Kate Smith, ABR, CRS, E-Pro,TRC, LHM, SFR, CD's Blog

A Doctor's Advice For Purchasing A Home?

Sat, 25 Jun 2011 10:24:23 -0700

It is like putting the wheels before the wheel-barrow. The simple rule is "have money, go shopping". If one does not have the cash in hand, or for that matter a bank pre-approval, one should not go shopping.

Also, in my "neck of the woods" Dade and Broward in SE Florida coast, this is often a pre-requisite to obtain showing instructions. And, rightfully so.

To all buyers there, first things first: if you are obtaining financing, you must complete this step first. It determines how much you can borrow and that determines what home you may purchase.

For immediate assistance, please contact me: call 786-412.8510, or email: kate@hollywood-beach-real-estate.com

Via David Burrows (Classic Realty):

I have a friend who is a doctor. We were sitting having lunch a while back and I was sharing about another friend of mine who has something going on physically. My doctor friend, after I paused for a moment, spoke up and said these words that I will never forget: "David, when it comes to physical concerns, NOT KNOWING IS NOT BETTER". I knew exactly what my friend the doctor was saying. "We can guess, we can speculate, but the fact is, until your friend has a true diagnosis, until he/she knows what they are up against, we are only guessing and nothing can truly be properly treated!"

Why this story? I mean, after all, I'm a Real Estate Agent who seldom becomes involved with individuals in reference to health concerns.

The reason for the story is this: I am constantly running into prospective home buyers within Real Estate who want to purchase a house but they haven't come to grips with one specific absolute that MUST be dealt with. They stop by and sign up at my website to search for a home. They talk with me sometimes and endeavor to persuade me to take them out looking for a house! But when the subject of their CREDIT and MORTGAGE APPROVAL comes up, I hear things like, "I believe everything is fine David, let's just go house shopping first and then I will pursue the Mortgage!" Then comes the disappointment when house hunters who procrastinated find out they can't qualify for a Mortgage and there are things to work on which of course means there is a delay they hadn't counted on! The disappointment mentioned a moment ago is huge. All the while, this has happened because they didn't want to deal with the facts! You see, in Real Estate, like when tacking health concerns, NOT KNOWING IS NOT BETTER!

When you as a home buyer know up front where you stand financially, you can then begin to fix what is wrong, if something indeed needs to be fixed. Additionally, you will be able to find a house in your price range and when that house is found - You will be able to write a sound offer in an effort to purchase it!

The fact is, most of us, unless we are paying cash, will need a Mortgage and Mortgage Approval! Why not deal with it up front so that the path is clear for your next home purchase.

David Burrows

David L. Burrows, Realtor®
Classic Realty 4200 Evergreen Lane, Suite 331
Annandale, VA 22003
Serving: Gainesville VA, Haymarket and ALL of Northern Virginia
Direct: 703.859.5188
Office: 703.637.1400
Blog: David Burrows Properties
Blog: Real Estate Starting Point
Blog: Real Estate 101
Search For A Home: Virginia Online Home Search
Real Estate Website: Burrows Properties

It is always an honor to assist Home Buyers and Sellers with their Northern Virginia Real Estate needs. If you want to search the MLS for Real Estate Listings, or even become more specific with your search, such as the Fairfax MLS, utilize the valuable tools on my website. If you are looking for a Home in Gainesville Virginia; the Haymarket Homes For Sale area; Condos For Sale In Fairfax Virginia; Fairfax Homes For Sale; or a home anywhere within the Northern Virginia Real Estate area, simply click on the appropriate link. I serve ALL of the above areas throughout Northern Virginia.

Most important, Write, Phone or Text Me with any questions.

To Facebook or not to Facebook, are you wasting your time with it?

Tue, 14 Jun 2011 12:18:47 -0700

It is amazing how the social media has evolved from an online universal sort of "Hyde Park" kind of a corner to the fabric around us in our little universal corner, allowing everyone to have their "say" on whatever topic...

And, just like the Internet in its early days: a little disorganized, a little design- poor yet - intent pure, went to insanely crazy, and then to more organized and streamlined, virtually indispensable and vital element of our existence.

