Reasons to Purchase A Property in Florida

Florida is an attractive destination for both international and domestic buyers. Based on REALTORS experience working with foreign buyers, the single most important factor influencing the purchase of a home is that Florida is viewed by a majority of foreign buyers (72%) as a desirable location.  Florida real estate is viewed as a profitable investment by 16% of foreign buyers while 6% view Florida real estate as a secure investment.

Destination of Foreign Home Buyers

The Miami-Ft. Lauderdale area was the most frequently reported location of a home purchased by a foreign buyer in Florida.  One in 5 (21%) foreign buyers purchased a home in the area, followed by one in ten (11%) who purchased a home in the Orlando area. Sarasota, Tampa, Ft. Myers and Naples rounded out the top six accounting for at least 5 percent of purchases by foreign buyers. The remaining 39 percent of purchases were in other areas of Florida.

To read the report in it’s entirety or others click here.

The City of Hollywood is to receive$7.5 million. How do you qualify? How will all this money be doled out?

No details yet, but then we don’t know how the rest of the $300 billion is to be loaned out to at risk homeowners in the latest government backed program, not to mention the potential new $700 billion being discussed by Congress.  If all this doesn’t kick start the turn around in the housing market……….

Buyers should not overlook all the amazing opportunities in stable buildings, where prices are extremely attractive and you don’t have to worry whether financial institutions will provide credit. Whenever someone asks me if I’m busy in this market, and I tell them how many sales I’ve done, the reaction is usually, Oh, you’re doing a lot of short sales ?  And the answer is No, my last 9 sales (in the last few months) were all well-priced beach condos to savvy buyers, both local and foreign. They may not have bought at the very bottom, but they’ve invested in excellent stable buildings, in Aventura, Hallandale and Hollywood, where many opportunities are available.

I’ll be blogging about those opportunities:so stay tuned.

Even if FHA lowers the allowable mortgage due to the decline in the market, there are plenty of properties that qualify under their terms.  With their currently required 3 % down payment and the Seller paying all the closing costs, it is possible for someone with $10,000 to purchase a home.  That’s less than most people pay to rent a home on an annual basis.

As Realtors we owe it to our customers to keep them informed about the market trends, and unless there is a major meltdown in the financial  industry it seems that interest rates will continue to remain under 6% for some time.  With more affordable housing and low interest rates it seems to be the perfect time for those who have been renting to begin buying.

I have also been reading many articles about the sales in California and Nevada picking up.  South Florida is beginning to see the same in some areas, such as Weston.  Since we usually follow what California experiences it would be a good idea to subscribe to the “google alert” for news about real estate and mortgages around the country.  That may be one good way to remain positive in these challenging times.  I’ll paraphrase Ron in saying that when the market turns around, it will do it so quickly that you’ll never know what hit us.  Ron, from your mouth to God’s ears!

Prices are falling in the real estate market, and now more than ever, it is time to buy. And you might think I am optimistic. Well, let me remind you of a few facts:

For a longtime we have heard that we need to  learn from our mistakes. However, reality shows us that most of us, tend to repeat our mistakes.

During the real estate craze of the early 2000s, everybody was buying condos and homes because their friends, their mother in laws, their distant cousins, and their next-door neighbors  were “investing” in real estate. Later on, many of us realized  it might have been foolish  to follow what everybody was doing.

And, now what? We are repeating the same behavior. Nobody is buying because the market is “plunging”; nobody is buying because prices are going to “keep declining”; nobody is buying because there are “too many foreclosures”; nobody is buying because “the elections are coming”; and so on and so forth.  As Warren Buffet says it: “Be willing to be different. Do not do base your decisions upon what everyone is doing or saying”.

So … what are we waiting for? Prices are low and  interest rates are low … so weigh your options and go for it.

ADRIANA FAERMAN, PA

BROKER ASSOCIATE

Your Green Friendly Realtor

M 305.773.0253F 786 524 2210

When you set out to find your unique and special piece of real estate make sure you know what you need. Many buyers start out with good intentions, but sometimes get lost along the way, buying real estate is a serious and long term decision comparable to finding a soul mate.

Here are a few items to consider before you start searching:

Lists

Make a list! Write down everything you would want your property to include. Do you want an amazing ocean view? Would you like to be on a high floor? A low floor because you are scared of heights? Perhaps you are not even considering a building, you may want a single family home. Be as specific as you can and as general as you like, all at the same time. You can go to the small details, e.g. “I want a living room with 3 big walls so I can fit all of my art on them.”, ” I hope my kitchen windows overlooks water so that when I am cooking I can feel relaxed and enjoy the view.”, etc.

