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The South Florida Real Estate Market is HOT!!! With the influx of cash buyers from abroad the South Florida Housing is seeing a recovery that few could have predicted.New Condo Towers are joining the South Florida Skyline and with new projects to come like the Health District and the Riverside reface along with the Miami Design District and Biscayne will make of Miami the magnet for investors the city needed to sell the inventory left behind due to the 2008 crisis. 

Good Times are coming to Miami, by 2020 the whole Miami Skyline will look way different as we see today. Are you ready to capitalize on that? Please, visit our page http://MiamiHomesListings.com and learn what's available to you today

Fla.’s housing market continues positive trends in Jan. 2014

                                          

Fla.’s housing market continues positive trends in Jan. 2014

NAR: Existing-home sales drop in Jan. but prices continue to rise

ORLANDO, Fla. – Feb. 21, 2014 – Florida’s housing market reported more closed sales, higher median prices, more new listings, fewer days on the market and the continued stabilization of inventory in January, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 15,000 last month, up 10.2 percent over the January 2013 figure.

“Price increases are continuing to improve home equity in areas across the state, and combined with still-low interest rates, it’s creating a great opportunity for sellers,” says 2014 Florida Realtors President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in Gainesville, Ocala and the Villages. “We’re seeing homeowners ready to take that next step and list their properties for sale: Statewide, new listings for single-family homes in January rose 13.8 percent year-over-year, while new townhouse-condo listings rose 7.4 percent.

“And here at the start of a new year, January marked 26 consecutive months that we’ve seen increases in statewide median sales prices for both single family homes and town home-condo properties, year-over-year.”

The statewide median sales price for single-family existing homes last month was $162,500, up 12.1 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in January was $131,000, up 17 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in December 2013 was $197,900, up 9.8 percent from the previous year; the national median existing condo price was $198,600. In California, the statewide median sales price for single-family existing homes in December was $438,040; in Massachusetts, it was $320,000; in Maryland, it was $255,183; and in New York, it was $236,875.

Looking at Florida’s townhome-condo market, statewide closed sales totaled 7,377 last month, up 9.3 percent compared to January 2013. The closed sales data reflected fewer short sales in January: Traditional sales in Florida rose 20.4 percent for single-family homes and 16.9 percent for condo-townhome properties. Closed sales typically occur 30 to 90 days after sales contracts are written.

“The figures released this month are characteristic of a market that has reached balance,” said Florida Realtors Chief Economist Dr. John Tuccillo. “While sales and prices continue to rise, the most striking characteristic of the market is the stability of inventory as measured in months. It appears that the rate at which properties are coming on the market is closely matched by sales. In addition, rising prices have cut down on the availability of short sales and these have been dropping consistently.”

Inventory was at a 5.6-months’ supply in January for single-family homes and at a 6-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.43 percent in January 2014, up from the 3.41 percent average recorded during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center under Latest Releases, or download the January 2014 data report PDFs under Market Data.

Breakout: NAR: Existing-home sales drop in Jan. but prices continue to rise

© 2014 Florida Realtors

Realtor.com: Jan. 2014 data points to homebuying season early start

Realtor.com: Jan. 2014 data points to homebuying season early start

SAN JOSE, Calif. – Feb. 20, 2014 – Despite severe weather conditions across much of the country, the 2014 homebuying season has begun on one positive note, showing an uptick in inventory a month earlier than last year, according to Realtor.com’s National Housing Trend Report for January 2014.

Data from Realtor.com reveals the median list price for January 2014 is 8.3 percent above levels observed in January 2013. The number of properties for sale is up 3.1 percent and the median age of inventory is essentially unchanged, indicating a transition to a less frenzied market compared to January 2013.

“January’s start compared to year-ago levels is an encouraging sign of sellers’ interest, particularly given the adverse conditions brought on by the polar vortex,” said Errol Samuelson, president of Realtor.com. “We saw the tight-supply market of last fall carry all the way into November – later than is typically expected – and this early rise in inventory is a welcome trend. The sustained median list price growth supports the gains we saw last year, and sellers are responding with confidence in that consistency. We will continue to watch inventory movement in the coming months as we move further into typical seasonal patterns, but anticipate a more balanced buying market.”

The national median existing home price is projected to rise about 5 to 6 percent in 2014, according to the National Association of Realtors® (NAR), which cites job growth and large pent-up demand as drivers of the market in light of rising mortgage rates.