Now, the social media is going through its phases. This post couldn't be more timely.

Via Henry Pailles Chula Vista Real Estate San Diego Real Estate, San Diego Realtor (Chula Vista Realtor,Short sale,Eastlake Real estate,Realtor):

To Facebook or not to Facebook, are you wasting your time trying to get business out of it?

A few weeks ago, I had the pleasure of speaking at Inman's Agent Reboot in Atlanta. The topic: Facebook Business Pages. The title of my presentation: Your Facebook Business Page is Worthless. It's a little unnerving to take the stage and to start off by looking into all those eager faces in the audience and tell them that their Facebook Business Page is worthless. But it's true - most of the time.

The majority of the agents I speak to express frustration with Facebook as a lead generation tool or as part of their marketing plan. But that's because, to quote one of my favorite (terrible) movies of the 80s, Mr. Mom: "you're doing it wrong."

It's not enough to log in to Facebook, create a business page, upload your photo or logo, and wait for the phone to ring. Like any piece of your business plan puzzle, your Facebook Business Page needs to be monitored, it needs your attention and - at the risk of sounding a little more touchy-feely than even I am comfortable with - a little TLC. In short, it needs your time* - and if you have time to give it, it may just end up being one of the best referral tools in your arsenal.

Here are a couple of tips to help you revitalize your Facebook Business Page and turn it from drab to fab:

1. If you work heavily in a particular area or neighborhood, create a Facebook Business Page for that market. This doesn't mean create a page for every neighborhood in which you've ever sold a home (please refer to paragraph 3*). REALTOR® Henry Pailles started his Facebook Page houseinsandiego 5 years ago and had an immediate following in the town of Chula Vista, CA. According to Henry Pailles, since starting the page just over 5 years ago, the page has "impacted my business in a huge way." Though it's not a huge lead-generator, it has validated Henry Pailles to his clients and potential clients and given him a huge competitive advantage over other agents. The City of Chula Vista has even linked to houseinsandiego.com, which they would not have done with henrypailles.com

2. Consider making your Facebook Business Page be about something not someone (i.e., not you). Do you have a hobby or an interest that you are passionate about? Bobbi Howe, a REALTOR® in St. Joseph, MO, started a page on Facebook to support a running group. Her small town didn't have a running club, so she started her own - in under three months, she has already had two calls from members who want to work with her as their REALTOR®.

3. Think long and hard before you make your Facebook Business Page about YOU. Keep in mind that the average consumer is looking for information - not just a page that feeds your ego (I can't tell you how happy I was to see the "Become a Fan" button disappear!). If you start a Facebook Business Page that is named for yourself or for your team, make sure that you still keep it consumer-centric. A great example of a group who does this well is The Corcoran Group in New York City. Their Facebook Business Page is a wealth of information: about New York, about real estate, about technology, about events...but very little about them. Feel free to post the occasional tidbit about an award you've received or other personal tidbit - it makes the page feel, well, more personal. But be cautious of posting those items too often.

4. Integrate your Facebook Business Page into your other social media and online marketing platforms. By itself, you will probably only attract people who already know you - and if you work purely by referral, this may not be a bad thing. However, most of us wouldn't argue with a new client every now and then, so integration is key. Put the Facebook LIKE Button on your blog and/or website, so that people who discover you on the web can immediately like your page and enjoy your updates into their news feed. Post links to your blog posts as you publish them on your Facebook Business Page, so that they appear in the news feeds of those who like your page but may not be subscribed to your blog. Tweet about your page when you've posted something new. Post a link to your latest YouTube video on the page so it can be viewed directly from Facebook, without interested parties having to leave the site and go to YouTube. The possibilities are endless. Just remember to be polite and consider your readers: don't post the same links over and over ad-nauseum - that's a good way to get people to click the UNlike button. Post once and move on - if they're interested, they will click.

