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the Housing Market Breathes under Water

The housing market exited the trauma ward in 2013. Prices rose as much as 30 percent in some areas, bidding wars broke out and the foreclosure rate halved from its peak. But the patient is by no means fully recovered. In fact, five years after the housing bubble collapsed, a staggering one in five mortgage holders still owe more than their home is worth. At its worst in early 2012, almost 16 million Americans were under water on their mortgage. In some of the hardest hit neighborhoods, such as Las Vegas, Phoenix, and Detroit, 70 percent of homeowners owed more than the value of their home. Since then, rising home prices have pushed 5 million homeowners back into the black, but 11 million out of a total of 50 million mortgage holders remain in what financial folks call a negative equity position. “This is the new normal in the housing market,” said Svenja Gudell, director of economic research at Zillow, an online real estate database, “We will have high levels of negative equity for some time.” With mortgage rates rising and expected to hit 5 percent late next year, many economists predict a more subdued housing market in 2014. That means price gains should moderate and it could take a while longer for homeowners who are under water to recover. Out of the 75 million homeowners around the country, about one in seven stay trapped in their homes, unable to move or sell. Housing prices have gone up and down over the decades, but until the financial crisis of 2008, it was rare to owe a bank more than a home is worth. For all of the 19th century and even during the Great Depression, this was virtually unheard of. Until all the negative equity disappears, the housing market won’t be back to normal. It looks like we still have years to go.... @info from US NEWSWEEK

Record Sales activity for last 3 years....

Miami, FL – Following record breaking sales activity for nearly three years, the Miami real estate market saw unprecedented growth in the third quarter of 2013 as demand for local real estate and limited supply continue to fuel double-digit growth in prices, according to the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Sales, Listings of Homes and Condos Grew There were 8,027 homes and condos sold in Miami-Dade County during the third quarter of 2013. This represented a significant 21.2% and 8.7% increase in the sales of homes and condos, respectively, compared with the same period in 2012. The growth in home sales was driven by a remarkable 89.5% increase in home sales $250,000 to $299,999 and a 67.7% growth in sales $600,000 to $999,999 when compared to the same time in 2012. Meanwhile, condo sales were driven by the 50.8% growth in condo sales $250,000 to $299,999 and a similar surge of 46.9% in condos $400,000 - $599,999 relative to the third quarter of last year. “The surge in sales of Miami homes and condos is driven by a robust demand for real estate from international buyers from worldwide markets – and large numbers of U. S. buyers from other states,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. “The third quarter statistics reflect a significant strengthening of our local real estate market with more homes being sold faster than last year.” Nationally, total existing-home sales, including single-family and condos, rose 5.9 percent to a seasonally adjusted annual rate of 5.36 million in the third quarter from 5.06 million in the second quarter, and were 13 percent above the 4.74 million pace during the third quarter of 2012, according to the National Association of Realtors. Statewide closed sales of existing single-family homes totaled 60,661 in the third quarter, up 17.3 percent compared to the year-ago figure, according to the latest housing data release by Florida Realtors. Closed sales of condominiums totaled 27,200, up 11.3 percent compared to 2012. The Miami Association’s initiatives to increase inventory and focus on assisting members to get more listings has made progress along with some additional distressed properties coming on the market. Home and condo listings also grew by double digits in the third quarter. There were 5,937 new single-family home listings during Q3, a growth of 15.3% relative to the same period last year. Meanwhile, new condo listings were stronger with an increase of 20.5% from 6,872 in Q3 2012 to 8,282 this year. Median and Average Sales Prices Continue to Rise In the third quarter, the median sales price for homes in Miami-Dade County was $230,000, an increase of 21.3% compared to last year and 12% relative to the previous quarter. The median sales price for condos rose 26.6% to $183,600 in the third quarter compared to the second quarter of 2013. Third quarter price increases mark seven (7) quarters of increases for both single-family homes and condominiums. In addition, compared to last year, the average sales prices for single-family homes and condominiums increased 8.1% to $381,517 and 19.3% to $329,418, respectively. “Despite more new listings coming on the market, supply remains tight, particularly for properties in lower price points, for current level of demand for Miami properties,” said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. “Robust sales will continue to drive price appreciation in the Miami market.” Nationally, the median sales price of existing single-family homes was $207,300 in the third quarter, up 12.5 percent from the third quarter of 2012. The national median sales price for condominiums was $205,400, a 15.1 percent increase over the previous year. The statewide median sales price for single-family existing homes in the third quarter was $175,000, up 18.6 percent from the same quarter a year ago. The median sales price for condominiums in Florida was up 23.8 percent compared to the same quarter last year at $130,000. Percentage of Cash Sales Declines In the third quarter, 59.3 percent of closed sales were all cash compared to 63.3 percent a year ago. All cash sales were 45 percent of single-family home closings and 71 percent of all condominium sales. Since nearly 90 percent of foreign buyers pay cash, this reflects Miami’s position as a top market for foreign buyers. Miami has a significant percentage of international buyers, generating many more cash transactions than the national average. Home Inventory Moving Rapidly Despite More New Listings Homes were sold much faster during the third quarter of 2013 compared to the previous year. The median duration of a home listing during the last quarter was 37 days compared to 43 days during the same period last year, a significant decrease of 14%. Meanwhile, condo listing durations were comparable to 2012 figures at a median of 46 days compared to 43 last year. Total third quarter active listings in Miami-Dade County totaled 14,273, representing an increase of 14.2 percent. At the current sales pace, this reflects 4.9 months of inventory for single-family homes and 6.3 for condominiums. Months supply of inventory declined 12.5 percent for single-family homes and increased 11 percent for condominiums compared to the third quarter of 2012. 3Q Miami-Dade Statistical Reports Single-Family Homes: http://goo.gl/b5bAI9 Condominiums: http://goo.gl/9ptrbt Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system. Note: The MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service are the sources for statistics reported by the National Association of Realtors and Florida Realtors. About the MIAMI Association of REALTORS The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating 93 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 30,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 100 international organizations worldwide. MIAMI’s official website is www.miamire.com.

