Real Estate 101: Your Buyer Checklist

Purchasing real estate may be overwhelming at first, considering all the things you need to study and learn to ensure that you make the right investment. But if you are equipped with the right tools and knowledge, it can save you from making seriously costly mistakes. For buyers looking to purchase a home, whether it’s your first, second or third, knowledge will be your best friend. And with some perseverance, buying your ideal property will be easier than you think.

To make it simple for you, we’ve created a buyer’s checklist to guide you on this endeavor.

First, think about what it is you’re looking for in real estate. Separate your wants from your needs. Crucial factors for good real estate include location, size, style, and occupants. If you are still single, you can look at lofts, condominiums, and studios. If you are planning to have a family, you can look at homes and townhouses of different sizes.

As real estate involves money, you will also need to consider is how much you can afford. When assessing your financial capacity to purchase real estate, it’s recommended that you analyze your debt (if any), monthly income, and credit status. You should also inquire about various down payment plans that will allow you to buy property but still be able to live a comfortable life.

Real estate is primarily about location. An ideal location for others may not be an ideal location for you. So when deciding on buying a home, check your lifestyle, personal preferences, and the prospective home’s distance from your work. Meanwhile, location’s security is also a must-think. The internet is a good place to research about local crime rates, safety, commuting options, and traffic in the neighborhood of your choice. Other factors you should consider in a location include the proximity of a hospital or clinic, school, and other local recreational amenities such as parks, movie theaters, restaurants, and shops.

The next step is to choose a type of mortgage and obtain pre-approval. Before you choose a mortgage broker, it’s crucial to do your homework and shop around before deciding. Brokers offer a range of interest rates, and it’s best to go with one that is well-suited to your needs as well as financial capabilities. It is highly recommended you deal with a mortgage broker when deciding on this aspect.
Work with highly recommended realtors, and if you are new to real estate, asking for referrals especially in the neighborhood of your choice will be helpful. Good realtors will take the stress out of buying real estate as they can help you find property that suits your individual preferences and will also help you with payment options.

Finally, avoid the mistake of purchasing right away. Here’s another often overlooked tip: narrow down your options to five, visit them all to get a feel for the whole property. Many buyers experience having “cold feet” when purchasing a home because they have not looked at enough options before deciding. So remember, even if you are decided on a property, you should still try to negotiate with your broker to increase your chances of getting a good deal.

These are some of the most basic points you should consider when buying real estate. Remember that going into the industry without this checklist in mind may be a pricey mistake. Why risk that when finding your dream home can be ease-free?

(http://www.globalrealtynews.com/real-estate-101-your-buyer-checklist/)

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Storm-damaged Ritz-Carlton on South Beach closed indefinitely, laying off staff

The Ritz-Carlton, South Beach notified the state government that the hurricane-damaged hotel will lay off 281 employees and remain closed indefinitely for repairs.

The 375-room hotel at 1 Lincoln Road in Miami Beach has been closed since Sept. 8, two days before Hurricane Irma made landfall in the Florida Keys.

The hotel’s general manager, Sase Gjorsovski, wrote in a Worker Adjustment and Retraining Notification filed Oct. 23 that the 281 layoffs will affect 14 massage therapists, 59 housekeeping workers and 49 food and beverage servers, among other employees.

The layoffs are effective Dec. 8 and considered permanent, according to Gjorsovski. He told the Sun-Sentinel no reopening date has been set for the hotel.

“The Ritz-Carlton, South Beach is working toward a full recovery and will be welcoming guests as soon as possible,” according to a notice posted Oct. 16 on the hotel’s website.

Some other hotels in South Florida also remain closed due to damage from Hurricane Irma, including the Sheraton Suites and Bahia Cabanas hotels in Fort Lauderdale. [Sun-Sentinel] – Mike Seemuth

#Commercial Real Estate #Hurricane Irma #layoffs #Ritz-Carlton South Beach

Should I Sell My Home Now or Wait Until the Spring?

Here are several reasons why choosing to sell your home now may be a better decision than waiting until the spring:

Less Competition
One way that you can tell the spring real estate market has arrived is by driving down a street in your local community. In all likelihood there will be For Sale signs up all over the neighborhood! One great reason to sell your home now and not wait until the spring market is there is sure to be less competition.  The fewer number of comparable homes for sale, the greater the probability that a buyer will look at your home.

Simply put, it’s the supply and demand theory. If there are less homes for sale, there are less homes that a potential buyer can choose from, therefore increasing the demand for your home. Not only will less competition increase the probability for showings, but it will also increase the probability that an offer will be received and you will get the maximum amount of money for your home.