5. Finally, remember to interact with those who want to interact with you. It's a two-way street, after all. If someone takes the time to post a comment to one of your posts or links or to ask a question, by all means respond! It's a great way to connect with your readers, you know, those people who took the time to click LIKE and are now taking the time to write something. Even if you're just saying "thank you" to someone who wrote "great post!", you're still making a connection - and perhaps opening the door to a deeper connection down the road. If a person feels a connection to you, he or she will most likely be back...and they may turn into a client or a referral source down the road.

houseinsandiego Realty
San Diego Real Estate Services
(888)454-5888
Fax: (619)502-7546
email: info@houseinsandiego.com

Find us in:
www.facebook.com/houseinsandiego
www.activerain.com/hpailles
www.twitter.com/#houseinsandiego
www.linkedin.com/houseinsandiego

Mr. Home Buyer, Your Champagne Tastes Don't Entitle You to Price Deductions!

Tue, 24 May 2011 10:06:58 -0700

And, more on low ball offers; here is what I try to find out from those buyers who seem to have absolutely unrealistic expectations in regards to actual selling price:

"Is your idea of finding a good deal, by making a low ball offer hoping to find this mythical desperate Seller, existing only in the imagination of the media and all these real estate "experts"? Or, is it to find an aggressively priced property, which a blind man will spot as a "good deal", because it is 50% of its true market value?"

I also send them all recently closed sales which very clearly show that the Sellers actually have gotten the memo regarding realsitic pricing a long time ago, and as a result- properties are selling for asking or just a little below asking price.

Via Liz and Bill Spear RE/MAX Elite Warren County Ohio: Cincinnati to Dayton (513.265.3004 www.LizTour.com):

Mr. Home Buyer, Your Champagne Tastes Don't Entitle You to Price Deductions!

Dear Mr. Home Buyer,
Your agent tells us you've been looking for a home for quite awhile. Nothing all that unusual about that, lots of buyers and their agents spend quite a bit of time looking for that perfect home.

But from our limited knowledge of you based on the communications from your agent to us concerning your offer, we think that you may have a problem with YOUR expectations.

In our market, you typically shouldn't expect granite counter tops, custom tile, etc. until you're approaching the $300k price point, and even then, it's more likely to be a less expensive form of solid surface counter tops.

So when you're looking at homes priced in the low to mid $200ks, it's not reasonable of you to EXPECT those higher end features. You may want them, more power to you. Have at it AFTER you've bought your new home from our sellers.

But what you CAN'T do as the buyer? Deduct the cost of your desired upgrades off the list price of an already appropriately priced home. The home is already priced competitively, already has upgrades to knock your socks off, and you think by saying "here's my list of the things I'll want to change after moving in" that you get a price break? On a move in ready home? REALLY?? Maybe your agent hasn't told you this yet, or maybe you just need to hear it one more time to "get it". If a home has appropriate and good condition features, and is priced appropriately for the neighborhood, you don't get to deduct for your wish list.

So, we don't know you, haven't met you, but based on that offer you submitted yesterday that flamed out within three hours, we think we've got a pretty good idea of why you're STILL looking for a home.

And if you change your mind and decide to offer a more reasonable amount for our listing? Come on back! Our sellers would STILL be happy to sell you this home. Our sellers agreed with EVERYTHING else you wanted, it's just price! And we have absolutely NO fear about the home not appraising.

Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz

The Liz Spear Team
Elizabeth & William Spear
RE/MAX Elite
Two locations: Lebanon & Mason, OH
Office direct: 513-248-3660
Liz direct: 513-265-3004
Fax: 866-302-8418

MailTo: Liz@LizSpear.com Visit: http://www.LizTour.com

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Hollywood Florida Fencing Club

Mon, 01 Mar 2010 17:53:28 -0800

Hollywood, Florida welcomes a FENCING CLUB!

I ran into a client of mine, who is a prominent Fencing Coach. She was very excited with the opening of her new Fencing Club and School right in Down Town Hollywood, Florida.