Want to be Extremely, Wildly, Radically Successful?

"Whichever adjective you select for the success you’re seeking – extreme, wild, radical – is it really possible that a few tweaks could be all you need to reach these new heights? Last week I read a popular LinkedIn post in which the author, Alex Banayan, promised to disclose “The 5 Traits of Wildly Successful People”. This sounded like a bargain: just 5 steps to wild success. With such straightforward tips – be persistent, ignore convention, be a problem-solver, cut back on sleep, build good relationships – taking life to the next level sounded downright easy. Indeed, countless blog posts list success-ensuring traits, the kinds of virtues or habits everyone should cultivate. Some recipes for success include as few as five ingredients, as did Mr. Banayan’s, or as many as 50. (See the list at the end of this post if you need a “quick success” reading list.). But here’s the thing: Fun as it may be to peruse these lists, simply reading through grab bags of traits and attitudes won’t ensure success in work and life. The very reason success is elusive is that it still requires a lot of hard and often tedious work. Not just daily work at the office, but the constant work of making ourselves into more effective, more adaptable, more thoughtful people. That’s what it means to build character. No secrets here. Just hours, days, months, and years of persistence in doing what matters most, honoring commitments, and working well with others. For over twenty years, I worked closely with Stephen R. Covey, author of “The Seven Habits of Highly Effective People” – one of the best-selling business books of all time, with 15 million copies sold in 38 languages. Many of today’s list-like blog headlines are derivative of his famous title and insightful suggestions for building a principle-centered life. Stephen – who passed away last year – might have been distressed at how his approach to building habits for successful living has morphed into a cottage industry of those peddling lists of secrets to wild financial windfalls and potent influence. Stephen was not about these ‘ends.’ Instead, he was about being mindful of the person you become on the way there. He celebrated the idea of finding one’s “true north,” the guiding set of ethics and habits through which people develop character. He liked to quote Aristotle on the subject: “We are what we repeatedly do. Excellence, therefore, is not an act – but a habit.” Covey wasn’t talking low-level habits like brushing your teeth, washing the dishes or showing up early for meetings. His “habits” were ones of character – the kind that take time and repetition to build. Some were about thinking, some were about doing, some were about treating others with respect – but they were all about building character, about doing the right things over and over until they become ingrained -- what Aristotle called the “stable equilibrium of the soul.” Aristotle's notion – the one Covey also espoused – is a profound one. Success in life is rooted in aligning our actions with our values, until our choices flow naturally, and without calculation, from our character. Like everything else worth doing, this is a matter of consistent, determined practice – as unromantic, familiar, and headline-unfriendly a secret as that may be. So, nothing against lists, and nothing against anything that can inspire or help you become more successful. But, in my experience, there are no shortcuts to success." By Joel Peterson Chairman, JetBlue Airways. Stanford Business School! (Article published in LinkedIn.)

About Credit Scores.....

