South Florida Real Estate News

 

Oct. 9, 2019

FHA RELEASES A NEW CONDOMINIUM APPROVAL REGULATION

- Present a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing;

- Expand the recertification requirement for approved condominium projects from two to three years;

- Authorized more mixed-use projects to be eligible for FHA insurance.

Single-Unit Agreement

As of October 15, FHA will insure mortgages for selected condominium units in projects that are not currently approved.  An individual unit may be eligible for Single-Unit Approval under the following conditions:

- The individual condominium unit is located in a completed project that is not approved;

- For condominium projects with 10 or more units, no more than 10 percent of individual condo units can be FHA-insured; and projects with:

Minimum Owner-Occupancy Requirements

- FHA will require that approved condominium projects have a minimum of 50 percent of the units occupied by owners for most projects.

- fewer than 10 units may have no more than two FHA-insured units.

 

FHA Insurance Concentration in Condominium Projects

- FHA will only insure up to 50 percent of the total number of units in an approved condominium project.

Posted in Real Estate News
Oct. 3, 2019

The Battle for a Perfect Home

Two generations are in a competition in finding their perfect home. The first group are the boomers, as being born between 1946 and 1964, these are the people who survived wars and atomic bombs, and the second group are the Millennials or Generation Y, who are great with new and advanced technologies and are social media experts. They may have a huge age gap and a lot other differences but they have one thing in common --- they are both in search of a perfect home. 

Millenials / Generation Y -- the quest to find their first home.

As observed, millenials are likely not in a hurry to get their first home. Almost 23% of these generation are still dependent to their parents. Instead on renting their own space, they save their money to pay off their student debt and save more money to buy their own space in the near future. But once they decided to move out and get the space of their own, it is expected that they wont settle for anything less. They would rather not spend in getting married but rather invest it on their ideal home.

Boomers - The Left Out

Once their kids moved out or start their own family, these boomers are free to choose the lifestyle that they want. Either buy a home that suits their lifestyle or buy a property out of town where they can relax and settle whenever they want to. 

But before getting your ideal home, regardless if you're a Millennial or a Boomer, here are some tips that you can follow:

*Get an Agent - they are the experts in getting you the perfect home that suits your needs. 

*Choose the best Loan option - balance and think carefully about the different loan options that is available for you.

*An Extended Contract Means More Solidity - The best and popular option is the 30-year contract. There is an assurance that the payment is not going to change at any point and you can still decide if you want to sell it after a few years or not.  

But nevertheless, Boomer or not, Millenial or not, we all dreamed of getting our ideal home. Happy house hunting!

 

  

Posted in News
Sept. 20, 2019

The Best Time of The Year for Homebuying

The best time to buy a new home is the first week of fall, which in this year falls on the week of September 22. This time of the year, shoppers have less competitions, more price reductions and more properties to choose from. This is according to  a data gathered last 2016-2018, it was agreed that there's a special week in September where US buyers face 26 percent less competition in getting a new and there's 6.1 percent more properties on the market to choose from, compared to any other normal week of the year. Nearly 6 percent of on the market offers discounted price than their usual price that's why this week in September is considered and tagged as "Black Friday" for homebuyers. 

George Ratiu, a senior economist for realtor.com also agreed.  He said that once school year started, many homebuyers pause in getting a new home and wait until the next season to search again. It is undeniable to homebuyers that the month of September is the best time to buy a property, with the discounts that they could get and less competition in the market.  These effects are more undeniable in the West where buyers have at least 30 percent less competition compared to a regular week. On a market basis, Seattle leads the country, with a 41.3 percent drop in competition compared to a regular week of the year, followed by Portland, Oregon which is 35.5 percent, Buffalo NY with 34.8 percent, Milwaukee with 32.8 percent and Minneapolis with 32.6 percent. 

This particular week also offers a large price reduction for homebuyers. Nationally, almost 6 percent of listed homes reduced their prices to attract buyers. This is evident in Denver with 11 percent of their listing prices were reduced. Followed by Salt lake City with a 10.8 percent, Seattle 10.2 percent, Austin Texas 9.9 percent and Portland Oregon with 9.9 percent. Additional new listings of at least 116,000 this year added to the  national inventory also contributes in making this week the best time of the year to buy a home. With 6.1 percent more listings than a regular week and 76 percent more than the beginning of the year. Seattle with 41 percent more listings than a regular week of the year, followed by Portland Oregon with 30.9 percent, San Jose California with 28.6 percent, Denver 27.2 percent and Dan Francisco with 25.7 percent. 