Fencing is well known sport in Europe, but not quite so in the US. The history of fencing parallels the evolution of civilization, back from the days of ancient Egypt and Rome, to the barbaric Dark Ages, to the fast and elegant Renaissance, up to the modern, increasingly popular fencing of today. So, when I asked her what prompted her to start this Fencing Club, here's what she said: "I opened a club in Hollywood, Florida, with the intent to popularize this amazing sport to the US audiences. With the ever so increasing fitness awareness, the Americans are piling at the gyms burning those calories, getting fit and healthy. But, something is not quite there…The mind engaging and fun element, as well as the thrill and the satisfaction of competing and winning, completing the equation of "well-being", is not there. True, we can take up skiing, tennis, basketball etc…, but then comes the age element. We might be too old to achieve any results. And, here comes fencing: where anyone can start, learn, train, compete and achieve. It is not only fun, but conditions the body, burns calories, improves coordination, balance, but also greatly improves mental focus, agility, develops tactics and planning, and most importantly, everybody plays! From 5 years old to 105, fun, good health and spirit for all."

"Sounds good to me", I said and so I went to check out the new Fencing Club in Hollywood, Florida . It has been a while I had so much fun. As I was watching fencers in their sharp outfits, reminiscent of the Musketeers, yet somehow very cosmic and futuristic, I was amazed to see how many people actually packed up the hall!

For those of you who would like to learn more, here is her website: http://www.ilovefencing.com Hollywood Florida Fencing Club.The club is located in 2000 Harrison #7, Hollywood, FL 33020. I sure am excited that she brought this amazing sport Fencing, to us in Hollywood, Florida.

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM
ZipRealty, Inc. Licensed in FL
kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com
http://www.hollywood-beach-real-estate.com; blog: http://4realestate.wordpress.com
http://www.linkedin.com/in/miamirealtorkatesmith
Toll Free: 1.800 CALL ZIP x8365
Cell: 786.412.8510
Fax: 1.866.287.1791
My Profile: http://www.ziprealty.com/agent/katsmith

New Incentive for Buyers Purchasing Fannie Mae REO

Sat, 30 Jan 2010 14:57:19 -0800

New Incentive for Buyers Purchasing Fannie Mae REO

I have great news to share with you! Read on:

New Incentive for Buyers Purchasing Fannie Mae REO

Fannie Mae is offering an incentive for buyers purchasing and closing on a Fannie Mae REO between January 28 and April 30, 2010. The incentive's goals are to encourage buyers to purchase REO properties and increase the sales volumes to help manage the higher levels of inventory anticipated this year. The incentive is a total of 3.5% of the final selling price comprised of:

· Closing costs

· The purchase of new Whirlpool^®appliances by Fannie Mae

· A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%

Since lenders may impose their own limitations on the use of the 3.5% incentive, buyers should consult their lenders for guidance.

To be eligible for this incentive:

· Offers must be accepted on or after January 28, 2010

· Property sales must close before May 1, 2010

· Buyers must be owner-occupants, investors are excluded

Please call or email me for more information and forms.

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM

786.412.8510 kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com

http://www.hollywood-beach-real-estate.com; BLOG: http://4realestate.wordpress.com

http://www.linkedin.com/in/miamirealtorkatesmith

Real Estate Latest: Good News, Bad News?

Sat, 30 Jan 2010 14:46:13 -0800

Real Estate Latest: Good News, Bad News?

First Time Home-Buyers Should Not Wait Another Month!

Although the mortgage rates are at the lowest point in history, there are drastic changes in FHA Lending pending approval. If approved as anticipated, even fewer people would qualify for a mortgage.

The Good News: Year-end 2009: Fla. home sales rise

Existing sales up 31% compared to end of '08; existing condo sales up 47% in year-to-year comparison. National sales up 4.9%. Read more.

More Good News: Rates on 30-year home loans fall to 4.99%

In a third straight week for declines, the 30-year mortgage rate again dropped below 5%. Read more.

The Bad News: Announced FHA Policy Changes:

Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
Update the combination of FICO scores and down payments for new borrowers.
- New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
Reduce allowable seller concessions from 6% to 3%

And, More Bad News:

The market is rapidly adjusting, as I am certain that those of you who have been watching and waiting, you have seen nice 3-4 bedroom homes in nice school districts (West Miramar, Pembroke Pines, Davie, Cooper City, Weston, Plantation) for less than 250,000. Yes, it was back then- several months ago. I have been monitoring this market segment closely during the months of November, December last year and January this year, for a few desperate clients of mine, who back then decided to wait. Now, their choices are very limited... and it is a bidding war.