"Your credit score is the single most important factor in determining your mortgage interest rate and monthly payment," said Erin Lantz, director of mortgages at Zillow. "To avoid any surprises when buying a home, check your credit score and report at least six months before you intend to buy to see if there are any costly inaccuracies, pay down high-balance lines of credit and make sure your bills are always paid on time." After doing, all that, try to save more every month to make a bigger down payment. The smaller your loan compared with the home's value, the better your chances of approval. Of course, you can look for a less expensive home as well. But what if you can get approval, but for now would be stuck with a higher rate? Would it make sense to postpone your purchase or refinance until you can nudge your credit score higher? That could be risky. It would be annoying to pay 5% instead of 4.5%, but if you wait six months or a year you might find that those bottom-level rates have gone up. You might end up paying 5% or more even with a score over 740. No one knows for sure, but most experts agree rates will drift up. They're already up quite substantially since spring, when you could get a 30-year fixed loan for 3.5%. Also, home prices will probably continue to rise, though perhaps not as fast as during the past year or so. So even if waiting did get you a lower rate than you'd pay today, that saving might be wiped out by a higher purchase price". Ready to Sell or Purchase? Contact a Real Estate Professional ! Call US ! We are Selling Miami Estates 305-283-5868 Espie Franky

2-5-million-homes-gained-positive-equity-Q2

The number of mortgaged homes where homeowners owed more on their loan than the home was worth dropped by 2.5 million in the second quarter from the the first quarter, to 7.1 million, according to a second-quarter home equity report from CoreLogic. As of the second quarter, 14.5 percent of all residential properties with a loan were underwater — the homeowners owed more on it than it’s worth – down from 19.7 percent in the first quarter. Negative equity nationwide also dropped $148 billion from the first quarter to $428 billion. Of the 41.5 million properties that now have positive equity at the end of the second quarter, 10.3 million were “under-equitied” — had less than 20 percent equity. Some 1.7 million homes had less than 5 percent equity. “Price appreciation obviously had a positive impact on home equity over the first half of 2013, especially the second quarter,” said Anand Nallathambi, president and CEO of CoreLogic, in a statement. The states that had the highest percentage of homes with negative equity in the second quarter were: Nevada (36.4 percent), Florida (31.5 percent), Arizona (24.7 percent), Michigan (22.5 percent) and Georgia (20.7 percent). **Source: CoreLogic Thinking on Buying or Selling Real Estate in South Florida? Contact us, we are Your Best source with confidentiality and professionalism at your service!

How to rebuild loyalty ...in Business!

"If you aspire to be successful as an entrepreneur, manager, business owner, or any kind of leader, others must feel loyal to you. Although money is often seen as a prime motivator, ultimately the bonds that hold an enterprise together are psychological. Important data gathered by the indicate that loyalty is one of the top three things that make workers feel satisfied. Loyalty balances self-interest. It is the willingness to look out for "us" and not just "me." It's no secret that the bond of loyalty has frayed at a time of layoffs and the loss of pensions and benefits in the economy. A public image has been built of opposition between management and labor - there is nothing new here - where the advantage has shifted overwhelmingly to management. As long as profits continue to roll in, loyalty is ignored. The assumption is that workers are too desperate for a job to complain or protest. You have a choice to make in the face of this sad situation. Are you going to join the trend and forget loyalty or are you going to try and rebuild it? The question doesn't apply simply to managers. Companies develop an atmosphere and a culture. No one works in a vacuum, and your attitude affects the environment you work in, no matter where you fit into the overall scheme. If you choose to help rebuild loyalty, here are some suggestions: 1. Abstain from disloyalty, which shows up in small but telling ways. Office gossip, back-biting, and spreading rumors show disloyalty, because they degrade the sense of bonding and cooperation. 2. Work on bonding and cooperation. Be sympathetic and open to the people you work with. Support projects that are good for everyone, even if you don't gain immediate material rewards. 3. Honor the difference between rivals and competitors. The fact that you are competing against others at work doesn't make them your rivals. Rivalry is hostile; it implies that only one person can win. Competition raises the bar for everyone, so that the whole team can win. 4. Pay attention to personal details. Loyalty runs deep when a person feels cared for and understood. Be alert to these needs. Make an effort to include everyone. When ideas and suggestions are being discussed, make it clear that every suggestion is welcome. If someone's pet idea is rejected, take time to go to them afterwards and listen respectfully to what lies behind the idea. 5. Share your success. Include your team in the praise and appreciation that comes your way. If possible, make a tangible gesture, as appropriate - throw a party, or other form of celebration, offer bonuses, present a gift as a token of recognition. 6. Don't keep secrets. As much as possible, make the decision-making process transparent. Open up financial details. In the economic downturn of 2008, some small businesses shared their finances with their workers and thereby won real loyalty. Seeing that the company was strapped, the workers felt an incentive to be part of the solution. This is just one way to close the gap that makes management and workers adversaries, a stance that severely erodes loyalty. 7. Remind yourself every day that there is no "I" without "we." This allows you to be humble in your successes and provides a community to get through crises." **taken from Debak Chopra notes

Dream Big....start small!

