Real Green Trends

Archive for the 'Selling Real Estate' Category

The State of the Aventura Market: Do we need that much information to purchase a home or condo?

Here, in South Florida, especially in the communities I serve –  including Sunny Isles, Aventura, Bal Harbor, Bay Harbour, Miami Beach, Hollywood, Hallandale and Brickell – I find more often than not buyers and sellers overloaded with information

Buyers and Sellers spend too much time researching the Internet.

 They go to Trulia, to Zillow, to Realtor.com and they now have in their hands thousands of words explaining them the State of the Market and what their homes should sell for. Or what price should they offer for a new condo.

Is this leading them towards the right decision?

 If someone is not ready to buy or sell, he or she will always find a reason, even if it’s one the rest of us don’t think is a good one. 

What is the real goal?

 Isn’t the buyer looking for a home or a condo that will accomodate his or her needs. A home or a condo that will make him or her feel emotionally connected?  I wonder if too much information distracts them from their real goal …

Isn’t the Seller looking to sell so he can move forward? How much information does he need? Sold Comps, Competitive Listings, Realtor’s Experience and Marketing Capability – to mention the most important ones

In my opinion an excelent combination would be enough data to make a smart decision, leaving space for our emotions to kick in at the right moment. Successful companies gather the information and base their decisions looking at their spreadsheets and  listening to their hearts.

As always, I share the market information with my Sellers and Buyers for them to have an insight of what’s going on. And I suggest to them to ask themselves how they feel and to listen to their hearts at the time of making the decision to purchase or sell.

Are you in the market to Sell or Buy your condo or home? Send me a comment and I will assist you.

Real Estate News for Miami – New Housing Tax Credit

The National Association of Home Builders posted an excellent Question and Answer piece  that explains all the details of the new housing tax credit.

This also applies to Aventura, Sunny Isles and other South Florida residents !

Be sure to take a few minutes to read about the new opportunities for an expanded group of eligible buyers. Perhaps you are amongst them.  In order to receive the credit, Buyers of a Miami home or condo must have signed a contract by April 30, 2010 and they must close by June 30, 2010.

Property inventories are shrinking daily here in Aventura, Miami, Sunny Isles and other neighborhoods. Therefore, time is of the essence.  Buyers will have fewer and fewer properties from which to choose over the months ahead.

For more information you can read the entire article from the National Association of Home Builders website by clicking here

Start you home search today. Leave your comment or email me at adrianafaerman@realgreentrends.com

Hope you’re having a good week.

See you soon…….

Miami-Dade County Residents – Insight on Property Taxes

Market data showed significant declines in property values which was the main concern for my Aventura, Sunny Isles Beach, Bal Harbour and Miami Beach customers. Increase in Property Taxes is a subject that regularly comes up when my  buyers analyze the tax implications of purchasing a new home or condo.

Thus, I reviewed and extracted some information I obtained from Miami-Dade Property Tax Appraiser webpage.

The appraiser has released the 2009 Preliminary Tax Roll on July 1st.

The decline in the 2009 Preliminary Tax Roll sets the stage for additional tax relief.

The Tax Estimator is an interesting tool I found while skimming through this article.

He also explains the reasons why property taxes can increase from one year to next based on different considerations.

Also, there’s a Tax Estimator Worksheet, that you can access after reading the disclosures which is useful when considering purchasing another property in Florida.

Information on specific values and proposed taxes for each property will be made available when the Notice of Proposed Property Taxes, commonly referred to as the TRIM Notice, is mailed on August 24th.  I encourage you to review your Notice carefully and contact the Property Tax Appraiser’s Office at (786) 331-5321 with any questions you may have.

Are you considering selling you property in Sunny Isles, Aventura, Bal Harbour or Miami Beach? Work with me, a knowledgeable broker, available 24.7.395 (mi minimum acceptable standard) and you will receive memorable service.

Adriana Faerman, Broker Associate | 305-773-0253  | adrianafaerman@gmail.com |www.realgreentrends.com

Broward County residents: Do you want to lower your property taxes?

