feet of living space
• large balcony with access from all rooms
• new porcelain tile floors
• new kitchen appliances
• smooth ceiling
• 2 assigned parking spaces in covered garage
• extra storage included
• lovely view to the Waterways Marina

Click on the following link to view photos and additional information on this property:

3610 Yacht Club Dr, Unit 912

Portsview Condominium amenities include:

• 24-hr manned security gate
• 24-hr manned lobby security guard
• 2 heated swimming pools
• tennis courts
• gym

This is a short sale situation where the value of the property is less than what the owner owes to the bank.  The short sale is subject to the seller’s lender approval.  This type of transaction requires patience and is not for someone with a time constraint.

For more information or to schedule an appointment to view this property please contact me at (305) 329-4929 or solovay.m@ewm.com.

Inventory for Aventura – 33180

Condominiums

Single Family Homes

Inventory is clearly down from this time last year.  The good stuff is going fast.

For more information on buying, selling or leasing your property contact me at (305) 329-4929 or solovay.m@ewm.com.

AVENTURA, FL 33180 – CONDOS – TOWNHOMES

This Week

• The median list price in Aventura is $346,000
• Inventory is up
• Market Action is trending down recently
• Days-on-market appear to be trending lower, however the overall conditions are weakening a bit

Supply and Demand

• The Market Action Index has been trending lower for several weeks while prices have remained relatively stable.  If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

The Market Action Index answers the question “How’s the Market?”  By measuring the current rate of sale versus the amount of the inventory.  Index above 30 implies Seller’s Market Conditions.  Below 30, conditions favor the Buyer.

Price

• We continue to see prices in this zip code bouncing around this plateau.  Look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

To subscribe to my Real-Time Market  Report, click here.  It’s all about what’s going on right now and it’s free!

For more information contact me at (305) 329-4929 or solovay.m@ewm.com.

Chairman’s Club

If you would like to work with a Top Producer contact me today at (305) 332-4260 or solovay.m@ewm.com.