Posted in Real Estate News
Sept. 9, 2019

Broward County Total Home Sales Surge in July 2019

Broward County total home sales jumped nearly double digits as median price, dollar volume and luxury transactions rose for all properties, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS)  system. Broward total home sales went up by 9.7% year-over-year, from 2,900 to 3,181. Broward single family home sales increased to 11.9%, from 1,460 to 1,634. Broward condos increased 7.4%, from 1,440 to 1,547. Broward total home sales increased 9.7% every year, from 2,900 to 3,181. Broward single family home sales increased 11.9%, from 1,460 to 1,634. Broward condos rose 7.4%, from 1,440 to 1,547. Single family home dollar volume rose 20.3% from $644.7 million to $775.8 million. Condo dollar volume rose 13.8% percent from $302.3 million to $344.1 million. New listings of Broward single-family homes decreased 5.5% from 1,994 to 1,884. New listings of condominiums decreased 2.3%, from 1,972 to 1,926. Nationally, total housing inventory at the end of July decreased to 1.89 million, down from 1.92 million existing-homes available for sale in June, and a 1.6% decrease from 1.92 million one year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from the 4.4 month-supply recorded in June and down from the 4.3-month supply recorded in July of 2018.

 

Posted in Real Estate News
Sept. 9, 2019

Broward County Median Home Prices Continue to Rise in 2Q 2019

Broward single-family home sales rose 2.7% year-over-year in 2Q 2019, it increased from 4,544 to 4,666. Condo transactions downgraded 5.9%, from 5,104 to 4,805. Second quarter mid-market sales increased for all types in Broward. Single-family home sales in the $250,000 to $600,000 range increased 7.2%, while condo sales in the $150,000 to $400,000 range increased 6.7%. Lack of supply in certain price ranges and neighborhoods coupled with lack of FHA loans for Condos in Florida is negatively impacting local sales activity. The median price for single-family homes in Broward County increased to $365,000 in 2Q 2019, a 1.6% jump from $359,238 in the same period last year. The median price for existing condominiums increased 3.2.6% year-over-year from $170,500 to $175,000. At the current sales pace, the number of active listings represents 4.3 months of inventory for single family homes and 5.9 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory. Cash sales accounted for 50.9% of all Miami existing condo sales and 17.8% of single-family transactions. Nationwide existing single-family home sales increased 4.3% to a seasonally adjusted annual rate of 279.6 million in the second quarter, up from 268.0 million in the second quarter of 2018, according to NAR. Condo sales nationwide increased 3.6% to a seasonally adjusted annual rate of 255.04 million in the second quarter. Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system. 

Posted in Real Estate News
Nov. 8, 2018

Natural Beauty Surrounds Davie Property

Davie property overflows with the scenic touch of Mother Nature. The Flamingo Gardens provide a place for locals and visitors to South Florida to experience the vitality of the landscape. Well over 50 acres boast both an impressive botanical garden, museum and wildlife sanctuary. The roots here are deep with the venue first created in 1929.

Inside the botanical garden guests find an array of smaller, themed areas. Inspiration is often gathered in the hummingbird and butterfly gardens. Here residents learn how to recreate similar plots in the backyards of Davie homes. Both the Croton and Bromeliad gardens are also favorite spots to linger. The pride of the Flamingo Gardens is an extraordinary canopy of live oaks hundreds of years old. Intermixed among the trees are colorful orchids and epiphytes. Wanderers often wonder at the sites and sounds that have moved amongst these plants throughout the decades. Families spend much of their visit in the Children’s Garden. Youngsters can dig in and get hands on in this interactive space.

Get to Know the Wildlife Calling Davie Home

Those wanting to really explore the grounds partake of a narrated tram tour. Folks travel into the depths of the Davie property through jungle growth, rainforest and wetlands. Riders wanting to stretch their legs can leave the tram, stroll about the Pioneer Walkway, and hop back on at a later time.

Flamingo Gardens is home to a variety of South Florida wildlife. Many of the animals finding sanctuary here cannot survive on their own. Almost 100 species flourish under expert care. South Florida bird watchers are in absolute heaven when observing in the Free-flight Aviary. Hundreds of wading birds fluff their feathers and call out a hello. Nearby sits the Bird of Prey Center which has been declared as “the largest raptor collection in the United States.” Other magnificent animals in the wildlife sanctuary include otters, alligators, bobcats and panthers. Wildlife shows engage audiences teaching them all about these amazing animals and the importance to protect their habitats.

Get to know the South Florida landscape. Plan a visit to the Flamingo Gardens today. It will truly take your breath away.

 

Posted in News
Nov. 8, 2018

Experience the Wonder of Children Living in Miami

Children living in Miami learn through play. The fun is never ending at the Miami Children’s Museum. Located at 980 Macarthur Causeway a variety of educational, interactive exhibits await youngsters. The museum abides by a mission “dedicated to enriching the lives of children by fostering a love of learning through play and enabling children to realize their highest potential." Established in 1983, this critically acclaimed institute has been putting smiles on youngsters faces on a daily basis.