The industry standard sends thousands of print and email advertising themselves, I prefer to share with my sellers and buyers in Broward county, Florida;  useful information which will help you save money when you use it on a timely manner.

Please, take a few minutes to read the insights about property taxes in Broward County, Florida: 

The 2009 property tax assessments for Broward County have been certified and are now posted on the Broward County Tax Assessor’s website. To view your property assessment, go to http://BCPA.NET click on “Property  Search” on the top left, and  then scroll down to accept the terms of use.

You may search for a property by owner name, address, or folio number. Click on your choice, and enter the information. If you search by name, all properties owned by individuals with that name will come up, and you must click on the folio number of the property you wish to view.

When the correct tax comes up, below the name and address you will find “Property Assessment Values”. The first line gives the 2009 assessed values. If you are NOT Homesteaded, the Just Value will be equal to the Assessed/SOH Value, and this is the value on which your 2009 property tax will be based. If you are Homesteaded, your taxable value is the Assessed/SOH Value, which is typically less than the Just Value. However, due to declining home values, the SOH Value can be equal to the Just Value.  Later, we will explain how that can occur.

 The actual tax owed is still blank because the millage rates of the individual taxing authorities have not yet been determined. The following is the Budget Timetable:

 August 4  -  Ad valorem taxing authorities advise the Property Appraiser of their rollback rate, proposed millage rate, and time, date and place of the first required public hearing. Special assessment districts to advise Property Appraiser of their proposed rates. 

August 11 -  Property Appraiser begins to mail Proposed Property Tax Notices (TRIM Notices)

August 24 – Last day for Property Appraiser to mail TRIM Notices

 August 24 to September 18 – Time to file petitions to the Value Adjustment Board (VAB) if you wish to challenge your 2009 Property Tax Assessment

Read the rest of this entry »

Sunny Isles Beach – Market Report for July 6th, 2009

Sunny Isles Market Report for July 2009

INVENTORY: Inventory has been tightening and days-on the market increasing recently, which might suggest that buyers are in a strong position to negotiate and make offers.

PRICE: This week saw a relatively little price change from last week. However, prices continue demostrate a nice up trend in general over the last week.

MARKET ACTION: The Condo Market for Sunny Isles remains quite strongly in the  Buyers’ zone. With these numbers Buyers should find ample choice.

DAYS ON THE MARKET: Properties have been on the market for an average of 348 days. Half of the listings have come newly on the market in the past 413 or so days.

MEDIANCONDOMINIUM PRICE IN SUNNY ISLES: The median condominum price in Sunny Isles Beach is $349,000 this week.

AVERAGE PRICE PER SQUARE FOOT: The average price per square foot for this week in Sunny Isles was $339.

I will be posting weekly updates on the market trends for Sunny Isles beach condos; and make sure you contact me for more information Adriana Faerman 305-773-0253 or email me at adrianafaerman@gmail.com

 

 

Are you a bona fide tenant of a property in Miami, Aventura, Sunny Isles and other areas of South Florida going to foreclosure sale?

New requirements have been put in place also for South Florida Real Estate concerning notice that must be given to bona fide tenants/lessees (not former borrowers or their immediate family members) of properties that go to foreclosure sale after May 20, 2009.  

This law is in effect immediately.  Section 702 of the new law Protecting Tenants at Foreclosure Act of 2009 is summarized below and it affects eviction/unlawful detainer law nationwide.  

1.   Tenant of a foreclosed property must now be given a 90 day notice to vacate.  The notice to vacate must set forth the rights of the tenant under the new act.  This portion of the new law applies to tenants on a month to month rental agreement, written or unwritten.    

2.  The lessee under a bona fide lease entered into before the notice of foreclosure was recorded is allowed to remain in the property until the end of the remaining term of the lease.  If you sell the property with the lessee in place, the new third party owner who intends to occupy the property as a primary residence may terminate the lease however the 90 day notice must be given by the third party owner.  An investor can also purchase these properties if they intend to honor the current lease.