If you are one of those buyers, shopping at this market level and you have been pre-approved for FHA financing, the clock is ticking. And, the rewards are there today: lowest rates, tax credit and still all benefits of the FHA!

I look forward to assisting you.

Cordially,

Kate

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM

786.412.8510 kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com

http://www.hollywood-beach-real-estate.com; BLOG: http://4realestate.wordpress.com

http://www.linkedin.com/in/miamirealtorkatesmith

2010- Real Estate Outlook

Sat, 30 Jan 2010 14:41:19 -0800

2010- Real Estate Outlook

As we are entering the New Year, I thought it would be wise to take a look at what the REAL experts in the field are pulling from the most reliable sources, our real estate reports. So, before you read some nonsense online or, in the papers, here it is from the "Horse's mouth":

Existing-Home Sales Post Another Big Gain
Existing-home sales climbed 7.4 percent in November to a seasonally adjusted annual rate of 6.54 million units from 6.09 million in October, and they were 44.1 percent higher than the 4.54 million units sold in November 2008, NAR reported this morning. This is the highest sales level since February 2007 when it was 6.55 million.

Lawrence Yun, NAR chief economist, attributes much of the sales increase to the expansion of the homebuyer tax credit. "This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead. We expect buying activity to ramp up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010."

Housing Market to Stabilize in 2010: Report
The latest reports find that increased home affordability and government incentives will help stabilize the housing market in the coming year.

"If efforts to ease foreclosure can and do succeed, there could be significant recovery in housing values in 2010," says Michael Feder, President and CEO of Radar Logic. "Inventories are close to the norm of six months' supply and prices have returned to 2003/2004 levels. Activity is much stronger than normal for this time of year, and there is evidence of qualified buyers waiting on the sidelines. If we can put an end to the financially-driven weakness, it may well be time for housing values to go up," Feder says.

Lawrence Yun, NAR chief economist, comments: "We expect another surge in the spring as more homebuyers take advantage of affordable housing conditions before the tax credit expires."

Tax Credit:
Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for the tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

Yun projects an additional 900,000 first-time buyers will qualify for the extended tax credit in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.

"Many trade-up buyers, who have historically timed their purchase based on school-year considerations, will have to accelerate their buying plans if they need the tax credit to make a trade," Yun said. Repeat buyers do not have to sell their existing home to qualify for the credit, but they must occupy the home they buy as their primary residence.

Yun added that mortgage interest rates cannot remain at rock-bottom levels for a sustained period and will likely inch higher in 2010.
© 2010 Florida Realtors®

I hope you will find this article helpful. Many of my clients did. If you are serious about getting an amazing steal, before you have missed entirely on this market, you need a pro, who knows the market and who can negotiate a good deal between two sensible and serious sides. If you are ready, I am the right person for you.

Cordially,

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM
786.412.8510 kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com
http://www.hollywood-beach-real-estate.com; BLOG: http://4realestate.wordpress.com
http://www.linkedin.com/in/miamirealtorkatesmith

Florida Real Estate Year-end 2009: Fla. Home Sales Rise 31%

Sat, 30 Jan 2010 14:36:14 -0800

Florida Real Estate Year-end 2009: Fla. Home Sales Rise 31%

If you don't read the newspaper you are uninformed, if you do read the newspaper you are misinformed.
~Mark Twain~

Existing sales up 31% compared to end of '08; existing condo sales up 47% in year-to-year comparison. National sales up 4.9%. Read more.

So, the figures for Florida are finally in! Although the sales volume marks a drastic increase 31%, especially when compared to the national index of 4.9%, it shows that the sales price is down by 10%.

I agree, if one reads the entire report, an excellent read by the way, which finally blows the biggest myth of all that "Florida is a declining market", may find the information contradictory when applied to the local submarkets. My study of one such market, Miami Beach shows completely different numbers. Not only the sales volume is up by 31% 2009: 2008, but the value as well- 7.5%. On top of everything else, the median price for this same market has risen almost 12% for the current listings.

Here is what we need to understand when producing accurate and relevant information, or digesting a report on local real estate market:

1. The most important part of the stats was the fact that the existing home sales in FL are up 31%; and condos 47% compared to the nat'l sales 4.9%. This figure alone blows away ALL myths about the declining Florida market!

