South Florida Resale Inventory

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For the first time in at least three years, the combined number of single-family houses, condos, and townhouses on the resale market in the tricounty South Florida region is poised to tumble below 60,000 residential properties, according to a new report from condo vultures.

Miami-Dade County, where Aventura, Miami Beach, and Sunny Isles Beach are located, leads the tricounty region in available resale product with nearly 21,150 properties available.

Palm Beach County, where Boca Raton, Delray Beach, and West Palm Beach are located, has the second highest number of residential resales available with nearly 21,000 properties.

Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, has the fewest number of residential properties available for resale with 18,500.

The 60,000-residence resale mark has been a long time coming.

When reporting began on resale inventory on Nov. 24, 2008 there were nearly 108,000 homes available as the U.S. financial system faced a meltdown, according to data from the Florida Association of Realtors.

Following the emergency creation of the Troubled Asset Relief Program, the Presidential election of Barack Obama, and a plummeting U.S. dollar, the available resale inventory in South Florida dipped below 100,000 properties on Feb. 2, 2009.

Nearly three months later on April 27, 2009, the inventory slipped below 90,000 properties, and proceeded to fall below 80,000 properties on July 6, 2009. Some four months later on Nov. 9, 2009, the resale inventory dropped below 70,000 properties, and looked poised to continue the decline in 2010, according to data.

At the time, the increasing number of transactions by all-cash buyers and individuals taking advantage of the federal government’s first-time home buyers incentive program prompted many owners who were not deeply distressed situation but wanted out to put their properties on the market, industry watchers said.

In the first 10 months of 2010, the number of available resales swung between 65,000 and nearly 69,000 properties at any given time, according to the data.

Available inventory began another steady decline again in late September 2010 when administrative irregularities tied to the foreclosure process made national headlines, prompting several lenders to withdraw bank-owned product from the resale market. The situation has been dubbed a “foreclosure freeze” by the media.

For example, there were 69,229 properties available for resale in South Florida on Sept. 27, 2010.

A week later as concerns related to the foreclosure freeze spread, South Florida available residential inventory dipped to 68,724 properties on Oct. 4, 2010.

The following week on Oct. 11, 2010 the available South Florida inventory dropped to 67,977 properties, according to the data.

The week-over-week declines have continued since September 2010 as banks withdraw residential product that could have potential “foreclosure freeze” issues and buyers purchase product at deep discounts of more than 40 percent.

About Arnowitz & Associates:

With over $100M in Real Estate Sales. Arnowitz & Associates is a leading full service- boutique firm. Highly specialized - Always discreet and principled in our approach. Bradley E. Arnowitz, P.A. Brad@ArnowitzProperties.com is completely focused on producing successful transactions, utilizing real-time market data and principled, full-disclosure. We support our 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. Available to our clients 24/7.

Happy Passover!

About Arnowitz & Associates:

With over $100M in Real Estate Sales. Arnowitz & Associates is a leading full service- boutique firm. Highly specialized - Always discreet and principled in our approach. Bradley E. Arnowitz, P.A. Brad@ArnowitzProperties.com is completely focused on producing successful transactions, utilizing real-time market data and principled, full-disclosure. We support our 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. Available to our clients 24/7.

Your Personalized Guide to Schools

For those of you who may be relocating this summer. Arnowitz & Associates http://www.arnowitzproperties.com/ is pleased to offer you – yet another great tool, for FREE, with no obligation – your very own personalized guide to schools! Arnowitz & Associates http://www.arnowitzproperties.com/ offers school information for public, private, and charter schools nationwide! To find the school information you need, simply click on the following link: http://www.arnowitzproperties.com/Schools/ About Arnowitz & Associates: With over $100M in Real Estate Sales. Arnowitz & Associates is a leading full service- boutique firm. Highly specialized - Always discreet and principled in our approach. Bradley E. Arnowitz, P.A. Brad@ArnowitzProperties.com is completely focused on producing successful transactions, utilizing real-time market data and principled, full-disclosure. We support our 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. Available to our clients 24/7.

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Thinking of Selling?

Thinking of Selling?

It’s tough being the seller in a buyer’s market. But you can improve your odds with the right research. In many cases, making a smart deal and getting the best price come down to studying your market and being an educated seller. You’ve got to know more than you would have if you’d sold a year ago, even a few months ago! If you want to protect yourself, you have to become knowledgeable.

