Kiplinger: Housing recovery firmly underway
WASHINGTON – March 13, 2013 – Prices are
rising and inventories are falling in markets throughout the United
States, which has led financial reporting and forecasting firm Kiplinger
to declare the housing recovery “firmly” in motion. Moreover, the
company says housing will help carry the overall economy at a time when
U.S. exports are decreasing, says Karen Mracek, a Kiplinger editor and
real estate analyst.
“The biggest reason we think we’re on firm ground is that we’re seeing
every indicator on the way up,” Mracek says. “As with the overall
economy, it’s kind of hard to call the bottom or the pivot point. But
we’re seeing a range of indicators that suggest pretty solid growth
going forward.”
In addition to home values and supply, positive indicators include the
number of multiple-bid situations, new-home construction and credit
availability, she says. Solid improvements in those fundamentals will
lead to formation of new households and help more borrowers come out
from underwater – and trade up to a new home. They’ll also create new
jobs in real estate and construction, Mracek explains.
The recent gains made in housing have some concerned that real estate
could be entering another bubble market, but Mracek disagrees with that
assessment. “There might be [a bubble] in some concentrated markets,”
she says. “But I don’t think it will be a bubble that’s as widespread
and disastrous as the one that happened in the last decade.”
Improvements have been – and will continue to be – uneven. The
turnaround will probably be slower in metro areas in Florida and the
Midwest.
Nationally, Mracek says the current housing recovery is real and
sustainable, but she also acknowledges that the rise in home values and
decline in inventories won’t maintain their current pace.
“We see prices leveling out a bit more [in the future] from the late
jumps in 2012,” she says. “There are still foreclosures for the banks to
work through. As prices improve, you’re going to see banks get rid of
REOs.”
Source: Brian Summerfield, REALTOR® Magazine
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real-time market data and principled, full-disclosure. Brad Arnowitz
supports his clients in every facet of the transaction.
For more information, visit Arnowitz & Associates on the web @ http://www.arnowitzproperties.com/
or contact the firm @ 1355 R.E. Associates, Inc, Formally, Re/Max Beach
Properties, 1000 E. Hallandale Beach Blvd, Hallandale Beach, FL 33009.
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Wednesday, March 13, 2013
Friday, March 8, 2013
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Another Big Leap for Home Prices
Daily
Real Estate News | Wednesday, March 06, 2013
Another home price index is showing home prices surging: CoreLogic’s home
price index shows that home prices nationwide in January rose 9.7 percent
year-over-year, posting their largest percentage increase since April
2006.It was the 11th consecutive month of month-over-month increases in existing-home sales, according to CoreLogic’s index.
"Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012," says Anand Nallathambi, president and CEO of CoreLogic. "Many states across the western U.S. and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of 2013.”
The states seeing the biggest year-over-year rises in home prices in January were Arizona (20.1%), Nevada (17.4%), Idaho (14.9%), and California (14.1%), according to CoreLogic’s index. The only states not seeing year-over-year price increases were Delaware (-0.1%) and Illinois (-0.4%).
Source: “Home Prices Take Biggest Leap in 7 Years,” Inman News (March 5, 2013)
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About Brad Arnowitz:With over $100M in Real Estate Sales. Brad Arnowitz is an industry leader!
Highly specialized - Always discreet and principled in his approach.
Brad Arnowitz, Brad@ArnowitzProperties.com is completely focused on producing successful transactions, utilizing real-time market data and principled, full-disclosure. Brad Arnowitz supports his clients in every facet of the transaction.
For more information, visit Arnowitz & Associates on the web @ http://www.arnowitzproperties.com/ or contact the firm @ 1355 R.E. Associates, Inc, Formally, Re/Max Beach Properties, 1000 E. Hallandale Beach Blvd, Hallandale Beach, FL 33009.
Brad@ArnowitzProperties.com
24/7 (305)776.6113
Specialties:Boutique firm providing brokerage, development, sales investment, property management, asset management, and residential services for office, multi-family, industrial/commercial, residential, and retail properties.
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TIME TO SELL INVENTORY LEVELS LOW PRICES UP!!!
