EWM Realtors » Michael P. Schnabel, CIPS, REOS, GRI, TRC

No need to run Windows anymore! MAC users will soon have native MLS access…

Michael P. Schnabel, CIPS, REOS, GRI, TRC — Tue, 09 Mar 2010 19:03:09 +0000

According to a MarketLinx representative and I quote “we are developing a solution that will allow native MLS access from virtually any platform or browser, including Mac OSX, Safari, Firefox, Chrome, etc. The first Beta installation is happening this spring; rollout to the majority of our MLS customers should begin around the end of the year 2010. Depending on where Southeast Florida MLS falls in the installation schedule, you may not see it until late winter or spring 2011. And that is assuming there are no major hiccups between now and then. That said, this is a very high priority project for MarketLinx, so we’ll be doing our best to stick to the schedule.”

Once it becomes available, it means that no longer you will need Windows to run the MLS.

Currently you need to first install Parallels or VM Fusion, then install the Windows operating system. The by running the Internet Explorer web browser you can have access to the MLS. The other alternative is to install Crossover which supports with Internet Explorer 6.0 or 7.0 beta. I have all the of the above and find Parallels with Windows XP a reasonable combination. But no as a simple, reliable and efficient as a native Mac application.

Hold tight MAC users, within a year from today or sooner, your Windows frustrations will go away… You will have access to the MLS using Safari, Firefox, Chrome or any other browser of your choice.

Interest rates begin to rise… What it all means for the real estate recovery!

Michael P. Schnabel, CIPS, REOS, GRI, TRC — Fri, 19 Feb 2010 14:35:48 +0000

Yesterday afternoon at 4:30pm – just after the close of the US Equity markets – the US Federal Reserve (FED) announced a 0.25% interest rate hike in its Discount Rate, now set at 0.75% from the previous mark 0f 0.50%. Although the FED had signaled higher rates for 2010 – expectations were that higher rates would arrive the second half of 2010, possibly the last quarter - yesterdays announcement came as a complete surprise and rattle the financial markets overnight. For more…

Brickell Branch News . . . Good-bye Patrick O’Connell and Welcome Chris Basick

Michael P. Schnabel, CIPS, REOS, GRI, TRC — Wed, 27 Jan 2010 16:19:38 +0000

Patrick, we wish you the best of success with your new responsibilities in the Corporate Office as Senior VP of Relocation and Development.

Chris Basick we welcome you VP and Managing Broker of the EWM’s Brickell Office. On behalf of the Brickell associates, we look forward to working with you in your new capacity

BEST OF LUCK TO BOTH OF YOU AND MAY 2010 BE A SUCCESSFUL YEAR FOR EVERYONE$$$

EWM’s Brickell Associates…

What is the “Shadow Inventory” and how it may affect your decision to buy!

Michael P. Schnabel, CIPS, REOS, GRI, TRC — Fri, 18 Dec 2009 16:39:42 +0000

A lot has been written about “Shadow Inventory” but a recent Bloomberg news article “Shadow Inventory of U.S. Homes Climbs, Report Says” summarizes it the best.

The term “Shadow Inventory” is used in different ways, but it applies to all of the following:

Developer Units – These are properties (Condos, Single Family Homes or Townhouses) listed for sale by the Developer. With very few exceptions, these properties are not listed in your local Multiple Listing Service (MLS) which is not only used by Real Estate Agents, but also serves as the normal source of real estate statistics.Developer units are moving faster than you might think or read about. My estimate is that for the most part, it will be a thing of the past by the end of 2010.
Foreclosures in Process – These are properties that are in the process of foreclosure and seriously delinquent loans. Keep in mind that some loans may be in the modification process.Foreclosures in Process are a concern today! given the poor visibility/reading we are getting from Lenders. But wishful thinking suggest that the administration and their respective agencies involved in the lending process could surprise us favorably. More favorable news to come.
REO’s (Real Estate Owned) in process - Are bank owned properties that have not been put on the market yet.REO’s (Real Estate Owned) in process is a double side sword for Lenders. The speed of growth in REO portfolios has slow down substantially. Lenders are understandably more apprehensive take over properties and then selling them at below market prices. It is a snow ball effect they are trying to minimize.
Previously Listed for Sale in the MLS – These are homeowners who had their property listed for sale and for one reason or another did not sell. The primary reason being that owners had expectations of getting a higher price for the property. These owners are now waiting for comparable properties that are listed as Short Sale or REO to sell so they so that they may have a better chance at selling their own property at a higher price.Previously Listed for Sale in the MLS is a phenomenon that has always been present. It simply has increase with the current market conditions and will go back to a normal trend as economic conditions improve.
Undecided Homeowners – These are homeowners who are also entertaining the possibility of selling but are also waiting to list for sale for the same reasons as those owners who previously listed the property for sale on the MLS.Undecided Homeowners is also a common fact of life in the real estate business. Guessing this number is like guessing the lottery!

