By DARRELL A. HUGHES
The U.S. Treasury Department said Wednesday it had approved five states' plans to aid homeowners in the hope of thwarting foreclosures in communities hit hard by the recession.
State housing agencies in Arizona, California, Florida, Michigan and Nevada will receive a total of $1.5 billion from the Obama administration's "Hardest Hit Fund."
"These states have identified a number of innovative programs that will make a real difference in the lives of many homeowners facing foreclosure," said Herbert Allison Jr., Treasury assistant secretary for financial stability.
Proposals approved Wednesday include programs to help struggling homeowners who owe more than their homes are worth by reducing the principal owed on their loans; to help unemployed or underemployed homeowners make mortgage payments; to facilitate the settlement of second liens, short sales or deeds in lieu of foreclosure; and help with payments in arrears.
The fund—dubbed the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets—was established in February. It aims to provide assistance to states with the highest shares of their populations living in counties in which the unemployment rate exceeded 12% in 2009.
According to Treasury, the states approved to receive aid experienced a 20% or greater decline in average housing prices.
Arizona is set to receive $125.1 million, California $699.6 million, Florida $418 million, Michigan $154.5 million and Nevada $102.8 million.
Five other hard-hit states have plans that are pending. If the plans are approved, those states could get a total of $600 million: North Carolina ($159 million), Ohio ($172 million), Oregon ($88 million), Rhode Island ($43 million) and South Carolina ($138 million).
Treasury officials said they hoped to have decisions on those states' plans by August.
Source: http://online.wsj.com/article/SB10001424052748704629804575325101835373456.html?mod=WSJ_RealEstate_LeftTopNews
—Nathan Becker contributed to this article.
Write to Darrell A. Hughes at darrell.hughes@dowjones.com
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
Monday, June 28, 2010
Thursday, June 24, 2010
Bulk buyers target condo market for future profit
Miami-Dade's existing condo sales in May were up more than 70 percent compared with the same month last year. Backed by a multibillion-dollar private equity firm in New York, a team of Miami investors and strategists launched Lionheart Capital this year looking to scoop up choice South Florida condos at rock-bottom prices.
In its first deal, the firm plunked down $120 million this month to buy up 146 units at the 2700 North Ocean Drive towers on Singer Island in Palm Beach County.
It marked the 50th bulk condo purchase in South Florida in the last two years, according to analysis by Peter Zalewski, a principal of the real estate consultancy Condo Vultures.
New figures released Tuesday by the trade group Florida Realtors indicate that investors like Lionheart may be getting into South Florida's fragile condo market at an opportune time -- but they also could be in for a long wait before condo prices return to pre-recession levels.
Single-family homes prices may have already begun to rise, with prices increasing for the second month in a row in Miami-Dade and Broward counties, the Florida Realtors' report found.
Miami-Dade's existing condo sales in May were up more than 70 percent compared with the same month last year, with 972 units sold. That's an increase of 34 percent over April. But with plenty of inventory still on the market, condo prices were still down, dipping 10 percent to $126,100, the trade group's report found.
In Broward, median condo prices increased for the first time in more than three years, rising 1 percent to $81,500 in May. Year-over-year sales were up 21 percent to 965.
``We've seen a decline in inventory and increase in sales, and when you've got those two graphs going in a positive direction, it's a good sign,'' said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors.
With signs of improvement trickling in for South Florida's beleaguered housing market, investors that have large piles of cash at their disposal are seeking bulk deals, with plans to flip condo units for a profit post-rebound.
Options are limited for prime downtown Miami and Miami Beach locations, so many bulk buyers are being pushed to consider deals farther north, with Palm Beach County in the spotlight, Zalewski said.
Ophir Sternberg, managing partner of Lionheart Capital, said the choice to buy units at 2700 North Ocean in bulk allowed the investors to get a competitive price while the market was still down. The company is looking at other bulk deal options in South Floria, Sternberg said.
``We've been intensively searching the South Florida market for about a year for a high-quality oceanfront deal,'' he said. ``When we found this one, there was nothing better in terms of quality and location.''
Lionheart paid about $250 per square foot in the bulk purchase, about $803,500 per unit.
While only 96 of the 342 units in the luxury towers have sold in the past two years, current condo owners at 2700 North Ocean paid an average of $1.47 million per unit, or $520 per square foot, the Condo Vultures report found.
