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2009 (2)
2008 (9)
2007 (6)
Tuesday, April 7, 2009

Understanding an REO

With today’s considerably lower Miami Beach real estate prices, the large inventory of foreclosures and bank owned property the question becomes more of what kind of property is worth investing in than anything else.  For purposes of this article, we’ll focus on bank owned properties, also known as REO (real estate owned) property.

A home becomes real estate owned if it doesn’t find a buyer during a property auction.  Since banks aren’t necessarily designed to function as Miami Beach real estate property-owners, they’re usually very eager to get rid of them which can result in considerable discounts.  However since an REO is not the same thing as a foreclosure, lenders can still earn a profit from them so don’t expect as deep of a discount.

A perk of buying a Miami Beach real estate REO is that there’s much less of a risk of dealing with liens, taxes and other unforeseen costs that come with a foreclosure since lenders will take usually deal with them before the sale is closed.  However an REO can still be in bad condition like a foreclosure so it remains important to get a home inspection or check the home out yourself, lenders are not at all obligated to make any repairs on the property but they will allow you to back out if something is seriously wrong.

 
Posted at 10:24:21 AM

Thursday, March 5, 2009

Examining the Interior of a Home

If you’ve been browsing through Miami Beach real estate on the internet, you’ve more than likely come across numerous resources thoroughly explaining how important it is that you carefully consider where the home is located, the values of neighboring homes, etc.  If you’ve done your homework, perhaps it’s time to narrow down your assessment to the home you may soon be living in by giving the interior a meticulous examination.

Perhaps you’d like to start off with the electrical wiring.  Depending on your familiarity, you may wish to leave this to a professional or have it done as part of the home inspection report, should you request one.  Always check this part out regardless of whether the home was built ten years ago or five years ago.

The plumbing is a little easier.  Leakage can often be discovered just by taking a look behind sinks since that’s the spot where mold has the best conditions for accumulating.  A leaky sink could be an indicator of bad pipes and thus plumbing, something you likely want to bring to the appropriate person’s attention before signing off on the dotted line on your Miami Beach real estate purchase.

Not all homes come with an addict but if there is one, you may wish to make it your first stop.  If you want to examine the roof, the attic is the best spot to do so.  If there’s wood that shows wear and tear, this could lead to leakage later on.

 
Posted at 11:00:29 AM

Wednesday, November 26, 2008

Compiling Comparable Sales

With the advances in technology and the widespread availability of the World Wide Web, there is more real estate information available than ever.  Realtors have a number of resources available to help them with their seller and buyer assistance efforts and among these, it’s important to have a good idea of average sales prices in any given neighborhood, officially known as comparable sales and often referred to simply as comps.

Depending on the state where the realtor is doing business, obtaining information on comps can be done by simply heading over to the local courthouse and browsing through public records or reading newspaper listings to get a glimpse of recent sales figures.  However this method means that such services need to actually be provided in order to make use of them.

The most readily available resource is the internet since there are many websites available which can be used for finding comparable sales information while removing the need to do a lot of unnecessary and possibly fruitless legwork.  Keep in mind though that there is no guarantee as to how current this information may be.  A similar approach is to subscribe to service companies which can mail or offer this information via other means besides the internet.  Even so, the same problems of encountering outdated information are still there.

The MLS can be extremely useful and if the person using it is already a licensed realtor then they have access to a wealth of information on multiple listings which is more often than not kept up to date.

At the end of the day however, perhaps the best way to have the sharpest knowledge on comps is to take the self research approach and focus on a certain neighborhood and staying abreast of sales.

 
Posted at 4:43:12 PM

Friday, October 31, 2008

Existing Home Sales Rose Nationally Last Month

While the economy seems bleak with the stock market fluctuating daily and a steady amount of major companies going bankrupt or merging, the real estate market seems to be headed down a different path. Month-after-month the real estate market has slight improvements. Experts think the worst declines in the real estate market have already past while the economy still has a while before it stabilizes.

Recent reports from the National Association of Realtors (NAR) show an increase in existing home sales. Home sales were up 5.5 percent with a total of 5.18 million units sold across the country in the month of September which was higher than the previous month by 1.4 percent. Lead economist for the NAR Lawrence Yun suggests this is part of “a sales turnaround which began in California several months ago…” and “is broadening now to Colarado, Kansas, Minnesota, Missouri and Rhode Island”. 

The cause of this influx of real estate business, according to NAR President Richard F. Gaylord is “low home prices and low interest rates”. The nearly thirty percent discounts in home prices in major cities and rural areas have attracted buyers back to the real estate market in certain areas of the country. Richard F. Gaylord is optimistic about recent gains and thinks the real estate market is on its way to recovery.