National perspective
Inventory increasing: At the national level, for-sale inventories are now 3.1 percent higher than they were one year ago, and the rise in inventory is spreading to more markets across the country. In January 2013, just eight markets registered increases in inventory. This January, 83 markets (58 percent) of the 143 markets tracked by Realtor.com showed increases in inventory, year over year. While the next few months will be critical to watch, these trends suggest a more balanced housing market going into the 2014 homebuying season.

Price increases more widespread: Median list price rose a healthy 8.3 percent in January 2014 compared to the same time last year. In January 2014, 44 markets saw year-over-year list price increases of 10 percent or more, compared to January 2013, when 24 markets registered double-digit increases in median list price. The number of declining markets in terms of median list price dropped, from 58 in January 2013 to just 13 in January 2014.

Days on market stabilizing: Median age of inventory remained steady in January 2014 compared to the same time last year, at 115 days. However, the number of markets showing year-over-year declines in age of inventory has dropped significantly, from 133 markets in January 2013 to 78 markets in January 2014. 56 markets showed year-on-year increases in days on market in January 2014, compared to just nine markets in January 2013.

Source: Realtor.com

© 2014 Florida Realtors

Court-approved deal advances plans for new Fisher Island condominiums

Court-approved deal advances plans for new Fisher Island condominiums

BY MARTHA BRANNIGAN

MBRANNIGAN@MIAMIHERALD.COM

U.S. Bankruptcy Judge A. Jay Cristol this week approved an agreement aimed at allowing the long-delayed development of luxury condos on Fisher Island to go forward.

Plans call for 94 luxury units evenly split between two projects, the Palazzo del Sol and the Palazzo del Luna.

The agreement —which brings together two opposing groups that both claim ownership to the land following the 2008 death of Arkady “Badri” Patarkatsishvili, a tycoon from the Republic of Georgia — is aimed at allowing Fisher Island Holdings to obtain title insurance. With that, the developer expects to modify a soured mortgage and get construction loans to jump start the project.

Despite the agreement, the dispute continues over ownership of the 18-acres of undeveloped land on the exclusive resort island off Miami Beach.

Judge Cristol has held that Patarkatsishvili’s family and widow, Inna Gudavadze, who lives in England, are the rightful heirs; and a federal judge confirmed that finding. However, entities related to Patarkatsishvili’s former business associates, including his cousin, Joseph Kay, also claim ownership of the land and have an appeal of the case in the 11th Circuit Court of Appeals.

Read more here: http://www.miamiherald.com/2014/02/13/3933541/court-approved-deal-advances-plans.html#storylink=cpy

Skyline Realty International Leo Gonzalez

Doral Cay Miami-Leo Gonzalez/Skyline Realty International

Record number of visitors travel to Florida in 2013

• Photos

TRIBUNE FILE

By Ted Jackovics | Tribune Staff
Published: February 14, 2014

Visit Florida, the state’s tourism marketing corporation, said Friday in a preliminary report a record 94.7 million visitors came to Florida in 2013, an increase of 3.5 percent over 2012.

For fourth quarter 2013, preliminary estimates show a record 21.9 million people visited the Sunshine State from October through December, a 2.2 percent gain over the year-ago period.

Preliminary estimates are issued 45 days after the end of each calendar quarter. Final estimates are released when final data are received for all estimates in the report.

Visit Florida estimated record highs of 11.5 million overseas visitors and 3.7 million Canadians came to Florida in 2013, 11.1 percent and 4.1 percent increases over 2012, respectively.

Estimates reflect a 2.5 percent increase in domestic visitors to Florida in 2013 and show Floridians took a record total of 20.1 million in-state pleasure trips.

Preliminary data from Tennessee-based travel research firm STR showed Florida tourism has regained market share since January 2013, outpacing the rest of the nation by 1.3 percentage points. STR said room revenue in Florida for 2013 was up 8.2 percent, compared with a 6.2 percent U.S. increase.

Gov. Rick Scott said every 85 visitors to Florida equals one job in the state, stating the rationale to budgeting $100 million to Visit Florida.