Sternberg said he planned to take some time to study the property, then begin a new marketing campaign in the fall to start filling the units.
In the last two years, bulk buyers have bought up more than 4,800 units in South Florida, paying a total of about about $1.5 billion, the Condo Vultures report shows.
These bulk purchases tend to boost sales numbers but keep median prices down, since they are often bought at a discount.
In Miami-Dade, year-over-year home sales were up 22 percent at 727, and the median home price increased by 1 percent to $196,700.
In Broward, sales were down 6 percent compared to May 2009, but prices rose to $216,400, a 14 percent increase compared to last year.
Florida's single-family home sales also showed some positive signs in May, increasing 18 percent over the same month last year. Median prices, however, dipped 2 percent to $140,400.
Nationally, single-family home sales increased 19 percent over the year, and median price was $179,600 in May, up 2.7 percent from May 2009.
But Zalewski, who monitors local transactions on a weekly basis, says there is reason to be cautious about the state and national numbers, which are lagging indicators.
More recent reports by his team found that the inventory of single-family homes, town houses and condos on the market has been increasing in South Florida for the past three weeks, a strange turn after nearly two years of steadily decreasing numbers of homes for sale.
It could be a signal that homeowners who are not in foreclosure but have been waiting patiently for a rebound, may be beginning to put their homes back on the market. If inventory continues to increase over the next few weeks, it would be an ominous sign that the industry is headed for a stalled recovery, Zalewski said, emphasizing that additional inventory could keep home prices down in the months ahead.
``If we have six weeks in a row of [increasing inventory], we could be in trouble,'' he said. ``This might be a sign of a double dip.''
Source: http://www.sun-sentinel.com/business/sfl-condos-bulk-buying,0,1020170.story
By TOLUSE OLORUNNIPA
The Miami Herald
In its first deal, the firm plunked down $120 million this month to buy up 146 units at the 2700 North Ocean Drive towers on Singer Island in Palm Beach County.
It marked the 50th bulk condo purchase in South Florida in the last two years, according to analysis by Peter Zalewski, a principal of the real estate consultancy Condo Vultures.
New figures released Tuesday by the trade group Florida Realtors indicate that investors like Lionheart may be getting into South Florida's fragile condo market at an opportune time -- but they also could be in for a long wait before condo prices return to pre-recession levels.
Single-family homes prices may have already begun to rise, with prices increasing for the second month in a row in Miami-Dade and Broward counties, the Florida Realtors' report found.
Miami-Dade's existing condo sales in May were up more than 70 percent compared with the same month last year, with 972 units sold. That's an increase of 34 percent over April. But with plenty of inventory still on the market, condo prices were still down, dipping 10 percent to $126,100, the trade group's report found.
In Broward, median condo prices increased for the first time in more than three years, rising 1 percent to $81,500 in May. Year-over-year sales were up 21 percent to 965.
``We've seen a decline in inventory and increase in sales, and when you've got those two graphs going in a positive direction, it's a good sign,'' said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors.
With signs of improvement trickling in for South Florida's beleaguered housing market, investors that have large piles of cash at their disposal are seeking bulk deals, with plans to flip condo units for a profit post-rebound.
Options are limited for prime downtown Miami and Miami Beach locations, so many bulk buyers are being pushed to consider deals farther north, with Palm Beach County in the spotlight, Zalewski said.
Ophir Sternberg, managing partner of Lionheart Capital, said the choice to buy units at 2700 North Ocean in bulk allowed the investors to get a competitive price while the market was still down. The company is looking at other bulk deal options in South Floria, Sternberg said.
``We've been intensively searching the South Florida market for about a year for a high-quality oceanfront deal,'' he said. ``When we found this one, there was nothing better in terms of quality and location.''
Lionheart paid about $250 per square foot in the bulk purchase, about $803,500 per unit.
While only 96 of the 342 units in the luxury towers have sold in the past two years, current condo owners at 2700 North Ocean paid an average of $1.47 million per unit, or $520 per square foot, the Condo Vultures report found.
Sternberg said he planned to take some time to study the property, then begin a new marketing campaign in the fall to start filling the units.
In the last two years, bulk buyers have bought up more than 4,800 units in South Florida, paying a total of about about $1.5 billion, the Condo Vultures report shows.
These bulk purchases tend to boost sales numbers but keep median prices down, since they are often bought at a discount.
