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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: Saturday, June 23, 2018


The Inside Workings of Credit Scores

Consumers are encouraged to check their credit reports once per year. The primary reason for doing so is to make sure there arent any mistakes. Unfortunately, credit reports are prone to contain mistakes. Its not really the fault of the three main credit repositories, Equifax, Experian and TransUnion because all three are just a database. Whatever is reported to them is what you see. Further, someone with a similar name can show up on someone elses report. If youre not the only Bob Smith in town, this is certainly possible.

Someone elses poor credit might very well be showing up on your report which can directly damage your credit scores. When you find an error work with your loan officer to get it fixed. Your loan officer has working >

But have you ever wondered how these scores are calculated in the first place? They follow an algorithm first developed by The FICO Company years ago. For a while, credit scores werent the primary force behind a credit decision but over time the impact of a credit score became more and more important. Most every loan program available today has a minimum credit score and if a score falls below the minimum, theres some additional work that needs to be done to get those scores back on track.

There are five characteristics of your credit history that make up your three-digit score:nbsp; your payment history, account balances, how long youve had credit, the types of credit used and how often youve applied for new credit over the past couple of years.

Credit scores range from 300 to 850. Lets say a borrower has a credit score of 600 but needs a 620 to qualify for a particular loan program. Credit scores will improve much more quickly by paying attention to the two categories that have the greatest immediate impact on a score- payment history and account balances.

Payment history accounts for 35 percent of the total score and account balances 30 percent. When someone makes a payment more than 30 days past the due date, scores will fall. An occasional "late pay" wont really do much damage to a score but continued payments made more than 30, 60 or 90 days past the due date definitely will. By stopping the late payments scores will begin to recover.

Account balances compares outstanding loan balances with credit lines. If a credit card has a 10,000 credit line and there is a 3,300 balance, scores will actually improve. The ideal balance-to-limit is about one-third of the credit line. As the balance grows and approaches the limit, scores will begin to fall and fall even more should the account balance exceed the limit. This category contributes 30 percent to the total score.

The remaining three have >
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How To Improve The Accessibility Of Your Outdoor Living Area

Your outdoor living area can be a source of enjoyment when youre >

Here are a few tips to make your outdoor living area easier for everyone to enjoy.

1.Install ramps.

For people with mobility problems, even one or two steps can be difficult to navigate. A gradual sloping walkway or a ramp in place of steps can provide better access to an outdoor living space.

When building a ramp, refer to the American Disabilities Act Code for measurement guidelines. Even though private homes are not required to follow these requirements, theyll help you determine proper slope, length and width specifications. Ramps can be built with wood or metal. If you dont have access to a professional who can build a ramp for you, some pre-made ramps are available online. Add skid-resistant surfaces to the ramp with special paint, tape or rubber matting for added protection against falls or slipping.

The threshold entrance into the home can also pose a problem for people with mobility challenges. You can purchase small threshold ramps at local hardware stores. Ramps can be made to enhance, not detract from the look of your home and increase your resale value. Check out Pinterest for some great ideas.

2.Clear, repair, or replace pathways.

Does your yard have a sitting area outside where you like to spend time by yourself or enjoy the company of friends and family? Are sidewalks and paths in your yard in poor condition with cobblestone or pavers that shift over time, or trees and bushes that become overgrown? Consider hiring a landscaper to trim or replace trees or bushes. They can repair or replace materials on a walkway that are hazardous to navigate with a cane, crutches, walker, wheelchair or mobility scooter.

Think about replacing mulch, stepping stones and gravel with crushed limestone, as this can make pathways smoother. Or, have walks paved with asphalt or concrete. Good sidewalks and pathways are smooth, flat or gently sloping, free of clutter, and at least 4 feet wide to accommodate mobility aids.

3.Raise gardens.

Gardens provide benefits for young and old. Children learn the appreciation of seeing plants grown and bloom, and, according to a research study, daily gardening can reduce dementia by 36 percent in seniors. Whether youve maintained beautiful gardens for years or youre just now trying out your green thumb, you can create a garden thats within reach.