"Your greatest fear is your biggest enemy. It keeps you small, blocks your progress and limits your achievement. Perhaps you picked it up along the way? Someone taught it you? The good news is, it’s not who you truly are. Here are some steps to put that beast out of its misery once and for all: Decide. Do something. Anything. Fear feeds on inaction Look for the truth. Look for the facts. Fear feeds on lies. What’s the worst that can happen? The biggest way to reduce risk is increase knowledge. Fear feeds on the unknown. ‘Get perfect later.’ Fear feeds on perfectionism. Don’t wait to run the marathon. Take the first step today. Fear feeds on waiting for the ‘right time’. “Fears are educated into us and can, if we wish, be educated out.” So “educate them out”. Beginning today. You’re smart. A go-getter. A person of excellence–and vision Inspire others by your bigness. Dream big but start small. Act now. Don’t stop. Change the world." - Rob Moore ** article from LinkedIn We are Here to help achieve your Real Estate Goal. Contact us for a confidential market analysis. Espie Franky

What Every 1st-Time Homebuyer Needs to know

"If you're a first-time home buyer, you're probably thrilled to take the plunge into the real estate market. After all, you've probably been envisioning this moment for many years. It's a time when you should be ecstatic for what's coming. However, there's a caveat. Buying a house is a massive decision, particularly if you've never embarked on the process before. There are certain things you must consider as a prospective buyer in order to have a successful purchasing journey. These ideas are listed below for your benefit. 1. Properly assess your credit standing Credit is one of the main issues you need to focus on before buying a one-way ticket to the real estate world. For one, it can really help you financially if you have solid credit. Secondly, if you have a less than ideal credit report, buying a property may be a decision to re-think or put aside for several months. Every situation is relative to the individual person directly involved, but the principle is the same: credit matters and it will continue to matter. You need credit to qualify for a loan. While the exact influence could vary greatly between a Native American applying for a HUD 184 home loan and a recent college graduate applying to take over a condominium, the numbers need to add up. If you have three credit cards and most of the allowance is used up on all three, you may not receive a very pretty score. Take this advice and run with it: Good credit standing often translates to lower interest rates for your mortgage agreement. This benefits you. Also, if your credit isn't ideal, think about considering a six month hiatus from the housing search to try and raise it. You can do this with consistent payments on whatever you've committed to within your life. 2. Gauge monthly cash flow Part of owning a home is being extremely stable financially. This doesn't mean having an abundance of extra money to throw around, but rather the concept of understanding how much money you do have and how you spend it. If you're considering buying a house, you want to specifically focus on your monthly cash flow. Some questions to ask: How much do you earn? How much are you able to put aside each month? How's your individual job security? What about your employer's stability within the market? Can you reasonably cut back on spending without compromising your way of life? Your monthly flow needs to be understood for the simple reason that you need to know exactly how a mortgage agreement will affect you financially. For instance, the commitment is more than simply paying the monthly portion of the loan. You will have homeowner obligations that you didn't have before. You will have property taxes, maintenance and many other situations to consider. Take this advice and run with it: You're going to be fine owning your own property, but it can really help to properly assess your monthly cash flow. There needs to be more coming in than going out. You're the only one that can truly understand where your balance is at and if there's ever a time to think about it, it's now. 3. Carefully consider the location Oftentimes, those people buying real estate for the first time underestimate the commitment that ensues after the closing date. While you can surely sell your house before it's paid off, it's a bigger commitment than it seems to be looking at what is often a loan of 25-30 years. Due to the inherent longevity of these agreements, it's imperative that you analyze not only the property you're deciding on but the location it's in. Some questions to ask: Do you really, really like the city or town? What school district zone does your property fall within? This could shape your child's or children's education Is it close enough to your job? What about your spouse's, if you have one? Is it near hobbies you enjoy? Take this advice and run with it: The location that your house sits within will make or break your general happiness with the situation. This seems obvious, but it still needs to be carefully analyzed with a long-term focus. Do you see yourself feeling the same about it in a few years? What about 20? These are thoughts to toss around your inner circle of family and friends before settling on a decision. Part of enjoying your first home buying experience is being prepared. Properly assessing your credit standing, gauging monthly cash flow and carefully considering the location of your proposed investment are strong starting points. From there, it's up to you." ** info from REALITY TIMES Magazine Thinking on Buying Your First Home in South Florida? Give me a call, I'm ready to parter up with you In search of the place to call your New Home! Espie