In Miami-Dade, year-over-year home sales were up 22 percent at 727, and the median home price increased by 1 percent to $196,700.
In Broward, sales were down 6 percent compared to May 2009, but prices rose to $216,400, a 14 percent increase compared to last year.
Florida's single-family home sales also showed some positive signs in May, increasing 18 percent over the same month last year. Median prices, however, dipped 2 percent to $140,400.
Nationally, single-family home sales increased 19 percent over the year, and median price was $179,600 in May, up 2.7 percent from May 2009.
But Zalewski, who monitors local transactions on a weekly basis, says there is reason to be cautious about the state and national numbers, which are lagging indicators.
More recent reports by his team found that the inventory of single-family homes, town houses and condos on the market has been increasing in South Florida for the past three weeks, a strange turn after nearly two years of steadily decreasing numbers of homes for sale.
It could be a signal that homeowners who are not in foreclosure but have been waiting patiently for a rebound, may be beginning to put their homes back on the market. If inventory continues to increase over the next few weeks, it would be an ominous sign that the industry is headed for a stalled recovery, Zalewski said, emphasizing that additional inventory could keep home prices down in the months ahead.
``If we have six weeks in a row of [increasing inventory], we could be in trouble,'' he said. ``This might be a sign of a double dip.''
Source: http://www.sun-sentinel.com/business/sfl-condos-bulk-buying,0,1020170.story
By TOLUSE OLORUNNIPA
The Miami Herald
Wednesday, June 23, 2010
Greater Miami real estate soars
Condo sales soared by 70% in May 2010 compared to May 2009. Sales of existing single-family homes rose 22%.
Sales in the Greater Miami area beat national sales of existing single-family homes, which increased 19.2 percent from May 2009, according to the Realtor Association of Greater Miami and the Beaches (RAMB). Compared to May 2008, condominium sales in Miami increased 131% and sales of single-family homes rose 115%. Median sales prices posted a month-to-month gain, and both residential inventory and the time a home stays on the market decreased. "International buyers continue to fuel the current market resurgence," said Oliver Ruiz, 2010 RAMB Residential President. "Sixty percent of sales happening now involve international buyers and mostly cash transactions ... This is resulting in over bidding and multiple offers even in the high-end sector."
Source: http://www.poder360.com/dailynews_detail.php?blurbid=7876
Sales in the Greater Miami area beat national sales of existing single-family homes, which increased 19.2 percent from May 2009, according to the Realtor Association of Greater Miami and the Beaches (RAMB). Compared to May 2008, condominium sales in Miami increased 131% and sales of single-family homes rose 115%. Median sales prices posted a month-to-month gain, and both residential inventory and the time a home stays on the market decreased. "International buyers continue to fuel the current market resurgence," said Oliver Ruiz, 2010 RAMB Residential President. "Sixty percent of sales happening now involve international buyers and mostly cash transactions ... This is resulting in over bidding and multiple offers even in the high-end sector."
Source: http://www.poder360.com/dailynews_detail.php?blurbid=7876
Monday, June 21, 2010
LUXE SALES BUZZING
Cristina Miranda never wanted to live in a condominium but after she walked into one at the Gables Club with sweeping views of the sparkling Biscayne Bay, Fisher Island and the Miami skyline, she changed her mind.
With no regrets, Miranda sold her Coral Gables house of 30 years that she had shared with her now late husband, and bought the nearby condominium for $2.5 million in March.
``I always said I was going to die in my house,'' Miranda said, taking in her new view from the 5,200-square-foot condo. ``But when I saw this, I fell in love with it.''
Miranda's purchase is part of what some real estate experts are calling a ``miniboom'' in high-end condo sales in Miami-Dade County this year.
Countywide, 135 condos priced at $1 million or more sold during March, April and May this year, almost doubling the number of units in that price range that sold during the same period in 2009, according to Esslinger-Wooten-Maxwell, one of the largest real estate brokerages in Miami-Dade and Broward. In Broward, 17 $1 million-plus units sold during that time period this year compared to 12 last year.
The superluxury condo market is taking off too: in the past month there were four sales breaking the $7.5 million mark. Units sold for $8.7 million at One Bal Harbour; $9 million at the Fountainebleau; $11 million at the Santa Maria Brickell; and $15 million at the Setai.
Those four sales alone have the real estate industry abuzz, considering that there was only an average of 2.5 sales of condos in that stratospheric price bracket for the past eight years, according to EWM.