Serious Buyers Are Out There
Homes are sold and bought 365 days a year, period!  Many homeowners believe that buyers aren't out there during the fall and winter months. This simply is not the case. Serious buyers are always out there!  Some buyers may stop their home search because it is the fall or winter, but serious buyers will continue to look at homes, no matter what time of year it is.

The fall and winter months are also a great time for a potential buyer to see what a specific neighborhood is like.  Do your neighbors have pumpkins on their front step?  Are there lots of Trick-or-Treaters wandering the neighborhood on Halloween?  Do any of your neighbors have any light displays for the holidays?  There are buyers out there who will look at these types of things when determining whether your home is in the right neighborhood for them or not.

The Best Agents Are Always Up To The Challenge. Any real estate agent who tells you that the fall or winter months are a bad time to sell is not someone you want selling your home! A great real estate agent will know how to adapt to the current season and market their listings to reflect that.  A great real estate agent can make suggestions and give some of their tips on how to sell a home during the fall or winter seasons. If a real estate agent doesn't have any suggestions on making your home more desirable for the current season, you should be concerned about the creativity they are going to use when marketing your home.

Staging For The Holiday Season

Many sellers believe staging a home is the main reason a home sells.  While staging certainly helps sell homes, some buyers have a difficult time envisioning themselves in a home no matter what you do. However, there are some buyers who can easily be "sold" on a home because it is staged.  Simple “seasonal” staging such as adjusting the color of the decor or having an aroma in the air that is relative to the time of year can go a long way with some potential buyers and possibly be the difference between a home selling or not.

Mortgage Rates Are Low

If you've read about real estate in the past year, it's likely you've read that the mortgage rates are very low.  You also probably read that there is an expectation that the rates will increase very soon. Since mortgage rates are so low right now, buyers are able to afford more expensive homes.  If mortgage rates increase over the fall and winter months while you're waiting for the spring market, it could cost you thousands of dollars as it could eliminate many buyers from the real estate marketplace!  Less demand for your home will mean less money. Bottom line: take advantage of selling your home while the rates are this low.

Quicker Transactions

Right now, there are fewer real estate transactions than there will be in the spring.  The fewer number of transactions means the mortgage lenders have less loans to process, attorneys have less closings to do, and home inspectors have fewer inspections to do.  All of these factors should lead to a quicker transaction and closing for all the parties involved.  One of the most frustrating things for a seller to deal with while selling their home is not getting answers in a reasonable amount of time. A quicker transaction is going to be less stress for you.

By considering all of the reasons above, you will be able to determine whether now is a good time to sell or if you should wait until the spring.

Foreign Buyers Impact Luxury Coastal Cities, Not Overall U.S. Housing Market

Miami still receives dominant share of foreign residential buyers each year

According to the newly released 2017 Q2 Zillow Home Price Expectations Survey, international buyers of residential real estate in the U.S. don't have a significant impact on the overall housing market. They are far more influential at the top end of the market.

The quarterly survey, sponsored by Zillow and conducted by Pulsenomics LLC, asked more than 100 housing experts and economists about the impact of international buyers on the U.S. real estate market. Overall, international buyers have a modest effect on inventory and home values, according to the panelists. At the high end of the market, though, the respondents said international buyers have a major impact on home values.

The National Association of Realtors also reported last week that during 2016 foreign U.S. home buyers:

• Purchased $102.6 billion of residential property from April 2015-March 2016, a decrease from $103.9 billion in the previous 12-month period.
• Purchased 214,885 residential properties, an approximately three percent increase from 208,947 in the previous 12-month period.
• Foreign buyers typically purchase more expensive properties.
• Although foreigners purchased property nationwide, five states accounted for 51 percent of total residential property purchases: Florida (22 percent), California (15 percent), Texas (10 percent), Arizona (four percent), and New York (four percent).

Since the housing crash, housing affordability has been a significant issue for many Americans. Rapidly increasing rents had the dual effect of financially incentivizing homeownership and making it harder to save for a down payment. At the same time, lagging new construction and high negative equity rates have kept inventory low, pushing up home values and making it harder to find an affordable home. Increased activity from international buyers of U.S. real estate has also fueled concerns about affordability.

Most of the panelists surveyed expect that international buying activity will decrease or stay at the same level in the coming year, signaling that outside influences aren't likely to be the most significant driver of the U.S. housing market over the next year.

Expectations for overall home price growth are stronger now than they were a year ago. A year ago, panelists predicted that home prices would rise 3.4 percent in 2017. Now, they expect to see a 4.8 percent increase. Their forecasts for home price growth in 2018 are also more optimistic now compared to last year.

