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 05, 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 05, 2008
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.
Itâ€™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 Advisorsâ€™ initiative as ineffective since they wonâ€™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 recoverâ€”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.
When youre selling your home, getting your belongings organized can seem like a low priority. Youre dealing with finding the right real estate agent, the best time to list your home on the market, and maybe even house-hunting for a new place to live.
All of that can keep you quite busy considering many of us have to do those things while we work a full-time job. Organizing your home so that you can simplify your move just doesnt seem practical.
However, there is one main reason why getting organized can not only simplify your next move but also help improve your chances of selling your home faster and for more money.
When you go through the process of getting organized, you should be eliminating items from your home which helps to clear clutter. Clearing clutter is one of the first things agents and experts who stage homes for sale will tell you to do.
When the clutter is gone, the home can be shown much easier. Potential buyers can see what makes your house so special and different from others in the neighborhood.
If youre putting off the process of getting organized because you think you should wait until you accept an offer, let me encourage you to get motivated to do it sooner. Ive seen it happen many times. The homeowner thinks theres plenty of time and then when an offer is accepted theyre thrust into high gear because the buyer wants to close escrow fast.
Of course, your agent can negotiate the closing date but sometimes a faster closing is a must. Yes, you may be able to rent back from the new owners to give you more time to prepare to move but you cant avoid the fact that youll need to move at some point.
Here are five tips that can help you jump start your organizing and simplify your next move. You will be glad you start before you get an offer to purchase your home.
1. Sort piles of belongings into groups: keep, giveaway, maybe, and trash. The "maybe" pile you box up and seal for six to 12 months. If you dont have a use for your items in the "maybe" box during the year then perhaps you can donate it.
2. Give yourself plenty of time. Be patient. This process of getting organized takes time. Know that when it comes to sorting through personal papers and memorabilia it will take you much longer than reviewing other items. Leave some extra time for the expected reminiscing that will occur.
3. Store your items in clear plastic bins. Using clear boxes helps to let you have a quick view of whats inside. If you used cardboard boxes or colored bins, then use a pen to clearly label whats inside and which room it will go in at your new home. You might want to use a large piece of paper to write the label on so that you can reuse the bin again later for another purpose.
4. Get rid of the paper. A big problem in many homes is the paper trail they have from room to room. It could be magazines, newspapers, documents, advertisements, receipts, you name it. Most homeowners keep a lot of paper which creates a lot of clutter. Go through your files and reduce the paper by shredding or recycling documents you dont need. Youll find that a lot of what youre hanging on to, you just dont need.
5. Do it now This is the most valuable tip. As soon as you finish reading this, go put a time on your calendar when you will begin to get organized. Placing it on your calendar should help you block off time to get started and prevent procrastination. If you take care of things right away, youll find that life gets simpler. The same goes for your move. So, get organized and simplify your next move
Did you know that an automatic dishwasher uses less hot water than doing dishes by hand, which equals an average of six gallons less per cycle, or more than 2,000 gallons per year? Considering that an individual American uses about 2,000 gallons of water per month, thats a pretty significant number.
The idea of "going green" has come a long way in recent decades. In the 1950s, some kinds of energy efficiency werent really a choice. From drying your clothes on a clothesline, to cutting your grass with a mechanical push mower, people often lived green without ever consciously considering their carbon footprint. These days, the story is a little different; you cant turn a corner or pick something up without seeing some kind of "save the earth" signage or packaging.
Reasons to Go Green
There are a plethora of reasons to go green, most falling into either the money-saving or the earth-saving categories. On one hand, you could seriously put some green back into your wallet with things like energy-efficient appliances, and green building tax credits and rebates. Also, simple things like carpooling, limiting eating out, and starting your own vegetable garden are great ways to save money and help the environment.
On the other hand, eco-friendliness means making your community and the planet a better place to live not only for us, but also for future generations. Examples of things you can do in your home are unplugging unused electronics to prevent "phantom" energy consumption, switching to LED light bulbs, conserving water by taking shorter showers, and using reusable items like Tupperware and canvas shopping bags rather than plastic.
Home Automation Technology
New advances in technology are taking much of the guesswork out of going green. With home automation systems like the Wink Hub and free app, you can control the settings on many of your home devices with the push of a smartphone button or even just with your voice. The Wink ecosystem interconnects all of your smart home devices either first through the Hub, or directly to the app. Winks simplicity is one of its most attractive features: according to Home Depot technology professional and Wink test user, Ramesh Chaparala, "Its very, very simple and self-explanatory," continuing, "Installing the Hub is a no-brainer; in five steps youre connected."
What Can You Control?
With the Wink home automation ecosystem, you no longer have to "set it and forget it" when it comes to your home devices. You can control many of your smart devices from your couch, bed, work, or anywhere you are in the world. Here are just a handful of devices you can install in your home that will not only bring you into the 21st century, but also make your home a smoothly running, highly efficient machine.
Thermostats are a great way to control your homes energy consumption, and when you apply smart technology, you can control it from anywhere. One Wink App Ready device is the Honeywell Wi-Fi Smart Thermostat, which not only adjusts to your schedule, uses automatic energy-saving settings, and Smart Response technology for precise temps, but also has a full-color, customizable screen to match your decorating scheme. You can be sure your home is aesthetically pleasing and at your exact desired temperature at all times.
Custom Window Shades
Motorized window shades allow for a clean, uncluttered look, are safer for pets and children with cordless technology, and help insulate your home with the setting of a timer or the push of a button. One quality option, Bali Custom Blinds and Shades with Somfy automation controls, utilizes a single control, wall switch, remote or programmable timer to operate single or multiple window coverings. Keep the shades drawn during summer to keep your home naturally cool, or leave them open in cooler months to let the sunshine warm your space.