``We are selling more units right now because people are sensing we are at the bottom of the market,'' said Ron Shuffield, president of EWM. ``And there aren't that many to choose from, especially in the penthouse range.''
The unit that sold at Santa Maria Brickell for $11 million in foreclosure was priced at $14 million three years ago, Shuffield said. ``I think people are realizing you cannot reproduce any of these buildings for what we're selling them for.''
This month, a penthouse at the Marquis Residences sold for $4.2 million, said Lori Ordover, managing director for sales and leasings at Africa Israel USA, the developer of the building.
The four-story, 7,800-square-foot penthouse topping the 67-story building at 1100 Biscayne Blvd. claims the highest terrace and hot tub in Florida, and is one of seven units that sold for more than $1 million since March.
Ordover said the sales team had not yet priced the unfinished condo, which was sold in raw condition without the finishings (floors, window treatments, etc), and was not yet on the market when a buyer showed up with a ``good price.''
Ordover said most luxury condo buyers are paying in cash and they are buying units to live in, rather than as a pure investment.
``It's like the tide is starting to turn,'' Ordover said. ``I see the energy. I see more people coming to look in the sales office, double the number from last summer.''
For sure a major draw of the luxury condo communities, which began coming on the market in the mid-1990s, is the array of amenities that they offer. Some developments offer glamorous living experiences, with zen gardens, luxury spas, oceanside pools, private butler services, and exclusive club memberships.
At the Marquis Residences, owners can have a chef from its boutique hotel cook them a gourmet meal in their condo. The Setai in Miami Beach, 2001 Collins Ave., offers private plane and yacht charters. At Apogee, 800 South Pointe Dr. in Miami Beach, each unit has a privately-enclosed two-car garage on the parking levels.
Real estate experts say the luxury condo market should only get stronger because condominium living is an increasingly popular lifestyle choice for the wealthy.
In fact, according to Shuffield at EWM, this past quarter is now the third quarter of the last eight quarters where there have been condo sales exceeding single-family home sales for properties priced greater than $1 million.
Though the numbers for that price range are still close -- an average of 39 single family homes per month sold during the first quarter of 2010 vs. an average of 45 condos during the same time period -- Shuffield thinks the trend is here to stay.
``When I was growing up we didn't have these choices,'' said Shuffield, who is 59. ``There were only apartments. Today every one of these buildings is like a little country club. ``If you don't need a yard and space, it's a great lifestyle.''
At the Gables Club where residents in the two towers on Edgewater Drive, have access to a heated swimming pool, sauna and club, Cristina Miranda has already decorated her new condo with the eclectic paintings and furniture she collected while traveling the world with her husband of 36 years, Guillermo, who ran an athletic footwear company, Gator Industries.
``I like the area, and the amenities are all here,'' Miranda said. ``They wash your car for you downstairs, they will send up a chef to cook a meal. You name it, they do it.''
Source: http://www.miamiherald.com/2010/06/19/1689097/luxe-sales-buzzing.html
BY ANA MARIA LIMA
anaalaya@yahoo.com
With no regrets, Miranda sold her Coral Gables house of 30 years that she had shared with her now late husband, and bought the nearby condominium for $2.5 million in March.
``I always said I was going to die in my house,'' Miranda said, taking in her new view from the 5,200-square-foot condo. ``But when I saw this, I fell in love with it.''
Miranda's purchase is part of what some real estate experts are calling a ``miniboom'' in high-end condo sales in Miami-Dade County this year.
Countywide, 135 condos priced at $1 million or more sold during March, April and May this year, almost doubling the number of units in that price range that sold during the same period in 2009, according to Esslinger-Wooten-Maxwell, one of the largest real estate brokerages in Miami-Dade and Broward. In Broward, 17 $1 million-plus units sold during that time period this year compared to 12 last year.
The superluxury condo market is taking off too: in the past month there were four sales breaking the $7.5 million mark. Units sold for $8.7 million at One Bal Harbour; $9 million at the Fountainebleau; $11 million at the Santa Maria Brickell; and $15 million at the Setai.
Those four sales alone have the real estate industry abuzz, considering that there was only an average of 2.5 sales of condos in that stratospheric price bracket for the past eight years, according to EWM.
``We are selling more units right now because people are sensing we are at the bottom of the market,'' said Ron Shuffield, president of EWM. ``And there aren't that many to choose from, especially in the penthouse range.''
