Downtown Miami condo sales jump 62%
By Yudislaidy Fernandez
Condo sales in Miami's urban core soared 62% in the first nine months of this year compared to the same period in 2009, a realty analyst says.
Competitive prices in recently-built condo towers and high interest from foreign buyers have been a win-win combination for a market considered ground zero of South Florida's condo boom.
Craig Werley, president of Focus Real Estate Advisors, said 2,754 condo sales closed from this January through September compared to 1,714 in the first nine months of 2009.
Since the first quarter, Mr. Werley said, "the total inventory for sale of new buildings is continuing to be reduced."
Jeff Morr, chief executive officer of realty firm Majestic Properties, said he's seen a boost in sales volume in the urban core, which includes Omni, the Central Business District and Brickell.
"It's been a very brisk year for sales. Everything that is priced right has been selling," he said. "…The majority of these are cash sales, except when developers are able to offer some financing."
Mr. Werley, along with firm Goodkin Consulting, is in the process of conducting a study for the Downtown Development Authority to tally residential closings and occupancy levels in the urban core.
The authority orders these studies periodically to keep a pulse on condo sales and population growth. Its last update on closings and occupancy was released in March.
That study estimated 74% of available units were occupied.
"I'm in the process of a formal update, but from the work I've been doing in the downtown area [occupancy] is definitely up," Mr. Werley said. "Most of the buildings you'll find are at or near [full] occupancy."
Wednesday, December 29, 2010
Saturday, December 4, 2010
Rebuild Credit After Foreclosure
Time, effort can rebuild credit after foreclosure
DALLAS – Nov. 30, 2010 – If you’ve been through a foreclosure, you may wonder if there is hope for you to become a homeowner again.
Yes, but it will take awhile.
“It doesn’t mean you’ll never be a homeowner again,” said Linda Davis-Demas, director of housing at Consumer Credit Counseling Service of Greater Dallas.
But you’ll need to examine what caused you to fall behind on your mortgage and take steps to fix the problem.
“You have to look at what were the reasons you didn’t make the payment,” said Davis-Demas. “Was it budgeting? You can modify that type of behavior.”
A foreclosure is a major hit to your credit history and stays on your credit report for seven years.
“Foreclosure is one of the FICO seven deadlies,” said credit expert John Ulzheimer, referring to the dominant FICO credit score. “It’s considered a major derogatory item, regardless of the back story” – whether it’s a job loss, rate reset, underemployment or other reasons.
Your credit score will also suffer “the minute the foreclosure process begins,” said Ulzheimer, founder of 2StepCredit.com, a credit education website.
“It doesn’t have to be completed for it to be very damaging,” he said. “The damage will vary based on your scores, but it can damage the score as much as 200 points, especially if your scores are very strong to begin with.”
So, after a foreclosure, your priority has to be rebuilding your credit. You’ll have some time to do so, because mortgage giants Fannie Mae and Freddie Mac impose strict rules on how long it will take before you’re eligible for another mortgage.
For example, borrowers with a prior foreclosure and extenuating circumstances – such as a job loss, divorce or medical issues – must wait three years before they can qualify for a Fannie Mae-backed loan, said spokeswoman Amy Bonitatibus. For all other borrowers the waiting period is seven years.
At Freddie Mac, those who can prove extenuating circumstances must wait three years before applying for a new mortgage; everyone else must wait five years. But that will change in February, when the waiting period for those whose foreclosure was caused by their own financial mismanagement will increase to seven years.
Fannie Mae and Freddie Mac also have strict rules on the credit score and the size of the downpayment required of borrowers with a prior foreclosure.
Here’s what you need to do to rebuild your credit to qualify again for a mortgage:
Pay your bills on time: The FICO score, the dominant credit score used by lenders, gives the greatest weight to payment history, so make sure you consistently pay your bills on time.
“Stability is the key,” said Craig Jarrell, president of the Dallas region of IberiaBank Mortgage Co. “Have you demonstrated that you are now capable of owning a home and paying the bills, and have recovered from whatever circumstance caused the original foreclosure?”
Review credit report: You’re entitled to a free credit report once every 12 months from each of the three national credit bureaus – Experian, TransUnion and Equifax. You should get a copy and check it for any inaccuracies.
To get your free credit report, go to http://www.annualcreditreport.com. Go to only this website, not ones with similar-sounding names.