Miami Housing Market Recovering Quickly
At the height of the meltdown of the housing market in Miami-Dade County in 2008, the number of months needed to absorb existing inventory was at 29.7 months for single family housing and 40.4 months for condominiums but many experts believed the absorption period could be up to 10 years. Fast forward to the end of 2012 and these figures have decreased dramatically, the absorption period is now at 4.4 months for single family and 5.0 months for condominiums. These current periods rank second lowest in the last 10 years, higher only than the 2004 market — the height of the housing bubble — when the respective figures were 3.4 months for single family residences and 4.5 months for condominiums.
This chart, distributed at a recent panel discussion of experts in the real estate business sponsored by the Miami-Dade Chamber of Commerce, illustrates that condo inventory (red line) has been dropping since 2008, and condo sales (purple line) have been on an upward swing since 2008.
Accounting for the dramatic recovery of the market at a rate faster than anyone could have imagined is the significant influx of foreign money flowing into the market, a trend that is expected to continue. South American buyers, determining that there were deals to be had, have been snapping up multiple units. In addition, projects coming out of the ground are few and far between, essentially providing little or no additional inventory. It was only in 2012 that new projects started coming out of the ground.
Rosy Future Predicted for Miami’s Residential Real Estate Market
The panelists at the conference sponsored by the Miami-Dade Chamber of Commerce all acknowledged that Miami is a “hot” market based on national and international perceptions. The city has also seen a substantial influx of national and international regional offices, as many national and international companies are eager to reflect a Miami office on their business cards.
The panel presented a rosy picture for future growth and appreciation in the residential real estate market. Miami’s housing prices, while not at the bargain basement rates available in 2009 and 2010, are still considered cheap as compared to other national and international gateway cities. Substantial future price growth is expected.
Please click here to view the chart: Inventory and Sales Miami-Dade County 2002-2012.
About Brad Arnowitz:With over $100M in Real Estate Sales. Brad Arnowitz is an industry leader!
Highly specialized - Always discreet and principled in his approach.
Brad Arnowitz, Brad@ArnowitzProperties.com is completely focused on producing successful transactions, utilizing real-time market data and principled, full-disclosure. Brad Arnowitz supports his clients in every facet of the transaction.
For more information, visit Arnowitz & Associates on the web @ http://www.arnowitzproperties.com/ or contact the firm @ 1355 R.E. Associates, Inc, Formally, Re/Max Beach Properties, 1000 E. Hallandale Beach Blvd, Hallandale Beach, FL 33009.
Brad@ArnowitzProperties.com
24/7 (305)776.6113
Specialties:Boutique firm providing brokerage, development, sales investment, property management, asset management, and residential services for office, multi-family, industrial/commercial, residential, and retail properties.
Discreet, principled, straight-forward and practical advice.
Brad Arnowitz is Available to His clients 24/7.
Brad@ArnowitzProperties.com
24/7 (305) 776.6113
http://www.arnowitzproperties.com/
Wednesday, March 6, 2013
REAL ESATE IN YOUR IRA
Improve your retirement …Diversify your IRA by investing in Real Estate
You can increase the returns in your IRA account by
investing in real estate. At Arnowitz & Associates we specialize in High
End Investment Properties in the booming South Florida market. If you are
interested in eliminating the volatility of the stock market, low interest
rates in the bond market and cash markets please visit us at www.arnowitzproperties.com or contact
us at Doug@arnowitzproperties.com
. See the article below.
Self-Directed
IRA Diversification
Using Alternatives to Stocks in
Retirement Accounts
Published on:
Monday, August 20, 2007
Written by:
Trista Winnie
Water, for one thing. More importantly, they are all investment possibilities within a self-directed IRA (individual retirement account).
"Initially I had my funds in a pension and 401(k)....When I retired, I didn't know what to do with those funds," Tony Moreno, a self-directed IRA holder who is planning a seahorse farm off a private island near Honduras, said. "When I learned about the self-directed IRA...and found how much flexibility there was in what I could invest in, that seemed to be the most logical place for me to put that money."