The unit that sold at Santa Maria Brickell for $11 million in foreclosure was priced at $14 million three years ago, Shuffield said. ``I think people are realizing you cannot reproduce any of these buildings for what we're selling them for.''
This month, a penthouse at the Marquis Residences sold for $4.2 million, said Lori Ordover, managing director for sales and leasings at Africa Israel USA, the developer of the building.
The four-story, 7,800-square-foot penthouse topping the 67-story building at 1100 Biscayne Blvd. claims the highest terrace and hot tub in Florida, and is one of seven units that sold for more than $1 million since March.
Ordover said the sales team had not yet priced the unfinished condo, which was sold in raw condition without the finishings (floors, window treatments, etc), and was not yet on the market when a buyer showed up with a ``good price.''
Ordover said most luxury condo buyers are paying in cash and they are buying units to live in, rather than as a pure investment.
``It's like the tide is starting to turn,'' Ordover said. ``I see the energy. I see more people coming to look in the sales office, double the number from last summer.''
For sure a major draw of the luxury condo communities, which began coming on the market in the mid-1990s, is the array of amenities that they offer. Some developments offer glamorous living experiences, with zen gardens, luxury spas, oceanside pools, private butler services, and exclusive club memberships.
At the Marquis Residences, owners can have a chef from its boutique hotel cook them a gourmet meal in their condo. The Setai in Miami Beach, 2001 Collins Ave., offers private plane and yacht charters. At Apogee, 800 South Pointe Dr. in Miami Beach, each unit has a privately-enclosed two-car garage on the parking levels.
Real estate experts say the luxury condo market should only get stronger because condominium living is an increasingly popular lifestyle choice for the wealthy.
In fact, according to Shuffield at EWM, this past quarter is now the third quarter of the last eight quarters where there have been condo sales exceeding single-family home sales for properties priced greater than $1 million.
Though the numbers for that price range are still close -- an average of 39 single family homes per month sold during the first quarter of 2010 vs. an average of 45 condos during the same time period -- Shuffield thinks the trend is here to stay.
``When I was growing up we didn't have these choices,'' said Shuffield, who is 59. ``There were only apartments. Today every one of these buildings is like a little country club. ``If you don't need a yard and space, it's a great lifestyle.''
At the Gables Club where residents in the two towers on Edgewater Drive, have access to a heated swimming pool, sauna and club, Cristina Miranda has already decorated her new condo with the eclectic paintings and furniture she collected while traveling the world with her husband of 36 years, Guillermo, who ran an athletic footwear company, Gator Industries.
``I like the area, and the amenities are all here,'' Miranda said. ``They wash your car for you downstairs, they will send up a chef to cook a meal. You name it, they do it.''
Source: http://www.miamiherald.com/2010/06/19/1689097/luxe-sales-buzzing.html
BY ANA MARIA LIMA
anaalaya@yahoo.com
Friday, June 18, 2010
U.S. Senate votes to extend deadline for home buyer's tax credit
The Senate voted 60-37 on Wednesday to extend until the end of September the deadline for completing home sales and still qualifying for a popular home buyer's tax credit.
Only buyers who signed contracts by April 30 could take advantage of the extension. Without it, buyers must close the deal by the end of June to get the $8,000 first-time credit or the $6,500 credit for certain people who already own homes.
The amendment was added to a bill that would extend the law that provides extra unemployment benefits.
Senate leaders had hoped to pass the bill by the end of the week but were struggling to round up enough votes to overcome opposition by Republicans and some Democrats.
The National Association of Realtors estimated 180,000 buyers are at risk of not closing in time to receive the credits because of the crush of contracts and Congress' repeated lapses in renewing federal flood insurance.
Only buyers who signed contracts by April 30 could take advantage of the extension. Without it, buyers must close the deal by the end of June to get the $8,000 first-time credit or the $6,500 credit for certain people who already own homes.
The amendment was added to a bill that would extend the law that provides extra unemployment benefits.
Senate leaders had hoped to pass the bill by the end of the week but were struggling to round up enough votes to overcome opposition by Republicans and some Democrats.
The National Association of Realtors estimated 180,000 buyers are at risk of not closing in time to receive the credits because of the crush of contracts and Congress' repeated lapses in renewing federal flood insurance.
Thursday, June 17, 2010
Miami Real Estate – Make Your Home Buying Fun
In buying a home in Miami real estate, fun and buying are the concepts that come together.