After you finish your well intentioned list, check the items that you need and put them on top, next put the secondary items that you would like to have but don’t need on a different list and so on, when you take a look at your list you will be able to figure out what it is that you are looking for in a property and be able to communicate it to other people clearly.

Check your finances

Find a good mortgage broker, ask at your personal bank, investigate and sit down with a professional so that they can assess your financial situation. This person should be able to tell you what type of property you can afford and also qualify you so that once you find the “right” place you can move on it immediately. No point in starting to look if you can’t afford the property you like and are not able to buy it when you finally find it.

Extended family and relatives

Know the requirements your home has to meet for you, who is going to be living there? Some people start looking and forget to tell their Realtor who is going to be living in the home. Do you have college kids? Pets? Inlaws or grandchildren that come to visit regularly. It might not be a problem in a single family home, condos are a different story, some condominiums do not allow more than one pet, some allow a cat and a dog, but not two cats or two dogs. Some of them are only for people over 55, some don’t allow children on the premises. You should have a clear picture of what your normal family life will involve to find a place that will fit your needs without having to leave Sparky behind.

Neighborhood

How would you describe your lifestyle? Are you an upcoming young and professional? Are you a growing family with small children? Are you looking to retire and finally get that dream retirement condo on the beach? Each neighborhood will be able to fit different needs and requirements. Some offer spacious single family homes with good schools. If you are young and upcoming you will probably need to be close to the happening and trendy hot spots. If you are retiring you need to find an easy going community that allows you to enjoy all the activities you dreamed of doing with your hard earned savings.

Find a Realtor

Some buyers prefer to work without a Realtor. They believe that they can manage themselves and will save on commission, usually the case is that you will end up working with a Realtor anyway, only it won’t be one that represents you as a buyer, you will work with the Listing Realtor, this person represents the seller of the property which will not save you on commission, because the seller is obligated to pay a commision to that Realtor anyway and he or she will end up representing both sides of the deal with an interest on the Seller’s side since that was the person that hired him or her in the first place.

If you do decide to hire an agent make sure it is someone that is knowledgeable in the area that you are searching in, it won’t help you if he is your cousin’s friend if he works in Kendall and you are looking for property in Hallandale it is very difficult to specialize in all areas, find a Realtor that works in the neighborhood that you are interested. He should know the neighborhood like the palm of his hand, know about the schools, social life, local hot spots, etc. They should know the ins and outs of the building or neighborhood so your buying experience can be an easier one, an inexperienced Realtor is like the blind leading the blind.

Interested in purchasing or selling Real Estate? Contact The DiCarlo Group to accomplish your Real Estate Goals.

The DiCarlo Group

Sheryl DiCarlo       Gregory DiCarlo

SherylDiCarlo@Gmail.com      Greg.DiCarlo@Gmail.com    

Over the past two or three years, you will notice that many of the original Aventura condominiums, which were built in the 1970’s,  have undergone restoration of their balconies; and ALL of them along Country Club Drive have chosen to keep their original look by reinstalling screened-in terraces. EXCEPT Eldorado Towers, who is distinguishing itself by upgrading and modernizing its look by installing seamless glass with non-visible posts and white railings on its balconies.  Eldorado’s new “21st Century facelift“ comes with greater wind-resistant, safe, strong product and will complement in design the newly built condominiums on Country Club Drive, such as Porto Vita for example.

As you can imagine, the views of the area from this 26-story twin tower condominium are majestic. To the south, you look out over Turnberry’s lake and golf course greens, and to the north, you view the Intracoastal Waterways, Aventura Marina and enjoy the city lights at night.  From the east view, you get a glimpse of the Atlantic Ocean and to the West, you see sprawling city views and great sunsets.

For photographs of the ongoing demolition of the buildings balconies and interior hallways click on Photo Gallery-Eldorado Tower’s Restoration Project.  As the project moves forward, and the balconies are installed, I promise to bring you further progress reports and photographs.If you are interested in searching for Aventura real estate, click here.

I am a professional realtor who specializes in residential property in the Aventura area and surrounding communities of  Hallandale Beach, Hollywood, North Miami Beach, and Sunny Isles Beach. Please visit my website at DeenaLandsman.com for more helpful information.  I make it a priority to give my clients the attention and sound business advice they need to make their move a rewarding experience.