“Make sure it is about you and only you,” said Gail Cunningham, spokeswoman for the National Foundation for Credit Counseling. “If you find errors, dispute them. If you discover old debts, it will weigh in your favor to satisfy them. Paid late looks better than not paid at all. Make sure that debts older than seven years have rotated off your report, as these could be dragging your score down unnecessarily.”
Check your mortgage: You want to be sure that you don’t still owe anything on your old mortgage. Sometimes proceeds from a foreclosure sale aren’t enough to cover what’s owed on the mortgage, which would leave you owing the difference.
“Make sure there is a zero balance reflected, and if you are responsible for a shortfall, make arrangements to repay the remaining balance,” Cunningham said.
Many lenders are willing to settle that “deficiency judgment” for less than what’s owed because “it’s better than getting no money at all,” Jarrell said.
Apply for credit: In particular, apply for different varieties of credit.
“Credit scoring models value having different types of credit,” Cunningham said. “Having some revolving accounts, typically credit cards, and some installment fixed-payment loans, such as a car payment, can improve your score.”
But don’t apply for too much credit at once.
“This can appear as though you’re desperate for credit and perhaps make lenders less inclined to extend credit to you,” Cunningham said. “Further, too many credit inquiries can have a negative impact on your credit score.”
Don’t fall prey: Watch out for credit repair companies that promise to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job – after paying a fee for the service.
“The truth is, that no one can remove accurate negative information from your credit report,” according to the Federal Trade Commission. “It’s illegal.”
Only the passage of time can assure that negative, but accurate, information on your credit report will be removed.
When it comes to repairing your credit, there are no quick fixes, the experts say. What lenders want to see is responsible financial behavior over time.
“Know that time is your friend, as the farther you move away from the financial distress, the less negative impact it has,” Cunningham said. “Follow with responsible behavior with your new credit, and you’ll soon have a solid credit file.”
How to help your mortgage chances: If you’ve been through a foreclosure, there’s still hope for you to become a homeowner again. Here are tips to make lenders want to take a chance on you:
• Save for a downpayment.
• Clean up your credit. Pay off or pay down your debts and establish a record of consistent on-time bill payments.
• Get your credit score as high as possible.
• Show stability in your job.
• Monitor your credit report to ensure that your old loan shows up as closed and that you still don’t owe anything else on it.
© Dallas Morning News research
DALLAS – Nov. 30, 2010 – If you’ve been through a foreclosure, you may wonder if there is hope for you to become a homeowner again.
Yes, but it will take awhile.
“It doesn’t mean you’ll never be a homeowner again,” said Linda Davis-Demas, director of housing at Consumer Credit Counseling Service of Greater Dallas.
But you’ll need to examine what caused you to fall behind on your mortgage and take steps to fix the problem.
“You have to look at what were the reasons you didn’t make the payment,” said Davis-Demas. “Was it budgeting? You can modify that type of behavior.”
A foreclosure is a major hit to your credit history and stays on your credit report for seven years.
“Foreclosure is one of the FICO seven deadlies,” said credit expert John Ulzheimer, referring to the dominant FICO credit score. “It’s considered a major derogatory item, regardless of the back story” – whether it’s a job loss, rate reset, underemployment or other reasons.
Your credit score will also suffer “the minute the foreclosure process begins,” said Ulzheimer, founder of 2StepCredit.com, a credit education website.
“It doesn’t have to be completed for it to be very damaging,” he said. “The damage will vary based on your scores, but it can damage the score as much as 200 points, especially if your scores are very strong to begin with.”
So, after a foreclosure, your priority has to be rebuilding your credit. You’ll have some time to do so, because mortgage giants Fannie Mae and Freddie Mac impose strict rules on how long it will take before you’re eligible for another mortgage.
For example, borrowers with a prior foreclosure and extenuating circumstances – such as a job loss, divorce or medical issues – must wait three years before they can qualify for a Fannie Mae-backed loan, said spokeswoman Amy Bonitatibus. For all other borrowers the waiting period is seven years.
At Freddie Mac, those who can prove extenuating circumstances must wait three years before applying for a new mortgage; everyone else must wait five years. But that will change in February, when the waiting period for those whose foreclosure was caused by their own financial mismanagement will increase to seven years.
Fannie Mae and Freddie Mac also have strict rules on the credit score and the size of the downpayment required of borrowers with a prior foreclosure.
Here’s what you need to do to rebuild your credit to qualify again for a mortgage:
Pay your bills on time: The FICO score, the dominant credit score used by lenders, gives the greatest weight to payment history, so make sure you consistently pay your bills on time.
