Thursday, November 29, 2012

Foreign capital driving growth in Miami....

Foreign capital driving growth in Miami multi-family sector: report

November 28, 2012 01:30PM
 
Foreign capital, particularly from Latin America, is driving growth in multi-family acquisitions in Miami, according to a fourth-quarter apartment sector report from Marcus & Millichap. While the local economy’s growth remains middling, “expanding access to acquisition debt at low interest rates and rising rents are sustaining investor demand,” according to the report. Properties in areas like Miami Beach are changing hands at first-year returns of less than 5 percent, while those in Coral Gables are trading in the low-6 percent range. “Miami-Dade also continues to cement its stature as a safe haven for Latin American and European capital, and many foreign buyers are stepping up multi-family acquisitions, frequently in all-cash deals."

*from The Real Deal....So Florida RE Magazine

Monday, November 26, 2012

New attitudes of the wealthy....

"A renewed buying attitude

Laurie Moore said this renewed buying attitude is most likely a result of lifestyle desires and the belief that residential real estate is a smart investment. Billionaire John Caudwell said, “Trophy (property) assets are probably the most resilient and successful investment options at the moment, and will be for the foreseeable future.”
“Caudwell’s quote illustrates the fact that investors feel that an economic turning point is ahead,” Moore said, “and properties purchased at today’s prices will be viewed in the future as smart buys.”

New attitudes of the wealthy

The vast majority of wealthy are business owners, self-employed professionals, and top corporate executives, and as luxury real estate demand has risen, attitudes of the wealthy have changed.
In Moore’s words, the following are the ten new attitudes of the affluent:
  1. Although there will always be “flamboyants” who gravitate to McMansions, in general, real estate “bling” is out and artisanship and quality are in. The demand for bigger has shifted to demand for better. Quality is a key purchase factor along with taste and design aesthetic.
  2. The majority say they prefer a low key lifestyle and don’t wish to be recognized and acknowledged as wealthy. They prefer the term “very successful” over rich or wealthy
  3. When buying, they look for future profitability, value, and the ability to exit easily. They also prefer buying near their affluent peers.
  4. They often don’t feel rich. Their view of their wealth is less about the number of zeros and more about how much richer others are. They may own a luxury vehicle, but be thinking, “My friends have a luxury car and full time driver.”
  5. They are increasingly global in their tastes, attitudes, and preferences.
  6. Their lifestyle has shifted from spending on things to spending on experiences. especially those that create their ability to tell a story.
  7. Home purchase decisions may be influenced by opportunities to add value by restoring, expanding, or making a profitable currency play. Some attitudes have stayed the same.
  8. They are early adopters of technology and are online. They will shop for a home first using the web. They will also research real estate professionals online.
  9. Their time is titanium. (It’s their most valuable resource.)
  10. They believe they deserve and have earned the things they have.
“In short, real estate bling is out,” Moore said, adding, “Quality is in. Today, most post-recession luxury home buyers are ignoring ‘super-size-me’ McMansions and focusing instead on lifestyle, uniqueness, artisanship, and future profitability.”"

** from :: The Institute For Luxury Home Marketing !

Monday, November 19, 2012

Inventory Report for Luxury South Miami_ Oct. 2012

Inventory Report
Property Type: Single Family (RE1) Status: Active-Available, Closed Sale, Pending Sale Number of Properties: 8
Count Total Price Average Price Median Price Average DOM
Active 6 $5,293,900 $882,317 $665,000 0
Backup Contract/ Call LA 0 $0 $0 $0 0
Cancelled 0 $0 $0 $0 0
Closed Sale 0 $0 $0 $0 0
Pending Sale 2 $1,594,000 $797,000 $797,000 11
Terminated 0 $0 $0 $0 0
Rented 0 $0 $0 $0 0
Temp Off Market 0 $0 $0 $0 0
Withdrawn 0 $0 $0 $0 0
Expired 0 $0 $0 $0 0
Total 8 $6,887,900 $860,988 $665,000 11


Search Criteria
Status A , CS , PS
County DADE
City Name SMIAMI
List Price between 500,000 -
Entry Date between 10/1/2012 - 10/31/2012