Moreno
said he began to do research into international real estate, looking for sandy
beachfront property. Eventually, he decided to try to purchase a private
island.
"I was thinking of doing something like creating a subdivision and
selling lots...but when I went there and saw [the island], I realized it wasn't
really suitable for that," Moreno said, because much of it is
government-protected mangrove forests. "One of the things I came up with
was to use the island for creating a seahorse repopulation effort...by creating
a habitat area on the outskirts of the island."Visitors to the day resort Moreno is building on the island will be able to view the seahorse farm. Moreno said he expects an influx of visitors to the area because Carnival Cruise Line is building a $50 million terminal on nearby Roatán Island. (See our article on Top 5 Places to Buy Caribbean Real Estate for more information on Roatán Island.)
Traditional IRAs are limited to investments in stocks, bonds and mutual funds. Self-directed IRAs, on the other hand, are specialized accounts that allow their holders to invest in anything except for life insurance, collectibles and investments that would personally benefit them or close family members, as restricted by the IRS.
Real estate and businesses, among other things, are common investments within self-directed IRAs.
"As a general rule of thumb, the IRA is going to be prohibited from being invested with or in a way that benefits an individual that is [in] a close, personal relationship to that IRA holder," David Nilssen, CEO of Guidant Financial Group, a self-directed IRA facilitator, said. "For example, I can't buy a rental inside my self-directed IRA and rent it to my mother."
As millions of baby boomers approach retirement, pensions are on the wane and Social Security is poised to become unreliable. That leaves many people depending heavily on their retirement accounts to fund their retirements.
"As people live longer, you know, retire at 65, live to 85, that's 20 years they've got to provide for themselves," Tom W. Anderson, CEO and founder of PENSCO Trust Company, a self-directed IRA custodian, said. "No longer can you just park your money in a retirement account and expect to get by."
"People have got to start managing these retirement accounts, and I think the self-directed industry is a great way to do it," he said.
These
shifts are causing many people to take charge of their retirement funds through
a self-directed IRA, sometimes known as a real estate
IRA. "We're seeing [participation] really pick up, especially within
the baby boomer generation," Nilssen said.
Self-directed IRA awarenessIRAs came into existence when the Employee Retirement Income Security Act of 1974 (ERISA) was passed. "The whole point behind ERISA was to transfer the responsibility of retirement investing from the employer down to the employee," Nilssen said. "Because of some of the mismanagement and abuse within some of those pension funds, Congress actually passed the responsibility from the corporations to the individuals."
And while people tend to be familiar with the retirement funds created by ERISA, relatively few seem to be aware that they can have freedom in addition to responsibility when it comes to their retirement accounts.
Many people don't have self-directed IRAs simply because of "a lack of awareness, there's absolutely no question about it," Anderson said. "98 percent of the IRA market, which is approximately $3.7 trillion, is associated with the traditional providers." Anderson said he attributed much of that to the sheer number of marketing dollars the traditional providers have at their disposal.
Nilssen said he agreed. "The banks and brokerage houses...with heavy marketing dollars created a misconception that all you could do was buy stocks, bonds and mutual funds, which is not true," he said, and "although the [self-directed] industry is gaining a lot of traction now, it has taken a long time for that to...catch up."
"90 percent of the IRA market is dominated by firms that don't give you the full bandwidth of opportunity to diversify. They basically will allow you to diversify within whatever set of investments they offer," Anderson said. "People should have the choice."
Diversification
One of the main advantages of a self-directed IRA is that they allow their account holders to achieve diversification; account holders can make both traditional and alternative investments within self-directed IRAs.
"If there's any lesson to be learned from the crash the stock market went through in the late 1990s, early 2000s, it's that having all your eggs in one basket can be problematic," Nilssen said. "The self-directed IRA allows people to diversify into many different assets, but also to be flexible with following the market trends."
Many people who purchase real estate within self-directed IRAs are buying in cash, Nilssen said. "So what ends up happening is that the rental income that they're generating is pure profit back into the IRA, and so that allows them to have consistent cash flow off of these retirement investments. And that's not something you see traditionally."
