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Archive for the 'Real Estate News' Category

Do You Want To Meet Face to Face With Your Lender?

JP Morgan Chase & Co. Opens Foreclosure Prevention Centers

Meeting Face to FaceIf you are behind on your mortgage payment and want to meet face to face with your lender then you are in luck if your lender is Chase.  Chase opened a foreclosure-prevention center in Aventura mid-February and held an open house on Tuesday.  The address of the center is 20803 Biscayne Blvd, Aventura, FL  33180.  The center accepts walk-ins, but appointments are preferred.  You can make an appointment by calling (305) 682-3018.

Chase says that it is the first lender in the nation to open these assistance centers.   There are 5 centers in Florida.  Chase will try to help all its clients to stay in their homes, but not everyone will qualify for loan modifications.  Delinquent borrowers who visit the centers will be assigned a housing counselor who will stay with them throughout the modification process.   You are eligible to visit one of these centers if Chase services your loan.   You can tell if Chase services the loan because the mortgage statement will refer to Chase, Washington Mutual (WaMu) or EMC.

Unfortunately you must be behind on your mortgage payment if you want to visit the center.  If you are still current on your Chase mortgage, but you may be in default very soon, call (866) 550-5705.

For more information please contact me at [email protected]

Written by Michael Solovay | Discussion: No Comments »

Do You Need A Jumbo Loan?

Bank of America Introducing New Jumbo Mortgage Programs

Bank of AmericaBank of America will offer loans from $730,000 to $1.5 million with 30 year fixed rates under 6%.  Borrowers must have 20% downpayment, good credit, provide proof of income, and hold 6 months of principal, interest, property tax and insurance payments in reserve.

Other banks will also be offering jumbo loans.

For more information contact me at [email protected]


Written by Michael Solovay | Discussion: 1 Comment »

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 »

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 »

Consider Investing Your Retirement Funds In Real Estate

Retirement Planning:  Buy Real Estate in Your IRA

Investments

 

Most people do not realize that there is an IRS provision that let’s them use their Self-Directed IRA to purchase real estate. This can be an excellent way to invest in that foreclosure property you were interested in.   Remember, your investment grows tax free in an IRA.

What types of Real Estate can be used for IRA’s?      

  • residential
  • condos
  • multifamily units
  • land
  • commercial strip malls
  • hotels

Why have the IRA invest in Real Estate?

  • dissatisfaction with stocks & bonds
  • real estate is a tangible asset
  • real estate produces rental income which is tax free until distribution
  • great appreciation at this time with foreclosures & REO’s

Yes, you can hold property in your retirement account, but there are many rules so be careful.  A mistake can turn into a tax disaster.  Be sure to follow Self-Directed IRA rules. You have to get your dollars from your retirement custodian (probably your broker) to an independent custodian that offers real estate as an investment option. 

While real estate isn’t appropriate for everyone’s retirement account, it should at least be looked at as another option in retirement investment alternatives. Consult with an expert in the field.

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

Written by Michael Solovay | Discussion: 9 Comments »

What Are Homeownership Centers?

Created by J.P. Morgan Chase Bank, Homeownership Centers are a place for borrowers to sit down and discuss their situation on a face-to-face basis with a trained loan advisor.  Chase has opened four homeownership centers in California and plans to have nine open by the end of the month and 24 open across the country by April.  In Aventura, a Center is planned to open later this month.  Customers of Chase can receive more information by calling 1-866-550-5705.

foreclosure sign

Foreclosure

 

In an effort to help deal with the rising U.S. mortgage deliquency and foreclosure rates, three major banks (Bank of America, Citigroup and J.P. Morgan Chase) announced that they would suspend foreclosures indefinitely.  Here in South Florida, Bank United announced that it would temporarily stop foreclosures and Bank Atlantic said it is temporarily putting a moratorium aimed at giving the Treasury Department time to announce a home loan modification program.

Foreclosures were up 81% nationwide in 2008.  They are up 225% since 2006.

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

Written by Michael Solovay | Discussion: 1 Comment »

What’s “The Point of Aventura?”

Aventura is an upscale community located on the Intracoastal  midway between Miami and Fort Lauderdale.

View Larger Map

The Point is located within The Waterways, an exclusive 176-acre waterfront community.  There are 5 highrise towers and 60 waterfront courtyard homes.  Near every business, cultural, entertainment and sporting center that South Florida has to offer, The Point is one of the last private waterfront communities in Aventura.

The Point of Aventura

The Point of Aventura

At the center of The Point is the Residents Only Club & Spa.  This 25,000 square foot clubhouse is open to Point residents only and offers the following amenities:

  • a casual cafe
  • fully-equipped cardiovascular center
  • state-of-the-art weight training center
  • 1,500 sqare foot aerobics facility
  • men’s and women’s personal treatment rooms
  • separete men’s and women’s locker rooms
  • sauna, steam and whirlpool facilities for both men and women
  • outdoor Roman tub with waterfall
  • hair and nail salon
  • billiard room
  • garden room for additional entertaining
  • library for reading and relaxation
  • landscaped deck areas for outdoor socializing
  • access from all towers to the Club & Spa

The Point is considered one of South Florida’s premier communities.  The Point offers a

Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

One Island Place Market Update

One Island Place was built between 1990 and 1991 and is comprised of two 30-story hi-rise towers.

One Island Place

One Island Place

  • Tower I – 3801 NE 207 St
  • Tower II – 3802 NE 207 St  

Units range from just over 2,200 sq ft all the way up to 7,340 sq ft for the Penthouse.  One Island Place was the first highrise condominium in Aventura to have private elevators that open directly into the property.  Here you can find some of the best intracoastal and ocean views in the area, and almost every apartment has some sort of water view.

There are currently 8 units for sale at One Island Place with prices ranging from $575,000 to $3,895,000. During the 12 month period for 1/1/08 – 12/31/08 there were 6 closed sales.  

View from One Island Place

View from One Island Place

 

  • average Selling Price: $576,083
  • average sale price per square foot: $253
  • average square footage: 2,277
  • sale price to list price ratio was 90.22%
  • highest sale price: $650,000
  • lowest sale price: $480,000     
2009 may be a busy year for sales in One Island Place since there is already 1 closed sale and 2 pending sales for the condominium.
If you are interested in buying, selling or leasing a property at One Island Place please contact me for current availability.

Written by Michael Solovay | Discussion: No Comments »

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