"International buyers are popular scapegoats for rising real estate prices and shrinking inventory, but domestic factors have had a bigger influence on the housing market, much more so than demand from overseas," said Zillow Chief Economist Dr. Svenja Gudell. "Older millennials are reaching prime homebuying age, increasing demand for housing, but we are still well behind historical norms when it comes to building new homes. The fact that economists and experts are revising their expectations upward for future home value growth is a sign that these trends will continue to exert upward pressure on prices going forward."

Some cities with expensive housing markets - including Vancouver, Canada, Paris, and Sydney - have introduced policies in attempts to limit international home buying activity, However, most panelists agreed these measures are unlikely to affect housing affordability, or may even be counterproductive. Only about 20 percent of respondents think these policies are an effective response to improve housing affordability.

"On the heels of last year's nearly seven percent national home value appreciation rate, the prospect that prices will increase less than five percent overall this year might be dispiriting to some," said Pulsenomics founder Terry Loebs. "Yet, 4.8 percent is not only well above the historical average annual gain, it's the most optimistic projection for 2017 that we've seen from our expert panel over the past five years. Although most pessimistic experts still expect a sharp slowdown to commence in 2018, even this group anticipates home values to increase an average of nearly four percent this year. Given these projections, it's a pretty safe bet that U.S. home equity growth will exceed $1 trillion for the sixth consecutive year, and continue to buttress consumer confidence and household spending in 2017, especially if more of today's renters can afford the transition to homeownership."

How to Sell a Condo in a tough Market, It's Not Like Selling a House!

Condos have their own unique selling points and challenges that are good to know before you put yours on the market.

If condo sales are slow in your area and you want to sell immediately, make your condo the most attractive product on the market. Which means you may need to know the ins and outs of how to sell a condo. So heed the advice below on how to pinpoint the right time, price, marketing tactics, and more so you can maximize your return on the sale, once someone bites. And No, it's not just like selling a house.

When to sell a condo

Condos tend to sell faster than single-family homes even in a down markets, because condos are typically smaller, cost less, and have lower overall maintenance costs. The time of year is a strategic consideration. If your place is near a beach, golf course, or country club, you’ll get the best price right before the tourist season hits. If seasonal factors affect your location, consider playing the waiting game to net more money. But don’t assume your condo will sit for long; prepare to move quickly if an offer rolls in. 

How much is the condo worth?

This is probably the trickiest part of selling any property. Price it too high, and a lot of potential buyers won’t even take a look. Price it too low, and you’ll lose out on an opportunity to maximize your return. Since Condos complexes have very similar or even identical units. This makes it much easier to get comparables, which are the recent closed sales of similar units in your building and/or area.

Competitive Pricing is the key factor in selling your Condo. Check out the asking prices for condos in your building and area. This will help you price your condo appropriately. Look at recent condo sales and listing prices. Make sure you compare condos in the same building, size, floor, view and condition (Unit upgrades, etc.). Corner or end units are considered quieter than those in the middle and as such, can command a higher price. List your condo at or slightly below the most competitive prices on the market. This will get the attention of buyers and their agents.

Prepared to negotiate. But set a desired price and a bottom line price. The bottom line price is the absolute lowest you will go in trying to sell your condo. Remember, in a down market you may need to sell for less than you would like. (Call me for a Free Condo Evaluation, I can recommend an asking price and strategy to maximixe your return).

Make your condo the most attractive product on the market. Since condos can be a bit more cookie cutter than single family homes, you might have to work a bit harder to make it stand out (particularly if other similar units in your complex are for sale at the same time). To show your condo at its best, you'll want to clean it, fix the stuff that's in obvious need of repair, and declutter your possessions. If possible, give it a fresh painting and to give the illusion of more space, throw away or box up and store everything that is not absolutely essential. Present your condo in the best possible light!

Once your condo is ready, start the marketing process. With condos, this largely means emphasizing your complex's unique selling points. One of the best features to accentuate when selling your condo is the lifestyle of ease that comes with condominium ownership. Many buyers are looking for the hassle-free living experience that they can’t find with a single-family detached house. Another important selling point is to focus on the amenities of the complex. Does yours have a pool? Fitness center? A parking garage? A meeting room or lounge? Concierge services?  Promote the amenities that come with your condo.Make sure you show them up with professional photos.

Emphasize on the assets of your own individual condo unit. If your condo has a great view, convenient location, or recently remodeled bathroom, be sure to include that in your marketing materials. If you're not sure what to focus on, Get a real estate agent for suggestions. The agent's fresh perspective could help you highlight the unique selling points of your place.