Report time: 11/19/2012 10:55 PM

Coral Gables...Luxury Inventory for Oct 2012

Inventory Report
Property Type: Single Family (RE1) Status: Active-Available, Closed Sale, Pending Sale Number of Properties: 76
Count Total Price Average Price Median Price Average DOM
Active 61 $148,917,094 $2,441,264 $1,290,000 0
Backup Contract/ Call LA 0 $0 $0 $0 0
Cancelled 0 $0 $0 $0 0
Closed Sale 5 $7,457,000 $1,491,400 $900,000 7
Pending Sale 10 $12,048,900 $1,204,890 $874,500 21
Terminated 0 $0 $0 $0 0
Rented 0 $0 $0 $0 0
Temp Off Market 0 $0 $0 $0 0
Withdrawn 0 $0 $0 $0 0
Expired 0 $0 $0 $0 0
Total 76 $168,422,994 $2,216,092 $1,185,000 16
Search Criteria
Status A , CS , PS
County DADE
City Name CORALGBL
List Price between 500,000 -
Entry Date between 10/1/2012 - 10/31/2012

Report time: 11/19/2012 10:48 PM

Saturday, November 17, 2012

Interesting Survey of Buyers & Sellers....

NAR issues 2012 survey of buyer and sellers
ORLANDO, Fla. – Nov. 2012 – Dual income households comprise a greater portion of the housing market and are helping sales recover, according to the 2012 National Association of Realtors® Profile  released on Saturday.

The annual buyer-seller survey evaluates the demographics, preferences, motivations, plans and experiences of recent homebuyers and sellers. The responses are heavily representative of owner-occupants and don’t include most investors.

Choosing a homeThe biggest factors influencing neighborhood choice were quality of the neighborhood, cited by 61 percent of buyers; convenience to jobs, 43 percent; overall affordability of homes, 39 percent; and convenience to family and friends, 35 percent. Other factors with relatively high responses include neighborhood design and convenience to shopping, 26 percent each; quality of the school district, 25 percent; convenience to schools, 22 percent; and convenience to entertainment or leisure activities, 19 percent.

Finding an agentSellers typically found a real estate agent through a referral by a friend, neighbor or relative, or used the agent in a previous transaction; 84 percent are likely to use the agent again or recommend to others.

Like sellers, buyers most commonly choose an agent based on a referral, with trustworthiness and reputation being the most important factors; two out of thee buyers interviewed only one agent. Eighty-nine percent of buyers are likely to use the same agent again or recommend to others.

To read whole article, LIKE & visit our facebook page: sellingmiamiestates

***Info from NAR 2012 SURVEY

Thursday, November 15, 2012

the "seven-second" Selling rule....

WASHINGTON – Nov. 15, 2012 – The 97 percent of homebuyers who search for properties online spend an average of seven seconds previewing a listing, bypassing it if it fails to grab their attention, says the National Association of Realtors® (NAR).

This means agents must craft an MLS listing with these seven seconds in mind.

How to do it? Agents must paint a picture with words, merging data with vivid descriptions but without being flowery or ambiguous. They should use words that have a big impact, such as fresh, bright and light. Using words such as landscaping and turnkey, meanwhile, attract buyers looking for a home in move-in condition with plenty of curb appeal.
If the listing needs some work – but not too much – agents should use the phrase “handyman special” instead of “fixer upper.” They might even want to put a positive spin on some problem spots, such as emphasizing the “beautiful fountains” that help muffle street noise.

After crafting an eye-catching description, they must focus on the photos, taking care that the rooms are clean and free of clutter.