Scott on Friday visited Universal Orlando Resort, which will create nearly 3,500 new jobs this year as it builds the Wizarding World of Harry Potter – Diagon Alley, adds an on-site hotel and expands its CityWalk entertainment complex.

tjackovics@tampatrib.com

(813) 259-7817

New home purchases up sharply in Jan. 2014

New home purchases up sharply in Jan. 2014

WASHINGTON – Feb. 14, 2014 – The Mortgage Bankers Association (MBA) estimates that sales of new single-family homes were running at a seasonally adjusted annual rate of 543,000 units in January 2014, based on data from MBA’s Builder Applications Survey (BAS).

The estimated 543,000 unit annual sales pace in January was a 35 percent increase from December’s pace. On an unadjusted basis, the MBA estimated 38,000 new home sales in January – a 36 percent increase from the level of 28,000 units in December. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.

“While the big jump may appear to conflict with other data, such as MBA’s purchase application index and NAR’s existing home sales data that point to a weak market for existing homes, our Builder Application Survey estimate is consistent with reports of homebuilder sentiment that show strength in the market for new homes,” says Mike Fratantoni, MBA’s chief economist. “It is also worth noting that the significant January increase also followed a particularly slow pace of sales in November and December.”

Mortgage applications for new home purchases increased by 27 percent relative to the previous month. That change doesn’t include any adjustment for typical seasonal patterns.

By product type, conventional loans composed 69.4 percent of loan applications; FHA loans composed 15.9 percent; RHS/USDA loans composed 1.3 percent; and VA loans composed 13.4 percent. The average loan size of new homes decreased from $300,444 in December to $289,358 in January.

© 2014 Florida Realtors®

Florida’s housing market gained momentum, strength in 2013

Fla.’s housing market gained momentum, strength in 2013

NAR: Metro areas see solid home-price growth in 4Q 2013

ORLANDO, Fla. – Feb. 11, 2014 – Florida’s housing market wrapped up 2013 with more closed sales, higher pending sales, higher median prices and a reduced inventory of homes for sale compared to the year before, according to the latest housing data released by Florida Realtors®.

“Throughout 2013, the state’s housing market has demonstrated it’s in a solid recovery and gaining strength,” 2014 Florida Realtors® President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in Gainesville, Ocala and the Villages. “The positive fundamentals of Florida’s housing sector continue into 2014. However, factors remain that could slow an even stronger economic recovery, such as limited inventories of for-sale homes in many areas, overly-restrictive mortgage credit, rising interest rates, and concerns about the cost and availability of property and flood insurance.”

Year-end 2013
Statewide closed sales of existing single-family homes totaled 227,411 in 2013, up 11.8 percent compared to the 2012 figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

Pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes rose 17.6 percent in 2013 compared to 2012’s figure. The statewide median sales price for single-family existing homes in 2013 was $168,000, up 15.9 percent from the previous year.

According to the National Association of Realtors® (NAR), the preliminary national median sales price for existing single-family homes for all of 2013 was $197,100, up 11.5 percent from 2012 – and the strongest annual price gain since 2005. In Massachusetts, the statewide median sales price for single-family existing homes for 2013 was a preliminary $325,000; in New York, it was $227,000; and in Illinois, it was $150,000. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 108,560 units sold statewide in 2013, up 5.1 percent from 2012. Pending sales for townhouse-condos for the year increased 9.7 percent compared to 2012. The statewide median for townhouse-condo properties in 2013 was $128,000, up 20.1 percent over the previous year.

4Q 2013
In the fourth quarter, closed sales of single-family existing homes totaled 54,845, up 4.7 percent from 4Q 2012, according to Florida Realtors data. Pending sales of single-family existing homes were down slightly (-2 percent) for the quarter, compared to the same period a year earlier. The statewide single-family existing-home median price in 4Q 2013 was $170,000, up 13.3 percent from the same quarter a year earlier.

Closed sales of townhouse-condos totaled 24,538 in the fourth quarter, down slightly
(-2.1 percent) from 4Q 2012; pending sales of townhome-condos also dipped (-7.4 percent) compared to the same quarter a year earlier. The statewide median for townhome-condos in 4Q 2013 was $133,000, up 18.8 percent from 4Q 2012.

At the end of 2013 and also for 4Q 2013, inventory for single-family homes stood at a 5.5-months’ supply, while inventory for townhouse-condo properties was at a 5.8-months’ supply, according to Florida Realtors.