“Stability is the key,” said Craig Jarrell, president of the Dallas region of IberiaBank Mortgage Co. “Have you demonstrated that you are now capable of owning a home and paying the bills, and have recovered from whatever circumstance caused the original foreclosure?”
Review credit report: You’re entitled to a free credit report once every 12 months from each of the three national credit bureaus – Experian, TransUnion and Equifax. You should get a copy and check it for any inaccuracies.
To get your free credit report, go to http://www.annualcreditreport.com. Go to only this website, not ones with similar-sounding names.
“Make sure it is about you and only you,” said Gail Cunningham, spokeswoman for the National Foundation for Credit Counseling. “If you find errors, dispute them. If you discover old debts, it will weigh in your favor to satisfy them. Paid late looks better than not paid at all. Make sure that debts older than seven years have rotated off your report, as these could be dragging your score down unnecessarily.”
Check your mortgage: You want to be sure that you don’t still owe anything on your old mortgage. Sometimes proceeds from a foreclosure sale aren’t enough to cover what’s owed on the mortgage, which would leave you owing the difference.
“Make sure there is a zero balance reflected, and if you are responsible for a shortfall, make arrangements to repay the remaining balance,” Cunningham said.
Many lenders are willing to settle that “deficiency judgment” for less than what’s owed because “it’s better than getting no money at all,” Jarrell said.
Apply for credit: In particular, apply for different varieties of credit.
“Credit scoring models value having different types of credit,” Cunningham said. “Having some revolving accounts, typically credit cards, and some installment fixed-payment loans, such as a car payment, can improve your score.”
But don’t apply for too much credit at once.
“This can appear as though you’re desperate for credit and perhaps make lenders less inclined to extend credit to you,” Cunningham said. “Further, too many credit inquiries can have a negative impact on your credit score.”
Don’t fall prey: Watch out for credit repair companies that promise to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job – after paying a fee for the service.
“The truth is, that no one can remove accurate negative information from your credit report,” according to the Federal Trade Commission. “It’s illegal.”
Only the passage of time can assure that negative, but accurate, information on your credit report will be removed.
When it comes to repairing your credit, there are no quick fixes, the experts say. What lenders want to see is responsible financial behavior over time.
“Know that time is your friend, as the farther you move away from the financial distress, the less negative impact it has,” Cunningham said. “Follow with responsible behavior with your new credit, and you’ll soon have a solid credit file.”
How to help your mortgage chances: If you’ve been through a foreclosure, there’s still hope for you to become a homeowner again. Here are tips to make lenders want to take a chance on you:
• Save for a downpayment.
• Clean up your credit. Pay off or pay down your debts and establish a record of consistent on-time bill payments.
• Get your credit score as high as possible.
• Show stability in your job.
• Monitor your credit report to ensure that your old loan shows up as closed and that you still don’t owe anything else on it.
© Dallas Morning News research
Sunday, November 28, 2010
Green Home LEED Certified
When I was getting my GREEN designation in real estate this home was under construction. The LEED designation requires all kinds of specific materials and building methods that are environmentally safe as well as cost effective in operation. This is a spectacular house. If you or a friend is interested in a GREEN home and are in this price range, please contact me to view this home.Information on LEED Home in Ft. Lauderdale, FL
Condo groups facing unpaid dues push for foreclosures
MIAMI – Nov. 24, 2010 – In Florida, a lawyer representing condo associations is taking a new approach with mortgage lenders in order to prevent the associations from being saddled with unpaid dues while lenders put off foreclosure because they do not want to be responsible for those costs. The attorney is giving banks two choices: foreclose now or have the mortgage terminated, a process also known as reverse foreclosure.
When an owner falls behind on condo fees, associations can file a lien against the unit, demand the balance of the yearly assessment or foreclose; but the latter option generally means that they own the unit and likely will be unable to sell it because the mortgage balance is greater than the unit’s value. However, the mortgage lender often doesn’t want to foreclose in these cases because it will then become responsible for the condo fees, real estate taxes and insurance.
Ben Solomon, an attorney with the Association Law Group, recently filed suit against Citibank after the association foreclosed on an owner who was delinquent on her condo fees. The lawsuit cited a “restraint on alienation,” meaning that the outstanding first mortgage and the fact that the mortgage balance was greater than the fair market value of the unit impeded the unit’s sale.