** INFO from Realtor Magazine.

If thinking on Selling, call us for a Confidential Market Analysis.
Espie Franky
Dir 305.283.5868

Saturday, November 10, 2012

Program spells relief for underwater homeowners

Program spells relief for underwater homeowners

"Though there are still some snares and drawbacks for participants, one of the federal government’s most important financial relief efforts for underwater homeowners started operation on Nov. 1.
It’s a new short-sale program that targets the walking wounded among borrowers emerging from the housing downturn — owners who owe far more on their mortgages than their current home value but have stuck it out for years, resisted the temptation to strategically default, and never fell seriously behind on their monthly payments.
Industry estimates put the number of underwater owners across the country at just under 11 million, or 22 percent of all homes with a mortgage. Of these, approximately 4.6 million have loans that are owned or securitized by Fannie Mae or Freddie Mac. Eighty percent of these Fannie-Freddie borrowers, in turn, are current on their mortgage payments and meet the baseline eligibility test for the new short-sale effort.
Here’s how the program works and where the potential snares are. Traditionally short sales, where the lender agrees to accept less than the full amount owed and the house is sold to a new purchaser at a discounted price, are associated with extended periods of delinquency by the original owner. The new Fannie-Freddie program — designed by the companies’ overseer, the Federal Housing Finance Agency — breaks with tradition by allowing short sales for owners who are current on their payments but are encountering a hardship that could force them into default.
Say you are deeply underwater on your mortgage and recently lost your job or had your work hours reduced. Under the new program, you can contact your mortgage servicer and ask to participate in a Fannie-Freddie short sale for non-delinquent borrowers. You’ll need to find a qualified buyer for the house, typically with the help of a real estate broker or agent knowledgeable about short sales who will list the property and obtain an offer and communicate the details and documentation to the servicer. If the proposed short-sale package is acceptable, the deal would then proceed to closing weeks — or months — later.
Eligible hardships under the new program run the gamut: job loss or reduction in income; divorce or separation; death of a borrower or another wage earner who helps pay the mortgage; serious illness or disability; employment transfer of 50 miles or greater; natural or man-made disaster; a sudden increase in housing expenses beyond the borrower’s control; a business failure; and a you-name-it category called “other,” meaning a serious financial issue that isn’t one of the above.
Borrowers who take part in the new program can expect to rid themselves of the money-devouring albatross their mortgage has become — without going through the nightmares of foreclosure or bankruptcy — and to get a chance to start anew, better equipped to deal with the financial hardship that caused them to sell their house in the first place.
What about the snares in the program? There are several that participants need to consider.
• Credit score impacts. Though officials at the Federal Housing Finance Agency are working on possible solutions with the credit industry, at the moment it appears that borrowers who use the new program may be hit with significant penalties on their FICO credit scores — 150 points or more. This is because under current credit industry practices, short sales are lumped in with foreclosures. According to Laura Arce, a senior policy analyst at the agency, the government is in discussions with the credit industry to institute “a special comment code” for servicers who report the new Fannie-Freddie short sales to the national credit bureaus that would treat participants more fairly on FICO scores.
• Promissory notes and other “contributions.” In the majority of states where lenders can pursue deficiencies, Fannie and Freddie expect borrowers who have assets to either make upfront cash contributions covering some of the loan balance owed or sign a promissory note. This would be in exchange for an official “waiver” of the debt for credit reporting purposes, potentially producing a more favorable credit score for the sellers.
• Second lien hurdles. The program sets a $6,000 limit on what second lien holders — banks that have extended equity lines of credit or second mortgages on underwater properties — can collect out of the new short sales. Some banks, however, don’t consider this a sufficient amount, and may threaten to torpedo sales if they can’t somehow extract more."
 
** from THE REAL DEAL_ So Florida RE Magazine
Kenneth R. Harney is a syndicated real estate columnist

Friday, November 2, 2012

Our Newest Listing for Your Consideration....



 Here are the links to Our Newest Residential Listings:
http://realestate.wsj.com/item/2995837      http://realestate.wsj.com/item/2995835

 Here are the links to Our Newest Commercial Listings:
http://www.crelisting.net/FxW7ZB15Q       http://www.crelisting.net/GNr4IEv4A

All the Best,
Esperanza Franky "espie"
Realtor
Member of The Institute for Luxury Home Marketing
Certified Strategic Marketing Specialist
"Selling Miami Estates" team with One Premier International Realty

Cel: 305.283.5868
Visit our Blog: www.rivieracoralgables.com

Marketing Florida Real Estate at the Highest Level !