Buying a home is a huge investment that is why instead of having fun, buying a home become so stressful. Buyers tends to find themselves into trouble when purchasing a home in Miami real estate, because of the legal aspects, choosing a home mortgage, dealing with brokers and real estate agents, finding home insurance, and many other buyer concerns.
But there are still some ways to make the buying process with lots of fun, by being prepared, and by adding a little bit of humor and wit if needed.
Now, the first thing one should do is by asking the toughest question, Can you afford the payments for the home that you wanted… Then you have to answer that question honestly. It is wiser to consult a financial adviser to help you in the buying process. This is really important especially if you have some troubles regarding to financial obligations. So it is better to determine that type of home you can afford, considering the monthly payments to be done for a home mortgage.
Next thing one should do is to have valuable information about Miami real estate. There are lots of way to obtain the necessary information, by newspapers, advertisements, referrals, brochures, and also the Internet. It is truly wiser to have all the valuable information when entering into a home buying in Miami real estate.
If you are first time buyer in the Miami real estate, it is advisable to talk to people who recently purchased a home in Miami real estate and learn from their experiences. Learning from others experiences can help you in your buying process.
It will also benefit you, if you talk to your friends and family, who has recently purchased a home in Miami real estate. The world of real estate evolve fast, so things can change quickly, so having a lot of information can help you in your home buying process in Miami real estate.
Another important factor to consider in your buying process, is hiring the service of a real estate agent. But it is also important to take some time to research about the real estate agent, for you to find the most skilled and expert that would fit to your needs. Now, in choosing a real estate agent, choose someone who can represent you and your interests, someone who can lessen you stress in purchasing a home. In searching for a real estate agent, you can look for some referrals.
In buying a home in Miami real estate, a great deal of discussion and paperwork is involved in closing a deal. But if you done the process well then this part will no longer be a stressful one but instead to be an exciting one. After finding the best mortgage rate and terms which you were qualified, then better to finalize the home mortgage company of your choice. And as soon as all goes well, you end up enjoying and relaxing to your home. So finally, you’ll be having fun with you new home in Miami real estate.
Buying a home is a huge investment that is why instead of having fun, buying a home become so stressful. Buyers tends to find themselves into trouble when purchasing a home in Miami real estate, because of the legal aspects, choosing a home mortgage, dealing with brokers and real estate agents, finding home insurance, and many other buyer concerns.
But there are still some ways to make the buying process with lots of fun, by being prepared, and by adding a little bit of humor and wit if needed.
Now, the first thing one should do is by asking the toughest question, Can you afford the payments for the home that you wanted… Then you have to answer that question honestly. It is wiser to consult a financial adviser to help you in the buying process. This is really important especially if you have some troubles regarding to financial obligations. So it is better to determine that type of home you can afford, considering the monthly payments to be done for a home mortgage.
Next thing one should do is to have valuable information about Miami real estate. There are lots of way to obtain the necessary information, by newspapers, advertisements, referrals, brochures, and also the Internet. It is truly wiser to have all the valuable information when entering into a home buying in Miami real estate.
If you are first time buyer in the Miami real estate, it is advisable to talk to people who recently purchased a home in Miami real estate and learn from their experiences. Learning from others experiences can help you in your buying process.
It will also benefit you, if you talk to your friends and family, who has recently purchased a home in Miami real estate. The world of real estate evolve fast, so things can change quickly, so having a lot of information can help you in your home buying process in Miami real estate.
Another important factor to consider in your buying process, is hiring the service of a real estate agent. But it is also important to take some time to research about the real estate agent, for you to find the most skilled and expert that would fit to your needs. Now, in choosing a real estate agent, choose someone who can represent you and your interests, someone who can lessen you stress in purchasing a home. In searching for a real estate agent, you can look for some referrals.
In buying a home in Miami real estate, a great deal of discussion and paperwork is involved in closing a deal. But if you done the process well then this part will no longer be a stressful one but instead to be an exciting one. After finding the best mortgage rate and terms which you were qualified, then better to finalize the home mortgage company of your choice. And as soon as all goes well, you end up enjoying and relaxing to your home. So finally, you’ll be having fun with you new home in Miami real estate.
Wednesday, June 16, 2010
Tax credit extension would help short sale buyers
Frustrated home buyers trying to complete short sales or get flood insurance stand to benefit most from an extension, which has not yet passed Congress, but is being pushed by Senate Majority Leader Harry Reid, D-Nev.