Miami Home Sales, Prices Continue to Surge

Miami, FL (PRWEB) August 21, 2013 In July, number of sales and prices of Miami properties continued to surge amid tight supply, generating rapid sales and offers close to asking price, according to the 29,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. Single-family home sales again surged in July, up 27.3 percent from 964 a year earlier to 1,227 this July. This is the highest monthly number of sales for single-family homes in Miami-Dade since the height of the boom in 2005. Condominium sales increased 13.4 percent, up from 1,356 in July 2012 compared to 1,538 last month. “The Miami real estate market continues to thrive as demand for housing intensifies and increasing inventory remains insufficient,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. “Miami is a global city that is not surprisingly attracting worldwide attention on many fronts. Residents, visitors, tourists and business enterprises want to be in Miami and experience all that our unique and vibrant city and market offer. This attention is driving our real estate market and our economy.” Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 6.5 percent from June and were 17.2 percent higher than they were in July 2012, according to the National Association of Realtors. Statewide closed sales of existing single-family homes totaled 20,632 in July, up 17.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Miami Double-Digit Price Appreciation July’s figures mark 20 consecutive months of appreciation for both single-family homes and condominiums in Miami. The median sales price of single-family homes spiked 25.7 percent to $230,000 year-over-year and remained the same compared to the previous month. The median sales price of condominiums, which has significantly increased each of the last 25 months, jumped 33.3 percent to $180,500 compared to a year earlier but declined 2.7 percent compared to the previous month. Compared to July 2012, the average sales price for single-family homes in Miami-Dade County increased 24.9 percent to $406,532, while the average sales price for condominiums increased 20.9 percent to $323,338. U.S., Florida Median Sales Prices The national median existing-home price for all housing types was $213,500 in July, a 13.7 percent increase from July 2013, according to NAR. The statewide median sales price for single-family existing homes last month was $179,500, up 20 percent from the previous year, while that of townhouse-condo properties was $129,000, up 22.9 percent over the previous year. Properties Selling Fast, Close to Asking Price Miami properties that are priced right are selling very quickly and yielding very high percentage of asking price. In July, the median days on the market for single-family homes and condominiums were 35 and 45 respectively, reflecting sales at a very rapid pace. The average percent of original list price received was 96.1 percent for single-family homes and 97.1 percent for condominiums. “It’s an exciting time for Miami real estate,” said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. “Miami has matured into a global, urban city that offers a very attractive lifestyle with endless opportunities for work, leisure, and cultural activities, adding great value to our market. Buyers and investors realize Miami will continue to generate housing demand and are taking advantage of the local affordability and the potential for profitability.” Inventory Remains Tight Active listings at the end of July increased 0.8 percent, from 12,547 to 13,583, compared to July 2012. Despite the slight increase in inventory, current active inventory remains insufficient to satisfy intense demand for Miami properties. Inventory of single-family homes increased 0.6 percent to 5,125 active listings, while that of condominiums increased 13.5 percent to 8,458 active listings. At the current sales pace, there is 4.9 months of supply of single-family homes and 6.0 months of supply of condominiums in Miami-Dade, representing a decrease of 14.2 percent and an increase of 5.6 percent respectively compared to year-ago levels. Total housing inventory nationally increased 5.6 percent at the end of July but remains 5.0 percent below year-ago levels, representing a 5.1-month supply. Distressed Sales Continue to Decline while Prices Rise Sales of distressed properties continue to sharply decline in Miami-Dade County, particularly for short sales. In July, only 35.4 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 47.3 percent in June 2012. Nationally, distressed homes again accounted for 15 percent of July sales. The median sales price of single-family home and condominium foreclosures in Miami-Dade increased 9.3 percent to $147,000 and 27.8 percent to $115,000 respectively. Cash Sales Account for 60% of Transactions In Miami-Dade County, 60 percent of total closed sales in July were all-cash sales compared to 63.5 percent in July 2012. All-cash sales accounted for 43.3 percent of single-family home and 73.6 percent of condominium closings, compared to a year ago when cash sales were 44 percent and 77.4 percent of closed sales respectively. Since nearly 90 percent of foreign buyers in Florida purchase properties all cash, this reflects the much stronger presence of international buyers in the Miami real estate market. By comparison all-cash sales nationally accounted for 31 percent of transactions in July, down from 33 percent the previous month and 29 percent in July 2012. July 2013 - Miami-Dade Statistical Reports Single-Family Homes http://www.miamire.com/docs/monthly-market-reports/miami-dade-county_single-family-homes_2013-07_summary.pdf?sfvrsn=2 Condos http://www.miamire.com/docs/monthly-market-reports/miami-dade-county_townhouses-and-condos_2013-07_summary.pdf?sfvrsn=2 Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NAR’s rebenchmarking efforts. MIAMI reports exact statistics directly from its MLS system. About the MIAMI Association of REALTORS The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating 93 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 29,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S., and has partnerships with more than 100 international organizations worldwide. MIAMI’s official website is http://www.miamire.com/. **** information from Miami Association of Realtors Read more: http://www.digitaljournal.com/pr/1426303#ixzz2cjwV74nJ

A Quick note on Mortgages....