Although popular, real estate is just one of many investment options available to holders of self-directed IRAs. Because of the wide range of investments available, self-directed IRA holders can ensure that their retirement funds are spread across diverse investments and markets, making them more secure.
"We're seeing a lot of people engaging in lending practices. They're originating mortgages for homeowners or they're lending money out to peers for business activity or things of that nature." Nilssen said he also seen a surge in entrepreneurship. "We're seeing a lot of people buying businesses or franchises."
Leverage
Account holders are even allowed to use leverage, which is "a great benefit of the self-directed IRA," Nilssen said. "It's a tremendous wealth-building tool."
Banks will make non-recourse loans—meaning that the account holder does not have to make a personal guarantee—to lend money to IRAs. "It's only been in the last four or five years that any banks would actually loan to an IRA," Anderson said.
The North American Savings Bank is one of the lenders now willing to provide non-recourse loans "to anybody in the United States to buy property anywhere in the United States through an IRA," Anderson said. Because the loans are non-recourse, "The lender can't look towards the IRA owner...if the IRA fails to make the mortgage payment. All they can do is take the property back. Because of that, the lender wants more down."
If a
self-directed IRA holder wanted to purchase real estate, Nilssen said, a bank
would typically require a down payment of 40 to 50 percent.
"This would allow a person to effectively double their buying power, so
if they've got $100,000 in their retirement plan, they could effectively
purchase $200,000 in real estate," Nilssen said. "I think that's a
tremendous benefit because it allows them to participate at a greater
level.""The whole idea of using leverage in an IRA is the same as using leverage outside the IRA: You can accelerate your gain. You're going to make more money using leverage," Anderson said. "You're going to probably net a higher yield after tax than you would have if you didn't use leverage."
One ramification of such investments, Nilssen said, is that any profits made on the money lent to the IRA will be taxed. Self-directed IRAs are subject to the unrelated business income tax (UBIT).
Still, "You get to deduct the same deductions you get when you buy real estate outside of an IRA, namely depreciation, mortgage interest, repairs," Anderson said.
Responsibility and choice
Investors who have expertise in a particular area are especially well suited for self-directed IRAs because they can make educated investment decisions when given control of their funds.
"If your son just turned 16 and he's never driven a car, are you going to give him the keys to a Ferrari? Probably not, because he might crash," Anderson said. He recommended that only seasoned investors participate in self-directed IRAs because they "have to be prepared to make the decisions."
"It is a little more complicated....It's not like sitting at home at night at 11:00 and clicking on 100 shares of IBM," he said. "It's really for the person who's...knowledgeable about the particular type of investment they're going to pursue and has the ability to self-direct."
Moreno said he found control over the investment process to be one of the main benefits of a self-directed IRA. "It gives me a little more control over my money and more flexibility about how I can invest it," he said.
Self-directed IRAs require extensive due diligence and knowledge, because the account holders themselves make each investment decision, unlike with traditional IRAs. For Moreno and others with experience in researching and investing, this is a welcome change.
"It
allows people to invest in their core competency....If they understand stocks,
then they can invest in the securities market. If they understand real estate,
then they can use that knowledge to make money," Nilssen said. "This
industry will allow people to pursue the investments that they know and
understand."
Self-directed IRA custodiansAs far as setting up a self-directed IRA, "I imagine you can do it yourself, but you have to know what you're doing, and if you don't do it right, then you've basically compromised the integrity of your IRA, so I didn't want to take that chance," Moreno said. "And I felt that the cost of setting it up would be worth it."
Because there is a lot of paperwork and processing involved when investing with a self-directed IRA, custodial companies have employees who project manage and process investments from start to finish, Nilssen said. "Because of that, the cost to participate with a custodian can be fairly high."
"A custodian is essentially...a bank, a depository," Nilssen said. "You request them to make the investment on your behalf."
Anderson said that investors should do thorough research and exercise caution when choosing a self-directed IRA custodian. "People should be advised to deal with a regulated financial institution," he said.
