EWM Realtors » Homestead http://blog.ewm.com Public Blog Fri, 20 Nov 2009 20:54:12 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 203k Renovation Financing, the cure for ugly houses! http://blog.ewm.com/2009/02/17/203k-renovation-financing-the-cure-for-ugly-houses/ http://blog.ewm.com/2009/02/17/203k-renovation-financing-the-cure-for-ugly-houses/#comments Tue, 17 Feb 2009 19:38:49 +0000 Arlyn Mendoza http://blog.ewm.com/?p=15501 As I was reading the article about how affordable housing is again in the Miami Herald last Sunday, I found myself talking back to the newspaper like a crazy person. How can they write this article and state that the only way to buy the “ugly” houses is cash!. That’s not true!  I sent off an email to the reporter, that the research was lacking and that they should have mentioned the 203K loan that is available for just this type of situation.

So, I am spreading the word to all!… Yes, Virginia you can buy that ugly house and make it beautiful!.

First of all, what is a renovation loan in the first place? The renovation loan is a process that allows someone to purchase a property and include required repairs or cosmetic renovations in the financing. The beauty of this loan is that all the work takes place after closing and there are no repair conditions from the bank! This loan is available for both FHA buyers and conventional buyers.

What type of property can be bought with this loan? Any single family property, regardless of condition, violations, code noncompliance or any other factor, as long as the house is not sitting on a toxic waste dump! FHA approved condominiums are also eligible.  However, condominiums will be subject to the current market restrictions in our area and will require at least a 20% down payment.

OK, sounds good, but how much money do I really need? Well, if we are talking about the FHA version, you must have the 3.5% minimum required down payment and be qualified for an FHA loan. The Conventional version will require a minimum of 10% down payment for a single family and 20% for a condominium. The seller can pay up to 6% towards buyers closing costs.

How much can I borrow? The amount that one can borrower is limited to the limits set by FHA and FNMA.  For the 203K FHA loan that would be $345,000.00 and for FNMA that would be 417,000.00. This represent the maximum loan amount, not the maximum sales price.

It is important to remember that when standard financing, whether FHA or Conventional, is not available or declined due to the condition of the property, that a borrower know that there are other options to a cash purchase.

If you are interested in learning more about renovation loans, please visit my website and download the renovation guide for home buyers.

]]> http://blog.ewm.com/2009/02/17/203k-renovation-financing-the-cure-for-ugly-houses/feed/ 0 South Florida Open House Sunday, November 2, 2008 http://blog.ewm.com/2008/10/31/south-florida-open-house-sunday-november-2-2008/ http://blog.ewm.com/2008/10/31/south-florida-open-house-sunday-november-2-2008/#comments Fri, 31 Oct 2008 16:14:15 +0000 ewm open house http://blog.ewm.com/?p=12237 South Florida Open House Sunday

Coconut Grove•Cooper City•Coral Gables•Homestead

Coconut Grove

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Cooper City

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Coral Gables

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Homestead

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]]> http://blog.ewm.com/2008/10/31/south-florida-open-house-sunday-november-2-2008/feed/ 0 16200 SW 286th Street – Redland – Open House Oct 12th, 2008 from 2 to 4 PM http://blog.ewm.com/2008/10/08/16200-sw-286th-street-redland-open-house-oct-12th-2008-from-2-to-4-pm/ http://blog.ewm.com/2008/10/08/16200-sw-286th-street-redland-open-house-oct-12th-2008-from-2-to-4-pm/#comments Wed, 08 Oct 2008 15:40:13 +0000 Emilio Prieto http://blog.ewm.com/?p=11257

Bright home featuring inviting foyer entry, formal living and dining rooms, spacious kitchen with breakfast bar joining family room, screened tiled patio with relaxing SPA, expansive back yard, fruit trees, 2 car garage and paved circular drive way.

4 Bedrooms – 2 Baths – 2,246 Adj SqFt – 18,207 SqFt Corner Lot

Offered at $295,000

Additional photos and virtual tour at www.obeo.com/300552

]]> http://blog.ewm.com/2008/10/08/16200-sw-286th-street-redland-open-house-oct-12th-2008-from-2-to-4-pm/feed/ 0 More foreclosure steals! http://blog.ewm.com/2008/06/10/more-foreclosure-steals/ http://blog.ewm.com/2008/06/10/more-foreclosure-steals/#comments Tue, 10 Jun 2008 10:24:40 +0000 Bob Bishopric http://blog.ewm.com/2008/06/10/more-foreclosure-steals/ dsc00524.JPGThis 1,676 square foot 3-bedroom, 2.5-bath condo townhome is priced at just $119,900–only $71.50 per square foot. It’s in the Cedar Woods Homes development at SW 260th Street and US 1. Very convenient for someone working at Baptist Homestead Hospital or anywhere in the SW area. The community has a nice pool and exercise room, meeting facilities. This property sold for $235,000 in 2006.