3.  The bona fide lease or tenancy, for purposes of the new law, is considered bona fide only if:

        A. The borrower, child, spouse or parents of the borrower is not the tenant;
        B. The lease or tenancy was the result of an arms-length transaction; and
        C. Rent under the lease or tenancy is not “substantially” lower than fair market rent for the property unless the rent is reduced or subsidized due to a Federal, State or local subsidy.

This new law does not apply to property where the former owners remain in possession following the foreclosure sale.

If the occupant of a  condo or a home in  Aventura real estate, Miami Beach, Sunny Isles, Hollywood or other areas in South Florida has a lease, every effort should be made to obtain a copy of the lease to determine the length of the lease period, the monthly rental and whether or not the lease may be terminable at will under the applicable State law. 

 If the property is occupied by a tenant under a month to month tenancy, a 90 day notice must be given. If it is an oral rental, copies of cancelled rent checks must be submitted.

The new law states that without a lease, the 90 day notice rule applies. 

Should the tenant refuse to provide a copy of a lease, the listing agent will assume there is no written lease and he/she will immediately contact their Eviction Representative.

 

 

This new legislation applies to single family homes and condos – whether oceanfront or not – in South Florida including but not restricted to Aventura, Hollywood, Hallandale Beach, Sunny Isles Beach, and Miami Beach, etc.

 

Should you find this piece of information useful, please share it with your friends and contact me to assist you in selling and/or  buying your  home or condo in Miami-Dade and Broward counties.

 

 

South Florida housing recovery. Too soon to see results?

We all wonder how long the current market situation is going to last and when are we going to see the first signs of recovery in Market Trends for South Florida Condos and Homes. The new regulations for loan modifications might help some owners who have either lost their jobs or have seen their income substantially reduced. Other owners are seeking to refinance, which might entail higher costs but peace of mind in the long run.

 Some are weighing the option to file for bankruptcy to have their loan reduced (big companies are already supporting this plan). There are still too many factors affecting the current South Florida real estate market – and the nation’s in general – to determine the success or failure of any of these solutions.

Everyday I hear the same questions: Are we gearing towards the right direction? When is this going to end? Which option should I entertain? Government is placing ambitious plans on the table and time will tell if we are going to see the results we all expect …

I only know that new condo buyers and/or investors have a large inventory to choose from and great opportunities to grab.

Wells Fargo agrees to suspend foreclosures

 

Decision made while the Obama administration devises a plan to help troubled borrowers

According to a news article appearing on Bloomberg yesterday WellsFargo together with other credit institutions agreed to halt foreclosures while the new administration crafts a plan to modifiy mortgages.

This moratorium will be in place, as per WellFargo officials, until the new plan is announced.

President Barack Obama will give details on his housing proposals next week during a two-day trip to Denver and Phoenix to talk about the next steps in his strategy to revive the U.S. economy, White House press secretary Robert Gibbs said today. The housing speech is scheduled Feb. 18, he said.

Wells Fargo, which acquired Wachovia Corp. last month, extended until the end of February a freeze on foreclosure for Wachovia’s loan holders, and will halt actions until a U.S. plan is released, said Kevin Waetke, a bank spokesman.

Hopefully, these new measures will help owners avoid losing their homes and make credit available to new home buyers.

Time will tell, in the meantime here, in South Florida, especially in Sunny Isles and Aventura, we continue experiencing more activity and sales are increasing on a weekly basis.

Please, leave your comment or contact me

Give me 5 minutes and I will tell you what’s happening with Aventura Condo Sales.

Aventura Condo Sales for December 2008 – Market Report

This report is for condos ranging between

$100,000 to $250,000

YEAR	# Of Homes Sold	Pended Sales	Available for Sale	Average DOM Days on the Market	Median Sales Price
2008	106	39	204	62.75	$179,950
2007	96	5	25	146.17	$190,975

The number of condos in the $100,000 t $250,000 sold this year ended up 106, ahead of 2007 sales numbers. 2008 will go up as a the beginning of the upturn for sales in Aventura since the condo crisis began.

While  bank owned properties may be driving real estate prices downward, there continue to be buyers ready & willing to jump on the opportunity to buy them.