Reid, who is up for re-election, said last week that buyers should have until the end of September to complete their deals because of delays beyond their control. As it is now, buyers who signed contracts by April 30 must close by the end of June to get the $8,000 first-time credit or the $6,500 credit for certain people who already own homes.
Only buyers who signed contracts by April 30 could take advantage of an extension. The Senate is expected to consider Reid's measure this week.
Short sales, in which sellers unload homes for less than they owe on their mortgages, often drag on for weeks or months while lenders consider whether to approve the deals. New federal guidelines introduced in April give lenders a 10-day window to respond to short sale offers, but some banks aren't complying, real estate agents and analysts say.
Reid's proposal would be a major benefit for buyers who need more time to let the process play out.
"I'm just twisting in the wind," said Smith. "I really hope this gets extended. It would take a lot of pressure off me."
His real estate agent, Ryan Love of Coldwell Banker, said they're waiting for a letter of approval from the lender.
"We keep getting the 'Oh, it's coming today or tomorrow' line," Love said.
Even people who aren't buying short sales are hoping for an extension.
Some deals are being delayed because buyers can't get flood insurance. Lawmakers let the National Flood Insurance Program expire three times this year. No new or renewal flood policies can be issued until Congress renews it.
Bill Mei, a loan officer for Element Funding in Pompano Beach, said the lack of flood insurance has killed one of his home sales and postponed two others. He's concerned about a few closings scheduled in the coming weeks.
"It's a big mess," he said.
The crush of buyers trying to complete sales by the end of June "is creating a clog in the system," said Walter Molony, a spokesman for the National Association of Realtors. "It's taking longer to close transactions."
The national Realtors' group estimates that 180,000 buyers are at risk of not closing in time to receive the credits.
Meanwhile, the pending expiration of the tax credits has home builders feeling less confident.
The National Association of Home Builders said Tuesday its index measuring member optimism dropped to 17 in June from 22 in May. The index had risen for two consecutive months.
Source: http://www.sun-sentinel.com/business/fl-homebuyer-credit-extended-20100615,0,7986336.story
Paul Owers can be reached at Powers@SunSentinel.com or 561-243-6529
Reid, who is up for re-election, said last week that buyers should have until the end of September to complete their deals because of delays beyond their control. As it is now, buyers who signed contracts by April 30 must close by the end of June to get the $8,000 first-time credit or the $6,500 credit for certain people who already own homes.
Only buyers who signed contracts by April 30 could take advantage of an extension. The Senate is expected to consider Reid's measure this week.
Short sales, in which sellers unload homes for less than they owe on their mortgages, often drag on for weeks or months while lenders consider whether to approve the deals. New federal guidelines introduced in April give lenders a 10-day window to respond to short sale offers, but some banks aren't complying, real estate agents and analysts say.
Reid's proposal would be a major benefit for buyers who need more time to let the process play out.
"I'm just twisting in the wind," said Smith. "I really hope this gets extended. It would take a lot of pressure off me."
His real estate agent, Ryan Love of Coldwell Banker, said they're waiting for a letter of approval from the lender.
"We keep getting the 'Oh, it's coming today or tomorrow' line," Love said.
Even people who aren't buying short sales are hoping for an extension.
Some deals are being delayed because buyers can't get flood insurance. Lawmakers let the National Flood Insurance Program expire three times this year. No new or renewal flood policies can be issued until Congress renews it.
Bill Mei, a loan officer for Element Funding in Pompano Beach, said the lack of flood insurance has killed one of his home sales and postponed two others. He's concerned about a few closings scheduled in the coming weeks.
"It's a big mess," he said.
The crush of buyers trying to complete sales by the end of June "is creating a clog in the system," said Walter Molony, a spokesman for the National Association of Realtors. "It's taking longer to close transactions."
The national Realtors' group estimates that 180,000 buyers are at risk of not closing in time to receive the credits.
Meanwhile, the pending expiration of the tax credits has home builders feeling less confident.
The National Association of Home Builders said Tuesday its index measuring member optimism dropped to 17 in June from 22 in May. The index had risen for two consecutive months.
Source: http://www.sun-sentinel.com/business/fl-homebuyer-credit-extended-20100615,0,7986336.story
Paul Owers can be reached at Powers@SunSentinel.com or 561-243-6529
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