Thursday, November 1, 2012

Architects use design to help fight obesity !

 "The push to reverse the obesity epidemic and promote physical fitness is spilling into design and architecture and beginning to target one of the nation’s most sedentary environments: the office.

“Active design” – the architectural principle of creating spaces that encourage healthy lifestyles – is gaining popularity as more cities and companies join the fight and embrace healthy initiatives and “green” measures.

New York – the city that banned trans fats in restaurants and will soon ban sales of large sugary drinks in cups – adopted Active Design Guidelines in 2006. That has sparked interest among architects and planners, even amid a sluggish economy. With the help of a grant from the Centers for Disease Control and Prevention, the city is mentoring 14 other cities, including Philadelphia, Tucson, Nashville and Seattle, to improve the built environment to reduce obesity.

“How do you get people moving?” asks Rick Bell, executive director of the New York chapter of the American Institute of Architects. “If exercise and everyday activity is the mantra, how do you, through design, get people to exercise? There is a direct relation between the built environment and people’s lifestyles.”

History has proved it. Architecture played a major role in defeating infectious diseases such as cholera and tuberculosis in the 19th and 20th centuries by designing better buildings, streets, clean-water systems and parks.

Today, obesity is the threat. More than a third of American adults, teens and children are obese, or roughly 30 pounds over a healthy weight.

“It’s very new to people,” says Joan Blumenfeld, an architect at Perkins+Will who has worked on active interior design in offices and public buildings. “Now interior designers are getting interested in it and in health in workplaces. … It makes (workers) feel valued, and a lot of this stuff doesn’t really cost anything because it’s where you locate things.”

• Stairs, stairs, stairs. In most buildings, they’re hidden in stairwells behind fire doors because they are designed primarily as emergency exits. Exposed staircases that connect to different parts of a building encourage people to use them, Blumenfeld says.

Studies show that if the average American adult climbed stairs for just two minutes a day (six to eight flights), enough calories would be burned to prevent average annual weight gain, says Dr. Karen Lee, director of built environment and healthy housing for New York City’s health department.

Brightly colored signs showing a figure climbing stairs have gone up near elevators in buildings across the city, she says. The message: “Burn Calories, Not Electricity.”

Some clients are paying to upgrade stairs. New buildings are being designed to make the stairs more prominent than elevators when people enter the lobby – a feature that is more adaptable in low-rise buildings.

The new Queens Elmhurst Library will feature a grand staircase and emphasize stair use throughout the building.

• Get up and walk. In offices, the push is on to remove printers from individual desks. That forces workers to get up and walk a few paces. Coffee machines are also being moved to central pantries that may require walking to another section.

“This is not just to annoy people but to also add value,” Bell says. “They can socialize with co-workers.”

• Shared space. When workers are in a communal space rather than a cubicle or office, it “makes people get up and encourages people to be more collaborative,” Blumenfeld says.

• Outdoor space. Trails or stairs to outside work areas encourage workers to be as mobile as the electronic devices they do their work on.

“Providing an outdoor space of some sort, whether it’s a plaza or a deck, encourages you to walk around on a nice day,” says Barry Hersh, associate professor at NYU Schack Institute of Real Estate.

Office furniture company Haworth rebuilt its global headquarters in Holland, Mich., under the principles of active design. Besides environmentally sound features such as energy efficiency, natural light and clean air, Haworth wanted to open spaces to encourage movement and interaction, says Kurt Vander Schuur, corporate brand director.

Before the redesign, “We had 90 percent individual space,” he says. “In the new building, we have 55 percent individual and 45 percent shared.”

Before, less than a third of workers had access to natural light and now 90 percent do. “Having daylight encourages more movement in the office,” Vander Schuur says.

The central feature of the 300,000-square-foot building is a three-story atrium, an open stairway and a big public space that is designed like a pit or sunken living room. The Starbucks is there and so is the “tech bar” to help workers with their computer problems.

“We’re trying to attract young workers,” Vander Schuur says. “Everybody cares about the health and wellness of their workers.”

Caring for workers also can help to reduce health care costs for employers."


* extract from Realtors Magazine.