"Here’s a quick note to let you know how I can help you—or anyone you feel comfortable introducing me to. Buyers who are shopping for a lender may wonder why initial estimates of their price range vary from lender to lender. The answer is two-fold. On one hand, exact figures are not possible until a lender sees a buyer’s documentation of debt, income, and credit. Even small issues can cause interest rate variations, so any figures given without documentation are estimates. On the other hand, interest rates fluctuate daily, so one lender can give one estimate today, and a different lender a different estimate tomorrow. The best thing a buyer can do is provide a qualified mortgage consultant with all relevant data and paperwork, to get an accurate figure based on real data, not guesswork. That lender can help them lock in a low rate and hold it." Thinking on Selling or Purchasing Real Estate in South Florida? ..... please contact me, Espie Franky Luxury Realtor, BBA Dir: 305-283-5868 Email: espiefranky@gmail.com One Premier International Realty

Staging...getting it Done !

Getting your house ready to Sell? As Important as Pricing it correctly, it must be "magazine ready" ! it's possible if you take it step by step! Just think that staging it correctly will give you a higher NET $$ to your pocket 😉 at Closing. Remember the important "C" of staging: Clean, Clutter, Color, Creativity & Commitment. A good practice is to take pictures as your house is before staging. Usually what the camera sees and what we see are different scenes 😳, so be ready to rearrange, put away, store, patch and paint walls, ...until what you see through the camera shots is what you would like to see when purchasing a house. There must be commitment to make it happen. In conclusion, try to see your house through the buyers eyes..As you have never seen it before ! Thinking on Selling or Buying RE in So Florida? Give us a call. Espie Franky Luxury Member, BBA Dir: 305.283.5868

They’re back… Sunken living rooms are on the rise Sunken Room Those who remember the “conversation pit” living areas of decades ago may be surprised that sunken indoor and outdoor rooms are on U.S. and Canadian designers’ lists of hot new housing trends – along with tented rooms...

Tented Room

and chevron patterened floors.

Thinking on Selling...or Buying your new Dream Home ? Let me be of assistance !! I am a "click away" ....ESPIE FRANKY, Luxury Realtor at Your Service ! espiefranky@gmail.com twitter @espiefranky or #sellingmiamiestates

Staging guidelines to follow when ready to SELL....

Hello again my dear friends, the following are 101 for "Ready, Stage & Sell" 1. Pack up before showing the house, even before doing marketing it and having the professional photography taken Its easier for the future to mentally move in. Be very organized in the process, boxes and containers should be piled up and in the corners of the rooms....and please don't pack the garage, buyers need to visualize this space as well ☺ 2. Maintain the house clean, specially the floors and mainly the kitchen and bathroom floors! Clean houses look better, and buyers assume a clean house is a well maintained house. Clean doors, windows, kitchen appliances & remember..."if you can Smell it, you can't sell it 😳 important, smell inspect your house; kitchen floor, bathrooms, bedrooms, carpets, curtains, the pool, the garden, etc. 3. Maintain the house Clutter free ! Cluttered rooms shows stressed, absolves All energy of the space. Clutter is al that stuff you just don't use everyday...and that can be packed before showing the house. Important, Reevaluate the clutter in the kitchen, in the walls, in the closets. In synthesis; buyers want light bright rooms, uncluttered & fresh rooms, clean spaces. Thinking on selling ? Give us a call, we are SellingMiamiEstates Espie Franky 305.283.5868

Make sure you Really want to sell !!

It is crucial you really want to sell, Before you put your house on the market! At this time your home will be a house, meaning a product for sale. The memories lived in it will always go/move with you, is the product (house) will be sold. With this said, it must be in its Best appearance, in its very best it can be. Buyers today make decisions based on what they see, and they do see "inch by inch....outside and inside" 😳 Lets make it Simple, staging is not decorating to sell.... It is Depersonalizing to sell at its highest net! The psychology of the real buyer, meaning the end user, is that the house must be turn key ready. A place that inspires them to relax, peace, a comfortable feel ! Think about this, if you are looking to purchase a used car, would you not prefer the one which is polished ? If you are ready to sell, first give us a call, together we will review how we can get the most net for you! Espie Franky Luxury Realtor 305.283.5868 espiefranky@gmail.com

Planning on selling your house? ....