Lawrence Yun, while also optimistic about the recovery of the real estate market, warns of “market disruptions” on the road to real estate market recovery. The credit markets have a significant impact on the real estate market and as they experience tough times it may have averse effects on the real estate market. But that aside, the NAR is predicting that the worst for the real estate market is over and that it will recover sooner than the economy itself.

 
Posted at 10:53:28 AM

Friday, September 5, 2008

Environmental Awareness

Global warming, damaging fuel emissions, they’re all more of a concern on people’s minds these days as they become more and more aware of their long term effects on the environment and how important it is to try and incorporate “green practices” into your daily lifestyle whether that means doubling up your recycling efforts or reducing the amount of time you spend sitting idly in traffic.

In real estate, many developers have taken into account how they too can make homes “greener” and many have made use of natural resources to create environmentally friendly condo buildings like Ten Museum Park which uses its glass design to allow tons of natural sunlight to come into the building, thus reducing the need to flip on artificial lights, at least during the day.

The Ten Museum Park condo is only a small part of a bigger picture.  Its home, downtown Miami is recognized not only by its sweeping business and condo skyscrapers, but also the numerous and elaborate light displays that bring the city to new life during the evening.  Obviously all this visual eye candy, while certainly nice to look at does not do the environment any favors.  Thus, to reinforce the message of how important it is to turn off nonessential lights whenever possible, Ten Museum Park and all those other high rises in downtown Miami’s will turn off their own unimportant lights on March 29 in a global effort to encourage environmental awareness.

Regardless of whether you live in a Miami single family home or a luxury condo, the efforts required by you to help out the environment even a little are that simple: turn off lights when you leave a room, drop a plastic water bottle or soda can into a recycling receptacle instead of the trash.  It may seem useless but it’s always good to know you’re doing your part in making the world you share with everyone else that much more pleasant.
hat require little to no repairs.  Don’t get caught up in the fierce competition without having a limit of how far you’re willing to bid, always remember the winning bid is only a component of the other fees that follow.  As you learn the ropes, you’ll eventually get a feel for how real estate auctions work and who knows, if you become good at it, they may become your preferred method of buying Florida real estate.
 

 
Posted at 2:50:44 PM

Tuesday, June 24, 2008

International Florida Real Estate Assistance

To some degree the foreclosure situation has transitioned from how to prevent foreclosures to how to get rid of the hundreds of foreclosure properties already available on the market.  South Florida homes are among the highest in foreclosure filings, contributing to an already overcrowded housing glut.  The answer to appeasing the situation may lie beyond the U.S. borders.

Strategic Real Estate Advisors is an asset management firm situated in London that plans to raise $1 billion dollars in order to purchase luxury property like Miami Beach oceanfront condos currently owned and being sold by the banks through the Florida Prime Residential Opportunity Fund.

It’s interesting to note that not only is Strategic Real Estate Advisors located outside of the United States, the majority of the funds which will go towards the purchase of all these luxury properties will be coming from well to do investors and funds located throughout Europe and the Middle East.  Recent reports have consistently pointed towards international investors and buyers as integral towards maintaining interest in Florida property investments and sales.

Critics may see Strategic Real Estate Advisors’ initiative as ineffective since they won’t be making a profit.  The firm actually plans to buy and then hold onto these properties for next six years or so, a move that may cost considerable funds as the market fluctuates but which should bring considerable profit by the time it decides to sell them off as a residential property investment or something else entirely.

Within a seven year timeframe home values and the real estate market in general will certainly be in much better shape and buying activity will likely have increased so in a sense Strategic Real Estate Advisors are providing a worthwhile short and long term solution.  Is this just another flash in the pan or is it a viable strategy?

 
Posted at 12:30:39 PM

Wednesday, May 28, 2008

Homes Are Selling Again

Amidst the doom and gloom of housing market reports comes a recent report suggesting the real estate market is showing strong signs of life. In these tumultuous times it's easy for people to think that the economy is headed for recession or even a crash. Despite current market reports that suggest we are beginning to see slow signs of recovery there are still those who would rather build a bunker under their homes to prepare for an apocalypse then invest in real estate.

The last half dozen months have not seen much progress in the way of homes sold. The highest percentage of drop in home sales occurred during that period leading many to believe that the market would eventually begin to recover—and it did. In April homes sales increased slightly, which wasn't enough to ease all tensions in the housing market but enough to show that the market is on the right track to recovery. 