Citigroup ultimately released the mortgage so the association could sell the unit for whatever price it could fetch on the open market, with the new owner taking over the condo fees and real estate taxes.
Source: Washington Post (11/20/10) P. E1; Kass, Benny L.
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
When an owner falls behind on condo fees, associations can file a lien against the unit, demand the balance of the yearly assessment or foreclose; but the latter option generally means that they own the unit and likely will be unable to sell it because the mortgage balance is greater than the unit’s value. However, the mortgage lender often doesn’t want to foreclose in these cases because it will then become responsible for the condo fees, real estate taxes and insurance.
Ben Solomon, an attorney with the Association Law Group, recently filed suit against Citibank after the association foreclosed on an owner who was delinquent on her condo fees. The lawsuit cited a “restraint on alienation,” meaning that the outstanding first mortgage and the fact that the mortgage balance was greater than the fair market value of the unit impeded the unit’s sale.
Citigroup ultimately released the mortgage so the association could sell the unit for whatever price it could fetch on the open market, with the new owner taking over the condo fees and real estate taxes.
Source: Washington Post (11/20/10) P. E1; Kass, Benny L.
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
Tuesday, November 23, 2010
Add Value to Your Home When Selling
Survey: Well-kept yards signal neighborhood safety
WASHINGTON – Nov. 16, 2010 – New research conducted by Relocation.com concludes that most Americans identify maintenance of surrounding residences as the key factor in determining the safety of a neighborhood.
Fully three-quarter of respondents agreed with that sentiment, with a particular emphasis placed on the appearance of front lawns. A total of 74 percent of survey participants said they would choose a community based on “word-of-mouth” feedback or the neighborhood’s local reputation, while 67 percent said that local crime reports and statistics found in the local media would factor heavily into their home buying decision.
Of lesser importance to house-hunters who want to evaluate the safety of an area, according to the research, are location within gated communities with security patrols and proximity to police barracks or fire stations.
“Our findings suggest that some home sellers who are struggling to generate interest may want to go the extra mile and help their neighbors with landscaping needs in order to create buyer interest,” remarked Relocation.com Chairman and founder Sharon Asher. (http://rismedia.com/2010-11-15/well-kept-yards-signal-neighborhood-safety-suggests-new-relocation-survey/)
Source: RISMedia (11/16/10)
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
Sellers sometimes forget the outside appearance of their home and that of your neighbor impacts buying decisions. I have had buyers who wouldn't even go look inside a house if the outside was a mess or the street gave the impression neighbors didn't take care of their property.
WASHINGTON – Nov. 16, 2010 – New research conducted by Relocation.com concludes that most Americans identify maintenance of surrounding residences as the key factor in determining the safety of a neighborhood.
Fully three-quarter of respondents agreed with that sentiment, with a particular emphasis placed on the appearance of front lawns. A total of 74 percent of survey participants said they would choose a community based on “word-of-mouth” feedback or the neighborhood’s local reputation, while 67 percent said that local crime reports and statistics found in the local media would factor heavily into their home buying decision.
Of lesser importance to house-hunters who want to evaluate the safety of an area, according to the research, are location within gated communities with security patrols and proximity to police barracks or fire stations.
“Our findings suggest that some home sellers who are struggling to generate interest may want to go the extra mile and help their neighbors with landscaping needs in order to create buyer interest,” remarked Relocation.com Chairman and founder Sharon Asher. (http://rismedia.com/2010-11-15/well-kept-yards-signal-neighborhood-safety-suggests-new-relocation-survey/)
Source: RISMedia (11/16/10)
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
Sellers sometimes forget the outside appearance of their home and that of your neighbor impacts buying decisions. I have had buyers who wouldn't even go look inside a house if the outside was a mess or the street gave the impression neighbors didn't take care of their property.
Sunday, November 14, 2010
Mortgage Rates Still Down
This week the mortgage rates went back down. Now is the time to buy or refinance. Many financial commentators are expecting inflation in 2011. If that comes about, mortgage rates will rise. We currently have about a 6 month inventory of single family homes priced up to $499,000. That inventory is usually considered normal and means that prices have stabilized at that price point. (What is inventory? It means if no new homes came on the market, at the current rate of sales, we would sell all the houses in a six month time frame). If inventory goes down to less than six months there is more demand at that price point and prices will go up.
So if you are looking for a home or want to sell your home, do it now!
So if you are looking for a home or want to sell your home, do it now!
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