Staging is all about presentation, about moving things around, staging works...staging helps sell !! Note you never get a 2nd chance to make a good impression ☺ The goal to do staging is not to offer furniture for sale; selling a house is what home staging is about! Think the following: Staging is about using accessories & furniture in new ways Staging is having less around for you Staging is about giving a fresh look to the properties curb appeal Staging is about the palet of colors chosen for inside & out Staging is about clearing your house so that the buyers can envision it as their new home !! If ready to list & sell give us a call, we are SellingMiamiestates, reach us at 305.283.5868, espiefranky@gmail.com

Wealthy homeowners brace for 'fiscal cliff'

Real-estate experts say that as more of the wealthy sell out of fear of a tax increase, they could drive up inventory and lower prices in the top of the real estate market. Realtors to the rich have started getting a strange new kind of phone call. Wealthy homeowners with properties for sale are suddenly demanding that the brokers get them a deal in the next five months. The reason, they say, is the fiscal cliff. If the Bush tax cuts expire and capital-gains tax rates go up on Jan. 1, sellers in the high-end real-estate market could owe millions more in taxes on their sales. As a result, many wealthy sellers are racing to close before 2013. Others who were thinking of putting their homes on the market next year or later are listing them this summer. Call it “The Mansion Cliff.” Real-estate experts say that as more of the wealthy sell out of fear of a tax increase, they could drive up inventory and lower prices in the top of the real estate market, which has been one of the few bright spots in the economy. Any softening at the high end, or a spike in inventory, could ripple through the housing market and add new pressure to prices, although it could also increase sales volume. “This has become a key issue for sellers,” said Stephen Games of Pacific Sotheby’s Realty in San Diego. “Sellers want to get a deal done before the election. They want to avoid the uncertainty.” Games said that one of his clients recently sold a $13 million ocean-view property in La Jolla, Calif. for less than the original asking price – in large part to avoid the possible increase in taxes next year. The tax savings from the deal was more than $600,000 compared to the potentially higher bill next year. One of the top luxury brokers in Miami, recently sold a mansion in the posh enclave of Indian Creek for $38 million. He said the owner accepted a price below his original goal for fear of the tax cliff. “It was certainly a factor in his decision,” Realtor said. “When you’re talking about $38 million, that’s a big difference in tax savings. The tax issue was definitely a motivator in his decision to take a little less than he wanted.” One New York broker said she got two new listings in the past week that were driven in part by tax fears. “The sellers were on the fence on whether to sell, but when they considered the cliff, they decided to list,” the broker said. “They want to do this quickly. The message to me is, 'Get this done now.'” Granted, the tax fears of the mansion-set may prove to be unfounded. Capital-gains rates could remain unchanged if a deal gets done in Washington. And the selling deliberations of the wealthy are a minor problem compared to the broader headwinds in the economy. What's more, the rich (especially foreigners) continue to buy real estate as an investment as stocks and other financial investments weaken. Yet the million-plus real-estate market experienced a similar spasm in 2010, when many of the wealthy feared Congress would raise capital-gains rates. Inventory popped up and prices slumped. Jonathan Miller, of Miller Samuel, the New York appraisal and consulting firm, said that in the fourth quarter of 2010, the supply of homes priced at $1 million or more increased in the New York area. In the affluent Hamptons, inventory increased 5 percent in the fourth quarter, a much greater increase than the same period a year earlier. Miller said a similar or even larger increase is likely this year. “I’m confident we’ll see just as much or more this time because of the fiscal cliff,” he said. “People are going to be pressing to close earlier than they might have.” The math of the mansion cliff is compelling. If the Bush tax cuts are allowed to expire, the current capital-gains tax of 15 percent will rise to 20 percent. Alan Kufeld, a principal with accounting firm Rothstein Kass and an advisor to wealthy families, explains that families who sell a second home that they’ve owned for more than a year pay capital-gains taxes on the difference between the sale price and their original purchase price (minus certain fees, improvements and other deductions). A $38 million home purchased for $8 million with $2 million in improvements could show a gain of about $28 million. The current federal tax bill on that gain would be around $4 million. If taxes go up next year, the tax would be $5.5 million – a difference of $1.5 million. The new federal health-care tax of 3.8 percent also kicks in next year for couples who make $250,000 or more. But for the $28 million gain described above, the tax could add another $1 million, bringing the total tax difference to $2.5 million. On primary residences, where owners have lived for more than two out of five years, there is a $500,000 exlusion. But brokers say that when a home is priced at $10 million or $20 million, the exemption is less of a factor. In addition to the federal tax, there will also be state and local taxes applied to the gains. Some of those tax rates are also expected to go up in some states next year. Kufeld aid his clients aren’t making long-term real estate decisions based on short-term tax issues. And the deals have to fit into a family's broader planning. But he said that since the potential tax savings are significant, “families are certainly having discussions about it. And they should.” ** Info from The Institute For Luxury Home Marketing website. (NBC News _ Business)