Property value also rose slightly across the nation showing encouraging signs of the real estate market's enduring strength. Though the median home value is comparably low to just four years ago the fact that property value is stabilizing across the country is a sign that things will return to normalcy sooner than later. When property values experience steady rise it will be more practical for people to sell homes and to convince investors to buy homes. 

So, how should one react to recent reports of trends reversing in real estate? Real estate transactions rising are a sign that demand for property is still alive. Prices are almost at a low enough level that many people sitting on the fence on whether or not to invest will soon become active. As sales increase, so will home values and soon real estate investments will become stable enough to return to business as usual.

 
Posted at 10:09:56 AM

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Updated: Monday, October 22, 2018


What the Fed Does and Doesnt Do With Mortgage Rates

nbsp;

The Federal Funds rate is the rate banks can charge one another for short term lending. Short term as in overnight. Why does a bank need to borrow money on such a short notice? Banks are required to keep a certain amount of liquid capital, in other words ldquo;cash,rdquo; at the end of each business day. These funds are essentially demand funds. When a consumer wants to withdraw some cash either at the bank or at any automated teller, there needs to be cash available to meet those withdrawal requests. If the bank sees their reserves to meet these requests do not meet the reserve requirements, banks seek out a short term loan from another depository institution to meet the reserve requirements. This is what the Fed adjusts, the overnight lending rate. But the Fed doesnrsquo;t directly impact the everyday 30 year conforming fixed rate mortgage.

When lenders set their rates each day, they refer to a specific mortgage bond. For example, with a 30 year fixed conforming loan underwritten to Fannie Mae standards, the lender will review the current yield on the FNMA 30-yr 3.0 mortgage bond.nbsp;Just like any bond, with the price of the bond goes up, the yield will fall. And when the price goes down, the yield will rise. Investors buy bonds, all types of bonds, as a safe place to park cash. When the economy appears to falter, investors can get a little skittish and pull some funds from the stock market and transfer those funds into bonds, including mortgage bonds. If on the other hand the economy is healthy and improving, the opposite will occur.

When the Fed makes an announcement at the end of their two-day meetings, investors are anxious to hear if the Fed raised, lowered or kept rates the same. If the Fed announces they decided to raise the cost of funds by 0.25, it can tell investors the FOMC decided the economy is doing rather well but to hold of any potential inflation, it will raise the cost of funds that banks will pay for short term lending. Itrsquo;s not a direct affect on mortgage rates, but definitely an indirect one.


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House Still Standing on Hard-Hit Mexico Beach After Hurricane Michael

ldquo;Hurricane Michael tossed cars into the canal, snapped trees in half and carved massive craters into U.S. Route 98rdquo; while killing 16 at last count, said NBC News. The hurricanes winds lifted another beach house ldquo;off its stilts and blew it 160 yards across the main road, where it landed on a grassy area next to a parking lot.rdquo;

Yet the Category 4 hurricane couldnt take down the house built by Dr. Lebron Lackey, a radiologist from Cleveland, TN, and his uncle, Russell King, an attorney from Chattanooga. There was, not surprisingly, some damage to the home, courtesy of 144-mile-per-hour winds and high water that had to go somewhere. ldquo;In a Facebook post, it was reported that the ground floor and the stairs up to the middle floor are gone, along with windows in one of the bedrooms,rdquo; said Q13 FOX. ldquo;All the utilities have to be redone, and one of the heating and air units is gone, too. Still, thatrsquo;s a far cry from the destruction of much of the neighborhood.rdquo;

So how did The Sand Palace stay standing while other homes were torn apart? ldquo;The house stayed upright because it was built last year to codes that were even more strict than laws required,rdquo; said Weather.com. ldquo;It took reinforced concrete walls, 40-foot pilings driven deep into the ground and other factors to keep the house safe in the storm.rdquo; The Sand Palace ldquo;was designed to survive a monster hurricane, and the reinforced concrete structure was meant to be the last home standing in the event of the unthinkable.rdquo;

The home, which is used for vacation rentals, lists many of its features on its Facebook page: ldquo;four-bedroom ocean front home with beautiful views, two fully stocked kitchens, inside and outside dining options, an elevator, plenty of living space, plus four and a half bathrooms.rdquo;
The post thatrsquo;s been pinned to the top of the page mentions that the home sleeps 10, has ocean views from the living rooms, master bedrooms, and decks, plus an outside shower, picnic table, porch swings, and a grill. If you scroll down a little further, there is some info about the products used in the home impact-resistant windows and doors from Custom Window Systems in Ocala, FL and the companies Southeastern Consulting Engineers behind the construction.