Florida Realtors Chief Economist Dr. John Tuccillo said, “We have seen all these numbers before in the monthly releases, but looking at them on a quarterly and annual basis allows for a better evaluation of the real estate market. The trends we have seen develop over the year – rising sales and prices, declining percentage of cash sales and stabilizing inventory – are confirmed in these statistics.

“If we compare the fourth quarter statistics to the annual numbers, we get an even clearer picture of the trends. In the last part of the year, for example, cash sales declined faster. This points to the diminishing presence in the market of investors. But overall sales continued to improve, although at a slower rate. This suggests that owner-occupants are replacing, at least in part, the smaller influence of investors.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.98 percent for 2013, up from the previous year’s average of 3.66 percent, according to Freddie Mac.

To see the full statewide housing activity reports, go to Florida Realtors Media Center and look under Latest Releases, or download the 2013, the 4Q 2013 and general statewide metropolitan statistical area (MSA) data report PDFs under Market Data.

© 2014 Florida Realtors®

Buy a Home in Miami Florida Now and don't look back, Foreclosure,Short Sale or Bank Owned?

To buy or not to buy?   

Is very common these days, I have some customers asking me the same question, Leo, should we buy now or should we wait? My answer, it depends, here's my thought.

If you are planning to stay in your house for at least 5 years and make it a home, go ahead, you will be in good shape, there's a lot of inventory sometimes even below assessed value, the sellers most of the time are willing to pay for your closing costs and/or discount the property to make it easy for you to make the purchase.

If you are an investor and wants to flip, be very careful, the market is not turning back tomorrow, there's some very good buys out there, if you are planning to rent it out for at least 2-3 years and then sell it is fine but most important is getting a good price at the time of purchasing, buy very low, rent and have a cash flow, prepare to sell in the future.

There's 3 different scenarios, let's review them one by one.

Owner Occupied Property

This is a house where the owners are still occupying the property and want/need to sell it now. Most likely if they bought from 200-2007 and they don't put a large amount of cash at the time they purchased the home, they are upside down. Prices today at at the same level they were back in 2000. Could or could not be a Foreclosure Property. They are harder to deal that when you have a Bank Owned Property. Miami Homes for Sale Listings

Short Sale Property

A Short Sale Property is when the Bank that is financing the property has accepted to sale at a lower value, it usually takes a long time to get that approval from the bank, it's better to deal with the ones that are already approved, the ones that are not could take a lot of weeks, sometimes months in get only an answer from the bank let alone an approval. It's usually a Foreclosure that is in the middle of the process, beware of those, the lender has not adquired title to the property and can be very dangerous at the point that the owner can file for Bankruptcy and it will stop the whole process. Hard to deal, very risky and time consuming. Miami Foreclosures Listings
Bank Owned Property

A Bank Owned Property also known as REO (Real Estate Owned) is a property that the Bank has acquired through Foreclosure, the fees are paid, the owners/tenants are out and all the legal papers are signed, the bank really owns the property which makes the decision process for them a lot faster, they REALLY want to sell that house, they have to many in their books. Great Deals, not a lot of waiting and the prices are negotiable with big discounts, to my opinion, the best option. Miami Bank Owned Listings
Find out what's your situation, wether your are a First Time Buyer or an experienced Investor you should know what's the best option for you and don't be surprised if you find a home that's priced "LOW" and is not a Foreclosure, the current market conditions has been forcing the sellers to adapt and adopt to the prices in their communities. For more information about the Real Estate Market in Miami, please call me or send me an email, I DO RESPOND!!!!

Leo Gonzalez
Skeyline Realty International
(305)349-3184
(813)505-8054
Email:leogonzalezrealtor@gmail.com
http://www.leogonzalezrealtor.com

Miami Real Estate-Before You Look at Your First House

Before You Look at Your First House

Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.

Here are the questions that each home buyer should ask:

How much cash is available for a down payment? The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.

Am I ready to write a check for the earnest money? Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.

How much additional cash will be available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. Learn more.

What is the maximum monthly mortgage payment that I can afford? Most lenders will use the 28/36 rule to determine the maximum mortgage payment you can afford.

The 28/36 RuleNo more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.).

Leo Gonzalez-Skyline Realty International 2101 Brickell Ave 101 Miami, FL 33129

Phone: (305) 349-3184 Cell: (813) 505-8054 Fax: E-mail: leogonzalezrealtor@gmail.com

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