"The industry is largely unregulated at this point, and thus there are areas of abuse to look out for," Nilssen said. "There are a lot of discount services available; however, it's my belief that you get what you pay for."
Still, he said, for those who have done their due diligence, "the opportunities are tremendous, and so I definitely would encourage people to investigate this further."
www.arnowitzproperties.com
Tuesday, March 5, 2013
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While the housing market will not make a complete return to
pre-crisis conditions, many promising improvements will be drivers this
year including a slight opening of the credit spigot creating a positive
outlook for the market, according to Moody's ResiLandscape report.
The housing recovery that began in 2012 regardless of constraints placed by a tight mortgage lending environment "promises improvements this year as the drivers of tough credit standards reverse," according to Celia Chen of Moody's Analytics, who authored the report.
Moody's said 2012 was the best year for housing since 2005, with all of the major measures of health rising for the first time since the top of the housing boom.
[3]
However, all levels of activity remain quite weak in a historic context. For instance, housing starts posted 800,000 units last year, a far weaker pace than that of any year prior to 2008.
Nonetheless, demand drivers are solid, suggesting that housing will stay on an upward swing.
"Home-buying plans are improving, owning a home remains highly affordable, and household formation is rising. At the same time, the supply of homes, particularly of new homes, is exceedingly tight and overall excess supply is shrinking," Moody’s noted.
Lack of accessibility to credit has weighed on housing demand and as a result hampered market rebound, but in 2013, the weight began to lift and will continue to do so as improving consumer credit quality and household balance sheets widen the pool of borrowers.
Total delinquencies are back down to pre-recession rates for nearly all consumer loan categories. Additionally, there are much tighter underwriting standards following the financial crisis, even mortgage credit quality is heading back into "sound territory," according to Moody’s.
For instance, the 30-day delinquency rate is back down to where it stood at the end of 2006. Additionally, the 60-day rate has dropped to mid-2007 rates.
[4]
Stronger consumer balances sheets as well as deleveraging during the past several years has driven down household financial obligations ratio for both homeowners and rents hit its lowest level since the 1980s, Moody’s stated.
While negative home equity continues to weigh on many households, some are beginning to see their home values rise above the value of their mortgages.
"Being right-side up on the mortgage improves a borrower’s credit profile. It also lowers the risk of default and increases the likelihood of trade-up buying," the analysts at Moody’s stated.
For instance, the amount of underwater borrowers fell below 12 million in the third quarter of 2012, compared with 14.6 million from the previous year and the 16.2 million peak in the second quarter of 2009.
Thus, falling delinquency rates, rising home equity and household debt obligations are all factors that will widen the pool of borrowers that qualify for a mortgage.
On the supply side, uncertainties around the Dodd-Frank Act are beginning to dissipate.
Rules [5] issued by the Consumer Finance Protection Bureau, such as the qualified mortgage and ability-to-repay rules, will keep mortgage standards as well as credit tight since lenders will be required to fully document borrowers regardless of credit history.
"However, these rules will not measurably change current lender behavior as many were already following these practices in anticipation of their implementation. Additionally, rising house prices give lenders more breathing room to extend credit," the analyst at Moody’s noted.
Over the past 18 months, large lenders have loosened or left standards stable on prime loans that dominate mortgage originations, according to the Survey of Senior Lending Officers.
While easy credit is still a long way off as lenders begin to loosen from very high standards, the share of loans originated for borrowers with the highest credit score remain large, averaging 82% in the last two years compared with 50% in 2005 and 2006, Moody's stated.
[6]
"Although mortgage supply will remain constrained, improved consumer credit quality combined with steady growth in jobs, low mortgage interest rates and modestly rising house prices makes it clear that more households will be able to qualify for a mortgage," Moody's said.
"Greater credit availability will in turn help drive stronger home sales and stronger price appreciation and help keep the housing market and the larger economy on an upward path."
cmlynski@housingwire.com [7]
Published on HousingWire (http://www.housingwire.com)
Slight opening of credit spigot aids housing outlook
Main Image:
The housing recovery that began in 2012 regardless of constraints placed by a tight mortgage lending environment "promises improvements this year as the drivers of tough credit standards reverse," according to Celia Chen of Moody's Analytics, who authored the report.