Single Family (RE1) LUXURY in _ PALM BEACH COUNTY / Actives and Closed

Market Analysis Report Property Type: Single Family (RE1) Status: Closed Sale Number of Properties: 9 _ PALM BEACH COUNTY #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market High 6 4 3,906 $7,250,000 $930 $6,000,000 $770 100 72 Low 3 4 3,906 $549,900 $139 $539,000 $134 82.8 6 Average 4.44 4 3,906 $1,860,406 $364 $1,663,039 $333 94.36 42.56 Median 4 4 3,906 $1,000,000 $289 $1,000,000 $289 95.4 39 *Search Criteria Status CS County PALMBCH List Price between 500,000 - SqFt Liv Area between 2,500 - #Beds between 3 - Entry Date between 1/1/2013 - Year Built between 2,011 - Market Analysis Report Property Type: Single Family (RE1) Status: Active-Available Number of Properties: 53 _ PALM BEACH COUNTY #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market High 7 6 5,123 $9,995,000 $2,107 $0 $0 0 135 Low 3 3 2,958 $549,000 $141 $0 $0 0 1 Average 4.53 4.33 3,993 $2,855,320 $510 $0 $0 0 29.16 Median 5 4 3,898 $2,395,000 $431 $0 $0 0 13 *Search Criteria Status A County PALMBCH List Price between 500,000 - SqFt Liv Area between 2,500 - #Beds between 3 - Entry Date between 1/1/2013 - Year Built between 2,011 -

BROWARD NEW (2011 +) LUXURY Single Family Houses _ Active & Closed

Market Analysis Report Property Type: Single Family (RE1) Status: Active-Available Number of Properties: 38 _ Broward County #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market High 7 8 10,000 $4,495,000 $1,022 $0 $0 0 0 Low 3 2 2,500 $524,900 $111 $0 $0 0 0 Average 4.92 4.42 4,359.79 $1,448,576 $336 $0 $0 0 0 Median 5 4 4,217 $1,125,000 $248 $0 $0 0 0 *Search Criteria Status Active County BROWARD List Price between 500,000 - SqFt Liv Area between 2,500 - #Beds between 3 - Entry Date between 1/1/2013 - Year Built between 2,011 - Market Analysis Report Property Type: Single Family (RE1) Status: Closed Sale Number of Properties: 8 _ Broward County #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market High 5 5 6,050 $3,600,000 $595 $3,550,000 $587 99.04 53 Low 3 3 2,634 $520,000 $173 $515,000 $172 86.5 3 Average 4.25 3.57 3,504.57 $1,082,963 $272 $1,030,188 $257 94.49 23.25 Median 4 3 3,000 $649,900 $216 $604,500 $199 94.87 19.5 *Search Criteria Status CS County BROWARD List Price between 500,000 - SqFt Liv Area between 2,500 - #Beds between 3 - Entry Date between 1/1/2013 - Year Built between 2,011 - ** Data from MLX

NEW (2011 +) LUXURY Single Family Houses CLOSED & ACTIVE till Today / Miami Dade County

Market Analysis Report _ NEW (2011 +)LUXURY SINGLE FAMILY HOUSES CLOSED TILL TODAY in Miami Dade County Property Type: Single Family (RE1) Status: Closed Sale Number of Properties: 12 #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market High 10 10 13,746 $8,150,000 $991 $7,500,000 $923 107.16 533 Low 3 3 2,764 $579,000 $140 $564,500 $150 86.36 1 Average 5.25 5.08 5,342.42 $2,848,158 $484 $2,620,494 $448 94.54 120.92 Median 4.5 4 3,857 $1,737,500 $451 $1,606,000 $416 93.08 48.5 SqFt Liv Area between 2,500 - #Beds between 3 - Year Built between 2,011 - Status CLOSED List Price between 500,000 - Closing Date between 1/1/2013 - SqFt Liv Area between 2,500 - #Beds between 3 - Year Built between 2,011 - Market Analysis Report _ NEW (2011 +) ACTIVE LUXURY SINGLE FAMILY HOUSES TILL TODAY in Miami Dade County Property Type: Single Family (RE1) Status: Active-Available Number of Properties: 47 #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market High 10 11 16,700 $16,900,000 $1,514 $0 $0 0 0 Low 3 3 2,773 $519,000 $149 $0 $0 0 0 Average 5.77 5.74 6,613.36 $3,735,221 $496 $0 $0 0 0 Median 6 5 5,349 $2,689,000 $431 $0 $0 0 0 Search Criteria Status ACTIVE County DADE List Price between 500,000 - SqFt Liv Area between 2,500 - #Beds between 3 - Entry Date between 1/1/2013 - Today Year Built between 2,011 - Today ** Info from MLX