2. One cannot take the 10% price decrease out of context: National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

3. When one applies the correct data comparison approach and how that measures to the local market (remember that one cannot compare Miami Beach with Jacksonville or Okeechobee!), you will see that this market (Miami Beach) has only insignificant fraction of the foreclosures, thus it is not adversely affected by them. Generalizing is in fact the greatest mistake the media makes.

4. To give you the exact stats for a small but sought after section in Miami Beach, here is how the very specific market figures compare on this common denominator. I am using data for only 2 bedroom units, located in Collins ave. zip code 33140, 33141 (regardless of ocean or ICW).

a. MEDIAN price today: $ 641.03; total units on the market: 299;

b. 2008: median price: $526.50; Sold: 145;

c. 2009: median price: 560.14; Sold 181;

The verdict: 31% increase in sales 2009 vs 2008; and 7.5% increase of value!

I hope, that now you understand how the local market scores exactly and why it is important to use the correct figures when analyzing the specific real estate markets. There is nothing general in real estate, everything is specific and local.

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM

ZipRealty, Inc.

Licensed in FL

786.412.8510 kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com

http://www.hollywood-beach-real-estate.com; blog: http://4realestate.wordpress.com

http://www.linkedin.com/in/miamirealtorkatesmith

Myths And Facts About Foreclosures: Single Family Residences In SE Florida Market

Sat, 30 Jan 2010 14:01:12 -0800

Myths And Facts About Foreclosures: Single Family Residences In SE Florida Market

If you are of those people, who at the end of the day want to say "I'm glad I did" instead of "I wish I had", read on. I promise you, you will find it essential or at least helpful:

1. I hear there are so many foreclosures on the beach... Myth!

2. I hear that there are a lot of empty units in the new buildings on the beach and we can buy them for pennies on the dollar...Myth!

3. I hear that there are a lot of foreclosures; really expensive homes...Myth!

4. I am going to wait; I hear the market is still going down...Myth!

5. I am looking for 3-4 bedroom home, garage, newer, in a nice school district, my budget is $220,000- yes, was a possibility 6 months ago.

Well, as you know me, I spent hours researching. Sending you the FACTS:

I. Homes for sale Broward: 4172 total homes; total sold in 2009: 8512; REO's Today: 299; Sold REO's in 2009: total 3411

1. Price range: under $200,000: 550 total homes

a) REO-S ( i.e. Foreclosures): 96 ; Sold REO's in 2009, total 1174= 31% of all foreclosures;

b) Regular sales: (current): 550; sold: 2010

2. Price range: between $201,000- $400,000- 1398 total homes;

a) Foreclosures: 120; Sold REO's in 2009: total 998

b) Regular sales: (current): 1398; sold: 3588

3. Price range: between $401,000- $700,000- 822 total homes

•a) Foreclosures: 18; Sold REO's in 2009: total 135 (less than 4% of all cat. sales)

•b) Regular sales: (current): 822; sold: 3588

4. Price range: between $701,000- $1,000,000- 470 total homes

a) Foreclosures: 4; Sold REO's in 2009: total 25 (less than 0.01% of all foreclosures)

b) Regular sales: (current): 470; sold: 276

5. Price range: above $1,000,000- 816 total units

a) Foreclosures: 2; Sold REO's in 2009: total 7

b) Regular sales: (current): 816; sold: 276

II. Homes for sale Dade: 4628 total homes, closed sales 2009: 6937; REO's total 372; Sold REO's in 2009: total 3931

1. Price range: under $200,000: 620 total homes

a) Foreclosures: 180; Sold REO's in 2009: total 1829

b) Regular sales: (current): 620; sold: 2317

2. Price range: between $201,000- $400,000- 1363 total homes;

a) Foreclosures: 81 (only 6% of all homes); Sold REO's in 2009: total 903

b) Regular sales: (current): 1363; sold: 2137, the fastest absorption rate;

3. Price range: between - $401,000- $700,000- 808 total homes

a) Foreclosures: 11; Sold REO's in 2009: total 142

b) Regular sales: (current): 808; sold: 754

4. Price range: between $701,000- $1,000,000- 434 total homes;

a) Foreclosures: 3; Sold REO's in 2009: total 10

b) Regular sales: (current): 434; sold: 250;

