South Florida Real Estate Blog - Updates & Realty News

You already know that the quality of your buyer's agent can make or break a deal. To find a quality South Florida real estate agent, you know that you need to interview several agents and consider their years of experience and levels of service.

There's one thing you might not have thought to take into account when hiring a buyer's agent: the communities in which they specialize. Here are six benefits of hiring a neighborhood specialist:

1. Get insider's knowledge of the  real estate market: Your neighborhood specialist knows the history of neighborhood homes including who owned them and when. He knows which streets are considered the most desirable and why. He's up to date on neighborhood nuisances and their influence on home values. He's aware of pending legislation and neighborhood regulations.
   
2. Work with locals who know their businesses: A neighborhood agent develops a professional network of local contacts who will be very useful to you when buying a home. A neighborhood real estate agent personally knows the local home inspector, mortgage broker, title company and contractor and will introduce you to them.
   
3. Receive personal recommendations: In addition to understanding the local real estate market inside and out, a real estate agent who specializes in a particular area knows the businesses in the neighborhood. He can recommend the best dry cleaner, dog walker and doctor from his own personal experience. He can also tell you which businesses to avoid.
   
4. Save time: When you tell the neighborhood specialist the type of home you want to buy, she knows where to find that home. She knows about new homes that are not yet on the market but are coming soon. She knows which properties you should stay away from and which you should snap up quickly, if you like them. In other words, she saves you precious time you'd otherwise spend trying to find that elusive, perfect piece of South Florida real estate.
   
5. Discover the real scoop: Want to know what's really going on in a community? Ask the real estate agent who specializes in that community. She can tell you what's really going on. She knows the quality of the schools, the condition of the roads and the amount of crime in the neighborhood.
   
6. Save money: The neighborhood specialist knows what makes some homes on a particular street worth more (or less) than others. He knows the supply and demand of the houses in that area. He knows how long the property has been on the market, and if it was previously on the market. Bottom-line, he knows what you should pay for a neighborhood home and the terms you should ask for.

If you're looking for an agent who specializes in South Florida real estate, give us a call today at 407-876-5771

Nearly 10 percent of loans nationally and 20 percent in Florida are either in foreclosure or seriously delinquent on payments, according to the Mortgage Bankers Association

A crushing backlog of foreclosure cases has pushed Florida's courts to request a one-time payment of $9.6 million to help purge the system and quicken a market recovery.

The Florida State Courts Administration estimates 500,000 property foreclosures are pending, including 55,000 in Palm Beach County.

Without additional resources to clear the cases, judges fear the bottleneck will continue to drag down home values, which aren't expected to stabilize until the glut of foreclosures moves through the system.

It's routine in Florida for foreclosures to take more than a year to settle, leaving deteriorating homes, unpaid association fees, and families facing uncertain futures.

"We want to be good partners in the economic recovery, not part of the problem," said Peter Blanc, chief judge of the 15th Judicial Circuit Court in Palm Beach County. "We want to get properties through the courts and back onto the market. The numbers are just overwhelming."

A Barclays Capital report last week found Florida has one of the highest foreclosure backlogs nationally, even singling out South Florida — Miami-Dade, Broward and Palm Beach counties — saying it is "remarkable" that the area may only be 18 percent finished with liquidating its delinquent property loans through foreclosure. complete story

Source: PalmBeachPost.com - Kimberly Miller

Stop Foreclosure  Save Your Credit Florida Short Sales

Foreclosure activity skyrocketed in Palm Beach County and the Treasure Coast in February, fanning fears that the housing market still faces strong headwinds.

About 4,490 homes in Palm Beach County received a foreclosure filing during the month, up 63 percent from January to February and 68 percent from a year ago, RealtyTrac, an information provider in Irvine, Calif., said today.

Martin County foreclosures were up 52 percent from the previous month and 13 percent from a year ago, while St. Lucie County defaults jumped 69 percent from January and 39 percent since February 2009.

Statewide, foreclosures rose 15 percent from January, while foreclosures nationally dipped 2 percent, RealtyTrac said.

For investors like Myles Minns, head of Continental Properties in West Palm Beach, the wave of defaults creates a "land of opportunity." After snapping up five foreclosures a week, Minns said he's taking a breather.

"We had to slow down, because we made offers not thinking people would accept them, and they accepted them," Minns said.