Recognize that housing markets are local:
Home prices are like the weather — very different in different areas. In certain markets, home prices have actually gone up from last year. However, in most cases market conditions have weakened a great deal. In addition, demand will change depending on the price range and even the neighborhood.

What you need to know:
What’s the demand for a house like yours in your area?
You have to look at what’s being sold and at what price. That’s important.
Look at comparables for similar houses. Study prices and sales for one year ago, six months ago, three months ago and the current numbers.
What are the trends? Are prices going up or down — and by how much? How many days are homes staying on the market? If they are on the market longer, how much of that could be seasonal? In many areas, spring and summer are the busy seasons.
Pay special attention to the data between the list price and the sales price. That is, look for a meaningful relationship between list price and sales price.

Know what your house is worth:
Talk to a me @ Brad@ArnowitzProperties.com I will analyze your property and provide you with a detailed market report; including comparables. Get an appraisal from a certified professional appraiser. Look at and study your comparables. Taken together, that information will give you a pretty good idea of what your home is currently worth.

Analyze who is buying and selling in your market:
What’s your competition? Who are the buyers, and why are they purchasing in your area?

Assess the market where you plan to buy:
If you’re selling one house and buying another, look at the market where you plan to move. It might be that, with the housing there, it’s a great time to buy.

About Bradley E. Arnowitz, P.A. & Associates
Bradley E. Arnowitz, P.A. & Associates is a full-service firm providing brokerage, development, sales investment, property management, asset management, and residential services for office, multi-family, industrial/commercial, residential, and retail properties.

Bradley E. Arnowitz, P.A. has been serving South Florida with Honesty, Integrity, & Results since 2001.

For more information, visit Arnowitz & Associates on the web @ www.arnowitzproperties.com or contact the firm at 1000 E. Hallandale Beach Blvd, Hallandale Beach, FL 33009
Brad@ArnowitzProperties.com
ClientCare@ArnowitzProperties.com
24/7 305.328.9554

Home Improvement

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RISMEDIA, September 3, 2010– With the U.S. economy facing the lowest home sale statistics in fifteen years and home values continuing to slide in many regions, it’s not surprising to hear that housing trends point towards a large percentage of American homeowners looking to improve and maximize their existing property investment versus buying a new home. When deciding to undertake a remodeling project however, there are several invaluable tips to keep in mind as you discuss your home make-over with potential contractors.

Through advice and stories shared by both contractors and consumers. We discovered 10 important tips on how to find a trustworthy home remodeling contractor to help ensure the right person or company is hired for your next home improvement project.

Tip #1: Does Your Contractor Have Proof of Insurance?

Ask the contractor to have his insurance company mail or fax a copy of his current contractor insurance card to you. If the contractor can’t do this - stay away. Why? If there is an accident at your home, you are then liable. This also applies to any sub-contractor or employee that the contractor may use - those individuals should have active insurance cards faxed or mailed to you as well.

Tip #2: Did You Check References and See Photos?

Ask for at least three references - with two of them being for the same type of project you are planning - and then call the references. Additionally, ask the contractor to provide photos of previous work, especially for the same type of project. If he produces lawn and garden photos and you’re planning a bathroom remodel, you may want to check out another contractor.Tip #3: Does Your Contractor Take Debit or Credit Cards?Besides your ability to earn a few points, bonus miles, or cash back on your project, a good sign that a contractor is financially savvy and has a bank behind his business is his ability to take debit and credit cards. This doesn’t just apply to big contracting companies. Many small, one-man shops will take cards if they have a good relationship with their business bank or credit union.

Tip #4: Manners and Appearance?

If the contractor drove his vehicle to your home to give you an estimate, take a look at the way he keeps the equipment and vehicle. Are things clean? Neatly arranged? If not - that’s a big warning. The way a contractor treats his tools is a direct connection to how he’ll treat your home. During the initial meeting, does the contractor present himself in a professional way? Do you feel comfortable around him or his employees? They will be working in your home after all.

Tip #5: Clean Up Policy?