As the economy improves, the circumstances that affect all of the above today! are expected to substantially improve over time. In the months and years to come the term “Shadow Market” will be associated with the extreme economic recession of 2008 and 2009.

Ben Bernanke just refinanced his home at 5%, what about you?

Michael P. Schnabel, CIPS, REOS, GRI, TRC — Wed, 16 Dec 2009 23:13:43 +0000

Does Ben Bernanke, Chairman of the US Federal Reserve, know something about interest rates that the rest of us do not?

Maybe, but the likelihood of higher interest rates in 2010 and beyond is not much of a secret!

In a recent TIME Magazine interview, Chairman Bernanke says he refinanced his own mortgage a couple of months ago at 5%, and switched from a floating rate, which the Fed chairman said “exploded” in cost, to a 30-year fixed.

Although the motivations to refinance your home or finance a new purchase may vary from one family to another, it is clear that the low interest rates available today and the strong possibility of higher interest rates into 2010 and for several years to come is a strong motivation.

And for Buyers, lets not forget that low real estate prices will not last forever either.

Wealthy Investors continue to invest in Real Estate! Are you?

Michael P. Schnabel, CIPS, REOS, GRI, TRC — Fri, 04 Dec 2009 15:07:37 +0000

According to a recent article published by the Wall Street Journal and a recent study published by Barclays Wealth, 75% of respondents felt residential real estate looks attractive from an investment perspective. And about half of the 2,000 respondents expect an increase in the value of their real estate investments over the next two years. Almost 40% of those with assets of $50 million or more have greater than 50% of their portfolio in real estate.

Good news for homeowners facing foreclosure!

Michael P. Schnabel, CIPS, REOS, GRI, TRC — Thu, 05 Nov 2009 23:03:02 +0000

Fannie Mae just released a new policy named “Deed for Lease Program” under which thousands of homeowners that are facing foreclosure will have the opportunity to remain in their homes as tenants.

Under the ”Deed for Lease” program, borrowers can transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.

If you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036

Are Hedge Funds just as illiquid as real estate is traditionally?

Michael P. Schnabel, CIPS, REOS, GRI, TRC — Thu, 10 Apr 2008 13:18:11 +0000

I encourage you to read the article published by Wall Street Journal today April 10th, 2008 with the title “Hedge Funds make it hard to Say Goodbye”

The article starts with the following comments:

“If you thought getting into a hedge fund was tough, try getting out of one.

With the markets sputtering, some high-profile hedge funds are rejecting withdrawal requests, with some telling investors that it could be years before they will see all their cash again. And it isn’t just big institutions and the wealthy that are getting rebuffed. Some smaller investors who took advantage of lower minimum investments by putting their cash into so-called funds of funds, which invest in numerous hedge funds, are also getting blocked.”

And it goes on to conclude and I quote… “As more funds block the door to investors, there seems to be less of a stigma attached to it, some say, potentially encouraging others to do the same.”

Efforts to lower property taxes in Miami-Dade county catch a second wind!

Michael P. Schnabel, CIPS, REOS, GRI, TRC — Thu, 10 Apr 2008 00:52:16 +0000

Thanks to the “Florida Tax Budget Reform Commission” (TBRC) which was created by the “Florida Constitution Article XI Section 6″ – commission meets this year and every 20 years thereafter – with the objective to examine the tax and spending policies of the state, and if deemed necessary, make recommendations for change to the Florida Legislature. In addition, with a two-thirds vote of the full 25 member commission, the TBRC can also take its proposals directly to the voters through proposed constitutional amendments.

Of particular interest to me are a couple of proposals/recommendations – keep in mind these proposals can change before they reach the ballot next November – which relate to property taxes. READ MORE!

$6,500,000 marks the highest priced condo listings in the Brickell Area of Miami FL

Michael P. Schnabel, CIPS, REOS, GRI, TRC — Mon, 07 Apr 2008 13:04:04 +0000

The Asia in Brickell Key and the Jade in Brickell share the top spot for the highest priced condos for sale in the Brickell Area as of Sunday April 6th, 2008. READ MORE