Here’s another steal of a foreclosure, priced at just $139,900 in the beautiful Waterstone complex. This property has a market value of $238,500 on the tax roll.

And here’s one at SW 112th Avenue and 237th Street in Spicewood, just reduced to only $135,000.

If you’d like any information about these foreclosures or any home in South Florida, you can reach me at 305-401-8058 or bishopric.r@ewm.com.

]]> http://blog.ewm.com/2008/06/10/more-foreclosure-steals/feed/ 0 Homestead’s Waterstone Communities http://blog.ewm.com/2008/06/09/homesteads-waterstone-communities/ http://blog.ewm.com/2008/06/09/homesteads-waterstone-communities/#comments Mon, 09 Jun 2008 05:25:53 +0000 Victor Mills http://blog.ewm.com/2008/06/09/homesteads-waterstone-communities/ The five years prior to April 2005 while our seller’s market was working overtime, we were all enjoying over 30% property value increases a year. Our limited supply of land led to planned unit developments, which were rather popular with first time home buyers. Developers were purchasing land and farm land in the City of Homestead was plentiful. The construction boom was on and Homestead was hot.

The area west of 137th avenue between Biscayne Drive on the north and Campell Drive on the south was purchased and master planned communities were designed. Pebble Brook II entrance signSome rather nice townhomes and single family homes were constructed between 137th Ave and the FL Turnpike. Along with others, Waterstone and Waterstone II were developed and each subdivision in them proudly displays it’s name on entrance signs dressed with landscaping. Rows of tree lined streets and security gates allow private access to these homes.

The South-Dade Venture Community Development District and the management companies are there to keep the area looking good and well maintained. Waterstone is managed by M & E Associates, Inc., Tel 305-552-7855 and Waterstone II is managed by The Continental Group, Tel. 305-574-6705. The South-Dade Venture CDD has meetings on the 2nd and 4th Thursday each month at 1:00pm in the Waterstone II clubhouse. The minutes are posted online.

Many of these properties were purchased during a time when 100% LTV loans were easily available, prior to subprime loans being thrown in the penalty box. Now in 2008, there’s a number of struggling homeowners needing to sell fast for one reason or another. Foreclosures have occured.

With buyer’s holding out gambling on when we’ll reach the bottom, it’s taken it’s toll on property valuFloridian Isles South entrance signes and caused them to drop even further. For those that can sense opportunity, there’s outstanding deals to be made in an area that will hopefully bounce back as the market shifts again.

Here’s an example: Foreclosure sale – 1056 NE 41 Terrace in Pebble Brook II, part of the Marianas Homes subdivision in Waterstone II. It’s a very clean, two story house on a lake, 3-bed, 2-bath with 1,469 sq ft and a 1-car garage being offered by a lender for $177,700. This one is 3 years old and in move in condition. The maintance fees are only $76.00 a month.

Here’s another one: Foreclosure sale – 929 NE 42 Ave in Floridian Isles South. This one’s a 4-bed, 2 1/2 bath townhouse with a 1-car garage. $148,900 for 1,530 sq ft only 3 years old. If that’s not enough, the lender will pay up to 3% toward the buyer’s closing costs.

Looking for a deal? For these and other opportunities, call me or visit www.MontgomeryMillsHomes.com.

]]> http://blog.ewm.com/2008/06/09/homesteads-waterstone-communities/feed/ 6 Foreclosure Dream–just $88 a square foot! http://blog.ewm.com/2008/05/29/foreclosure-dream-just-88-a-square-foot/ http://blog.ewm.com/2008/05/29/foreclosure-dream-just-88-a-square-foot/#comments Thu, 29 May 2008 09:58:48 +0000 Bob Bishopric http://blog.ewm.com/2008/05/29/foreclosure-dream-just-88-a-square-foot/ dsc00651.JPGThis spacious 3-bedroom, 3-bath, 2-story townhouse is in the beautiful Waterstone community. Imagine having lunch enjoying the peaceful view of the large lake right outside your window. 1057 NE 42nd Avenue, Homestead, is in the Floridian Isles South complex. The Waterstone community is just a stone’s throw from the Homestead Miami Speedway and a short drive from the Homestead Hospital. There is a full-service recreation center which features an enormous pool, fully-equipped exercise room and meeting facilities included in the association fees (just $120 monthly). At 1,595 square feet, this townhouse is priced at just $139,900 or only $88 a square foot. The property is lender-owned and they want to sell right now. Any offer considered. dsc00665.JPGdsc00664.JPG

If you’d like to see this townhouse or would like to know more about foreclosure opportunities in South Florida, you can reach me at 305-401-8058 or bishopric.r@ewm.com.