Ask about the clean-up policy. For example, if your home improvement is a multi-day project, will the contractor be cleaning up at the end of every day or will he leave the dust, wood chips, and other mess laying there for day #2? The more mess in your home - the more it gets tracked around. Many homeowners find themselves with mouths gaping wide after the contractor has left for the day and their floors and home are dirty and messy around the project area.

Tip #6: Will the Contractor Put It In Writing?

Is your contractor willing to put both his bid and the scope of work in writing? If not - walk away immediately. You’ll be surprised how many homeowners have been duped by contractors who verbally tell you what’s included in their scope of work, but will then, in the middle of everything, require extra money to finish the remodel, thus holding you hostage with an uncompleted home project.

Tip #7: Availability?

Can the contractor get the job done in your timeline rather than his timeline? There’s nothing more frustrating than if a contractor tells you that a job will be done by a certain date and then it isn’t . On the flip side, if you can’t find a good contractor that’s willing to commit to your timeline, your expectations may be too high and you may need to adjust your timeline.

Tip #8: Does Your Contractor Use “Subs?”

Does your contractor plan on doing everything himself? Or will he “sub out” work to the “trades?” For example, if you are remodeling a bathroom, you may need a plumber, electrician, and carpenter. It’s okay if the contractor subs work out to these specific trades - it shows he wants the work done right. Also, it’s fair to say that you can expect your contractor to make money off the trades, or other sub-contractors, by marking up those quotes for the project. That is a standard practice to help the general contractor recover costs in the time it takes to manage the schedule. If you don’t want to spend the extra money on your contractor marking up the trade quotes, then you should prepare to project manage the remodel yourself, but know this may limit your options on contractors willing to work with you.

Tip #9: Quoting & Billing Procedure?

Ask the contractor about his quoting procedure. Will it contain general information, or will it be specific? For example - most contractors will charge you for a fuel surcharge, material up-charges, waste removal, labor, etc. Some will show you these exact costs in a line item invoice, but others roll it up into one big bill. How much detail do you want? You should clarify that with your contractor upfront. Also - what is the payment or billing policy? Is money required upfront? If so, go back to #1 and #2 above to make sure you have the contractor’s references checked and have a copy of his contractor’s insurance.

Tip #10: Did Your Contractor Get the Permits?

Ask your contractor to take care of the permits. Although permits cost you money, the inspection process is meant to protect you from poor workmanship and to make sure that everything is being built to code.

By following these 10 tips for hiring a home contractor, you’ll feel more confident that you’ve found the right contractor for your remodeling job.

About the Firm:
Bradley E. Arnowitz P.A. & Associates http://www.arnowitzproperties.com/ of 1355 R.E. Associates is a full-service firm providing brokerage, development, sales investment, property management, asset management, and residential services for office, multi-family, industrial/commercial, residential, and retail properties.

Bradley E. Arnowitz, P.A. has been serving South Florida with Honesty, Integrity, & Results since 2001.

For more information, visit Arnowitz & Associates on the web @ http://www.arnowitzproperties.com/ or contact the firm @ 1355 R.E. Associates, 1000 East Hallandale Beach Blvd., Hallandale Beach, FL 33009.

Mr. Arnowitz is available 24/7 via email Brad@ArnowitzProperties.com or phone

(305)776.6113. http://www.arnowitzproperties.com/

ALL Cash Luxury Buyers Make The Best Deals!

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Miami and The Beaches; long a playground for the rich and famous, is now more accessible! If you consider $2 million, as opposed to $5 million, accessible. A good portion of these luxury buyers are purchasing second or even third homes and living as part-time residents, buying with all cash. The lower prices are affecting everybody. NBA star Shaquille O'Neal recently took a hit on his Star Island home, purchasing the parcel for $18.8 million in 2004 and recently selling it to a Russian buyer for $16 million.

A few years ago, many of the properties in and Golden Beach, Palm Island and on Millionaires Row were untouchable by many well-to-do buyers. Now those properties priced at $10 million and $12 million have dropped to $8 million, while those at $5 million are now priced at $2 million and $3 million!

Are you ready to take advantage? All-cash buyers are ultimately going to make the best deals in a deeply depressed housing market! South Florida, On The Water, Nothing's Better! You Deserve the Best!

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Search ALL South Florida Properties for FREE with no obligation.

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