Creativity abounds in the halls and beyond. Numerous exhibits have been carefully crafted to stimulate imagination. Colorful backgrounds encourage lively adventures. Plenty of places to play slip learning in under the radar. Kids living in Miami focus only on having a good time.

High spirits are embraced throughout the venue. Board the Cruise Ship and learn all about travel on the sea. Point the ship in the right direction when in the navigational control station. Find the perfect spot for a vacation after studying the destination wall and check out artifacts from cruise ships along the way. The Pirate Island continues the fun above deck. Buccaneers learn how to tie sail worthy knots, work with ropes and speak pirate lingo. Some will end up walking the plank but all in fun.

Creativity Abounds on Miami Property

Art is in the eye of the beholder and viewed all around. Elements of art are taught in All About Art. Here different mediums are introduced as well as the concepts of texture, form, shape and color. Sketch Aquarium provides a virtual experience where the work of budding artists becomes digitized in an animated aquarium.

The Miami Children’s Museum teaches young residents all about their South Florida home. Kids get hands on in the Port of Miami where they are taught about exports and imports, how to work a crane and maneuver through the waterways. The South Florida and Me space introduces the state’s delicate ecosystem. Species that thrive in the Everglades are spotlighted here.

There is so much to do at the Miami Children’s Museum. The Miami property doors are open seven days a week so plan a trip today and experience the wonder.

 

Posted in News
Nov. 6, 2018

Think Out of the Box Near Hollywood Homes

The clock is in motion and time is ticking away. In order find success, groups near Hollywood homes are determined to find clues and solve riddles. Located in the middle of downtown, Boxroom Escape Games place participants in a variety of challenging scenarios and dare them to try and find a way out.

Escape games are the latest craze and this local company kicks it up a notch. High tech special effects add to the intensity. Boxroom games are designed to “feel like you’re living in a real life video game.”

Three rooms promise different experiences on the Hollywood property. In the Haunted Pirate Shipwreck groups set out in search of pirate gold. The map is not clearly marked with an x, and peril abounds with each footstep taken. Will treasure seekers make a wrong turn and end of walking the plank or will they leave with money and jewels? Secret pathways wind down into the depths of a medieval castle with Merlins Academy Wizard. Players journey back into times of jousts and catapults. The glory of King Arthur and Magic Merlin is all around, but when guests are trapped in the dungeon escape is all that matters. Current day sets the scene in Operation Save Hollywood. In this setting, Hollywood homes and the entire city is in danger. Origins of a credible threat must be discovered and neutralized before the worst happens.

Teamwork Equals Success on Hollywood Property

Teamwork is paramount to success making this a great recreational activity for friends, families and coworkers. Families solving puzzles and finding clues leading to successful exits make memories that will last a lifetime. Engaged couples find time in the escape rooms a great way to bond groomsmen and bridesmaids before their big day. Family reunions held on the property reconnect relatives in a unique and amusing fashion.

Advanced reservations for play are a must. Participants are asked to arrive fifteen minutes prior to start time. The doors to Boxroom Escape Games are open every day from 10:30 to 1 a.m. Take a look at frequently asked questions here.

 

Posted in News
Oct. 26, 2018

Real Estate News

Making Ethics Important

Article by: Realty Times Real Estate News Channel
Originally Published: September 11, 2018, 11:34 am

In last week's column we emphasized the distinction between ethics as a body of rules and principles and being ethical as a disposition to conform to those rules and principles. We noted that it is certainly possible to teach someone ethics, but it is a different task to lead someone to be...

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Smart Homes: Backed-Up Your Fridge Lately?

Article by: Realty Times Real Estate News Channel
Originally Published: September 11, 2018, 11:34 am

Soon it will be hard to buy an appliance that doesn't incorporate smart technology, but integrating appliances and systems may remain a challenge for a while. PJ Wade explores what you need to know about smart home technology....

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How to convince your buyers to stop hesitating

Article by: Inman
Originally Published: October 25, 2018, 9:07 am

Some buyers move quickly, but others play the waiting game and end up losing out. Here's what real estate agents should know about this kind of buyer and how you can help keep them informed and, hopefully, regret-free. ...

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There’s way too much red ink on home inspection reports

Article by: Inman
Originally Published: October 25, 2018, 7:12 am

Although inspection reports have taken many notable strides forward, it seems they are also tiptoeing backward since the proliferation of "red ink" has taken over the process. It seems like the disclaimers never end, and it's a bit of an overkill....

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Posted in Real Estate News
July 31, 2017

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Posted in Market Updates