Remote-Access LED Lights
Huge energy and money savings start by simply swapping out incandescent and even compact fluorescent light bulbs in your home for LED bulbs. LED solutions outlast incandescent and halogen bulbs up to 35 to 1, consume 85 less energy than incandescent bulbs, and emit less heat, which altogether drastically reduces replacing costs and landfill waste. Once youve decided to install LEDs, take it to the next level by installing smart light bulbs, like the TCP Connected Smart LED Light Bulb Kit with 2 A19 LED light bulbs. With this kit, you can remotely control lighting, dimming and smart lighting features from anywhere in the world with any computer, tablet, smart phone, or connected remote control. They have an estimated yearly cost of 1.32 and a life expectancy of 22.8 years both figures based on three hours of use a day.
Home Automation Technology is an Environmental No-Brainer
When it comes to eco-friendly new gadgets, its clear that home automation takes the cake. Having nearly complete control of your energy-consuming home devices right at your fingertips is certainly a big step forward for earth-conscious homeowners. In addition to these devices, several other smart green products are energy sensors, HVAC systems, irrigation systems, and outlet controls.
Which environmentally friendly automated devices will you install in your home?
Sarah Kellner is a DIY home-improvement writer for Home Depot in Atlanta. Sarah writes for homeowners on topics ranging from appliances to kitchens to home automation. You can view many of Home Depots home automation products on the companys website.
A family I know moved from California to Texas recently to take advantage of a new job opportunity. As they set out to buy a new home in their adopted North Texas city, the questions they had for their real estate agent were pretty typical:
Where can we afford to buy what were looking for?
Should we consider new or is it a better value to buy in an older neighborhood?
Where are the best schools?
What will the commute be like?
Where will we be accepted as an interracial family?
That last one raise an eyebrow? As a white person or family, you may be able to presume that youll be accepted into a new neighborhood without question, at least on face value literally. But for a mixed family moving to Texas from liberal California, things are not necessarily so black and white.
My neighbor is on the news
Mixed families arent the only ones who are challenged to find a neighborhood that welcomes them. Between race and sexual orientation, trying to fit in, or at least feel somewhat at home, can be difficult.
Most of us watched what transpired in Charlottesville, VA last weekend and have seen the aftermath this week as numerous torch-carrying Nazis and Nazi sympathizers have been systematically outed. Those identified have been fired from their jobs and even ex-communicated from their families. But, what if one of those marchers turned out to be your neighbor? They have to live somewhere, right?
While the obvious choice after this discovery may be: "We need to move," the more pressing question is this: How can you avoid living next door to a torch-bearer in the first place?
Recognize one of your potential neighbors as someone who was marching down the street with a dollar store Tiki torch would be great, right? Lets just cross that home right off the list. The truth is, you may not be able to cherry-pick every one of your neighbors or even know what theyre really about. But there are steps you can take to make sure the neighborhood suits your needs and your neighbors mostly share your values.nbsp;Especially in this increasingly contentious time when political and social differences are more pronounced, more polarizing, and more obvious than theyve been in decades, its more important than ever to know who youre living next door to.
Drive around and walk around
The more time you spend in your potential neighborhood, the better the feel youll get for how it lives. Noticing a lot of pro-Trump bumper stickers when youre looking for a more progressive neighborhood - or vice versa? This might not be the place for you. Ditto if youre a Muslim family whos getting a lot of side eye and people crossing to the other side of the street as you approach. While that might not necessarily indicate a lack of acceptance, the way it makes you feel may just be enough to ditch that area and lean toward one where you were greeted with waves and a warm "Hello" instead.
Ask your REALTORreg;
Your real estate agent or >
Do an online search
While it wont tell you what everyone on the street youre considering is like, a general diversity search will yield some good info, like this list of the most diverse cities in the country on WalletHub.
Have anyone you can talk to about certain neighborhoods? If youre brand new to the area, you might not have trusted friends or colleagues yet. Any new affiliation with a school or church or new job can yield confidantes, or, at least, recommendations. If youre a member of the LGBTQ community, the National Association of Gay amp; Lesbian Real Estate Professionals NAGLREP can help.
Nextdoor is great for finding a lost dog, locating a babysitter, or selling your old furniture. But its also a great place to get a feel for a neighborhood or learn new things about the one you already live in. And that, says the San Jose Mercury-News, can be a double-edged sword. "The mission of Nextdoor, a 4-year-old, San Francisco-based startup - which now operates in 70,000 neighborhoods around the country and has recently been valued at 1.1 billion - is to use the power of technology to build stronger and safer communities," they said. "This all sounds very well and good - until you bring real, flawed human beings into the mix. And, then Nextdoor becomes like any social network, with all the good and bad that comes from giving people a venue to let their free expression fly from the remote isolation of their laptops and smartphones."
This particular article from Marth Ross recounts examples of racial profiling and public shaming that "is another Nextdoor trend that Ive heard friends complain about," she said. Keep in mind that you can only become part of the Nextdoor community in your particular area if have a physical address you can register, so a friend who lives there or a well-connected Realtor can be a great help here.
Check police records
The sweet old man down the street may not seem so sweet when you uncover his criminal, racially motivated past. My Local Crime allows you to enter any address and see a list of crimes reported in the area. Family Watchdog can pinpoint sex offenders in the area surrounding the homes you are considering.