Moody's said 2012 was the best year for housing since 2005, with all of the major measures of health rising for the first time since the top of the housing boom.
[3]However, all levels of activity remain quite weak in a historic context. For instance, housing starts posted 800,000 units last year, a far weaker pace than that of any year prior to 2008.
Nonetheless, demand drivers are solid, suggesting that housing will stay on an upward swing.
"Home-buying plans are improving, owning a home remains highly affordable, and household formation is rising. At the same time, the supply of homes, particularly of new homes, is exceedingly tight and overall excess supply is shrinking," Moody’s noted.
Lack of accessibility to credit has weighed on housing demand and as a result hampered market rebound, but in 2013, the weight began to lift and will continue to do so as improving consumer credit quality and household balance sheets widen the pool of borrowers.
Total delinquencies are back down to pre-recession rates for nearly all consumer loan categories. Additionally, there are much tighter underwriting standards following the financial crisis, even mortgage credit quality is heading back into "sound territory," according to Moody’s.
For instance, the 30-day delinquency rate is back down to where it stood at the end of 2006. Additionally, the 60-day rate has dropped to mid-2007 rates.
[4]Stronger consumer balances sheets as well as deleveraging during the past several years has driven down household financial obligations ratio for both homeowners and rents hit its lowest level since the 1980s, Moody’s stated.
While negative home equity continues to weigh on many households, some are beginning to see their home values rise above the value of their mortgages.
"Being right-side up on the mortgage improves a borrower’s credit profile. It also lowers the risk of default and increases the likelihood of trade-up buying," the analysts at Moody’s stated.
For instance, the amount of underwater borrowers fell below 12 million in the third quarter of 2012, compared with 14.6 million from the previous year and the 16.2 million peak in the second quarter of 2009.
Thus, falling delinquency rates, rising home equity and household debt obligations are all factors that will widen the pool of borrowers that qualify for a mortgage.
On the supply side, uncertainties around the Dodd-Frank Act are beginning to dissipate.
Rules [5] issued by the Consumer Finance Protection Bureau, such as the qualified mortgage and ability-to-repay rules, will keep mortgage standards as well as credit tight since lenders will be required to fully document borrowers regardless of credit history.
"However, these rules will not measurably change current lender behavior as many were already following these practices in anticipation of their implementation. Additionally, rising house prices give lenders more breathing room to extend credit," the analyst at Moody’s noted.
Over the past 18 months, large lenders have loosened or left standards stable on prime loans that dominate mortgage originations, according to the Survey of Senior Lending Officers.
While easy credit is still a long way off as lenders begin to loosen from very high standards, the share of loans originated for borrowers with the highest credit score remain large, averaging 82% in the last two years compared with 50% in 2005 and 2006, Moody's stated.
[6]"Although mortgage supply will remain constrained, improved consumer credit quality combined with steady growth in jobs, low mortgage interest rates and modestly rising house prices makes it clear that more households will be able to qualify for a mortgage," Moody's said.
"Greater credit availability will in turn help drive stronger home sales and stronger price appreciation and help keep the housing market and the larger economy on an upward path."
cmlynski@housingwire.com [7]
Monday, March 4, 2013
Do you agree with the National Association of Home Builders. Let us know at
www.arnowitzproperties.com and we will help you find your perfect property.
For example, 94 percent of buyers surveyed say they want energy-star rated appliances. Ninety-one percent said they want the whole home to boast an energy-star rating. What’s more, 89 percent said they wanted energy-star rated windows and 88 percent desire ceiling fans, according to the survey.
Home buyers are also paying more attention to the laundry room in homes. Fifty-seven percent consider a laundry room “essential” in a home and nearly every home buyer surveyed say they want one in their home.
Organization is also big for home buyers. All ranking high on their wish-lists: A linen closet in the bathroom, space in the garage to put sports equipment and gardening tools, and a walk-in pantry in the kitchen.