He plans to fix most of the properties and resell or rent them.  complete story

Source: Palm Beach Post - Jeff Ostowski

Stop Foreclosure  Save Your Credit Florida Short Sales

New life in downtown Miami as condos fill up

Condos in downtown Miami are no longer ghost towns as young professionals move in and drive new business to area stores and restaurants.

Out of the ashes of the downtown Miami condo collapse, a bright spot is emerging: a community of full-time residents slowly starting to turn the area into a 24/7 city.

A new study by the Miami Downtown Development Authority, in partnership with Goodkin Consulting/Focus Real Estate Advisors, has found that 74 percent of the 22,079 urban condominium units built since 2003 are occupied. They stretch from the Brickell district south of downtown Miami north to State Road 112.

This reflects a 20 percent increase over the 62 percent occupancy rate reported in a similar study completed in May 2009 and means the glut of new condos is being absorbed more quickly than expected. Sharp price cuts and a willingness to rent units, rather than sell them in a down market, have paved the way. complete story

Source: Miami Herald - Elaine Walker

South Florida Real Estate  -  Bargains
Bank Foreclosures	REO Listings
Short Sales	Pre-Foreclosures

The news is everywhere – and it’s good! Those who own or want to own South Florida homes can take a deep breath. Home equity is on the rise, according to a recent study by Zillow.com, an online real estate valuation researcher. And, Federal Reserve economists agree. Although home equity isn’t what it was three years ago, it’s on the rise.

The Fed’s most recent “flow of funds” survey indicates that the net equity of national homeowners grew by almost $1 trillion over the first three quarters of 2009, and rose further by $418 billion between June and September of last year. Compared to before the bubble popped, that’s really not that impressive. However, after three straight years of steadily dropping equities, it could signify the long awaited end of the housing crash.

In the housing markets of several cities, negative home equity is dropping; Los Angeles, San Francisco, Miami and Seattle are just a few examples. Good news for those with South Florida homes, but even better news for some of the hardest hit cities, such as Phoenix, AZ, and Fort Myers, FL.

This is the best news yet for those trying to sell their homes, especially with most residential real estate markets' busiest season coming up. Rising home equity means the high possibility of more interested buyers. As well, a few things have been happening over the past couple of months that just might be the beginning of a run on housing sales:

• Median home prices are rising slowly but surely; potential homebuyers are getting a little more serious. Rather than wait for a cheaper house, they’re starting to realize that it might not get any cheaper.
  
• The housing supply is shrinking. At the peak, we had 11 months worth of back supply. By the end of 2009, we were down to 7.2.
  
• 30 year fixed mortgages dropped to the lowest point of 4.95% (median), and are now slowly on the rise. Buyers waiting for lower mortgage rates – just like those waiting for lower housing prices – are getting serious about buying now.

Last and most importantly, consumer confidence is growing – something we badly need to get the economy on track.

What’s the moral of the story? If your house is one of the South Florida homes up for sale and you’ve been sick with worry that it might not get taken off the block, take a deep breath. Things are getting better and, if you hang in there, may end up better than you hoped.

If you’re trying to sell your home, we can help. Call us at 407-876-5771 for more information.

If you’re thinking of building a new South Florida home, you should consider incorporating some green building practices or materials into your plans. Green building designs can include anything from using recycled materials to installing a rainwater collection system outside your home.

Here are just a few reasons why a green home is better for your health, your bank account and the environment:

• Better health. Surprisingly, indoor air pollution from toxic materials and cleaning products is usually far worse than outdoor air pollution. This aggravates conditions like asthma and allergies. Green homes tend to have better ventilation and fewer problems with mold and mildew. A simple switch to toxin-free building materials and cleaning products makes everyone breathe easier inside your South Florida home.
• Lower cost. It’s true that building a green home will cost more upfront. However, the difference is probably not as great as you think. Green building materials are more available and less expensive than they used to be because more people are using them. You have to look at more than just the cost of the home, though. A green home will consume up to 40% less energy and up to 50% less water than a standard home. This means you will save money on your utility bill each month.
• More environmentally friendly. Green homes use less energy which helps us reduce our dependency on non-renewable energy sources. Plumbing, environmentally-friendly bathroom fixtures and water-conserving irrigation systems lower water consumption and help protect our water resources. Most green building materials are made with recycled products and reduce the amount of waste that ends up in our landfills.

You can build a green South Florida home that’s ideal for your family. To help you get the best price and terms for your new home, call me before you visit the new home building sites. Even better, call me today to find out how we can help you save money when building a new home. You can reach us at 407-876-5771.