Advertise in the right places. Maximize the market exposure of your Unit. A well-connected real estate agent will place your condo on the Multiple Listing Service (MLS) and publicize it on the realty agency's website. Place your condo with pictures and a detailed description in print and online publications such as http://www.Miamipropertyconsultant.com

Offering Incentives if possible. Offer closing cost help such as a closing cost credit, pointing out that buyers in a tough market struggle to gather enough cash for closing costs after making a down payment and signing off on a mortgage. This will make your condo more attractive than others on the market. Pay condo association dues in advance. Your buyers might hesitate to make an offer because of the condo dues they will have to pay every month in addition to their mortgage payment. Offer to pay out the dues for the year, so they get a head start. Include appliances. A condo furnished with a refrigerator, washer and dryer will sell more quickly than a condo that comes with nothing. Throw in your appliances without raising your asking price, and the package will look more attractive to potential buyers.

Brickell Key que consigue sitio para un parque, taxi del agua.

Un sitio en la llave de Brickell está siendo dedicado como un parque público y el taxi del agua recoja y cae la localización.
Los comisionados de la ciudad de Miami que se reúnen hoy (5/11) deben considerar la posibilidad de aceptar un derecho de paso de dedicación para la propiedad de tierras altas en la llave, una isla triangular hecha por el hombre al pie de la Calle Oeste Sureste.
Es parte de un acuerdo de desarrollo que la ciudad tiene con el propietario-desarrollador Swire Properties.
La ley es una resolución que autoriza y dirige al Gerente de la Ciudad Daniel Alfonso a aceptar, de acuerdo con un derecho de paso, la dedicación de tierras altas de Swire Pacific Holdings Inc.
La tierra se utilizará "como un parque público lineal y para uso como un taxi acuático público de recogida y devolución" y los propósitos asociados, de acuerdo con la resolución.
También llamada Isla Claughton, la isla de 44 acres está conectada al continente por un puente. La isla es el hogar de edificios de gran altura que ofrece espacio de oficinas, habitaciones de hotel y condominios de lujo.
Swire se hizo cargo del desarrollo de Brickell Key en los años ochenta.
Un bosquejo presentado con la escritura marca el parque y el sitio del taxi del agua apenas al norte de donde el puente de la impulsión de la llave de Brickell (3ro calle del sureste) conecta con la isla.
Un plan para la construcción de Brickell Key, con la construcción de una nueva torre residencial, se dio el visto bueno en octubre de 2015. Los comisionados de la ciudad aprobaron la segunda y última lectura de una enmienda al Brickell Key Development of Regional Impact, O DRI, orden.
El cambio redujo el área residencial no residencial permitida en 676.116 pies cuadrados, mientras que aumentó el número de unidades residenciales en 668, y requirió un parque lineal de 3.75 acres en la isla.

Swire Properties planea traer una nueva torre residencial a la esquina sur de la isla.
En el momento de la orden DRI enmendada, Swire dijo que las referencias al parque de 3.5 acres eran la confirmación de un "parque de peatones lineal existente ya en el lugar alrededor de la isla".
El orden de desarrollo enmendado se anota en la resolución de esta semana, indicando que la orden permitió un parque lineal de 3,5 acres y un parque de un cuarto de acre en la isla.
Swire ha determinado que para cumplir con su obligación, en parte, para dedicar el parque público terrestre que transmitirá propiedad a la ciudad para un parque y taxi acuático, de acuerdo con la resolución.
La nueva escritura incluye una cláusula de reverter si la propiedad deja de ser usada para un parque público y una parada de taxi acuático.
Dedicar el sitio para el uso público del taxi de agua viene en un momento en que los funcionarios de la ciudad y del condado consideran seriamente el estímulo del transporte acuático, y están ocupados identificando sitios potenciales para las paradas del taxi acuático.
El condado de Miami-Dade está considerando una flota de soluciones del tránsito del agua para ayudar a disminuir el enganche del tráfico en las calles y las carreteras del área.
Incluso el término "autobús acuático" se utiliza como el condado examina todos los aspectos del transporte de agua, desde el tamaño de los buques a las tarifas de pasajeros proyectado.
El departamento de tránsito del condado está buscando tanto un sistema de autobús acuático para los viajeros con un horario fijo y ruta, y taxis acuáticos.
El Comisionado de la Ciudad Wifredo "Willy" Gort ha estado pidiendo un plan de transporte fluvial durante años.

(Http://www.miamitodaynews.com/2017/05/09/brickell-key-getting-water-taxi-site-park/).