]]> http://blog.ewm.com/2008/05/29/foreclosure-dream-just-88-a-square-foot/feed/ 2 Steal this South Dade foreclosure! Just $135,000! http://blog.ewm.com/2008/05/17/steal-this-south-dade-foreclosure-just-145000/ http://blog.ewm.com/2008/05/17/steal-this-south-dade-foreclosure-just-145000/#comments Sat, 17 May 2008 22:08:30 +0000 Bob Bishopric http://blog.ewm.com/2008/05/17/steal-this-south-dade-foreclosure-just-145000/ dsc00561.jpg23715 SW 111th Court is a nice little two-bedroom, two-bath townhouse in the Spicewood development. Good-sized bedrooms, a big living room, a wonderful kitchen–even a laundry room. Just $135,000. There are three other identical townhouses in this development that are all priced higher. One is listed for $240,000, the next is $179,900 and the last is $165,500. Just off 112th Avenue, a stone’s throw from the Turnpike, a walk to the elementary school and very convenient to Homestead Hospital. If you bought it for ten percent down at 6% interest, your monthly mortgage payment would be just $728. The unit is in good shape, built in 2005. dsc00575.jpg

If you’d like to know about this foreclosure or other homes in South Florida, you can reach me at 305-401-8058 or bishopric.r@ewm.com.

]]> http://blog.ewm.com/2008/05/17/steal-this-south-dade-foreclosure-just-145000/feed/ 0 Open House Sunday – March 16, 2008 http://blog.ewm.com/2008/03/14/open-house-sunday-march-16-2008/ http://blog.ewm.com/2008/03/14/open-house-sunday-march-16-2008/#comments Fri, 14 Mar 2008 17:55:25 +0000 ewm http://blog.ewm.com/2008/03/14/open-house-sunday-march-16-2008/ There’s so much going on this weekend – what are you going to do? New movies are out in theaters, Calle Ocho is happening this weekend, great concerts all over South Florida, and of course EWM has it’s weekly Open House Sunday. Admit it, you want to see the houses. It’s cheaper to get in. (Unless you buy something, then it’s not cheaper than any of the aforementioned activities.)

This week’s featured areas are:

Dade: Coconut Grove – Coral Gables – Homestead – Miami Beach & North Bay Village – Redland
Broward: Cooper City – Pembroke Pines – Plantation

Coconut Grove

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Coral Gables

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Homestead

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Miami Beach & North Bay Village

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Redland

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Cooper City

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Pembroke Pines

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Plantation

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We also have Open Houses in other areas!

]]> http://blog.ewm.com/2008/03/14/open-house-sunday-march-16-2008/feed/ 0 Single Family Lifestyle for a Fraction of the Cost http://blog.ewm.com/2008/02/19/single-family-lifestyle-for-a-fraction-of-the-cost/ http://blog.ewm.com/2008/02/19/single-family-lifestyle-for-a-fraction-of-the-cost/#comments Tue, 19 Feb 2008 14:44:21 +0000 Leigh Fortuna http://blog.ewm.com/2008/02/19/single-family-lifestyle-for-a-fraction-of-the-cost/ Brand new!! Never been lived in! Spacious 4 bedroom, 3 bath townhome with 1 car garage in the charming community of Villas Del Campo. Great location, just minutes from the new Homestead Hospital. Wonderful opportunity to own a home with the living area and yard of a single family home at just a fraction of the cost.

List price of just $264,900. (owner willing to contribute to closing costs) and also for rent at $1,450.

]]> http://blog.ewm.com/2008/02/19/single-family-lifestyle-for-a-fraction-of-the-cost/feed/ 0 Open House Sunday – February 17, 2008 http://blog.ewm.com/2008/02/15/open-house-sunday-february-17-2008/ http://blog.ewm.com/2008/02/15/open-house-sunday-february-17-2008/#comments Fri, 15 Feb 2008 18:02:19 +0000 ewm http://blog.ewm.com/2008/02/15/open-house-sunday-february-17-2008/ The weekend is finally here and that means more open houses for you to visit this Sunday! What better way to spend the day than to search for your dream home?

The weeks featured areas are:
Dade: Coral Gables, Coconut Grove, Homestead, and Miami Beach & North Bay Village
Broward: Pembroke Pines, Cooper City, and Plantation.

Coral Gables

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Coconut Grove

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Homestead

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Miami Beach & North Bay Village

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Pembroke Pines

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Cooper City

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Plantation

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Click here to view open houses in other areas.

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