Making a few changes can help minimize bending and straining for people with back and joint discomfort. Think about reducing the size of your gardens and raising them up to a higher level. Ask family or friends if they will help you make gardens more accessible by building a raised bed garden. You can also try vertical gardens: Make them with t>

You and your whole family can benefit from keeping outdoor spaces accessible and well maintained. It could even increase the value of your home.

Jean Cherry, BSN, WCC, MBA is a former home health nurse who is passionate about helping those with mobility issues live a happy and healthy life>
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How To Channel Your Personality To Create The Perfect Home For You

Youre not boring, and your home shouldnt be either. But, you can obey all the design rules and end up with a place that looks like it came right out of a magazine but still lacks a little spark. Heres how to inject a little "you" into it.

Art

You dont have to have a house full of bold florals or abstract pieces just because thats whats "in" right now. But, it may feel like it if youve been browsing for art. Building an art collection with staying power means collecting items and >

"Think beyond which artists are hot or trendy," said Tze Chun, founder ofUprise Art, an online art gallery, to Corcoran. "The goal is to build a collection that can grow with you, so select artwork that speaks to you rather than whats popular at the moment. Art is a great investment because of the value it provides you everyday, by improving your living space and offering daily inspiration."

Furniture

It can be a little challenging to furnish a new space from scratch, especially if you dont want a matchy-matchy situation. But, ordering a furniture "set" can be tempting because it makes it so easy to fill up a room quickly. Doing so can result in a boring look, and can also lock you into one particular >


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And then theres another reality that many people face: Trying to merge too many pieces and too many >Adding one great piece

Sometimes, all it takes it one great piece to create a memorable and mesmerizing space. Your grandmothers old sideboard? Paint it glossy black and showcase it in your dining room juxtaposed against your modern table. That Italian chandelier you fell in love with at the Flea Market? Hang it over the bathtub in your master. Unexpected touches that speak to you will always catch your eye when you walk into the room, make you feel like youre home, and become conversation pieces for visitors.

Personalized passions

No matter what youre into, be it gothic architecture or prehistoric fossils, there is a way to bring that passion into your home and showcase it in a way that creates interest but also makes you smile.

"A collection is a window into someones world. Each piece tells a story of who they are and where theyve been," said Barrons. Take a cue from three leading designers who offer recommendations for showcasing "cherished collections in >Check your Zodiac sign

If you can diet according to your Zodiac sign, you can decorate according to it, too. The idea is to tap into the main elements of your sign to connect to the colors, >Aquarians "gravitate toward inventive design with nostalgic pops," while Taurus "rooted earth sign" means theyre "drawn to natural, unpretentious materials likerustic woodand unpolished stone," said PureWow. And the hermit like Cancer is "all about maintaining a soothing, domestic shell, which makes you the prime candidate for the Scandinavian life>Choose color wisely

When you see a super chic home, it often has very little or no color on the walls. And the overwhelming mantra among designers, especially those who are staging a home, is to keep everything neutral. But you dont have to follow that rule, especially if youre just moving in or freshening up your place.


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"The introduction of colour into your home is the simplest and surest way to inject a little of your personality while creating a mood that is both interesting and enduring," said Domain. "You would be surprised at how effectively combinations of colour can direct your mood. For instance, greens and blues are typically very calming which is why you will often see a hospital saturated with these tones, and red is a much more emotionally intense colour that is known to increase cravings for food, making it a common colour used in kitchens and dining rooms."

If youre not ready to do all the walls, start with one; you might end up loving this feature wall, or it may inspire you to go ahead and paint a few more.

Paper it

Wallpaper has been enjoying a resurgence over the past few years, and so has the peel-and-stick version. This is one of our favorites things to use to inject personality into a room and make it feel dynamic, romantic, exoticor any other feeling youre going for. Because its removable and replaceable, its great for fickle design folks like us who want peacocks on the wall this month, banana leaves the next and then start thinking about how great that wall in the kitchen would look with peel-and-stick faux brick while were installing banana leaves in the living room.
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