Meanwhile, what do buyers show little preference for? About 43 percent say they do not want a two-story family room, and 38 percent say they don’t want a two-story entry foyer. More buyers view these open spaces as less energy efficient, so they’re no longer as highly rated.
Source: “What Do Home Buyers Really Want?” RISMedia (March 3, 2013)
www.arnowitzproperties.com and we will help you find your perfect property.
What Home Buyers Really Want in 2013
Home buyers want energy efficiency, according to a new study released by the National Association of Home Builders titled, “What Home Buyers Really Want.” Four of the top-ranked home features involve saving energy.For example, 94 percent of buyers surveyed say they want energy-star rated appliances. Ninety-one percent said they want the whole home to boast an energy-star rating. What’s more, 89 percent said they wanted energy-star rated windows and 88 percent desire ceiling fans, according to the survey.
Home buyers are also paying more attention to the laundry room in homes. Fifty-seven percent consider a laundry room “essential” in a home and nearly every home buyer surveyed say they want one in their home.
Organization is also big for home buyers. All ranking high on their wish-lists: A linen closet in the bathroom, space in the garage to put sports equipment and gardening tools, and a walk-in pantry in the kitchen.
Meanwhile, what do buyers show little preference for? About 43 percent say they do not want a two-story family room, and 38 percent say they don’t want a two-story entry foyer. More buyers view these open spaces as less energy efficient, so they’re no longer as highly rated.
Source: “What Do Home Buyers Really Want?” RISMedia (March 3, 2013)
Friday, September 23, 2011
Market Update
http://www.arnowitzproperties.com/
Miami condo sales up 60 percent
September 22, 2011 10:30AM
Sales of existing single-family homes in Miami rose by 49 percent in August to 951, with condo sales jumping 60 percent compared to the same period in 2010, according to data from the Miami Association of Realtors. While the median sales price for single-family homes fell one percent last month, condo sales prices actually jumped 13 percent. The average sales price in Miami-Dade County rose 13.5 percent. "The fact that home prices are rising despite distressed sales that account for the majority of sales is indicative of very positive trends in the Miami marketplace," said Jack Levine, MAR chairman of the board. "If prices are rising for countywide figures that include distressed properties, strengthening would be that much greater if distressed listings were eliminated or reduced. We believe the Miami market in terms of pricing has bottomed." -- Alexander Britell
Broward home prices rise
September 22, 2011 12:00PM
The median sales price for single-family homes in the Fort Lauderdale metro area rose 5 percent last month, with the median condominium sales price increasing 6 percent, according to data from the Miami Association of Realtors. Condo sales jumped 21 percent last month, and single-family sales rose 19 percent compared to August 2010. "Broward County home sales and prices continue to rise, reflecting a healthy and stable real estate market," said Terri Bersach, 2011 president of the Broward County Board of Governors of the Miami Association of Realtors. "Despite the high number of distressed sales, countywide prices are on the upswing, as buyers and investors are taking advantage of current affordability and other market opportunities." -- Alexander Britell
About Brad Arnowitz:
With over $100M in Real Estate Sales. Brad Arnowitz is an industry leader!
Highly specialized - Always discreet and principled in his approach.
Brad Arnowitz, Brad@ArnowitzProperties.com is completely focused on producing successful transactions, utilizing real-time market data and principled, full-disclosure. Brad Arnowitz supports his clients in every facet of the transaction.
For more information, visit Arnowitz & Associates on the web @ http://www.arnowitzproperties.com/ or contact the firm @ 1355 R.E. Associates, Inc, Formally, Re/Max Beach Properties, 1000 E. Hallandale Beach Blvd, Hallandale Beach, FL 33009.
Brad@ArnowitzProperties.com
24/7 (305)776.6113
Specialties:
Boutique firm providing brokerage, development, sales investment, property management, asset management, and residential services for office, multi-family, industrial/commercial, residential, and retail properties.
Discreet, principled, straight-forward and practical advice.
Brad Arnowitz is Available to His clients 24/7.
Brad@ArnowitzProperties.com
24/7 (305) 776.6113
http://www.arnowitzproperties.com/
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