5. Price range: above $1,000,000- 1239 total homes

a) Foreclosures: 5 (only 0.4% of all); Sold REO's in 2009: total 5

b) Regular sales: (current): 1239; sold: 387

Now, that you have seen the OFFICIAL figures, you can draw the following conclusions:

It is evident that the lowest tiers (pricing 100-400,000) are moving towards very aggressive seller's market, please observe the absorption rates.
It is evident that the luxury market is barely affected by the economic down turn; there are hardly ever any foreclosures. So, I am real curious where are all these buyers (who are convinced that there's tons of foreclosures), getting their information?

Our reports further show, that close to 95% of the foreclosures are selling at asking or above asking price. They go in most cases to cash buyers, since there is a real crowd bidding for them. So, when you find just that sweet deal be wise instead of being a "wise guy"!

As it has always been, housing is our bedrock investment. It will continue to generate a nest egg for us long after we've turned off the television and forgotten what was said in the sensation-seeking story of the moment.

I hope, you will find these points helpful. For those of you who still do not own your home or, that great investment property you have been dreaming about, please call me now. Join those people, who at the end of the day can say "I'm glad I did" instead of "I wish I had".

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM

786.412.8510 kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com

http://www.hollywood-beach-real-estate.com; BLOG: http://4realestate.wordpress.com

http://www.linkedin.com/in/miamirealtorkatesmith

PS: Stay tuned and look for my next report on how to buy foreclosures.

SE Florida Condos, Beachfront and Waterfront

Sat, 30 Jan 2010 13:52:20 -0800

SE Florida Condos, Beachfront and Waterfront

What is the reality of the market conditions, price and inventory the condo market for Miami Beach, Sunny Isles, Hollywood, Hallandale, Fort Lauderdale?

In general, the lowest prices you can expect to see on the beach (non-beachfront, waterfront or walking distance to the beach) in SE Dade and Broward would be about $200,000 for 1-2 bedroom units. When you see listings below the typical market level, these listings are one of the following and are best avoided:

•1. Co-op;

•2. Condo-Hotel;

•3. Cabana;

•4. Timeshare;

•5. Short Sale;

•6. Building with high HOA's or in bad financial shape.

•7. Building with many restrictions.

Furthermore, if you are on the market for a min. 2-bedroom oceanfront unit, the realistic expectation would be a min. $400,000 (Miami Beach), and $350,000 (Hollywood, Hallandale). It is always important to consider solid and well maintained buildings, with reasonable HOA fees (min. expected $500 monthly, for an older building and $650 and up, for newer buildings).

Property taxes are to be re-assessed based on the new purchase, approximately, 2% of purchase price. For more details, visit:

http://www.miamidade.gov/pa/tax_estimator/TaxEstimator.asp

http://www.bcpa.net/homestead.asp

And, if you are still waiting for the market to continue to drop, you are in for a big surprise and you have actually missed this moment.

Not only SE Florida real estate is not expected to drop further, but has started to adjust drastically some time ago. For SE Florida, the sales volume started to increase in the first quarter of last year, and the prices started to go up in the middle of last year. For more details, see our latest stats:

Existing-Home Sales Post Another Big Gain
Existing-home sales climbed 7.4 percent in November to a seasonally adjusted annual rate of 6.54 million units from 6.09 million in October, and they were 44.1 percent higher than the 4.54 million units sold in November 2008, NAR reported this morning. This is the highest sales level since February 2007 when it was 6.55 million.

If you are a Buyer, serious about getting an amazing steal, before you have missed entirely on this market, you need a pro, who knows the market and who can negotiate a good deal between two sensible and serious sides.

I commit to helping you with my market knowledge to the best of my ability. I will bring to you and show you the best deals out there, in buildings where I am confident in the product and its future resale. If you are ready, I am the right person for you.

Cordially,

Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM

786.412.8510 kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com

http://www.hollywood-beach-real-estate.com; BLOG: http://4realestate.wordpress.com

http://www.linkedin.com/in/miamirealtorkatesmith