And while the home reportedly cost up to 20 percent more than it would have simply to meet existing building codes in Florida, the upside is obviousmdash;not just for this property, but also for the future of homebuilding in areas prone to extreme weather.


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Stylish Bath Storage Solutions: Ways to Complement Your Bathroom Vanity

Finding adequate storage is a particularly challenging problem in bathrooms, and not just because they are usually the smallest rooms in the house. Bathrooms have increasingly become the place to store a large and diverse number of items, including bath towels, beauty supplies, toiletries, hair care products, medications, soaps, shampoo, and assorted cleansers. And if the primary inhabitants of the bathroom happen to be teenagers, then the demand for storage space increases exponentially.

Fortunately theres a very easy and space-efficient way to gain storage in a bathroom: install a bath-vanity cabinet. Fully assembled, easy-to-install vanity cabinets are readily available in several sizes and designs, but they all serve two primary functions. First, a bath vanity has a countertop that supports the sink and faucet. And just as important, it provides plenty of storage space right where you need it.

Depending on the size of the bathroom, you can install either a single-sink or double-sink vanity. The double vanity will obviously provide more storage and counter space than a single vanity, but both options typically have under-sink storage and may have a bank of drawers on one or both sides of the doors.

If you need more space than a vanity can provide, consider installing an auxiliary cabinet. Most major cabinet manufacturers offer a line of auxiliary bath cabinets that provide an easy, cost-effective way to add storage to any bathroom. Below is a detailed look at the five most popular auxiliary cabinets. They can be used alone or in conjunction with other units to transform even the most compact, cluttered bath into a clean, well-organized space.

1. Linen Cabinets

Freestanding linen cabinets are available in dozens of sizes, >

  • Linen cabinets can be divided into two basic shapes: tall and narrow, and low and wide.
  • Taller cabinets are ideal for squeezing storage alongside the sink, next to a window or in a corner. Theyre often as narrow as 15 in. wide.
  • Low, wide linen cabinets range in width from 26 in. to 36 in., so they require a bit more wall space. However, their low tops can be used for placing everyday items or storage baskets.

Depending on the cabinet manufacturer, some assembly may be required. Linen cabinets come with all the necessary hardware and fasteners, and most can be assembled in less than 30 minutes using basic hand tools.

Safety note: To prevent freestanding cabinets from toppling over, be sure to secu>

2. Wall Cabinets

When floor space is limited, consider installing a wall-mounted bath cabinet. These space-saving storage units come in a variety of >

The most popular >

3. Medicine Cabinet

Gain a little extra storage space plus a mirror with a wall-mounted medicine cabinet. This type of cabinet is typically installed over the sink and features a hinged mirror door that opens to reveal a shallow cabinet lined with shelves. While the shelves are seldom more than 3 in. deep, they can hold a surprising number of small bottles, jars, tubes and boxesmdash;items that gets lost if tossed into a drawer or vanity cabinet.

Medicine cabinets are commonly available with one, two or three mirrored doors. Note that most medicine cabinets can be installed one of two ways: recessed or flush-mounted.

Recessed installation requires cutting a hole in the wall and setting the cabinet between two wall studs. This type of installation requires more work, but looks much neater. Flush-mounted cabinets are simply screwed to the wall, which is quick and easy, but doesnt look as integrated.

4. Freestanding Shelves

Freestanding shelves take up very little floor space, install in minutes, can easily be moved around and repositioned, and provide ample storage space for both bath linens and toiletries. Bathroom-shelving units come in a dizzying array of sizes, colors, >

Space-saving models are available for use in corners, taking advantage of floor space that typically goes unused.

5. Wall-Mounted Shelves

Wall-mounted shelves provide a quick, easy way to add storage to any bathroom, no matter how small and crowded it is. You can stack the shelves, spacing them 10 to 12 in. apart, to increase storage, without sacrificing floor space.

Bath shelves are typically made of glass or chrome-plated metal; both >

Its best to fasten the shelves to wall studs, but if theyll be used to store small, lightweight bottles and jars, then hollow-wall anchors will suffice.

If youre looking to add storage to your bathroom, start with an updated vanity that can provide plenty of room to tuck away towels, toiletries and cleaning and beauty products. Then, look for space where you can complement that storage with one of these shelving or cabinet ideas.

Joe Truini is a home-improvement expert who writes extensively about do-it-yourself home remodeling and repair. He has authored six books, including his latest, "Build Like a Pro: Installing Floors." You can research Home Depots full line of bathroom vanities, including >

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